Pulsar Helium Signs Xcalibur Survey for Falcon Project, Michigan

Pulsar Helium Inc. (AIM: PLSR, TSXV: PLSR, OTCQB: PSRHF) said on 5 October 2026 that its wholly owned subsidiary signed a contract with Xcalibur MPH (Canada) Ltd for a high-resolution airborne gravity gradiometry and magnetic survey over the Falcon project in Michigan's Upper Peninsula. The program covers roughly 14,727 line kilometres across an initial priority area, with flying expected to begin in mid-Q4 2026. Falcon consolidates an exclusive option over approximately 488,090 gross acres of mineral rights.

Context — why this matters for helium exploration now

The Falcon project gives Pulsar a district-scale position in Michigan's Upper Peninsula, held through an exclusive option covering about 488,090 gross acres of mineral rights. The option covers non-hydrocarbon gases including helium-4, helium-3, carbon dioxide and hydrogen, which lets the company evaluate a large geological system before narrowing to the most prospective ground.

The technical question is whether the ancient Precambrian basement geology and structural architecture behind Pulsar's exploration model at its flagship Topaz project in Minnesota extend into Michigan. Topaz is the company's only asset with defined helium volumes; the report notes that un-risked contingent and prospective helium volumes have been defined there, while no reserves have been assigned to any Pulsar property to date given the early stage of development.

What changed now is twofold. Pulsar signed the Xcalibur contract, converting a land position into a funded survey program. Separately, the U.S. Geological Survey published digital flight-line data on 24 September 2026 from a high-resolution airborne magnetic and radiometric survey covering much of Michigan's Upper Peninsula and neighbouring northern Wisconsin.

That regional dataset was funded by the USGS Earth Mapping Resources Initiative, designed with the Michigan Geological Survey and acquired during 2025. It covers a large portion of Falcon and is available to Pulsar at no acquisition cost, which means the company can pair regional coverage with higher-resolution infill rather than paying for both.

Data — what the numbers show

The contracted FALCON System Survey comprises approximately 14,727 line kilometres. Survey lines will be spaced 500 metres apart on a 315-degree northwest–southeast orientation, with tie lines 5,000 metres apart on a 045-degree northeast–southwest orientation. Flying is planned at a nominal terrain clearance of roughly 165 metres, subject to reconnaissance and final on-site safety assessment.

The aircraft will carry laser-scanning, radar-altimeter and GPS navigation equipment for terrain correction, positioning and quality control. Data will be reviewed progressively during acquisition, with preliminary products expected after flying completes and final processed products after quality assurance and processing.

The Earth MRI program acquired about 216,000 line kilometres of magnetic and radiometric data across roughly 38,400 square kilometres. Aircraft flew at a nominal terrain clearance of 100 metres, with north–south flight-line spacing of 150 metres in the western block and 400 metres in the eastern block.

Dataset	Line km	Line spacing	Terrain clearance
Xcalibur FALCON survey	~14,727	500 m / 5,000 m ties	~165 m
USGS Earth MRI	~216,000	150 m / 400 m	100 m

The comparison matters: Earth MRI is a regional grid at no cost to Pulsar, while the Xcalibur survey is a tighter, denser acquisition over a smaller priority footprint. Neither dataset carries a disclosed contract value; the company did not disclose the terms of the Xcalibur agreement.

Analysis — what it means for markets and sectors

Helium sits in a supply category with few listed pure-play producers, and Pulsar positions itself as a primary helium company — meaning helium not produced as a by-product of hydrocarbons. That distinction shapes how the market reads survey news: there is no oil or gas revenue stream to fall back on, so exploration progress is the principal source of information about the assets.

The immediate effect of the contract is a shift from land assembly to target generation. Gravity gradiometry measures density contrasts, which helps map lithological boundaries and structural architecture; magnetics complements that by imaging basement geology and major structures. The company said the combined datasets will help it rank targets and direct the next phase of work.

Second-order exposure runs to the service side of airborne geophysics and to peers holding early-stage helium acreage in the same geological province. Pulsar names no peer comparison in the report, and no revenue or volume figure is attached to the Michigan acreage.

The clearest limitation is that a survey is not a discovery. No reserves have been assigned to Pulsar's property interests, and the report states that estimating helium volumes is subject to significant uncertainty around technical data and its interpretation. Downward revisions to volume estimates could affect development and production plans, which in turn could affect operational or financial performance.

On positioning, the report gives no ownership or flow data. What it does show is a company spending on data acquisition before any drilling decision at Falcon, which signals that the near-term news flow from Michigan will be interpretative rather than operational.

Outlook — what to watch next

Three things carry the story from here. First, survey commencement in mid-Q4 2026, subject to operational conditions, which is the next dated checkpoint the company has given. Second, preliminary survey products following completion of flying, with final processed products after quality assurance and processing — the company gave no timeline for either.

Third, integration of the Xcalibur data with the Earth MRI dataset, geological mapping and geochemical work to support target selection. The company said the integrated interpretation is expected to inform the location of subsequent exploration activities, but it did not commit to a drilling date.

On the corporate calendar, Pulsar's Annual Information Form is dated 3 February 2026 for the year ended 30 September 2025 and sits under the company's profile on sedarplus.ca. The report names no share price level, market capitalisation or moving average for PLSR, so there is no technical level to track from this disclosure.

Frequently Asked Questions

What does the Pulsar Helium Falcon survey actually measure?

The FALCON System Survey acquires high-resolution airborne gravity-gradient data, which images variations in subsurface density and helps map lithological boundaries and structural architecture. High-precision magnetic instrumentation flown alongside provides a complementary dataset for interpreting basement geology and major structural features. Together they are intended to show where contrasting rock units sit and how the structural framework is arranged across the priority area.

How big is Pulsar's position at the Falcon project in Michigan?

The Falcon project consolidates Pulsar's Michigan helium interests, including an exclusive exploration option over approximately 488,090 gross acres of mineral rights in Michigan's Upper Peninsula. The option covers non-hydrocarbon gases including helium-4, helium-3, carbon dioxide and hydrogen. Pulsar describes this as a district-scale opportunity to evaluate an extensive and underexplored geological system before progressively high-grading the most prospective areas.

Why does the free USGS dataset matter to Pulsar shareholders?

The USGS published digital flight-line data on 24 September 2026 from a magnetic and radiometric survey covering much of Michigan's Upper Peninsula and neighbouring northern Wisconsin, funded by Earth MRI and acquired during 2025. It covers a large portion of the Falcon project and is available to Pulsar at no acquisition cost, providing a regional framework that can be merged with the higher-resolution Xcalibur data.

Bottom Line

Pulsar has moved Falcon from acreage assembly to funded data acquisition, but no reserves or drilling date exist yet.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.