Helium-3 Confirmed in Preliminary Flow Test Results
Released
Released
Announcement PDF
Gold Hydrogen Limited, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 | 1
11 November 2026
ASX Announcement
Oxford University Confirms Exceptional Helium-3 Concentrations at
Ramsay From Preliminary Results
Helium-3 of up to 1,220 ppt Identified – Approximately 165 Times
Atmospheric Concentrations
Potential High-Value Strategic By-product Adds Further Upside to
Gold Hydrogen's Helium Development
HIGHLIGHTS
Helium-3 confirmed in all six samples: Oxford University's specialist noble gas laboratory con-
firmed Helium-3 (³He) in all six gas samples collected during the 2026 Ramsay 1 and Ramsay 2 flow
tests.
Exceptional Helium-3 concentrations: Results of up to 1,220 ppt (Argon-corrected) from Ramsay
1 and 2 sampling are up to 165 times atmospheric concentrations of 7.3 ppt.
Confirmed in flowed gas: Helium-3 was identified in the separated raw gas stream during sus-
tained flow testing of Ramsay 1 and 2, confirming its presence in gas successfully brought to sur-
face. Technology is emerging to separate Helium-3 from Helium gas streams.
Significant potential strategic value: Helium-3 is one of the world's scarcest and most valuable
gases, with reported indicative values of approximately US$18 million per kilogram, depending on
purity and market conditions11
.
Critical advanced technology applications: Helium-3 has important applications in quantum com-
puting, nuclear fusion, national security and medical research.
Highest Helium-3 concentrations reported at Ramsay: The 1,220 ppt result is approximately 35%
higher than the previous maximum of 901 ppt reported from Ramsay 1 samples analysed by Ox-
ford University in 2024.
Adds another potential value stream to Ramsay: Helium-3 has been identified in the same gas
stream as the Company's Helium discovery, which recorded average sustained air-corrected He-
lium concentrations of approximately 15.2% across three wells.
Further results pending: Ramsay 3 gas samples remain under analysis by Oxford University, with
results to be reported when received.
Next steps: Progress the maiden Helium Contingent Resource assessment, modular Helium plant
development and evaluation of additional drilling targets for both Helium and Natural Hydrogen.
Gold Hydrogen Limited, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 | 2
Gold Hydrogen Managing Director, Neil McDonald, said: “The identification of Helium-3 in the same gas
stream as our Helium gas stream potentially adds an entirely new dimension to our commercial
opportunities at Ramsay. We are no longer looking solely at the development of a conventional Helium
project; we are investigating the potential for an additional high-value critical gas with applications in some
of the world's most advanced technologies.
Helium-3 is an exceptionally rare and strategically important isotope, with growing world interest driven by
quantum computing, national security and emerging advanced technologies. Helium-3 can sell for USD 18
million per kg. These preliminary campaign results from Ramsay 1 and 2 are in line with reported levels
found on the moon where nations are wanting to mine the moon, but we will not have to launch a rocket to
get it. Its presence along with our previously reported world leading air-corrected Helium purities of up to
36.9% adds another potentially significant dimension to the Ramsay Project and the commercial
opportunities we are pursuing.
Combined with the scale, continuity and productivity of our Helium-bearing reservoir, we believe these
results further strengthen the strategic potential of Ramsay.
We look forward to receiving the remaining Ramsay 3 results and engaging with specialist technology
partners to assess the potential to separate and commercialise Helium-3 as part of a future Ramsay Helium
development."
Further to the Company’s announcements of 20 October 2026 and 2 November 2026, the Directors of Gold
Hydrogen Limited (Gold Hydrogen, ASX: GHY, the Company) are pleased to advise that isotopic analysis by
Oxford University of gas samples collected during the 2026 Ramsay flow test campaign at the Ramsay 1 and
Ramsay 2 wells, Ramsay Project (PEL 687), Yorke Peninsula, South Australia, has confirmed the presence of
Helium-3 (³He).4,5
HELIUM-3 – AN EXTREMELY RARE AND STRATEGICALLY IMPORTANT ISOTOPE
Helium-3 (³He) is a stable, non-radioactive isotope of Helium and is extremely rare on Earth. Terrestrial
supply is currently obtained almost entirely as a by-product of the radioactive decay of tritium associated
with nuclear weapons and certain nuclear reactor programs, making global supply extremely constrained.
