▶ Full Post Text
Hello friends - I am sure many people have read about helium over the past few months, I mean, it’s been everywhere. I realize before hand that this isn’t a value investment but there seems to be 0 good investment subs anymore with any actual research or coherent thought so I thought I’d throw it here. But in this post, I will explain to you my rationale, financial breakdown and future outlook of not only H4 and H3 but also the vehicle in which I am getting a vast majority of my exposure. This will be long. Feel free to ask any questions about the company or my math or completely oppose my view.
PART 1 - Wwww?
Pulsar Helium (PLSR) is a Canadian-based primary helium exploration and development company (Primary meaning helium actually in the reservoir, not a byproduct of gas, this is VERY important) whose main asset and project is in Northern Minnesota, called the Topaz Project. They also have 100% interest in another primary helium reservoir in Greenland called the Tunu Helium Project. Additionally, they have acquired the nearby Falcon Project in the Upper Peninsula of Michigan, which also targets non-hydrocarbon gases, especially helium. PLSR also own 80% of Quantum Hydrogen with an option to acquire the rest within 15 months.
PART 2 - Increasing demand and shattered supply
Semiconductor manufacturing has officially made up 24% of global helium consumption in 2025, projected to reach 30% by 2030, growing about 15 to 20 percent annually. Helium runs MRI machines, makes computer chips, powers quantum computers, and fuels rockets. There is not enough of it, the US government knows it, and corporations are tired of degraded supply chains that haven’t recovered since 2019. The IEA has warned that helium shortages could delay quantum computing, and the DOD has established a target of maintaining a six-month helium reserve by 2026, up from the 83-day reserve before Iran… all while multiple companies and organizations are lobbying to get helium added back to the critical minerals list. Cliff Cain was appointed as President on April 1, 2026, specifically directed to lead US government engagement(Take a look into his past, great at government contract procurement). Also, the Defence Production Act Title III authorizes the federal government to make direct investments in domestic production of materials deemed essential to national defence. Helium runs missile guidance systems, semiconductor fabs, and quantum computers. The DOD has explicitly targeted a six-month domestic helium reserve and will be looking into the future.
The planet produces helium extremely slowly through the decay of rocks deep underground, but this time is measured in thousands of years, not single years as our lives are. About 30 years ago, Congress directed the land bureau to sell off its helium plots and remove the government from helium markets, as there was no true application at the time. This has come back to massively bite them in the ass. Pulsar has, in some ways, stumbled into an incredibly favourable commodity cycle by luck, followed by what I would argue is the most drastic supply crisis of any strategic material since the rare earth shock of the early 2010s. But this one has no fix yet. Helium is not something you can make more of when demand goes up, and most of the world's supply comes as a byproduct of natural gas. meaning it is controlled by people who care far more about gas prices than helium demand. When helium is short, it stays short. The world's helium comes from four places: the US, Qatar, Russia and Algeria. Qatar just went offline because of a strike in the recent Iran situation, accounting for about 30% of the entire world's helium. Russia's new helium plant has been repeatedly delayed and faces sanctions, and frankly, its economy has shifted to fighting wars for the next 20-30 years. The US has no government stockpile left.
Most helium companies, including the industry giants, are dependent on natural gas operations for their supply. Their helium is a byproduct, not a primary driver. If natural gas economics are unfavourable, helium production suffers. They will not increase helium output in response to demand. At a time when the world has just lost 30% of its supply overnight and when world governments, most importantly the US, are trying urgently to build domestic helium security, a primary helium producer in Minnesota has a fair chance of becoming critical infrastructure. Pulsar is sitting on the highest-grade primary helium discovery in North American history, and Washington is slowly waking up.
PART 3 - Flow and Concentration
For context, 4 MMscf/d to 10 MMscf/d, with concentrations of 0.4%+, are generally considered commercially viable. Between October 2025 and March 2026, Pulsar drilled seven appraisal wells at Topaz, Jetstream #1 through Jetstream #7. Every single one of the seven intersected pressurized helium gases. 100% in anything is great, 100% in drill rate success is FUCKING INSANE.
