Pulsar Helium (PLSR) Q2 2026 earnings summary

Executive summary

• Drilled five core-hole wells at the Topaz Project in Minnesota, all encountering high-pressure gas between October 2025 and March 2026.

• Obtaining quotes for up to four new production wells to supplement two production-ready wells.

• Acquired surface land in Lake County, Minnesota, for $2.48 million cash in May 2026.

• Completed acquisitions of Quantum Hydrogen Inc. (80%) and Hybrid Hydrogen Inc. (100%) to expand mineral rights in Minnesota and Michigan.

• Two U.S. Federal laboratories confirmed helium-3 isotope concentrations at Topaz, supporting prior analyses.

Financial highlights

• Recorded exploration and evaluation expenditures of $6.0 million related to Topaz drilling.

• Completed a private placement raising $9.9 million through issuance of 9,191,175 shares.

• Issued 18,130,793 shares on warrant exercises for $4.7 million and 4,650,000 shares on option exercises for $1.5 million.

• Reported net loss of $12,249,858 for the six months ended March 31, 2026, compared to $7,118,554 for the same period in 2025.

• Total assets at $10,973,876 and total liabilities at $1,173,000 as of March 31, 2026.

• Non-cash loss on revaluation of warrant liability of $3,413,140 (2025: gain of $963,066).

Outlook and guidance

• Legislative progress in Minnesota provides a clearer permitting pathway for helium extraction.

• Planning underway for up to four new production wells at Topaz, aiming for production readiness.

• Topaz positioned to address tightening global helium supply due to disruptions in Qatar and Russia.