Interview with Thomas Abraham-James, President & CEO of Pulsar Helium Inc.

Our previous interview: https://www.cruxinvestor.com/posts/pulsar-helium-tsxvplsr-high-grade-us-discovery-nears-production-6551

Recording date: 2nd September 2025

Pulsar Helium Inc. (TSXV:PLSR) is developing one of North America's most promising primary helium projects, with its flagship Topaz operation in Minnesota demonstrating exceptional concentrations of up to 14.5%. This figure dramatically exceeds the industry standard of 0.3% for economic viability, positioning the company uniquely in the critical materials sector.

President and CEO Thomas Abraham James emphasizes the significance of these concentrations: "To give that some idea of context, you could think of helium as a bit like precious metals. That grade is king. 14.5% is just incredible. It's off the charts." The high-grade resource reduces processing complexity and infrastructure requirements while providing substantial margin potential.

The company has secured preliminary debt financing of $12.5 million from a Michigan bank and partnered with Chart Industries for processing plant design. Capital requirements remain modest, ranging from $12 million to $60 million depending on scale. Pulsar's dual revenue strategy targets both helium sales directly to end users and CO2 distribution, capitalizing on regional supply constraints in Minnesota.

Beginning in late September 2025, Pulsar will drill up to 10 additional resource wells through Q1 2026 to upgrade prospective resources and prove reservoir scale. The wells will provide critical pressure, flow, and composition data for resource calculations. Management targets development readiness by mid-2026, with plant construction requiring 12-18 months thereafter.

The company recently expanded its land position 35 kilometers west of Topaz through an all-share acquisition, extending prospects another 150 kilometers. This expansion demonstrates management confidence in the geological model while preserving cash for core development activities.

Pulsar's positioning addresses structural helium market challenges, where current production relies almost exclusively on natural gas byproducts. James notes: "What we're seeing is that with increased demand out there just the world's seeing just how truly fragile the helium supply chain is." The company's primary production model offers supply flexibility that semiconductor and high-tech industries increasingly require.

View Pulsar Helium's company profile: https://www.cruxinvestor.com/companies/pulsar-helium

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