In the United States, Helium-3 has been allocated by the Department of Energy Isotope Program since 2010
due to supply shortages.
Helium-3 is critical to a range of advanced and emerging technologies, including:
Quantum computing and cryogenics – Helium-3 is used in dilution refrigerators that cool supercon-
ducting quantum computers and other quantum devices to near absolute zero;
Neutron detection and national security – Helium-3’s neutron absorption properties make it vital for
neutron detectors used in nuclear material monitoring and border security;
Medical imaging and research – including hyperpolarised Helium-3 lung imaging and low-temperature
physics research; and
Fusion energy – Helium-3 is being investigated as a fuel for advanced fusion concepts, as it offers the
potential for fusion reactions with minimal neutron radiation.
Gold Hydrogen Limited, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 | 3
Growing demand, particularly from the quantum computing sector, has led to emerging commercial supply
arrangements.
Naturally occurring Helium-3 within a land-based Helium system, flowing to surface as part of a Helium-rich
gas stream, represents a potentially attractive alternative source, subject to the development, feasibility
and demonstration of suitable separation technology. By way of example of progress being made in this
area, Pulsar Helium announced on 14 October 2026 that it has entered into an evaluation agreement with
Lunar Helium-3 Mining, LLC (“LH3M”) to evaluate LH3M’s proprietary Helium-3 separation, concentration,
recovery and associated processing technology using data and Helium samples from Pulsar’s flagship Topaz
Project in Minnesota, USA.
RAMSAY PROJECT – A GROWING HELIUM DEVELOPMENT OPPORTUNITY
The Helium-3 results add to the significant progress achieved during Gold Hydrogen's 2026 Ramsay flow
testing campaign.
The Company successfully completed Helium flow testing across Ramsay 1, Ramsay 2 and Ramsay 3 in under
three months, demonstrating a connected and highly productive Helium-bearing reservoir extending
approximately 2.2 kilometres.
Key results include:
Helium successfully flowed to surface, separated, purified and bottled onsite – the first Helium bottled
in Australia since the Darwin plant closed in late 2023.
Sustained air-corrected Helium concentrations of approximately 19% at Ramsay 1 and 20% at Ramsay
2, with an average of approximately 15.2% across all three wells.
Gross fluid production rates of up to approximately 14,000 barrels per day at Ramsay 3.
Productivity Indexes of approximately 34–40 barrels per day per psi, demonstrating strong reservoir
deliverability, which modelled at up to ~37 Mscf/day per well.
Exceptional Helium-3 concentrations: Results of up to 1,220 ppt (Argon-corrected) from Ramsay 1 and
2 sampling are up to 165 times atmospheric concentrations of 7.3 ppt.
Natural Hydrogen concentrations of up to 97% (air-corrected) recorded at Ramsay 3, with appraisal
testing and modelling indicating potential rates of approximately 100 kg per day per well.
A summary of the 2026 Helium flow test results is set out in Table 3. The remaining results are subject
to the qualifications set out in the original announcements; however preliminary field-derived gas
composition measurements as previously reported throughout the campaign have now been con-
firmed through independent laboratory analysis. Modelled rates have not yet been demonstrated by
flow testing.
These results provide the foundation for the Company's planned modular Helium development and
ongoing assessment of the broader Natural Hydrogen opportunity.
Gold Hydrogen Limited, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 | 4
NEXT STEPS
Gold Hydrogen's immediate priorities include:
1. Future drilling and development: Continue with completing future identification of prospective drill-
ing targets for Natural Hydrogen and Helium and updating the development plan.
