Highlights

  • Oxford University results confirm Helium-3 concentrations of up to 1,220 ppt (Argon-corrected) from Ramsay 2 Hiltaba Basement — approximately 165 times atmospheric concentrations of 7.3 ppt.
  • Helium-3 detected in all six gas samples analysed from Ramsay 1 and Ramsay 2 flow tests, with Argon-corrected concentrations ranging from 504 ppt to 1,220 ppt.
  • The 1,220 ppt result is approximately 35% higher than the previous maximum of 901 ppt reported from Ramsay 1 in 2024.
  • Ramsay 3 samples remain with Oxford University and CSIRO; results will be reported when received.
  • Maiden Helium Contingent Resource assessment is targeted for November 2026.

Gold Hydrogen Limited (ASX:GHY) has announced preliminary Helium-3 isotope results from Oxford University's specialist noble gas research laboratory for gas samples collected during the 2026 flow test campaign at the Ramsay 1 and Ramsay 2 wells on the Yorke Peninsula, South Australia. The results confirm exceptional concentrations of Helium-3 in the Ramsay gas stream — a stable, non-radioactive isotope of helium described as one of the world's scarcest and most strategically important materials — and potentially add a high-value by-product dimension to the Company's existing conventional helium development programme.

Latest Development

Oxford University has measured Helium-3 concentrations in all six gas samples analysed from the Ramsay 1 and Ramsay 2 flow tests. After correction for Argon introduced as a purge gas during start-up, concentrations range from 504 ppt at Ramsay 1 to 1,220 ppt at the Ramsay 2 Hiltaba Basement test — equivalent to approximately 165 times the atmospheric Helium-3 concentration of 7.3 ppt. The measured Helium-3 to Helium-4 ratios (³He/⁴He) are consistent between wells and with the 2024 results from the same project, ranging from 0.0061 to 0.0068 R/Ra, suggesting that the Helium-3 signature is a consistent geochemical characteristic of the Ramsay gas system rather than an artefact of individual test conditions. These results represent the highest Helium-3 concentrations yet measured at Ramsay, surpassing the prior 2024 maximum of 901 ppt.

Company Background

Gold Hydrogen is a Brisbane-based ASX-listed company focused on the exploration and development of its Ramsay Helium and Natural Hydrogen Project in Permit PEL 687 on South Australia's Yorke Peninsula. The 2026 flow test campaign successfully demonstrated helium flowing to surface, separated, purified, and bottled on site — described by the Company as the first helium bottled in Australia since the Darwin helium plant closed in late 2023. Average air-corrected helium concentrations of approximately 15.2% across the three wells, combined with the Helium-3 results, have established Ramsay as one of the highest-purity helium accumulations known globally.

Sector Context

Helium-3 is a critically scarce element with no known primary terrestrial production source; global Supply is currently derived almost entirely as a by-product of radioactive decay in nuclear programs. The United States Department of Energy has allocated Helium-3 since 2010 due to supply shortages. Applications include dilution refrigerators for quantum computers, neutron detectors for nuclear security, and potential fusion energy fuel. Demand from the Quantum Computing sector has grown rapidly as large-scale quantum systems require stable cryogenic environments achievable with Helium-3-based dilution refrigerators. Ramsay's naturally occurring Helium-3, if the separation technology required to extract it can be demonstrated, would represent an unusual alternative supply that does not require nuclear processes.

Market Perception

The identification of consistent, elevated Helium-3 concentrations across multiple wells and formations at Ramsay — combined with its co-occurrence in a high-purity helium gas stream — represents a potentially transformative discovery dimension. For Gold Hydrogen, the strategic value lies not in Helium-3 as a primary product but as a by-product of what is already a compelling conventional helium development. The emerging commercial interest in Helium-3 separation technology — including evaluation agreements elsewhere in the sector between helium producers and specialist technology providers — suggests that a pathway to Helium-3 recovery from land-based helium projects may become commercially feasible within the timeframe of Ramsay's development.

Growth Drivers

The Helium-3 results add a potential strategic dimension to Ramsay that extends the project's commercial optionality beyond the conventional helium market. Even at modest separation efficiency and without an established transparent market price, the Helium-3 content adds an asymmetric potential upside that is difficult to fully value at this stage. The conventional helium development pathway — maiden Contingent Resource assessment targeted for November 2026, modular helium development planning, and purification technology validation — remains primary. Natural Hydrogen concentrations of up to 97% (air-corrected) at Ramsay 3 add a third product stream for longer-term appraisal.

Risks and Challenges

Helium-3 separation from a Helium-4-dominant gas stream requires cryogenic technology that has not been demonstrated at Ramsay or anywhere at commercial scale on a land-based helium project. The results are laboratory measurements from a limited number of samples and are preliminary; ongoing analysis will provide further data. No Helium-3 resource or reserve estimate exists, and no assessment has been made of recoverable volume. The Argon-corrected values depend on the correction methodology and are characterised as preliminary. The conventional helium market, while well-established, is also subject to price Volatility and demand shifts that affect project Economics independent of the Helium-3 opportunity.

Recent Announcements

The 2026 flow test campaign results for all three Ramsay wells, including Natural Hydrogen concentrations at Ramsay 3 of up to 97% air-corrected, were announced on 2 November 2026. The maiden Helium Contingent Resource assessment is targeted for November 2026, subject to completion of technical work. Ramsay 3 Helium-3 samples remain with Oxford University and CSIRO and will be reported when received.

Key Insights

Gold Hydrogen has confirmed the presence of elevated and consistent Helium-3 concentrations in the Ramsay gas system at levels approximately 165 times atmospheric concentration, adding a potential strategic value dimension to what is already a high-purity conventional helium project. The consistent ³He/⁴He ratios across wells and the alignment with 2024 results reinforce the geological credibility of the Helium-3 signature as an intrinsic feature of the Ramsay system. While commercial separation and recovery of Helium-3 from land-based helium remains an emerging rather than established technology pathway, the quantum computing and advanced technology demand profile for this element is growing rapidly, potentially shortening the commercialisation timeline for projects with confirmed Helium-3 presence.