Pulsar Helium’s 2025 results: record helium concentrations, deeper wells and a sharper focus on Topaz
Pulsar Helium has released audited financial and operating results for the year to 30 September 2025, and the technical headline is hard to miss: Topaz continues to deliver exceptional helium grades. The company deepened Jetstream #1, drilled Jetstream #2, and confirmed the presence of helium-3 – all while tightening up its balance sheet through new equity.
There is still no revenue and the business remains in appraisal mode, but the data coming out of Minnesota is among the strongest helium grades reported from a natural gas system. Here is what stood out and why it matters.
Topaz drilling update: deeper appraisal, broader dataset
Jetstream #1 deepened to 5,100 feet with full reservoir penetration
Pulsar deepened the Jetstream #1 appraisal well in early 2025 to a total depth of 5,100 feet (1,555 metres), penetrating the entire interpreted helium-bearing reservoir and beyond. This follows the original 2024 hole to 2,200 feet, which first flagged helium up to 14.5% and CO2 exceeding 70% – a mix the company believes will support project economics.
Why this matters: deeper penetration gives better data on pressure, gas composition and reservoir height – the inputs you need for resource estimation and future production modelling.
Jetstream #2 drilled to 5,638 feet to test continuity
A second appraisal well, Jetstream #2, reached 5,638 feet (1,718 metres) in February 2025, also cutting through the helium-bearing interval. Paired with new seismic, these wells are building a more robust view of reservoir continuity across Topaz.
In plain English: Pulsar is working out how big the tank is and how it connects – crucial for any commercial plan.
Exceptional helium grades confirmed on test
Laboratory analysis of flow testing (controlled gas flow from a well to assess composition and deliverability) reported sustained average helium of 8.1% at Jetstream #1 and 5.6% at Jetstream #2. Jetstream #1 ranged between 5.9% and 14.5%; Jetstream #2 between 4.3% and 6.5%.
Context helps: the widely cited economic threshold for helium in natural gas is around 0.3%. On that yardstick, these are eye-catching grades. CO2 above 70% was also observed previously and is expected to contribute to economics, though monetisation details are not disclosed.
Helium-3 independently confirmed at Topaz
Post year-end, two US federal laboratories – the USGS Noble Gas Laboratory and Lawrence Livermore National Laboratory – independently confirmed helium-3 (³He) in raw gas from Jetstream #1 at 11.2-11.9 parts per billion (ppb), associated with 7.7-8.0% helium-4 (⁴He). Helium-3 is rare and can have specialist applications; its presence is scientifically notable. Commercial pathways are not disclosed.
Appraisal programme post year: up to ten wells, three holes completed
In October 2025 Pulsar kicked off a multi-well drill programme targeting up to ten wells to delineate Topaz. The goal is to map reservoir continuity, gather core and downhole data, and pick optimal zones for future production. Three holes are done so far, with five wells expected to be completed in total in this phase.
Takeaway: the company is shifting from “proof it exists” to “prove where and how best to produce it”. That is the bridge between discovery and development planning.
Funding and financials: losses narrow, more capital in the door
Pulsar is pre-revenue and recorded a net loss of $9,645,889 for FY2025, an improvement on the prior year’s $20,346,712 loss. Basic and diluted loss per share was $0.07 versus $0.22. A non-cash revaluation gain on warrant liability of $1,895,724 helped the bottom line (prior year: non-cash loss of $8,824,439).
| Metric | FY2025 | FY2024 |
|---|---|---|
| Revenue | $Nil | $Nil |
| Net loss | $(9,645,889) | $(20,346,712) |
| Loss per share | $(0.07) | $(0.22) |
| Total assets | $2,420,415 | $1,942,996 |
| Total liabilities | $2,610,441 | $4,976,017 |
On liquidity, the company raised capital throughout the period and after year-end:
- Admission to AIM on 18 October 2024 with £3,875,000 raised at £0.25 per share (gross proceeds $5,010,985).
- January and March 2025 brokered private placement: 6,388,154 shares at $0.38 for $2,427,498.
- August 2025 private placement: 16,174,338 shares at £0.23 for $5,034,846 (£3,720,100).
- Post year: 17,490,684 warrants exercised for proceeds of C$6,332,394 and 2,200,000 options exercised for C$990,000.
Cash balance is not disclosed in the RNS. Total liabilities exceed total assets by a modest margin, underscoring the importance of continued access to equity and warrants as the appraisal programme advances.
Management’s outlook and what it means
The company says deepening Jetstream #1 and drilling Jetstream #2 have materially improved its understanding of the reservoir. Data from these wells, plus the ongoing multi-well programme, will feed into resource estimation, production modelling and appraisal planning.
The CEO also highlighted the AIM listing and fundraising during the year as an important step in broadening the investor base. Management’s commentary emphasises moving Topaz toward commerciality in a tightening global helium market, although no production start date, capex, or project financing details are disclosed.
My take: positives, caveats, and the near-term catalysts
What looks positive
- Grade leadership: Sustained helium averages of 8.1% and 5.6% are multiples above the commonly cited 0.3% economic threshold. That can support robust project economics if deliverability and scale follow.
- Independent verification: Helium-3 confirmation by two federal labs adds scientific credibility and potential optionality, even if monetisation is not yet defined.
- Appraisal momentum: A multi-well programme is exactly what is needed to turn high grades into a development case.
- Funding avenues: Multiple raises and warrant/option exercises have brought in capital to keep the drill bit turning.
What to be mindful of
- No revenue and ongoing losses: FY2025 still shows $Nil revenue and a $9.6 million loss. Cash position is not disclosed.
- Balance sheet tightness: Liabilities are above assets, so continued funding is key until a final investment decision.
- Resource and flow uncertainty: The RNS reiterates that estimates can change with new data, and there are currently no reserves assigned.
Near-term things to watch
- Programme results: Core, gas shows, downhole measurements and any follow-on flow tests from the current wells.
- Resource work: How the new data moves the needle on resource estimation and production modelling.
- Commercial steps: The forward-looking section references ambitions such as a potential final investment decision and a plant construction contract in 2026. Timelines and financing will be critical.
Bottom line
Pulsar’s FY2025 update strengthens the technical case for Topaz: high helium grades, deeper wells, and independently verified helium-3. Financially, the company is still pre-revenue and reliant on equity and warrant proceeds, with liabilities slightly ahead of assets.
If the ongoing multi-well programme demonstrates reservoir continuity and deliverability at scale, the pieces for a development plan start to fall into place. Until then, this remains a high-potential appraisal story with funding and execution firmly in focus.
