Announcement PDF Committed to developing naturally occurring Hydrogen and Helium in Committed to Developing Naturally Australia Occurring Hydrogen and Helium in Australia 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. The presentation does not purport to contain all the information that a prospective investor may require in evaluating a possible investment in Gold Hydrogen nor does it contain all the information which would be required in a disclosure document prepared in accordance with the requirements of the Corporations Act and should not be used in isolation as a basis to invest in Gold Hydrogen. The information contained in this presentation is not investment or financial product advice and has been prepared as general information only, without consideration for your particular investment objectives, financial situation or particular needs. Recipients of this presentation must make their own independent investigations, consideration, and evaluation of Gold Hydrogen. Gold Hydrogen recommends that potential investors consult their professional advisor/s as an investment in Gold Hydrogen is considered to be speculative in nature. Statements in this presentation are made only as of the date of this presentation unless otherwise stated and the information in this presentation remains subject to change without notice. Reliance should not be placed on information or opinions contained in this presentation. To the maximum extent permitted by law, Gold Hydrogen disclaims any responsibility to inform any recipient of this presentation on any matter that subsequently comes to its notice which may affect any of the information contained in this document and presentation and undertakes no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise. To the maximum extent permitted by law, no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in or derived from this presentation or any omission from this presentation or of any other written or oral information or opinions provided now or in the future to any person. To the maximum extent permitted by law, neither Gold Hydrogen nor, any affiliates, related bodies corporate and their respective officers, directors, employees, advisors and agents (Relevant Parties), nor any other person, accepts any liability as to or in relation to the accuracy or completeness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this presentation or any omission from this presentation or of any other written or oral information or opinions provided now or in the future to any person. This presentation includes information regarding the past performance of Gold Hydrogen. Recipients of this presentation should be aware that past performance should not be relied upon as being indicative of future performance. This presentation contains “forward looking statements” concerning the financial condition, results of operations and business of Gold Hydrogen. All statements other than statements of fact or aspirational statements, are or may be deemed to be “forward looking statements”. 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. Prospective Resource Statements The Prospective Resource Statements for Natural Hydrogen and for Helium have been included in presentation under the approval of Mr Billy Hadi Subrata, Chief Engineer for Gold Hydrogen, who is a Qualified Petroleum Reserves and Resources Evaluator. Mr Hadi Subrata confirms that, as at the date of this announcement, there is no change to information or additional information, since the effective dates, that would materially change the estimates of prospective resources quoted. QPRRE Statement – Natural Hydrogen The Prospective Resource Statement for Natural Hydrogen in this presentation is based on, and fairly represents, information and supporting documentation prepared by independent consultants “Teof Rodrigues & Associates” with an effective date of 30 September 2021, and which forms part of the Company’s Replacement Prospectus dated 29 November 2022. The Prospective Resource Statement, together with all relevant notes, also appears in the Company’s ASX release of 13 January 2023. QPRRE Statement - Helium The Prospective Resource Statement for Helium in this announcement is based on, and fairly represents, information and supporting documentation prepared by independent consultants “Teof Rodrigues & Associates” with an effective date of 21 February 2024, and which was announced by the Company on that date together with the accompanying assumptions and notes. This presentation contains statistics, data and other information pertaining to Gold Hydrogen’s business and operations. Recipients of this presentation should note that industry and market data and statistics are inherently predictive and subject to uncertainty and not necessarily reflective of actual industry or market conditions. There is no assurance that any of the estimates or projections in this