Pulsar Helium acquires acreage at flagship Topaz project

(Sharecast News) - Pulsar Helium said on Friday that it had acquired around 1,360 acres of surface land at its flagship Topaz helium project in Lake County, Minnesota, strengthening its control over a key area as it moves the project toward production readiness.

The AIM-traded primary helium company said the land was bought from Wolf Lands in an arm's-length transaction for $2.48m in cash, funded from existing resources.

The newly acquired land lies within mineral rights already held by Pulsar under lease from a separate private owner, and includes the site of the company's Jetstream #7 well.

Pulsar said direct ownership of the surface land would provide greater certainty over future infrastructure siting, development planning and operational flexibility ahead of the next phase of development.

It said the consolidation of the acreage footprint would also support scalability of the initial and broader resource development.

"This acquisition, driven by our intention to develop Topaz into a significant primary helium producer, builds on growing momentum at the project as we move decisively toward production readiness," said chief executive officer Thomas Abraham-James.

"It also follows recent legislative progress updating Minnesota's permitting framework for helium extraction.

"With a clearer pathway now emerging toward future production, securing ownership of the surface land overlying our leased mineral rights, including the site of our Jetstream #7 well, provides Pulsar with increased operational control and long-term development certainty as we continue advancing Topaz toward production."

The company said the acquisition formed part of its broader push toward production readiness at Topaz, following the recent conclusion of its Jetstream exploration and appraisal programme, in which all wells drilled to date encountered high-pressure gas.

Pulsar said it was now obtaining quotes for drilling up to four new production wells to supplement two production-ready wells already drilled.

The company said the move also followed regulatory progress in Minnesota, where governor Tim Walz signed legislation on 26 May establishing a helium-specific framework for gas resource development in northeastern Minnesota.

The Minnesota Department of Natural Resources also issued proposed expedited permanent rules for permitting gas resource development on 18 May.

Pulsar said the developments came against a backdrop of sharply tightening global helium supply, citing disruption to the Strait of Hormuz, attacks on QatarEnergy's Ras Laffan facilities, and Russian export controls in place through the end of 2027.

The company said Qatar supplies around 35% of the world's helium, while some customers in the United States had already been subject to allocation measures and surcharge notices from major industrial gas suppliers.

Topaz, near Babbitt in northern Minnesota, is Pulsar's wholly-owned flagship project and is described by the company as one of the leading primary helium discoveries in the United States.

Unlike most global helium production, it said it is a high-grade primary helium discovery not associated with hydrocarbon production.

In preparation for production, Pulsar signed a letter of intent in March with Chart Industries for the supply of an integrated helium liquefaction and carbon dioxide capture facility.

At 1456 BST, shares in Pulsar Helium were up 6.62% at 93.4p.

Reporting by Josh White for Sharecast.com.

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