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After looking at Evion's performance post DFS, I hope BRES do better.

Despite Evion's SPS from the EU, I believe BRES have positioned themselves very well (e.g. DFC funding and plan to undertake downstream processing) and have a substantial high quality resource.

Just catching up after a busy week and noticed the Sunday Roast Midweek Takeaway interview with AT has not been posted. For anyone interested in listening to it here is the link

https://audioboom.com/posts/8796270-midweek-takeaway-with-anthony-tennyson-ceo-of-solvonis-therapeutics-plc-lse-svns-svns

It reaffirms a lot of what has already been stated, but it may be of use to new investors.

This is a medium / long term investment for me with the potential for significant short term gain if a licencing deal is secured.

I suggest you do the maths by applying values to the variables; there is sufficient information in the published information. If you want to improve your level of confidence in the output, you could apply a monte carlo simulation.

You will also need to consider your risk appetite.

One point that TAJ has addressed in interviews is the fact that pure helium plays can respond to market demands more effectively than the primary source of helium which is natural gas (accounting for more than 95% of the worlds supply of He). Since He does not travel well, having a major domestic supply that can respond to fluctuations in demand must be a positive situation.

The interview with Crux on 16/01/25 when he discusses the above is worth a listen.

https://www.youtube.com/watch?v=PZ9rJm5Ud-w&t=1365s

For re-risk read de-risk.

"We need to be realistic and accept that there may be some results that are relatively disappointing, but each activity will help re-risk the project."

Apologies for that.

With the exploration drilling programme underway, there will be a steady flow of information which, hopefully, nudges the price up with each announcement.

From a schedule perspective, it has taken 12 days to drill 2,167 ft; on a pro rata basis total depth at 3,500 ft, assuming they continue to this depth, should take a further 7 days. Potentially there could be a further RNS next week confirming total depth and providing further pressure data.

The wireline logging, optical televiewer, EWT and lab analysis, including He3, will hopefully provide further positive results.

Whilst the well testing is being carried out, the rig can move on to Jetstream 4, etc.

We need to be realistic and accept that there may be some results that are relatively disappointing, but each activity will help re-risk the project.

The next 2 years could be phenomenal in terms of production at Topaz, exploration / resource estimate at Tunu, exploration at the Michigan Helium and Quantum Helium leases, not to mention the possibility of State licences.

Whilst we need to realistic and recognise the risks, the opportunity presented by PLSR is exceptional.

Very good results so far compared to J1 and J2:

Pressurized gas zones: Jetstream #3 intersected two gas-bearing intervals at approximately 1,717 (523 meters) and 2,036 feet (621 meters) depth, with bottom-hole pressure estimated at ~960 psi at 2,167 feet (661 meters), which is the depth at the time of writing this news release (and is subject to change when the hole is deepened and final bottom hole and well-head pressures are obtained when total depth is achieved). This strong pressure reading indicates a robust, pressurized reservoir at the well location, a major validation of the Topaz field's potential. For comparison, Jetstream #1 had a bottom hole pressure of 185 psi when drilled in 2024, and Jetstream #2 had a bottom hole pressure of 205 psi when drilled in 2025.

A detailed view on SVNS and commentary on the competition:

https://substack.com/home/post/p-177251937?source=queue

The market has reacted negatively this morning.

LSE are a bit slow this AM

https://www.londonstockexchange.com/news-article/PLSR/director-pdmr-shareholding/17298127

Another step forward. I look forward to the day when all the potential is converted into revenue and the standard of healthcare is improved.

I keep wondering why there seems to be a reluctance to fully embrace a product that has delivered quantifiable benefits. Perhaps we will just have to wait until the Phase 3 trial results are published.

"Through its work at Topaz, Pulsar has developed strong expertise in identifying helium migration pathways, mapping subsurface structures, and recognizing key seals and traps for helium accumulation. Leveraging this experience, Pulsar sees a logical, lower-risk opportunity to identify new helium resources in Michigan's Upper Peninsula."

PLSR is demonstrating ambition and the consideration is relatively modest. Whilst I have no problem with expansion, I will be more comfortable when they start to generate revenue.

StM - an interesting article. The point that caught my attention was:

"The consortium's strategy is to prioritize investments in existing productive assets or near-term projects rather than exploration initiatives. This approach is designed to provide a rapid response to U.S. demand for critical minerals, although long-term investments are not ruled out."

I suggest Orom-Cross is a good fit to the near-term criterium.

Paul - with the limited knowledge at my disposal, it is difficult to identify the most realistic outcome. If the DFS provides exceptional data, could this influence Rio's thinking - possibly. I threw the EEE resource into the mix because of its potential. However, I suspect EEE is not sufficiently advanced to influence Rio's decision regarding the titanium business.

The geopolitical situation regarding the supply of critical minerals and the US desire to secure sources could influence pricing strategies that may make the titanium business attractive in the short to medium term.

Paul - do you think the potential of EEE could influence Rio's thinking about the titanium business?

(by the way, thanks for pointing me in the direction of EEE)

Pulsar has today announced the appointment of Dr. Peter Barry of the Woods Hole Oceanographic Institution (WHOI) as the Company's Scientific Helium-3 Advisor; he is a specialist in crust-mantle interactions and will lead Pulsar's helium-3 research efforts and will spearhead Pulsar's helium-3 program.

If HEX is engaging with people with similar skills and knowledge (I will be very surprised if they are not), the prospects for the commercialisation of their He3 will be improved. Maybe the US government will be sufficiently interested to assist with the R&D to deliver a commercially viable process to separate He3 from He4.

This is getting interesting.

"Dr. Barry will also coordinate the independent validation of helium-3 in Pulsar's gas samples. He will oversee the collection of gas samples from the Topaz Project's Jetstream #1 well, and potentially other wells, and coordinate with U.S. government laboratories to verify geochemical results. These institutions will conduct high-precision analyses to confirm the presence and isotopic composition of helium-3 in the samples, providing third-party verification of Pulsar's results. This initiative underscores Pulsar's commitment to the highest scientific standards as it evaluates the helium-3 potential of its discoveries and defines a pathway for helium-3 to become a viable, saleable commodity within the Topaz reservoir's proven suite of high-value gases."

Positive on the DFS timing: Mike said in the interview that he wants the DFS in his pocket when he attends the London conference at the beginning of December.

He is rightly cautious about the potential NPV. Mike did hint (at 5:40) that the DFS will include the downstream processing plant. To provide some context, I am reminded about the NPV values produced by Greenroc:

The mine and concentrate production NPV after tax was US$179m

The anode plant NPV after tax was US$545m

This is a post that I recently put on the HEX board re commercialising He3 (I'm invested in HEX and PLSR)

Apologies if this has already been referenced.

ASP Isotopes delivered a presentation on 12/05/25 in which they state the entire semi conductor industry needs He3 and their aim is to produce it by 2026 / 27. I don't know what they are using as the source material, but they are moving their operations from South Africa to Iceland to take advantage of cheap electricity; separating He3 from He4 is an energy intensive process. Currently, there seems to be no commercial process to achieve separation, but maybe ASPI are close to developing one which would mean the He3 would have a deliverable commercial value in the near future.

Here is a link to the presentation:

https://www.youtube.com/watch?v=2LLmkqubLMw&t=1245s