RCS - Pulsar Helium Inc. - Pulsar Announces Resource Estimate & Dual-List AIM

Pulsar HeliumAnnouncement

22/08/2024 08:15

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RNS Number : 3352B  Pulsar Helium Inc.  22 August 2024

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except on the basis of the information in the final form of an admission
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NEWS RELEASE | AUGUST 21, 2024 | CASCAIS, PORTUGAL

PULSAR HELIUM ANNOUNCES INDEPENDENT RESOURCE ESTIMATE FOR ONE PROSPECT AT THE
TOPAZ PROJECT, IMMEDIATE INVESTMENT OF £1.125 MILLION AND INTENTION TO
DUAL-LIST ON THE LONDON STOCK EXCHANGE'S AIM MARKET

Pulsar Helium Inc. (TSXV:PLSR & OTCQB:PSRHF) ("Pulsar" or the "Company")
is pleased to announce receipt of an independent technical report of the
Contingent and Prospective Resources for helium and CO2 from Sproule
International Limited ("Sproule") from one prospect at the Company's flagship
Topaz Project in Minnesota (the "2024 Sproule Report"). The evaluation relates
to the Company's first half 2024 drilling of the Jetstream #1 appraisal well*
and geophysical surveys conducted across the prospect. The contingent and
prospective resource acreage covered in the 2024 Sproule Report represents
approximately 13% of the Company's gross land position that it has under lease
and exclusive option.

Pulsar is also pleased to announce its intention to apply for the admission to
trading of the Company's Common Shares on AIM, with a target admission date
before the end of October 2024 (the "AIM IPO"). The AIM IPO is supplementary
to the Company's existing listing on the TSX Venture Exchange (the "TSX-V") in
Canada.

Based on feedback from a recent corporate roadshow arranged for the Company by
OAK Securities, the Company believes the AIM IPO will enhance its access to UK
and European based investors, from whom it is proposing to raise approximately
£5 million in connection with the AIM IPO. A principal of OAK Securities has
agreed to cornerstone the IPO capital raising by advancing to the Company
£1.125 million to fund the long lead items for the deepening of the Jetstream
#1 well, expected to commence in October 2024, and the AIM IPO costs (the
"Cornerstone Investment"). The mechanics of the Cornerstone Investment are
detailed below.

* In the State of Minnesota, the regulatory term is 'exploratory boring'.

Resource Highlights from one prospect at the Topaz Project:

•             Helium Resources Evaluation (unrisked, gross
recoverable)

o             44% increase to Sproule's previous helium Contingent
Best Estimate (2C) Gross Recoverable Resource, now 22.9 million standard cubic
feet ("MMcf"), Pmean of 79.0 MMcf, and P10 of 174.0 MMcf

o             12,165% increase to the helium Prospective Best
Estimate (2U) Gross Recoverable Resource, now 380.2 MMcf, Pmean of 1.3 billion
cubic feet ("Bcf"), and P10 of 2.8 Bcf

•             CO2 Resources Evaluation (unrisked, gross
recoverable)

o             Maiden CO2 Contingent Best Estimate (2C) Gross
Recoverable Resource, 171.8 MMcf, Pmean of 597.7 MMcf, and P10 of 1.3 Bcf

o             Maiden CO2 Prospective Best Estimate (2U) Gross
Recoverable Resource, 2.9 Bcf, Pmean of 10.1 Bcf, and P10 of 21.3 Bcf

o             Due to an ongoing shortage of CO2 in the USA, with
bulk CO2 purchases increasing up to USD$32 per thousand cubic feet ("Mcf"), it
has the potential to be a bonus and valuable by-product of Pulsar's helium
production*

•             Chance of commerciality

o             The 2024 Sproule Report states: "Chance of
Commerciality (Pc) is the likelihood that the Topaz Project will, in a timely
manner, be able to be commercialized. The Topaz project has both commercial
concentration helium and CO2 and there are no significant environmental nor
logistical barriers to commercialization given its location. Therefore, given
the Resource base, the Pc is fairly high for an early stage project with a
value of 0.65."

The contingent resources estimated in the 2024 Sproule Report relates to one
prospect within the Topaz Project, comprising acreage under the Company's
leases surrounding the Jetstream #1 well, and the acreage of the prospective
resources is under the Company's leases and exclusive options. The contingent
and prospective resource acreage covered in the 2024 Sproule Report represents
approximately 13% of the Company's gross land position that it has under lease
and exclusive option.