MMcf/d= Million cubic feet per day
Mcf/d= Thousand cubic feet per day
Flow Rate: Jetstream #1 is everyone’s shiny toy; this is what the initial hype has come from. The well was reported to have a maximum natural flow rate of about 501 thousand cubic feet per day (501 Mcf/d) during open flow testing, on a 38/64-inch choke at 30 psi wellhead pressure, without any compression help. The well was shown to be stable for long-duration flows of 150–300 Mcf/d for times of 12–18 hours on smaller choke sizes. There was also no significant change or decline in flow throughout. Under surface compression, the well delivered a peak gas flow rate of 1.3 million cubic feet per day. While the company has shown compression-assisted testing for short periods, which previously reached 821 Mcf/d in February 2024.
JetStream #2 was the confirmation that I personally was waiting for to start adding. Drilled to 5,638 feet. 538 feet deeper than Jetstream #1 and came back with helium concentrations identical to the discovery well, and no formation water. Its initial shut-in pressure of 151 psi came in higher than JetStream #1, meaning the reservoir is more pressurized at the second drill location, not less. Initial flow during testing registered at only 40–50 Mcf/d, but it happened because of a mechanical issue, not geological. Debris left in the wellbore from drilling created a physical obstruction in the flow path, preventing the reservoir from getting a proper test. A cleanout program has already started, with a retest planned.
Concentration: Third-party laboratory analysis has verified a sustained helium concentration of at least 7–8% measured by volume in the gas at Jetstream #1 and 2. Most commercial helium deposits globally run between 0.3% and 2%. The other high-grade dedicated primary helium projects elsewhere in the world typically reach 2–4%. Topaz is anywhere from 20-40 times richer than what is needed economically and 3-6 times richer than other world-class helium deposits.
Lower raw gas throughput requirements mean smaller, cheaper facilities. Better recovery per unit of gas means lower operating cost per unit of helium produced. Higher concentration means simpler separation chemistry and less energy-intensive processing. As mentioned earlier, there is NO water. Water in a gas reservoir is expensive and environmentally taxing, and it comes with a whole other layer of regulations. Topaz's gas flows dry, which simplifies every aspect of production and eliminates an entire category of operational bullshit.
PART 4 - Debt, Dilution and Funding
In FY2022, the company barely existed. FY2023 saw the first real exploration spending as they drilled the first Jetstream wells, producing a tiny $2.6M loss. FY2024 looks catastrophic at 20M$, but is almost entirely misleading, $8.82M of that was a non-cash accounting charge caused by a warrant revaluation, not real cash leaving the building. I figure the underlying cash operating loss was to be about 10.5-11.5M$, driven by almost entirely by selling into Jetstream #1 and #2. FY2025 then has a dramatic drop to 9.65M$ total loss, partly because the underlying cash burn genuinely fell as drilling wound down, and because of a $1.9M$ non-cash warrant revaluation gain, reducing the reported figure. The real cash operating loss was around $7.7M. Once you remove the warrant, which is entirely non-cash and driven by share price, it's easy to tell the underlying cash burn has been relatively controlled and is being channelled almost entirely into drilling. The company is not bleeding money on overheads or paying out their executives; it is spending money finding helium. The FY2026 annualized estimate shows an increase in cash burn as the testing began in early 2026, but was funded by the £7.4M February 2026 raise.
The Share Count — Every Issuance, Every Dilution, and What Comes Next
The share count has nearly doubled in twelve months, growing from about 97 million shares in early 2025 to 185,224,719 as of April 8, 2026. That is 88 million new shares created in about 365 days.
October 2024 — AIM IPO Placing 15,500,000 shares issued at £0.25 per share (\~CAD $0.43 at the time). Gross proceeds: £3,875,000 (\~$5.0M USD). This allowed them access to British institutional capital.
January 2025 — US Private Placement, Tranche 1, 5,263,160 shares issued at USD $0.38 per share (\~CAD $0.52). Gross proceeds: USD $2,000,000. University Bancorp participated here for the first time, acquiring its initial equity stake with other US institutional investors.
March 2025 — US Private Placement, Tranche 2: 1,124,994 shares issued at USD $0.38 per share. Gross proceeds: USD $427,498. Combined with tranche one, the full placement raised USD $2,427,498 across 6,388,154 shares. A cash placement fee of USD $25,650 was paid to University Bank as co-placing agent.
