REG - Pulsar Helium Inc. - Financial and Operating Results Q2 2025

Pulsar HeliumAnnouncement

29/05/2025 07:00

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RNS Number : 5025K  Pulsar Helium Inc.  29 May 2025

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NEWS RELEASE | MAY 29, 2025 | CASCAIS, PORTUGAL

PULSAR ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE SIX MONTHS ENDED
MARCH 31, 2025

Pulsar Helium Inc. (AIM: PLSR, TSXV: PLSR, OTCQB: PSRHF) ("Pulsar" or the
"Company"), the helium project development company, is pleased to announce its
financial and operating results for the six months ended March 31, 2025 (the
"Period").

Selected financial and operational information is outlined below and should be
read in conjunction with the Company's unaudited consolidated financial
statements and related management's discussion and analysis (the "MD&A")
for the Period, which are available on the Company's website at
www.pulsarhelium.com (http://www.pulsarhelium.com) and at the following links:

•          Financial Statements:
http://www.rns-pdf.londonstockexchange.com/rns/5025K_1-2025-5-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5025K_1-2025-5-28.pdf)

•          MD&A:
http://www.rns-pdf.londonstockexchange.com/rns/5025K_2-2025-5-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5025K_2-2025-5-28.pdf)

All figures are in US dollars ("US$") unless otherwise stated.

The Company's primary focus is the exploration and development of the Topaz
Project, located in northern Minnesota, USA, close to the Canadian border. The
Company's assets within the Topaz Project comprise leases of private mineral
rights over a total of 5,979 gross acres in Minnesota, where the State of
Minnesota passed new helium-targeted legislation in May 2024 providing
increased certainty of developing the project. The Topaz Project comprises
primarily helium (with the gas not being a by-product of hydrocarbon
production), representing a more sustainable development project.

Operational Highlights in the Period

•          On January 13, 2025, the Company announced the successful
completion of the deepening operation for the Jetstream #1 appraisal well. The
drilling operation reached total depth ("TD") of 5,100 feet (1,555 metres) on
January 11, 2025, successfully penetrating the entire interpreted
helium-bearing reservoir and beyond.

•        On February 3, 2025, the Company announced the successful
completion of a drilling operation at the Jetstream #2 appraisal well,
reaching total depth of 5,638 feet (1,718 metres) on February 1, 2025. Mud log
data reported helium levels up to 3.5%, which were proved to be contaminated
with air and uncontaminated samples, once collected, are expected to report
higher and truer levels.

•          On February 20, 2025, the Company announced that down-hole
testing equipment is scheduled to mobilise to site on February 24, 2025.  The
tools consist of an optical televiewer and LithoScanner, both of which will be
run on both the Jetstream #1 and #2 appraisal wells. These tests will further
refine the Company's understanding of the reservoir properties and production
potential.

•             On April 28, 2025, the Company announced that
pressure and flow testing operations were conducted on the Jetstream #1 and
Jetstream #2 appraisal wells with well-head pressure at both being highly
encouraging, reaching 122 pounds per square inch gauge ("PSIG") at Jetstream
#1 and 151 PSIG at Jetstream #2. Well-head pressure at Jetstream #2 is greater
than Jetstream #1 was in February 2024 (145 PSIG) when it achieved a flow rate
of 821,000 cubic feet per day, under well-head compression.

•             During flow testing activities, it was discovered
that drilling fines (rock dust) created by the air drilling method (that
pulverizes the rock) were present within fractures and partially coating the
wellbore wall. The creation of drilling fines is commonplace when air
drilling. Although gas flow may be restricted, pressure communication still
occurs (albeit also constrained) which is why the Company was unaware of the
restricted flow until testing commenced.

•             The Company has performed a preliminary clean-up
on both wells to mobilise the drilling fines, achieving improved flow results,
demonstrating that the drilling fines are mobile and can be removed. Despite
the currently restricted conditions, stable and consistent flow rates were
achieved with both wells flowing natural flow and on compression.

•             Further flow testing of both wells will commence
when clean-up is complete and the drilling fines have been removed.

Financial Summary for the Period

•             Loss for the Period was $7,118,554 and comprises:

•             Administration costs of $1,955,208 (which includes
non-cash share-based compensation of $299,943 and non-cash depreciation of
$26,489).

•           Exploration and evaluation expenditures of $5,771,409
relate to the deepening of Jetstream #1 and drilling of Jetstream #2 at the
Topaz project as described above.

•             Listing fees of $355,003 related to Admission.

•             A non-cash gain on revaluation of warrant
liability of $963,006.

•             Funding and Cash Position: $1,659,888 at March 31,
2025.

•             On October 18, 2024, the Company's common shares
commenced trading (the "Admission") on the AIM market of the London Stock
Exchange plc ("AIM") under the symbol PLSR. Concurrent with Admission, the
Company completed of a total gross funding of £5 million which included the
£1.125 million cornerstone investment completed in August 2024.

