Pulsar Announces Financial and Operating Results for the First Quarter Ended December 31, 2024
Pulsar Helium (PSRHF) has announced its financial and operating results for Q1 ended December 31, 2024. The company completed significant operational milestones at its Topaz project, including the deepening of Jetstream #1 well to 5,100 feet, encountering mud log gas levels with up to 7.24% helium. The Jetstream #2 appraisal well reached 5,638 feet, showing helium levels up to 3.5%.
Financial highlights include the company's listing on AIM in October 2024, raising £5 million concurrent with admission. A private placement of up to $7.5 million was arranged, with the first tranche of $2 million closed in January 2025. The company reported a Q1 loss of $3,748,175, compared to $1,165,924 in the same period last year.
Down-hole testing equipment is scheduled for deployment at both wells in February 2025, with flow testing and pressure build-up monitoring planned for March 2025.
Pulsar Helium (PSRHF) ha annunciato i suoi risultati finanziari e operativi per il primo trimestre terminato il 31 dicembre 2024. L'azienda ha raggiunto importanti traguardi operativi nel suo progetto Topaz, inclusa la profondità del pozzo Jetstream #1 a 5.100 piedi, riscontrando livelli di gas nel log di fango con fino al 7,24% di elio. Il pozzo di valutazione Jetstream #2 ha raggiunto i 5.638 piedi, mostrando livelli di elio fino al 3,5%.
I punti salienti finanziari includono la quotazione dell'azienda su AIM nell'ottobre 2024, raccogliendo 5 milioni di sterline in concomitanza con l'ammissione. È stata organizzata una collocazione privata fino a 7,5 milioni di dollari, con la prima tranche di 2 milioni di dollari chiusa a gennaio 2025. L'azienda ha riportato una perdita di 3.748.175 dollari nel primo trimestre, rispetto a 1.165.924 dollari nello stesso periodo dell'anno scorso.
Le attrezzature per il test in profondità sono programmate per essere installate in entrambi i pozzi a febbraio 2025, con test di flusso e monitoraggio dell'accumulo di pressione previsti per marzo 2025.
Pulsar Helium (PSRHF) ha anunciado sus resultados financieros y operativos para el primer trimestre que finalizó el 31 de diciembre de 2024. La empresa completó hitos operativos significativos en su proyecto Topaz, incluyendo la profundización del pozo Jetstream #1 a 5,100 pies, encontrando niveles de gas en el registro de lodo de hasta 7.24% de helio. El pozo de evaluación Jetstream #2 alcanzó los 5,638 pies, mostrando niveles de helio de hasta 3.5%.
Los aspectos financieros destacados incluyen la cotización de la empresa en AIM en octubre de 2024, recaudando 5 millones de libras en simultáneo con la admisión. Se organizó una colocación privada de hasta 7.5 millones de dólares, con la primera tranche de 2 millones de dólares cerrada en enero de 2025. La empresa reportó una pérdida de 3,748,175 dólares en el primer trimestre, en comparación con 1,165,924 dólares en el mismo período del año pasado.
Se programó el despliegue de equipos de prueba en profundidad en ambos pozos para febrero de 2025, con pruebas de flujo y monitoreo de acumulación de presión planeadas para marzo de 2025.
펄사 헬륨 (PSRHF)는 2024년 12월 31일에 종료된 1분기 재무 및 운영 결과를 발표했습니다. 이 회사는 Topaz 프로젝트에서 중요한 운영 이정표를 달성했으며, Jetstream #1 우물을 5,100피트 깊이로 굴착하여 최대 7.24% 헬륨의 점토 로그 가스 수준을 발견했습니다. Jetstream #2 평가 우물은 5,638피트에 도달하여 최대 3.5%의 헬륨 수준을 보였습니다.
재무 하이라이트로는 2024년 10월 AIM에 상장되어 동시 입회와 함께 500만 파운드를 모금한 것이 포함됩니다. 최대 750만 달러의 사모 배치가 마련되었으며, 첫 번째 트랜치는 2025년 1월에 200만 달러로 종료되었습니다. 회사는 1분기 손실이 3,748,175달러로, 작년 같은 기간의 1,165,924달러와 비교된다고 보고했습니다.
두 우물에 대한 다운홀 테스트 장비는 2025년 2월에 배치될 예정이며, 2025년 3월에는 유량 테스트 및 압력 상승 모니터링이 계획되어 있습니다.
