Pulsar Helium has appointed David T. Young as chief financial officer and a director, adding capital-markets and restructuring experience as the company advances its Topaz helium project in Minnesota toward development and potential production.

Pulsar changes financial leadership as Topaz advances

Pulsar Helium has appointed David T. Young as chief financial officer and to its board of directors, effective September 21, 2026, as the primary helium developer continues work on its flagship Topaz project in Minnesota.

Young brings more than 25 years of experience spanning energy, natural resources, infrastructure, corporate finance, mergers and acquisitions and public-company governance. Most recently, he served as chief restructuring officer of Royal Helium, where he was involved in a court-supervised restructuring process completed in 2025.

Earlier positions included roles at The Carlyle Group, Talara Capital Management, Perella Weinberg Partners, Courage Capital Management and Houlihan Lokey.

The appointment comes at a significant point for Pulsar. Topaz has moved beyond initial exploration toward appraisal and development planning, with the company working on additional drilling and downstream infrastructure.

Dan O’Brien, who previously served as Pulsar’s CFO and a director, is stepping down from both positions and will remain with the company as vice president of finance.

For Pulsar, the leadership change is therefore less about replacing financial expertise altogether and more about adding senior capital-markets and restructuring experience while retaining institutional knowledge within the finance function.

Topaz remains central to Pulsar’s strategy

Topaz is a 100%-owned primary helium project in Minnesota and remains the company’s flagship development asset. Pulsar reports that flow testing at the Jetstream #1 and Jetstream #2 wells produced average helium concentrations of 8.1% and 5.6%, respectively.

Those concentrations are significantly above the roughly 0.3% level that Pulsar says is generally considered potentially economic by industry. The company is now planning up to six additional wells at Topaz, targeted for drilling between the first and second quarters of 2027, with a first-production target of the fourth quarter of 2027.

Pulsar is also advancing infrastructure intended to support future production. In June 2026, its subsidiary Keewaydin Resources signed a binding letter agreement and limited notice to proceed to reserve a helium liquefaction plant and equipment package for potential deployment in Minnesota. The proposed configuration has approximately 940 litres per hour of helium liquefaction capacity, alongside carbon-dioxide capture capacity of about 300 tonnes per day, subject to final specifications and operating conditions.

The development timeline means capital allocation and project financing are becoming increasingly important alongside geological results. That makes the appointment of a CFO with experience in capital formation, M&A and corporate restructuring particularly relevant to the company’s next phase.

Helium supply remains strategically important

The leadership change is taking place against a helium market in which the gas continues to support applications ranging from semiconductor manufacturing and scientific research to MRI systems and aerospace.

USGS data for 2025 estimates U.S. sales of Grade-A and gaseous helium at 81 million cubic metres, valued at approximately $970 million. Semiconductor and fiber-optics applications accounted for 17% of U.S. helium use, while MRI represented 15%, aerospace 9% and analytical, engineering, laboratory, scientific and specialty-gas applications 22%.

That demand profile gives helium producers exposure to several technology-intensive industries. Unlike many industrial gases, helium is difficult to substitute in some applications because of its physical properties, including its extremely low boiling point.

Primary helium development is also distinct from projects where helium is recovered as a by-product of natural-gas production. Pulsar describes its business as focused specifically on helium as the primary economic target.

Helium-3 adds another dimension

Topaz has attracted additional attention because gas samples from Jetstream #1 have contained helium-3, a rare isotope with applications in areas including neutron detection, cryogenics and quantum technologies.

Pulsar says helium-3 concentrations from Jetstream #1 have been independently verified by U.S. federal laboratories, including the USGS Noble Gas Laboratory and Lawrence Livermore National Laboratory. The company reports concentrations of approximately 11.2–11.9 parts per billion from those analyses.

The potential commercial significance remains subject to resource definition, recovery technology, engineering, permitting and economics. Helium-3 is not currently a conventional large-scale commercial product comparable with helium-4, so its presence should be viewed as an additional development consideration rather than an established revenue stream.

For technology markets, however, the isotope has strategic relevance. Helium-3 is used in neutron detection and specialized cryogenic applications, including environments associated with quantum research.

CFO appointment comes ahead of a development-heavy period

Pulsar’s portfolio is also expanding beyond Topaz. Its Tunu project in Greenland is an exploration-stage helium project, while the company has added exploration positions in Minnesota and Michigan.

That creates a broader financing and capital-allocation challenge as Pulsar moves from exploration toward development.

Young’s experience across natural resources, infrastructure and corporate finance could therefore become relevant as the company evaluates funding requirements, project economics and strategic transactions. His previous restructuring role also provides experience with complex corporate situations, although his appointment does not itself indicate that Pulsar faces similar financial circumstances.

The more immediate test will be execution at Topaz. Additional wells, processing infrastructure, permitting, financing and the eventual transition to production will determine whether Pulsar can convert its high-grade helium discovery into a commercial operation.

The September 21 management change consequently arrives at a point when the company is moving from proving the resource toward building the infrastructure and financial structure required to develop it.

Market Landscape

The helium market sits at the intersection of critical materials, energy infrastructure and advanced technology. USGS data shows demand across semiconductors, MRI, aerospace, scientific equipment and other industrial applications.

For primary helium developers, the challenge is moving from geological discovery to commercial production. That requires drilling, processing, liquefaction, infrastructure, permitting and substantial capital. Pulsar’s Topaz project is entering this more development-intensive phase.

Top Insights

• Pulsar Helium appointed David T. Young as CFO and director on September 21, adding capital-markets and restructuring experience to its leadership team.
• Dan O’Brien stepped down as CFO and director but remains with Pulsar as vice president of finance.
• Pulsar plans additional Topaz drilling in 2027 while targeting potential first production in the fourth quarter of 2027.
• USGS estimates U.S. 2025 helium sales at 81 million cubic metres, highlighting demand across technology, healthcare and industrial applications.
• Topaz’s reported helium-3 concentrations add potential strategic relevance, although commercial recovery remains subject to further technical and economic development.

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