Gold Hydrogen Limited (ASX:GHY) — What Has Ramsay-3 Testing Established So Far?

Aditi Sarkar

04 November 2026 06:40 PM AEDT

Gold Hydrogen Limited (ASX:GHY) — What Has Ramsay-3 Testing Established So Far?

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Key Highlights

Gold Hydrogen Limited (ASX:GHY) reported on its 2026 operating activities, financial position and project developments. Its recent disclosures address Ramsay-3 hydrogen test results, flow-rate modelling and further laboratory assessment.
The company completed natural-hydrogen flow testing at Ramsay-3 on South Australia’s Yorke Peninsula.
The company is assessing whether natural hydrogen could Supply feedstock for a green methanol Facility on the Yorke Peninsula.
The company reported modelled potential of approximately 100 kg of natural hydrogen per day per development well, not an established sustained production rate.
The company is assessing green methanol feasibility and additional laboratory analysis after Ramsay-3 appraisal testing.

Gold Hydrogen Limited (ASX:GHY) is investigating natural hydrogen and helium opportunities in South Australia, with testing focused on its Ramsay project. Its shares were quoted at AUD 0.475, down 5.00%, on 4 November 2026. The company has been assessing hydrogen flow, gas composition and potential development-well configurations as part of its appraisal programme.

In its release dated 2 November 2026, the company described appraisal testing that brought natural hydrogen to the surface at Ramsay-3 and engineering estimates of possible future production rates. Those estimates relate to potential development conditions rather than sustained commercial output already achieved.

Ramsay-3 Appraisal

The company completed natural-hydrogen flow testing at Ramsay-3 on South Australia’s Yorke Peninsula. Hydrogen was flowed to surface and separated under appraisal conditions, following earlier testing at Ramsay-2. The company reported that concentrations as high as 97%, on an air-corrected basis, had been recorded during drilling at Ramsay-3.

Engineering appraisal and modelling indicated a potential development-well flow rate of approximately 100 kilograms of hydrogen per day. At a sustained rate of that level, the mathematical equivalent would be about 36.5 tonnes annually per well. The company stated that further technical assessment is required to verify sustainable flow and the commercial viability of development.

Exploration Position

The company holds prospective exploration areas exceeding approximately 75,000 square kilometres. The active evaluation work described in its November announcement covered less than 2,000 square kilometres within PEL 687. The company is therefore applying local test results to assess one portion of its larger permit portfolio.

Ramsay testing has also included helium appraisal, and the company has outlined a possible stand-alone helium development pathway. The hydrogen and helium opportunities depend on different technical and commercial evaluations. The company is also awaiting laboratory results for helium-3 isotopic testing.

Green Methanol Assessment

The company is assessing whether natural hydrogen could supply feedstock for a green methanol facility on the Yorke Peninsula. A June 2026 memorandum of understanding with Mitsubishi Gas Chemical established a feasibility-study framework covering hydrogen, renewable electricity and biogenic carbon inputs.

The company discussed a conceptual methanol output of around 20,000 tonnes annually in connection with its modelling. This remains an illustrative development concept rather than established production. The company targeted a feasibility assessment in the first quarter of 2027 and indicated further evaluation of reservoir performance and the number of wells required.

Further Testing and Key Insights

The next programme includes laboratory analysis of gas and water samples, reservoir modelling and ranking of step-out drilling targets. The company also intends to examine Horizontal Well configurations and continue helium-resource appraisal. These steps are designed to test the reproducibility and scale of its present findings.

The November results demonstrate hydrogen recovered during appraisal testing and describe an engineering model for possible production rates. They do not confirm a commercial production facility or sustained field-scale output. The company continues technical work on both natural-hydrogen and helium opportunities at Ramsay. The company also intends to integrate its 2024–2026 flow and pressure observations into reservoir models before selecting further appraisal locations.

Operational plans discussed in the quarter remain subject to their stated funding, technical, regulatory and scheduling requirements. These planned activities should be distinguished from completed work and reported quarter-end balances.

FAQs

Q: What development flow rate was modelled?

A: Approximately 100 kilograms of natural hydrogen daily per well.

Q: Was hydrogen flowed at Ramsay-3?

A: Yes, under appraisal testing conditions.

Q: What concentration was recorded during drilling?

A: Up to 97% hydrogen on an air-corrected basis.

Q: When is the methanol feasibility work targeted?

A: The first quarter of 2027.

Q: Is sustained commercial production confirmed?

A: No; further testing is required to establish sustainability and viability.

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