Pulsar Helium Bets on Michigan as the Next Helium Hotspot

CASCAIS, Portugal – January 05, 2026 – In a move that underscores a shrewd and disciplined growth strategy, primary helium explorer Pulsar Helium Inc. has announced its expansion into the United States' Upper Midwest with the acquisition of a Michigan-based exploration company. For a total cash consideration of just US$80,000, Pulsar has acquired 100% of Hybrid Hydrogen Inc., securing an exclusive mineral rights option covering approximately 5,742 acres in Michigan’s Upper Peninsula.

This remarkably low-cost transaction marks Pulsar’s first foray into Michigan, a jurisdiction with a well-established gas regulatory framework. The deal provides the company with a strategic foothold in a new, geologically promising region without significantly depleting its treasury, ensuring its flagship Topaz helium project in Minnesota remains the primary focus. The acquisition is a calculated step in Pulsar's broader initiative to identify and develop new domestic sources of helium, a gas critical to modern technology and healthcare.

A Disciplined Playbook for Expansion

The acquisition of Hybrid Hydrogen Inc. is a textbook example of Pulsar's lean and strategic approach to portfolio growth. Rather than engaging in costly bidding wars for proven assets, the company is leveraging its technical expertise to identify and secure early-stage opportunities with high upside potential at minimal entry cost. The US$80,000 cash deal, which supersedes a previously considered all-share structure, allows Pulsar to expand its asset base while preserving capital for the ongoing appraisal and development of its core projects.

Thomas Abraham-James, President & CEO of Pulsar, highlighted the strategic value of the deal. “This is a remarkably low-cost entry into Michigan that strengthens our helium exploration portfolio,” he commented. “The Michigan acreage is geologically analogous to our Topaz project, offering a technically familiar growth opportunity. For a modest price, we are expanding into an area where we can leverage our team’s existing expertise, all while staying true to our disciplined, helium-focused expansion strategy.”

Notably, despite acquiring a company named Hybrid Hydrogen Inc., Pulsar was quick to emphasize that its focus remains exclusively on helium. The company is not pursuing hydrogen exploration, reinforcing its core mission to become a significant producer of primary helium—gas deposits not associated with hydrocarbon production.

Unlocking the Geological Twin

The strategic rationale behind the Michigan acquisition is rooted in geology. The newly acquired acreage lies within a geologic setting that mirrors Pulsar’s highly successful Topaz project in Minnesota. Both areas are situated along the Midcontinent Rift System, a 1.1-billion-year-old geological scar running through the heart of North America. This rift is characterized by ancient crystalline basement rocks, rich in uranium and thorium, whose natural radioactive decay is the ultimate source of helium.

Pulsar’s model posits that helium generated deep within these basement granites migrates upward through fractures and faults, eventually becoming trapped in overlying porous sedimentary reservoirs beneath impermeable cap rocks. Through its extensive work at Topaz, including 2D seismic surveys and multi-well drilling programs, Pulsar has developed a sophisticated understanding of these systems. This expertise in mapping subsurface structures and identifying potential traps gives the company a significant advantage as it steps into the geologically similar terrain of Michigan’s Upper Peninsula.

The potential is underscored by the impressive results from the Topaz project. Appraisal wells Jetstream #1 and Jetstream #2 have flow-tested high concentrations of helium, averaging 8.1% and 5.6% respectively—far exceeding the 0.3% concentration typically considered commercially viable. Furthermore, gas samples from Topaz confirmed the presence of helium-3, an extremely rare and valuable isotope with critical applications in quantum computing, medical imaging, and future fusion energy research. The discovery of such a high-quality resource at Topaz validates Pulsar's exploration model and fuels optimism for its prospects in Michigan.

The Global Scramble for a Finite Resource

Pulsar’s expansion comes at a critical time for the global helium market. Demand for the inert gas is projected to grow by 5-6% annually, driven by its irreplaceable role in a host of high-tech industries. Helium’s ultra-low boiling point makes it essential for cooling the superconducting magnets in MRI machines and particle accelerators. Its inert nature is vital for creating the pristine environments needed to manufacture semiconductors and fiber-optic cables. In aerospace, it is used to purge and pressurize rocket fuel systems.

This rising demand is colliding with an increasingly tight supply. Historically, the world relied heavily on the U.S. Federal Helium Reserve, but its planned depletion and privatization have shifted the market, creating greater volatility and a pressing need for new, reliable sources. As helium cannot be synthetically manufactured and is lost to space once released into the atmosphere, securing stable, long-term domestic supplies has become a matter of economic and national security for industrialized nations.

New primary helium discoveries, like those being pursued by Pulsar, are therefore crucial. Unlike traditional sources where helium is a minor byproduct of natural gas extraction, primary deposits offer a more direct and often cleaner path to production. By proving out new fields in politically stable jurisdictions like the US, companies like Pulsar are helping to de-risk the global supply chain for this indispensable element.

Market Signals and Future Potential

While Pulsar's stock on London's AIM market saw a minor dip on the day of the announcement, the broader market sentiment remains strongly positive. Analysts have issued “Strong Buy” ratings for the company, with recent price targets suggesting significant upside potential. The stock is widely considered to be trading below its fair value, reflecting the early-stage nature of its assets but not necessarily the full scope of its long-term potential.

Investors appear to be rewarding Pulsar's clear-headed strategy: prove a concept at a flagship project, develop deep technical expertise, and then replicate that model in low-cost, high-potential new areas. The Michigan acquisition perfectly fits this playbook, adding a new dimension to its portfolio, which also includes the Tunu project in Greenland, without distracting from the primary goal of bringing the Topaz project toward production.

By building a multi-asset portfolio, Pulsar is methodically positioning itself to become a key independent supplier in the North American helium market. This latest move into Michigan is another quiet but calculated step toward that goal, transforming a modest $80,000 investment into a strategic entry point for the next chapter of America’s helium story.