Pulsar Helium (PLSR) Q3 2026 earnings summary

Executive summary

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

• Obtained quotes for up to six new production-ready wells to supplement two already drilled.

• Acquired surface land within the Topaz Project for $2.48 million in May 2026.

• Entered into a binding agreement for a helium liquefaction plant and related equipment for potential deployment in Minnesota.

• Two U.S. Federal laboratories confirmed helium-3 isotope concentrations from the Topaz Project in January 2026.

Financial highlights

• Recorded exploration and evaluation expenditures of $8.0 million related to Topaz drilling.

• Completed private placements raising $9.9 million and $25.5 million (post-period), and issued shares on warrant and option exercises for $5.3 million and $2.2 million, respectively.

• Net loss for the nine months ended June 30, 2026 was $19.4 million, compared to $8.5 million for the same period in 2025.

• Total assets increased to $9.2 million from $1.9 million year-over-year; total liabilities decreased to $975,349 from $5.6 million.

• Recorded a non-cash loss on revaluation of warrant liability of $3.4 million (2025: gain of $1.1 million).

Outlook and guidance

• Recent fundraise intended to accelerate transition from discovery and appraisal to production planning at Topaz.

• Reservation of a helium liquefaction plant expected to support route-to-market strategy and enable earlier revenue from third-party gas processing.

• New Minnesota legislation and expedited permitting rules provide a clearer pathway for helium resource development.