Highlights

  • Gold Hydrogen (ASX:GHY) is progressing a three-month flow-test campaign at the Ramsay Project in South Australia.
  • The company is evaluating hydrogen and helium production potential from three drilled wells.
  • Ramsay sampling has returned hydrogen purity of up to 97% and helium concentrations of up to 36.9%.
  • Gold Hydrogen reported A$10.963 million in cash at 30 June 2026 with no declared SPE-compliant reserves or resources.

Gold Hydrogen (ASX:GHY) is advancing evaluation of its Ramsay natural hydrogen and helium project in South Australia through an ongoing flow-test campaign. The company is focused on determining commercial flow potential, supporting resource assessment and evaluating future development pathways.

What happened

Gold Hydrogen is conducting flow testing at the Ramsay Project, which covers Petroleum Exploration Licence 687 across approximately 7,820 square kilometres in the Stansbury Basin and Kanmantoo Trough in South Australia.

The company has drilled three wells at Ramsay and is testing whether hydrogen and helium can flow to surface at commercially viable rates.

On 2 July 2026, Gold Hydrogen reported that site preparation and mobilisation activities were progressing, with Ramsay 1 scheduled to commence testing followed by zonal testing at Ramsay 2 and Ramsay 3.

Equipment installation at Ramsay 1 was completed on 23 July 2026 following repairs to transport-related damage. The company expects the flow-test campaign to run for approximately three months.

Gold Hydrogen has also progressed commercial evaluation activities. An independent assessment by Worley concluded that a helium project at Ramsay could potentially be viable with two wells flowing approximately 29 thousand standard cubic feet per day each.

The company has outlined a modular helium purification pilot plant with Quantum Technology and signed a non-binding memorandum of understanding with Mitsubishi Gas Chemical to study potential green methanol applications using natural hydrogen.

The numbers investors need to know

Gold Hydrogen remains a pre-revenue explorer, with key metrics focused on gas quality, resource potential and funding position.

Sampling from Ramsay wells has returned hydrogen purity of up to 97% on an air-corrected basis and helium concentrations of up to 36.9%. The company has also identified helium-3 concentrations of up to 901 parts per trillion.

Gold Hydrogen has cited a prospective helium resource range of 7 billion cubic feet to 243 billion cubic feet. However, the company has not declared any SPE-compliant reserves or resources for the Ramsay Project.

The flow-test programme is intended to provide data required to support potential contingent resource reporting.

The company reported A$10.963 million in cash at 30 June 2026. Exploration expenditure during FY2026 was A$15.488 million, while net proceeds from share issues totalled A$13.792 million during the year.

The current funding position supports ongoing testing activities, but further Capital may be required for appraisal work, front-end engineering design and potential pilot plant development.

Development outlook and key considerations

Gold Hydrogen’s immediate focus remains completion of the Ramsay flow-test campaign and assessment of sustained gas flow performance.

Key outcomes include flow rates, reservoir behaviour, potential contingent resource conversion and decisions regarding further engineering studies.

The company is also progressing commercial pathways through helium purification technology and potential hydrogen-based industrial applications.

Future development depends on technical validation, funding availability, regulatory approvals and the ability to demonstrate commercial-scale production potential.

Bull case

Gold Hydrogen has identified hydrogen and helium concentrations that provide a basis for further evaluation of the Ramsay Project.

The company’s helium results, combined with Worley’s assessment of potential project requirements, provide a framework for evaluating commercial development options.

The modular pilot plant approach and potential Downstream applications through the Mitsubishi Gas Chemical memorandum provide additional pathways if flow testing confirms commercial viability.

Successful flow results could support resource definition and progress towards future project studies.

Bear case and risks

Gold Hydrogen remains an early-stage exploration company without declared reserves or resources at Ramsay. High gas concentrations from samples do not confirm sustainable commercial production rates.

The flow-test campaign is the key technical milestone, and results may differ from initial sampling outcomes.

The company’s cash position is limited relative to potential future appraisal and development requirements, creating potential funding considerations.

Additional risks include technical execution, commercialisation uncertainty, non-binding Partnership arrangements, regulatory approvals and the broader uncertainty associated with natural hydrogen development.

What comes next

The key upcoming milestone is completion of the Ramsay flow-test campaign and release of testing results.

Investors will monitor sustained flow rates, potential contingent resource reporting, progression of FEED activities, advancement of the Quantum Technology pilot plant and any further development of the Mitsubishi Gas Chemical relationship.

Future funding requirements will also remain an important consideration.

Conclusion

Gold Hydrogen (ASX:GHY) is progressing the Ramsay Project through flow testing aimed at determining the commercial potential of natural hydrogen and helium resources.

The company has reported high hydrogen purity and helium concentrations while advancing technical and commercial studies. However, the next stage depends on flow-test results, resource definition and demonstrating that the geological potential can translate into a viable development opportunity.