29th May 2025 14:43
(Alliance News) - Pulsar Helium Inc on Thursday said its net loss narrowed in the first half of its financial year, as the firm continues appraisals at its flagship Topaz project in Minnesota, US.
The White Rock, Canada-based helium development company reported a net loss of USD7.1 million in the six months to March 31, versus USD20.1 million on-year. It reported no revenue in either period.
Aiding its bottom line, it reported a USD963,066 boost from the revaluation of warrant liability, compared to a USD13.0 million hit the prior year.
Helium flow testing at Topaz revealed that rock dust known as drilling fines was restricting gas flow in the project's wells. Nonetheless, Pulsar said "stable and consistent flow rates were achieved", and that testing will continue after clean-up and removal of the drilling fines.
Pulsar's cash position at March 31 was USD1.7 million, up from USD1.2 million on-year.
"We are extremely encouraged by the progress made at the Topaz project during the first half of 2025," said Chief Executive Thomas Abraham-James.
"With the support of recent project financing and ongoing technical advancements, Pulsar is well-positioned to unlock further value for our shareholders and advance towards sustainable helium production."
Pulsar Helium shares were down 3.0% at 27.65 pence each on Thursday afternoon in London.
By Holly Munks, Alliance News reporter
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