en.Wedoany.com Reported - Pulsar Helium Inc.'s wholly-owned subsidiary Keewaydin Resources Inc. (operating as Pulsar Helium) has signed a binding letter of intent with an independent third-party supplier to procure a helium liquefaction unit and related equipment package for its Topaz helium project in Minnesota. The letter of intent and limited notice to proceed are dated June 26, 2026.
The supplier is an established U.S. industrial gas equipment company with extensive experience in the design, manufacturing, and delivery of cryogenic and gas processing systems, having previously delivered equipment for large-scale industrial gas and liquefaction applications. Due to current confidentiality requirements, the supplier's name will be disclosed at a later date.
The equipment package includes helium purification and liquefaction equipment, CO₂ capture equipment, compression, storage, controls, documentation, spare parts, and related services. The proposed unit configuration includes a CO₂ capture capacity of approximately 300 tons per day (equivalent to approximately 109,500 tons per year based on 365 days of operation), and a helium liquefaction capacity of approximately 940 liters of liquid helium per hour. In gaseous helium equivalent terms, the helium liquefaction capacity equates to approximately 600,000 cubic feet per day or approximately 219 million cubic feet per year.
The current indicative total product price for the equipment package is approximately $78.7 million. Under the limited notice to proceed, Pulsar will pay an initial reservation fee of $250,000 and a milestone payment of $750,000 within 90 days of signing, subject to the terms of the definitive agreement.
Once procured and installed as planned, the unit will become Minnesota's first helium liquefaction facility and support Pulsar in establishing a new rare gas hub in the United States. Pulsar is actively evaluating financing options, including a combination of commercial debt, equipment financing, project financing, and revenue from gas production and processing. The company expects the unit to initially generate revenue through third-party gas processing opportunities.
Pulsar Director and CEO Thomas Abraham-James stated that signing the letter of intent is a transformative milestone for the company as it transitions from discovery and evaluation to the infrastructure required for production, processing, and liquefaction. The parties have agreed to use commercially reasonable efforts to negotiate and sign a definitive agreement by July 31, 2026. Completion of the transaction remains subject to the signing of the definitive agreement, final equipment scope and specifications, financing arrangements, due diligence, delivery and commissioning terms, ownership and equipment confirmation, regulatory approvals (including approval from the TSX Venture Exchange), and other customary conditions.
The Topaz project is Pulsar's flagship primary helium project, located in northern Minnesota, USA, and is a non-hydrocarbon helium system. Pulsar Helium Inc. is listed on the AIM market of the London Stock Exchange, the TSX Venture Exchange, and the OTCQB, with a portfolio that includes the Topaz helium project in Minnesota, the Falcon project in Michigan, and the Tunu helium project in Greenland.
