Pulsar Helium, PLSR )H4/H3) Long - Deep Dive

Hello friends - I am sure many people have read about helium over the past few months, I mean, it’s been everywhere. I realize before hand that this isn’t a value investment but there seems to be 0 good investment subs anymore with any actual research or coherent thought so I thought I’d throw it here. But in this post, I will explain to you my rationale, financial breakdown and future outlook of not only H4 and H3 but also the vehicle in which I am getting a vast majority of my exposure. This will be long. Feel free to ask any questions about the company or my math or completely oppose my view.

PART 1 - Wwww?

Pulsar Helium (PLSR) is a Canadian-based primary helium exploration and development company (Primary meaning helium actually in the reservoir, not a byproduct of gas, this is VERY important) whose main asset and project is in Northern Minnesota, called the Topaz Project. They also have 100% interest in another primary helium reservoir in Greenland called the Tunu Helium Project. Additionally, they have acquired the nearby Falcon Project in the Upper Peninsula of Michigan, which also targets non-hydrocarbon gases, especially helium. PLSR also own 80% of Quantum Hydrogen with an option to acquire the rest within 15 months.

PART 2 - Increasing demand and shattered supply

Semiconductor manufacturing has officially made up 24% of global helium consumption in 2025, projected to reach 30% by 2030, growing about 15 to 20 percent annually. Helium runs MRI machines, makes computer chips, powers quantum computers, and fuels rockets. There is not enough of it, the US government knows it, and corporations are tired of degraded supply chains that haven’t recovered since 2019. The IEA has warned that helium shortages could delay quantum computing, and the DOD has established a target of maintaining a six-month helium reserve by 2026, up from the 83-day reserve before Iran… all while multiple companies and organizations are lobbying to get helium added back to the critical minerals list. Cliff Cain was appointed as President on April 1, 2026, specifically directed to lead US government engagement(Take a look into his past, great at government contract procurement). Also, the Defence Production Act Title III authorizes the federal government to make direct investments in domestic production of materials deemed essential to national defence. Helium runs missile guidance systems, semiconductor fabs, and quantum computers. The DOD has explicitly targeted a six-month domestic helium reserve and will be looking into the future.

The planet produces helium extremely slowly through the decay of rocks deep underground, but this time is measured in thousands of years, not single years as our lives are. About 30 years ago, Congress directed the land bureau to sell off its helium plots and remove the government from helium markets, as there was no true application at the time. This has come back to massively bite them in the ass. Pulsar has, in some ways, stumbled into an incredibly favourable commodity cycle by luck, followed by what I would argue is the most drastic supply crisis of any strategic material since the rare earth shock of the early 2010s. But this one has no fix yet. Helium is not something you can make more of when demand goes up, and most of the world's supply comes as a byproduct of natural gas. meaning it is controlled by people who care far more about gas prices than helium demand. When helium is short, it stays short. The world's helium comes from four places: the US, Qatar, Russia and Algeria. Qatar just went offline because of a strike in the recent Iran situation, accounting for about 30% of the entire world's helium. Russia's new helium plant has been repeatedly delayed and faces sanctions, and frankly, its economy has shifted to fighting wars for the next 20-30 years. The US has no government stockpile left.

Most helium companies, including the industry giants, are dependent on natural gas operations for their supply. Their helium is a byproduct, not a primary driver. If natural gas economics are unfavourable, helium production suffers. They will not increase helium output in response to demand. At a time when the world has just lost 30% of its supply overnight and when world governments, most importantly the US, are trying urgently to build domestic helium security, a primary helium producer in Minnesota has a fair chance of becoming critical infrastructure. Pulsar is sitting on the highest-grade primary helium discovery in North American history, and Washington is slowly waking up.

PART 3 - Flow and Concentration

For context, 4 MMscf/d to 10 MMscf/d, with concentrations of 0.4%+, are generally considered commercially viable. Between October 2025 and March 2026, Pulsar drilled seven appraisal wells at Topaz, Jetstream #1 through Jetstream #7. Every single one of the seven intersected pressurized helium gases. 100% in anything is great, 100% in drill rate success is FUCKING INSANE.

