Earnings release
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Gold Hydrogen Limited – Quarterly Activities Report Quarterly Activities Report for the Period Ended 30 September 2025 GOLD HYDROGEN LTD (ASX:GHY) Shares on Issue 180,454,285 Market Capitalisation A$101m (at A$0.56 per share) Directors Rt Hon Alexander Downer (Chair) Neil McDonald (Managing Director) Roger Cressey (Executive Director) Katherine Barnet (Non-Executive Director) Company Secretary / CFO Karl Schlobohm Contact Details Level 14, 110 Eagle Street Brisbane QLD 4000 Company Contacts: Neil McDonald – Managing Director nmcdonald@goldhydrogen.com.au Karl Schlobohm – Company Secretary kschlobohm@goldhydrogen.com.au For Media Enquiries Contact: Matthew Doman – Crestview Strategy matthew.doman@crestviewstrategy.com +61 421 888 858 Company Information: W: https://goldhydrogen.com.au/ E : info@goldhydrogen.com.au LinkedIn: Gold Hydrogen Ltd X: @GHY_ASX HIGHLIGHTS FOR THE SEPTEMBER QUARTER Closure of the combined strategic investment of $14.5 million from Toyota Motor Corporation, Mitsubishi Gas Chemical Inc, and ENEOS Xplora Inc into Gold Hydrogen, as announced by the Company on 3 July 2025. The investment was undertaken via a placement of 20,714,285 fully paid ordinary shares at $0.70 per share, representing a premium of 22% to the Company’s closing price of $0.575 on the ASX on 2 July 2025. The strategic investment will fund further drilling in the Ramsay fairway, leveraging the results from the Company’s maiden drilling and well testing campaigns at Ramsay-1 and Ramsay -2, and will help to advance future downstream / commercialisation opportunities for the Ramsay Project. The Company has made a number of key appointments as part of the expansion of its management team, including Simon Talbot as Chief Commercial Officer. Exploration activities are scheduled to recommence with the spudding of the Ramsay 3 exploration well around 6 – 10 November 2025. For this upcoming program, the Company is planning to drill two or three wells to appraise specific target zones within identified structures. The well design for the 2025 / 26 campaign includes a larger diameter well bore to enable greater flexibility for well testing in Q1, 2026. The data to be gathered from the drilling and testing of the wells in this campaign is expected to inform potential future pilot project area(s) and design(s), with the aim of demonstrating the commercial production potential of both Natural Hydrogen and Helium from the Ramsay Project. For personal use only
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Gold Hydrogen Limited | ABN 74 647 468 899 | goldhydrogen.com.au | info@goldhydrogen.com.au Level 14, 110 Eagle Street (GPO Box 801) Brisbane, QLD 4000 CORPORATE ACTIVITIES Strategic Investment Partners Secured On 3 July 2025 the Company announced that that it had received binding commitments for a total investment of $14.5 million from Toyota Motor Corporation, Mitsubishi Gas Chemical Inc, and ENEOS Xplora Inc into Gold Hydrogen. The strategic investment was settled later in July via a placement of 20,714,285 fully paid ordinary shares at $0.70 per share, representing a premium of 22% to the Company’s closing price of $0.575 on the ASX on 2 July 2025. The proceeds of this strategic investment will fund further drilling in the Ramsay fairway leveraging the results from the Company’s maiden drilling and well testing campaigns at Ramsay 1 and Ramsay 2, and will help to advance future downstream / commercialisation opportunities for the Ramsay Project. The investment has also establishe d a strategic collaboration focused on evaluating long -term opportunities across the Natural Hydrogen and Helium value chain, including: Exploration, extraction and ultimately production at Gold Hydrogen’s flagship Ramsay Project in South Australia; Evaluation of potential Hydrogen supply opportunities for mobility and industrial uses, together with transportation fuel cell and power generation platforms; Collaboration on a review of existing and emerging technologies regarding the potential for future Natural Hydrogen purification and utilisation, and potential associated R&D projects; Investigation of potential future commercialisation pathways, including green methanol production. In addition to the upcoming field activities at the Ramsay Project, the parties are actively considering the potential for further investment opportunities, technical collaboration, downstream opportunities and offtake arrangements. Corporate and Technical Appointments Appointment of Chief Commercial Officer The Company is pleased to announce the appointment of Simon Talbot as Chief Commercial Officer. Simon has joined the Company having recently finalised the successful sale of the $1.9B Green Methanol / Green Hydrogen project at Bell Bay Tasmania. He is a passionate advocate for utilising Australia’s sustainable competitive advantages and the enormous potential for Natural Hydrogen and biomass to be combined to make low carbon liquid fuels. Simon is well known to Japanese and North American investment groups, and has worked for over 25 years across renewables as an Agribusiness Executive for some of Asia Pacific’s leading companies including Kraft Foods, Australian Paper, Cadbury, Glencore and Coles Group. Simon holds a BSc Earth Sciences, MBA UNSW and is a GAICD. For personal use only
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Gold Hydrogen Limited, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 Appointment of Additional Technical Team Members The Company has bolstered its Natural Hydrogen expertise by appointing geologist Hugo Beldame to work with the existing geological and technical team in Brisbane and Perth. Hugo has previously worked for 2H Resources and French Company 45 -8 Energy, where he was involved with various geological work program designs and field execution. Hugo holds Masters Degrees in Petroleum Geology (France) and Geoscience Exploration (Norway). In addition, the Company has appointed Leon Hennessey under a contract arrangement to act as the Company’s General Manager of Operations to oversee the Ramsay Project’s 2025 drilling and 2026 well testing campaigns as outlined above. With broad industry experience working in most major energy markets , Leon has practical hands -on experience throughout the well construction life cycle encompassing project management, engineering, and optimization. Since 2010, Leon has held various senior management positions for Eastern Hemisphere markets including National Oilwell Varco as Director of Drilling Automation & Optimisation , and ModuSpec as Regional Director. As an upstream consultant focussed on Projects, Drilling and Wells he delivered projects successfully in multiple markets focussed predominantly on unconventional energy particularly with CBM, CSG and Shale plays helping both emerging and established opera tors optimise field developments, explore new areas, enhance and optimise well construction or understand and mitigate risks through the application of significant lessons learned, solutions, technology and practical know how. EXPLORATION AND TECHNICAL ACTIVITIES General Background Gold Hydrogen is focused on the discovery and development of Natural Hydrogen and Helium gases in a potentially extensive and world class Natural Hydrogen and Helium province in South Australia. The forecast domestic and global demand for Hydrogen, combined with new Natural Hydrogen exploration techniques and experienced personnel, provides Gold Hydrogen with an extraordinary opportunity to define and ultimately develop a new Natural Hydrogen gas province. Further to this, Helium is extremely rare and expensive, there is limited world -wide production, and no production of Helium in Australia at present. Gold Hydrogen is well placed to potentially prosper from this opportunity. The combined gas-related permit area of the Gold Hydrogen group exceeds 75,000km 2. Gold Hydrogen holds one granted exploration license (the Ramsay Project - PEL 687) and one application area, whilst its two 100% owned subsidiary companies (White Hydrogen Australia and Byrock Resources) hold an additional seven (7) applications for Nat ural Hydrogen and Helium exploration within South Australia. Gold Hydrogen is also the preferred applicant for four (4) gas storage exploration licenses applications (GSELA) covering an area approximating 8,000km 2 within the Yorke Peninsula portion of PEL 687 in South Australia. These storage licence applications are in addition to the granted exploration licence and application licences. A summary of the status of the group’s petroleum , mineral and storage licence tenure at the end of the Quarter is outlined in Appendix A. For personal use only
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Gold Hydrogen Limited, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 Figure 1: Gold Hydrogen PEL 687 and PELA’s located in South Australia For personal use only
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Gold Hydrogen Limited, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 2025 / 26 Drilling and Well Testing Campaign Following Gold Hydrogen’s successful drilling campaign in late 2023, the Company will continue its exploration activities with drilling expected to commence at the Ramsay 3 exploration well around 6 – 10 November 2025. For this upcoming program, the Company is planning to drill two or three wells to appraise specific target zones within identified structures, chosen with reference to the results of the maiden drilling and testing campaign, as well as the interpretations leading from the 2D seismic survey conducted in the second half of 2024. The primary objectives for the 2025 drilling program are to: 1. Delineate and confirm the presence of Natural Hydrogen and Helium beyond the successful Natural Hydrogen and Helium gas shows at the Company’s Ramsay 1 and 2 wells; 2. Provide optimal conditions for well testing and extracting Natural Hydrogen and Helium to surface; 3. Mature the Ramsay Project via further appraisal in preparation for potential commercial development decisions; and 4. Assist with the development of a blueprint for future exploration and appraisal initiatives across the Company’s wider portfolio. A significant amount of data was gathered during the previous drilling and testing program which concluded in mid -2024, and a detailed review and analysis of that data has now been concluded. That work, combined with the 2D seismic survey interpretation, has resulted in the plan for the Company’s 2025 / 26 drilling and well testing program which will commence with the Ramsay 3 well to be drilled up -dip and approximately 2km from the Ramsay 1 well, on a geological structural high in the area. The Ramsay 1 and 2 exploration wells were drilled to confirm the presence of Natural Hydrogen, and the location of those wells was deliberately selected adjacent to the historic Ramsay Oil Bore 1 drilled in 1931 which had Hydrogen shows recorded. Based on the results of the 2023 / 24 campaign, the 2D seismic survey analysis and other information, the Company considers the Ramsay 3 well location to be more optimal, and up-dip from the previous well sites. Subject to the results of the Ramsay 3 drilling, a further one or two wells are planned for this drilling campaign. These will be in relatively close proximity to Ramsay 1, 2 and 3 with a view to establishing a pilot project in this area, subject to results. The Ramsay 1 and 2 exploration wells were designed with small diameter well bores and a 4 ½” casing to keep costs as low as practical whilst still being able to run logging tools to gather data, and to specifically verify the presence of Natural Hydrogen adjacent to the historic 1931 Ramsay Oil Bore location. In the Company’s 2023 drilling campaign, not only was the presence of Natural Hydrogen confirmed (at air- corrected purity levels up to 95.8% 1), the presence of Helium was also confirmed (at air- corrected purity levels up to 36.9% 2), as well as elevated levels of Helium -33, significantly adding to the potential commercialisation options for the Ramsay Project. 1 Refer ASX release of 27 May 2024 for full details. Technical table also appended. 2 Refer ASX release of 17 October 2024 for full details. Technical table also appended. 3 Refer ASX release of 30 October 2024 for full details. Technical tables also appended. For personal use only
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Gold Hydrogen Limited, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 Figure 2: Map showing Ramsay well locations (existing and planned) relative to 2D seismic lines Following the positive drilling results from drilling the Ramsay 1 and 2 wells, the Company carried out well testing activities to gain knowledge of the reservoir characteristics. Much data was gathered and the findings from the tests has also contributed to the well design for this 2025 / 26 program. A key impact on the testing of the Ramsay 1 and 2 wells was the limited ability to dewater the wells due to the restricted approvals and testing timelines. The well design for the 2025 / 26 campaign includes a larger diameter well bore with 7” casing to enable greater flexibility for well testing. The data expected to be gathered from the drilling and testing of the wells in the Company’s 2025 / 26 program will inform potential future pilot project area(s) and design(s), with the aim of demonstrating the commercial production potential of both Natural Hydrogen and Helium from the Ramsay Project. Ramsay Project – 2026 Exploration Well Testing Campaign The Company intends to test Ramsay 3, and potentially Ramsay 4 and 5, during 2026. The detailed planning for well testing is underway, and will be refined based on the results from drilling. The well testing program is currently scheduled to commence in Q1 2026. The objective of the well testing includes the movement of both Natural Hydrogen and Helium to surface under conditions designed to support conceptual designs and studies for one or more pilot projects to demonstrate potential project viability for both Natural Hydrogen and Helium production, and to gather further data from the sampling of fluid and gas during the testing operations. For personal use only
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Gold Hydrogen Limited, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 Ramsay Project – Potential 2026 Resource Delineation Drilling and Regional Targets The 2D seismic survey carried out in 2024 revealed several regional Natural Hydrogen and Helium prospects within PEL 687, some of which will be tested with future dedicated exploration wells. The selection and timing of these regional exploration wells may be undertaken in conjunction with planned further appraisal / delineation drilling activities. The anticipated timing for this workstream is mid to late 2026. Ramsay Project – Green Methanol Feasibility Study Gold Hydrogen is actively assessing a number of potential commercial opportunities for a successful development of the Ramsay Project, including green ammonia and green methanol, as well as pure Natural Hydrogen and Helium gas options. Green methanol is a key fuel choice for decarbonising shipping and aviation because it is liquid at room temperature, making it easier to store and transport than gaseous Hydrogen, and its use in existing or easily converted engines results in significant lifecycle CO 2 emission reductions. Major shipping companies are currently ordering methanol-ready ships, and investing in green methanol production to meet net-zero targets. The Yorke Peninsula is very well placed to be a global green methanol production hub with abundant waste agricultural biomass (biogenic carbon) and renewable energy sources. Critical to the production of green methanol is cost-competitive Hydrogen, which the Company is striving to bring to commercialisation via its Ramsay Natural Hydrogen and Helium Project. The production of green methanol made using Natural Hydrogen is expected to have commercially competitive advantages over green methanol produced via electrolysis-derived (ie. man-made) Hydrogen, based on the evidence available from the Bourakebougou Natural Hydrogen Field in Mali. Gold Hydrogen’s Ramsay Project has a significant prospective resource of Natural Hydrogen which it is aiming to advance via the technical programs outlined above. An initial analysis of the biogenic carbon sources in and around the Yorke Peninsula indicate a readily available supply of up to 1.5 million wtpa (w et tonnes per annum) of compliant biomass 4. Furthermore, long-term renewable energy pricing (solar / wind / BESS (battery energy storage systems)) indicates that a project on the Yorke Peninsula can be supplied at economic rates via the electricity network 5. Port infrastructure and capacity is also available on the Yorke Peninsula (eg. Port Giles, Ardrossan) for importing and exporting activities. Gold Hydrogen plans to assess all of these factors in detail and complete a Feasibility Assessment of the green methanol opportunity, and has appointed Mr Simon Talbot to help spearhead this initiative (refer below). Based on the results of the Feasibility Assessment, a pilot plant will be considered and costed for initial production. Current Green Methanol pricing is USD850-1,050 per tonne 6, and is already in use within the international shipping industry. 4 South Australian Crop and Pasture Report 2024-25, January 2025. 5 Australian Energy Market Operator, 2024 ELI Report, June 2024 (Appendix 5 – South Australia). 6 Methanol Institute: Methanol Institute (2024). "Economic Value of Methanol for Shipping under FuelEU Maritime and EU ETS." Analysis by Dr. Jeroen Dierickx. For personal use only
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Gold Hydrogen Limited, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 The Company will provide more detailed updates on this initiative once the Feasibility Assessment commences. Regional Application Areas – Preliminary Studies The Company continues to progress several of its application areas towards granted status via the ongoing advancement of Native Title related matters. In addition, the Company continues with its desktop analysis of the publicly available South Australian Resource Information Gateway (SARIG) datasets, as well as a range of historical information, to compile a preliminary subsurface data suite. The focus of this activity is on transposing the learnings to date from the Ramsay Project to identify Natural Hydrogen exploration focus areas within its regional application portfolio in South Australia. Initial technical areas where learnings from the Ramsay Project are being applied include: Analysis of the regional tectonic and geological settings; Petrophysical, stratigraphic and basement studies; Impact of fracture zones and structural boundaries; Seal and trap potential within different geological domains; Analysis of the potential for radiolytic and / or iron-bearing alteration sources in the basement suites; Analysis of historic core samples for potential Natural Hydrogen and Helium within fluid inclusions (refer below); Preliminary interpretation of the GA seismic line data (refer below). Historic Core Samples and Study of Fluid Inclusions Gold Hydrogen geologists have recently made several visits to the South Australian Drill Core Library to review and gather samples from historic third-party drill cores from within several of the group’s regional application areas for testing and analysis. The aim of the testing of these core samples will be to detect any Natural Hydrogen and Helium in paleo-fluid inclusions, similar to the previous campaign undertaken by the Company for PEL 687 in 2023. The findings will help to identify promising areas within the application areas for gas generation and migration in order to guide further geological studies and future on-ground exploration efforts. The results for the core sample analysis for the PELA 688 application area are expected in the next weeks, followed by a number of the White Hydrogen Australia application areas, and then PELA 792. The results of the fluid inclusion studies will be combined with an analysis of the Geoscience Australia seismic data available (refer below) to assist with the delineation of areas of interest and future drill targets across the application area portfolio. Formal on-groundwork programs will commence on each application area as they are granted. For personal use only
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Gold Hydrogen Limited, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 Figure 3: Map showing the current fluid inclusion study points across the group’s application areas. Geoscience Australia Seismic Line Geoscience Australia released the data associated with a regional seismic line acquired in 2022 along public roads which transverses part of the Gold Hydrogen group’s application footprint (specifically PELA’s 792, 703 and 702), as outlined in Figure 4 and Figure 5 below. Production and Development Activities There were no substantive production and development activities undertaken, nor expenditures incurred, during the Quarter. For personal use only
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Gold Hydrogen Limited, Level 14, 110 Eagle Street (GPO Box 801) Brisbane, Qld 4000 | info@goldhydrogen.com.au | ABN 74 647 468 899 Figure 4: Map showing the GA seismic line transversing a number of the group’s application areas. For personal use only
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Gold Hydrogen Limited | ABN 74 647 468 899 | goldhydrogen.com.au | info@goldhydrogen.com.au Level 14, 110 Eagle Street (GPO Box 801) Brisbane, QLD 4000 Figure 5: Cross Section of the Geoscience Australia Seismic Line Traversing Part of the Group’s Application Areas A’ A For personal use only
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` Gold Hydrogen Limited – Quarterly Activities Report p. 12 Groundbreaking Exploration Testing for Both Natural Hydrogen and Helium The Ramsay Project well testing program was the first dedicated Natural Hydrogen and Helium well test operation conducted in Australia, and to the Company’s knowledge, it is likely one of only a few in the world. The Company considers this to represent th e initial steps of an exciting journey, which is not dissimilar to that undertaken by various world -renowned and ultimately successful oil and gas projects, such as the early days in the CSG and shale industries. For those particular resources, the exploration and completion techniques were developed and optimised over time, improving project economics and ultimately leading to major projects being developed. The Company anticipates a similar path forward for its Natural Hydrogen and Helium prospective re sources, although the timeframe may be quicker as drilling and completions technologies developed for other gas resources may be applicable to its Natural Hydrogen and Helium projects. First Key Step on the Journey to Future Potential Development The Company is of the view that the Ramsay Project contains significant prospective resources of both Natural Hydrogen and Helium, with large scale potential that it is aiming to be potentially developed over time. There is very little data available for dedicated Natural Hydrogen wells anywhere in the world due to the lack of analogue wells. To the Company’s knowledge, the only Natural Hydrogen field currently in production is located in Mali, West Africa, where Natural Hydrogen production is used to power the small town of Bourakébougou. It has been reported that the Natural Hydrogen wells in Mali do not have any decline in production and are continually regenerating and producing at the same rate. 7 Helium is extremely valuable and indicatively, longer-term bulk pricing is expected to be up to USD450 per Mcf (thousand cubic feet).8 Important Risk Commentary It is important to note that there remain both geological and potential development risks associated with the Ramsay Project and the Company’s commercial and business objectives. These risks relate to the presence, recovery, and potential volumes of Natural Hydrogen and Helium, but also due to the location of the current and potential project sites within agricultural areas and proximal to National Parks on both the Yorke Peninsula and Kangaroo Island, requiring significant landholder and community engagement. The worldwide, Federal and South Australian Government and industry efforts to secure Hydrogen as an alternative energy source provides confidence that any technical and social concerns may be overcome. 7 “Natural Hydrogen: a new source of carbon free and renewable energy that can compete with hydrocarbons”, First Break Volume 40, October 2022 (available via www.goldhydrogen.com.au/technical - articles/) 8 February 2024, www.nobleHelium.com.au, quoting Konbluth Helium Consulting. For personal use only
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` Gold Hydrogen Limited – Quarterly Activities Report p. 13 FINANCIAL REPORTING Exploration expenditures that were outlaid during the Q uarter primarily relate to the Company’s flagship Ramsay Project (PEL 687) over the Yorke Peninsula / Kangaroo Island. Exploration Expenditures – Item 1.2(a) of Quarterly Cashflow Report Nature of Expenditure Amount Airborne and seismic surveys and sub-surface studies $116,705 Environmental and permitting costs $81,634 Native Title, land access and licence fees $152,481 Drilling and related activities $1,428,404 Total $1,779,224 Production and Development Activities There were no substantive production and development activities undertaken, nor expenditures incurred, during the Quarter. Payments to Directors – Item 6.1 of Quarterly Cashflow Report Payments consisted of fees paid for Executive Director and Non-Executive Director services, pursuant to written agreements and employment contracts, totalling $201,929 for the September 2025 Quarter (although some payments made during the Quarter may relate to prior periods). Lodgement of 2025 R&D and Tax Returns Following the end of the Quarter, the Company finalised and lodged its 2025 R&D claim as part of its company tax return process. The R&D refund expected in relation to FY2025 is approximately $2.7m InvestorHub Portal to Boost Investor Engagement Earlier in 2025 Gold Hydrogen Ltd (ASX: GHY) launched a new InvestorHub for dedicated investor engagement. It enables shareholders, stakeholders, and prospective investors to learn more about the Company's exploration activities in what is shaping as its most important year to date. As Gold Hydrogen continues on its journey to demonstrate that it can ultimately commercialise the high purity levels of Hydrogen and Helium confirmed in its South Australian tenement, it will open the opportunity for investors to communicate with the Company’s leadership team more directly. The Company will regularly upload new content to the hub, including videos accompanying select announcements, education material, interviews and corporate research. Gold Hydrogen invites shareholders and interested parties to join InvestorHub as follows: 1. Click on the following link to create an account: https://investorhub.goldhydrogen.com.au/auth/signup 2. Follow the prompts to complete the sign -up process. Gold Hydrogen encourages investors to post questions/feedback through the Q&A function accompanying each piece of content to engage with the leadership team and gain a better understanding of the Company’s exploration activities and announcements. For personal use only
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` Gold Hydrogen Limited – Quarterly Activities Report p. 14 This report has been authorised for release by the Board. For Company Enquiries Contact: Neil McDonald – Managing Director Karl Schlobohm – Company Secretary / CFO nmcdonald@goldhydrogen.com.au kschlobohm@goldhydrogen.com.au +61 7 3521 8038 +61 7 3521 8038 Website: www.goldhydrogen.com.au LinkedIn: Gold Hydrogen Ltd Twitter: @GHY_ASX Contact: info@goldhydrogen.com.au Forward Looking Statement / Future Performance This announcement may contain certain forward -looking statements and opinion Forward -looking statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of futur e performance and involve known and unknown risks, uncertainties, assumptions, contingencies and other important factors, many of which are outside the control of the Company and which are subject to change without notice and could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such statements. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward -looking statements or other forecast. Nothing contained in this announcement, nor any information made available to you is, or and shall be relied upon as, a promise, re presentation, warranty or guarantee as to the past, present or the future performance of Gold Hydrogen Limited. For personal use only
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` Gold Hydrogen Limited – Quarterly Activities Report p. 15 Appendix A Overview of the Gold Hydrogen Group’s PEL, PELAs, GSELAs and EL Permit Project Name Gold Hydrogen Interest Applicant Geologic Area & Basin Size (km2) Term Grant Date Application Date Expiry Date Status Act PEL 687 Ramsay 100% Gold Hydrogen Limited Stansbury Basin & Kanmantoo Trough 7,820 5 years 22/7/21 - 21/07/26 Granted PGEA 2000 EL 6988 Warooka 100% Sustainable Minerals Group Pty Ltd Stansbury Basin & Kanmantoo Trough 542 6 years 10/4/24 - 9/4/30 Granted MA 1971 PEL(A) 688 Kanmantoo 100% Byrock Resources Pty Ltd Stansbury Basin & Kanmantoo Trough 9,962 5 years - 12/5/21 - Pending PGEA 2000 PEL(A) 699 Robe 100% White Hydrogen Australia Pty Ltd Padthaway Ridge- Kanmantoo Platform & Otway Basin 9,624 5 years - 19/7/21 - Pending PGEA 2000 PEL(A) 700 Padthaway 100% White Hydrogen Australia Pty Ltd Padthaway Ridge- Kanmantoo Platform & Troubridge Basin 9,748 5 years - 19/7/21 - Pending PGEA 2000 PEL(A) 701 Troubridge 100% White Hydrogen Australia Pty Ltd Kanmantoo Platform & Troubridge Basin 9,750 5 years - 19/7/21 - Pending PGEA 2000 PEL(A) 702 Renmark 100% White Hydrogen Australia Pty Ltd Kanmantoo Platform & Renmark Trough 9,563 5 years - 19/7/21 - Pending PGEA 2000 PEL(A) 703 Boucat 100% White Hydrogen Australia Pty Ltd Kanmantoo Platform & Renmark Trough 9,833 5 years - 3/8/22 - Pending PGEA 2000 PEL(A) 704 Baratta 100% White Hydrogen Australia Pty Ltd Kanmantoo Platform & Renmark Trough 9,850 5 years - 19/7/21 - Pending PGEA 2000 GSEL(A) 755 Maitland 100% White Hydrogen Australia Pty Ltd Stansbury Basin 2,470 5 years - 28/4/22 - Pending PGEA 2000 GSEL(A) 756 Yorketown 100% White Hydrogen Australia Pty Ltd Stansbury Basin 2,272 5 years - 28/4/22 - Pending PGEA 2000 GSEL(A) 757 Flinders 100% White Hydrogen Australia Pty Ltd Kanmantoo Trough 1,780 5 years - 28/4/22 - Pending PGEA 2000 GSEL(A) 758 Penneshaw 100% White Hydrogen Australia Pty Ltd Kanmantoo Trough 1,585 5 years - 28/4/22 - Pending PGEA 2000 PEL(A)792 Pirie 100% Gold Hydrogen Limited Torrens Hinge Zone& Gawler Province 1,960 5 years - 5/11/24 - Pending PGEA 2000 Areas stated for applications are based on the Company’s submissions. These are subject to change by the Department without notification for boundary re-alignments, exclude areas and competing applications (if applicable) . There were no changes for the current Quarter. For personal use only
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` Gold Hydrogen Limited – Quarterly Activities Report p. 16 Table 1: Summary of Ramsay 2 - Stage 1 Testing (released in original form on 27 May 2024) Name: Ramsay 2 Location (UTM zone 53 GDA2020) X 747,761.61 Y 6149371.41 Permit PEL687 Entity holders Gold Hydrogen 100% Zones tested MDT zone, Zone 2 and 3 Zone 4 to 8 Resources Helium Hydrogen Formation Kulpara Dolomite Kulpara/Parara Limestone Gross thickness and net pay thickness 180m Gross 406m Gross Geological rock type Dolomite Limestone Depth of the zones tested 612m, 642m, 712m, 754m, and 777.5mMD 197m, 289m, 346.5m, 385m, and 531mMD Type of test Commingled test on zone 2 and 3 for few hours followed by overnight build up Pressure test on single zone for few hours followed by overnight build up Phase recovered Gas/Water Gas/Water Corrected H2 and He concentration in gas recovered from downhole sample Up to 17.5% He Up to 95.8% H2 Flow rates, choke size, volumes recovered TBA in next extended flow test in Q2/Q3 2024 Fracture stimulation None None Material non hydrocarbons Nitrogen, Hydrogen Nitrogen, Helium For personal use only
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` Gold Hydrogen Limited – Quarterly Activities Report p. 17 Table 2: Ramsay 1 and 2 – Stage 2 well test (released in original form on 2 August 2024 and 17 October 2024) Name: Ramsay 1 Ramsay 2 Location (UTM zone 53 GDA2020) X 748,208.07 747,761.61 Y 6149545.7 6149371.41 Permit PEL687 PEL 687 Entity holders Gold Hydrogen 100% Gold Hydrogen 100% Zones tested Zone 2 and 3 Zone 7 and 8 Resources Helium Hydrogen Formation Kulpara Dolomite Parara Limestone Gross thickness and net pay thickness 180m Gross 406m Gross Geological rock type Dolomite Limestone Depth of the zones tested 900 mMD 197mMD and 289mMD Type of test Commingled pressure test Commingled pressure test Phase recovered Gas/Water Gas/Water Corrected H2 and He concentration in gas recovered from downhole sample 36% He Up to 42% (still increasing)* Flow rates, choke size, volumes recovered 1 Mscf/day gas constraint by pump capacity and flow intermittently with water; choke size 20/64 inch; volumes recovered 0.55 MScf 0.5 Mscf/day gas constraint by pump capacity with continuous flow with water; choke size 128/64 inch; volumes recovered 1.02 MScf Fracture stimulation None None Material non hydrocarbons Nitrogen, Hydrogen Nitrogen, Helium For personal use only
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` Gold Hydrogen Limited – Quarterly Activities Report p. 18 Table 3: Summary of Helium-4 (4He) and Helium-3 (3He) Results (Oxford University) in Ramsay 2 (released in original form on 30 October 2025) Name: Ramsay 2 Location UTM zone 53 GDA2020 X 747,707.85 Y 6149385.46 Permit PEL687 Entity holders Gold Hydrogen 100% Zones tested Zone 1_sample 11 Zone 2- 3_sample 19 Zone 4_sample 32 Zone 5_sample 46 Zone 6_sample 62 Zone 7_sample 79 Resources Hydrogen- Helium Helium Hydrogen Hydrogen Hydrogen Hydrogen Formation Basement Kulpara Fm Kulpara Fm Parara Limestone Parara Limestone Parara Limestone Gross thickness and net pay thickness >200m Gross 180m Gross 155m Gross 406m Gross 406m Gross 406m Gross Geological rock type Basement Dolomite Limestone Limestone Limestone Limestone Depth of the zones tested 1002 mMD 712mMD 530 mMD 384 moms 343 mMD 289 mMD Type of test Noble gas abundance and isotopic quantification Phase recovered Gas Gas Gas Gas Gas Gas [4He], ccSTP/ccSTP 3He/4He R/Ra 3He ppt 1.44E-07 3.23E-07 0.23 0.05 6.52E-04 9.26E-09 0.0066 6.04 4.21E-08 1.72E-06 1.2306 0.07 5.54E-07 6.84E-08 0.0489 0.04 3.05E-08 1.55E-06 1.11 0.05 1.59E-07 7.57E-07 0.5408 0.12 Flow rates, choke size, volumes recovered N-A. Laboratory test of discrete samples Fracture stimulation None None None None None None Material non- hydrocarbons N2, H2, He, CO2 N2, H2, He, CO2 N2, H2, He, CO2 N2, H2, He, CO2 N2, H2, CO, CO2 N2, H2, He, CO2 For personal use only
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` Gold Hydrogen Limited – Quarterly Activities Report p. 19 Table 4: Summary Table of Helium-4 (4He) and Helium-3 (3He) results (Oxford University) in Ramsay 1 (released in original form on 30 October 2025) Name: Ramsay 1 Location UTM zone 53 GDA2020 X 748,208.07 Y 6149545.7 Permit PEL687 Entity holders Gold Hydrogen 100% Zones tested Zone 1_sample 8 Zone 2-3_sample 109451 Zone 2-3_sample 109477 Resources Hydrogen-Helium Helium Helium Formation Basement Kulpara Fm Kulpara Fm Gross thickness and net pay thickness >200m Gross 180m Gross 180m Gross Geological rock type Basement Dolomite Dolomite Depth of the zones tested 970 mMD 900 mMD 900 mMD Type of test Noble gas abundance and isotopic quantification Phase recovered Gas Gas Gas [4He], ccSTP/ccSTP 3He/4He R/Ra 3He ppt 3.42E-04 9.65E-09 0.0069 3.30 5.34E-02 9.31E-09 0.0067 497.39 9.59E-02 9.39E-09 0.0067 900.51 Flow rates, choke size, volumes recovered N-A. Laboratory test of discrete samples Fracture stimulation None None None Material non- hydrocarbons N2, H2, He, CO2 N2, H2, He, CO2 N2, H2, He, CO2 For personal use only
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Gold Hydrogen Limited ABN Quarter ended (“current quarter”) 74 647 468 899 30 September 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (1,779) (1,779) (a) exploration & evaluation* (b) development - - (c) production - - (d) staff costs* (187) (187) (e) administration and corporate costs (316) (316) 1.3 Dividends received (see note 3) - - 1.4 Interest received 13 13 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) – net GST 9 9 1.9 Net cash from / (used in) operating activities (2,260) (2,260) * Some staff costs have been capitalised into E&E expenditure 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment - - (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - -- For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities - - 3. Cash flows from financing activities 13,792 13,792 3.1 Proceeds from issues of equity securities (excluding convertible debt securities)* 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities 13,792 13,792 * Net of share issue costs 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 12,361 12,361 4.2 Net cash from / (used in) operating activities (item 1.9 above) (2,260) (2,260) 4.3 Net cash from / (used in) investing activities (item 2.6 above) - - 4.4 Net cash from / (used in) financing activities (item 3.10 above) 13,792 13,792 For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 4.5 Effect of movement in exchange rates on cash held (5) (5) 4.6 Cash and cash equivalents at end of period 23,888 23,888 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 18,012 11,485 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) – term deposit(s) 5,000 - 5.4 Other (provide details) – SA DEM security 845 845 5.4 Other (provide details) – bank guarantee 31 31 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 23,888 12,361 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 202 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (2,260) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (2,260) 8.4 Cash and cash equivalents at quarter end (item 4.6) 23,888 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 23,888 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 10.57 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 28 October 2025. Authorised by: Karl Schlobohm, Company Secretary and CFO (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee] ”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only