Announcement PDF Quarterly Activities Report for the Period Ended 31 December 2024 GOLD HYDROGEN LTD (ASX:GHY) Shares on Issue 159.7 million Market Capitalisation A$80m (at A$0.55 per share) Directors Rt Hon Alexander Downer (Chair) Neil McDonald (Managing Director) Roger Cressey (Executive Director) Katherine Barnet (Non-Executive Director) Company Secretary / CFO Karl Schlobohm Contact Details Level 14, 110 Eagle Street Brisbane QLD 4000 Company Contacts: Neil McDonald – Managing Director nmcdonald@goldhydrogen.com.au Karl Schlobohm – Company Secretary kschlobohm@goldhydrogen.com.au For Media Enquiries Contact: Matthew Doman – Crestview Strategy matthew.doman@crestviewstrategy.com +61 421 888 858 W: https://goldhydrogen.com.au/ E : info@goldhydrogen.com.au LinkedIn: Gold Hydrogen Ltd X: @GHY_ASX Gold Hydrogen Limited – Quarterly Activities Report HIGHLIGHTS FOR THE DECEMBER QUARTER  Helium-3 detected in Ramsay Project gas samples by Oxford University laboratory testing. Helium-3 is an extremely rare and valuable commodity, and is expected to play a pivotal role in the development of nuclear fusion as a future source of energy. Current pricing for Helium-3 is approximately USD18.7m per kilogram.  Helium purities of up to 36.9% (air-corrected) measured during the Company’s Stage 2 well testing program. This is currently reported to be amongst the highest purities for Helium discoveries in the world.  Stage 2 exploration well testing demonstrated promising and increasing purities of both Natural Hydrogen and Helium being brought to and measured at surface as the Ramsay 1 and 2 wells were dewatered (refer Figures 2 and 3).  Analysis of the Company’s drilling and testing campaign identified a potential 180m thick and extremely high-purity Kulpara Dolomite zone which featured positive Helium shows in the exploration well testing of Ramsay 2.  Expansion of Gold Hydrogen’s South Australian project footprint, with the award of petroleum exploration licence application PELA792, as displayed in Figures 1 and 5.  Technical team strengthened by the appointment of Peter Bubendorfer as Chief Geologist to work with the existing geological team of Frank Glass and Julien Bourdet as well as with the Company’s Chief Technical Officer Billy Hadi-Subrata. ` EXPLORATION AND TECHNICAL ACTIVITIES General Background Gold Hydrogen is focused on the discovery and development of Natural Hydrogen and Helium gases in a potentially extensive and world class Natural Hydrogen and Helium province in South Australia. The domestic and global demand for Hydrogen, combined with new Natural Hydrogen exploration techniques and experienced personnel, provides Gold Hydrogen with an extraordinary opportunity to define and ultimately develop a new Natural Hydrogen gas province. Further to this, Helium is extremely rare and expensive, there is limited world-wide production, and no production of Helium in Australia at present. Gold Hydrogen is well placed to potentially prosper from this opportunity. Figure 1 – Gold Hydrogen PEL 687 and PELA’s located in South Australia Gold Hydrogen Limited – Quarterly Activities Report p. 2 ` The combined permit area of the Gold Hydrogen group exceeds 75,000km2. Gold Hydrogen holds one granted exploration license (the Ramsay Project - PEL 687) and one application area, whilst its two 100% owned subsidiary companies (White Hydrogen Australia and Byrock Resources) hold an additional seven (7) applications for Natural Hydrogen and Helium exploration within South Australia. Gold Hydrogen is also the preferred applicant for four (4) gas storage exploration licenses applications (GSELA) covering an area approximating 8,000km2 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. A summary of the status of the group’s petroleum and storage licence tenure at the end of the Quarter is outlined in Appendix A. Detection of Helium-3 in Ramsay Project Gas Samples As reported in detail by the Company on 30 October 2024, Oxford University’s specialist noble gas research laboratory within its