Announcement PDF Gold Hydrogen Aiming to Develop Naturally Occurring Australian Hydrogen Gold Hydrogen Limited November 2023 Investor Conferences 1 Important Notice & Disclaimer This presentation is not a prospectus, disclosure document or offering document under Australian law or under any other law. It is for informational purposes only. This document does not constitute, and should not be construed as, an offer to issue or sell or a solicitation of an offer or invitation to subscribe for, buy or sell securities in Gold Hydrogen Limited ABN 74 647 468 899 (Gold Hydrogen). Any material used in this presentation is only an overview and summary of certain data selected by the management of Gold Hydrogen. 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Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, “outlook”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, future or anticipated production or construction commencement dates and expected costs, resources or reserves, exploration results or production outputs. Forward looking statements are statements of future expectations that are based on management’s current expectations and assumptions and known and unknown risks and uncertainties that could cause the actual results, performance, or events to differ materially from those expressed or implied in these statements. These risks include, but are not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, commercialization, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal, and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals, and cost estimates. More detail on the risks relevant to Gold Hydrogen’s business and operations is set out in Risks section of this presentation. Statements in this presentation as to gas and mineral resources has been compiled from data provided by Gold Hydrogen’s Chief Engineer, Mr. Billy Hadi Subrata. Mr. Hadi Subrata’s qualifications include a Bachelor and Master of Engineering Science from University of New South Wales, Sydney, Australia, and he is an active member of Engineers Australia and SPE. Mr. Hadi Subrata's has 18 years of relevant exploration, development and production experience in petroleum, conventional and unconventional hydrocarbons, and hydrogen. Mr. Hadi Subrata has sufficient experience that is relevant to Gold Hydrogen’s resources to qualify as a Reserves and Resources Evaluator as defined in the ASX Listing Rules 5.11. Mr. Hadi Subrata consented to the inclusion in this report of the matters based on his information in the form and context in which it appears. 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Gold Hydrogen Limited 2 Contents Gold Hydrogen Limited Executive Summary 4 Industry Overview 5 Company Overview 10 Key Team 16 3 Executive Summary - Low Cost, Natural Hydrogen Title over natural hydrogen occurrences and a certified prospective resource Certified Prospective Resource for natural hydrogen with an unrisked Best Estimate of 1.3 billion kilograms (Refer Slide 12 for details) Flagship ‘Ramsay Project’, exploration permit granted, plus application permits Ramsay Project 7,820 km2 (green on map) is 100% owned by Gold Hydrogen. Other locations under exclusive application to Gold Hydrogen are a further 67,512 km2 Ramsay 1 exploration well results indicate Hydrogen and Helium Preliminary gas sample analyses have yielded high purity levels of up to 73% hydrogen plus helium in high purity levels at 3.6% Enabling engagements with leading global experts and contractors Strategic engagements with CSIRO, Schlumberger, Total Seismic, Xcalibur, Savanna Energy Services Significant commercial and environmental competitive advantage As a replacement for carbon-based fuels, naturally occurring hydrogen offers significant cost and emission advantages relative to other sources of hydrogen production. Global helium projects may be commercial from 1% purity or less Gold Hydrogen Limited Figure: Overview of Gold Hydrogen tenements 4 Industry Overview 5 Gold Hydrogen Limited 5 Global Hydrogen Forecast Substantial investment laying the foundation for Hydrogen use Global Hydrogen Demand by Sector, Net Zero Emissions Target Scenario (Mt) 527 A$629B A$184B 31 Projected annual investment on hydrogen projects in 2050 102 Projected annual investment on hydrogen projects in 2030 ESG push to decarbonise industries and economies is underpinning demand for hydrogen 207 212 42 Natural hydrogen as a carbon-neutral, low-cost source presents a very attractive opportunity to facilitate decarbonisation Source: Frost & Sullivan Report - Page 29 of Gold Hydrogen Prospectus Gold Hydrogen Limited 52 87 25 36 187 93 51 2020 2030 Industry