Highlights

  • Gold Hydrogen (ASX:GHY) shares were trading at AUD 0.52, down 1.87% during the afternoon session on 25 August 2026.
  • Ramsay 2 flow testing confirmed helium concentrations of up to 20% from the Kulpara Dolomite reservoir.
  • The company confirmed a continuous 180m gross helium-bearing reservoir across Ramsay 1 and Ramsay 2.
  • Raw gas rates reached up to approximately 128 Mscf/day, with helium rates of up to approximately 24.3 Mscf/day.
  • The results support further progress towards maiden Contingent Resources and potential helium pilot project planning.

Gold Hydrogen Limited (ASX:GHY) has reported results from the Ramsay 2 flow test at its Ramsay Project in South Australia, confirming helium flow to surface and supporting the company’s interpretation of a continuous helium-bearing reservoir.

Gold Hydrogen shares were trading at AUD 0.52, down 1.87% during the afternoon session on 25 August 2026, while the shares remained up 2.94% over the past year.

The Ramsay 2 results represent the second successful well test at the project and provide additional technical information as the company progresses towards potential maiden Contingent Resource definition and future development studies.

Ramsay 2 Results

Gold Hydrogen confirmed that helium was successfully flowed to surface and separated from Ramsay 2 using the company’s artificial lift flow test system.

The testing recorded air-corrected helium concentrations of up to 20% from the gross 180m Kulpara Dolomite reservoir interval.

The result follows previous testing at Ramsay 1, which recorded stabilised air-corrected helium concentrations of 19%, providing additional data on the continuity and performance of the targeted reservoir.

The company also reported that helium concentrations of up to 19% were measured from a 200m gross interval within the Hiltaba Basement, which is aligned with the Kulpara formation and Ramsay 1 testing.

Reservoir Performance

Ramsay 2 flow testing demonstrated reservoir deliverability consistent with the results observed at Ramsay 1.

The well achieved raw gas rates of up to approximately 128 Mscf/day and helium rates of up to approximately 24.3 Mscf/day from the Kulpara Dolomite.

Gold Hydrogen noted that both tests remained constrained by installed pump capacity and completion design rather than reservoir deliverability.

Ramsay 2 achieved gross fluid flow rates of up to 2,300 barrels per day, with stabilised rates of approximately 1,200 barrels per day while the installed electric submersible pump operated at its rated capacity.

The company also reported that ESP pump efficiency improved by almost three times during stabilised flow testing compared with Ramsay 1, which it attributed to the improved cased-and-perforated completion design and removal of the ESP intake screen.

Reservoir Continuity

A key objective of the Ramsay 2 program was to assess whether the helium-bearing reservoir identified at Ramsay 1 extended beyond the original well location.

Ramsay 2 was drilled approximately 500 metres from Ramsay 1 and provided dynamic evidence that the Kulpara Dolomite reservoir extends between the two locations.

The company said the comparable helium concentrations, reservoir characteristics and interpreted deliverability from both wells support the interpretation of a laterally continuous helium-bearing reservoir system.

Gold Hydrogen stated that the results provide evidence that the productive characteristics observed at Ramsay 1 are not limited to a single well location.

Contingent Resource Pathway

The Ramsay 2 results have further progressed Gold Hydrogen’s pathway towards booking maiden Contingent Resources for helium at the Ramsay Project.

The company currently has an independent helium Prospective Resource assessment with a mean estimate of 96 Bcf covering only a portion of the broader PEL 687 permit area.

Gold Hydrogen expects to assess the booking of Contingent Resources after completion and interpretation of the full 2026 flow testing program, including future testing at Ramsay 3, together with independent technical assessment.

The company highlighted that Ramsay 2 has added further information through second-well producibility, reservoir continuity, repeatable performance and zone-specific data collection.

Pilot Project Plans

Gold Hydrogen continues planning activities for a potential Ramsay Helium Pilot Project.

The company said the Ramsay 2 results provide further support for the technical assumptions outlined in an independent Worley assessment, which concluded that commercial helium development at Ramsay may potentially be viable with as few as two wells, subject to further technical, commercial and economic evaluation.

The company is continuing discussions with potential technology and distribution partners while assessing low-cost pilot options, including vendor designs and cost estimates for a modular commercial helium plant.

Management Commentary

Gold Hydrogen Managing Director Neil McDonald said the Ramsay 2 results represented progress from demonstrating helium production at a single well to confirming repeatable helium extraction at a second location.

Mr McDonald highlighted the combination of helium concentrations of up to 19% at Ramsay 1 and up to 20% at Ramsay 2, together with consistent reservoir performance, as supporting the company’s ongoing evaluation of the Ramsay Helium Project.

He said the company’s focus remains on completing the 2026 flow testing program, progressing towards maiden Contingent Resources and continuing work towards a potential Ramsay Helium Pilot Project.

What Investors May Be Watching

Investors may continue to monitor the completion of the 2026 flow testing campaign, including planned Ramsay 3 testing, resource assessment activities and progress towards potential pilot project development.

The latest results provide additional technical data on helium concentration, reservoir continuity and deliverability, while further evaluation is required before any commercial development outcomes can be established.