August 2025 — AIM Secondary Placing 16,174,338 shares issued at £0.23 per share (\~CAD $0.40). Gross proceeds: £3,720,100 (\~$5.0M USD). Notably, this raise was priced below the IPO price of £0.25 — a reflection of where the stock was trading at the time and the dilutive reality of a secondary raise for a company burning cash. University Bancorp participated and increased its holding to 4.99% of issued capital.
October–November 2025 — Warrant Exercises (Post Fiscal Year End) 17,490,684 shares issued via warrant exercises at multiple pre-set exercise prices. Gross proceeds: CAD $6,332,394. Average pps: CAD $0.36. These were voluntary conversions; warrant holders chose to pay and receive shares rather than letting the warrants expire.
October–November 2025 — Option Exercises (Post Fiscal Year End): 2,200,000 shares issued via stock option exercises. Gross proceeds: CAD $990,000. Average effective price: approximately CAD $0.45. These are shares issued to insiders, officers, and service providers who exercised their rights to buy at pre-set prices, again diluting public holders.
November 2025 — December 2025 — Quantum Hydrogen Acquisition Shares (Tranches 1–2) 292,560 consideration shares issued to Oscillate PLC in two tranches at VWAPs of CAD $0.7797 and CAD $0.7543, each tranche valued at USD $80,000. Total consideration for tranches one and two: USD $160,000 in stock. These shares were issued to purchase mineral rights adjacent to Topaz; no cash was exchanged, but new shares were created.
January 2026 — Quantum Hydrogen Acquisition Shares (Tranche 3) 145,434 consideration shares issued at CAD $0.7556 for a further USD $80,000 tranche. Cumulative Quantum acquisition shares now: 438,000 at an average of CAD $0.77.
January 2026 — Q1 FY2026 Warrant Exercises: 16,150,567 shares issued on warrant exercises. Gross proceeds: $4,100,000. This is a large batch — 16 million shares in a single quarter from warrant conversions alone, brought on by investors capitalizing on the rising share price to convert their warrants at below-market exercise prices.
January 2026 — Q1 FY2026 Option Exercises: 800,000 shares issued on stock option exercises. Gross proceeds: $300,000. Approximate average exercise price: CAD $0.375.
February 2026 — Quantum Hydrogen Acquisition Shares (Tranche 4) 80,947 consideration shares issued at a VWAP of CAD $1.3508 for USD $80,000. The rising stock price meant far fewer shares were required for the same dollar consideration — this is one of the few places where a higher share price directly reduces dilution.
February 27, 2026 — Major AIM Placing Approximately 12,100,000 new shares issued at £0.80 per share. Gross proceeds: £7,400,000 (\~USD $10,000,000). This was the largest single raise in the company's history and the most credibly priced at £0.80, more than three times the original AIM IPO price of £0.25. OAK Securities (Merlin Partners) ran the accelerated bookbuild.
March 2026 — Quantum Hydrogen Acquisition Shares (Tranche 5) Final consideration tranche for the 80% Quantum acquisition. Approximately 62,000 shares issued at VWAP of approximately CAD $1.66, for USD $80,000. Total Quantum acquisition completed: \~820,000 shares issued, total consideration USD $400,000.
March 16, 2026 — CEO Off-Market Sale to University Bancorp 1,452,538 shares sold by CEO Thomas Abraham-James directly to University Bancorp at USD $1.00 per share (first payment), with a deferred second payment of up to USD $0.35/share linked to the September 15, 2026 VWAP on TSXV. Total potential consideration: up to USD $1,960,926. This was not a new share dilution or issuance; it was a secondary transfer from the CEO's personal holding to University Bancorp to restore their position to \~4.99% following dilution from the February raise. No new shares were created.
April 1, 2026 - Performance Share Units Thomas Abraham-James, President and CEO, was issued 960,000 new shares pursuant to the conversion of PSUs. Cambrian Limited, a company beneficially owned and controlled by Neil Herbert, Executive Chair, was issued 906,000 new shares pursuant to the conversion of PSUs. A third senior employee received 200,000 new shares.
April 8, 2026 — Option Exercise Admission 450,000 shares admitted to AIM trading following exercise by Garennes Ventures B.V. (the vehicle of departing director Brice Laurent). Exercise price: CAD $0.45. Gross proceeds: CAD $202,500. Following this admission, the total issued share capital is 185,224,719 shares.