Department of Earth Sciences, measured and confirmed the presence of Helium-3 (³He) in gas samples taken from the Ramsay 2 well, at depths from 280 meters to 1,000 meters. The Oxford University Department of Earth Sciences analysis confirmed that:  the Ramsay Project Helium purity levels of up to 36.9% 1 rank among the highest ever recorded globally;  levels of Helium-3 have been confirmed up to the magnitude of 901 ppt (atmospheric 3He is 7.2 ppt); and  the isotopic analysis results from samples tested suggest up to 3.47ppb 3He within a 36.9% Helium sample. Refer also to Tables 1 - 3 for further information in accordance with Listing Rule 5.30. To assist shareholders and interested investors better understand the Helium-3 market and its potential future growth opportunities, additional information outlined in detail in the Company’s 30 October 2024 announcement on Helium-3 included: Helium-3 is an Extremely Rare and Valuable Gas Helium-3 (³He), is an extremely rare gas to be found on Earth (7.2 parts per trillion (ppt) within the atmosphere) and represents only a tiny fraction of the planet's Helium production, and is primarily captured from the decay of Tritium in nuclear weapons. Information on naturally occurring Helium-3 (³He) on Earth is extremely limited. The largest known source of Helium-3 is the Moon, with its surface soil containing Helium-3 (³He) due to solar wind accumulation over billions of years. In contrast, Earth’s Helium-3 (³He) concentrations found in natural gas and volcanic emissions are extremely scarce. Commercial supplies of Helium-3 (³He) could significantly impact the global energy market by providing a clean, efficient fuel for nuclear fusion, potentially revolutionizing energy production. Based on existing fusion technology (e.g. Tokamak fusion reactors developed by companies such as Commonwealth Fusion Systems 2), Helium-3’s use in fusion reactors could generate vast amounts of energy with zero or minimal radioactive waste, providing a sustainable alternative to current energy sources. All Natural Hydrogen and Helium sample results have been corrected for air contamination Foreign Policy News article (21 September 2021). Available at: https://foreignpolicynews.org/2021/09/21/with-the-fusion-breakthrough-by-commonwealth-fusion-systemshelium-3-is-becoming-a-national-security-issue-for-the-united-states/ 1 2 Gold Hydrogen Limited – Quarterly Activities Report p. 3 ` The scarcity of Helium-3 on Earth as the fuel source for Tokamak reactors has been the major constraint on their scale-up and commercial use. This has led to a number of companies from countries including the USA, China and Russia pursuing plans to extract Helium-3 (³He) from lunar regolith in the coming decade. The Strategic Value of Helium-3 3 In addition to nuclear fusion energy, Helium-3 is a highly valuable and rare isotope, indispensable in advanced fields such as quantum computing, cryogenics, medical imaging, and nuclear material monitoring. With its neutron absorption capability, Helium-3 plays an essential role in neutron detection and future technologies:  current prices for Helium-3 exceed $2,500 per litre (USD 70.8 million per McF or USD 18.7 million per kg), over 140,000 times the value of Helium-4; and  this isotope is vital for nuclear fusion, a field seeing rapid advancements, especially through projects like Commonwealth Fusion Systems, backed by major stakeholders including the US Energy Department, Khosla Investments, and the Bill Gates founded Breakthrough Energy Ventures2. How is Naturally Present Helium-3 (3He) in the Subsurface Derived? Naturally present Helium-3 in the subsurface derives from rock that interacted with the deep Earth interior, the lower mantle being a primordial and undegassed material. For example, Mid-Ocean Ridge Basalts (MORBs) are mafic rocks derived from larger mantle domains that appear to sample deep mantle 3 He transported to the melting domain in the upper mantle by large-scale mantle convection. 