REG - Pulsar Helium Inc. - Financial and Operating Results YE Sept 30, 2024

Pulsar HeliumAnnouncement

29/01/2025 07:00

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RNS Number : 0933V  Pulsar Helium Inc.  29 January 2025

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NEWS RELEASE | JANUARY 29, 2025 | CASCAIS, PORTUGAL

PULSAR HELIUM ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE YEAR ENDED
SEPTEMBER 30, 2024

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 year ended September 30, 2024 (the
"Period").

Selected financial and operational information is outlined below and should be
read in conjunction with the Company's audited consolidated financial
statements and related management's discussion and analysis (the "MD&A")
for the year ended September 30, 2024, which are available on the Company's
website at www.pulsarhelium.com (http://www.pulsarhelium.com) and at the
following links:

•             Audited financial
statements: http://www.rns-pdf.londonstockexchange.com/rns/0933V_1-2025-1-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0933V_1-2025-1-29.pdf)

•             MD&A:
http://www.rns-pdf.londonstockexchange.com/rns/0933V_2-2025-1-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0933V_2-2025-1-29.pdf)

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

Operational Highlights for the Period

•            The Company drilled the Jetstream #1 appraisal well at
the Topaz Project in Minnesota ("Topaz") in February 2024, which confirmed gas
accumulation with helium concentrations of between 7.9% and 14.5% helium.

o        Results of a passive seismic survey in December 2023 exceeded the
Company's expectations and set the stage for the drilling that took place in
February 2024.

•         Receipt of Competent Persons Report ("CPR") in August 2024
from Sproule International Limited which estimated unrisked, net helium
contingent and prospective resources for the Topaz Project, along with
significant by-product resources of CO2. The Contingent and Prospective
Resource acreage covered in the CPR represents approximately 13% of the
Company's gross land position that it has under lease at the Topaz Project:

o             Helium (contingent): P90 - 1.6MMcf; P50 - 5.9MMcf;
P10 - 34.9MMcf;

o             CO2 (contingent): P90 - 11.9MMcf; P50 - 44.6MMcf;
P10 - 266.7MMcf;

o             Helium (prospective): P90 - 11.5MMcf; P50 -
40.3MMcf; P10 - 205.9MMcf;

o             CO2 (prospective): P90 - 88.0MMcf; P50 - 303.7MMcf;
P10 - 1.6Bcf.

Operational Highlights Post Period

•             In October 2024, the Company received interpreted
data for a 20.4 kilometre ("km") 2D seismic line survey at Topaz, which showed
a continuous reflective package at the helium-bearing interval encountered at
Jetstream #1, extending 1.5km to the west and 2km to the east of the well.

o             Seismic data acquired in 2024 supported the
Company's plans to deepen the Jetstream #1 well and drill additional step-out
wells.

•             Successful deepening at Jetstream #1, reaching
target depth of 5,100 feet on January 11, 2025. Initial data supports the
Company's interpreted larger helium-bearing reservoir zone with multiple
helium zones encountered throughout the deepening operation from 2,200 feet to
5,100 feet. Mud log gas levels containing up to 7.24% helium were encountered.

•             Drilling at Jetstream #2 appraisal well commenced
on January 16, 2025, which is intended to reach approximately 5,000 feet.

•             In November 2024, Pulsar signed an agreement with Chart
Industries, which outlines a procurement roadmap, specific to Pulsar's needs,
and facilitates access to advanced gas processing technologies, including
helium and carbon dioxide capture, essential for servicing a potential
production scenario at Topaz.

o             Pulsar and Chart Industries are working towards the
signing of a master services agreement which will outline the full terms of
how the two parties will work together.

Financial Highlights for the Period and Post Period

•           In January 2024, the Company completed a private placement
raising gross proceeds of C$4,255,000 through the issuance of 18,500,000 units
at a price of C$0.23 per unit.

•           Admission to trading on the AIM market of the London Stock
Exchange plc ("AIM") in October 2024, following the successful completion of a
total gross funding of £5 million which included the £1.125 million
cornerstone investment completed in August 2024.

