Gold Hydrogen (GHY) investor relations material

Operational achievements and resource validation

• Successfully drilled Ramsay 3 and 4 in Q4 2025, confirming strong natural hydrogen and helium presence across all four Ramsay wells.

• Detected up to 97% purity natural hydrogen and up to 36.9% helium purity, with helium-3 also identified.

• Stacked reservoir zones enable co-production of hydrogen and helium without compromising gas purity.

• Flow testing program for up to three wells is fully funded and scheduled to commence in June 2026.

• High-quality formation evaluation datasets acquired, supporting robust resource assessment.

Commercialisation and technology validation

• Membrane separation and PSA technology for helium extraction validated by Worley; dissolved gas process proven in Japan for over 70 years is applicable.

• Strategic investors Toyota, Mitsubishi Gas Chemical, and ENEOS Xplora hold a combined 11.6% stake, providing technical and commercial validation.

• Commercialisation pathways include natural hydrogen to power, green methanol, industrial offtake, and helium supply.

• Dual product cost sharing and commingled production strategies aim to maximize deliverability and reduce operational costs.

Market positioning and timing

• Ras Laffan outage in Qatar removed ~33% of global helium supply, doubling spot prices and highlighting Australia's 100% import dependency.

• Australia and New Zealand currently produce zero domestic helium, positioning the project as a potential sovereign supply solution.

• Helium is under consideration for reinstatement on Australia’s Critical Minerals List, unlocking access to significant federal funding.

• Federal support programs for hydrogen and green methanol are available, with up to $2B in production subsidies and $250M for low-carbon fuels.