Announcement PDF z Gold Hydrogen Limited 2024 Annual Report Gold Hydrogen Limited Corporate directory 30 June 2024 Directors Alexander Downer - Non-Executive Chairman Neil McDonald - Managing Director Katherine Barnet - Non-Executive Director Roger Cressey - Executive Director Company secretary Karl Schlobohm Registered office and principal place of business Level 14 110 Eagle Street Brisbane QLD 4000 Share register Link Market Services Limited Level 12 680 George Street Sydney NSW 2000 Phone: 1300 554 474 Auditor BDO Audit Pty Ltd Level 10 12 Creek Street Brisbane QLD 4000 Solicitors Gadens 111 Eagle Street Brisbane QLD 4000 Bankers National Australia Bank Limited 259 Queen Street Brisbane QLD 4000 Stock exchange listing Gold Hydrogen Limited shares are listed on the Australian Securities Exchange (ASX code: GHY) Website www.goldhydrogen.com.au Corporate Governance Statement www.goldhydrogen.com.au/corporate-governance/ 1 Gold Hydrogen Limited Directors' report 30 June 2024 Chairman’s Letter Dear Shareholders It has certainly been an extremely busy and productive twelve months for Gold Hydrogen. Almost immediately following last year’s report, the Company’s maiden drilling program commenced on the Yorke Peninsula. This was the first time that hydrogen-purposed wells had been drilled in Australia. The primary objective of the drilling campaign was to prove the existence of a natural hydrogen system on the Yorke Peninsula, based on the historical results from the original 1931 Ramsay Oil Bore. Accordingly, the Ramsay 1 and Ramsay 2 exploration wells were sited adjacent to the historical drill site. Not only did this drilling campaign confirm the 1931 natural hydrogen results, it also proved the existence of a helium system within the Ramsay Project. This represents an important value-add to the Ramsay Project - as unlike hydrogen – helium cannot be man-made, and is considered to be a commercially valuable commodity. In 2023, domestic production of helium ceased in Australia, with all supply currently imported. An exploration well testing campaign followed in early to mid-2024, with results confirming the high-purity nature of the natural hydrogen and helium sampled from the Ramsay 1 and 2 exploration wells. Further specific details are outlined in the Summary of Operational Activities within this Annual Report. In order to focus the Company’s next drilling campaign on more optimal locations on the Yorke Peninsula, a comprehensive 2D seismic survey was undertaken in June and July which covered approximately 570 line-kilometres. The interpretation of the survey data is underway as I write. The results – together with the Company’s other datasets and the valuable learnings from the maiden exploration drilling and well testing campaigns – will assist with future well locations and well designs. From a corporate perspective, the Company signed non-binding MoU’s with H2Site, Wasco and Mizuho Securities of Japan. The first two parties are aiming to work collaboratively with Gold Hydrogen to design a proof-of-concept pilot plant for the Ramsay Project, subject to further successful drilling results. The ‘concept’ simply being that if natural hydrogen can be produced from the subsurface as part of a raw gas stream, then that raw gas can be processed at surface to yield a high purity hydrogen gas which can be used as an energy source. Helium can be separated and bottled on site for sale into the domestic market. The MoU with Mizuho Securities is aimed at collaborating and capitalising on the interest in natural hydrogen and helium being shown by a range of Japanese Energy companies. Our sponsoring broker, Morgans Corporate Limited continued their support of the Company with a strongly supported institutional placement at the end of 2023 which enabled the Company to fast-track certain aspects of its work program on the Yorke Peninsula. As a result, the Company has compiled an impressive array of datasets and geological modelling as it continues to pioneer novel exploration and potential production techniques and processes to enable future development of natural hydrogen and helium systems. In closing I would like to recognise my fellow Directors and the Company’s management team for their tireless efforts over the past twelve months in progressing Gold Hydrogen’s corporate and project-related initiatives. I look forward to that continuing over the ensuing twelve months. Thanks also to the Company’s shareholders, suppliers and stakeholders who have shown faith in us and supported our journey to date. The coming year will be an important one for all of us as we strive to become the first Australian company to prove the commercial production potential of natural hydrogen. Yours sincerely The Hon Alexander Downer Non-Executive Chairman 2 Gold Hydrogen Limited Directors' report 30 June 2024 