2. Ramsay 3 Helium-3 results: Receive and interpret Oxford University's remaining analysis.
3. Helium-3 technology assessment: Engage specialist technology providers and research organisations
to assess potential separation and recovery processes.
4. Independent laboratory analysis: Complete outstanding compositional and isotopic analysis, including
the CSIRO program.
5. Maiden Helium Contingent Resource: Progress the independent assessment, targeted for November
2026, subject to completion of the required technical work.
6. Modular Helium development: Advance design and procurement planning, incorporating the Quan-
tum Technology Corporation purification technology already successfully trialled on Ramsay gas.
OXFORD UNIVERSITY HELIUM-3 RESULTS – RAMSAY 1 AND RAMSAY 2
As previously advised, gas samples were collected during the 2026 flow tests for independent laboratory
compositional and isotopic analysis, including Helium and Helium-3, with CSIRO and Oxford University.2,6
Oxford University, through its specialist noble gas research laboratory within the Department of Earth
Sciences, has now measured the noble gas abundances and Helium isotopic composition of two samples
from the Ramsay 1 flow test and four samples from the Ramsay 2 flow tests (two from the Kulpara Dolomite
test and two from the Hiltaba Basement test).
Argon was used to purge the flow test system during start-up to reduce or mitigate air contamination of
the gas stream. The results have therefore been corrected for Argon dilution (Argon-corrected). Both the
raw and Argon-corrected results are reported in Tables 1 and 2. The Oxford University Department of Earth
Sciences analysis confirms that:
Helium-3 has been measured at up to 1,220 ppt (Argon-corrected) in gas from the Ramsay 2 Hiltaba
Basement flow test (Petrolab sample 3944), compared with approximately 7.3 ppt in the atmosphere.
Helium-3 was detected in all six samples analysed, with Argon-corrected ³He concentrations of 504 to
534 ppt at Ramsay 1, 853 to 881 ppt from the Ramsay 2 Kulpara Dolomite test and 1,191 to 1,220 ppt
from the Ramsay 2 Hiltaba Basement test.
Measured ³He/⁴He ratios range from 8.4 × 10⁻⁹ to 9.5 × 10⁻⁹, equivalent to 0.0061 to 0.0068 R/Ra (the
³He/⁴He ratio of the sample relative to that of air). These are very similar to the 0.0066 to 0.0069 R/Ra
recorded in the 2024 results.
The samples with the highest ³He content correspond to the samples with the highest Helium (⁴He)
content.
Gold Hydrogen Limited, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 | 5
Full results are summarised in Tables 1 and 2 below. As this is a highly specialised area of isotopic research,
ongoing sampling and analysis will continue, including analysis of the Ramsay 3 samples which remain with
Oxford University and CSIRO.
COMPARISON WITH THE 2024 HELIUM-3 RESULTS
On 30 October 2024, the Company reported Oxford University results for samples taken during the 2024
Ramsay 1 and Ramsay 2 testing program, including Helium-3 of up to 901 ppt from the Kulpara Dolomite at
Ramsay 1 (900 mMD), with R/Ra values of 0.0067 to 0.0069 for the Kulpara Dolomite and basement samples
from Ramsay 1.1
The 2026 results extend those findings. They include Argon-corrected Helium-3 of up to 1,220 ppt, the
highest Helium-3 concentration reported at the Ramsay Project to date, and up to 881 ppt from the Kulpara
Dolomite. The 2024 results were reported on an uncorrected basis. Notably, the R/Ra ratios measured in
2026 (0.0061 to 0.0068) are very similar to those measured in 2024 (0.0066 to 0.0069), across different
wells, formations and test methods. The 2026 samples were also collected from the separated raw gas
stream during sustained electrical submersible pump (ESP) flow testing, at materially higher fluid rates than
the 2024 program. This provides greater confidence that the measured Helium isotopic composition is
representative of the gas delivered by the Ramsay reservoirs.
HOW IS NATURALLY PRESENT HELIUM-3 (³He) IN THE SUBSURFACE DERIVED?
