Pulsar Helium has raised £3.7m gross from an equity offering. This will be used to secure a new rig contract which will allow the company to start a major appraisal programme, of up to ten wells, on its Topaz helium discovery in Minnesota. This drilling programme will help to firm up the resource estimates and allow management to move towards FID (Final Investment Decision) in early 2026. The programme will lead to increasing news flow which is hopes will further reduce the risks associated with this project. We are also taking this opportunity to increase our asset value on a higher helium price to reflect the tighter market conditions. This has more than offset the dilution of the share issue. Our target price is increased to 68.9 p/share from 63.3 p/share.