The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Gold Hydrogen Limited (referred to hereafter as Gold Hydrogen, 'the Company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2024. Directors The following persons were Directors of Gold Hydrogen Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: - Alexander Downer (Chair) - Neil McDonald (Managing Director) - Katherine Barnet - Roger Cressey Principal activities The Group is focused on the discovery and development of natural hydrogen and helium gas projects in a potentially extensive province in South Australia. There was no change to the principal activities of the Group during the year. Dividends There were no dividends paid, recommended or declared during the current or previous financial year. Review of operations The loss for the Group after providing for income tax amounted to $1,861,788 (30 June 2023: $5,185,783 loss). Industry and Corporate Overview Natural hydrogen (known as gold or white hydrogen) is hydrogen gas that occurs naturally, generated by geological processes, and offers significant cost and emissions advantages relative to other means of hydrogen production. Helium is a relatively rare gas and cannot be man-made. Hence it is considered to be extremely valuable. The Group is predominantly progressing the exploration of a potentially large scale, naturally occurring hydrogen prospective resource in South Australia. Natural hydrogen was detected in the Company’s first two exploration wells, together with helium. The Group currently holds one granted Petroleum Exploration Licence (PEL 687) that covers approximately 7,820km2 on the Yorke Peninsula and Kangaroo Island in South Australia. In addition, the Group holds an additional seven (7) Petroleum Exploration Licence applications within South Australia which cover a further 67,512km 2. Furthermore, the Group is also the preferred applicant for four (4) gas storage exploration licenses applications (GSELA) covering an area of 8,107km2 within the Yorke Peninsula portion of PEL 687 in South Australia. These storage licence applications are in addition to the granted exploration licence and application licences. Refer to Figure 1 for the Group’s hydrogen and /or helium prospective tenure and application footprint. Figure 1 also includes a 100% owned mineral Exploration Licence (EL 6988) which co-exists with PEL 687 on the Yorke Peninsula. During the period, the Group successfully drilled its first two exploration wells, confirming the historic occurrences of highpurity natural hydrogen at its flagship Ramsay Project in PEL 687. In addition, high purities of helium were also encountered in each well. Modelling for the Australian Renewable Energy Agency has forecast Australian hydrogen exports could contribute $1.7 billion and 2,800 jobs to the national economy by 2030. Numerous countries, including Australia, have national hydrogen strategies in place. Demand for hydrogen is rapidly increasing as motor vehicle, aircraft and boat manufacturers are in various stages of trials while fuel cells come increasingly into focus. 3 Gold Hydrogen Limited Directors' report 30 June 2024 Figure 1 - Gold Hydrogen Group tenement and areas under application located in South Australia. 4 Gold Hydrogen Limited Directors' report 30 June 2024 South Australia has been the quickest moving territory in Australia in relation to hydrogen, with plans in place to build its own hydrogen storage and energy plant. To date the focus has largely been on plans for man-made hydrogen, predominantly from wind or solar (known as green hydrogen). But Australia could be sitting on vast quantities of naturally occurring hydrogen gas (known as white or gold hydrogen). The forecast international demand for hydrogen is in part related to the push from governments and investors to decarbonise industries and economies, together with tougher regulations and national emission reduction targets. These factors are prompting the exploration of alternatives to fossil fuels for power or heat, supporting a more favourable policy for the hydrogen industry. International demand for hydrogen grew 50% between 2000 and 2020, and in the net zero emissions by 2050 scenario, is forecast to grow from 90 Mt in 2020 to over 200 Mt by 2030 and close to 530 Mt by 20501. Global annual investment in hydrogen and its derivatives is projected to grow to $629 billion by 20502. Figure 2 – Forecast global investment in hydrogen projects through to 2050 1 Frost & Sullivan Report, Gold Hydrogen Replacement Prospectus 29 November 2022. 2 Frost & Sullivan Report, Gold Hydrogen Replacement Prospectus 29 November 2022. 