Announcement • May 28
Pulsar Helium Inc. Advances Topaz Project Toward First Production and Provides Update on Jetstream Exploration Program
Pulsar Helium Inc. reported that Minnesota Governor Tim Walz signed into law new legislation updating the state processes for the permitting of gas extraction projects. This will specifically advance a helium-specific framework for gas resource development in Northeastern Minnesota. Minnesota’s new helium-specific rulemaking guidelines create a clearer pathway toward responsible helium production at Pulsar’s Topaz Project. The framework applies specifically to helium development. Formation logging was successfully completed for the Jetstream wells, enabling detailed correlation and evaluation of the Topaz reservoir. Logging has shown the zones of gas influx into the wells can be accurately correlated with specific highly fractured zones. All Jetstream wells drilled to date have encountered gas under high pressure, as reported in the Company’s news release dated March 18, 2026. Pulsar has concluded its exploration and appraisal program at Topaz and is now obtaining quotes for the drilling of up to four new production wells to supplement the two existing production ready wells already drilled. Pulsar is focused on production readiness and intends to deploy capital with the objective of realizing production during this urgent period of need for secure helium supply. The updated legislation represents a significant and constructive milestone for Pulsar’s Topaz Helium Project. It also establishes a clearer implementation pathway for future helium production, subject to the expected completion of required rulemaking, environmental review, permitting requirements and related state processes. The legislation will advance Minnesota as it continues to support helium development while maintaining strong environmental and public-interest protections. The changes are specific to gas well development for projects whose primary purpose is helium extraction, limiting such activity to Cook, Lake and St. Louis Counties, prohibiting oil wells, prohibiting hydraulic fracturing treatment in gas wells, and preserving the ability to sell carbon dioxide extracted in the ordinary course of helium production. In parallel with this regulatory progress, Pulsar has now completed formation logging across Jetstream #3 through Jetstream #7 (except Jetstream #5). The logging program has enabled detailed correlation and evaluation of the Topaz reservoir, with zones of gas influx accurately correlating with specific highly fractured zones. Drill core remains under laboratory and technical evaluation for reservoir-property characterization. All Jetstream wells drilled to date have encountered gas under high pressure, further supporting the continuity and strength of the Topaz helium system. The Company has concluded its exploration and appraisal program at Topaz and is now obtaining quotes for the drilling of up to four new production wells. The Company believes the Jetstream exploration and appraisal program has materially de-risked future drilling at Topaz and the Company is now firmly focused on production readiness, with its capital to be deployed toward that objective. Topaz, located in Lake County near Babbitt in northern Minnesota, is Pulsar’s 100%-owned project and one of the leading primary helium discoveries in the United States. Pulsar has reported strong helium concentrations from the Jetstream wells and has also reported the presence of helium-3, a rare isotope with applications in quantum computing, ultra-low-temperature cryogenics, neutron detection, medical imaging, national security and future fusion energy research. Unlike most global helium production, Topaz is a high-grade primary helium discovery and is not associated with hydrocarbon production. In preparation for production, Pulsar signed a Letter of Intent in March 2026 with Chart Industries Inc. for the supply of an integrated CO2 capture and helium liquefaction facility. Chart will conduct Front-End Engineering and Design (FEED) studies, with Pulsar expected to advance a Limited Notice to Proceed (LNTP) payment in advance to secure Chart's engineering schedule. The LOI also commits Chart to supporting ongoing joint public relations initiatives, underscoring the strategic and commercial alignment between both companies as Pulsar advances toward production at Topaz. The new legislation establishes the framework for the next phase of regulatory and legislative work. Before commercial gas production can proceed, applicable state rulemaking, environmental review, permitting requirements and related implementation steps must be completed. On May 18, 2026, the Minnesota Department of Natural Resources took a significant step in this process by issuing proposed expedited permanent rules for permitting gas resource development, such as Pulsar’s Topaz Project. The Company intends to support the state’s next steps by providing technical information on primary helium development, groundwater protection, well construction, gas handling, carbon dioxide management, emergency response planning and project-specific risk controls.
