Gold Hydrogen (GHY) investor relations material

Natural hydrogen proposition

• Natural hydrogen forms in the Earth’s crust and can be drilled, flowed, separated and purified; serpentinisation and radiolysis are cited as formation processes. Electrolysis uses 50–55 kWh of electricity per kg of hydrogen.

• USGS most-probable estimate of global natural hydrogen potential is 5.6 trillion tonnes; recovering ~2% could meet projected net-zero hydrogen demand for ~200 years.

• A natural hydrogen well in Bourakebougou, Mali, has supplied local power since 2012; the well gas is cited as ~98% natural hydrogen.

Ramsay project and resources

• The 100%-owned Ramsay Project on South Australia’s Yorke Peninsula has 7,820 km² granted in PEL 687 and 69,472 km² under exclusive application.

• PEL 687 is in renewal and subject to a 33% mandatory relinquishment under South Australian petroleum licence rules.

• Unrisked natural hydrogen prospective resources: 1,313 kt best estimate, within a 207–8,820 kt low-to-high range; helium: 41 Bcf best estimate and 96 Bcf mean.

• The resource estimates relate to undiscovered accumulations and carry discovery, development and commercialisation risks; further exploration and appraisal are required.

Drilling and flow results

• Ramsay 3 recorded up to 97% air-corrected natural hydrogen in Nov 2025, with continuity reported with Ramsay 2 over 2.3 km.

• Helium reached 36.9% at the wellhead in 2024; Ramsay 1 stabilized at 19% over five days in July 2026, with peaks above 30%.

• A membrane stage lifted helium concentration to 50.5% from a 5.6% raw stream; helium was purified and bottled onsite. Ramsay samples measured 901 ppt helium-3.

• The 2026 Ramsay 1 flow test reported raw gas up to ~6.0 Mscf/day and helium up to ~1.14 Mscf/day; testing was constrained by pump capacity, and field measurements remain preliminary.