Naturally present Helium-3 (³He) 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
³He 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 a 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.
RAMSAY PROJECT HELIUM SAMPLES AND ANALYSIS
The R/Ra values measured in the 2026 samples of 0.0061 to 0.0068 are consistent with the 2024 results
and with Helium being generated predominantly in felsic crystalline basement by the radioactive decay of
uranium and thorium. The similarity of the ratio between the Hiltaba Basement and the overlying Kulpara
Dolomite is consistent with Helium generated in the basement migrating into the overlying reservoirs.
This is a highly specialised and technical field, with very little analogue data available from comparable
third-party gas projects. Accordingly, these sample results and analyses require ongoing work to assist with
the Company’s understanding of their potential in the context of the Ramsay Project and its underlying
geological systems.
Gold Hydrogen Limited, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 | 6
The Helium-3 results in this announcement are preliminary, Argon-corrected independent laboratory
measurements by Oxford University of a limited number of gas samples. Raw (uncorrected) results are also
reported in Tables 1 and 2. Other figures referred to in this announcement have been previously reported
and remain subject to the qualifications in those announcements. Gold Hydrogen will provide further
updates to the market as the Ramsay 3 results are received.
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. The Helium-3 results reported
in this announcement are laboratory measurements of a limited number of gas samples and may not be
representative of the composition of gas produced from the Ramsay Project over time. The Argon-corrected
results adjust the laboratory measurements for Argon introduced during start-up purging of the flow test
system. They are preliminary and depend on the correction methodology applied. Helium-3 is not included
in any Prospective Resource or Contingent Resource estimate for the Ramsay Project, and no assessment
has been made of the volume of Helium-3 that may be recoverable. The separation of Helium-3 from He-
lium-4 requires specialised cryogenic technology that has not been demonstrated at the Ramsay Project,
and there is no established, transparent market price for Helium-3. There is no certainty that Contingent
Resources will be able to be booked, that an accelerated FEED or a Ramsay development will proceed, that
Helium-3 can be recovered or sold, or that commercial viability can be established.
REFERENCES AND PREVIOUS COMPANY DISCLOSURES
1 ASX release “Helium-3 Confirmed at Ramsay Project” dated 30 October 2024.
2 ASX release “Ramsay 1 Test Update – Helium Flowed, Separated and Purified” dated 29 July 2026.
3 ASX release “Ramsay 1 Flow Test Results Enhance Helium Pathway” dated 5 August 2026.
4 ASX release “Ramsay Helium Flow Test Campaign Completed” dated 20 October 2026.
5 ASX release “Groundbreaking Natural Hydrogen Results Confirmed” dated 2 November 2026.
6 ASX release “Quarterly Activities/Appendix 5B Cash Flow Report” dated 30 October 2026.
7 Interlune, “U.S. Department of Energy Buys Helium-3 from U.S. Space Resources Company Interlune in Historic Agreement”, 7
May 2025 (www.interlune.space).
8 The Quantum Insider, “Bluefors Enters Deal to Secure Lunar Helium-3 Supply From Interlune”, 17 September 2025.
9 The Edelgas Group, Helium-3 Market Report, 2024 (www.edelgasgroup.com/helium-3-market-report).
10 ASX release “Sprott Participates in Institutional Placement” dated 2 November 2026.
11 Pulsar Helium market release of 14 October 2026.
The Company confirms that it is not aware of any new information or data that materially affects the information included in the
previous market announcements referred to above, other than as set out in this announcement.
FURTHER INFORMATION
Further information on the Gold Hydrogen group, its projects, and its Board and Management can be found
on the Company’s website ( www.goldhydrogen.com.au ). Gold Hydrogen also has accounts on LinkedIn
and Twitter (@GHY_ASX), and copies of market releases will be emailed to all interested parties who
register via investorhub.goldhydrogen.com.au/auth/signup.
Gold Hydrogen Limited, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 | 7
This announcement has been authorised for release by the Managing Director.