3He enrichment is quantified by 3He/4He ratios relative to the 3He/4He ratio in air (R/RA). Granitic basement rocks are formed by melting at the base of the continental crust and have very low range of 0.01-0.1 R/RA due to their high content of radioactive elements (U, Th) generating 4He only and lack of mantle material interaction. Enrichment in 3He in granitic basement can be a marker for intrusions of deep magmatic material or interaction with deep mafic rocks. Further Background Information and Articles on Helium-3 https://www.edelgasgroup.com/helium-3-market-report https://foreignpolicynews.org/2021/09/21/with-the-fusion-breakthrough-by-commonwealth-fusionsystems-helium-3-is-becoming-a-national-security-issue-for-the-united-states/ https://www.forbes.com/sites/roberthart/2022/12/13/nuclear-fusion-breakthrough-can-the-questfor-clean-energy-finally-help-tackle-the-climate-crisis/ https://www.techno-science.net/en/news/china-considers-catapulting-helium-from-the-moon-toearth-N25636.html https://english.elpais.com/science-tech/2024-05-12/helium-3-mining-the-fuel-of-the-future-on-themoon.html Edelgas public article (22 October 2024). Available at: https://www.edelgasgroup.com/Helium-3-marketreport 3 Gold Hydrogen Limited – Quarterly Activities Report p. 4 ` Exploration Well Testing Summary – Ramsay 1 & 2 Exploration Wells Stage 2 exploration well testing results received during the third and fourth quarters of 2024 indicated increasing levels for purities of both Natural Hydrogen and Helium measured by equipment at surface. As depicted in Figure 3 for Natural Hydrogen from the Ramsay 2 well, the shallow Hydrogen zone showed an increasing trend for daily recorded levels of Natural Hydrogen (corrected for air contamination) at surface. As previously reported, the Company measured Natural Hydrogen of purities up to 95.8% 4 across seven (7) zones within Ramsay 2, with the highest recorded at 531m depth. Refer also Tables 4 and 5 for further information in accordance with Listing Rule 5.30. Testing on Ramsay 1 commenced seven (7) days after Ramsay 2, with the Company focussing on the Helium zone deeper in the formation. As reported by the Company after the end of the Quarter, the recorded Helium concentrations measured during the Stage 2 well testing of Ramsay 1 showed a consistent increase, and did not appear to have reached a stable maximum value at the end of the testing period, as depicted in Figure 4. Refer also Tables 3 - 5 for further information in accordance with Listing Rule 5.30. The overall results of the exploration well testing program identified a 180m thick and potentially prolific Helium zone within the Kulpara Dolomite formation, commencing at approximately 612m depth. Furthermore, the testing program proved that Helium can be extracted to surface, and that although the Ramsay 1 location showed water ingress during testing, the analysis indicated that it could flow up to 100 MScf/day with water on an unconstrained basis. This conclusion has been reached on the basis of a narrow preliminary exploration well, and it is expected that higher rates could be achieved in the future from production-style wells. The Company is now studying 2025 exploration and development options to extract free Natural Hydrogen and Helium from new wells to be drilled in up-dip locations based on the interpretive results of the 2D seismic survey. Figure 2 – Stage 2 Exploration Well Testing – Ramsay 1 4 All Natural Hydrogen and Helium sample results have been corrected for air contamination Gold Hydrogen Limited – Quarterly Activities Report p. 5 ` Figure 3 – Ramsay 2 Testing 200m to 350m Shallow Hydrogen Zone 7 & 8 – Hydrogen concentrations increasing as testing continues as measured from the annulus (corrected for air and Nitrogen contamination). Figure 4 - Ramsay 1 He concentrations (air and nitrogen corrected) measured during the testing of the open Helium zone. The concentrations consistently increase over the testing period, with wellhead sample laboratory analysis confirming the separator measurement. Gold Hydrogen Limited – Quarterly Activities Report p. 6 ` Expansion of South Australian Footprint During the Quarter, the Company was awarded a further petroleum licence application (PELA 792) with an area of approximately 1,960km2, split into three (3) areas, as shown below in Figure 5. The eastern-most portion of PELA 792 is contiguous with PELA 688 held by Gold Hydrogen’s 100% owned subsidiary Byrock Resources Pty Ltd. The western portions of PELA 792 are located on the Eyre Peninsula and are close to the State Government’s proposed hydrogen power plant facility at Whyalla, and their Hydrogen Hub proposed for Port Bonython, both of which are initiatives of the Office of Hydrogen Power SA, established by the Department for Energy and Mining in 2022. About the Whyalla Hydrogen Power Plant Facility 5 The South Australian Government has committed more than half a billion dollars to its Hydrogen Jobs Plan to build a world leading hydrogen power plant, electrolyser and storage facility near Whyalla by early 2026. The facility includes a 200MW renewable hydrogen power plant which will be a new source of flexible power, providing additional grid stability for homes and businesses around the state by using excess renewable energy generated from large-scale wind and solar farms to provide a consistent output of supply. About the Port Bonython Hydrogen Hub 6 The South Australian Government and the private sector are collaborating to deliver the Port Bonython Hydrogen Hub as a multi-user precinct leveraging the state's renewable energy opportunities and enabling export from a clean hydrogen industrial hub. The Port Bonython Hydrogen Hub is proposed to be South Australia’s first large-scale clean hydrogen production precinct for both export and domestic markets and is an integral part of South Australia’s first-mover strategy to enter the global hydrogen market. Located in the Upper Spencer Gulf, Port Bonython has:  an existing deep-water liquid hydrocarbon export terminal; and  over 2000 hectares of developable land. This export facility is intended to enable South Australia to ship hydrogen products made using renewable energy offshore while creating regional jobs. 5 6 https://www.hydrogenpowersa.sa.gov.au/projects/hydrogen-jobs-plan/whyalla-hydrogen-power-facility https://www.hydrogenpowersa.sa.gov.au/projects/port-bonython-hydrogen-hub Gold Hydrogen Limited – Quarterly Activities Report p. 7 ` Figure 5 – PELA 792 areas straddling the Spencer Gulf in South Australia Gold Hydrogen Limited – Quarterly Activities Report p. 8 ` Future Activities Based on the integration of the drilling and testing results with the Ramsay 2D data acquired in the second half of 2024, Gold Hydrogen is in the process of planning its 2025 drilling and data acquisition campaign to delineate the Ramsay Natural Hydrogen and Helium accumulation. This will involve a number of wells, specifically targeting the different pay zones within the identified structure and using a modified well design to enable testing of the different zones with zonal specific testing configurations. The data from these wells will constrain the pilot project area and design, with the aim of demonstrating the commercial production potential of both Natural Hydrogen and Helium from the Ramsay Project. In parallel, an extensive 3D seismic survey is being considered over the Ramsay Project area, to illuminate the stratigraphic and structural subsurface complexities, in order to facilitate detailed resource assessments and to optimise drilling locations for future exploration and appraisal wells. The Ramsay 2D regional seismic data has revealed several Natural Hydrogen and Helium prospects, some of which will be tested with dedicated exploration wells. Selection and timing of these wells will be done in conjunction with the delineation drilling activities, in order to take advantage of the presence of the drilling rig and experienced crew. Groundbreaking Exploration Testing for Both Natural Hydrogen and Helium The Ramsay Project well testing program was the