Pulsar Helium recorded a net loss of $19,370,965 for the nine months ended June 30, 2026, widening from a net loss of $8,515,252 during the corresponding period in 2025.

The primary helium developer directed $8.0 million toward exploration and evaluation expenditures during the period, driven by appraisal drilling at its flagship Topaz Project in Minnesota. Between October 2025 and March 2026, Pulsar completed five core-hole appraisal wells, with all holes encountering gas under high pressure.

The company is currently obtaining quotes for the drilling of up to six new production-ready wells to supplement two existing production-ready wells at the project. In parallel, Pulsar is negotiating a definitive purchase agreement to finalize the scope for a helium liquefaction plant and related equipment package for deployment in Minnesota, following a binding letter agreement and limited notice to proceed with a third-party vendor.

Financing activities during the nine-month period included a private placement raising $9.9 million through the issuance of 9,191,175 common shares, alongside $5.3 million from warrant exercises and $2.2 million from option exercises. Total assets stood at $9,171,202 as of June 30, 2026, compared to $1,878,670 a year earlier, while total liabilities decreased to $975,349 from $5,601,399. Subsequent to the period, the company completed an additional private placement issuing 25,393,329 common shares at £0.75 per share for total gross proceeds of $25.5 million (£19,044,997), paying a cash finder’s fee of $1.2 million.

“This recent fundraise is intended to accelerate Pulsar’s transition from discovery and appraisal towards production planning at Topaz. Recent drilling has increased our confidence in the project, and we believe the current helium market backdrop supports the preparation of additional wells, the securing of long-lead items and the advancement of infrastructure required for first production.”

“In parallel, we believe the Company`s recently announced reservation of a helium liquefaction plant has the potential to strengthen our route-to-market strategy, support future Topaz production, and create the opportunity for earlier revenue from third-party gas processing while we continue to advance permitting and development activities.”

— Thomas Abraham-James, CEO

Read the full announcement: Pulsar Files Financial and Operating Results for the Third Quarter Ended June 30, 2026