Pulsar Helium (PSRHF) a annoncé ses résultats financiers et opérationnels pour le premier trimestre se terminant le 31 décembre 2024. L'entreprise a atteint des jalons opérationnels significatifs dans son projet Topaz, notamment l'approfondissement du puits Jetstream #1 à 5 100 pieds, rencontrant des niveaux de gaz dans le log de boue allant jusqu'à 7,24 % d'hélium. Le puits d'évaluation Jetstream #2 a atteint 5 638 pieds, montrant des niveaux d'hélium allant jusqu'à 3,5 %.
Les faits marquants financiers comprennent l'inscription de l'entreprise sur AIM en octobre 2024, levant 5 millions de livres en même temps que l'admission. Un placement privé allant jusqu'à 7,5 millions de dollars a été organisé, la première tranche de 2 millions de dollars ayant été clôturée en janvier 2025. L'entreprise a signalé une perte de 3 748 175 dollars au premier trimestre, contre 1 165 924 dollars au cours de la même période l'année dernière.
Les équipements de test en profondeur sont prévus pour déploiement sur les deux puits en février 2025, avec des tests de débit et un suivi de l'accumulation de pression prévus pour mars 2025.
Pulsar Helium (PSRHF) hat seine finanziellen und operativen Ergebnisse für das am 31. Dezember 2024 endende erste Quartal bekannt gegeben. Das Unternehmen hat bedeutende operationale Meilensteine in seinem Topaz-Projekt erreicht, einschließlich der Vertiefung des Jetstream #1-Brunnens auf 5.100 Fuß, wobei Gaslevel im Mud Log von bis zu 7,24% Helium festgestellt wurden. Der Jetstream #2 Bewertungsbrunnen erreichte 5.638 Fuß und zeigte Heliumlevels von bis zu 3,5%.
Zu den finanziellen Höhepunkten gehört die Listung des Unternehmens an der AIM im Oktober 2024, bei der 5 Millionen Pfund zum Zeitpunkt der Zulassung gesammelt wurden. Eine Privatplatzierung von bis zu 7,5 Millionen Dollar wurde arrangiert, wobei die erste Tranche von 2 Millionen Dollar im Januar 2025 abgeschlossen wurde. Das Unternehmen meldete einen Verlust von 3.748.175 Dollar im ersten Quartal, im Vergleich zu 1.165.924 Dollar im gleichen Zeitraum des Vorjahres.
Die Ausrüstung für Tiefbohrtests ist für die Bereitstellung an beiden Brunnen im Februar 2025 geplant, mit Fließtests und Druckaufbauüberwachung, die für März 2025 vorgesehen sind.
- Multiple helium zones discovered in Jetstream wells with promising concentrations
- Successful completion of £5 million AIM listing funding
- Additional $2 million raised through first tranche of private placement
- 2D seismic survey showed continuous helium-bearing interval extending 3.5km
- Increased quarterly loss of $3.75M vs $1.17M year-over-year
- Higher exploration costs of $1.05M vs $403K in previous year
- Non-cash warrant liability loss of $1.43M
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR TO BE TRANSMITTED, DISTRIBUTED TO, OR SENT BY, ANY NATIONAL OR RESIDENT OR CITIZEN OF ANY SUCH COUNTRIES OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION MAY CONTRAVENE LOCAL SECURITIES LAWS OR REGULATIONS.
CASCAIS, PORTUGAL / ACCESS Newswire / February 27, 2025 / Pulsar Helium Inc. (AIM:PLSR)(TSXV:PLSR)(OTCQB:PSRHF) ("Pulsar" or the "Company"), the helium project development company, is pleased to announce its financial and operating results for the three months ended December 31, 2024 (the "Period").
Selected financial and operational information is outlined below and should be read in conjunction with the Company's unaudited consolidated financial statements and related management's discussion and analysis (the "MD&A") for the Period, which are available on the Company's website at www.pulsarhelium.com and the Company's SEDAR+ profile at www.sedarplus.ca.
All figures are in US dollars ("US$") unless otherwise stated.
Operational Highlights
The deepening operation at the Jetstream #1 appraisal well, reached its target depth of 5,100 feet on January 11, 2025. Initial data supports the Company's interpreted 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 - these are likely to be contaminated by air and therefore it is expected uncontaminated samples, once collected, will report a higher and truer helium concentration.Results of the October 2024 Topaz 2D seismic survey showed a continuous reflective package at the helium-bearing interval encountered at Jetstream #1, extending 1.5km to the west and 2km to the east of the well.
