Pulsar Helium posts full year financials for the year to September 2024
Pulsar Helium Inc. (
) booked a net loss of US$20.3 million for the year to 30 September 2024, after a busy 12 months in which it raised money privately in Canada and readied itself for an Aim listing post period-end, in October.At end of September Pulsar had US$1.2 million in the bank.
At the time of the October listing a further £5 million in new money was raised to fund work on the ground at its helium assets at Topaz, Minnesota. An additional US$7.5 million raise was announced in December 2024.
The ongoing drilling programme at Topaz programme followed on from drilling at the Jetstream #1 appraisal well in February 2024. This well confirmed gas accumulation with helium concentrations of between 7.9% and 14.5% helium.
Later in 2024, Pulsar took delivery of a competent persons report (CPR) in August 2024 from Sproule International Limited which set highly attractive estimates of unrisked, net helium contingent and prospective resources for the Topaz project.
Seismic data acquired in 2024 then supported the company's plans to deepen the Jetstream #1 well and drill additional step-out wells.
This year, Jetstream #1 was deepened, and reached a target depth of 5,100 feet on January 11. Initial data supports the theory of a larger helium-bearing reservoir zone, with multiple helium zones encountered throughout the deepening operation from 2,200 feet to 5,100 feet.
Mud log gas levels containing up to 7.24% helium were encountered.
Even more recently, drilling at the Jetstream #2 appraisal well commenced on January 16.
Meanwhile, in November 2024, Pulsar signed an agreement with Chart Industries, which outlines a procurement roadmap, specific to Pulsar's needs, and facilitates access to advanced gas processing technologies, including helium and carbon dioxide capture, essential for servicing a potential production scenario at Topaz.
"The period was one of transformation for Pulsar,” said Thomas Abraham-James, chief executive of Pulsar.
“A year in which our flagship Topaz project in Minnesota, USA, flowed one of the world's highest concentrations of helium at up to 14.5%.”
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There’s still some work to be done at Topaz, but progress so far has been very encouraging. Typically, commercially viable helium project concentrations begin at 0.3%, so with more than 14% Topaz is well ahead of the pack.
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