Pulsar Helium (TSXV:PLSR) — AGM 2026

0:01 Good afternoon, ladies and gentlemen, and welcome to the PULSAR HELIUM INC twenty twenty six Annual General Meeting Proceedings. Throughout today's recorded meeting, attendees will be in listen only mode. And as stated in the notice of Annual General Meeting, please note that shareholders will not be able to vote online during today's session. I'd now like to hand over to Director and Chair, Doris Meyer. Doris, good afternoon. Welcome to the Annual General and Special Meeting of PULSAR HELIUM. My name is Doris Meyer, and I am a director of the company. With the consent of the meeting, I will act as chair and appoint Ben Meyer, corporate secretary of the company, to act as secretary of the meeting. I now call the meeting to order. Before commencing with the business of the meeting, I would like to comment on the voting procedure.

0:51 As is customary for shareholder meetings and unless a ballot is requested, all voting will be on a show of hands, and each shareholder or proxy holder entitled to vote will have one vote. In order to expedite the formal business of the meeting and in accordance with the articles of the company, I will propose all motions. You want me to read that? Sure. If as chair, I feel that it is appropriate, I may ask for a poll to be taken. In such case, we will break so that each shareholder can register his or her vote with a scrutineer. Once all of the votes have been registered, we will take a moment to tally them so that the results of the vote can be announced before the next matter on the agenda is considered.

1:41 Shareholders wishing to raise questions or comments pertaining to the business before the meeting should raise their hands and when recognized by the chair, address their comments to the chair. The notice calling this meeting and all proxy related material were mailed to the shareholders of the company. I have a declaration as to such mailing, which is available for inspection by any shareholder. I direct the secretary to annex a copy of the declaration as to mailing to the minutes of this meeting. I move and second that the reading of the notice convening this annual general and special meeting be waived. Any discussion? All in favor signify by raising your right hand.

2:31 Any opposed? The motion is carried. If there are no objections, I shall appoint Anita Passy. Passy of Computershare Investor Services, the transfer agent of the company, to act as scrutineer. I have the scrutineer's preliminary written report on attendance, which states that there are 85 shareholders present in person represented by proxy at the meeting, holding a total 62,341,078 common shares being thirty three point o 6% of the shares of the company. The notice of meeting haven't been given as required by the articles and by the Business Corporations Act, British Columbia, and a quorum being present, I declare this meeting to be duly called and constituted for the transaction of business.

3:31 The minutes of the last annual general meeting held on 05/02/2025 are filed in the minute book and available for inspection. With the consent of the meeting, I will dispense with the reading of the minutes. I placed before the meeting the company's audited annual financial statements for the year ended 12/30/2025. What is this? Oh, 09/30/2025. Thanks, Ben. As required by the British Corporations Act, British Columbia, and which were mailed to the shareholders who requested such statements. A copy of the financial statements has been filed on SEDAR plus and is available if anyone would like to obtain a copy after the meeting.

4:20 Is there any discussion regarding the financial statements and auditor's report? There being none, I will consider them received by the shareholders as submitted to the meeting. We will now proceed with the appointment of the auditors of the company for the ensuing year. I move that Davidson and Company LLP, chartered professional accountants, be appointed auditors of the company until the next annual meeting of shareholders or until their successors are duly appointed and the directors be, and they are hereby authorized to fix the remuneration of the auditors. Accordingly I missed my page.

5:12 Oh, sorry. Any discussion? All in favor signify by raising your right hand. Any opposed? The motion is carried. The board of directors of the company has chosen to fix the number of directors at six. As such, I move that the number of directors be fixed at six. Any discussion? All in favor signify by raising your right hand. Any opposed? The motion is carried. The next item of business is the election of directors of the company. Directors elected at this meeting will hold office until the next annual general meeting of the company or until their successors are elected, subject to the provisions of the company's articles and the Business Corporations Act, British Columbia.

6:10 The names of the proposed nominees for election as directors for the ensuing year are set out in the information circular in respect of this meeting, and such nominee has consented to act as a director of the company. Accordingly, the following persons have been nominated by the board to be elected as directors of the company to hold office until the next annual general meeting of the company or until their successors duly elected appoint or appointed, subject to the provisions of the company's articles. Neil Herbert, Thomas Abraham James, Jan Ferrier, Doris Meyer, Dan O'Brien, Steven Renzini.