Transport 2050 Electricity Other 1 Source: International Energy Agency, Oct-2021 1. Other includes buildings, agriculture and refineries 6 Key Trends Driving Hydrogen Adoption Most hydrogen used today is in the production of ammonia and steel, or by oil refineries Future growth projections are based on a number of key trends that are driving adoption ESG investment and country policies push to decarbonise Gold Hydrogen Limited Technological advances across the hydrogen value chain Hydrogen enhances flexibility of grids and industrial applications Use of hydrogen as transport fuel or heat source alternative 7 Types of Hydrogen Production Naturally occurring Hydrogen offers a significant cost and / or carbon advantages relative to other Hydrogen production (manufacturing) processes Energy source Environmental impact Grey Black/Brown Blue Green Natural hydrogen Natural gas Coal Natural gas / coal Renewables / biomass Low High Very High Low Low $1.00 $5.60 $6.20-$6.40 $10.20-$10.30 P: $6.40-$25.50 A: $4.70-$23.20 No thermal process Production cost (A$/kg)1,2 Cost comparable to existing power generation3 Today, ~95% of all hydrogen produced Source: Frost and Sullivan, Sep-2022 is from natural gas 1. Source: Christophe Rigollet1, Alain Prinzhofer2,3, Natural Hydrogen: A New Source of Carbon-Free and Renewable Energy That Can Compete With Hydrocarbons, First Break, Volume 40, Issue 10, Oct 2022, p. 78 – 84 DOI: https://doi.org/10.3997/1365-2397.fb2022087; “The Bourakébougou field, in Mali, represents the first natural hydrogen deposit studied both scientifically and industrially. It gives us information on its renewability, on the natural flows involved and therefore on its sustainable exploitation. It is possible to estimate that the cost of operating hydrogen would be less than $1/kg, which is significantly cheaper than any manufactured hydrogen, whether green, grey, or blue. Equivalent work is in progress in other continents, in order to be able to compare our knowledge of this Malian field with other fields in the world, which will make it possible to better ensure the industrial and societal interest of R&D for this new field.” 2. P = Polymer electrolyte membrane electrolysis. A = Alkaline Electrolysis. Gold Hydrogen cost is an estimate 3. For industrial buyers, a hydrogen offtake price of €3 ($4.50) per kg would be required to incentivise hydrogen production over power generation Gold Hydrogen Limited 8 Global Helium Projects Gold Hydrogen’s Ramsay 1 exploration well found Helium at up to 3.6% (in addition to the 73% Hydrogen identified) Gold Hydrogen currently has insufficient data for the generation of a prospective resource for Helium. This will be an ongoing focus of exploration and development initiatives if Helium continues to be encountered. Gold Hydrogen Limited 9 Company Overview 10 Gold Hydrogen Limited 10 Historical Drilling Found Hydrogen: Ramsay 1 Confirmed it • • • Historical drilling In the 1920s and 1930s, Natural Hydrogen occurrences in PEL 687 were reported during unsuccessful ventures looking to discover oil Gases from the Ramsay Oil Bore were sampled by the State of South Australia at the rig site and after lab analysis was found to have a very high Natural Hydrogen content between 66% and 89% (air corrected) Gold Hydrogen successfully twined the Ramsay Oil Bore in October 2023 and found up to 73.3% Hydrogen and 3.6% Helium (both air corrected values) Gold Hydrogen Limited American Beach 2023 Program Ramsay Oil Bore 1 Ramsay 1 Ramsay 2 Depth (m) 289.5 240 220 - 1005 TBC H2 (%) air corrected values 83.3 76 Up to 73.3 (3.6% He) TBC 11 Gold Hydrogen Prospective Resources American Beach -1 Hydrogen Discovery Flowed 70% H2 @ 290m Ramsay -1 Hydrogen Discovery Flowed 84% H2 @ 508m H 2 Certified Prospective Hydrogen Resources, existing discoveries and drill ready hydrogen prospects (calculated volume not determined) Unrisked Prospective Hydrogen Resources, PEL 687 SPE-PRMS Sub-Class Category Low Estimate (kTonnes) Best Estimate (kTonnes) High Estimate (kTonnes) Prospect 165 1135 8050 Lead 42 178 770 Total 207 1313 8820 H 2 H 2 H 2 Diagrammatic Section Gold Hydrogen Limited NOTE - All estimates are unrisked and aggregated arithmetically by category, hence caution that the aggregate low estimate maybe a conservative estimate and the aggregate high estimate maybe very optimistic estimate due to the portfolio effects of arithmetic summation. The estimated quantities of hydrogen that may potentially be recovered by the application of future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery, risk of development and risk of commercialization. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially recoverable Natural Hydrogen. See ASX release of 13 January 2023 for full details and notes 12 Key Success Factors Ramsay Project ticks the boxes in respect of the key attributes for the Formation and Accumulation of Natural Hydrogen Key Success Factor Ramsay Project Source & Generation Via hydrolysis and radiolysis reactions in old rocks Located at the Gawler craton of South Australia, where radiolysis and hydrolysis reactions of iron-rich rocks are ongoing creating naturally occurring hydrogen Seals & Traps Required to enable accumulations of naturally formed hydrogen The Cambrian stratigraphy including tight limestones that overlie the basement source rocks provides likely seals that were penetrated by the historic wells that found hydrogen Structure Major structural boundaries in an extensional geological regime where natural fractures exist Ramsay Project located on major lithospheric boundary and bend in the Tasman line of the Delamerian orogeny. Additionally, it is within the setting of the tectonically active horst-graben Adelaide extensional rift Reservoir To be commercial, a reservoir of adequate volume, accessibility, flow rate and quality is required Ramsay Project Reservoir may extend to 5km depth (with only 50-150m thickness assumed in the Technical Expert Report) with historical occurrences of up to 84% Natural Hydrogen (up to 89% Air-corrected) from rocks which overlie the Basement Source rocks Gold Hydrogen Limited Source: SPE Hydrogen Section, online. November 2, 2023 (Ref: Prinzhofer, 2021) 13 Gold Hydrogen activity since inception • 1920s - 1930s: Before Gold Hydrogen was formed, natural Hydrogen reported at 66% and 89% (air corrected) while drilling for oil • • 2020-2021: Gold Hydrogen formed, leases obtained • • • • • • • Ramsay 1 drill site and Savanna Energy drill rig 2020-2022: ongoing G&G desk- top work including seismic reprocessing, static modelling; planning and approvals processes for field exploration activities Jan 2023: Gold Hydrogen IPO; ongoing G&G Mar 2023: Airborne Gravity Gradiometer (AGG) Survey Apr 2023: Soil-gas sampling by CSIRO Jun-Jul 2023: Interpretation of airborne data Sep 2023: Drilling approvals received Oct 2023: Ramsay 1 exploration well spuds (11 Oct) Next: Analysing data from Ramsay 1 and Ramsay 2 wells and determine next steps; • Potential activities 2024: seismic, exploration drilling … Gold Hydrogen Limited 14 Large Scale Potential Commercialisation Opportunities Gold Hydrogen Limited Gold Hydrogen Pty Ltd (Confidential) 15 15 Key Team 16 Gold Hydrogen Limited 16 Key Management Neil McDonald Founder & Managing Director Neil McDonald has more than 20 years of extensive commercial experience across the energy and minerals sectors in multiple Australian states. He has been involved from greenfield exploration to early development in projects across Queensland, Northern Territory and South Australia. He has worked on and helped commercialise some of Australia’s largest exploration projects for private and public companies. As a commercial lawyer, Neil has a strong legal grounding in commercial and regulatory compliance in the resources industry. Areas of focus in his career have been: acquiring new assets for business growth, monetisation of existing assets, engaging domestic and international investors, new partnerships to maximise commercialisation of assets, developing non-partisan relationships at the highest political levels, both Federal and State. Neil is a graduate of the Australian Institute of Company Directors. Gold Hydrogen Limited Roger Cressey Executive Director, Commercial & Operations Roger Cressey has more than 35 years of experience in the resource industry, predominantly in gas exploration and production. Roger has held CEO, COO and other executive roles within upstream and downstream operations across Australia, most recently in Queensland, NT and before that PNG. He has also held senior roles with companies active in Indonesia and Uganda. Roger’s strengths lie in managing multi-discipline teams, strategy development and delivery. He has a strong focus on engagement with both external and internal key stakeholders. Karl Schlobohm Company Secretary & Chief Financial Officer Karl Schlobohm is a Chartered Accountant and Fellow of the Governance Institute of Australia, with over 30 years experience across a range of businesses and industries. Karl has extensive listed company experience spanning the ASX, LSE, AIM and TSX exchanges, and has acted as CFO and / or Company Secretary for a number of publiclylisted companies in the resources industry including SolGold plc, Atlantic Lithium