Thomas Abraham-James, President & CEO of Pulsar, commented: "The resource
evaluation is significant as it is based only on one prospect within the Topaz
Project and data from only one well, Jetstream #1, which naturally flowed
high-concentration helium of up to 14.5% to surface and without the presence
of water. Such positive estimations received from a single and comparatively
shallow well are hugely encouraging ahead of further exploration, which Pulsar
has scheduled for Q4 2024.  Data indicates that the well penetrated only the
top of the helium-bearing fracture zone which is likely to persist for a
further 1,650ft (500m) vertical depth. Therefore deepening of the Jetstream #1
well, scheduled for Q4 2024, is likely to have a significant impact on the
next iteration of the resource estimation. We have made great progress in our
first year as a listed entity and intend to build on this success and realise
Topaz's full potential."

Thomas further commented: "The process to dual-list the Company's securities
on London's AIM market is underway, with AIM being an attractive exchange for
growth industrial gas companies. We have very strong interest from UK and
European investors, underpinned by an immediate £1.125m cornerstone
investment in the IPO from a principal of our UK broker, OAK Securities."

*This is for context and does not form part of the resource report.

Outlook

The Jetstream #1 well confirmed the presence of helium and CO2 bearing gas
identified in the original LOD-6 discovery well and has substantially
de-risked the Topaz Project. In addition, Jetstream #1 correlates with seismic
data acquired by the Company which shows a distinct velocity anomaly at the
depth of the gas zone that persists for a further ~500m and it is the
Company's near-term intention to deepen Jetstream #1 to test the full scale of
the seismic velocity anomaly. This is also proposed to be accompanied by a
step out well and additional seismic acquisition with the intention of
increasing the size of the resource base and delineating additional prospects.
The Company intends to commission a third-party preliminary economic
assessment (PEA) study, with the intention of identifying near-term production
scenarios.

Company Analysis of Material Changes from the 2022 Sproule Report

Sproule last reported on Pulsar's Topaz Project with its "Evaluation of the
Helium Resources of RGGS Land & Minerals, Ltd., L.P. in Minnesota, USA for
Pulsar in April of 2022" (the "2022 Sproule Report"). There have been several
material changes to the Topaz Project since that report, the most notable
being Pulsar's drilling of the Jetstream #1 well. This well confirmed the
presence of a fractured reservoir that contained native gas with high
concentrations of both helium and carbon dioxide. In the 2022 Sproule Report,
Sproule used a Low Case Reservoir Model of a single fracture which has now
been disproven as the Jetstream #1 well has multiple fractures with gas shows.
Additionally, the 2022 Sproule Report used a High Case Reservoir Model of a
vugular dual porosity system which has likewise been disproven. Using
conventional oil and gas testing equipment, the Jetstream #1 well tested
reservoir pressures and flow rates and obtained multiple reliable gas
analysis.

Pulsar also acquired multiple geophysical surveys across the Topaz Project
which have been integrated into the analysis of both the Jetstream #1 well and
the historical mineral wellbores. These various geophysical surveys have been
interpreted to show an extended gas filled fracture network deeper than the
penetration of the Jetstream #1 well and more laterally extensive. These 3D
volumes have been accounted for as Prospective Resources as they have yet to
be tested by any wells.

The Company's land holdings that are evaluated in the 2024 Sproule Report
consist of a helium discovery located approximately 100 km northeast of
Duluth, in Lake County, Minnesota, USA.

Gas samples were taken from the flowing well test and analyzed by Isotech
Laboratories. 21 samples over 12 days were compositionally analyzed and had a
range of helium of 14.48-7.91% by volume with an average of 9.91%. The carbon
dioxide percentages ranged from 21.5% to 71.28% by volume with an average of
62.49%.

The Company notes that Jetstream #1 was drilled within 50ft (15m) of the LOD-6
discovery well (drilled in 2011), a mineral exploration borehole that
encountered an uncontrolled gas from a depth of 1,778ft (542m), with
concentration of 10.5% helium, measured in 2011. The gas flowed naturally to
surface and showed no sign of pressure decline during the flow period of four
days.