6:56 I note that no other nominations have been made in compliance with section 14.12 of the company's articles, and I therefore declare the nominations to be closed. I move that the six persons nominated be elected as directors of the company to hold office until the next annual general meeting of the company or until their successors are elected or appointed subject to the provisions of the company's articles. Is there any discussion? All in favor signify by raising your right hand. Any opposed? The motion is carried. I declare the motion carried.

7:42 The following persons have been duly elected as directors of the company to hold office until their successors are elected or appointed subject to the provisions of the company's articles. Neil Herbert, Thomas Abraham James, Jan Ferrier, Doris Meyer, Dan O'Brien, Steven Ranzini. Shareholders are now asked to vote upon an ordinary resolution approving the renewal of the company's stock option plan dated 01/06/2023 as amended. The text of such ordinary resolution being as set forth on page thirteen and fourteen of the information circular.

8:28 I move the ordinary resolution approving the renewal of the company's stock stock option plan as stated on pages thirteen fourteen of the information circular. Any discussion? All in favor, signify by raising your right hand. Any opposed? The motion is carried. As disclosed in the information circular, shareholders are asked to vote upon the the ordinary resolution approving, among other things, certain amendments to the company's equity incentive plan and to approve an increase in the number of restricted share units, performance share units, and deferred share units available for award there under to 18,000,000 share unit and DSU awards.

9:22 The text of such ordinary resolution is set forth on page 21 of the information circular. I move the ordinary resolution approving the amendments to the company's equity incentive plan, the text of such ordinary resolution being as set forth on one of the information circular. Any discussion? All in favor signify by raising your right hand. Any opposed? The motion is carried. Is there any other business that may properly be brought before this meeting? There being no further business, I now move that this annual general and special meeting be terminated.

10:10 Any discussion? All in favor signify by raising your right hand. Any opposed? The motion is carried. This meeting is now terminated. That's great, Doris. Thank you very much indeed. Ladies and gentlemen, to us, Ebrahim James, CEO of the company, now provide an operations stroke corporate update. The company thanks shareholders for the questions that they have submitted in advance of today's meetings, and the operations and stroke corporate update will address most of those questions that the company has received. Please note that due to the recent closing of the company's fundraise offering, the company is subject to offering related restrictions under applicable securities laws and consequently will not be able to entertain further questions after providing the update.

10:59 The company will be rescheduling ask me anything session once the security law restrictions no longer apply, and such session will be announced once scheduled. Tom, if I may hand over to you, sir. Thank you, and good morning or good afternoon to everyone joining us today. Today, I would like to do three things, explain why our work matters, reflect on what PLSR has achieved over the past twelve months, and outline the work we propose to undertake over the coming twelve months. It is worth beginning with the reason PLSR exists. PULSAR is a pioneering company. Every project in our portfolio has been generated and developed internally rather than acquired, and we have been the first mover in each location.

11:48 We did not begin exploring for helium because it became topical or the flavor of the month. Our strategy was established from first principles, identify places where helium may occur as a primary resource, build the geological case ourselves and secure the ground before others recognize the opportunity. Some companies revisit historic gas fields, while others seek to capture trace quantities of helium associated with hydrocarbon production. That is not our approach. We are building an original portfolio of primary helium projects designed around helium as the principal commodity. Helium is indispensable to modern life. It supports MRI systems, semiconductor manufacturing, fiber optics, aerospace, scientific research, quantum technologies and many other advanced applications.

12:43 Yet the way the world obtains helium remains structurally fragile. Most helium is not produced because the helium market requires it, it is recovered as a byproduct of natural gas and LNG operations. Even in favorable market conditions, helium demand is therefore constrained by the amount of supply that happens to emerge from projects developed primarily for another commodity. The present disruption arising from conflict in Persia and The Middle East has again exposed the vulnerability of the global helium supply chain. Qatar's Ras Laffan industrial complex, which hosts a major concentration of the world's helium production capacity, was struck during the conflict, while constraints on safe and reliable passage through the Strait Of Hormuz have disrupted the movement of Qatari Helium to international markets.

13:37 Together, these events removed a significant proportion of global supply and demonstrated how quickly availability can tighten for hospitals, laboratories, semiconductor manufacturers and other critical users. At the same time, Russia has imposed controls on helium exports and China has introduced its own temporary restrictions as major producing and consuming nations seek to protect domestic supply. The lesson is not simply that the world needs more helium during a crisis. It is that the world needs a more diverse, secure and responsive supply base at all times, and that is precisely the problem PULSAR is seeking to address. PULSAR aims to help change that model. We are focused on primary helium, resources capable of being developed for helium itself rather than helium being a minor byproduct of hydrocarbon production.