5 Gold Hydrogen Limited Directors' report 30 June 2024 Underpinning the forecast international demand for hydrogen is the ESG-driven push to decarbonize industries and economies. In this regard, continual advances in technology for production, storage, transportation and usage are helping take hydrogen mainstream. Natural hydrogen in particular, as a low carbon emitting source that can be supplied at a very low price point, presents a very attractive opportunity to facilitate decarbonisation. Furthermore, with helium also encountered during the drilling of the Company’s first two exploration wells, the opportunity exists to capitalise on an emerging ‘green helium’ market (i.e. helium not generated in conjunction with a fossil fuel development) as part of the Company’s future plans. Figure 3 – Key trends driving the anticipated future demand for hydrogen and helium Corporate and Project Objectives The Group is currently the leading Australian proponent for the exploration, discovery and development of a natural hydrogen and helium project (or projects) in Australia. Based on the historical drill data, historical seismic and petroleum well bore data, and further technical study and assessment of various geological features of the Yorke Peninsula (e.g. stratigraphy, petrology, etc), the Ramsay Project has an independently estimated Prospective Resource for natural hydrogen as outlined in Table 2 below. In addition, based on the helium results obtained from the Company’s maiden drill program, and the consideration of further data collected across the Yorke Peninsula - which included the results of fluid inclusion analysis of core samples from historic wells confirming the presence of helium – the Company published its maiden Prospective Resource Report for helium, as outlined in Table 3 below. The Group’s overall project plan follows a typical traditional path for the maturation of an exploration play through the following stages: (i) undertake exploration and appraisal activities to confirm the existence of the resource and demonstrate the commercial viability of the project; (ii) project development which involves drilling of production wells and installation of surface facilities for delivery to market; (iii) the production of natural hydrogen and helium and sale to various market consumers. Potential options for the monetisation of hydrogen include onsite electricity generation, pure hydrogen generation and distribution, distribution to local ammonia plants, hydrogen transportation via pipelines or truck, and storage applications. Helium can be bottled on site and sold into the domestic Australian market via one of the major distributors. 6 Gold Hydrogen Limited Directors' report 30 June 2024 With regard to its flagship Ramsay Project, the Group’s short-term ongoing commercial and technical objectives are to: (i) continue to validate the occurrences of natural hydrogen and helium commencing with the Yorke Peninsula via further exploration and appraisal; (ii) demonstrate that natural hydrogen and helium is present in sufficient volumes to be extracted for commercial use; and (iii) dependent on results, progress designs and preliminary plans for a proof-of-concept pilot plant. In this regard the Group has undertaken a series of preliminary exploration activities and analyses as outlined in Summary of Operational Activities outlined below. Summary of Operational Activities Drilling Australia’s First Hydrogen Wells The Ramsay 1 exploration well was spudded on 11 October 2023 and completed on 28 October 2023 at a depth of 1,005m. Whilst drilling through the Parara limestone at 316mMD, a major connected fracture zone was encountered. The presence of wide-spread connected fracture systems within the target formations is essential for the migration of hydrogen from the deeper source to shallow zones from which it can potentially be extracted. Establishing the presence of such a fracture system was a major objective of the drilling of the Ramsay 1 well. However, the fractures encountered resulted in drilling fluid losses, and the resulting limited returns made it difficult to monitor and analyse specific-depth mud gas samples for the majority of the hole. Ramsay 1 was suspended on a barefoot basis for future testing purposes. The Ramsay 2 exploration well was spudded on 17 November 2023 approximately 500m west of Ramsay 1, and completed on 1 December 2023 at a depth of 1,068m. The major fracture system from Ramsay 1 was not encountered at Ramsay 2, enabling mud gas samples to be collected and analysed in real time during drilling. The analysis of the mud gas revealed multiple zones with high hydrogen concentrations through the Parara Limestones, the Kulpara Formation and the granitic basement. Additionally, the real time mud gas analysis recorded the presence of helium, with high helium concentrations noted while drilling the lower part of the Kulpara Formation, the underlying Winulta Formation, and the basement. Ramsay 2 was cased and suspended for future testing purposes. Figure 4 – Location