Highlights

  • Gold Hydrogen shares rose 3.61% to AUD 0.43 on 20 May 2026 following a Ramsay Project update.
  • The company reported Natural Hydrogen purities of up to 97% and Helium purities of up to 36.9%.
  • Worley completed a high-level commercial assessment covering multiple Helium production scenarios.
  • Gold Hydrogen is progressing multiple commercialisation pathways including Helium, green methanol and fuel-cell applications.
  • The company plans to commence its next Ramsay flow-testing campaign in June 2026.
  • Australia and New Zealand currently Import 100% of their Helium Supply following the Darwin LNG plant closure in 2023.

Gold Hydrogen Ltd (ASX:GHY) shares climbed 3.61% to AUD 0.43 on 20 May 2026 after the company released an update outlining potential accelerated Helium development opportunities at its Ramsay Project in South Australia. The announcement highlighted world-leading Helium purity results, independent commercial modelling undertaken by Worley, and the company’s ongoing efforts to evaluate commercial pathways for both Natural Hydrogen and Helium production.

Despite today’s rise, Gold Hydrogen shares remain down 34.85% over the past year. However, investor attention appeared to shift toward the company’s progress in evaluating future production scenarios and the growing strategic importance of Helium amid tightening global supply conditions.

Gold Hydrogen is focused on Natural Hydrogen and Helium exploration across South Australia, with the Ramsay Project representing its flagship asset. Since listing in January 2023, the company has undertaken extensive exploration and appraisal activities aimed at understanding the scale and commercial potential of Hydrogen and Helium resources across its permit areas. The company’s broader permit footprint exceeds 75,000 square kilometres and includes granted licences, application areas and gas storage exploration licence applications.

Commercialisation Studies Advance Across Multiple Pathways

The latest update outlined several commercialisation pathways currently under review by Gold Hydrogen, with the company progressing studies linked to Natural Hydrogen applications, Helium production and Downstream energy opportunities.

According to the company, potential future pathways include green methanol production, power generation, fuel-cell applications and bottled industrial-grade Helium production. These opportunities are being assessed alongside the company’s upcoming Ramsay flow-testing campaign, which is expected to begin in June 2026.

Gold Hydrogen stated that the Ramsay Project has already generated multiple datasets through exploration activities completed over recent years. These datasets include a 10,529-line-kilometre airborne survey conducted in 2023, fluid inclusion studies, a 575-kilometre 2D seismic survey, soil gas sampling programs and drilling activities across four wells.

The company also noted that independent consultants have separately completed prospective resource estimates for both Hydrogen and Helium across the Ramsay Project area.

Management said the available data supports confidence in the existence of both Natural Hydrogen and Helium across the broader project footprint, although further work remains necessary to confirm whether sufficient volumes can be commercially recovered.

Helium Purity Results Draw Attention

One of the key areas drawing market attention was the company’s reported Helium purity results from the Ramsay Project.

Gold Hydrogen said drilling and Well Testing completed to date recorded Natural Hydrogen purities of up to 97% and Helium purities of up to 36.9%, both on an air-corrected basis. The company noted that Helium-3 had also been identified in analysed samples through international laboratory testing.

According to the company, the reported Helium concentrations significantly exceed the commonly referenced commercial extraction cut-off grade of approximately 0.3% generally associated with Helium production from Natural Gas fields.

The company stated that, based on publicly available information, it considers the recorded purity levels among the highest reported globally.

Oxford University validation also confirmed the presence of Helium-3 concentrations of up to 901 parts per trillion, adding further technical interest to the project.

Worley Modelling Supports Potential Development Scenarios

Gold Hydrogen also disclosed details from a high-level commercial assessment undertaken by Worley Consulting relating to possible Helium development scenarios at Ramsay.

The assessment considered a range of potential production configurations, including scenarios involving as few as two wells and larger developments involving up to ten wells for gaseous Helium production, as well as larger-scale scenarios involving up to twenty wells.

According to the company, Worley’s modelling suggested the Ramsay Project could potentially achieve commercial viability under certain assumptions if wells sustain Helium flow rates of around 29 thousand standard cubic feet per day per well.

Gold Hydrogen noted that the assessment remains preliminary and is based on assumptions including typical process arrangements, estimated recoveries and well stream conditions provided by the company. The modelling does not represent a feasibility study, reserve estimate or definitive economic forecast.