The Company completed a drilling operation at the Jetstream #2 appraisal well, reaching total depth of 5,638 feet (1,718 metres) on February 1, 2025. Mud log data reported helium levels up to
3.5% , which again was contaminated with air and uncontaminated samples, once collected, are expected to report higher and truer levels.On February 20, 2025, the Company announced that down-hole testing equipment is scheduled to mobilise to site on February 24, 2025. The tools consist of an optical televiewer and LithoScanner, both of which will be run on both the Jetstream #1 and #2 appraisal wells. These tests will further refine the Company's understanding of the reservoir properties and production potential.
In January 2025, the Company received the interpretation of a passive seismic survey conducted at the Kap Tobin prospect within the Tunu Project, Greenland.
Financial Highlights
On October 18, 2024, the Company's common shares commenced trading (the "Admission") on the AIM market of the London Stock Exchange plc ("AIM") under the symbol PLSR.
Concurrent with Admission, the Company completed of a total gross funding of £5 million which included the £1.125 million cornerstone investment completed in August 2024.
On December 30, 2024, the Company announced that it is arranging a brokered private placement of up to 19,736,842 common shares of the Company to select US based investors at a price of
$0.38 per common share to raise up to$7.5 million .On January 9, 2025, the Company closed the first tranche of the private placement raising
$2 million through the issuance of 5,263,160 common shares at a purchase price of$0.38 per common share. The first tranche includes participation from US institutional investors, including University Bancorp, Inc. which now holds4.99% of the issued and outstanding common shares of the Company.Net proceeds raised from the second tranche of the private placement will, once closed, increase the Company's working capital base, and enable the Company to accelerate its strategic plan for the exploration and development of the Topaz project, including working towards a final investment decision (FID) for the construction of a combined helium and CO2 production facility.
Selected Financial Results for the Period
The loss for the three months ended December 31, 2024, was
The significant changes between the current period and the comparative period are discussed below.
During the three months ended December 31, 2024, the Company paid or accrued consulting fees of
During the three months ended December 31, 2024, the Company recorded exploration and evaluation expenditures of
Marketing and promotion expenses for the three months ended December 31, 2024 were
During the three months ended December 31, 2024, the Company recorded non-cash share-based compensation of
As described above, the Company's common shares commenced trading on the AIM market of the London Stock Exchange plc on October 18, 2024. During the three months ended December 31, 2024, the Company incurred listing fees of
Share purchase warrants issued in connection with unit offerings are recorded as warrant liabilities as the currency denomination of the exercise price is different from the functional currency of the Company. During the three months ended December 31, 2024, the Company recorded a non-cash revaluation loss of warrant liability of
Outlook
The deepening of Jetstream #1 is a pivotal step in advancing Pulsar's strategy to commercialise its helium discovery in the US.
Reservoir data from Jetstream #2 including porosity, permeability and well connectivity will be utilised in the next iteration of resource estimation, production modelling, and further appraisal well planning.
Down-hole wireline logs will be collected, and an optical televiewer run at both Jetstream #1 and #2. Flow testing and pressure build-up monitoring are planned for both wells in March 2025 following a post-drill stabilisation period.
Thomas Abraham-James, President & CEO of Pulsar, commented: "We are delighted to have completed the successful deepening of Jetstream #1 and the spudding and completion of Jetstream #2 early this year. The multiple helium zones encountered in Jetstream #1 reported up to
We look forward to completing the additional down-hole data gathering and pressure build-up monitoring planned for March 2025. All these data will provide information for the next iteration of resource estimating, production modelling, and further appraisal well planning.
In October 2024, Pulsar dual listed on the AIM market of the London Stock Exchange, simultaneously raising £5 million, including a £1.125 million pre-AIM listing investment. This marked an exciting step for the Company, which has enabled UK investors to join Pulsar on its journey aiming to become a key supplier of helium, helping to address the global supply gap.
I look forward to sharing the data that we collect in the subsequent operations, and revealing how it informs future developments and the understanding of our project."
On behalf Pulsar Helium Inc.
"Thomas Abraham-James"
President, CEO and Director
Further Information:
Pulsar Helium Inc.
connect@pulsarhelium.com
+ 1 (218) 203-5301 (USA/Canada)
+44 (0) 2033 55 9889 (United Kingdom)
https://pulsarhelium.com
https://ca.linkedin.com/company/pulsar-helium-inc.