presentation will be achieved. Gold Hydrogen has not independently verified, and cannot give any assurances to the accuracy or completeness of, this market and industry data or the underlying assumptions used in generating this market and industry data. goldhydrogen.com.au | ASX:GHY | 2 Investor Snapshot 12 Month Share Price Performance Current Capital Structure Total shares on issue 159.7m Shares escrowed (to Jan 25) 83.0m Free-float 76.7m Options on issue 5.1m Fully-diluted capital 164.8m Market cap at $1.60 / share $255m Cash on hand $16m (75c / $1.00 / $1.75) goldhydrogen.com.au | ASX:GHY | 3 Executive Summary – Natural Hydrogen and Helium Certified title over natural hydrogen and helium resources with exploration upside. Certified prospective resource: 1.3 billion kg of natural hydrogen (unrisked Best Estimate) and 41 Bcf of helium (unrisked Best Estimate) with a mean of 96 Bcf. (Refer Slide 13 for further detail) 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 and Ramsay 2 exploration well results indicate Hydrogen and Helium Preliminary gas sample analyses have yielded high purity levels of up to 95.8% hydrogen (air-corrected), plus helium in high purity levels at up to 17.5% (air-corrected). Refer ASX release of 27 May 2024 for full details. Enabling engagements with leading global hydrogen experts and contractors Strategic engagements to date with CSIRO, Schlumberger, Total Seismic, Xcalibur, Savanna Energy Services Significant commercial and environmental competitive advantage Naturally occurring hydrogen provides cost and emission advantages over other production sources. Global helium projects can be commercially viable even at 1% purity, given helium's rarity and value goldhydrogen.com.au | ASX:GHY | 4 Hydrogen and Helium to date in PEL687 Extensive findings across 7,400 km2 permit area Extracted from fluid inclusions in 35 of 46 rock chips from historical wells Extracted from fluid inclusions in 29 of 46 rock chips from historical wells Hydrogen from historical wells Note: Ramsay 1 & 2 purity results are air-corrected goldhydrogen.com.au | ASX:GHY | 5 Global Hydrogen Forecast Substantial investment laying the foundation for Hydrogen use Source: Frost & Sullivan Report - Page 29 of Gold Hydrogen Prospectus Source: International Energy Agency, Oct-2021 1. Other includes buildings, agriculture and refineries goldhydrogen.com.au | ASX:GHY | 7 Key Trends Driving Hydrogen Adoption Driving Helium Adoption Hydrogen today is used in ammonia production, steel manufacturing, and oil refineries, with future growth driven by key adoption trends. Helium today is used in the health, electronics, and space industries, with future growth projections based on key technological advancements. goldhydrogen.com.au | ASX:GHY | 8 Types of Hydrogen Production Naturally occurring Hydrogen offers significant cost and / or carbon advantages relative to other Hydrogen production (manufacturing) processes Gold Hydrogen is exploring for ‘gold’ or ‘white’ (natural) Hydrogen Energy source Environmental impact Gold / White (natural) 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 Source: Frost and Sullivan, Sep-2022 (Refer Gold Hydrogen Replacement Prospectus dated 29 November 2022) 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 Today, ~95% of all hydrogen produced is from natural gas goldhydrogen.com.au | ASX:GHY | 9 Global Helium Projects Gold Hydrogen’s Ramsay 1 & 2 exploration wells sampled Helium at up to 17.5% aircorrected (in addition to the Hydrogen identified). Refer ASX release 27 May 2024. Helium Concentrates (% He) of Major Global Fields Exploration result only. Not in production Indicatively, longer-term bulk pricing is expected to be approximate USD450 per Mcf (thousand cubic feet), as at February 2024 www.noblehelium.com.au quoting Kornbluth Consulting goldhydrogen.com.au | ASX:GHY | 10 Key Success Factors Exploration – Update post stage 1 well tests Ramsay Project ticks the boxes in respect of the key attributes for the formation and accumulation of Natural Hydrogen and Helium Key Success Factor Results of Exploration Activities Since IPO Source & Generation Via hydrolysis and / or radiolysis reactions in old rocks The presence of Natural Hydrogen at 95.8% purity and Helium at 17.5% purity has been confirmed at the Ramsay Project location via mud gas measurements, MDT samples and stage 1 testing. Results are air-corrected. Refer ASX release of 27 May 2024. Seals & Traps Required to enable accumulations of naturally formed hydrogen The presence of retained Natural Hydrogen and Helium indicates that the stratigraphy includes valid seals and traps at the location of the Ramsay Project. Structure Major structural boundaries in an extensional geological regime where natural fractures exist The airborne gravity and magnetic geophysical survey and the FMI (image log) data from the wells supports the interpretation that the Ramsay Project