Mr. Thomas Abraham-James reports

PULSAR HELIUM SIGNS AND ACCEPTS CHART INDUSTRIES FIRM PROPOSAL FOR COMMERCIAL-SCALE HELIUM LIQUEFACTION PLANT

Further to its announcements dated June 30, 2026, and Aug. 3, 2026, Pulsar Helium Inc. has signed, through its wholly owned subsidiary, Pulsar Helium MN Inc., and accepted a proposal from Chart Energy & Chemicals Inc., a wholly owned subsidiary of Baker Hughes Company that operates as dedicated segment of Baker Hughes following the July, 2026, acquisition of Chart Industries Inc. The proposal represents the agreement contemplated in the company's Aug. 3, 2026, announcement and establishes a staged framework for the supply of equipment for Pulsar's proposed rare gas hub in Minnesota for an aggregate value of $85.5-million (U.S.) paid in stages on achievement of applicable milestones under the proposal before applicable taxes, duties, shipping, commissioning and other items or adjustments not included in the proposal.

Summary:

• Pulsar has signed Baker Hughes's firm proposal to supply the equipment for:
  • A helium purification and liquefaction plant (and related equipment package) with helium liquification capacity of 861 litres per hour, equivalent to approximately 7.5 million litres of liquid helium annually at continuous nameplate operation (the helium plant);
  • A CO2 (carbon dioxide) plant with 300-tonne-per-day CO2 capture capacity (CO2 storage and loading equipment to be addressed separately) (the CO2 plant).
• An upfront payment of $5,025,000 (U.S.) is payable upon signing and approval of TSX Venture Exchange, which shall be satisfied from existing cash resources, and the next stage payment of $8.55-million (U.S.) is scheduled for Jan. 31, 2027, subject to further funding. See "Commercial framework" below for further details on the payment schedule.

Thomas Abraham-James, director and chief executive officer of Pulsar, commented: "Signing and accepting Baker Hughes's proposal is a major milestone for Pulsar and an important step in advancing our proposed rare gas hub. The planned plant has a nameplate capacity of approximately 7.5 million litres of liquid helium and over 100,000 tonnes of liquid CO2 annually, supporting our strategy to develop an industrial scale rare-gas processing infrastructure in Minnesota."

Equipment scope and capacity

The proposal outlines the supply of equipment for the helium plant and the CO2 plant. Certain additional components relating to the CO2 plant, including CO2 storage and loading and site-support services, are outside the current equipment-supply scope and will be addressed separately.

At stated nameplate capacity, the helium system would produce approximately 7.5 million litres of liquid helium annually before operating allowances, equivalent to approximately 200 million standard cubic feet of gaseous helium per year.

Equipment manufacture is scheduled to take place over an approximately two-year period following receipt of the Milestone 2 payment. Certain equipment included in the proposal and relating specifically to the helium liquefaction system has already been manufactured.

Proposed Lake county site

Separately, the company is progressing discussions regarding a prospective plant site in Lake county, Minnesota. Any acquisition, lease or other arrangement for the site remains subject to definitive documentation, satisfactory due diligence, confirmation of site and utility suitability, and applicable permits and approvals. The company will provide further information if and when definitive documentation is executed.

Commercial framework

The proposal sets an aggregate equipment-supply price of $85.5-million (U.S.), for the helium plant and the CO2 plant. The equipment-supply price does not represent the total installed cost of the plant and excludes taxes, duties and tariffs, installation and commissioning, site infrastructure and interconnections, and certain other owner and third party costs.

The first payment totalling $5,025,000 (U.S.) is payable upon signing and approval of the TSX Venture Exchange, inclusive of an amount of $750,000 (U.S.) payable under the existing limited notice to proceed (LNTP). All LNTP amounts (totalling $1-million (U.S.), including the 250,000 (U.S.) deposit previously paid) will be credited dollar for dollar against applicable price and milestone payments under the proposal. The company currently has cash resources of $25.2-million (U.S.). The proposal remains subject to approval of the TSX-V. Payment of Milestone 2 of $8.55-million (U.S.) is scheduled for Jan. 31, 2027. Payment of Milestone 2 will authorize Chart to commence procurement of long-lead items. If Milestone 2 is not paid by that date, the project will automatically enter a suspension period of up to 180 days, during which the reserved helium liquefaction equipment will remain protected in accordance with the proposal. During the suspension period, Pulsar will have no obligation to pay Milestone 2, and no cancellation charge will arise solely from the suspension. At the end of the suspension period, the parties will seek to agree whether to proceed, amend the commercial arrangements or terminate the project.

The company continues to advance financing alternatives for the remaining payments under the proposal and the wider development costs of the plant and intends to update shareholders as material arrangements are confirmed.

The remaining milestones are tied to defined engineering, procurement, manufacture and delivery-readiness activities. They include issuance of piping and instrumentation diagrams (P&IDs) for hazard and operability study review; placement of orders for the pretreatment and column major materials; issuance of P&IDs for manufacturing; confirmation that all major equipment is ready for shipment; and Chart's submission of final documentation. Payments are scheduled against achievement of these milestones in accordance with the agreed project timetable, and combined comprise the full $85.5-million (U.S.) contract value.

Cancellation provisions

If Pulsar elects to terminate the proposal for convenience, cancellation payments would be determined by the stage of work completed, ranging from 0 per cent at project award to a maximum of 70 per cent of the total contract value following Chart's delivery of final project documentation. No cancellation payment would arise in respect of a milestone unless the associated milestone payment had become due and been paid by Pulsar.

Remaining project work

Development of the plant remains subject to, among other matters, financing, payment of the applicable milestones under the proposal, detailed engineering and EPC (engineering, procurement and construction) work, verification and testing of the equipment, definitive site arrangements, site development, receipt of required permits and regulatory approvals, installation, and successful commissioning.

About Pulsar Helium Inc.

Pulsar Helium is a publicly traded company quoted on the AIM (Alternative Investment Market) of the London Stock Exchange (United Kingdom) and listed on the TSX-V 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 United States) and the Tunu helium project in Greenland. Pulsar is the first mover in these locations, with primary helium occurrences not associated with the production of hydrocarbons identified at both Topaz and Tunu.

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