Pulsar Helium (PLSR) Corporate presentation summary

Market opportunity and industry dynamics

• Helium-4 demand is projected to nearly double by 2035, with supply struggling to keep pace, resulting in frequent shortages and significant price increases since the Middle East/Iran crisis began.

• Approximately 95% of global helium-4 is produced as a byproduct of natural gas, limiting supply flexibility and scalability.

• Recent disruptions in Qatar and Russia have removed about 45% of the freely traded global helium-4 supply, causing spot prices to surge from ~$330/Mcf to $600–900/Mcf, with potential for further increases.

• Helium-4 is essential for high-tech applications such as chip manufacturing, rocket fueling, MRI, and quantum technologies, making it irreplaceable in these sectors.

Project highlights and resource potential

• The Topaz Project in Minnesota, USA, has achieved a 100% success rate with 7 out of 7 wells encountering gas, and is the first-mover under new state helium legislation.

• Jetstream #1 well reported an average helium-4 concentration of 8.1%, and Jetstream #2 reported 5.6%, both significantly above typical economic thresholds of 0.3–1.0%.

• The P50 gross recoverable helium-4 prospective resource from Jetstream #1 is estimated at 0.4 billion cubic feet, with additional wells yet to be included in the resource calculation.

• Laboratory results confirm helium-3 concentrations up to 14.5 ppb, among the highest reported in terrestrial commercial gas streams.

• CO2 is also present in high concentrations, offering another potential revenue stream amid US supply shortages.

Operations, infrastructure, and development

• Chart Industries has been engaged to design a combined helium-4/CO2 production facility, with engineering initiated in August 2025.

• The project benefits from existing infrastructure, including roads, power, and surface rights at the discovery location, and covers approximately 65,000 gross acres under exclusive leases.

• Flow testing of Jetstream #1 showed a peak natural flow of ~501 Mcf/d and an average test concentration of 8.1% helium-4, with no water detected.

• Methane in the gas stream will be used to power on-site equipment, enhancing operational efficiency.