first dedicated Natural Hydrogen and Helium well test operation conducted in Australia, and to the Company’s knowledge, it is likely one of only a few in the world. The Company considers this to represent the initial steps of an exciting journey, which is not dissimilar to that undertaken by various world-renowned and ultimately successful oil and gas projects, such as the early days in the CSG and shale industries. For those particular resources, the exploration and completion techniques were developed and optimised over time, improving project economics and ultimately leading to major projects being developed. The Company anticipates a similar path forward for its Natural Hydrogen and Helium prospective resources, although the timeframe may be quicker as drilling and completions technologies developed for other gas resources may be applicable to its Natural Hydrogen and Helium projects. First Key Step on the Journey to Future Potential Development The Company is of the view that the Ramsay Project contains significant prospective resources of both Natural Hydrogen and Helium, with large scale potential that it is aiming to be potentially developed over time. There is very little data available for dedicated Natural Hydrogen wells anywhere in the world due to the lack of analogue wells. To the Company’s knowledge, the only Natural Hydrogen field currently in production is located in Mali, West Africa, where Natural Hydrogen production is used to power the small town of Bourakébougou. It has been reported that the Natural Hydrogen wells in Mali do not have any decline in production and are continually regenerating and producing at the same rate. 7 Helium is extremely valuable and indicatively, longer-term bulk pricing is expected to approximate USD450 per Mcf (thousand cubic feet). 8 “Natural Hydrogen: a new source of carbon free and renewable energy that can compete with hydrocarbons”, First Break Volume 40, October 2022 (available via www.goldhydrogen.com.au/technicalarticles/) 8 February 2024, www.noblehelium.com.au, quoting Konbluth Helium Consulting. 7 Gold Hydrogen Limited – Quarterly Activities Report p. 9 ` Important Risk Commentary It is important to note that there remain both geological and potential development risks associated with the Ramsay Project and the Company’s commercial and business objectives. These risks relate to the presence, recovery, and potential volumes of Natural Hydrogen and Helium, but also due to the location of the current and potential project sites within agricultural areas and proximal to National Parks on both the Yorke Peninsula and Kangaroo Island, requiring significant landholder and community engagement. The worldwide, Federal and South Australian Government and industry efforts to secure Hydrogen as an alternative energy source provides confidence that any technical and social concerns may be overcome. FINANCIAL REPORTING Exploration expenditures that were capitalised relate to the Company’s flagship Ramsay Project (PEL 687) over the Yorke Peninsula / Kangaroo Island. Exploration Expenditures – Item 1.2(a) of Quarterly Cashflow Report Nature of Expenditure Airborne and seismic surveys and sub-surface studies Environmental and permitting costs Native Title, land access and licence fees Drilling and related activities Total Amount $267,438 $33,009 $36,614 $437,944 $775,004 Payments to Directors – Item 6.1 of Quarterly Cashflow Report Payments consisted of fees paid for Executive Director and Non-Executive Director services, pursuant to written agreements and employment contracts, totalling $173,443 for the December 2024 Quarter (although some payments made during the Quarter related to prior periods). Reporting Against IPO Use of Funds The Company remains on track with regard to its forecast spending and activities as outlined in its 29 November 2022 Replacement Prospectus. The amount of funds expended on exploration expenditure as originally forecast will be partially offset or supplemented via access to R&D offset funding. This