Canaccord Genuity Initiates Pulsar Helium Coverage

The firm set a 150p price target for the company, which is developing the Topaz helium project in Minnesota.

Updated on Oct. 16, 2026 in Investing

Isometric editorial illustration of a standalone industrial gas compressor unit set in a wide meadow, conveying a remote industrial project. — Canaccord Genuity has initiated research coverage on Pulsar Helium, assigning a speculative buy rating to the Minnesota-based gas project developer. AI Illustration. Upload story photo >

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Canaccord Genuity has initiated coverage of Pulsar Helium with a speculative buy rating and a 150p share price target. The firm is currently developing the Topaz project in Minnesota, where it has already encountered helium in seven drilled wells.

Why it matters

The company seeks to capitalize on a tight global helium market where approximately 25% of supply is currently offline. This shortage supports strong pricing for new production initiatives like the Topaz site.

The Topaz project contains over 1 billion cubic feet of recoverable helium and is supported by a plant with an annual capacity of approximately 5 million cubic meters. Total development costs for the site are estimated at $175 million.

The players

Canaccord Genuity

This global financial services firm provides investment banking, research, and wealth management services to corporate and institutional clients.

Pulsar Helium

This company is focused on the exploration and development of primary helium projects across North America.

Chart Industries

This manufacturer provides specialized equipment for the clean energy and industrial gas markets, including helium processing technology.

The details

Pulsar Helium has contracted Chart Industries to supply critical equipment for its processing plant and has secured agreements for up to six additional production wells. The company projects these efforts will yield over $130 million in net profit beginning in the 2029 fiscal year.

2024: Pulsar Helium published a CPR for the Topaz project.
October 16, 2026: Canaccord Genuity initiated coverage of Pulsar Helium.
Q1 2029: Pulsar Helium expects to begin first production.
FY29: Pulsar Helium is projected to generate net profit.

Market Dynamics

This development highlights the ongoing struggle to secure reliable industrial gas sources amidst the 25% global helium supply outage. By localizing production in Minnesota, Pulsar Helium seeks to insulate its supply chain from the volatility seen in traditional, globalized natural gas byproduct markets.

Investors should note that the speculative buy rating reflects both the significant potential of the 1 billion cubic feet resource and the risks associated with a $175 million capital-intensive development. The 150p price target serves as a benchmark for valuation expectations heading into the 2029 production launch.

The takeaway

Pulsar Helium is attempting to bridge a significant supply gap in the industrial gas sector by bringing a dedicated primary helium project to market. Investors should monitor the progress of the $175 million development phase as the company works toward its Q1 2029 production goal.