Midwestern Investor
· The Midwestern Investor
· April 07, 2026 at 15:17
· ⏱ 11 min read
| Read on Substack ↗
Summary
The article argues that Pulsar Helium's Topaz discovery in Minnesota is geologically exceptional (14.5% purity, ancient rock, helium-3 traces) and could be highly valuable amid global helium supply constraints, but investors face regulatory risk in Minnesota and a long development timeline. This means Pulsar shares have speculative upside if commercial production materializes, but near-term volatility is likely given the stock's 168% run and pending legislative hurdles.
•Pulsar's Topaz site in Minnesota has helium purity up to 14.5% (average 8.1%), exceptionally high versus Helix's ~1%.
•Initial P50 estimate for recoverable helium is 0.38 billion cubic feet from one well, but Pulsar holds 65,000 acres.
•Helix Exploration (HEX.L) claims 0.64 billion cubic feet of reserves and began processing helium in Montana this month.
•Pulsar's Jetstream #1 well detected helium-3 at 14.5 ppb, a rare isotope valued at ~$9 million per pound and critical for quantum computing and national security.
•Minnesota has no existing gas extraction regulations; tribal representatives have pushed back on the rulemaking timeline.
•Pulsar expects a final investment decision later in 2026 pending legislation, with production ~18 months after that.
The article highlights Pulsar's high-purity helium (14.5%), large land position (65,000 acres), and the rare helium-3 discovery. These factors suggest substantial upside potential if the Topaz deposit
The article highlights Pulsar's high-purity helium (14.5%), large land position (65,000 acres), and the rare helium-3 discovery. These factors suggest substantial upside potential if the Topaz deposit proves commercially viable and regulatory hurdles are cleared. However, the stock has already quadrupled, and the long timeline introduces execution risk.
Risk: Minnesota legislation may be delayed or modified; flow rates and total recoverable volume remain unconfirmed beyond early estimates; tribal opposition could slow permitting.
Helix is a direct peer to Pulsar in the US primary helium space, currently in early production in Montana with 0.64 Bcf of claimed reserves. The article notes it as one of two primary helium explorers
Helix is a direct peer to Pulsar in the US primary helium space, currently in early production in Montana with 0.64 Bcf of claimed reserves. The article notes it as one of two primary helium explorers gaining investor attention, implying it benefits from the same supply-constrained macro backdrop without the Minnesota regulatory risk.
Risk: Helix's helium purity is much lower (~1%), requiring more processing; its land position (8,000 acres) is smaller; the stock has already risen 63% in six months.
This newsletter, published April 07, 2026,
features Minnvestor
discussing PLSR.V, HEX.L.
2 trade ideas extracted by AI with direction and confidence scoring.