Gold Hydrogen (GHY) Q1 2027 earnings summary

Executive summary

• Completed Helium flow testing across Ramsay 1, 2 and 3; Helium flowed to surface, was separated and purified onsite, then bottled for the first time in Australia since the Darwin plant closed in late 2023.

• Results support evaluation of a potential staged modular Helium development using as few as two wells, subject to resource assessment, engineering and commercial and economic evaluation.

Financial highlights

• Quarter-end cash was A$3.962m, down from A$10.963m at the prior quarter end; net operating cash outflow was A$7.001m.

• Exploration and evaluation expenditure was A$6.476m, primarily for Ramsay drilling, testing and related activities; director-related payments were A$212,002.

• Estimated funding available was 0.57 quarters at the reported outflow rate; the 2026 testing campaign had concluded, with field-related expenditure expected to reduce moving forward.

Outlook and guidance

• Maiden Contingent Resource sign-off targeted for November 2026, after laboratory analysis, integrated reservoir modelling, development definition and independent assessment.

• Accelerated planning is underway for a staged modular Helium pilot using existing Ramsay wells; FEED is intended to progress subject to resource definition, with commercial discussions continuing.

• Project-wide modelling indicates Helium rates up to ~37 Mscf/day per well, versus ~27 Mscf/day per well in the Worley case identified as potentially commercially viable; rates remain modelled, not demonstrated.

• Natural Hydrogen pathways under evaluation include onsite fuel-cell power for a Helium plant and a compressed-gas pilot, with longer-term concepts for liquid Hydrogen exports and green methanol.