Jetstream #1 was designed to twin this discovery and encountered gas which
naturally flowed to surface at a similar depth of between 1,740 - 1,975ft and
had a maximum measured absolute open flow rate of 821 Mcf/d from fractured
igneous reservoirs, with 8.7-14.5% helium and 62-74% CO2 measured, with no
formation water present. Total depth drilled was 2,200ft, and Jetstream #1 is
in a suspended state capable of being either re-entered or used for
production.

In May 2024, the State of Minnesota enacted legislation that includes helium
exploration, production and for leasing on state lands. The new regulatory
framework allows the State of Minnesota to issue leases for exploration and
production of non-hydrocarbon gases (including helium), with Pulsar already
having lodged an application for new leases in areas of interest for helium
and hydrogen. Prior to the new regulations, leases could only be issued on
mineral rights that are privately held, accordingly all of Pulsar's existing
leases are with private entities.

Helium Contingent and Prospective Resources Report Prepared by Sproule, an
Independent Evaluator

Pulsar is pleased to share summary estimates from its Contingent Resources and
Prospective Helium and CO2 Resources Report prepared by Sproule, an
independent qualified reserves evaluator, dated August 21, 2024.  All volumes
are reported as unrisked and there is both a geological risk (Pg) and a Chance
of Commerciality (Pc) that requires independent evaluation. The Chance of
Commerciality (Pc) is the likelihood that the Topaz Project will, in a timely
manner, be able to be commercialized. The Topaz Project has both commercial
concentration helium (being not less than 0.5% by volume of gas) and CO2 and
there are no significant environmental nor logistical barriers to
commercialization given its location. Therefore, given the Resource base, the
Pc is fairly high for an early stage project with a value of 0.65.

The Contingent and Prospective Resources data presented in the 2024 Sproule
Report was prepared in accordance with the Canadian Oil and Gas Evaluation
Handbook (the "COGE Handbook") as of July 31, 2024.  No economic evaluation
was performed Sproule for any of the assigned resources.  The evaluation
adheres in all material aspects to the principles and definitions in the COGE
Handbook.

The Company is not deemed to be engaged in oil and gas activities and as such
they are not required to disclose under National Instrument 51-101 - Standards
of Disclosure for Oil and Gas Activities.  Additionally, Helium is not a
defined "Product Type" in NI 51-101.  Consequently, any reference to
contingent or prospective resources in the 2024 Sproule Report should not be
interpreted in being prepared in accordance with NI 51-101.

Evaluated Helium Contingent and Prospective Resources as of July 31, 2024
(unrisked)

 Category / Level of Certainty  Recoverable   Recoverable   Recoverable  Recoverable

                                Contingent    Prospective   Contingent   Prospective
                                Gross (MMcf)  Gross (MMcf)  Net (MMcf)   Net (MMcf)
 Low Estimate                   3.2           53.5          1.6          11.5
 Best Estimate                  22.9          380.2         5.9          40.3
 High Estimate                  174.0         2,785.7       34.9         205.9

 

Evaluated CO(2) Contingent and Prospective Resources as of July 31, 2024
(unrisked)

 Category / Level of Certainty  Recoverable  Contingent   Recoverable   Recoverable  Recoverable

                                                          Prospective   Contingent   Prospective

                                Gross (MMcf)              Gross (MMcf)  Net (MMcf)   Net (MMcf)
 Low Estimate                   24.2                      410.2         11.9         88.0
 Best Estimate                  171.8                     2,862.1       44.6         303.7
 High Estimate                  1,331.4                   21,254.6      266.7        1,570.7

Notes:

(1)                  Low Estimate - P90; Best Estimate - P50;
High Estimate - P10.

(2)                  The helium and CO2 resources are
presented in millions of cubic feet (MMcf), at base conditions of 14.65 psia
and 60 degrees Fahrenheit.

(3)                  The resources are technical before any
commercial or economic truncation.

The net resources stated are derived from Sproule's calculation of the
Company's Net Revenue Interest in the applicable resource. Net Revenue
Interest was calculated by taking the gross recoverable volumes attributable
to a particular lease multiplied by the working interest and accounting for
any royalties, severances or other payments required.

Additional Information Regarding the Contingent Resources

Contingent Resources are those quantities of gas estimated, as of a given
date, to be potentially recoverable from known accumulations using established
technology or technology under development but which are not currently
considered to be commercially recoverable due to one or more contingencies.
There is uncertainty that it will be commercially viable to produce any
portion of the resources.  Contingent Resources do not constitute, and should
not be confused with, reserves.