is located in a structurally favourable position for a large scale Natural Hydrogen and Helium accumulation. Reservoir To be commercial, a reservoir of adequate volume, accessibility, flow rate and quality is required The FMI data from the wells and results of the stage 1 testing has demonstrated that the fractured limestones, dolomites and basement acts as suitable reservoir for accumulating extractable Natural Hydrogen and Helium. Source: SPE Hydrogen Section, online. November 2, 2023 (Ref: Prinzhofer, 2021) goldhydrogen.com.au | ASX:GHY | 12 Gold Hydrogen Prospective Resources (Using PRMS guidelines) Certified Prospective Hydrogen Resources, existing discoveries and drill ready hydrogen prospects (calculated volume not determined) Certified Prospective Helium Resources, Ramsay Field (PEL 687 Yorke Peninsula) Unrisked Prospective Hydrogen Resources, PEL 687 Unrisked Prospective Helium Resources, PEL 687 SPE-PRMS Sub-Class Category Low Estimate Best Estimate High Estimate (kTonnes) (kTonnes) (kTonnes) Prospect 165 1135 8050 Lead 42 178 Total 207 1313 SPE-PRMS Sub-Class Category Low Estimate Best Estimate High Estimate (Bscf) (Bscf) (Bscf) Prospect Ramsay Fault Block 2 8 38 770 Prospect South of Ramsay Fault Block 5 33 205 8820 Total 7 41 243 See ASX releases of 13 January 2023 (Hydrogen) and 21 February 2024 (Helium) for full details and notes 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 and / or helium 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 (Pg), risk of development (Pd) and risk of commercialization (Pc). Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially recoverable hydrogen and / or helium. goldhydrogen.com.au | ASX:GHY | 13 Ramsay Project Milestone Snapshot Ramsay Project 2023 – 2025 Objectives Seismic reprocessing Q2, 2023 Completed with Total Seismic Well design & planning Q2, 2023 Completed with SLB Airborne survey Q2, 2023 Completed with Xcalibur Soil sampling survey Q3, 2023 Completed with CSIRO Offset well data study Q3, 2023 Completed with CSIRO Permit & approval process Q3, 2023 Completed with JBS&G, and ongoing Drilling Australia’s first Natural Hydrogen well Q4, 2023 Drilled R1 and R2 wells Resource report update Q1, 2024 Helium Prospective Resource Exploration well testing program Q2, 2024 First stage well testing program complete Regional seismic program Q2, 2024 Stage 2 scheduled for July Further exploration wells Q4, 2024 or Q1, 2025 Scheduling subject to seismic interpretation to optimise locations Proof of concept pilot plant project Q4, 2024 Pending: Subject to site selection, permitting, approvals, etc Pending: Subject to well testing results goldhydrogen.com.au | ASX:GHY | 14 Ramsay 1 & 2 – Drilling Australia’s First Natural Hydrogen Wells Ramsay 2 Ramsay 1 goldhydrogen.com.au | ASX:GHY | 15 Well Testing – Objectives Stage 1 – Exploration well testing ran from March to April 2024 Stage 1 Primary Objective – Obtain gas samples for international analysis. Achieved Stage 1 Secondary Objective – Extract gases to surface, including in formation fluid. Achieved Analyse samples for purity and isotopic composition Facilitate initial Pilot Project planning: • Hydrogen to energy • Helium bottling plant goldhydrogen.com.au | ASX:GHY | 16 Well Testing – Stage 1 Interim Results • Gas successfully flowed to surface, numerous zones identified, and samples taken for analysis • Air-corrected hydrogen result of 95.8% confirmed for Ramsay 2 well at a depth of 531m. Refer ASX release of 27 May 2024 for full details • Permeability of structures confirmed • Isotopic results for hydrogen and helium from specialist overseas laboratories pending • Key learnings designed to assist with future well design, drilling and production techniques, and will ultimately assist with pilot plant concept design • 180m thick helium pay zone identified • Air-corrected helium result of 17.5% confirmed for Ramsay 2 well at a depth of 778m. Refer ASX release of 27 May 2024 for full details goldhydrogen.com.au | ASX:GHY | 17 Key Success Factors Appraisal – Work program next steps Further appraisal activities are focused on establishing the commerciality of the Ramsay Project Key Success Factor Results from exploration activities since IPO Hydrogen Flow Rate and Composition Establish sustained flow rate to surface of hydrogen and associated gas components Stage 2 well testing scheduled for July 2024 is designed to allow a sustained flow of hydrogen from the hydrogen-bearing reservoir units to surface and measure the uncontaminated composition of the produced gas. Size of the Hydrogen and Helium Accumulations Determine the likely lateral extent of the hydrogen and helium accumulations The Ramsay 2D seismic survey scheduled to commence late June 2024 is designed to establish the lateral extent of the hydrogen and helium-bearing stratigraphic units and determine the large-scale trapping geometry of the accumulations at the Ramsay Project