Gold Hydrogen Initiates Ramsay Flow Testing as Mitsubishi MOU and Worley Helium Study Advance Commercialisation Efforts

Ramsay 1, 2, and 3 Well Testing to Commence Within Days Following Equipment Mobilisation

Gold Hydrogen’s quarterly update confirmed that the 2026 Ramsay flow test campaign has entered the implementation phase, with site preparation well advanced and equipment and crews being mobilised to the site. Final system integration testing of electrical components—including Electric Submersible Pumps (ESPs) and a Variable Speed Drive (VSD)—is underway in Adelaide, with shipment to site planned for the following week. Installation and field checks will precede the start of flow testing at Ramsay 1.<\/p>

Key regulatory approvals, including early works and groundwater reinjection permits, have been secured. The company expects the SWS Rig 04 workover rig to be deployed at the Ramsay 1 wellsite within days. The campaign is designed to last up to three months, sequentially testing Ramsay 1, Ramsay 2, and Ramsay 3 wells using temporary surface flow test facilities and zonal testing of Natural Hydrogen and Helium-bearing reservoirs. Results from this campaign will serve as a critical catalyst for the Ramsay Project and support ongoing commercialisation evaluations outlined in a prior release dated 20 May 2026.<\/p>

Enhanced Electric Submersible Pumps Mark Significant Upgrade from 2024 Testing

The quarterly update revealed a major technical advancement with a substantial increase in pump capacity compared to the 2024 exploration well testing program. Previously, a 180-barrel-per-day mechanical pump was used, whereas the 2026 campaign will deploy 2,000-barrel-per-day ESPs for Ramsay 1 and Ramsay 2. For Ramsay 3, which features a larger wellbore designed for higher flow rates, a 20,000-barrel-per-day ESP will be installed.<\/p>

This upgrade is significant because a primary goal is to measure sustained flow rates across prospective Natural Hydrogen and Helium formations—data unattainable at the scale of the 2024 program. The company has indicated that collecting sufficient data to potentially book contingent resources is a key objective, alongside supporting FEED progression and future field development planning. These developments suggest that engineering and logistical preparations for a comprehensive commercial assessment are largely complete.<\/p>

Previous Drilling Confirmed Up to 97% Natural Hydrogen and 36.9% Helium Purity at Ramsay

The Quarterly Report highlighted that earlier drilling and well testing at Ramsay confirmed exceptional gas purity levels. Air-corrected Natural Hydrogen purity reached up to 97%, while Helium purity was as high as 36.9%, supported by formation evaluation data indicating continuity of these reservoirs across the project area. These figures reference prior disclosures dated 2 December 2025 and 17 October 2024 respectively.<\/p>

High gas purity is significant for commercialisation as it lowers processing costs and complexity. The 2026 campaign builds upon these results by focusing on measuring sustained, commercially relevant flow rates. The company has stressed that flow rate data is essential to advance commercial studies and to determine whether contingent resources can be formally defined.<\/p>

Mitsubishi Gas Chemical MOU Advances Potential Green Methanol Production Using Ramsay Natural Hydrogen

In the June quarter, Gold Hydrogen signed a non-binding MOU with Mitsubishi Gas Chemical Company, Inc (MGC), a global leader in methanol production technology and an existing strategic Shareholder in Gold Hydrogen. This formalises a commercial relationship to undertake studies for a potential green methanol production facility on the Yorke Peninsula using the company’s Natural Hydrogen.<\/p>

The MOU is non-binding, with progression contingent on satisfactory Pre-Feasibility Study (PFS) outcomes and firm Natural Hydrogen Supply terms. If conditions are met, the parties may advance to a Definitive Feasibility Study (DFS) and subsequently Front End Engineering Design (FEED). While contingent on flow test results confirming supply, involvement of a global methanol technology leader represents a meaningful step toward identifying Downstream Demand and Revenue pathways. Financial terms of the MOU were not disclosed.<\/p>

Worley’s Independent Helium Study Suggests Commercial Viability Possible with Two Wells