Four contingencies are identified for the Topaz Project development:

1) Evaluation Drilling & Testing: There is a requirement for more
evaluation drilling to confirm the geological continuity of the reservoir and
to reduce the uncertainty of the area of continuity of the reservoir from the
proven productivity of the near wellbores. It is anticipated that as the
Company continues to pursue primary development of the reservoir, commercial
productivity will be established by testing closer to and within the primary
production contingent resource areas, at which time this contingency would be
removed.

2) Corporate Commitment: There has been no final investment decision and
endorsement from the Company to move forward with commercial development of
this asset. Gathering of the additional technical data is required to
establish the commerciality of the project and make the final investment
decision. Additionally, a detailed development plan has not been determined
and further work needs to be completed to confirm how the resources will be
developed. Currently, the Company is working on securing additional acreage by
exercising lease options, pursuing additional lands, engaging vendors for
drilling activities and engaging with local government and regulatory bodies.
It is anticipated that as the development plan is refined the Company would be
able to make a final investment decision, at which point this contingency
would be lifted.

3) Market Access: There is a viable helium and carbon dioxide market in
Minnesota. Considering the early stage of the project, the Company will be
required to build helium extraction facilities as well as execute a helium
and/or CO2 sales contract to allow for the product to reach markets. Once
determination of market access has been completed, or will be completed in the
near term, this contingency may be lifted.

4) Demonstration of commerciality: Once the uncertainties on the reservoir
size are reduced and the determination of market access has been negotiated
the field development plan can be designed and the economics can be calculated
to determine a basis for commerciality and reserve determination.

Additional Information Regarding the Prospective Resources

The estimated quantities of a gas that may potentially be recovered by the
application of a future development project(s) relate to undiscovered
accumulations. These estimates have both an associated risk of discovery and a
risk of development. Further exploration appraisal and evaluation is required
to determine the existence of a significant quantity of potentially moveable
non-hydrocarbon gases.

Risk

The Topaz Project has twice flowed and tested helium and carbon dioxide gas in
volumetrically significant percentages and both wells demonstrated shut-in
pressures that indicated a reservoir that extended beyond the immediate area
of the wellbores. The Jetstream #1 well has been logged, cored and with an
optical televiewer log has confirmed the presences of open, gas filled
fractures. Therefore, the Geological Chance of Success for the Contingent
Resource (Pg) has been assessed as 0.95.

The Prospective Resources are defined by the integration of a variety of
geophysical methods that have tied back to multiple boreholes, including the
Jetstream #1 well. These resources by definition are untested and undrilled
and have a much higher risk. The largest uncertainty is the ability to locate
the fracture network with the drill bit and the amount of regional
connectivity of the fracture network. The estimated Geological Chance of
Success for the Prospective Resources is assessed as 0.25. The Company is
planning additional 2D and 3D seismic data acquisition for the purpose of
reducing these uncertainties and following the acquisition, processing and
interpretation it is anticipated that the Pg of the Prospective Resources will
increase.

The Chance of Commerciality (Pc) is the likelihood that the Topaz Project
will, in a timely manner, be able to be commercialized. The Topaz project has
both commercial grade helium and CO2 and there are no significant
environmental or logistical barriers to commercialization given its location.
Therefore, given the Resource base, the Pc is fairly high for an early-stage
project with an estimated value of 0.65.

AIM Dual-Listing and Financing

The Cornerstone Investment of £1.125 million will be made by way of a
subscription for special warrants (the "Special Warrants") of the Company by
Jerome Anthony Keen, a principal of OAK Securities (the "OAK Subscriber"),
pursuant to a special warrant subscription agreement between the OAK
Subscriber and the Company entered into on 21 August 2024. The Cornerstone
Investment will be made by no later than 30 August 2024 and will form part of
the £5 million that the Company is proposing to raise in connection with the
AIM IPO.

The Special Warrants will entitle the holder on the exercise thereof to
receive, without payment of any further consideration, such number of
depositary interests over Common Shares equivalent to £1.125 million divided
by the AIM IPO price, to be priced in the context of the market, subject to
admission to trading on AIM of the Common Shares occurring by 31 October 2024
(or such later date as the OAK Subscriber, in its absolute discretion, may
notify the Company in writing). If the AIM IPO has not occurred by 31 October
2024 (or such later date as the OAK Subscriber, in its absolute discretion,
may notify the Company in writing), the Special Warrants will automatically be
deemed exercised and entitle the OAK Subscriber to receive, without payment of
any further consideration, such number of Common Shares equivalent to 1.2x the
amount of the Cornerstone Investment (being C$2,400,000) divided by the market
price of the Common Shares at that time, subject to receipt of TSX-V approval.