The PSU issue, April 1st, 2026. I want to explain this so it doesn’t seem as though insiders are taking shares for their own gain. It is not a case of directors secretly awarding themselves shares out of the blue. They have done incredibly well and are getting rewarded for it. Every single one of the three transactions was disclosed under UK Market Abuse Regulation Article 19, publicly filed as an RNS on the London Stock Exchange, and fully disclosed on SEDAR+ in Canada. The PSU plan was shareholder-approved. I have heard a lot about this, so just clearing it up if there are any questions.
While I do not like estimates or probabilities overall when it comes to anything, assuming the need for capital anywhere from 50-150M$ in initial funding, around 1.20- 1.70 a share, will dilute by 20-30% on top of the outstanding, bringing the total number of shares to about 220-280M before full dilution is complete and into a commercial phase. While multiple investors will come along if the rates come back attractive, there are also government grants and funds which PLSR can and is actively applying for, which would obviously curb dilution, returning value to the share.
University Bancorp lent Pulsar's US subsidiary Keewaydin Resources a $4M credit facility in April 2025 at 12% annual interest. This was able to be secured by a first lien on all Topaz project assets. Of that, $2.5M has been drawn and is outstanding, while $1.5M remains undrawn and available. The drawn balance costs about USD $300,000 per year in interest.
The maturity wall is November 30, 2026. The facility was originally due March 31, 2026, and was extended eight months in exchange for a one-off fee of $18,750. The full $2.5M must be repaid or refinanced by that date. If it isn't, University Bank has the legal right to seize every asset inside Keewaydin — meaning the Topaz project, all seven wells, all data, all permits, all leases. The entire company's reason for existence sits behind that maturity date. November 30th is make or break, I firmly believe they will find the financing. With that being said, University Bank has also provided a non-binding expression of interest to lend up to USD $12.5M specifically for plant construction, structured as a 24-month interest-only period followed by five-year amortization with a seven-year final maturity, also at 12%. The four conditions specified before any amount is committed include independent reserve certification confirming sufficient economics, all construction permits in place, working capital adequacy (this is the tough one), and board approval from both sides. If the PEA is strong, the $2.5M outstanding debt most likely rolls directly into this new facility, solving the maturity wall in one transaction. It has spent the vast majority of that money drilling wells and paying for lab work, engineering, and administration. It has $10–12 million in the bank following the February 2026 raise, and estimates for April are around $13 million. It will need to raise significantly more capital to finance drilling operations, which means dilution will happen, depending on how much and if the underlying growth can outpace it.
PART 5 - Models and Valuations
As mentioned previously, I don’t like models or estimates; they are all skewed in some manner. Pulsar confirmed sustained H3 concentrations up to 14.5 parts per billion (prob). For context, H3 in Earth’s atmosphere is only about 7 parts per Trillion and that of the moon is anywhere from 4-20ppb. Premium H3 explorers on earth usually H3 levels in sub-ppb ranges all while H3 is valued at approximately 2500$/L or 18,000$/g (About 20million per kg). PLSR is actively in discussion to develop this commercial extraction technology, and IF they can extract these particles, this company will get a humongous re rating even at the ppb level. Here is my model.
Phase 1: Three wells confirm commercial flow rates (near term — 2026)
Assumption: Jetstream #3, #4, and #5 each flow at 400–600 Mcf/d natural and 1.0–1.3 MMcf/d under compression, with 7–8% He-4. This is essentially "same as #1." Given that all seven wells showed consistent pressure (501–1,292 psi) across a large area, and the geological interpretation suggests a laterally continuous reservoir, this is the most credible near-term scenario. Not guaranteed, but supported by the data. Again, these are estimates, and I am taking the high side.
What the resource update would show:
The current 0.4 Bcf certified plot covers about 15% of the acreage from one well. If three further wells confirm at similar grades and flow rates across a broader footprint, the independent reservoir engineer has the data to certify something in the range of 2–5 Bcf P50 total recoverable across the delineated area. Using a rough linear extrapolation from one well to four equivalent wells across proportionally larger areas, and accounting for well spacing and reservoir continuity:
Estimated updated resource: 2.0–4.0 Bcf net recoverable He-4 (P50, assumption)
At 8% He-4 concentration in raw gas, that implies a total raw gas volume of approximately 25–50 Bcf in the reservoir across the current drill pattern.
