Pulsar Helium Inc.'s (PLSR:TSX.V; PSRHF:OTCMKTS; PLSR:AIM) gas sample from an appraisal well at its flagship Topaz helium project in Minnesota contained high concentrations of helium-3 and helium-4, as confirmed via independent analyses by two federal U.S. laboratories, reported Auctus Advisors Analyst Stephane Foucaud in a Jan. 20 research note.
Auctus raised its target price on the helium explorer-developer by 13% to reflect the wealth management firm rolling forward its discounted cash flow model by one year.
27% Upside Indicated
Auctus' new target price on Pulsar is £0.90 per share (£0.90/share), up from £0.80/share, noted Foucaud. In comparison, the energy company was trading at about £0.71/share at the time of the analyst's report.
The difference between the target and share prices implies a potential return for investors of 27%.
Auctus' new unrisked net asset value (NAV) for Pulsar is £2.33/share, more than three times the current share price, reported Foucaud. Its risked NAV is £0.86/share. Any contribution from the helium-3 is potential upside, as Auctus excluded it from this current valuation.
Results of Analyses
The U.S. Geological Survey's Noble Gas Laboratory in Denver, Colo., and the Lawrence Livermore National Laboratory in California did the analyses. They confirmed that a gas sample from the Jetstream #1 appraisal well contained 8% helium-4 and had a helium-3:helium-4 isotopic ratio of 0.1 Ra. These results are in line with prior measurements of 7.7% and 0.104 Ra, respectively.
These results imply a helium-3 concentration of 11.2–11.9 parts per billion (11.2–11.9 ppb), which compares to a previously reported value of 14.5 ppb.
"Helium-3 remains a strategically important and exceptionally scarce isotope," Foucaud explained. "It commands about US$2,500 per liter in specialist markets (equivalent to about US$18.7 million [US$18.7M] per kilogram)."
This isotope is used in nuclear security and scientific detection systems because of its ability to absorb neutrons. Another application is advanced cryogenic cooling for quantum processors, thanks to its quantum behavior and ultralow boiling point. A combination of helium-3 and deuterium is used as a fuel for aneutronic fusion, a type of nuclear fusion that releases energy while minimizing radioactive waste.
Governmental Help?
Pulsar needs to determine which separation technique is the most applicable to the Topaz gas stream, Foucaud wrote. There are seven available options, including cryogenic superleak, heat flush, cryogenic distillation, and cryogenic adsorption, and each has its own advantages and limitations. Perhaps one or more federal agencies in the United States would help the company figure it out.
"Engagement with the U.S. government could therefore be highly strategic, both technically and financially," the analyst added.
In October 2025, the U.S. Department of War invested US$35.6M of equity into Trilogy Metals Inc. (TMQ:NYSEAmerican; TMQ:TSX) for a 10% ownership stake. Trilogy owns a 50% interest in the Upper Kobuk copper, zinc, lead, gold, silver and cobalt project in Alaska. Also, that month, the U.S. Department of Energy (DOE) took a 5% stake in Lithium Americas Corp. (LAC:TSX; LAC:NYSE) and a separate 5% stake in the company's Thacker Pass joint venture. Previously, the DOE provided a loan to a company subsidiary.
These actions show that the U.S. government is willing to invest directly in small-cap equities with domestic assets in the critical minerals space, noted Foucaud.
"Similar U.S. government participation would be transformational for Pulsar Helium, materially enhancing Topaz's development pathway and lowering the company's cost of capital," the analyst added.
On the Horizon
Foucaud noted that test results from the appraisal well drill program at Topaz, expected in the near term, could boost Pulsar's stock price.
"Pulsar could make a final investment decision at Topaz in 2026, enabling the booking of helium reserves," wrote Foucaud.
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Disclosures for Auctus Advisors, Pulsar Helium Inc., January 20, 2026
Copyright and Risk Warnings Pulsar Helium Inc (“Pulsar” or the “Company”) is a corporate client of Auctus Advisors LLP (“Auctus”). Auctus receives, and has received in the past 12 months, compensation for providing corporate broking and/or investment banking services to the Company, including the publication and dissemination of marketing material from time to time. MiFID II Disclosures This document, being paid for by a corporate issuer, is believed by Auctus to be an ‘acceptable minor non-monetary benefit’ as set out in Article 12 (3) of the Commission Delegated Act C(2016) 2031 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. It is produced solely in support of our corporate broking and corporate finance business. Auctus does not offer a secondary execution service in the UK. This note is a marketing communication and NOT independent research. As such, it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and this note is NOT subject to the prohibition on dealing ahead of the dissemination of investment research. Author The research analyst who prepared this research report was Stephane Foucaud, a partner of Auctus. Not an offer to buy or sell Under no circumstances is this note to be construed to be an offer to buy or sell or deal in any security and/or derivative instruments. It is not an invitation or an inducement to engage in investment activity under section 21 of the Financial Services and Markets Act 2000. Note prepared in good faith and in reliance on publicly available information Comments made in this note have been arrived at in good faith and are based, at least in part, on current public information that Auctus considers reliable, but which it does not represent to be accurate or complete, and it should not be relied on as such. The information, opinions, forecasts and estimates contained in this document are current as of the date of this document and are subject to change without prior notification. No representation or warranty either actual or implied is made as to the accuracy, precision, completeness or correctness of the statements, opinions and judgements contained in this document. Auctus’ and related interests The persons who produced this note may be partners, employees and/or associates of Auctus. Auctus and/or its employees and/or partners and associates may or may not hold shares, warrants, options, other derivative instruments or other financial interests in the Company and reserve the right to acquire, hold or dispose of such positions in the future and without prior notification to the Company or any other person. Information purposes only This document is intended to be for background information purposes only and should be treated as such. 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