Pulsar Helium (AIM:PLSR), in its second quarter report, highlighted that during the period two US federal laboratories independently had confirmed the presence of the helium‑3 isotope in raw gas from its Topaz project.
The primary helium company noted that the U.S. Geological Survey Noble Gas Laboratory and Lawrence Livermore National Laboratory reported 3He concentrations of 11.2-11.9 parts‑per‑billion alongside 4He of 7.7-8.0%, consistent with prior analyses by the Woods Hole Oceanographic Institution.
Between October 2025 and March 2026, Pulsar drilled five core‑hole wells at Topaz, saying all encountered gas under high pressure, and the company is obtaining quotes for up to four new production wells to supplement two production‑ready wells already drilled.
In May, Minnesota enacted helium‑specific legislation, and the Department of Natural Resources published proposed expedited permanent permitting rules, and Pulsar completed a $2.48m cash purchase of surface land within the Topaz lease area.
During the period, Pulsar acquired an 80% stake in Quantum Hydrogen with an option to buy the remaining 20%, and bought 100% of Hybrid Hydrogen for $105,000 to add the Falcon project in Michigan.
Financially, Pulsar recorded $6m of exploration and evaluation expenditure at Topaz, raised $9.9m in a private placement, received $4.7m from warrant exercises and $1.5m from option exercises, and reported a six‑month loss of $12.25m with total assets of $10.97m and total liabilities of $1.17m.
The period included a non‑cash loss on revaluation of warrant liability of $3.41m compared with a gain of $963,066 in the prior period.
"Topaz is well-positioned to be part of the solution, and we intend to get there," CEO Thomas Abraham‑James said.
