Pulsar Helium (AIM: PLSR; TSXV: PLSR; WKN A3EP2C) announces the conclusion of a definitive agreement for the acquisition of up to 100% of Quantum Hydrogen Inc., a wholly-owned subsidiary of Oscillate plc. With this transaction, Pulsar Helium secures access to 59,100 acres of exclusive mineral rights for non-hydrocarbon-based gases in Minnesota (St. Louis and Itasca Counties) – immediately west of the company’s flagship Topaz Project.
Transaction Overview
According to the agreement, Pulsar Helium will initially acquire 80% of the outstanding Quantum shares in exchange for new Pulsar shares valued at US$400,000. The issuance will occur in five equal monthly tranches of US$80,000 each, commencing after approval by the TSX Venture Exchange (TSXV). The number of shares to be issued for each tranche will be based on the 30-day VWAP (volume-weighted average price) of Pulsar’s shares prior to each tranche (subject to TSXV minimum pricing rules). Additionally, Pulsar will receive an option to acquire the remaining 20% of Quantum shares within 18 months – also for US$400,000 in Pulsar shares, based on the same valuation principles.
The Pulsar shares to be issued are subject to a four-month-and-one-day hold period from the date of issuance, and the transaction is subject to TSXV approval. Corporate Governance Note: Neil Herbert, a Director of Pulsar and a minority shareholder of Oscillate, did not participate in the deliberation and voting on the transaction.
Pulsar Helium: Geological Rationale and Expansion near Topaz
The rights held by Quantum are located in a non-hydrocarbon sedimentary basin overlying Archean crystalline basement – the same helium source rock type as the Topaz Project.
Pulsar Helium emphasizes that the subsurface expertise developed through the Topaz example – from migration pathways and source proximity to structural controls – can now be applied to a significantly larger area. According to the company, the land acquisition represents an approximately 1,000% expansion of the gross land area in Minnesota upon completion of the acquisition. Nevertheless, the core objective remains unchanged: to advance Topaz towards helium production. The additional acreage, according to the company, is intended as a cost-effective, long-term complement for future exploration phases.
Topaz Project: Drilling Data, Flow Rates, and Scientific Context
Pulsar Helium is a first mover with the Topaz Project in Northern Minnesota and holds exclusive leases there. The Jetstream #1 appraisal well reached a total depth of 5,100 ft (1,555 m) in January 2025 and fully penetrated the interpreted helium-bearing interval; Jetstream #2 followed on February 1, 2025, reaching 5,638 ft (1,718 m). A flow test conducted on Jetstream #1 in August 2025, utilizing a wellhead compressor, yielded a maximum gas flow of approximately 1.3 MMcf/d and a continuous helium concentration of 7–8% (⁴He). Laboratory analyses also confirmed measurable Helium-3 (³He) – one of the highest naturally occurring ³He values publicly reported for a terrestrial gas reservoir.
Based on these results, Pulsar has initiated a multi-well follow-up program to further define the reservoir model and production scenarios and advance Topaz towards development. The adjacent Quantum acreage to the west offers the opportunity to test an analogous concept in a sediment trap setting.
Significance for Pulsar Helium and Next Steps
With this definitive agreement, Pulsar Helium establishes the foundation to expand its Minnesota portfolio with a large, Topaz-proximal land position, without shifting focus from its flagship project. As the company approaches FID, we expect to receive further information in the near-term addressing three key points: 1. State level regulatory approvals pertaining to production scenarios 2. An updated roadmap, including the drilling location for Jetstream #4 and the company’s wider plan to delineate the resource Jetstream #5 through #10 3. Share issuance cycles etc …
In parallel, Pulsar Helium maintains capital discipline: according to reports, the lease option for the assets held by Quantum was valued at approximately US$296,000. This magnitude underscores the approach of gradually developing additional exploration opportunities, while Topaz – through verified flow data and documented He-3 occurrences – sets the technical benchmark in the portfolio.
Conclusion: Pulsar Helium links the definitive Quantum acquisition to the geological rationale of the Topaz Project and expands the option to target potential helium-bearing systems in Minnesota across various locations. At the same time, the focus remains on developing the Topaz discovery towards production.
