Pulsar Helium, the primary helium company listed on AIM, reported a loss of $19.4 million for the nine months to 30 June, more than double the $8.5 million loss recorded in the same period last year.
The wider loss followed $8 million of exploration and evaluation spending on drilling at the company's flagship Topaz Project in Minnesota, where five core-hole appraisal wells were completed between October and March, each encountering gas under high pressure.
Pulsar is now seeking quotes to drill up to six new production-ready wells to add to the two already in place.
Minnesota's helium-specific permitting framework, signed into law in May, and expedited draft rules from the state's Department of Natural Resources, arrive as global helium supply tightens sharply, with disruption at Qatar's Ras Laffan facilities affecting a country that supplies roughly 35% of world helium, alongside new Russian export controls running through the end of 2027.
Some US customers have already faced allocation limits and surcharges from major industrial gas suppliers.
Pulsar also reserved a helium liquefaction plant and equipment package from a third-party vendor, disclosed on 30 June and 3 August, with the final scope subject to a definitive purchase agreement.
"The reservation... has the potential to strengthen our route-to-market strategy, support future Topaz production, and create the opportunity for earlier revenue from third-party gas processing", said chief executive Thomas Abraham-James.
The company raised $9.9 million through a private placement during the period and a further $17.5 million through warrant and option exercises.
After the period closed, Pulsar raised an additional $25.5 million (£19.0 million) through a placing at £0.75 per share.