The Company intends to use the net proceeds of the AIM IPO primarily to fund
the cost of the ongoing exploration programs at the Company's Topaz Project
and for general working capital purposes.

As part of the AIM IPO process, the 2024 Sproule Report will be updated to
produce a competent person's report in accordance with the requirements of AIM
Note for Mining, Oil and Gas Companies. In addition, the Company intends to
augment the structure of its Board in readiness for the AIM IPO.

Nomad & Broker Appointments

In connection with the AIM IPO, Pulsar has appointed Strand Hanson Limited as
its Nominated and Financial Adviser and OAK Securities as its Broker.

About Pulsar Helium Inc.

Pulsar Helium Inc. is a publicly traded company listed on the TSX Venture
Exchange with the ticker PLSR and on the OTCQB with the ticker PSRHF. Pulsar's
portfolio consists of its flagship Topaz helium project in Minnesota, USA,
that has been drilled and flowed up to 14.5% helium, USA and the Tunu helium
project in Greenland. Pulsar is the first mover in both locations with primary
helium occurrences not associated with the production of hydrocarbons
identified at each. For further information visit https://pulsarhelium.com,
follow us on X https://twitter.com/pulsarhelium?lang=en and LinkedIn
https://ca.linkedin.com/company/pulsar-helium-inc.

On behalf Pulsar Helium Inc.

"Thomas Abraham-James"

President, CEO and Director

Further Information:

Pulsar Helium Inc.

connect@pulsarhelium.com (mailto:connect@pulsarhelium.com)

+ 1 (604) 599-0310

OAK Securities*

info@OAK-securities.com

+44 203 973 3678

*OAK Securities is the trading name of Merlin Partners LLP, a firm
incorporated in the United Kingdom and regulated by the UK Financial Conduct
Authority.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

IMPORTANT INFORMATION

The communication of this announcement is not being made, and has not been
approved, by an authorised person for the purposes of section 21 of the UK
Financial Services and Markets Act 2000.

The contents of this announcement, which has been prepared by and is the sole
responsibility of the Company, has not been approved by either of Strand
Hanson Limited ("Strand") or OAK Securities (a trading name of Merlin Partners
LLP) ("OAK") for the purposes of section 21(2)(b) of the Financial Services
and Markets Act 2000 (as amended).

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The Common Shares referred to in this Announcement have not been and will not
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Securities Act") or with any securities regulatory authority of any state or
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basis of the information contained in the final Admission Document to be
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Strand, which is authorised and regulated by the Financial Conduct Authority
in the United Kingdom is acting exclusively for the Company as the Company's
nominated adviser for the purposes of the AIM Rules for Companies ("AIM
Rules") and no one else in connection with the Admission, and Strand will not
be responsible to anyone other than the Company for providing the protections
afforded to its clients or for providing advice in relation to the Admission
or any other matters referred to in this announcement.

OAK, which is authorised and regulated by the Financial Conduct Authority in
the United Kingdom is acting exclusively for the Company as the Company's
broker for the purposes of the AIM Rules and no one else in connection with
the Admission, and OAK will not be responsible to anyone other than the
Company for providing the protections afforded to its clients or for providing
advice in relation to the Admission or any other matters referred to in this
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for any loss howsoever arising from any use of this announcement or its
contents or otherwise arising in connection therewith and any liability
therefore is expressly disclaimed.

The anticipated timetable for Admission, including the publication of the
Admission Document and/or the date of Admission, may be influenced by a range
of circumstances, including market conditions. There is no guarantee that the
Admission Document will be published or that Admission will occur and
investors should not base their financial decisions on the Company's
intentions in relation to the Admission at this stage.

The price of shares and any income expected from them may go down as well as
up and investors may not get back the full amount invested upon disposal of
the shares. Past performance is no guide to future performance, and persons
needing advice should consult an independent financial adviser.

Certain figures contained in this announcement, including financial
information, have been subject to rounding adjustments. Accordingly, in
certain instances, the sum or percentage change of the numbers contained in
this announcement may not conform exactly to the total figure given.