Phase 1 production facility — what Chart Industries would build:One cubic foot equals 28.317 litres, so 0.0032 cubic feet per day becomes 0.091 litres per day
A Phase 1 facility based on 3 to 4 producing wells, processing approximately 10–15 MMcf/d of raw gas, would extract:
10 MMcf/d raw gas × 8% He-4 × 95% recovery = 760 Mcf/d net He-4 production Annualised: 760 × 365 = 277 MMcf/yr = approximately 0.277 Bcf/yr He-4
At current North American helium prices of approximately $90/Mcf:
Annual He-4 revenue: \~$24.9M USD
Operating costs for a primary helium facility of this scale, gas lifting, compression, processing, royalties and G&A, are estimated at $15–25/Mcf for primary helium at high grade. Using $20/Mcf:
Operating cost: 277,000 Mcf × $20 = $5.54M/yr EBITDA Phase 1: \~$19.4M USD/yr
Plant construction cost at this scale, using an existing design, Chart Industries facility: approximately USD $25–40M for Phase 1.
He-3 at Phase 1, at 11 ppb He-3 in the raw gas stream, 10 MMcf/d raw gas(One cubic foot equals 28.317 litres, so 0.0032 cubic feet per day becomes 0.091 litres per day) contains:
10,000,000 cubic feet/day × 11 × 10⁻⁹ = 0.00011 cubic feet of He-3 per day = approximately 0.0032 cubic feet/day = 0.091 litres/day = 33 litres/year
At $20M/kg, and a He-3 density of approximately 0.135 kg per litre:
33 litres × 0.135 kg/litre = 4.45 kg/yr of He-3 Revenue potential: 4.45 kg × $20M = $89M/yr in He-3 value
He-3 separation technology at this scale does not yet exist commercially. He-3 is present in the gas at 11 parts per billion. Separating it requires specialized cryogenic isotope separation equipment that is currently only operated by national laboratories and specialist suppliers. The global He-3 market is only $15–20M/year total — Pulsar cannot sell 4.45 kg/year into a market that currently only buys 1–1.5 kg/year globally. However, at the current projected 37.6% CAGR of the He-3 market, by 2030–2032, the market could theoretically absorb 5–10 kg/year at sustained high prices, particularly with US government procurement. This is the optionality.
Phase 1 valuation:
Using an EV/EBITDA multiple of 15–20x for a small, growing, US-based critical mineral producer with no direct comparable:
Phase 1 EV: $19.4M × 17.5 = $339M USD = \~CAD $468M
With approximately 220M shares post-raise (assuming \~35M new shares issued to fund construction at \~$1.60 CAD):
Phase 1 NAV per share: \~CAD $2.13
This is in line with today's price; the market is already pricing in a successful Phase 1 outcome.
Phase 2: All seven wells producing, full field delineated (2028–2029)
Assumption: All seven wells flow tested successfully, resource certified at 4–8 Bcf across the full Topaz acreage, Phase 2 facility expansion underway or complete, Quantum Hydrogen adjacent acreage adds further resource.
Phase 2 production:
Scale up to 25–30 MMcf/d raw gas processing capacity across four to five producing wells feeding a larger or second facility:
25 MMcf/d × 8% × 95% recovery = 1,900 Mcf/d net He-4 Annualised: 693 MMcf/yr = 0.693 Bcf/yr He-4
At $85/Mcf (slight moderation from today's crisis-elevated prices):
Annual He-4 revenue: \~$58.9M USD
Operating costs scale non-linearly, fixed costs spread over more production, estimated $18/Mcf at Phase 2 scale:
EBITDA Phase 2: \~$46.5M USD/yr
Phase 2 facility expansion capex: approximately USD $20–35M additional (incremental to Phase 1).