MMcf/d= Million cubic feet per day

Mcf/d= Thousand cubic feet per day

Flow Rate: Jetstream #1 is everyone’s shiny toy; this is what the initial hype has come from. The well was reported to have a maximum natural flow rate of about 501 thousand cubic feet per day (501 Mcf/d) during open flow testing, on a 38/64-inch choke at 30 psi wellhead pressure, without any compression help. The well was shown to be stable for long-duration flows of 150–300 Mcf/d for times of 12–18 hours on smaller choke sizes. There was also no significant change or decline in flow throughout. Under surface compression, the well delivered a peak gas flow rate of 1.3 million cubic feet per day. While the company has shown compression-assisted testing for short periods, which previously reached 821 Mcf/d in February 2024.

JetStream #2 was the confirmation that I personally was waiting for to start adding. Drilled to 5,638 feet. 538 feet deeper than Jetstream #1 and came back with helium concentrations identical to the discovery well, and no formation water. Its initial shut-in pressure of 151 psi came in higher than JetStream #1, meaning the reservoir is more pressurized at the second drill location, not less. Initial flow during testing registered at only 40–50 Mcf/d, but it happened because of a mechanical issue, not geological. Debris left in the wellbore from drilling created a physical obstruction in the flow path, preventing the reservoir from getting a proper test. A cleanout program has already started, with a retest planned.

Concentration: Third-party laboratory analysis has verified a sustained helium concentration of at least 7–8% measured by volume in the gas at Jetstream #1 and 2. Most commercial helium deposits globally run between 0.3% and 2%. The other high-grade dedicated primary helium projects elsewhere in the world typically reach 2–4%. Topaz is anywhere from 20-40 times richer than what is needed economically and 3-6 times richer than other world-class helium deposits.

Lower raw gas throughput requirements mean smaller, cheaper facilities. Better recovery per unit of gas means lower operating cost per unit of helium produced. Higher concentration means simpler separation chemistry and less energy-intensive processing. As mentioned earlier, there is NO water. Water in a gas reservoir is expensive and environmentally taxing, and it comes with a whole other layer of regulations. Topaz's gas flows dry, which simplifies every aspect of production and eliminates an entire category of operational bullshit.

PART 4 - Debt, Dilution and Funding

In FY2022, the company barely existed. FY2023 saw the first real exploration spending as they drilled the first Jetstream wells, producing a tiny $2.6M loss. FY2024 looks catastrophic at 20M$, but is almost entirely misleading, $8.82M of that was a non-cash accounting charge caused by a warrant revaluation, not real cash leaving the building. I figure the underlying cash operating loss was to be about 10.5-11.5M$, driven by almost entirely by selling into Jetstream #1 and #2. FY2025 then has a dramatic drop to 9.65M$ total loss, partly because the underlying cash burn genuinely fell as drilling wound down, and because of a $1.9M$ non-cash warrant revaluation gain, reducing the reported figure. The real cash operating loss was around $7.7M. Once you remove the warrant, which is entirely non-cash and driven by share price, it's easy to tell the underlying cash burn has been relatively controlled and is being channelled almost entirely into drilling. The company is not bleeding money on overheads or paying out their executives; it is spending money finding helium. The FY2026 annualized estimate shows an increase in cash burn as the testing began in early 2026, but was funded by the £7.4M February 2026 raise.

The Share Count — Every Issuance, Every Dilution, and What Comes Next

The share count has nearly doubled in twelve months, growing from about 97 million shares in early 2025 to 185,224,719 as of April 8, 2026. That is 88 million new shares created in about 365 days.

October 2024 — AIM IPO Placing 15,500,000 shares issued at £0.25 per share (~CAD $0.43 at the time). Gross proceeds: £3,875,000 (~$5.0M USD). This allowed them access to British institutional capital.

January 2025 — US Private Placement, Tranche 1, 5,263,160 shares issued at USD $0.38 per share (~CAD $0.52). Gross proceeds: USD $2,000,000. University Bancorp participated here for the first time, acquiring its initial equity stake with other US institutional investors.

March 2025 — US Private Placement, Tranche 2: 1,124,994 shares issued at USD $0.38 per share. Gross proceeds: USD $427,498. Combined with tranche one, the full placement raised USD $2,427,498 across 6,388,154 shares. A cash placement fee of USD $25,650 was paid to University Bank as co-placing agent.

August 2025 — AIM Secondary Placing 16,174,338 shares issued at £0.23 per share (~CAD $0.40). Gross proceeds: £3,720,100 (~$5.0M USD). Notably, this raise wa