Neither the content of the Company's website nor any website accessible by
hyperlinks on the Company's website is incorporated in, or forms part of, this
announcement.

Solely for the purposes of Paragraph 3.2.7R regarding the responsibilities of
UK Manufacturers under the Product Governance requirements contained within
Chapter 3 of the FCA Handbook Product Intervention and Product Governance
Sourcebook (the "UK Product Governance Requirements"), and disclaiming all and
any liability, whether arising in tort, contract or otherwise, which any
"manufacturer" (for the purposes of the UK Product Governance Requirements)
may otherwise have with respect thereto, the Common Shares have been subject
to a product approval process, which has determined that the Common Shares
are: (i) compatible with an end target market of (a) retail investors, (b)
investors who meet the criteria of professional clients and (c) eligible
counterparties, each as defined in UK Product Governance Requirements; and
(ii) eligible for distribution through all distribution channels as are
permitted by UK Product Governance Requirements (the "Target Market
Assessment"). Notwithstanding the Target Market Assessment, distributors
should note that: the price of the Common Shares may decline and investors
could lose all or part of their investment; the Common Shares offer no
guaranteed income and no capital protection; and an investment in the Common
Shares is compatible only with investors who do not need a guaranteed income
or capital protection, who (either alone or in conjunction with an appropriate
financial or other adviser) are capable of evaluating the merits and risks of
such an investment and who have sufficient resources to be able to bear any
losses that may result therefrom. The Target Market Assessment is without
prejudice to the requirements of any contractual, legal or regulatory selling
restrictions in relation to the Fundraising. For the avoidance of doubt, the
Target Market Assessment does not constitute: (a) an assessment of suitability
or appropriateness for the purposes of the UK Product Governance Requirements;
or (b) a recommendation to any investor or group of investors to invest in, or
purchase, or take any other action whatsoever with respect to, the Common
Shares.

For the avoidance of doubt, the Target Market Assessment does not constitute:
(a) an assessment of suitability or appropriateness for the purposes of MiFID
II; or (b) a recommendation to any investor or group of investors to invest
in, or purchase, or take any other action whatsoever with respect to the
Placing Shares.

Each distributor is responsible for undertaking its own target market
assessment in respect of the Placing Shares and determining appropriate
distribution channels.

EU Product Governance Requirements

Solely for the purposes of the product governance requirements contained
within: (a) EU Directive 2014/65/EU on markets in financial instruments, as
amended ("EU MiFID II"); (b) Articles 9 and 10 of Commission Delegated
Directive (EU) 2017/593 supplementing EU MiFID II; and (c) local implementing
measures (together, the "EU MiFID II Product Governance Requirements"), and
disclaiming all and any liability, whether arising in tort, contract or
otherwise, which any 'manufacturer' (for the purposes of the EU MiFID II
Product Governance Requirements) may otherwise have with respect thereto, the
Common Shares have been subject to a product approval process, which has
determined that the Common Shares are: (i) compatible with an end target
market of retail clients and investors who meet the criteria of professional
clients and eligible counterparties, each as defined in MiFID II; and (ii)
eligible for distribution through all distribution channels as are permitted
by EU MiFID II (the "EU Target Market Assessment"). Notwithstanding the EU
Target Market Assessment, distributors should note that: the price of the
Common Shares may decline and investors could lose all or part of their
investment; the Common Shares offer no guaranteed income and no capital
protection; and an investment in the Common Shares is compatible only with
investors who do not need a guaranteed income or capital protection, who
(either alone or in conjunction with an appropriate financial or other
adviser) are capable of evaluating the merits and risks of such an investment
and who have sufficient resources to be able to bear any losses that may
result therefrom. The EU Target Market Assessment is without prejudice to any
contractual, legal or regulatory selling restrictions in relation to the
possible Offer. Furthermore, it is noted that, notwithstanding the EU Target
Market Assessment, the Investment Firms will only procure investors who meet
the criteria of professional clients and eligible counterparties. For the
avoidance of doubt, the EU Target Market Assessment does not constitute: (a)
an assessment of suitability or appropriateness for the purposes of EU MiFID
II; or (b) a recommendation to any investor or group of investors to invest
in, or purchase, or take any other action whatsoever with respect to the
Common Shares. Each distributor is responsible for undertaking its own target
market assessment in respect of the Common Shares and determining appropriate
distribution channels.