of Ramsay 1 and 2 relative to the historic 1931 Ramsay Oil Bore 7 Gold Hydrogen Limited Directors' report 30 June 2024 Results from Drilling As outlined in full in the Company’s ASX announcements released between 31 October and 19 December 2023, both hydrogen and helium were detected in samples taken from Ramsay 1 and Ramsay 2 during drilling and sent to an independent laboratory in Adelaide. Formation Parara Parara Kulpara Table 1 – Summary of Air-Corrected Hydrogen Results for Ramsay 1 and Ramsay 2 Ramsay 2 Ramsay 1 Ramsay 1 oil DQ1000 Isojar Fluid Sample Depth (m) 194 - 199 288 - 293 531 - 536 H2 % 86.26% 81.76% 80.92% Depth (m) 240 H2 % 73.30% Depth (m) 240 260 507 H2 % 76% 73.10% 89.30% In addition, the drilling logs for the Ramsay 2 well showed a discrete helium zone of approximately 180m, as outlined below in Figures 5 and 6. As outlined in full in the Company’s ASX release of 6 December 2023, and MDT sample taken from Ramsay 2 at a depth of 778m produced a helium result of 6.8% raw gas, being 17.5% on an air-corrected basis. Figure 5 – Drill log analysis from Ramsay 2 8 Gold Hydrogen Limited Directors' report 30 June 2024 Figure 6 – Ramsay 2 well with logs, including the helium and hydrogen continuous mud gas logs Exploration Well Testing Program - Objectives The primary objective of the Ramsay 1 and Ramsay 2 well testing program was to obtain gas and fluid samples for compositional and isotopic analysis, to be undertaken by established local and international third-party laboratories. This was achieved by the initial testing program, with further samples collected for analysis in Stage 2 of the exploration well testing program. 9 Gold Hydrogen Limited Directors' report 30 June 2024 Secondary objectives of the well testing program included the recovery of hydrogen and helium at surface from reservoir fluid and gas inflow into the well bore, and potentially quantifying the inflow rates. These objectives were largely achieved by the Stage 1 testing program, with further evidence obtained from Stage 2 of the program. The results from the well testing program are designed to assist the Group to better understand the characteristics of the hydrogen and helium systems on the Yorke Peninsula. The data obtained will also assist in gaining technical insights into how the Ramsay Project area could be further explored and appraised, including future well designs and testing designs, as well as providing input for a future pilot plant / proof-of-concept plant design. Exploration Well Testing Program – Stage 1 Operations and Results Stage 1 well testing operations commenced on 5 March 2024. SGS, an international well testing contractor and Well Pro, a Queensland based well servicing company were mobilised to site. The well testing operations varied between the barefoot completed Ramsay, 1 and the fully-cased Ramsay 2. The Ramsay 1 well test was conducted as an open hole test to gauge formation inflow. Nitrogen injection was used to clean up the well and remove any fluids that remained downhole. It was found that the formation was quite permeable, as there was formation fluid influx coming into the well after the Nitrogen lift, with natural hydrogen recovered at surface. The Ramsay 2 well test was very specific and detailed, as seven (7) individual zones were tested. These natural hydrogen and helium zones were identified based on open hole logs and mud gas data from the DQ1000 logs recorded during the drilling campaign. Extensive testing and sampling in conjunction with CSIRO, SGS, and Petro Lab was undertaken during the Stage 1 program. Samples were sent for specialist composition and isotopic analysis to world-leading laboratories in Australia and overseas. Stage 1 of the well testing program proved to be a successful building block for the determination of the Company’s shorter and longer term future activities. Furthermore, the testing and sampling results obtained from both wells showed consistency in results and data to those collected from the drilling program conducted in Q4, 2023. It has become apparent that the Ramsay hydrogen and helium gas field contains two (2) distinct systems in the form of free gas and dissolved gas in water, which is a very encouraging sign. Exploration Well Testing Program – Stage 2 Operations and Results The Stage 2 exploration well testing commenced in July 2024, and involved the mobilisation of existing specialised equipment to lift the water in the Ramsay 1 and 2 well bores. This method is standard in testing with a single completion via a pump attached with the tubing for the water to flow, and an annulus to produce a free gas. At surface, the gas from both systems was recombined downstream of a separator, with combined gas volume and flow rate measurement. The dewatering process was undertaken within the constraints of the environmental approval conditions issued by the South Australian government. As outlined in the Company’s ASX release of 2 August 2024, the interim results of the Stage 2 testing program were highly encouraging, with both natural hydrogen and helium concentrations recorded at surface. This is a potential world first for a non-petroleum system. As the dewatering process continued, purity readings for both natural hydrogen and helium continued to increase. A third-party laboratory reported an initial result of between 20% to 25% helium purity from a dissolved gas in water sample, which – if confirmed by final reports – be amongst the highest purity readings in the world. 