Update on Time for Definitive Agreement

Pulsar delays key helium plant deal to 2026, with no new financial details disclosed.

Risk flags

• ●Execution risk is high, as the project remains at the pre-agreement stage with the target date for a Definitive Agreement now pushed out to late 2026. This delay increases uncertainty around project delivery and value realization.
• ●Financial risk is significant because no information is provided on capital costs, funding sources, or economic viability. Without these disclosures, investors cannot assess the project's financial feasibility or the company’s ability to finance construction and operations.
• ●Disclosure risk is present due to the absence of operational milestones, reserve/resource estimates, or any quantifiable progress beyond maintaining an option. The announcement relies on forward-looking statements without supporting data, making it difficult to gauge the likelihood of future claims being realized.

Bottom line

This announcement signals a delay in Pulsar Helium Inc.'s plans to secure a helium liquefaction plant, with the earliest possible agreement now set for September 2026. No new financial, operational, or funding information is disclosed, so investors have no basis to evaluate the project's economics or likelihood of execution. The company’s narrative is aspirational, describing transformational impact and de-risking, but these claims are not substantiated by any concrete progress or data. Until a binding agreement is signed and capital commitments, construction timelines, and profitability metrics are disclosed, the investment case remains highly speculative. The most important takeaway is that the project is still in a long-term, pre-development phase with no near-term catalysts or financial visibility.

Announcement summary

(AIM: PLSR) (TSXV: PLSR) (OTCQB: PSRHF) Pulsar Helium Inc. announced an update on the timetable for executing a Definitive Agreement for a helium liquefaction plant and related equipment package, with a target execution date now extended to September 30, 2026. The proposed plant configuration contemplates helium liquefaction capacity of approximately 940 liters per hour and CO₂ capture capacity of approximately 300 tonnes per day, subject to final specifications and operating conditions. Pulsar's exclusive reservation rights under the Letter Agreement remain fully in effect throughout the extended period on the existing terms, without any additional reservation cost arising from the extension, and the agreed pricing basis is preserved. The LNTP also remains in full force and effect, with amounts paid thereunder to be credited as previously agreed. The Topaz Project is Pulsar's flagship primary helium project located in northern Minnesota, United States, and is being advanced as a potential domestic source of helium, with additional opportunity to evaluate valuable by-products, including CO2 and He-3. The parties will continue to use commercially reasonable efforts to negotiate and execute the Definitive Agreement by the revised target date. The company projects that the acquisition of the plant pursuant to the Definitive Agreement will be a transformational milestone in advancing the Topaz helium project from discovery and appraisal into production, processing and liquefaction.

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