14:33 Topaz is especially significant because it is a high grade, not tied to hydrocarbon production, helium discovery in The United States, close to market close to major markets, infrastructure and end users. Over the past twelve months, we have moved Topaz from an exciting discovery into a much broader appraisal and development program. We've also strengthened the leadership around that work. During the year, Steven Lanch Ranzini was appointed deputy chairman. Steven is the founder and principal of University Bank in Michigan and has been a staunch supporter of PULSAR. University Bancorp holds 4.99% of the company and that University Bank has provided a line of credit for US $4,000,000 and expression of interest for a further $12,500,000, none of which has yet been drawn.

15:24 His appointment brings deep experience in US banking, governance, and institutional development at an important stage in the company's growth. We are equally proud to have recruited Cliff Kane, a renowned specialist in the helium industry whose career has included senior work with major industrial gas companies. Cliff has relocated with his family to Minnesota, demonstrating a serious personal commitment to Topaz and to the long term development of our US operations. Stephen and Cliff had substantial American industrial, financial, and operational capability. Their appointments are entirely consistent with our plan to build PULSAR into an American company centered on its US assets, people and operations.

16:12 We completed the drilling of jet stream number three through to seven, building on jet stream numbers one and two. Every one of the seven wells encountered, gas under pressure. Seven wells and seven gas occurrences do not by themselves complete the commercial case, but they provide an increasingly substantial body of evidence that the system is repeatable and laterally extensive. The outer limits of the accumulation have not yet been identified, and further drilling and testing are required before boundaries, sustainable production rates, and recoverable volumes can be established with confidence. We also completed an extensive two dimensional seismic program. That seismic work is being interpreted alongside drilling results and airborne gravity gradiometry.

17:00 The gravity data was not introduced as a replacement for seismic or drilling. It is another data set that helps identify structural trends and improve the geological model. When we speak about lateral continuity, we mean that the combined evidence indicates geological and gas bearing features extending between the areas tested by the wells and across the survey portion of the project. It does not mean that every part of the wider license has already been proven nor that the ultimate limits of this system are known. Immediately following that geological work, it is important to highlight the helium-three discovery at Jet Stream number one. Helium-three is an exceptionally scarce isotope with important potential applications in quantum technologies, including ultra low temperature cooling and in future fusion energy systems.

17:52 Today, the established supply is largely derived from tritium generated and managed through nuclear weapons maintenance programs, which makes availability limited and strategically sensitive. The Jetstream number one results have been independently verified by two United States federal laboratories alongside commercial laboratory analysis and showed concentrations broadly comparable with those discussed for lunar resources. This means Topaz could represent a credible terrestrial bridge to attempting to source helium three from the moon. Commercial recovery still requires further technical and economic value evaluation, but the strategic significance is clear, and PULSAR fully intends to pursue and take advantage of that opportunity in a responsible and disciplined manner.

18:44 The next decisive milestone for commercial viability is therefore not simply another helium detection, is the generation of production quality data. Our planned planned wells, associated testing are intended to establish sustainable flow performance, pressure behavior, well design, and how multiple wells may operate together. Those results combined with independent engineering and economic work allow us to match field production to processing capacity and develop a credible operating plan. We have publicly stated our intention to drill up to six additional wells. The precise timing and sequence will depend on final well design, contractor availability, permitting, site preparation, and results obtained as the program progresses.

19:30 We will announce material milestones through the normal public channels. It would be premature to quote a theoretical production rate for an individual future well before the required long duration testing and engineering have been completed. A short test rate, a modeled rate, and a sustainable commercial rate are very different things, and our approach is to establish the latter through evidence. If future well capacity exceeds the initial processing configuration, that would create operation optionality rather than a problem. It could support operating flexibility, future expansion, additional processing capacity, or alternative commercial uses for components of the gas stream. Those decisions must follow the data. We will not design the field around unverified assumptions.

20:21 A major production enabling step was the recently announced plan for helium purification and liquefaction facility in Minnesota. The proposed facility would be designed to process a topaz gas stream and incorporate helium purification and liquefaction, carbon dioxide capture, compression, storage and associated systems. Its development remains a subject to definitive documentation, final engineering and scope, commercial arrangements, regulatory approvals and other customary conditions. We are approaching the facility development carefully and methodically. Detailed engineering must integrate the reservoir, well performance, gathering system, site requirements, utilities, permitting, procurement, construction and commissioning into a practical execution plan.