report has been authorised for release by the Board. Gold Hydrogen Limited – Quarterly Activities Report p. 10 ` For Company Enquiries Contact: Neil McDonald – Managing Director nmcdonald@goldhydrogen.com.au +61 7 3521 8038 Karl Schlobohm – Company Secretary / CFO kschlobohm@goldhydrogen.com.au +61 7 3521 8038 For Media Enquiries Contact: Matthew Doman – Crestview Strategy matthew.doman@crestviewstrategy.com +61 421 888 858 Website: LinkedIn: Twitter: Contact: www.goldhydrogen.com.au Gold Hydrogen Ltd @GHY_ASX info@goldhydrogen.com.au QPRRE Statements The Prospective Resource Statements for Natural Hydrogen and Helium have been included in this report under the approval of Mr Billy Hadi Subrata, Chief Technical Officer for Gold Hydrogen, who is a Qualified Petroleum Reserves and Resources Evaluator. Mr Hadi Subrata confirms that, as at the date of this report, there are no changes to information or any additional information, since the effective date of each prospective resource report (refer below), that would materially change the estimates of prospective resources quoted. QPRRE Statement – Natural Hydrogen The Prospective Resource Statement for Natural Hydrogen in this report 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 report 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 (as well as on 30 October 2024) together with the accompanying assumptions and notes. Forward Looking Statement / Future Performance This announcement may contain certain forward-looking statements and opinion Forward-looking statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties, assumptions, contingencies and other important factors, many of which are outside the control of the Company and which are subject to change without notice and could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such statements. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Nothing contained in this announcement, nor any information made available to you is, or and shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Gold Hydrogen Limited. Gold Hydrogen Limited – Quarterly Activities Report p. 11 ` Table 1: Summary of Helium-4 (4He) and Helium-3 (3He) Results (Oxford University) in Ramsay 2 (originally released on 30 October 2024) Permit Ramsay 2 UTM zone 53 GDA2020 747,707.85 6149385.46 PEL687 Entity holders Gold Hydrogen 100% Name: Location X Y Zones tested Resources Formation Gross thickness and net pay thickness Geological rock type Depth of the zones tested Zone 1_sample 11 HydrogenHelium Zone 23_sample 19 Zone 4_sample 32 Zone 5_sample 46 Zone 6_sample 62 Zone 7_sample 79 Helium Hydrogen Hydrogen Hydrogen Hydrogen Basement Kulpara Fm Kulpara Fm Parara Limestone Parara Limestone Parara Limestone >200m Gross 180m Gross 155m Gross 406m Gross 406m Gross 406m Gross Basement Dolomite Limestone Limestone Limestone Limestone 1002 mMD 712mMD 530 mMD 384 mMD 343 mMD 289 mMD Type of test Phase recovered [4He], ccSTP/ccSTP 3 He/4He R/Ra 3 He ppt Flow rates, choke size, volumes recovered Fracture stimulation Material nonhydrocarbons Noble gas abundance and isotopic quantification Gas Gas Gas Gas Gas Gas 1.44E-07 3.23E-07 0.23 0.05 6.52E-04 9.26E-09 0.0066 6.04 4.21E-08 1.72E-06 1.2306 0.07 5.54E-07 6.84E-08 0.0489 0.04 3.05E-08 1.55E-06 1.11 0.05 1.59E-07 7.57E-07 0.5408 0.12 TBA Yes None Yes None None Yes N2, H2, He, CO2 N2, H2, He, CO2 N2, H2, He, CO2 N2, H2, He, CO2 N2, H2, CO, CO2 N2, H2, He, CO2 Gold Hydrogen Limited – Quarterly Activities Report p. 12 ` Table 2: Summary Table of Helium-4 ( He) and Helium-3 ( He) results (Oxford University) in Ramsay 1 (originally released on 30 October 2024) Name: Ramsay 1 Location UTM zone 53 GDA2020 X 748,208.07 Y 6149545.7 Permit PEL687 4 Entity holders 3 Gold Hydrogen 100% Zones tested Zone 1_sample 8 Zone 2-3_sample 109451 Zone 2-3_sample 109477 Resources Hydrogen-Helium Helium Helium Formation Basement Kulpara Fm Kulpara Fm >200m Gross 180m Gross 180m Gross Basement Dolomite Dolomite 970 mMD 900 mMD 900 mMD Gross thickness and net pay thickness