location. Helium Extraction Rate Establish the sustained extraction rate for the helium Stage 2 well testing is designed to establish a sustained flow of helium and associated fluids from the helium-bearing reservoir to determine the uncontaminated gas composition and the helium extraction rate from the produced products. Development Sweet Spot Determine the likely development sweet spot for hydrogen and helium extraction The next wells to be drilled being planned for Q4 2024 or Q1 2025 are designed to confirm the hydrogen and helium development sweet spots, established from the integration of the Ramsay 2D seismic data and results from the stage 2 testing of Ramsay 1 and Ramsay 2 wells. goldhydrogen.com.au | ASX:GHY | 18 Well Testing – Stage 2 Objectives Scheduled to commence mid-July 2024 Removal of formation fluid to encourage free gas flows Ramsay 1 – Open hole testing Ramsay 2 – Isolated zone testing Further sampling and laboratory analysis to be undertaken Key learnings to assist with future well design, drilling and production techniques, and will ultimately assist with pilot plant concept design goldhydrogen.com.au | ASX:GHY | 19 Key Management Neil McDonald Roger Cressey Karl Schlobohm Josh Whitcombe Frank Glass Founder & Managing Director Director - Commercial & Operations Company Secretary & CFO Chief Operating Officer Chief Exploration Adviser Neil McDonald, with over 20 years of experience in the energy and minerals sectors across Australia, has worked on major exploration projects from greenfield to early development. He is a graduate of the Australian Institute of Company Directors. Roger Cressey has over 35 years of experience in the resource industry, mainly in gas exploration and production. He has held CEO, COO, and other executive roles in Australia (Queensland and NT), PNG, Indonesia, and Uganda. Roger excels in managing multidisciplinary teams, strategy development, and stakeholder engagement. Karl Schlobohm, a Chartered Accountant and Fellow of the Governance Institute of Australia, has over 30 years of experience across various industries. He is a NonExecutive Director of the Australian Shareholders Association and has held multiple executive roles with listed companies on the ASX, LSE, AIM, and TSX in the natural resources sector. Dr. Josh Whitcombe, a Chartered Chemical Engineer and RPEQ, has over 20 years of Oil and Gas experience. He has held senior roles with Australian gas producers, worked offshore with Shell International, and has expertise in greenfield exploration and brownfield operations, focusing on technical challenges, HSE, and community outcomes. Frank Glass is a respected geologist with over 30 years of experience in oil, gas, and natural hydrogen exploration, including a decade with Shell. He holds a Master's in Structural Geology from the University of Amsterdam and memberships in the Petroleum Exploration Society of Australia and the European Association of Geoscientists and Engineers. goldhydrogen.com.au | ASX:GHY | 21 Board of Directors Neil McDonald Alexander Downer Independent Non-Executive Chair Independent Non-Executive Director Executive Director Commercial Operations Neil McDonald, with over 20 years of experience in the energy and minerals sectors across Australia, has worked on major exploration projects from greenfield to early development. He is a graduate of the Australian Institute of Company Directors. Alexander Downer, a prominent Australian politician and diplomat, has held top roles including Leader of the Liberal Party and Minister for Foreign Affairs. Before politics, he was an executive director at the Australian Chamber of Commerce. He currently serves on boards like Hakluyt & Company and Yellow Cake Plc, and writes for the AFR, holding the Companion of the Order of Australia title. Karl Schlobohm, a Chartered Accountant and Fellow of the Governance Institute of Australia, has over 30 years of experience across various industries. He is a NonExecutive Director of the Australian Shareholders Association and has held multiple executive roles with listed companies on the ASX, LSE, AIM, and TSX in the natural resources sector. Dr. Josh Whitcombe, a Chartered Chemical Engineer and RPEQ, has over 20 years of Oil and Gas experience. He has held senior roles with Australian gas producers, worked offshore with Shell International, and has expertise in greenfield exploration and brownfield operations, focusing on technical challenges, HSE, and community outcomes. Founder & Managing Director Katherine Barnet Roger Cressey goldhydrogen.com.au | ASX:GHY | 22 Neil McDonald Managing Director nmcdonald@goldhydrogen.com.au + 61 0 419 721 007 Roger Cressey Karl Schlobohm rcressey@goldhydrogen.com.au + 61 0 419 663 569 kschlobohm@goldhydrogen.com.au + 61 0 419 721 007 Executive Director Gold Hydrogen Limited | GPO Box 801 Brisbane, Qld, 400, Australia | goldhydrogen.com.au CFO / Company Secretary