Analyst Says, Helium Co. Favorable Compared to Peers
Research Report

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Disclosures for Auctus Advisors, Pulsar Helium Inc., December 10, 2024

Pulsar Helium Inc (“Pulsar” or the “Company”) is a corporate client of Auctus Advisors LLP (“Auctus”). Auctus receives, and has received in the past 12 months, compensation for providing corporate broking and/or investment banking services to the Company, including the publication and dissemination of marketing material from time to time. MiFID II Disclosures This document, being paid for by a corporate issuer, is believed by Auctus to be an ‘acceptable minor non-monetary benefit’ as set out in Article 12 (3) of the Commission Delegated Act C(2016) 2031 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. It is produced solely in support of our corporate broking and corporate finance business. Auctus does not offer a secondary execution service in the UK. This note is a marketing communication and NOT independent research. 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Auctus Advisors analyst Stephane Foucaud, in a research report published on December 10, 2024, maintained his target price of £0.90 on Pulsar Helium Inc. (PLSR:TSX.V). The report provides a comprehensive comparison of publicly listed helium juniors' projects, highlighting Pulsar's favorable positioning.

Foucaud emphasized the company's Topaz project's advantages, stating, "Pulsar's Topaz project screens very favorably. It boasts the second-highest helium net flow rates coupled with the highest helium concentration. Additionally, its location in the U.S.A., which offers the most favorable operating environment for helium extraction, enhances its overall appeal."

The analyst highlighted key evaluation criteria, noting that while "helium concentration is often emphasized, we argue that it does not provide a complete picture. High helium concentration may be inconsequential if the overall flow rate is very low."

He added that his analysis focused on "net helium flow rates (calculating flow rate multiplied by helium concentration)" as a more accurate assessment.

Regarding near-term catalysts, Foucaud noted that "With the deepening and testing of Jetstream #1 by the end of 2024, Pulsar could derisk some of its prospective resources."

Auctus Advisors' valuation for Pulsar combines multiple components.

The analyst explained, "Our unrisked NAV for the contingent plus prospective helium is £1.88 per share plus £0.80 for the CO2 resources (Pmean in both cases)."

The share price at the time of the report of £0.25 represents a potential return of approximately 260% to the analyst's £0.90 target price.