•             On December 30, 2024, the Company announced that
it is arranging a brokered private placement of up to 19,736,842 common shares
of the Company to select US based investors at a price of $0.38 per common
share to raise up to $7.5 million.

·          On January 9, 2025, the Company closed the first tranche
of the private placement raising $2,000,000 through the issuance of 5,263,160
common shares at a purchase price of $0.38 per common share. The first tranche
includes participation from high net worth and institutional investors from
the USA, including University Bancorp, Inc. which now holds 4.99% of the
issued and outstanding common shares of the Company.

Selected Financial Results for the Period

                                   Year                 Year                 Nine months
                                   ended                ended                ended
                                   September 30, 2024   September 30, 2023   September 30, 2022
 Statement of Loss:
 Revenue                           $Nil                 $Nil                 $Nil
 Net loss                          $(20,346,712)        $(2,310,407)         $(465,865)
 Basic and diluted loss per share  $(0.22)              $(0.04)              $(0.07)
 Financial Position:
 Total assets                      $1,942,996           $1,684,924           $245,694
 Total liabilities                 $4,976,017           $1,078,334           $276,649

* During the Period, the Company recorded a non-cash revaluation loss of
warrant liability of $8,824,439

Outlook

·    The deepening of Jetstream #1 is a pivotal step in advancing Pulsar's
strategy to address the increasing global demand for helium as the Company
moves another step closer to production. The deepening of Jetstream #1 targets
the full height of the helium reservoir, guided by insights from recently
acquired geophysical data, previous drilling data, and onsite testing.

·    The Jetstream #2 well is the second gas appraisal well drilled at the
Topaz Project and is designed to provide data on reservoir properties,
including porosity, permeability and well connectivity that will be utilised
in the next iteration of resource estimation, production modelling, and
further appraisal well planning.

·    Upon completion of drilling the Jetstream #2 well, down-hole wireline
logs will be collected, and an optical televiewer run at both Jetstream #1 and
#2. Flow testing and pressure build-up monitoring are planned for both wells
in early March 2025 following a post-drill stabilisation period.

Thomas Abraham-James, President & CEO of Pulsar, commented: "The Period
was one of transformation for Pulsar. A year in which our flagship Topaz
Project in Minnesota, USA, flowed one of the world's highest concentrations of
helium at up to 14.5%. As a reminder, commercially viable helium project
concentrations begin at 0.3%. The seismic data we received and interpreted
reinforced our plans to deepen the Jetstream #1 well and drill additional
step-out wells.

"Post Period-end, we deepened the Jetstream #1 well to 5,100 feet, with
multiple helium zones encountered throughout the deepening operation from
2,200 feet to 5,100 feet, and mud log gas levels containing up to 7.24% helium
that were heavily diluted by air. Drilling of Jetstream #2 appraisal well also
commenced in January 2025, which is planned to reach approximately 5,000 feet.

"Looking ahead, once drilling of the Jetstream #2 well is complete, additional
data collection will commence. This includes the collection of down-hole
wireline logs, an optical televiewer at Jetstream #1 and #2, and flow testing
and pressure build-up monitoring planned for early March 2025. The deepening
of Jetstream #1 and initial drilling at Jetstream #2 will provide information
for the next iteration of resource estimating, production modelling, and
further appraisal well planning.

"In October 2024, Pulsar dual listed on the AIM market of the London Stock
Exchange, simultaneously raising £5 million. This marked an exciting step for
the Company, which has enabled UK investors to join Pulsar on its journey to
become a key supplier of helium, helping to address the global supply gap.
London, as a global financial hub with a strong investor appetite for critical
resources, provides the perfect platform for Pulsar's growth.

"I look forward to sharing the data that we collect in the subsequent
operations once drilling is completed at Jetstream #2, and revealing how it
informs future developments and the understanding of our project."

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

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.

For further information visit:

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

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

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

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 informa􀆟on contained herein. Mr.
Abraham-James has approximately 20 years in the mineral explora􀆟on
industry, is a Chartered Professional Fellow of the Australasian Ins􀆟tute
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 CO(2) at Topaz; the potential of
CO(2) 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 (http://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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