Pulsar Helium (AIM:PLSR) shares surged 11.4% higher on Friday, climbing to 1.65p, after expanding Topaz acreage with a US$2.48m surface-land purchase in Lake County, Minnesota.
The land was purchased in an arm's-length transaction from Wolf Lands and lies within the mineral rights Pulsar holds under lease from a separate private owner.
Pulsar said the US$2.48m consideration was satisfied from the company's existing cash resources.
Topaz is Pulsar's 100%-owned flagship and a high-grade primary helium discovery not associated with hydrocarbons, and the surface purchase strengthens operational control across a key development footprint.
"This acquisition builds on growing momentum at the project as we move decisively toward production readiness," said Thomas Abraham-James, CEO.
The company said the acquisition provides greater certainty for infrastructure siting and development planning as it advances Topaz following Minnesota regulatory steps, including proposed expedited rules announced on May 18 and helium-specific legislation signed on May 26.
Pulsar has concluded its Jetstream exploration and appraisal programme, reporting that all drilled wells encountered high-pressure gas, and is obtaining quotes to drill up to four new production wells to supplement two production-ready wells already drilled.
In March, Pulsar signed a Letter of Intent with Chart Industries for the supply of an integrated helium liquefaction and CO₂ capture facility as part of its push toward production readiness.
