Highlights

  • Independent testing detected helium-3 in six samples from Ramsay 1 and Ramsay 2.
  • The highest reported argon-corrected helium-3 concentration was 1,220 parts per trillion.
  • The 2026 campaign also tested helium-bearing gas across three Ramsay wells.
  • Further analysis, resource assessment and separation studies remain necessary.

Gold Hydrogen Limited (ASX:GHY) explores for natural hydrogen and helium at its Ramsay Project on South Australia's Yorke Peninsula. Its 2026 appraisal programme has included flow testing, gas sampling and laboratory assessment at Ramsay 1, Ramsay 2 and Ramsay 3. An 11 November announcement confirmed preliminary helium-3 measurements in samples from the first two wells. The findings add geological information to the project, but they do not establish recoverable helium-3 volumes or commercial production.

Laboratory Results from Ramsay 1 and Ramsay 2

Oxford University's specialist laboratory detected helium-3 in all six samples analysed from the Ramsay 1 and Ramsay 2 flow tests. Gold Hydrogen Limited (ASX:GHY) reported argon-corrected concentrations ranging from 504 to 534 parts per trillion at Ramsay 1. The Ramsay 2 samples ranged from 853 to 881 parts per trillion in one test interval and from 1,191 to 1,220 parts per trillion in another.

The highest corrected result was approximately 165 times the atmospheric reference concentration of 7.3 parts per trillion. Argon was used to purge the testing system, so the corrected measurements depend on the adjustment methodology. These are laboratory observations from a limited number of samples, not an estimate of future output. Results from Ramsay 3 were still being analysed when the announcement was released.

What the Wider Flow Campaign Established

During its 2026 campaign, Gold Hydrogen Limited (ASX:GHY) conducted helium flow tests at all three Ramsay wells. The company reported average sustained air-corrected helium concentrations of approximately 15.2% across the wells. At Ramsay 1 and Ramsay 2, reported sustained concentrations were approximately 19% and 20%, respectively. The tests brought gas to the surface and supported further assessment of the project's helium-bearing reservoir.

The company also reported gross fluid production of up to approximately 14,000 barrels per day at Ramsay 3. Fluid production is not equivalent to commercial helium sales. Separately, estimated helium gas delivery rates in its technical material were modelled rather than demonstrated through sustained commercial operations. Natural hydrogen readings at Ramsay 3 form another exploration avenue but remain distinct from the helium-3 analysis.

Development Studies and Technical Constraints

Gold Hydrogen Limited (ASX:GHY) is progressing an independent maiden helium contingent-resource assessment, which the company targeted for November 2026 subject to technical completion. It is also reviewing a modular helium development concept, including design and procurement planning. These activities remain studies and plans; a completed gas test is not the same as a development decision or an operating facility.

The potential recovery of helium-3 presents a separate processing challenge. Isolating the isotope from helium-4 requires specialised technology that has not been demonstrated at Ramsay. No helium-3 quantity has been included in a prospective or contingent resource estimate, and the company has not established a recoverable Volume or a transparent commercial selling price.

Next Evidence and Execution Risks

Pending Ramsay 3 isotopic results, remaining laboratory work and separation-technology evaluation are important next steps. Gold Hydrogen Limited (ASX:GHY) also intends to assess additional drilling targets for helium and natural hydrogen. Any proposed modular development would require further engineering, expenditure decisions and evidence that recovered products could be processed and marketed reliably.

The main uncertainty is the gap between a promising sample composition and sustained, commercially recoverable output. Geological variability, well performance, processing costs and financing all remain relevant. The November results therefore support additional appraisal, not a conclusion that helium-3 production is technically or economically established.

Key Insights

Gold Hydrogen's 2026 Ramsay programme has confirmed helium-3 in analysed flow-test gas and added helium and reservoir information. However, the measurements are preliminary, Ramsay 3 isotope analysis remains pending, and contingent-resource assessment and processing studies must advance before commercial conclusions can be drawn.