•             On January 9 and March 21, 2025, the Company
completed a brokered private placement, in two tranches, for gross proceeds of
$2,427,498 which included participation from high net worth and institutional
investors from the USA, including University Bancorp, Inc. ("University
Bancorp") that now holds 4.93% of the issued and outstanding common shares of
the Company.

•             In April 2025, the Company entered into a project
financing facility line of credit note with University Bancorp, pursuant to
which University Bancorp has extended the Company a $4,000,000 project finance
facility (the "Facility"). In April and May, 2025, the Company drew, in
aggregate, $2,000,000 of the Facility.

 Selected Financial Results
                                          Six months ended March 31, 2025  Six months ended

                                                                           March 31, 2024
 Statement of Loss:
 Revenue                                  $Nil                             $Nil
 Net loss                                 $7,118,554                       $20,092,828
 Basic and diluted loss per common share  $0.06                            $0.24
 Financial Position:
 Total assets                             $2,941,370                       $2,910,871
 Total liabilities                        $5,349,970                       $15,247,063

* During the Period, the Company recorded a non-cash gain on revaluation of
warrant liability of $963,066 (2024 - loss of $13,037,216)

Thomas Abraham-James, President & CEO of Pulsar, commented: "We are
extremely encouraged by the progress made at the Topaz Project during the
first half of 2025. The successful drilling and flow testing of both Jetstream
#1 and #2 appraisal wells, along with the positive well-head pressures
recorded, reinforce the significant potential of our Topaz primary helium
project. With the support of recent project financing and ongoing technical
advancements, Pulsar is well-positioned to unlock further value for our
shareholders and advance towards sustainable helium production."

Marketing Engagement and Clarification on Marketing Engagement

The Company also announces the engagement of Oak Hill Financial Inc. (the "Oak
Hill Engagement").

Oak Hill Financial Inc. ("Oak Hill") is a Toronto, Ontario, Canada based
capital market advisory firm that provides advisory and capital markets
services to private and public growth companies. The Company signed an
agreement with Oak Hill on May 28, 2025, for a monthly fee of CAD$7,200, to be
paid in cash, with the services commencing on June 2, 2025 (the "Effective
Date"), and expiring 3 (three) months from the Effective Date, after which the
agreement will renew on a month to month basis unless terminated by either
party with five (5) days' notice. Oak Hill has advised the Company that it
does not hold any securities of or other interest in the Company. Oak Hill and
the Company are unrelated and unaffiliated entities.

The Oak Hill Engagement remain subject to the approval of the TSX Venture
Exchange.

Further to the Company's news release dated April 7, 2025 which included an
announcement of the Company's engagement of VSA Capital Limited ("VSA
Capital"), the Company advises that it engaged VSA Capital on April 4, 2025,
and not on April 1, 2025, as previously disclosed. The Company also clarifies
that it paid VSA Capital the £5,000 annual cash fee in full and in advance of
VSA Capital providing services to the Company. All other terms relating to the
engagement between the Company and VSA Capital remain unchanged and are as
previously disclosed.

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 (218) 203-5301 (USA/Canada)

+44 (0) 2033 55 9889 (United Kingdom)

https://pulsarhelium.com (https://pulsarhelium.com)

https://ca.linkedin.com/company/pulsar-helium-inc
(https://ca.linkedin.com/company/pulsar-helium-inc) .

Strand Hanson Limited

(Nominated & Financial Adviser, and Joint Broker)

Ritchie Balmer / Rob Patrick / Richard Johnson

+44 (0) 207 409 3494

OAK Securities*

(Joint Broker)

Jerry Keen (Corporate Broking) / Henry Clarke (Institutional Sales) / Dillon
Anadkat (Corporate Advisory)

info@OAK-securities.com (mailto:info@OAK-securities.com)

+44 203 973 3678

BlytheRay Ltd

(Financial PR)

Megan Ray / Said Izagaren

+44 207 138 3204
 

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

*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.

About Pulsar Helium Inc.

Pulsar Helium Inc. is a publicly traded company listed on the AIM market of
the London Stock Exchange and the TSX Venture Exchange with the ticker PLSR,
as well as on the OTCQB with the ticker PSRHF. Pulsar's portfolio consists of
its flagship Topaz helium project in Minnesota, 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.

Neither the 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.

Qualified Person Signoff

In accordance with the AIM Note for Mining and Oil and Gas Companies, the
Company discloses that Thomas Abraham-James, President, CEO and Director of
the Company has reviewed the technical information contained herein. Mr.
Abraham-James has approximately 20 years in the mineral exploration industry,
is a Chartered Professional Fellow of the Australasian Institute of Mining and
Metallurgy (FAusIMM CP (Geo)), a Fellow of the Society of Economic Geologists
and a Fellow of the Geological Society of London.

Forward-Looking Statements

This news release and the interview 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 completion of the private placement, 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
potential impact of deepening Jetstream #1 and the potential impact of such
deepening on the next iteration of the resource estimate; the potential impact
of the results of Jetstream #2; and the potential for future wells.
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 and interview are expressly qualified in their
entirety by this cautionary statement.

 

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