Highlights

  • Oxford University detected helium-3 in all six Ramsay gas samples analysed from 2026 flow tests.
  • The highest reported argon-corrected concentration was 1,220 parts per trillion, from Ramsay 2.
  • The results are preliminary laboratory measurements and do not establish a recoverable helium-3 resource.
  • Further Ramsay 3 analysis, separation technology evaluation and a helium resource assessment remain priorities.

Gold Hydrogen Limited explores natural hydrogen and helium resources on South Australia's Yorke Peninsula, with the Ramsay project central to its work. The company (ASX:GHY) reported on 11 November 2026 that specialist analysis by Oxford University had detected helium-3 in six gas samples obtained during recent Ramsay flow testing. The isotope was identified in gas brought to surface, rather than only in geological samples. Although that finding adds another research avenue to the project, the company explicitly cautioned that commercial separation, recoverable volumes and an economic development case have not been established.

Oxford Laboratory Findings at Ramsay

The six samples comprised two from Ramsay 1 and four from Ramsay 2. Argon-corrected helium-3 results ranged from 504 to 534 parts per trillion at Ramsay 1, from 853 to 881 parts per trillion in the Ramsay 2 Kulpara Dolomite test, and from 1,191 to 1,220 parts per trillion in its Hiltaba Basement test. Gold Hydrogen (ASX:GHY) compared the highest result with an atmospheric reference of approximately 7.3 parts per trillion. The correction adjusts for argon introduced during start-up purging; it is not a direct measurement of an undisturbed commercial production stream. The results reflect a limited number of samples and require further characterisation.

Relationship to the Wider Helium Discovery

The 2026 campaign tested gas at Ramsay 1, Ramsay 2 and Ramsay 3 across approximately 2.2 kilometres. Gold Hydrogen (ASX:GHY) reported helium flow to surface, separation and bottling during the campaign, alongside an average sustained air-corrected helium concentration of approximately 15.2% across the three wells. These are helium measurements, not estimates of recoverable helium-3. Company modelling also indicated potential helium flow rates, but those modelled rates have not been demonstrated by sustained gas production tests. The latest isotope data do not independently establish a connected commercial reservoir, and the company must complete the technical studies required for resource classification.

Resource Work and Planned Development

Gold Hydrogen (ASX:GHY) is progressing a maiden independent helium contingent resource assessment, targeted for November 2026 subject to the technical work. It is also planning a modular helium development and evaluating purification technology previously trialled on Ramsay gas. Outstanding Ramsay 3 helium-3 samples remain under analysis, and other compositional work is continuing with specialist laboratories. Separately, the company is considering additional natural hydrogen and helium exploration targets. These activities should not be conflated: an estimate for conventional helium would not automatically include helium-3, while laboratory detection of an isotope does not itself demonstrate a process for extracting and selling it.

Separation Technology and Commercial Uncertainty

Helium-3 has specialised scientific and technology applications, but separating it from the much more abundant helium-4 requires complex cryogenic processes. Gold Hydrogen (ASX:GHY) has not demonstrated such a separation process at Ramsay. It has also stated that no helium-3 prospective or contingent resource estimate exists and that no recoverable Volume has been assessed. The market for the isotope lacks a transparent benchmark price, so reported indicative values should not be treated as established project Revenue assumptions. The next evidence will come from additional sample analysis, independent resource work, technology engagement and any later engineering studies. Geological variability, financing and commercial feasibility remain substantial uncertainties.

Key Insights

Gold Hydrogen (ASX:GHY) has confirmed helium-3 in preliminary samples from its 2026 Ramsay tests, but the measurements are not equivalent to recoverable reserves or commercial output. The decisive outstanding questions concern sample representativeness, independent resource classification and the technical and economic feasibility of separating the isotope.