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26 min ago 2 min read
Pulsar Helium’s net losses widened to $7.1m in Q3 [to 30 June] as quarterly exploration and evaluation expenditure rose to $2m.
Between October 2025 to March 2026, the company drilled five core-hole appraisal wells at its flagship Topaz Project in Minnesota, and it is now obtaining quotes for the drilling of up to six new production ready wells to supplement two production-ready wells already drilled.
Chief Executive Thomas Abraham-James said recent drilling has increased its confidence in the project. “We believe the current helium market backdrop supports the preparation of additional wells, the securing of long-lead items and the advancement of infrastructure required for first production,” he said.
Pulsar entered into a binding agreement to reserve a $78.7m helium liquefaction plant and equipment package for its Topaz Project in Minnesota . It aims to produce 940 litres per hour of liquid helium with built-in carbon capture capacity of around 300 tonnes per day.
Helium gas exploration and production startups face major financial and operational risks due to high extraction costs, unpredictable resource discovery, and deep-pocketed competition. Nonetheless, they remain optimistic that the Middle East crisis will work in their favour as energy sourcing and security concerns continue to rise up the agenda.
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The closure of Ras Laffan’s LNG production in March had a profound impact on the global helium market, taking out around a third of the world’s helium supply.
QatarEnergy partially restarted production at its Helium-2 plant but it has been running at roughly 25% of normal capacity.
Despite the supply pressures, the industry has stepped up impressively, whether that was , to ensure shipments were prioritised by need, or to ensure market equilibrium.
Speaking to gasworld this week, Phil Kornbluth of Kornbluth Helium Consulting, said, “It would be inaccurate to say the helium supply chain is working normally, the market is tight. There is a shortage but it’s not a very high percentage.”
