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NEWS RELEASE | FEBRUARY 3, 2025 |
CASCAIS, PORTUGAL
PULSAR HELIUM ANNOUNCES
SUCCESSFUL COMPLETION OF THE JETSTREAM #2 APPRAISAL WELL, TOPAZ
PROJECT, MINNESOTA, USA
Pulsar Helium Inc. (AIM: PLSR, TSXV:
PLSR, OTCQB: PSRHF) ("Pulsar" or the "Company"), a leading helium project
development company, is pleased to announce the successful
completion of drilling the Jetstream #2 appraisal well at its
flagship Topaz Project in Minnesota, USA. The drilling operation
reached Total Depth ("TD") of 5,638 feet (1,718 metres) on February
1st, 2025, successfully penetrating the entire interpreted
helium-bearing interval, and beyond. Elevated helium values were
encountered in Jetstream #2 over a gross vertical thickness of
3,178 feet (969 metres) with samples containing up to 3.5% helium
identified, despite dilution from atmospheric air due to the rotary
air drilling method used.
Key
Achievements
• Successful Drilling:
Jetstream #2 reached its target depth of 5,638 feet on February
1st, 2025.
• Promising Helium
Readings: Mud log gas levels containing up to 3.5% helium were
encountered during drilling. These samples are diluted by
atmospheric air due to the rotary air drilling method used, where
air is forced into the well by compressors. Actual helium
concentration is likely higher than the measured 3.5% and
uncontaminated samples for laboratory analysis will be acquired in
due course to determine the true helium concentration.
• Expanded Reservoir:
Elevated helium values were encountered in Jetstream #2 over a
gross vertical thickness of 3,178 feet (969 metres), commencing at
2,460 feet (650 metres) to and ending at TD.
• Comprehensive Data
Collection: Down-hole wireline logging data was acquired on
February 1st, this data will be integrated with additional downhole
data that will be acquired over the coming weeks.
• Next Steps: Additional
data collection, including optical televiewer, high-definition
spectroscopy, pressure, and flow testing, will be conducted for
Jetstream #1 and #2 in February and March. All data will then be
sent to an independent resource estimator for a resource update,
and to Chart Industries for production scenario assessment and
conceptual processing facility design.
Thomas Abraham-James, President & CEO of Pulsar Helium,
commented on the drilling:
"Drilling of the Jetstream #2 appraisal well
and deepening of Jetstream #1 is now complete, both of which were a
resounding success with multiple high-concentration helium shows
encountered. My congratulations to our operational team for
accomplishing these tasks on time and without injury. The newly
identified gas shows and highly encouraging helium readings give us
great confidence for this being the most significant new primary
helium discovery in North America. We now move into the
all-important testing phase and I look forward to keeping the
market updated with results as they arrive."
Expanded Reservoir Potential
Elevated helium values for both
Jetstream #1 and #2 occurred over a gross vertical thickness of
3,350 and 3,178 feet (1,021 and 969 metres) respectively, showing
consistency between wells and suggests that interpreted geophysical
data correctly indicates that the helium-bearing zone extends
beyond 2,200 feet (671 metres) which was the TD of Jetstream #1
prior to deepening. The increased gross helium-bearing interval
potentially enhances the project's resource potential and
underscores the value of the Topaz Project.
Ongoing Analysis and Testing
Additional testing, including
optical televiewer and high-definition spectroscopy are scheduled
to occur later in February, with pressure and flow testing planned
for March. These will further refine the Company's understanding of
the reservoir properties and production potential.
Strategic Significance
The Jetstream #1 appraisal well
previously reached TD of 2,200 feet (671 metres) on February 27th,
2024, identifying top-tier helium concentrations of up to 14.5%,
well above the 0.3% widely accepted economic threshold, and CO2
concentrations exceeding 70% - with the latter expected to further
contribute to the project economics. The deepening of Jetstream #1
and completion of Jetstream #2 are pivotal steps in advancing
Pulsar's strategy to address the increasing global demand for
helium as the Company moves toward its objective of
production.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
On behalf Pulsar Helium
Inc.
"Thomas Abraham-James"
President, CEO and
Director
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (EU) 596 / 2014 WHICH FORMS PART OF
UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK
MAR").
Further Information:
Pulsar Helium Inc.
connect@pulsarhelium.com
+ 1 (218) 203-5301
(USA/Canada)
+44 (0) 2033 55 9889 (United
Kingdom)
Strand Hanson Limited
(Nominated & Financial Adviser,
and Joint Broker)
Ritchie Balmer / Rob Patrick /
Richard Johnson
+44 (0) 207 409 3494
OAK
Securities*
(Joint Broker)
Jerry Keen (Corporate Broking) /
Henry Clarke (Institutional Sales) / Dillon Anadkat (Corporate
Advisory)
info@OAK-securities.com
+44 203 973 3678
BlytheRay Ltd
(Financial PR)
Megan Ray / Said Izagaren
+44 207 138 3204
pulsarhelium@blytheray.com
*OAK Securities is the trading name of Merlin Partners LLP, a
firm incorporated in the United Kingdom and regulated by the UK
Financial Conduct Authority.
