Mr. Thomas Abraham-James reports

PULSAR HELIUM REPORTS PRESSURISED GAS ENCOUNTER AT JETSTREAM #5 AND DOWN-HOLE TESTING CONDUCTED AT JETSTREAM #3 AND #4

Pulsar Helium Inc.'s Jetstream No. 5 appraisal well at the flagship Topaz project (Minnesota, United States) has intersected pressurized gas zones. The gas zones were encountered at depths of approximately 837 feet (255 metres) and 1,481 feet (451 metres), with an initial bottom-hole pressure of approximately 662 pounds per square inch calculated and visible gas influx observed during drilling operations. This positive progress result marks the fifth consecutive well in the Jetstream program to encounter gas, further reinforcing confidence in the extent of the helium-rich reservoir. In addition, well testing has occurred at Jetstream No. 3 and No. 4, with data collected now being sent for interpretation.

Highlights:

• Jetstream No. 5 location: Jetstream No. 5 is located approximately 1.8 miles (three kilometres) northeast of the discovery well (Jetstream No. 1) at Topaz, significantly extending the project's appraisal footprint.
• Shallow pressurized gas: Gas was encountered at approximately 837 feet (255 metres) and 1,481 feet (451 metres) depth, with a preliminary bottom-hole pressure reading of approximately 662 pounds per square inch, indicating a strongly pressurized system even at this early stage of drilling. Gas was visibly seen bubbling through the drilling fluids at surface, confirming active gas flow under pressure.
• Drilling progress: The well is being drilled using continuous HQ core drilling (large-diameter, 63.5-millimetre core) to maximize geological sample recovery while maintaining efficient progress. Around-the-clock drilling (24-hour operations with rotating crews) is continuing as Jetstream No. 5 advances toward its target depth of 5,000 feet (1,524 metres).
• Consistent success: All five Jetstream appraisal wells drilled to date have encountered pressurized gas (a 100-per-cent success rate). This consistent success across the program underscores the continuity of the helium-bearing reservoir and the potential of the Topaz project.
• Well testing: Jetstream No. 3 and No. 4 had downhole logging conducted, with data sent for interpretation. The data collected includes formation microresistivity imaging, dipole sonic, resistivity, gamma and neutron density logs.

Thomas Abraham-James, president and chief executive officer of Pulsar, commented: "To encounter pressurized gas once again in Jetstream No. 5 is both validating and exciting for our team. With all five Jetstream wells confirming gas, we now have a consistent track record that underscores the pervasive nature of the helium reservoir at Topaz. In particular, seeing a gas influx at such a shallow depth in Jetstream No. 5 is highly encouraging; it suggests the gas column is extensive and the reservoir pressure is robust across the field. Each successful well brings us one step closer to our goal of establishing Topaz as a major primary helium source in North America. We will continue to advance the program diligently, collecting high-quality data from core samples and forthcoming tests to guide the next phases of this project's development."

Jetstream No. 5 well update

Jetstream No. 5, the third well in Pulsar's current multiwell appraisal program at Topaz, was spudded on Nov. 28, 2025. The well drilled through overburden and into the prospective formation, reaching significant gas shows at 837 and 1,481 feet depth (255 and 451 metres, respectively). Upon penetrating these zones, pressurized gas entered the wellbore, with crew members observing a noticeable influx of gas bubbling through the drilling mud at the surface. The preliminary calculated bottom-hole pressure at 1,481 feet is approximately 662 pounds per square inch, a strong early indicator of a pressurized reservoir. This initial pressure measurement may be adjusted as drilling continues and final downhole pressure readings are obtained deeper in the well.

Drilling operations at Jetstream No. 5 are continuing on a 24-hour schedule, with rotating crews ensuring continuous progress. The well has already surpassed the depth of the initial gas encounter and is proceeding toward the planned total depth of 5,000 feet (1,524 metres). Pulsar is utilizing HQ core drilling methodology for this well, which involves cutting a large-diameter core (approximately 63.5 millimetres) to retrieve continuous rock samples. This approach is yielding abundant physical core for geological analysis while maintaining efficient penetration rates. Notably, gas continues to percolate from the formation during drilling; gas bubbling and pressure are evident in the returns, especially when pausing to add drill pipe, indicating sustained gas presence in the formation. These observations suggest that the reservoir remains pressurized as the well drills deeper, an encouraging sign as Jetstream No. 5 progresses through the stratigraphy.

As with the previous Topaz appraisal wells, once Jetstream No. 5 reaches total depth and drilling is concluded, the company will initiate a comprehensive evaluation program. This will likely include open-hole wireline logging, flow testing and pressure buildup analysis across the encountered zones, alongside laboratory analysis of gas samples and core material. (In the continuing program, Pulsar has been sequencing well completion and testing activities to optimize costs and efficiency; for example, testing of the Jetstream No. 3 and No. 4 wells will be conducted together.) The data collected from Jetstream No. 5, in combination with results from Jetstream No. 3 and No. 4, will further delineate the reservoir's properties and help quantify the helium resource in place. Updates on these appraisal results and any testing outcomes will be provided in due course.

Jetstream No. 3 and Jetstream No. 4 well testing update

In parallel with drilling operations at Jetstream No. 5, Pulsar completed a suite of downhole wireline tests at Jetstream No. 3 and Jetstream No. 4 on Nov. 6 to Nov. 7, 2025. These activities form an important part of the continuing appraisal program and will support detailed reservoir characterization ahead of planned flow testing. The downhole wireline tests were conducted by Extreme Wireline Inc. from Utah and consisted of formation microresistivity imaging, dipole sonic, resistivity, gamma and neutron density logs. The data will now be sent to experts for evaluation and interpretation to further the company's understanding of the reservoir.

The next phase of appraisal work at the wells will consist of flow testing, gas sample collection for laboratory analysis (for all gases, including helium-3) and pressure buildup testing. This testing program is expected to occur in January, 2026, subject to equipment scheduling. Results from these tests will provide key inputs for the next iteration of the Topaz resource model and will help quantify the production potential of each well.

About the Topaz project

The Topaz project is located in northern Minnesota, United States, where Pulsar is the first mover in helium exploration and holds exclusive leases over the project area. Topaz is a primary helium discovery that contains helium-4, helium-3 and CO2 (carbon dioxide), not associated with primarily hydrocarbon production. Multiple wells drilled by Pulsar have confirmed a laterally extensive helium-rich gas reservoir beneath the project lands. Notably, two wells drilled at Topaz, both with high helium concentrations averaging 8.1 per cent in Jetstream No. 1 and 5.6 per cent in Jetstream No. 2, were measured during flow testing, and the presence of helium-3 (a rare and valuable isotope) has been confirmed in gas samples taken from Jetstream No. 1. These results appear to indicate a high-quality helium resource. The continuing Jetstream multiwell appraisal program at Topaz is designed to map out the reservoir's extent, pressure regime and gas composition, which will inform resource estimation and development planning.

About Pulsar Helium Inc.

Pulsar Helium is a publicly traded company quoted on the AIM (Alternative Investment Market) of the London Stock Exchange and listed on 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, United States, 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.

Qualified person sign-off

In accordance with the AIM note for mining and oil and gas companies, the company discloses that Brad Cage, vice-president, engineering, and an officer of the company, has reviewed the technical information contained herein. Mr. Cage has approximately 25 years in the oil and gas industry, is a member of the Society of Petroleum Engineers, and is a licensed professional petroleum engineer in Oklahoma, United States.

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