Pulsar Helium Inc. (TSX-V: PLSR): Stable high concentration of helium at Topaz. Pre-feasibility study in Greenland.
• Laboratory analysis has validated a consistent helium content of 7–8% at Jetstream #1 over extended flow periods of 12–18 h. Initial gas samples from Jetstream #2 indicate similar helium concentrations.• Jetstream #1 achieved significantly higher gross gas flow rates during the recent test relative to the 2024 campaign. However, the average helium concentration of 7–8% is comparable with the 2024 test range (7.9%–14.5%, with an average of 9.9%).
• This is important as these results suggest that the deeper zones contribute gas with comparable helium concentration. Notably, the 2024 Competent Person Report classified helium in the deeper zones as prospective resources, while helium in the shallower intervals was categorized as contingent.
• CO₂ concentrations measured during the recent test (75–80%) are consistent with prior results (62–74%).
• Assuming a raw gas flow rate of 0.5 mmcf/d per well and a helium concentration of 7.5%, annualized helium revenues are estimated at ~US$7 mm per well (based on US$500/mcf pricing). This compares favorably with individual well costs of under US$2 mm.
• Results from recent flow testing will be used to establish well productivity profiles and inform economic modelling at the individual well level. The company is concurrently sizing the surface processing infrastructure required to extract helium and CO₂. This will form the basis of the broader field development plan. Notably, the raw gas stream contains negligible methane, which may allow for a more streamlined and cost-efficient processing solution.
• Reflecting a revised helium concentration assumption of 7.5% (we previously assumed ~12%) and a first gas timeline of 2027 (versus late 2026), we have changed our target price to £0.80 per share.
Early scoping of the geothermal/helium Greenland project
Pulsar’s reserves auditor has identified a geothermal resource near the town of Ittoqqortoormiit, with estimated reservoir temperatures between 80–130°C and potential flow rates of up to ~720 m³ / hour in the best-case scenarios and helium recovery of ~350 mcf/d in high-case scenarios.
Valuation
Our unrisked NAV for Pulsar is now £2.08 per share with a ReNAV of £0.78 per share. This assumes that Pulsar has access to the proportion of the resources on State lands which it is in the process of securing.
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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