US Declares Helium Critical as Minnesota Discovery Points to 1 Billion Cubic Feet

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1. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Pulsar Helium were compiled from the company's public filings and investor materials, exchange notices, insider-trade reports (SEDI / equivalent), and third-party data providers. Figures are as of 2026-11-02 unless a source was dated earlier. Pie slices are normalized to 100% of basic shares outstanding; retail is the residual after disclosed institutions, management, insiders, and strategic holders. Warrant terms are current outstanding series only. Restructures are historical consolidations, splits, and symbol or name changes. Insider buying and selling covers open-market trades from 2026-05-03 through 2026-11-02 and excludes option exercises. These are public-source estimates and can differ from a later official register.

Key Investor Takeaways

• Helium Gains Critical Material Status: The U.S. Department of Energy designated helium as a critical material in October 2026, expanding access to federal financing for domestic producers amid global supply disruptions.
• Global Helium Supply Faces Growing Pressure: Disruptions in Qatar and Russian export restrictions have highlighted supply-chain vulnerabilities, increasing attention on domestic helium production.
• Pulsar Helium Advances High-Grade U.S. Discovery: Pulsar Helium Inc. has encountered helium in all seven wells drilled at its Topaz Project in Minnesota, with helium-4 concentrations reaching 14.5%.
• Additional Drilling Planned for Early 2027: Pulsar has funding in place to drill up to six additional wells at Topaz during the first quarter of 2027, potentially expanding its resource base and supporting future production.
• US$85.5 Million Equipment Proposal Advances Processing Plans: Pulsar accepted a staged equipment supply proposal from a Baker Hughes subsidiary for its proposed Minnesota Rare Gas Hub, subject to regulatory approval.
• First Helium Production Targeted for Late 2027: The company's July 2026 development timeline identified the fourth quarter of 2027 as its target for initial production, subject to financing, permitting, and development progress.

U.S. Designates Helium as a Critical Material Amid Global Supply Concerns

The U.S. Department of Energy designated helium as a critical material on Friday, October 23, citing its essential role in semiconductor manufacturing, energy production, and advanced technologies, along with growing risks to global supply chains. The designation made helium the department's 20th critical material and expanded access to federal financing for domestic producers.

Helium is considered essential for semiconductor production, wind, solar and nuclear energy, medical imaging, space exploration and quantum computing. Energy Secretary Chris Wright said the designation supported the Trump administration's efforts to strengthen domestic manufacturing, reduce reliance on foreign suppliers and protect national security.

Global supply disruptions contributed to the decision. Helium exports from Qatar were severely restricted following Iran's closure of the Strait of Hormuz and attacks on Qatari infrastructure. Russia also introduced temporary helium export controls in April to protect domestic supplies.

According to the U.S. Geological Survey, the United States was the world's largest helium producer in 2025, with estimated output of 81 million cubic meters, representing approximately 43% of global production. The country also exported 38 million cubic meters of helium that year.

Significant U.S. helium reserves are located in Wyoming, Kansas, Texas, Oklahoma, Colorado, and Utah. Although helium is primarily recovered as a byproduct of natural gas processing, expanding production requires additional extraction infrastructure.

The designation followed calls from industry participants for greater support for North American production. The move also followed the 2024 privatization of the former federal helium reserve in Texas, which ended the government's direct ownership of its longstanding strategic helium stockpile.

Pulsar Helium Advances US Projects as Domestic Supply Gains Importance

Pulsar Helium Inc. (PLSR:TSX.V; PSRHF:OTCQB; PLSR:AIM) is a helium exploration and development company focused on establishing domestic supplies of primary helium, which can be produced independently of natural gas extraction. Its portfolio includes the flagship Topaz Helium Project in Minnesota, the Falcon Project in Michigan, and the Tunu Project in Greenland. The company is also advancing its proposed Minnesota Rare Gas Hub, intended to support helium processing, liquefaction and carbon dioxide capture.

The company's principal asset is the Topaz Project, where all seven wells drilled to date have encountered pressurized gas containing helium. Testing at the Jetstream #1 well returned helium-4 concentrations of up to 14.5%, with an average flow-test concentration of 8.1%. An independent October 2024 assessment by Sproule estimated a P50 gross recoverable prospective helium-4 resource of 0.4 billion cubic feet based solely on Jetstream #1 before deepening. The estimate did not incorporate subsequent wells and remains subject to exploration and development risks.

Topaz has also demonstrated the presence of helium-3, a rare isotope with potential applications in quantum computing, nuclear fusion and neutron detection. The project has identified three potentially marketable products: helium-4, helium-3 and carbon dioxide.