About Pulsar Helium Inc.
Pulsar Helium Inc. is a publicly
traded company listed on the AIM market of the London Stock
Exchange and the TSX Venture Exchange with the ticker PLSR, as well
as on the OTCQB with the ticker PSRHF. Pulsar's portfolio consists
of its flagship Topaz helium project in Minnesota, USA, and the
Tunu helium project in Greenland. Pulsar is the first mover in both
locations with primary helium occurrences not associated with the
production of hydrocarbons identified at each.
For further information
visit:
Website https://pulsarhelium.com
X https://x.com/pulsarhelium
LinkedIn https://ca.linkedin.com/company/pulsar-helium-inc.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Qualified Person Signoff
In accordance with the AIM Note for
Mining and Oil and Gas Companies, the Company discloses that Thomas
Abraham-James, President, CEO and Director of the Company has
reviewed the technical information contained herein. Mr.
Abraham-James has approximately 20 years in the mineral exploration
industry, is a Chartered Professional Fellow of the Australasian
Institute of Mining and Metallurgy (FAusIMM CP (Geo)), a Fellow of
the Society of Economic Geologists and a Fellow of the Geological
Society of London.
Forward-Looking Statements
This news release and the interview
contains forward-looking information within the meaning of Canadian
securities legislation (collectively, "forward-looking statements")
that relate to the Company's current expectations and views of
future events. Any statements that express, or involve discussions
as to, expectations, beliefs, plans, objectives, assumptions or
future events or performance (often, but not always, through the
use of words or phrases such as "will likely result", "are expected
to", "expects", "will continue", "is anticipated", "anticipates",
"believes", "estimated", "intends", "plans", "forecast",
"projection", "strategy", "objective" and "outlook") are not
historical facts and may be forward-looking statements.
Forward-looking statements herein include, but are not limited to,
statements relating to the potential impact of deepening Jetstream
#1 and the potential impact of such deepening on the next iteration
of the resource estimate; the expected timing to commence drilling;
and the potential for future wells. Forward-looking statements may
involve estimates and are based upon assumptions made by management
of the Company, including, but not limited to, the Company's
capital cost estimates, management's expectations regarding the
availability of capital to fund the Company's future capital and
operating requirements and the ability to obtain all requisite
regulatory approvals.
No reserves have been assigned in
connection with the Company's property interests to date, given
their early stage of development. The future value of the Company
is therefore dependent on the success or otherwise of its
activities, which are principally directed toward the future
exploration, appraisal and development of its assets, and potential
acquisition of property interests in the future. Un-risked
Contingent and Prospective Helium Volumes have been defined at the
Topaz Project. However, estimating helium volumes is subject to
significant uncertainties associated with technical data and the
interpretation of that data, future commodity prices, and
development and operating costs. There can be no guarantee that the
Company will successfully convert its helium volume to reserves and
produce that estimated volume. Estimates may alter significantly or
become more uncertain when new information becomes available due to
for example, additional drilling or production tests over the life
of field. As estimates change, development and production plans may
also vary. Downward revision of helium volume estimates may
adversely affect the Company's operational or financial
performance.
Helium volume estimates are
expressions of judgement based on knowledge, experience and
industry practice. These estimates are imprecise and depend to some
extent on interpretations, which may ultimately prove to be
inaccurate and require adjustment or, even if valid when originally
calculated, may alter significantly when new information or
techniques become available. As further information becomes
available through additional drilling and analysis the estimates
are likely to change. Any adjustments to volume could affect the
Company's exploration and development plans which may, in turn,
affect the Company's performance. The process of estimating helium
resources is complex and requires significant decisions and
assumptions to be made in evaluating the reliability of available
geological, geophysical, engineering, and economic date for each
property. Different engineers may make different estimates of
resources, cash flows, or other variables based on the same
available data.
Forward-looking statements are
subject to a number of risks and uncertainties, many of which are
beyond the Company's control, which could cause actual results and
events to differ materially from those that are disclosed in or
implied by such forward- looking statements. Such risks and
uncertainties include, but are not limited to, that Pulsar may be
unsuccessful in deepening the Jetstream #1, in drilling
commercially productive wells; the uncertainty of resource
estimation; operational risks in conducting exploration, including
that drill costs may be higher than estimates and the potential
for
delays in the commencement of
drilling; commodity prices; health, safety and environmental
factors; and other factors set forth above as well as under
"Cautionary Note Regarding Forward Looking Statements and Market
and Industry Data" and "Risk Factors" in the AIM Admission Document
published on October 14th, 2024, found on the Company's web site
at https://pulsarhelium.com/investors/aim-rule-26/default.aspx.
Forward-looking statements contained
in this news release are as of the date of this news release, and
the Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by law. New
factors emerge from time to time, and it is not possible for the
Company to predict all of them or assess the impact of each such
factor or the extent to which any factor, or combination of
factors, may cause results to differ materially from those
contained in any forward-looking statement. No assurance can be
given that the forward-looking statements herein will prove to be
correct and, accordingly, investors should not place undue reliance
on forward-looking statements. Any forward-looking statements
contained in this news release are expressly qualified in their
entirety by this cautionary statement.