10 Gold Hydrogen Limited Directors' report 30 June 2024 Figure 7 – Stage 1 exploration well testing equipment on site at Ramsay 2 Regional Data Aggregation In the second half of 2023, a source / reservoir and seal rock characterisation study was undertaken on legacy well samples and available historical drill core material from within the Yorke Peninsula. Using historical rock samples, representative of the basement material in the Ramsay Project, a series of laboratory tests using imaging and geomechanics test were conducted to identify key geological parameters for rock strengths, hydrogen generation, hydrogen storage, and reservoir characteristics for hydrogen and / or gases. Properties of the rock samples were analysed, and found that porosity (storage capacity for gases) and permeability (ability for gases to flow), coupled with microfractures present in both Cambrian limestone and granite basement, provided a favourable setting for natural hydrogen and / or helium production. The results of this study, when combined with the results from the 1931 Ramsay Oil Bore and the Group’s own Ramsay 1 and 2 wells, provide encouragement for the existence of a favourable regional setting for both natural hydrogen and helium, as outlined below in Figure 8. 11 Gold Hydrogen Limited Directors' report 30 June 2024 Figure 8 – Data points for hydrogen and helium encountered on the Yorke Peninsula 2D Seismic Survey A large scale regional 2D seismic survey conducted by Terrex Seismic on the Yorke Peninsula commenced on 24 June 2024 and was completed on 31 July 2024, covering approximately 570-line kilometres. The main objectives of the acquisition of a modern regional seismic program are to assist in the delineation of the hydrogen and helium plays encountered to date, identify other potential hydrogen and helium accumulation(s) within the Yorke Peninsula, support the identification of future drilling targets, and to assist in the transition of prospective resources to contingent resources of discovered accumulations. The results of the Ramsay 2D seismic survey when combined with the Company’s other data sets, such as the airborne survey data, soil-gas survey data, historical offset well data, and the Ramsay 1 & 2 drill log data and flow test data, will assist the Group in planning future well locations and well designs. Sustainable Minerals Group Pty Ltd In early 2023 the Group commissioned Xcalibur Multiphysics to undertake a gravity-magnetic-digital terrain geophysical survey covering ~10,529-line km over the mainland Yorke Peninsula area of PEL 687 (refer ASX releases of 21 March 2023 and 3 May 2023). The interpretation of the airborne survey data was received by the Group in the third quarter of 2023 (refer ASX release of 9 August 2023). As well as a range of information to assist the Group with its understanding of its hydrogen and helium plays, the data also indicated a discreet area containing a number of visual anomalies, indicative of potential iron-oxide, copper and / or gold mineralisation. Accordingly, a new 100% owned subsidiary (Sustainable Minerals Group Pty Ltd) was incorporated, to apply for a mineral exploration licence over the relevant area. In April 2024, the South Australian Department for Energy and Mining confirmed the grant of EL 6988 for a period of 6 years, with an expenditure commitment of only $50,000 over the first 2 years. This new EL is reflected in Figure 1. 12 Gold Hydrogen Limited Directors' report 30 June 2024 Figure 9 –2D regional seismic survey on the Yorke Peninsula 13 Gold Hydrogen Limited Directors' report 30 June 2024 Summary of Corporate Activities MOUs Executed for Conceptual Pilot Plant Development Two non-binding but potentially landmark MOUs were signed in November 2023 with Wasco Energy and H2Site for the parties to work collaboratively towards the development of a proof of concept natural hydrogen and helium pilot project in the Ramsay Project area, subject to the Group’s evolving exploration results. The parties will aim to design and potentially develop small scale pilot facilities to enable the production of Australia’s first natural hydrogen and helium field. Development concepts could