Separately, Gold Hydrogen commissioned Worley Consulting to perform an independent high-level commercial assessment of three Helium production scenarios for Ramsay. The quarterly update disclosed that Worley’s modelling indicates commercial viability may be achievable with as few as two wells, assuming sustained Helium flow rates of roughly 29 thousand standard cubic feet (Mscf) per day per well.<\/p>

The assessment also showed that expanding to ten wells could improve Net Present Value (NPV), Internal Rate of Return (IRR), and payback periods for gaseous Helium production. The company noted the analysis is based on inputs from Gold Hydrogen and is indicative rather than a formal feasibility study. Nonetheless, the possibility of commercial viability at a two-well scale provides important context for interpreting upcoming flow test results. Specific NPV, IRR, and Capital cost figures were not disclosed.<\/p>

Gold Hydrogen Pursues Accelerated FEED Focused on Helium as Initial Commercial Platform

The quarterly update emphasized Gold Hydrogen’s intent to pursue an accelerated Front End Engineering Design (FEED) process prioritizing Helium as the initial commercial focus at Ramsay. Subject to positive flow test outcomes and potential contingent resource definition, the company aims to establish a Helium-focused development as the foundation for longer-term Natural Hydrogen and Helium exploitation.<\/p>

This approach reflects a pragmatic strategy: Helium is rare, costly, with limited global production and no current Australian production. Positioning Helium as the near-term commercial anchor could generate early revenue and validate infrastructure ahead of the larger, more complex Natural Hydrogen market opportunity. The company appears to regard Worley’s independent assessment as sufficient commercial justification to accelerate FEED, contingent on forthcoming flow test results.<\/p>

Extensive 75,000 km² South Australian Permit Area Supports Growth Ambitions

The update also highlighted Gold Hydrogen’s extensive exploration footprint in South Australia, totaling over 75,000 square kilometres. This includes one granted exploration licence (PEL 687 - Ramsay Project), one application area, and seven additional applications held via subsidiaries White Hydrogen Australia and Byrock Resources. The company is also the preferred applicant for four gas storage exploration licence applications (GSELAs) covering about 8,000 square kilometres within the Yorke Peninsula portion of PEL 687.<\/p>

The large permit area underscores the potential scale of the Natural Hydrogen and Helium province Gold Hydrogen aims to define. However, most of this footprint remains at the application or early exploration stage. The Ramsay Project, as the sole granted licence, remains the focus of all significant activity and Capital Expenditure. Exploration expenditure figures for the June quarter were not disclosed.<\/p>

Multiple Preliminary Commercialisation Pathways Identified Ahead of Flow Test Results

The company noted several preliminary commercialisation routes for Natural Hydrogen and Helium, all contingent on the upcoming well testing results. Besides the Mitsubishi green methanol MOU and the Worley Helium assessment, no further details on specific pathways were provided in the announcement. The company previously outlined commercialisation considerations in a 20 May 2026 release referenced in the update.<\/p>

Having multiple potential pathways—including green methanol production for Natural Hydrogen and standalone Helium production—distinguishes Gold Hydrogen from pure-play single-Commodity explorers. Should the flow test campaign deliver sustained flow rates meeting or exceeding Worley’s models, the company could pursue multiple pathways concurrently. Investors will likely watch for guidance on which pathway will be prioritized, especially given the accelerated FEED focus on Helium.<\/p>

Experienced Management and Board Blend Political, Technical, and Commercial Expertise

Gold Hydrogen’s board is chaired by the Rt Hon Alexander Downer, former Australian Foreign Minister and High Commissioner to the UK. Managing Director Neil McDonald leads the executive team, supported by Executive Director Roger Cressey and Non-Executive Director Katherine Barnet. Karl Schlobohm serves as Company Secretary and CFO. The company is headquartered at Level 14, 110 Eagle Street, Brisbane, Queensland.<\/p>

At the time of the quarterly update, Gold Hydrogen had 180,454,285 shares outstanding and a market capitalisation of approximately A$72 million, based on a share price of A$0.40. The immediate share price impact of the update was not publicly available. The next key milestone for investors will be the start of flow testing at Ramsay 1 and the phased release of flow rate data throughout the three-month campaign, which the company has identified as critical to its commercialisation strategy.<\/p>