Mr. Thomas Abraham-James reports

PULSAR HELIUM SIGNS BINDING LETTER AGREEMENT TO RESERVE HELIUM LIQUEFACTION PLANT FOR TOPAZ DEVELOPMENT

Pulsar Helium Inc.'s wholly owned subsidiary, Keewaydin Resources Inc. (doing business as Pulsar Helium), has entered into a binding letter agreement dated June 26, 2026, and limited notice to proceed with an arm's-length third party vendor, for the reservation of a helium liquefaction plant and related equipment package for potential deployment in Minnesota.

The vendor is an established United States-based industrial gas equipment company with a substantial operating history and significant experience in the design, fabrication and delivery of cryogenic and gas processing systems. The vendor has previously delivered equipment for large-scale industrial gas and liquefaction applications, and has the engineering, manufacturing and technical support capability required for a project of this nature. Pulsar believes the vendor's experience and U.S. presence are important advantages as the company advances the proposed fabrication installation and commissioning of the plant in Minnesota. Due to current confidentiality requirements, the name of the vendor can only be disclosed at a later date.

The letter agreement represents a transformational milestone in Pulsar's plan to advance its flagship Topaz helium project from discovery and appraisal into production, processing and liquefaction. The equipment package includes helium purification and liquefaction equipment, carbon dioxide capture equipment, and compression, storage, controls, documentation, spares and related services, with the final scope to be agreed in the definitive purchase agreement to be negotiated between the parties.

The letter agreement meaningfully derisks the path to first production by securing the critical mid-stream infrastructure required to process, purify and liquefy helium.

The company expects that the plant acquisition will accelerate the company's route to first helium production. The company believes that the combination of an accelerated plant schedule, near-term deployment potential, third party processing revenue opportunities and future Topaz feed gas provides a differentiated and potentially financeable development structure that should support constructive financing discussions, including equipment finance, project finance and other strategic financing alternatives, subject to final diligence and market conditions.

The proposed plant configuration is to include CO2 capture capacity of approximately 300 tonnes per day, equivalent to approximately 109,500 tonnes per year on a 365-day operating basis, and helium liquefaction capacity of approximately 940 litres per hour of liquid helium. This equates to approximately 22,560 litres per day or approximately 8.2 million litres per year of liquid helium, before allowing for uptime, feed gas availability, commissioning, maintenance and other operating conditions. On a gaseous helium equivalent basis, the helium liquefaction capacity represents approximately 600,000 cubic feet per day or approximately 219 million cubic feet per year.

Once acquired and installed as contemplated, the plant would be Minnesota's first helium liquefaction facility and would support Pulsar's ambition to establish a new rare gas hub in the United States. Such a facility will provide a strategically important domestic source of liquid helium, with potential future production from Topaz supplemented by potential gas processing revenues from third party gas streams.

The current indicative aggregate product price for the equipment package is approximately $78.7-million (U.S.), subject to final confirmation, agreed scope, taxes, duties, shipping, commissioning and other adjustments to be agreed in the definitive agreement to be negotiated between the parties. Under the LNTP, Pulsar will make an initial reservation payment of $250,000 (U.S.), with a further $750,000 (U.S.) milestone payment contemplated 90 days after execution, subject to the terms of the definitive agreement.

Pulsar is actively evaluating financing options for the plant acquisition and deployment. The company expects these alternatives to include a combination of commercial debt, equipment finance, project finance, and revenues generated from gas production and processing.

In particular, the company anticipates that the plant could initially generate revenues from third party gas processing opportunities, while also providing Pulsar with the infrastructure required to process Topaz feed gas once Minnesota's regulatory framework and required permits are in place and Topaz production wells are brought on-line. The company believes these features materially improve the project's financing profile and may support financing on more favourable terms than would likely be available for a longer-dated processing solution, although there can be no assurance that financing will be secured on acceptable terms or at all.

The letter agreement follows Pulsar's continued technical and commercial progress at Topaz, where the company has made a high-grade primary helium discovery and is advancing the project toward commercial development. The accelerated plant schedule of this agreement provides Pulsar with a rare opportunity to shorten the development timeline, reduce execution risk, and establish integrated purification and liquefaction capability in proximity to the Topaz project.

This is a fundamental and major advance for the company because it moves Topaz beyond a discovery and appraisal story and into production-enabling infrastructure. If completed, the plant would form the cornerstone asset in Pulsar's transition toward commercial production and a scalable rare gas platform in the United States.

Thomas Abraham-James, director and chief executive officer of Pulsar, commented: "Signing this letter agreement is a transformational milestone for Pulsar and for the development of Topaz. We are moving from discovery and appraisal into the infrastructure required for production, processing and liquefaction. The letter agreement meaningfully derisks the path to first production by securing the critical mid-stream infrastructure required to process, purify and liquefy helium.

"With expected capacity of approximately 940 litres per hour of liquid helium and 300 tonnes per day of CO2 capture, this is not a small pilot plant. It is the type of infrastructure that can move Pulsar into meaningful commercial production.

"Subject to final documentation, financing and commissioning, this plant will become the first helium liquefaction facility in Minnesota and the foundation of a new rare gases hub in the United States. We also believe that the combination of a accelerated plant schedule, potential early third party processing revenues and future Topaz feed gas is a compelling financing proposition and should support efforts to secure capital on attractive terms, while seeking to minimize dilution for shareholders.

"Our objective is clear, bring Topaz into production, create a scalable helium and industrial gases platform, and do so in a way that minimizes dilution for shareholders by exploring commercial debt, project finance, equipment finance and revenues from gas production and processing. This agreement is a practical, fundamental and exciting step toward that goal."

The parties have agreed to use commercially reasonable efforts to negotiate and execute the definitive agreement by July 31, 2026. Completion of the transaction remains subject to execution of the definitive agreement, final equipment scope and specifications, financing arrangements, due diligence, delivery and commissioning terms, title and equipment confirmations, regulatory approvals (including the approval of the TSX Venture Exchange), and other customary conditions.

No finder's fee is to be paid in connection with this transaction.

About the Topaz project

The Topaz project is Pulsar's flagship primary helium project located in northern Minnesota, United States. Topaz is a non-hydrocarbon helium system being advanced as a potential domestic source of helium, with the additional opportunity to evaluate valuable byproducts, including CO2 and He3, as part of future development. The project is located in a stable U.S. jurisdiction with proximity to North American end markets, and has the potential to support critical domestic supply chains, skilled employment and economic development in Northeastern Minnesota.

About Pulsar Helium Inc.

Pulsar Helium is a publicly traded company quoted on the Alternative Investment Market of the London Stock Exchange (United Kingdom) and listed on the TSX Venture Exchange with the ticker PLSR (Canada), as well as on the OTCQB with the ticker PSRHF (United States). Pulsar's portfolio consists of its flagship Topaz helium project in Minnesota, the Falcon project in Michigan (both in the U.S.) 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.

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