On behalf of the Board
Karl Schlobohm
Company Secretary
For Company Enquiries Contact:
Neil McDonald – Managing Director Karl Schlobohm – Company Secretary / CFO
nmcdonald@goldhydrogen.com.au kschlobohm@goldhydrogen.com.au
+61 7 3521 8038 +61 7 3521 8038
Forward Looking Statement / Future Performance
This announcement may contain certain forward-looking statements and opinion. Forward-looking
statements, including aspirational forward-plans, 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, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 | 8
Table 1 – Summary of Preliminary Helium-4 (⁴He) and Helium-3 (³He) Results (Oxford University) – Ramsay 1
– 2026 Flow Test
Name of well: Ramsay 1
Location (UTM zone 53
GDA2020)
X 748,208.07 mE / Y 6,149,545.70 mN
Permit PEL 687
Entity’s working interest Gold Hydrogen 100%
Sample ID Petrolab 110754.1 – Sample 3971 Petrolab 110754.2 – Sample 3947
Resources Helium Helium
Formation
Commingled test – Kulpara Dolomite (primary Helium target), with Parara Limestone and
granite basement also open to the wellbore
Gross thickness and net pay
thickness
180m gross primary Helium target (Kulpara Dolomite) within 793m gross open interval.
Insufficient information is presently available to determine net pay thickness.
Geological rock type Dolomite (primary), limestone and granite basement
Depth of the zones tested 212m to 1,005m (open interval, 4½-inch slotted liner)
Type of test and duration
Commingled ESP flow test (from 25 July 2026). Argon used to purge the flow test system
during start-up. Gas samples collected from the separator for noble gas abundance and
isotopic quantification by Oxford University.
Phase recovered Gas, water
⁴He, % – raw 3.72 3.75
³He, ppt – raw 335 355
⁴He, % - corrected 5.60 5.65
³He, ppt – Argon-corrected 504 534
³He/⁴He 9.0 × 10⁻⁹ 9.5 × 10⁻⁹
R/Ra 0.0065 0.0068
Flow rates, choke size, volumes
recovered
Gross fluid rate up to 2,000 bbl/day; 14/64-inch choke (refer ASX releases of 29 July and 5
August 2026)
Fracture stimulation N/A
Material non-hydrocarbons Hydrogen, Helium, Nitrogen, CO2 (Argon introduced as purge gas)
Notes: Results are preliminary. Argon-corrected values adjust the raw laboratory measurements for Argon introduced during start-up purging of the flow
test system. ³He/⁴He and R/Ra are derived from the reported ³He and ⁴He values, using an air ³He/⁴He ratio of 1.39 × 10⁻⁶, and are unaffected by the
Argon correction. Air reference values: ⁴He 0.0005%; ³He 7.3 ppt.
Information compiled by Billy Hadi-Subrata, Gold Hydrogen’s Chief Technical Officer.
Gold Hydrogen Limited, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 | 9
Table 2 – Summary of Preliminary Helium-4 (⁴He) and Helium-3 (³He) Results (Oxford University) – Ramsay 2
– 2026 Flow Tests
Name of well: Ramsay 2
Location (UTM zone 53
GDA2020)
X 747,707.85 mE / Y 6,149,385.46 mN
Permit PEL 687
Entity’s working interest Gold Hydrogen 100%
Flow test
Kulpara Dolomite (+
Parara)
Kulpara Dolomite (+
Parara)
Hiltaba Basement (+
Parara + Kulpara)
Hiltaba Basement (+
Parara + Kulpara)
Sample ID
Petrolab 110854.1 –
Sample 3970
Petrolab 110854.2 –
Sample 3945
Petrolab 110855.1 –
Sample 3969
Petrolab 110855.2 –
Sample 3944
Resources Helium Helium Helium Helium
Formation
Kulpara Dolomite,
commingled with
Parara Limestone
Kulpara Dolomite,
commingled with
Parara Limestone
Hiltaba Basement,
commingled with
Parara Limestone and
Kulpara Dolomite
Hiltaba Basement,
commingled with
Parara Limestone and
Kulpara Dolomite
Gross thickness and net pay
thickness
180m gross (Kulpara).