include the onsite purification and compression of hydrogen and helium for sale into the South Australian market, or other onsite uses such as power generation (for the hydrogen). This would represent an important step in the process of enabling the full potential of the Ramsay area to be evaluated from a commercial perspective, and could also create the first natural hydrogen pilot plant of this nature in Australia. Executive Appointments During the period Gold Hydrogen appointed two executives to assist with the exploration and evaluation of its projects, being Dr Josh Whitcombe commencing as Chief Operating Officer on 1 July 2023, and Mr Frank Glass commencing as Chief Exploration Adviser on 5 September 2023. Capital Raising and Funding In December 2023 the Group raised gross proceeds of $14,805,000 at $0.75 per share via a placement to existing and new institutional and sophisticated investors, conducted on the Group’s behalf by Morgans Corporate Limited. The proceeds raised will primarily be used to fund and advance a work plan to undertake further exploration, well testing and project development related activities on the Ramsay Project. During the period, the Group finalised and lodged its 2023 taxation and AusIndustry compliance requirements, incorporating an R&D offset claim of $1,912,083 based on the pioneering and experimental nature of the Group’s exploration program. This amount was received by the Group in January 2024. Relationship with Mizuho Securities of Japan In the first half of 2024, Gold Hydrogen attended various investor and technical / industry related conferences in Adelaide, Perth, and Tokyo, Japan. Mizuho Securities (Mizuho) is a leading global Japanese corporate bank, and has been promoting the Group to existing global Japanese Energy companies. The Japanese documentary about Natural Hydrogen, partly filmed in South Australia, and featuring Gold Hydrogen (amongst other industry participants) was released in Japan during the June 2024 quarter. As a result of this documentary, and the Company’s attendance at the Japan Energy Summit, a relationship was established with Mizuho to manage multiple inquiries from Japanese Energy Companies for future investment into the Group and its projects. In July 2024, Gold Hydrogen and Mizuho signed a non-binding MOU to establish a framework for the development of their relationship, including the consideration of future advisory assignments and the cooperative promotion of Natural Hydrogen and Helium usage. Mizuho has a number of Japanese energy industry clients with global operations that are interested in a range of issues associated with the discovery, usage and ESG / sustainability benefits of Natural Hydrogen and Helium. 14 Gold Hydrogen Limited Directors' report 30 June 2024 Resources and Reserves Statements Table 2 – Prospective Resource Statement for Natural Hydrogen* Gold Hydrogen’s Ramsay Project: Prospective Resources* of Hydrogen in ‘000 Tonnes – 30 Sept 2021 1U 2U 3U SPE-PRMS PEL Prospects Low Best Mean High Pg Pd Pc Sub-class Estimate Estimate Estimate PEL 687 All Prospects 207 1,313 4,187 8,820 22% 48% 10% and Leads Yorke Peninsula PEL 687 Ramsay FB Prospect 124 931 2,712 6,989 22% 50% 11% PEL 687 Ramsay Lst Prospect 10 70 191 492 26% 50% 13% PEL 687 Maitland Lead 7 26 40 92 17% 35% 6% Kangaroo Island PEL 687 PEL 687 * Navigator Kanmantoo Lead Prospect 34 32 152 134 280 237 678 569 19% 40% 8% 25% 40% 10% This estimate of Natural Hydrogen Prospective Resources must be read in conjunction with the notes in Gold Hydrogen’s ASX release of 13 January 2023. It should be noted that the estimated quantities of Natural Hydrogen that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially recoverable Natural Hydrogen. Table 3 – Prospective Resource Statement for Helium* Gold Hydrogen Prospective Resources* of Helium in Bcf - Ramsay Project (PEL 687 Yorke Peninsula) 21 February 2024 1U 2U 3U SPE-PRMS PEL Prospects Formation Low Best Mean High Pg Pd Pc Sub-class Estimate Estimate Estimate PEL 687 All All Formations Total 7 41 96 243 17% 60% 10% prospects Kulpara Formation 0.8 3.6 7.0 17.1 29% 60% 17% PEL 687 Ramsay Prospect Winulta Formation 0.1 0.6 1.6 4.0 12% 60% 7% Fault Block Fractured Formation 0.7 3.8 6.9 16.7 13% 60% 8% Total 2 8 15 38 20% 60% 12% Kulpara Formation 2.1 12.8 30.5 77.6 23% 60% 14% Winulta Formation 0.3 2.4 7.7 19.8 8% 60% 5% PEL 687 South of Fractured Basement Ramsay Prospect Hilbata Suite 1.6 10.3 25.5 65.2 12% 60% 7% Fault Block Fractured Basement Yorke Peninsula Heel 1.4 7.7 17.0 42.7 12% 60% 7% Total 5 33 81 205 16% 60% 10% * This estimate of Helium Prospective Resources must be read in conjunction with the notes in Gold Hydrogen’s ASX release of 21 February 2024. It should be noted that the estimated quantities of Helium that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentia