Gold Hydrogen (GHY) Q4 2024 earnings summary

Executive summary

• Stage 1 exploration well testing at Ramsay 1 and 2 confirmed high-purity Natural Hydrogen (up to 95.8%) and Helium (up to 17.5%) at surface and downhole, among the highest recorded globally.

• Stage 2 well testing commenced post-quarter, focusing on facilitating gas flow to surface by lifting formation water.

• A 2D seismic survey covering 570 line km was completed to optimize future drilling and resource delineation.

• The Ramsay Project is considered to have significant prospective resources for both Natural Hydrogen and Helium, with large-scale development potential.

Financial highlights

• Exploration expenditures for the quarter totaled $4.3 million, mainly for drilling and related activities.

• Payments to directors for the quarter were $262,397.

• Net cash used in operating activities was $4.88 million for the quarter, with $15.6 million in cash and equivalents at period end.

• R&D refund of $1.91 million received from the Australian Taxation Office.

Outlook and guidance

• Analysis of seismic and well test data will guide future drilling and well design.

• Extended flow tests in Q2/Q3 2024 are expected to provide further data on gas flow rates and resource potential.

• The company remains on track with its forecast spending and activities as outlined in its prospectus.