Net pay not yet
determined.
180m gross (Kulpara).
Net pay not yet
determined.
200m gross (Hiltaba
Basement). Net pay
not yet determined.
200m gross (Hiltaba
Basement). Net pay
not yet determined.
Geological rock type Dolomite, limestone Dolomite, limestone
Granite, dolomite,
limestone
Granite, dolomite,
limestone
Depth of the zones tested 800 mMD 800 mMD 1002 mMD 1002 mMD
Type of test and duration
ESP flow tests, 4½-inch cemented and perforated casing. Argon used to purge the flow test system
during start-up. Gas samples collected from the separator for noble gas abundance and isotopic
quantification by Oxford University.
Phase recovered Gas, water
⁴He, % – raw 2.78 2.78 6.64 6.91
³He, ppt – raw 249 237 574 583
⁴He, % - corrected 9.83 10.00 13.77 14.45
³He, ppt – Argon-corrected 881 853 1,191 1,220
³He/⁴He 9.0 × 10⁻⁹ 8.5 × 10⁻⁹ 8.6 × 10⁻⁹ 8.4 × 10⁻⁹
R/Ra 0.0064 0.0061 0.0062 0.0061
Flow rates, choke size,
volumes recovered
Gross fluid rate up to 2,300 bbl/day, stabilising at approximately 1,200 bbl/day (refer ASX release of
25 August 2026)
Fracture stimulation N/A
Material non-hydrocarbons Hydrogen, Helium, Nitrogen, CO2
Notes: Results are preliminary. Argon-corrected values adjust the raw laboratory measurements for Argon introduced during start-up purging of the flow
test system. ³He/⁴He and R/Ra are derived from the reported ³He and ⁴He values, using an air ³He/⁴He ratio of 1.39 × 10⁻⁶, and are unaffected by the
Argon correction. Air reference values: ⁴He 0.0005%; ³He 7.3 ppt.
Information compiled by Billy Hadi-Subrata, Gold Hydrogen’s Chief Technical Officer.
Gold Hydrogen Limited, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 | 10
Table 3 – Ramsay Project Helium Flow Test Results – Kulpara Dolomite (Originally Published 20 October 2026)
Parameter Ramsay 1 Ramsay 2 Ramsay 3
Well completion 4½-inch slotted liner
4½-inch cemented casing,
perforated
7-inch cased, cemented
and perforated
ESP rated capacity 2,000 bbl/day 2,000 bbl/day 20,000 bbl/day
Maximum recorded gross fluid
rate
Up to 2,000 bbl/day Up to 2,300 bbl/day Up to ~14,000 bbl/day
Productivity Index Up to ~34 bbl/day/psi Up to ~34 bbl/day/psi ~40 bbl/day/psi
Air-corrected Helium
concentration
19% 20%¹
6.5% stabilised; samples up
to 12.6%
Helium gas rate potential
(modelled)
Up to 41 Mscf/day Up to 20 Mscf/day Up to 15 Mscf/day
Project-wide
Average air-corrected Helium concentration of ~15.2%; Helium gas rate potential
(modelled) of up to ~37 Mscf/day per well
¹ Ramsay 2 also recorded air-corrected Helium concentrations of up to 19% from the Hiltaba Basement, which is excluded from the
Kulpara Dolomite average. Modelled rates are outcomes of the Company’s deliverability modelling and have not been demonstrated by
flow testing. Refer to the Company’s ASX announcement of 20 October 2026 for full details and qualifications.
Information compiled by Billy Hadi-Subrata, Gold Hydrogen’s Chief Technical Officer.
