Core Viewpoint - Pulsar Helium Inc. has successfully intersected a pressurized gas zone at the Jetstream 6 appraisal well in the Topaz Project, indicating a strong geological model and a 100% success rate across all appraisal wells drilled to date [3][5][9]. Summary of Key Points Company Overview - Pulsar Helium Inc. is a publicly traded company focused on helium exploration, with its flagship Topaz Project located in Minnesota, USA [12]. - The company also has projects in Michigan and Greenland, emphasizing its position as a first mover in helium occurrences not associated with hydrocarbon production [12]. Jetstream 6 Appraisal Well - The Jetstream 6 well encountered a pressurized gas zone at a depth of approximately 1,287 feet (392 meters) with a preliminary bottom-hole pressure of about 576 psi [6][7]. - Visible gas influx was observed during drilling, confirming active gas flow under pressure [6][7]. - The well is being drilled using continuous HQ core drilling to maximize geological sample recovery, targeting a depth between 3,000 and 5,000 feet (914 to 1,524 meters) [6][7]. Drilling and Testing Operations - All six Jetstream appraisal wells drilled so far have intersected pressurized gas, maintaining a 100% success rate [6][9]. - Flow and pressure testing equipment is scheduled to arrive on February 15, 2026, for testing Jetstream appraisal wells 3 and 4, with subsequent testing for well 5 expected after the current drilling program concludes in late March 2026 [8][9]. Project Potential - The Topaz Helium Project is identified as a large-scale exploration opportunity with potentially saleable concentrations of helium, helium-3, and carbon dioxide [9]. - Helium-3 is noted for its strategic applications in national security and advanced technologies, providing additional potential upside for the project [9].

Core Viewpoint - Pulsar Helium Inc. has signed a non-binding term sheet to acquire up to 100% of Quantum Hydrogen Inc. in an all-share transaction, which is expected to significantly expand its helium exploration footprint in Minnesota by approximately 1,000% [1][3][5] Strategic Rationale for the Proposed Transaction - The acquisition will provide additional non-hydrocarbon gas leases in Minnesota, complementing Pulsar's existing portfolio and expanding its exploration area near the Topaz project [3][4] - The mineral rights are located in a sedimentary basin with geological traits similar to the Topaz project, which could potentially host helium accumulations [4][5] - Pulsar aims to leverage its subsurface knowledge and experience in identifying helium migration pathways to explore the newly acquired acreage [4][5] Terms of the Transactions - The term sheet includes a 120-day exclusivity period for the parties to execute a definitive agreement [5][7] - Pulsar will acquire 80% of Quantum's issued share capital through the issuance of new common shares, with a total consideration of US$400,000, paid in five equal monthly tranches [7][9] - Pulsar retains the right to acquire the remaining 20% of Quantum within 18 months for an additional US$400,000 in shares [7][9] Current Operations and Future Plans - The Topaz project has shown promising results, with a recent flow test at the Jetstream 1 well delivering a peak gas flow rate of approximately 1.3 million cubic feet per day of dry, helium-rich gas [11] - A multi-well drilling campaign at Topaz is set to commence in late September 2025 to further define the reservoir and enhance production capabilities [11]