Beyond Minnesota, Pulsar holds an exclusive exploration license covering approximately 62 square kilometers at its Tunu Project in East Greenland. Geochemical sampling identified helium concentrations exceeding 0.8% in geothermal brines. The company is evaluating opportunities to combine helium recovery with geothermal power generation.

On November 2, Pulsar announced a leadership transition that took effect October 30. Former President Cliff Cain became Chief Executive Officer, while Thomas Abraham-James transitioned from CEO to Executive Chairman. Neil Herbert retired as Executive Chairman and a director. The company also appointed Professor Nicholas Schofield as a full-time Senior Geologist and named Canaccord Genuity Limited as its sole broker.

The leadership changes accompanied the company's efforts to concentrate its executive operations in the United States as it advanced Topaz and the proposed Minnesota Rare Gas Hub.

Canaccord Genuity Sees More Than 1 Billion Cubic Feet of Recoverable Helium

Canaccord Genuity initiated coverage of Pulsar Helium on October 16 with a "Speculative Buy" rating and a 150p price target. The broker cited the company's progress at its Topaz helium project in Minnesota, where seven wells had successfully encountered helium.

Canaccord estimated that Topaz contained more than 1 billion cubic feet of recoverable helium, exceeding the 380 million cubic feet P50 estimate outlined in the project's 2024 Competent Person's Report.

The broker pointed to tight global helium supplies, with approximately 25% of production offline, as supporting strong pricing for several years. Canaccord forecast that Pulsar would generate more than US$130 million in annual net profit beginning in fiscal 2029.

Canaccord identified a resource update, helium sales contracts and progress on project financing as upcoming catalysts. The broker also expected first production as early as the first quarter of 2029, supported by recent legislative changes in Minnesota.

In an October 8, 2026, research note, Auctus Advisors analyst Stephane Foucaud reiterated a £1.15 per share price target for Pulsar Helium, with a risked net asset value of £1.11 per share and an unrisked valuation of £2.63 per share.

Foucaud examined the economics of Pulsar's proposed Minnesota Rare Gas Hub, including its US$85.5 million equipment-supply agreement. Assuming helium processing margins of US$100 to US$400 per thousand cubic feet, net of operating expenses, and total installed costs ranging from one to two times the equipment price, Auctus estimated a standalone pre-tax internal rate of return (IRR), a measure of projected investment profitability, of 8% to 64% for processing third-party helium alone, excluding upstream production and carbon dioxide sales.

The report also identified potential revenue from processing third-party helium, stating, "Pulsar's plant could therefore also process third-party helium, which the company sees as a potential early source of revenue that could improve the project's financing profile."

Upcoming Catalysts for Helium Production and Development

Pulsar's near-term development plans center on expanding its Topaz resource base and advancing the proposed Minnesota Rare Gas Hub toward commercial production.

According to its November 2 announcement, the company has funding in place to drill up to six additional wells at Topaz during the first quarter of 2027, supplementing two existing production-ready wells. Results from the drilling program could provide additional information about reservoir continuity, helium concentrations, and the project's production potential.

Development of the Minnesota Rare Gas Hub represents another significant milestone. On October 1, 2026, Pulsar accepted a proposal from Chart Energy & Chemicals Inc., a subsidiary of Baker Hughes, establishing a staged framework for supplying equipment to the facility.

The proposal carries an aggregate value of US$85.5 million, with payments tied to specified milestones, and remains subject to TSX Venture Exchange approval.

The company also signed a purchase and development agreement with the City Council of Two Harbors, Minnesota, on October 15, 2026. The agreement established a framework for acquiring land within an existing industrial district for the proposed Rare Gas Hub.

Progress toward completing the land acquisition, securing regulatory approvals, and developing the processing infrastructure will be important steps in the project's advancement.

Pulsar's corporate presentation outlined additional milestones for 2027, including completion of new wells, an updated resource estimate, a feasibility study, and installation of processing infrastructure.

The presentation identified first production as a fourth-quarter 2027 target, although that schedule remains dependent on development progress, financing and regulatory approvals. Commercial arrangements also remain part of the company's development strategy. Pulsar reported discussions with potential end users of liquefied helium and carbon dioxide, with agreements expected to inform future investment decisions concerning its processing facilities.

Outside Minnesota, additional exploration activities are planned at the Falcon Project in Michigan and the Tunu Project in Greenland.

At Tunu, the company's proposed work includes appraisal drilling to evaluate reservoir characteristics and determine the feasibility of integrating helium recovery with geothermal energy production.

Together, these milestones provide several opportunities to assess Pulsar's progress, particularly as the U.S. government's designation of helium as a critical material places additional emphasis on developing reliable domestic supplies.