Pulsar Helium expands landholding at Topaz project in Minnesota

Pulsar Helium (TSXV: PLSR) announced Friday that it has acquired approximately 1,360 acres of surface land in Lake County, Minnesota, within its flagship Topaz project.

Topaz, located near Babbitt in northern Minnesota, represents one of the leading primary helium discoveries in the US. Flow-testing in two wells (Jetstream #1 and #2) had previously returned average helium grades of 8.1% and 5.6% respectively, Pulsar said.

The surface land was purchased in an arm’s-length transaction from Wolf Lands for total cash consideration of $2.48 million. The land lies within the mineral rights that the company holds under lease from a separate private owner, and the area includes the location of its Jetstream #7 well.

Securing direct surface ownership across a key area of the Topaz project, including the JS#7 well site, further strengthens long-term operational control as Pulsar advances toward production readiness, the company said.

Control of the surface land provides greater certainty for future infrastructure siting, development planning and operational flexibility, and the concentration of acreage footprint provides optimal scalability of the initial and overall resource development, it added.

According to Pulsar, the Topaz project is located within an area with 150 years of resource extraction, benefiting from existing infrastructure and proximity to one of North America’s largest iron ore mines.

“This acquisition, driven by our intention to develop Topaz into a significant primary helium producer, builds on growing momentum at the project as we move decisively toward production readiness, Pulsar CEO Thomas Abraham-James said in a news release.

“It also follows recent legislative progress updating Minnesota’s permitting framework for helium extraction,” Abraham-James continued.

“With a clearer pathway now emerging toward future production, securing ownership of the surface land overlying our leased mineral rights provides Pulsar with increased operational control and long-term development certainty as we continue advancing Topaz toward production.”

The company recently concluded its Jetstream exploration and appraisal program, with all wells drilled to date having encountered gas under high pressure, and is now obtaining quotes for the drilling of up to four new production wells to supplement two production-ready wells already drilled.

The news follows significant regulatory progress in Minnesota, where Governor Tim Walz on May 26 signed into law new legislation establishing a helium-specific framework for gas resource development in northeastern Minnesota. Earlier, the Minnesota Department of Natural Resources issued proposed expedited permanent rules for permitting gas resource development on May 18.

These developments come amid a sharp tightening of global helium supply, driven by disruption to the Strait of Hormuz, attacks on QatarEnergy’s Ras Laffan facilities, Qatar supplies approximately 35% of the world’s helium, and new Russian export controls in place through the end of 2027, Pulsar said.