Gold Hydrogen Limited, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 | 11
Table 4: Summary of 2024 Helium-4 (4
He) and Helium-3 (3
He) Results (Oxford University) in Ramsay 2
(Originally Published 30 October 2024)
Name: Ramsay 2
Location UTM zone 53 GDA2020
X 747,707.85
Y 6149385.46
Permit PEL687
Entity holders Gold Hydrogen 100%
Zones tested
Zone
1_sample 11
Zone 2-
3_sample 19
Zone
4_sample 32
Zone
5_sample 46
Zone
6_sample 62
Zone
7_sample 79
Resources
Hydrogen-
Helium
Helium Hydrogen Hydrogen Hydrogen Hydrogen
Formation Basement Kulpara Fm Kulpara Fm
Parara
Limestone
Parara
Limestone
Parara
Limestone
Gross thickness
and net pay
thickness
>200m Gross 180m Gross 155m Gross 406m Gross 406m Gross 406m Gross
Geological rock
type
Basement Dolomite Limestone Limestone Limestone Limestone
Depth of the
zones tested
1002 mMD 712mMD 530 mMD 384 mMD 343 mMD 289 mMD
Type of test Noble gas abundance and isotopic quantification
Phase recovered Gas Gas Gas Gas Gas Gas
[4
He],
ccSTP/ccSTP
3
He/4
He
R/Ra
3
He ppt
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
Flow rates,
choke size,
volumes
recovered
TBA
Fracture
stimulation
Yes None Yes None None Yes
Material non-
hydrocarbons
N2, H2, He,
CO2
N2, H2, He,
CO2
N2, H2, He,
CO2
N2, H2, He,
CO2
N2, H2, CO,
CO2
N2, H2, He,
CO2
Information compiled by Billy Hadi-Subrata, Gold Hydrogen’s Chief Technical Officer.
Gold Hydrogen Limited, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 | 12
Table 5: Summary Table of 2024 Helium-4 (4
He) and Helium-3 (3
He) results (Oxford University) in Ramsay 1
(Originally Published 30 October 2024)
Information compiled by Billy Hadi-Subrata, Gold Hydrogen’s Chief Technical Officer.
Name: Ramsay 1
Location UTM zone 53 GDA2020
X 748,208.07
Y 6149545.7
Permit PEL687
Entity holders 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
Gross thickness
and net pay
thickness
>200m Gross 180m Gross 180m Gross
Geological rock
type
Basement Dolomite Dolomite
Depth of the
zones tested
970 mMD 900 mMD 900 mMD
Type of test Noble gas abundance and isotopic quantification
Phase
recovered
Gas Gas Gas
[4
He],
ccSTP/ccSTP
3
He/4
He
R/Ra
3
He ppt
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
Flow rates,
choke size,
volumes
recovered
TBA
Fracture
stimulation
None None None
Material non-
hydrocarbons
N2, H2, He, CO2 N2, H2, He, CO2 N2, H2, He, CO2
Gold Hydrogen Limited, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 | 13
Table 6 – Ramsay 3 – 2025 Drilling Campaign (Originally Published 2 December 2025)
Name: Ramsay 3 – 2025 Drilling Campaign
Location (UTM zone 53
GDA2020)
X 749096 mE / Y 6151186 mN
Permit PEL 687
Entity holder(s) Gold Hydrogen 100%
Resources Hydrogen, Helium
Formation Parara, Kulpara, Winulta and Hiltaba basement
Gross thickness and net pay
thickness
85m gross. Insufficient information is presently available to determine
net pay thickness.
Geological rock type Limestones, Dolomites, Dolomitic Sandstones and fractured Granites
Depth of the zones tested 148–870m
Type of test and duration Calibrated mud gas log data and Isotubes
Phase recovered Gas
Corrected H2 concentration
in gas recovered from
downhole sample
Up to 97% H2
Other types of recovery N/A
Flow rates, choke size,
volumes recovered
N/A
Fracture stimulation N/A
Material non hydrocarbons Hydrogen, Helium, Nitrogen, CO2
Information compiled by Billy Hadi-Subrata, Gold Hydrogen’s Chief Technical Officer.
Gold Hydrogen Limited, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 | 14
Table 7 – Sample Analysis Table – Ramsay 1 Well – 2024 Stage 2 Test
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