21:13 We are also conscience conscious that commencing helium production is not by itself the measure of success. The industry has seen companies reach initial production only to encounter technical, operational, or commercial problems that ultimately made their projects unsustainable. We are focused to not repeat those mistakes. Our development plan is based on aligning PULSAR with the best available talent, contractors, engineering specialists, equipment suppliers, and operating partners, and on ensuring that the reservoir, wells, gathering system, and processing facility are designed as one integrated operation. We would rather execute the project properly and methodically than pursue an artificial timetable that compromises reliability or long term value.

22:09 The liquefier would be designed to produce helium at the purity required by the semiconductor industry. That is an important target market alongside medical, scientific, aerospace and other advanced applications that will require rigorous purification, quality assurance, and product certification. Detailed engineering and customer engagement will determine the final product specifications and certification pathway. But the objective is clear, to produce a premium grade helium product capable of serving the most demanding of end users. Our independent technical and economic work is progressing alongside the field and infrastructure programs.

22:54 The purpose is to bring the geology, well performance gathering system, processing solution, permitting requirements, capital costs, and operating assumptions into a coherent development case. We will publish that outcome when the work is complete, independently supported, and appropriate for disclosure. The production timetable will ultimately be governed by the results of the wells, engineering completion, permitting, procurement, construction, and commissioning execution. Strong technical results of parallel work screen work streams could accelerate progress. Unexpected subsurface findings, regulatory requirements, or supply chain issues could delay it. Our central development case remains HELIUM four.

23:40 HELIUM three is an additional strategic opportunity and further technical and economic work is required to determine the most appropriate pathway for its recovery and commercialization. Government support is another possible component of the development pathway. Helium, critical minerals, domestic industrial capacity, and supply security are areas of clear policy interest in The United States. We continue to evaluate relevant programs and engage with appropriate agencies, but it would not be responsible to assign a percentage probability to receiving subsidized funding or build the project on the assumption that it will be awarded. Any government support should improve an already credible project, not be a substitute for one.

24:32 Beyond TOPAZ, PULSAR retains a broader portfolio. At Falcon in Michigan, we continue to assess the most appropriate technical path and will provide updates when material work or results justify disclosure. At TUNU in Greenland, the immediate priority is disciplined early stage exploration, collecting field data, improving the geological model, and determining whether the evidence supports a future drill program. No drilling decision for next year should be assumed before the technical work and the required approvals are complete. Our strategy is not built around selling an asset by a particular date or pursuing a predetermined exit. The objective is to advance and derisk projects capable of becoming strategically important primary sources of helium.

25:23 The board will, of course, consider any opportunity that is demonstrably in the best interests of shareholders, but our operating plan is to create value through technical progress and execution, not to depend upon a transaction. Looking back, the past twelve months have delivered seven gas bearing wells in total, a major seismic data set, a much stronger geological model, progress in independent engineering and regulatory work, further investigation of helium three, and a potential pathway to purification and liquefaction infrastructure. Looking forward, the next twelve months are intended to be about conversion, converting geological success into production quality well data, converting subsurface information into robust engineering and economic analysis, converting the proposed processing facility into an executable development program and converting a compelling primary helium discovery into a practical source of domestic supply.

26:29 There remain important risks and dependencies. Sustainable flow must be demonstrated. Engineering, permitting, contracting, procurement, construction planning, and commissioning preparation must be completed properly. Timelines can be affected by regulations, supply chains, weather, and technical findings. We will continue to communicate material developments through the appropriate public channels as they occur. What gives me confidence is not one result or one headline. It is the accumulation of evidence. Seven gas bearing wells, an expanding technical dataset, a non hydrocarbon system in a stable jurisdiction, clear strategic demand, an urgent need for diversified supply, and a team that has repeatedly delivered ambitious ambitious field programs.

27:22 PULSAR was founded on the belief that helium should be produced as a primary resource in its own right in locations that strengthen supply security. The achievements of the past year and the continuing fragility of the global helium market have reinforced that belief. I would like to thank our employees, consultants, contractors, advisers, local communities, government counterparts, and shareholders for your their continued work and support. A sincere thank you. We have achieved a great deal, but our focus is firmly on the work ahead, demonstrating commercial performance at Topaz, advancing the infrastructure required to bring helium to market, progressing our wider portfolio responsibly and building PULSAR into a meaningful primary helium producer.

28:16 On behalf of the company, I would like to thank everyone for attending today's AGM special meeting. Thank you. That's great, Tom. Thank you, and thank you to the rest of the team from PULSAR. That now concludes today's annual general meeting. We'll now redirect you for your feedback. Thank you for your time.