Forward-Looking Statements

This news release contains forward-looking information within the meaning of
Canadian securities legislation (collectively, "forward-looking statements")
that relate to the Company's current expectations and views of future events.
Any statements that express, or involve discussions as to, expectations,
beliefs, plans, objectives, assumptions or future events or performance
(often, but not always, through the use of words or phrases such as "will
likely result", "are expected to", "expects", "will continue", "is
anticipated", "anticipates", "believes", "estimated", "intends", "plans",
"forecast", "projection", "strategy", "objective" and "outlook") are not
historical facts and may be forward-looking statements. Forward-looking
statements herein include, but are not limited to, statements relating to the
Company's intention to apply for admission to trading of the Company's common
shares on the AIM Market of the London Stock Exchange and the timing of its
targeted admission; the independent resource estimate for helium and CO2 at
Topaz; the potential of CO2 as a valuable by-product of the Company's future
helium production; the estimated Geological Chance of Success for the
Prospective Resources and the Chance of Commerciality of Topaz; the potential
for deepening Jetstream #1 and the potential impact of such deepening on the
next iteration of the resource estimate; the Company's expectation that its
application on an additional 32,949 acres for the extraction of
non-hydrocarbon gases will be granted in the near term; and the intended use
of proceeds from the AIM IPO.  Forward-looking statements may involve
estimates and are based upon assumptions made by management of the Company,
including, but not limited to, the Company's capital cost estimates,
management's expectations regarding the availability of capital to fund the
Company's future capital and operating requirements and the ability to obtain
all requisite regulatory approvals.

No reserves have been assigned in connection with the Company's property
interests to date, given their early stage of development. The future value of
the Company is therefore dependent on the success or otherwise of its
activities, which are principally directed toward the future exploration,
appraisal and development of its assets, and potential acquisition of property
interests in the future. Un-risked Contingent and Prospective Helium Volumes
have been defined at the Topaz Project. However, estimating helium volumes is
subject to significant uncertainties associated with technical data and the
interpretation of that data, future commodity prices, and development and
operating costs. There can be no guarantee that the Company will successfully
convert its helium volume to reserves and produce that estimated volume.
Estimates may alter significantly or become more uncertain when new
information becomes available due to for example, additional drilling or
production tests over the life of field. As estimates change, development and
production plans may also vary. Downward revision of helium volume estimates
may adversely affect the Company's operational or financial performance.

Helium volume estimates are expressions of judgement based on knowledge,
experience and industry practice. These estimates are imprecise and depend to
some extent on interpretations, which may ultimately prove to be inaccurate
and require adjustment or, even if valid when originally calculated, may alter
significantly when new information or techniques become available. As further
information becomes available through additional drilling and analysis the
estimates are likely to change. Any adjustments to volume could affect the
Company's exploration and development plans which may, in turn, affect the
Company's performance. The process of estimating helium resources is complex
and requires significant decisions and assumptions to be made in evaluating
the reliability of available geological, geophysical, engineering, and
economic date for each property. Different engineers may make different
estimates of resources, cash flows, or other variables based on the same
available data.

Forward-looking statements are subject to a number of risks and uncertainties,
many of which are beyond the Company's control, which could cause actual
results and events to differ materially from those that are disclosed in or
implied by such forward- looking statements. Such risks and uncertainties
include, but are not limited to, that Pulsar may be unsuccessful in drilling
commercially productive wells; the uncertainty of resource estimation;
operational risks in conducting exploration, including that drill costs may be
higher than estimates and the potential for delays in the commencement of
drilling; commodity prices; health, safety and environmental factors; and
other factors set forth above as well as under "Cautionary Note Regarding
Forward Looking Statements and Market and Industry Data" and "Risk Factors" in
the Final Prospectus dated July 31, 2023 filed on the Company's profile on
www.sedarplus.ca. Forward-looking statements contained in this news release
are as of the date of this news release, and the Company undertakes no
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as may be
required by law. New factors emerge from time to time, and it is not possible
for the Company to predict all of them or assess the impact of each such
factor or the extent to which any factor, or combination of factors, may cause
results to differ materially from those contained in any forward-looking
statement.  No assurance can be given that the forward-looking statements
herein will prove to be correct and, accordingly, investors should not place
undue reliance on forward-looking statements.  Any forward-looking statements
contained in this news release are expressly qualified in their entirety by
this cautionary statement.

 

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