Highlights

  • Gold Hydrogen confirmed that testing equipment has been installed at Ramsay 1 after delays caused by equipment damage during transportation.
  • Earlier sampling recorded air-corrected hydrogen purity of up to 97% and helium concentration of up to 36.9%.
  • The company has not declared any SPE-compliant reserves or resources for the Ramsay Project.
  • Gold Hydrogen held A$10.96 million in cash at 30 June 2026 following exploration expenditure and equity funding activities.
  • The current testing program is focused on understanding gas flow rates and reservoir characteristics.

Gold Hydrogen Ltd (ASX: GHY) is advancing evaluation work at its Ramsay Project on South Australia’s Yorke Peninsula as it moves towards flow testing of helium-bearing reservoirs.

The company is exploring naturally occurring hydrogen and helium resources identified through historical exploration records and recent drilling activities. While previous sampling has identified high concentrations of hydrogen and helium, the company is now focused on determining whether these gases can be produced from wells at measurable flow rates.

On 23 July 2026, Gold Hydrogen announced that all testing equipment had been installed at Ramsay 1 following repairs and remobilisation after equipment was damaged during transport to site.

The company has highlighted that flow testing will provide further information on reservoir performance, gas composition and the potential characteristics of the project.

Ramsay Wells Target Hydrogen and Helium Assessment

Gold Hydrogen’s current testing campaign covers three wells: Ramsay 1, Ramsay 2 and Ramsay 3.

The company plans to test the wells using different pumping systems. Ramsay 1 and Ramsay 2 will use electric submersible pumps rated at 2,000 barrels per day, while Ramsay 3 will use equipment rated at 20,000 barrels per day.

The testing approach involves removing water from the reservoir to reduce pressure and allow gas movement towards the wellbore. Previous testing at Ramsay 1 used a mechanical pump with a lower capacity of 180 barrels per day.

The company expects the testing campaign to continue for approximately three months. Results from this program are expected to provide information about sustained gas flow rates and reservoir behaviour.

Previous Sampling Identified Hydrogen and Helium Concentrations

Gold Hydrogen has previously reported hydrogen and helium concentrations from gas samples collected at the Ramsay Project.

Earlier sampling recorded air-corrected hydrogen purity of up to 97% and helium concentration of up to 36.9%. These figures represent the composition of collected gas samples and do not indicate the volume of gas available or confirm commercial production capability.

The company has stated that no SPE-compliant reserves or resources have been declared for the Ramsay Project.

Establishing a resource estimate would require further technical information, including production testing results, reservoir analysis and additional evaluation work.

Overview of the Ramsay Project

Gold Hydrogen holds Petroleum Exploration Licence PEL 687, which covers approximately 7,820 square kilometres across the Stansbury Basin and Kanmantoo Trough in South Australia.

The company’s exploration activities are focused on natural hydrogen and helium resources. The Ramsay Project is based on historical records from government drilling programs conducted during the early twentieth century, which identified gas occurrences in the region.

Gold Hydrogen is also evaluating potential development pathways, including helium purification and hydrogen-related applications.

The company has outlined a potential helium development approach involving a modular purification plant supplied by optimised wells. Hydrogen pilot concepts include using produced hydrogen for electricity generation and compression activities.

Financial Position and Funding Activities

Gold Hydrogen reported cash holdings of A$10.963 million at 30 June 2026, consisting of A$9.423 million in bank balances and A$1.540 million in term deposits.

During the June 2026 quarter, net cash used in operating activities was A$2.679 million. Over the twelve months to 30 June 2026, the company reported A$15.174 million in net operating outflows and A$15.488 million in exploration expenditure.

Funding activities included A$13.792 million in net proceeds from share issues during the financial year. Shares on issue increased from approximately 159.7 million at 30 June 2025 to 180,454,285.

The company also received a A$2.709 million research and development tax incentive payment relating to FY2025.

Future Developments and Areas to Monitor

The next stage of the Ramsay Project depends on the results of flow testing. The company needs further information on whether gas identified through sampling can move through the wells at consistent rates.

Future updates may include results from Ramsay 1, Ramsay 2 and Ramsay 3 testing activities, additional technical studies and progress towards potential resource classification.

The company is also expected to continue evaluating helium composition, reservoir performance and possible development pathways.

Risks and Challenges

Gold Hydrogen remains in the exploration and evaluation stage, and the company has not yet demonstrated commercial production from the Ramsay Project.

Although previous sampling identified hydrogen and helium concentrations, additional testing is required to understand whether the project can support future development.

Funding requirements remain another factor, as exploration and testing activities require continued expenditure. The company’s cash position at 30 June 2026 was A$10.96 million, while exploration expenditure during the previous year was A$15.49 million.

Conclusion

Gold Hydrogen is progressing its Ramsay Project evaluation through a three-well testing program focused on understanding hydrogen and helium flow potential. The installation of testing equipment at Ramsay 1 marks an important step in assessing reservoir characteristics.

Previous sampling results identified notable hydrogen and helium concentrations, but flow testing remains necessary to determine whether these resources can demonstrate consistent production characteristics. Upcoming testing results will provide further information about the technical progress of the project.