Strand Hanson Limited
(Nominated & Financial Adviser, and Joint Broker)
Ritchie Balmer / Rob Patrick / Richard Johnson
+44 (0) 207 409 3494
OAK Securities*
(Joint Broker)
Jerry Keen (Corporate Broking) / Henry Clarke (Institutional Sales) / Dillon Anadkat (Corporate Advisory)
info@OAK-securities.com
+44 203 973 3678
BlytheRay Ltd
(Financial PR)
Megan Ray / Said Izagaren
+44 207 138 3204
pulsarhelium@blytheray.com
*OAK Securities is the trading name of Merlin Partners LLP, a firm incorporated in the United Kingdom and regulated by the UK Financial Conduct Authority.
About Pulsar Helium Inc.
Pulsar Helium Inc. is a publicly traded company listed on the AIM market of the London Stock Exchange and the TSX Venture Exchange with the ticker PLSR, as well as on the OTCQB with the ticker PSRHF. Pulsar's portfolio consists of its flagship Topaz helium project in Minnesota, USA, and the Tunu helium project in Greenland. Pulsar is the first mover in both locations with primary helium occurrences not associated with the production of hydrocarbons identified at each.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Qualified Person Signoff
In accordance with the AIM Note for Mining and Oil and Gas Companies, the Company discloses that Thomas Abraham-James, President, CEO and Director of the Company has reviewed the technical information contained herein. Mr. Abraham-James has approximately 20 years in the mineral exploration industry, is a Chartered Professional Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM CP (Geo)), a Fellow of the Society of Economic Geologists and a Fellow of the Geological Society of London.
Forward-Looking Statements
This news release and the interview contains forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements. Forward-looking statements herein include, but are not limited to, statements relating to the completion of the private placement, the independent resource estimate for helium and CO2 at Topaz; the potential of CO2 as a valuable by-product of the Company's future helium production; the potential impact of deepening Jetstream #1 and the potential impact of such deepening on the next iteration of the resource estimate; the potential impact of the results of Jetstream #2; and the potential for future wells. Forward-looking statements may involve estimates and are based upon assumptions made by management of the Company, including, but not limited to, the Company's capital cost estimates, management's expectations regarding the availability of capital to fund the Company's future capital and operating requirements and the ability to obtain all requisite regulatory approvals.
No reserves have been assigned in connection with the Company's property interests to date, given their early stage of development. The future value of the Company is therefore dependent on the success or otherwise of its activities, which are principally directed toward the future exploration, appraisal and development of its assets, and potential acquisition of property interests in the future. Un-risked Contingent and Prospective Helium Volumes have been defined at the Topaz Project. However, estimating helium volumes is subject to significant uncertainties associated with technical data and the interpretation of that data, future commodity prices, and development and operating costs. There can be no guarantee that the Company will successfully convert its helium volume to reserves and produce that estimated volume. Estimates may alter significantly or become more uncertain when new information becomes available due to for example, additional drilling or production tests over the life of field. As estimates change, development and production plans may also vary. Downward revision of helium volume estimates may adversely affect the Company's operational or financial performance.
Helium volume estimates are expressions of judgement based on knowledge, experience and industry practice. These estimates are imprecise and depend to some extent on interpretations, which may ultimately prove to be inaccurate and require adjustment or, even if valid when originally calculated, may alter significantly when new information or techniques become available. As further information becomes available through additional drilling and analysis the estimates are likely to change. Any adjustments to volume could affect the Company's exploration and development plans which may, in turn, affect the Company's performance. The process of estimating helium resources is complex and requires significant decisions and assumptions to be made in evaluating the reliability of available geological, geophysical, engineering, and economic date for each property. Different engineers may make different estimates of resources, cash flows, or other variables based on the same available data.
Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward- looking statements. Such risks and uncertainties include, but are not limited to, that Pulsar may be unsuccessful in drilling commercially productive wells; the uncertainty of resource estimation; operational risks in conducting exploration, including that drill costs may be higher than estimates and the potential for delays in the commencement of drilling; commodity prices; health, safety and environmental factors; and other factors set forth above as well as under "Cautionary Note Regarding Forward Looking Statements and Market and Industry Data" and "Risk Factors" in the Final Prospectus dated July 31, 2023 filed on the Company's profile on www.sedarplus.ca. Forward-looking statements contained in this news release are as of the date of this news release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. No assurance can be given that the forward-looking statements herein will prove to be correct and, accordingly, investors should not place undue reliance on forward-looking statements. Any forward-looking statements contained in this news release and interview are expressly qualified in their entirety by this cautionary statement.
SOURCE: Pulsar Helium Inc.
View the original press release on ACCESS Newswire
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