Key Highlights

  • Pulsar Helium (TSXV:PLSR) rose 9.09% to CAD 1.26 on Tuesday, October 20, 2026, on 691,160 shares, about 2.43 times normal volume, for a market capitalisation near CAD 258 million.
  • The move followed a US national television news report broadcast on Sunday, October 18, 2026, on helium shortages linked to the war involving Iran, in which the company's president appeared as an industry expert.
  • On Monday, October 12, 2026, Pulsar set out a plan to fund a commercial helium and carbon dioxide plant mainly with debt and public-sector finance, anchored by a USD 85.5 million equipment proposal.
  • The company reported unaudited cash of about USD 24.6 million on October 12, and the city of Two Harbors, Minnesota, has approved a purchase and development agreement for the plant site.

What Happened on October 20

Pulsar Helium (TSXV:PLSR) is a helium developer whose lead asset is the Topaz project in northern Minnesota. On Tuesday, October 20, 2026, the shares rose 9.09% to CAD 1.26, from an implied prior close of about CAD 1.155. Volume reached 691,160 shares, about 2.43 times normal, and the market capitalisation stood near CAD 258 million. Two days earlier, on Sunday, October 18, a US national television news report described a helium shortage tied to the war involving Iran, with spot prices described as having tripled. The company confirmed on Wednesday, October 21 that its president had appeared as an industry expert. On October 12 it had outlined a development and project-financing strategy for a commercial plant at Two Harbors.

Why Helium Scarcity Reprices a Developer

Helium is a by-product gas used in semiconductor fabrication, medical imaging, fibre optics and space launch, and it has few substitutes. Supply is concentrated among a few producers, including Qatar, the United States and Russia, so a disruption at a single supplier tightens the market quickly. For Pulsar Helium (TSXV:PLSR), higher prices raise the value of future output and strengthen the case for lenders. The planned plant has nameplate liquefaction of 861 litres per hour, about 7.5 million litres of liquid helium a year, plus 300 tonnes a day of carbon dioxide. Chart Energy and Chemicals has made a binding USD 85.5 million equipment proposal, which excludes total installed cost, and the company aims to limit new equity.

Risks and What to Watch

The first risk for Pulsar Helium (TSXV:PLSR) is that spot helium prices fall back if Gulf supply recovers, because much helium trades under long-term contracts that adjust slowly. The second is execution, since equipment manufacture takes about two years after a milestone payment, and the company has not set a first production date. The third is financing, because the targeted lenders, including University Bank, a Minnesota state agency and a federal rural loan guarantee programme, have made no binding commitments, and total installed cost is undisclosed. Further equity could dilute holders. Investors should watch the investor webinar, financing commitments, a total cost estimate, airborne survey results over the Falcon project in Michigan and permitting at Topaz.

Where Things Stand

The answer is that Pulsar Helium (TSXV:PLSR) rose as national attention on a helium shortage met a company that had just set out how it plans to fund production, with about USD 24.6 million of cash in hand. The gain came on about 2.43 times normal volume. The next catalysts are the investor webinar, binding debt or public financing for Topaz, a total installed cost and survey results from the Falcon project. Helium prices and project timelines are not guaranteed, and this is not investment advice.