Pulsar Helium loss widens as Topaz exploration spending rises

Pulsar Helium Inc on Thursday reported a widened pretax loss for the third quarter, as exploration spending increased.

The White Rock, Canada-based resource company targeting helium in the US and Greenland said pretax loss for the three months ended June 30 widened to USD7.1 million from USD1.4 million a year earlier. It did not report revenue, unchanged from a year earlier.

Exploration and evaluation expenditure rose to USD2.0 million in the quarter from USD690,444, with USD2.1 million spent on its flagship Topaz exploration project in Minnesota.

In the period after June, Pulsar has raised USD25.5 million through a private placement, issuing 25.4 million shares at £0.75 each. The fundraise intended to accelerate its transition from discovery and appraisal towards production planning at Topaz, the company said.

Looking forward, Chief Executive Thomas Abraham-James said: “Recent drilling has increased our confidence in the project, and we believe the current helium market backdrop supports the preparation of additional wells, the securing of long-lead items and the advancement of infrastructure required for first production.

“In parallel, we believe the company`s recently announced reservation of a helium liquefaction plant has the potential to strengthen our route-to-market strategy, support future Topaz production, and create the opportunity for earlier revenue from third-party gas processing while we continue to advance permitting and development activities.”

Shares in Pulsar Helium were down 2.3% to 74.72 pence on Thursday afternoon in London.

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