Highlights

  • Pulsar Helium completed a USD 80,000 cash acquisition to enter Michigan’s helium exploration sector.
  • The transaction provides access to approximately 5,742 acres targeting non-hydrocarbon gases.
  • Michigan entry reflects geographic expansion alongside ongoing appraisal work at the Topaz project.

Pulsar Helium Inc. (LSE:PLSR) has acquired 100% of Hybrid Hydrogen Inc., securing a new helium-focused exploration position in the United States. The acquisition was completed for total cash consideration of USD 80,000, replacing the previously announced all-share structure disclosed in October 2025. The transaction was conducted on an arm’s-length basis and did not involve any related parties.

Hybrid’s principal asset is an exclusive option to lease mineral rights covering approximately 5,742 gross acres in Michigan’s Upper Peninsula. The acreage is focused on non-hydrocarbon gases, with helium identified as the primary exploration target.

Asset Scope and Regulatory Setting
The acquired mineral rights are located in Michigan, a jurisdiction with an established regulatory framework for gas exploration that is now being applied to helium. The land package provides Pulsar with its first operational foothold in the state and expands the company’s Upper Midwest footprint, complementing its existing operations in Minnesota.

The acquisition allows Pulsar to secure early-stage exposure to a region considered geologically comparable to areas where helium exploration is already underway.

Geological Context and Exploration Rationale
The Michigan acreage lies within an ancient sedimentary basin underlain by crystalline basement rocks. This geological configuration is similar to the setting of Pulsar’s Topaz helium project in northern Minnesota. In such environments, helium is generated through the radioactive decay of uranium and thorium within basement granites. Over time, the gas migrates upward into porous sedimentary formations, where it may accumulate beneath impermeable seals.

Pulsar has applied similar geological models at Topaz, where it has focused on identifying migration pathways, subsurface structures, and trapping mechanisms relevant to helium accumulation. The Michigan assets are considered to share these underlying geological characteristics.

Financial Terms and Portfolio Considerations
The USD 80,000 consideration represents a limited cash outlay and does not materially alter Pulsar’s financial position. The structure allows the company to add acreage while maintaining focus on ongoing appraisal activities at its existing projects. No shares were issued as part of the transaction.

Ongoing Focus on the Topaz Project
Pulsar’s primary activities remain centered on the Topaz project in northern Minnesota, where multiple wells have confirmed a laterally extensive helium-rich gas reservoir. The project hosts helium-4, helium-3, and CO2, independent of hydrocarbon production. Current work at Topaz is focused on multi-well appraisal to assess reservoir extent, pressure conditions, and gas composition to support future planning.

Share Price Snapshot
PLSR was trading at GBX 46.50 per share as of 05 January 2026