Key Highlights

  • Oxford University confirmed helium-3 in all six gas samples from the 2026 Ramsay 1 and Ramsay 2 flow tests.
  • The highest reading of 1,220 ppt is about 35% above the previous Ramsay maximum of 901 ppt reported in 2024.
  • The company cites indicative helium-3 values of up to US$18 million per kilogram, depending on purity and market conditions.
  • Helium-3 is not included in any resource estimate, and separation technology has not yet been demonstrated at Ramsay.

Gold Hydrogen Limited (ASX:GHY) has reported that isotopic analysis by Oxford University has confirmed helium-3 in gas samples from the 2026 Ramsay 1 and Ramsay 2 flow tests in PEL 687 on the Yorke Peninsula in South Australia. The update dated 11 November 2026 adds a rare isotope to a project the company has been developing as a conventional helium source, and it arrives at a time when the company is preparing for a maiden helium resource assessment.

What the laboratory results show

Oxford University measured helium-3 in all six samples, with Argon-corrected concentrations of 504 to 534 ppt at Ramsay 1, 853 to 881 ppt from the Kulpara Dolomite test at Ramsay 2, and 1,191 to 1,220 ppt from the Hiltaba Basement test at Ramsay 2. The highest reading is about 165 times the atmospheric level of 7.3 ppt. The company said the samples with the highest helium-3 content also had the highest helium-4 content.

The measured helium-3 to helium-4 ratios, expressed as R/Ra values of 0.0061 to 0.0068, are close to the 2024 results. The company said that consistency across different wells, formations and test methods gives it more confidence that the isotopic composition is representative of the gas produced from the reservoirs.

Why the isotope draws attention, and the caveats

Helium-3 is used in dilution refrigerators for quantum computing, in neutron detection for national security and in certain medical imaging and fusion research. Supply is extremely limited because it is largely a by-product of tritium decay linked to nuclear programs. The company cites indicative values of up to US$18 million per kilogram, but there is no established, transparent Market Price for the isotope, and the figures depend on purity and market conditions.

The company has been direct about the limits of the findings. The results are preliminary, depend on the Argon correction methodology and come from a small number of samples. Separating helium-3 from helium-4 requires cryogenic technology that has not been demonstrated at Ramsay, and helium-3 is not included in any Prospective or Contingent Resource estimate for the project.

Helium development and the program still to come

The helium-3 results sit alongside the wider Ramsay flow test program. The company reports sustained air-corrected helium concentrations of about 19% at Ramsay 1 and 20% at Ramsay 2, with an average of about 15.2% across three wells. Helium was flowed to surface, separated, purified and bottled onsite, which the company said is the first helium bottled in Australia since the Darwin plant closed in late 2023.

Several steps remain. Ramsay 3 helium-3 samples are still under analysis at Oxford University, and the maiden Helium Contingent Resource assessment is targeted for November 2026, subject to the required technical work. The company is also planning a modular helium plant and assessing separation technology partners for helium-3.

Final Word

The Ramsay results add a second potential product to a helium project that is already at an advanced testing stage. Whether helium-3 becomes a commercial stream will depend on separation technology that has yet to be shown at the site, on the Ramsay 3 analysis and on the company’s ability to establish a market for the isotope. For now, the findings are preliminary laboratory measurements that will need further work before they carry value in a resource estimate.