The company said it intends to continue refining the modelling alongside the upcoming flow-testing campaign and any future contingent resource definition.

Management also stated that successful flow-testing outcomes could support the commencement of an accelerated Front-End Engineering Design (FEED) process in collaboration with Worley.

Quantum Technology Partnership Targets Modular Processing Solutions

Alongside the Worley assessment, Gold Hydrogen announced ongoing engagement with Quantum Technology Corp, a Canadian specialist focused on modular Hydrogen and Helium purification systems.

The company said Quantum Technology has provided access to commercial-scale pilot plants and modular skid-mounted purification systems already operating in North America and Europe through Cryo Diffusion SAS in France.

Gold Hydrogen is evaluating a smaller-scale Helium pilot pathway involving modular purification infrastructure potentially linked to one or two wells from the upcoming flow-testing program.

According to the company, this pathway could represent a comparatively lower-Capital and faster-to-market option for initial Helium production while also generating operational data to support larger-scale future development decisions.

The company added that Quantum Technology also confirmed its ability to supply modular Natural Hydrogen purification equipment for additional Hydrogen-focused commercial pathways.

Hydrogen Commercialisation Plans Continue Alongside Helium Strategy

While Helium development is receiving increasing attention, Gold Hydrogen said it continues advancing longer-term Natural Hydrogen commercialisation opportunities in parallel.

One proposed pathway involves deploying a Hydrogen fuel cell at Ramsay to convert Natural Hydrogen into electricity capable of powering a modular Helium purification plant. Management stated this concept could support off-grid energy applications in remote Australian regions.

Another pathway under consideration involves compressed gaseous Hydrogen production through modular purification infrastructure feeding fuel-cell-grade Hydrogen into 350-bar tube trailers. Gold Hydrogen said this concept is being assessed alongside a potential Hydrogen trucking trial involving an international automotive partner.

Longer-term aspirations discussed by the company also include potential Liquid Natural Hydrogen exports to Japan and Green Methanol opportunities on the Yorke Peninsula, subject to future feasibility work and project performance.

Global Helium Supply Pressures Remain in Focus

Gold Hydrogen’s update also highlighted broader market dynamics affecting the global Helium industry.

The company stated that Australia and New Zealand currently rely entirely on imported Helium supplies following the closure of the Darwin LNG Helium plant in late 2023.

Management further noted that Helium remains a strategically important gas used across semiconductor Manufacturing, artificial intelligence infrastructure, MRI medical imaging, aerospace, defence systems, cryogenics and Quantum Computing applications.

According to the company, recent disruption at Qatar’s Ras Laffan Facility has temporarily removed an estimated 30% to 35% of global traded Helium supply for an expected period of 12 to 18 months.

Gold Hydrogen said these disruptions are occurring at a time when Demand linked to AI infrastructure, data centres and advanced technology applications continues to rise.

Chairman Alexander Downer stated that recent supply disruptions had highlighted Australia’s reliance on imported Helium and reinforced the importance of rebuilding domestic supply capability.

Flow Testing Campaign Represents Key Near-Term Catalyst

Looking ahead, the next major milestone for Gold Hydrogen remains the upcoming Ramsay well-testing program.

The company stated that site equipment mobilisation is currently scheduled for late May 2026, with the broader flow-testing campaign expected to commence in June 2026.

If the testing program delivers favourable outcomes, Gold Hydrogen plans to refine commercial scenarios using actual flow test results, determine potential plant configurations and continue progressing FEED activities alongside strategic partner engagement.

The company also confirmed ongoing discussions with Helium offtake groups, investors, Helium plant vendors and government Stakeholders.

Gold Hydrogen noted that while the Ramsay Project presents commercial potential, geological, operational and development risks remain. These include uncertainties relating to gas recovery volumes, future project Economics, regulatory approvals and stakeholder engagement requirements associated with agricultural and environmentally sensitive areas.

What This Means for Investors?

Gold Hydrogen’s latest announcement appears to have improved investor focus on the commercial potential of the Ramsay Project, particularly following the release of independent Helium development modelling and the company’s reported high-purity gas results.

Today’s share price increase followed updates surrounding potential accelerated Helium development pathways, upcoming flow-testing activities and broader global supply disruptions affecting the Helium market.

While the project remains at a pre-commercial stage and additional testing is still required, investors are likely to monitor the June 2026 flow-testing campaign closely as the company works toward defining future development pathways for both Natural Hydrogen and Helium production.