Pulsar Helium Inc. (TSX-V: PLSR): Completing acquisition in Michigan
• Pulsar has acquired Hybrid Hydrogen for US$80,000, with the consideration settled in shares rather than cash as originally planned, resulting in lower dilution for existing shareholders.• The deal secures an exclusive option to lease approximately 5,742 gross acres in Michigan’s Upper Peninsula, focused on non-hydrocarbon gases—primarily helium. The option runs until May 2028 and carries only minimal obligations for geological and surface data collection.
• The geological setting shows strong parallels with Pulsar’s Topaz project in Minnesota, where historic iron and copper mining encountered non-hydrocarbon gas shows. This analogue suggests potential for helium and other inert gases within the newly optioned ground.
• Pulsar’s next phase of work will involve acquiring geophysical and geochemical datasets to refine drill targets, with activity expected to begin in Spring–Summer 2026.
• The acquisition expands Pulsar’s strategic footprint in the U.S. and provides additional exploration upside. It follows the recent addition of 59,100 gross acres in St. Louis and Itasca Counties, immediately west of the Topaz project. We reiterate our target price of £0.80 per share.
Very important year for Topaz
Results from the Jetstream #5 well are expected within the next two weeks. Early drilling has already intersected high‑pressure gas zones at approximately 255 m and 451 m, with a preliminary bottom‑hole pressure of ~662 psi—evidence of a strongly pressurised system even at shallow depths. Gas was observed bubbling through drilling fluids at surface, reinforcing the pressure indications and aligning closely with the ~674 psi bottom‑hole pressure recorded at 444 m in Jetstream #4. Total depth is planned at ~1,524 m. Notably, Jetstream #5 is a large step‑out—around 3 km from the core area—providing an important test of the broader extent of the system. A Final Investment Decision at Topaz could be taken in 2026, contingent on continued positive technical results and appraisal progress.
Valuation
Our unrisked NAV for Pulsar is £2.19 per share with a ReNAV of £0.80 per share.
Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector.
The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy.
Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors.
Auctus provides Corporate Broking, Equity Research and Investment Banking services.
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