He-3 at Phase 2 (assuming separation technology deployed):
25 MMcf/d × 11 ppb × 365 days × 0.135 kg/litre = \~11 kg/yr He-3 potentially extractable
If the He-3 market has grown to $300–400M/year by 2030 (per the 37.6% CAGR projection) and Pulsar has secured US government offtake at $15M/kg (slight discount from spot for volume security):
He-3 revenue Phase 2: up to $165M/yr
Even capturing just 10% of that — assuming only partial separation efficiency and market absorption constraints:
Conservative He-3 revenue contribution: $16.5M/yr
Phase 2 combined EBITDA (He-4 + conservative He-3 + CO2):
He-4 EBITDA: $46.5M He-3 contribution (conservative): $16.5M CO2 co-product (roughly $2–3/Mcf on the CO2 stream): \~$8M Total Phase 2 EBITDA: \~$71M USD/yr
Phase 2 valuation:
EV/EBITDA 15–18x (now a cash-flowing mid-sized critical mineral producer): $71M × 16.5 = $1.17B USD = \~CAD $1.61B
Shares outstanding at Phase 2 completion (estimated \~240M after all construction raises):
Phase 2 NAV per share: \~CAD $6.71
Versus today's price of CAD $2.10, that is a +220% return from here.
Phase 3: Full district scale — Topaz + Quantum + Falcon acreage (2030–2032)
Assumption: Pulsar has drilled and delineated the full Topaz acreage, the Quantum Hydrogen adjacent mineral rights to the west have confirmed helium, and Falcon in Michigan has been fully appraised with a positive value. Total certified resource across all Minnesota assets: 15–25 Bcf raw gas equivalent, with He-4 representing 8% throughout. This is speculative as it assumes the same geology extends across a much larger footprint, which the 100% drilling success rate and seismic data suggest is possible, but has not been confirmed.
Phase 3 production:
60–80 MMcf/d total raw gas processing (multiple facilities or one very large central facility) Net He-4 production: 60 MMcf/d × 8% × 95% = 4,560 Mcf/d Annualized: 1.66 Bcf/yr He-4
At $80/Mcf (normalized helium price as new supply gradually enters the market):
He-4 revenue Phase 3: \~$133M/yr
He-3 at Phase 3 (assuming full commercial separation deployed, market matured):
60 MMcf/d raw gas → approximately 27 kg/yr He-3 potentially extractable At $12M/kg (market matures, price moderates slightly as supply increases): $324M/yr He-3 revenue potential. Conservative realization at 20% capture efficiency and market constraints: $65M/yr
CO2 co-product at scale: \~$20M/yr
Phase 3 EBITDA:
He-4: \~$106M (after $27/Mcf OPEX at scale) He-3 (conservative): \~$65M CO2: \~$20M Total Phase 3 EBITDA: \~$191M USD/yr
Phase 3 valuation:
Pulsar is no longer a junior explorer. It has a mandate.
EV/EBITDA 18–22x (premium for strategic/critical mineral designation): $191M × 20 = $3.82B USD = \~CAD $5.27B
Shares outstanding at full Phase 3 buildout (estimated \~270M after all capital raises):
Phase 3 NAV per share: \~CAD $19.50
Versus today's price of CAD $2.10, that is a +830% return from the current price. Or roughly a 10× from here.
Crunched Data Timeline:
JS #1 ✅ Yes (avg. 8.1%) ✅ Complete
JS #2 ✅ Yes (avg. 5.6%) ⏳ Partial (blockage)
JS #3 ❌ Pending ⏳ Underway (Apr 2026)
JS #4 ❌ Pending ⏳ Underway (Apr 2026)
JS #5 ❌ Pending ⏳ Pending drill string recovery
JS #6 ❌ Pending ⏳ Logging underway
JS #7 ❌ Pending ⏳ Imminent
Flow results from Jetstreams 3-7 have NOT been published yet. A positive result here is the single most important catalyst for the near future. I am accumulating before because if (when) we receive positive news, I don’t see the stock being this cheap ever again if we hit. I’ve been slowly buying, but the bulk of my purchase was 2 days ago. Will be adding more shares if the price fluctuates below my average as of Wednesday. Stop out 40-50% down. This is a multi-year play, not a swing trade. Set it and forget it. I am holding until 2030+
\*You have just found gold in your backyard. But the vein of Gold you found is WAY bigger than first imagined and the purest ever seen in North America. It is untouched and sitting under you… It also happens to contain an isotope so rare and so valuable that space companies and world governments are planning to mine the Moon just to get their hands on it\*
I hold a long position in PLSR. This is not financial advice. Do your own research, and good luck.
Position - 4500 shares @1.93avg
[https://www.pulsarhelium.com](https://www.pulsarhelium.com)