A high-grade, “green” primary helium discovery in Minnesota—with rare Helium‑3 upside—races toward flow tests and rulemaking that could trigger a major re-rating.
Overview
Pulsar Helium Inc. is positioned as a leading primary helium developer aiming to commercialize the Topaz Project in Minnesota while maintaining a broader portfolio in Michigan and Greenland. The investment case rests on breaking dependency on byproduct helium supply (≈95% of global helium tied to LNG/methane) by developing dry-gas geological reservoirs where helium is the primary economic product—allowing supply to be managed to helium demand rather than natural gas cycles. Topaz is differentiated by exceptional helium grades (8–10% typical with peaks to 14.5%), a rare Helium‑3 component validated by USGS/LLNL, and a CO2 stream that can be captured and sold, creating a diversified, multi-commodity revenue model. Pulsar plans a phased start-up using modular, containerized Chart Industries processing, targeting high-value customers in semiconductors, medical imaging, aerospace and research seeking secure North American supply amid geopolitical volatility (e.g., Qatar/Russia exposure). The next major value inflection is mid‑2026 flow testing and an updated resource/PEA; if reservoir continuity is confirmed and permitting clears, the stock offers substantial intrinsic value uplift versus today’s pre-revenue risk profile.