Geological rock type Depth of the zones tested Type of test Phase recovered [4He], ccSTP/ccSTP 3He/4He R/Ra 3He ppt Flow rates, choke size, volumes recovered Fracture stimulation Material nonhydrocarbons Noble gas abundance and isotopic quantification Gas Gas Gas 3.42E-04 9.65E-09 0.0069 3.30 5.34E-02 9.31E-09 0.0067 497.39 9.59E-02 9.39E-09 0.0067 900.51 TBA None None None N2, H2, He, CO2 N2, H2, He, CO2 N2, H2, He, CO2 Gold Hydrogen Limited – Quarterly Activities Report p. 13 ` Table 3: Sample Analysis Table – Ramsay 1 Well – Stage 2 - Helium (originally released on 17 October 2024) Name: Location (UTM zone 53 GDA2020) X Ramsay 1 748,208.07 Y 6149545.7 Permit PEL687 Entity holders Gold Hydrogen 100% Zones tested Zone 2 and 3 Resources Helium Formation Kulpara Dolomite Gross thickness and net pay thickness 180m Gross Geological rock type Dolomite Depth of the zones tested 900 mMD Type of test Commingled pressure test Phase recovered Water Corrected H2 and He concentration in gas recovered from downhole sample 36.9% He Flow rates, choke size, volumes recovered Fracture stimulation Material non hydrocarbons Gold Hydrogen Limited – Quarterly Activities Report 1 Mscf/day gas constraint by pump capacity and flow intermittently with water; choke size 20/64 inch; volumes recovered 0.55 Mscf None Nitrogen, Hydrogen p. 14 ` Table 4: Sample Analysis Table - Ramsay 2 Stage 1 Testing (Originally published on 27 May 2024) Name: Location (UTM zone 53 GDA2020) X Ramsay 2 747,761.61 Y 6149371.41 Permit PEL687 Entity holders Gold Hydrogen 100% Zones tested MDT zone, Zone 2 and 3 Zone 4 to 8 Resources Helium Hydrogen Formation Kulpara Dolomite Kulpara/Parara Limestone Gross thickness and net pay thickness 180m Gross 406m Gross Geological rock type Dolomite Limestone Depth of the zones tested 612m, 642m, 712m, 754m, and 777.5mMD 197m, 289m, 346.5m, 385m, and 531mMD Type of test Commingled test on zone 2 and 3 for few hours followed by overnight build up Pressure test on single zone for few hours followed by overnight build up Gas/Water Gas/Water Corrected H2 and He concentration in gas recovered from downhole sample Up to 17.5% He Up to 95.8% H2 Flow rates, choke size, volumes recovered TBA in next extended flow test in Q2/Q3 2024 Phase recovered Fracture stimulation Material non hydrocarbons Gold Hydrogen Limited – Quarterly Activities Report None None Nitrogen, Hydrogen Nitrogen, Helium p. 15 ` Table 5: Summary of Preliminary Results on Additional Helium Samples (originally released on 2 August 2024) Name: Location (UTM zone 53 GDA2020) X Ramsay 2 747,707.85 Y 6149385.46 Permit PEL687 Entity holders Gold Hydrogen 100% Zones tested Zone 1 Zone 2 and 3 Zone 7 and 8 Resources Helium Helium Hydrogen Formation Granite Basement Kulpara Dolomite Parara Limestone >200m Gross 180m Gross 406m Gross Geological rock type Granite Dolomite Limestone Depth of the zones tested 1002mMD 712 mMD 197mMD and 289mMD Type of test Pressure test Commingled pressure test Commingled pressure test Phase recovered Gas/Water Gas/Water Gas/Water 20% to 25% He 20% to 25% He 42% H2 (still increasing) Gross thickness and net pay thickness Corrected H2 and He concentration in gas recovered from downhole sample Flow rates, choke size, volumes recovered TBA Fracture stimulation Material non hydrocarbons None None None Nitrogen, Hydrogen Nitrogen, Hydrogen Nitrogen, Helium Gold Hydrogen Limited – Quarterly Activities Report p. 16 ` Table 6 – Prospective Resource Statement for Natural Hydrogen Gold Hydrogen’s Ramsay Project: Prospective Resources* of Hydrogen in ‘000 Tonnes – 30 Sept 2021 PEL Prospects PEL 687 All Prospects and Leads SPE PRMS Sub-class 1U Low Estimate 2U Best Estimate Mean 3U High Estimate Pg Pd Pc 207 1313 4187 8820 22% 48% 10% Yorke Peninsula PEL 687 Ramsay FB Prospect 124 931 2712 6989 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% PEL 687 Navigator Lead 34 152 280 678 19% 40% 8% PEL 687 Kanmantoo Prospect 32 134 237 569 25% 40% 10% Kangaroo Island *This estimate of Natural Hydrogen Prospective Resource