Ltd, DGR Global Ltd, Meridian Minerals Ltd and Tombola Gold Ltd Josh Whitcombe Chief Operating Officer Dr Josh Whitcombe is a Chartered Chemical Engineer and RPEQ with over 20 years of experience in the Oil and Gas industry, both offshore and onshore. Josh has held a number of Senior Management roles with small to midsized gas producers in Australia. After completing a PhD in oil refining he worked offshore with Shell International before returning to Australia 15 years ago. Prior to joining Gold Hydrogen he has had extensive experience in both green field exploration and brown field conventional gas operations. He has demonstrated an ability to manage diverse technical challenges, while focusing on HSE and community outcomes. 17 Board of Directors Alexander Downer Neil McDonald Independent Non-Executive Chair Founder & Managing Director • • Neil McDonald has more than 20 years of extensive commercial experience across the energy and minerals sectors in multiple Australian states. He has been involved from greenfield exploration to early development in projects across Queensland, Northern Territory and South Australia. He has worked on and helped commercialise some of Australia’s largest exploration projects for private and public companies. Neil is a graduate of the Australian Institute of Company Directors. Gold Hydrogen Limited Katherine Barnet • • • Alexander Downer is one of the country’s best-known politicians and diplomats. Leader of the Liberal Party, Minister for Foreign Affairs and High Commissioner to the UK. Before entering politics he was an executive director of the Australian Chamber of Commerce. Independent Non-Executive Director • Since departing Canberra and the diplomatic service, he holds or has previously held board appointments including the Advisory Board of British strategic intelligence and advisory firm Hakluyt & Company, merchant bankers Cappello Capital Corp. the Adelaide Symphony Orchestra, Huawei in Australia, as well as ASX-listed Lakes Oil NL and Ironbark Zinc Ltd. Alexander is currently a Non-Executive Director of Yellow Cake Plc, is a columnist for the AFR and is Companion of the Order of Australia. Roger Cressey • Katherine Barnet is a Chartered Accountant with over 25 years’ experience in the provision of professional services. Katherine is currently a partner at Olvera Advisors, a boutique Sydneybased consultancy, and has worked on some of Australia’s largest corporate matters and achieved success in developing, evaluating and understanding complex financial transactions, optimising sustainable growth and increasing value to corporate entities. Her recent corporate expertise has been focused on the renewable energy / mining, retail, property and construction industries. Katherine is a Fellow of CAANZ and ARITA and a member of the Australian Institute of Company Directors. Executive Director, Commercial & Operations • Roger Cressey has more than 35 years of experience in the resource industry, predominantly in gas exploration and production. • Roger has held CEO, COO and other executive roles within upstream and downstream operations across Australia, most recently in Queensland, NT and before that PNG. He has also held senior roles with companies active in Indonesia and Uganda. • Roger’s strengths lie in managing multi-discipline teams, strategy development and delivery. • He has a strong focus on engagement with both external and internal key stakeholders. 18 Gold Hydrogen Summary Title over reported natural hydrogen occurrences and a prospective resource Certified Prospective Resource for natural hydrogen with an unrisked Best Estimate of 1.3 billion kilograms (Refer Slide 12 for details) Flagship project, exploration permit granted Ramsay Project 7,820 km2 (green on map) is 100% owned by Gold Hydrogen. Other locations under exclusive application to Gold Hydrogen are a further 67,512 km2 Near term value inflection point Stage One exploration drilling program commenced in October 2023 on the Yorke Peninsula, with Ramsay 2 exploration well to spud in November 2023 Enabling engagements with leading global experts Strategic engagements with SLB (Schlumberger), CSIRO, Total Seismic, and Xcalibur Multiphysics, Savanna Energy Services Significant commercial and environmental competitive advantage As a replacement for carbon-based fuels, naturally occurring hydrogen offers significant cost and emission advantages relative to other sources of Hydrogen production … and we have a potential Helium play as well Gold Hydrogen Limited 19 Neil McDonald Managing Director neil@goldhydrogen.com.au +61 0 421 331 933 goldhydrogen.com.au Gold Hydrogen Limited 20