Gold Hydrogen (ASX: GHY) Uncovers Helium-3 at 165 Times Atmospheric Levels, Opening a Potential Third Revenue Stream

Gold Hydrogen Limited (ASX: GHY) has delivered another encouraging discovery at its Ramsay Project in South Australia, with Oxford University confirming helium-3 concentrations reaching 165 times atmospheric levels.

The rare isotope, used in quantum computing, nuclear security and advanced scientific research, could unlock a valuable third commercial opportunity alongside conventional helium and natural hydrogen.

With indicative helium-3 values reportedly reaching US$18 million per kilogram, the latest results strengthen Ramsay's strategic potential and raise an exciting question: could Gold Hydrogen be developing one of Australia's more distinctive multi-gas resource opportunities?

Key Numbers Behind the Discovery

• 1,220 parts per trillion (ppt): Highest argon-corrected helium-3 concentration measured in the latest testing campaign.
• 165 times: Peak helium-3 concentration relative to atmospheric levels of approximately 7.3 ppt.
• Six samples: Helium-3 detected in every Ramsay 1 and Ramsay 2 sample analysed by Oxford University.
• 15.2%: Average sustained air-corrected conventional helium concentration across three Ramsay wells.
• $7.94 million: Institutional placement announced on 2 November 2026, including a $4 million commitment from Eric Sprott.

Oxford University Results Strengthen Ramsay's Resource Potential

Gold Hydrogen's 11 November announcement confirmed helium-3 in gas recovered during sustained flow testing at Ramsay 1 and Ramsay 2.

Oxford University's specialist laboratory recorded concentrations ranging from 504 to 1,220 ppt across six samples, with the strongest result obtained from the Hiltaba Basement at Ramsay 2.

The peak measurement represents an approximately 35% improvement over the previously reported maximum of 901 ppt from 2024, although the earlier figure was uncorrected.

Importantly, helium-3 was identified in gas successfully brought to surface, strengthening evidence that the rare isotope occurs within Ramsay's productive gas-bearing formations.

The findings add another dimension to an established conventional helium discovery extending approximately 2.2 kilometres across three wells.

While commercial recovery remains subject to further assessment, the results provide a promising foundation for evaluating a potentially high-value resource.

What Stands Out to Us

Gold Hydrogen's greatest strength is its expanding range of commercial opportunities within a single project.

Conventional helium already offers a potential development pathway, supported by successful onsite purification and engineering modelling indicating production potential of approximately 37,000 cubic feet per day per well.

Helium-3 introduces another valuable possibility, particularly as demand for specialised isotopes develops across advanced technology and research applications.

The opportunity is especially interesting because future helium-3 recovery could potentially complement conventional helium production rather than require an entirely separate resource development.

However, the economics will depend on recoverable volumes, processing technology and extraction costs.

The indicative US$18 million per kilogram helium-3 value highlights the isotope's scarcity, but it cannot yet be translated into project revenue.

What Gold Hydrogen Is Doing Now

Gold Hydrogen is progressing modular conventional helium development planning while advancing an independent maiden Contingent Resource assessment targeted for November 2026.

The company also intends to investigate helium-3 separation technologies and engage specialist providers to assess potential recovery pathways.

Further Ramsay 3 laboratory results remain pending, creating an additional opportunity to establish the broader distribution of helium-3 across the project.

Meanwhile, natural hydrogen appraisal has supported modelled production potential of approximately 100 kilograms daily per development well.

The recent $7.94 million institutional placement provides additional financial flexibility as Gold Hydrogen advances technical studies and development planning.

Insight: Could Ramsay Become a Multi-Gas Commercial Success?

We believe Gold Hydrogen's latest helium-3 results meaningfully strengthen Ramsay's long-term commercial appeal. The combination of natural hydrogen, conventional helium and now confirmed helium-3 gives the company several potential pathways towards future revenue. What particularly stands out is the progress already achieved in conventional helium testing and purification, providing a practical foundation for further development. Although helium-3 recovery economics remain unproven, the discovery adds potentially valuable optionality. Continued resource definition, successful processing studies and disciplined funding could progressively strengthen Ramsay's commercial proposition.

What Happens Next?

Gold Hydrogen's next major catalyst is its targeted maiden conventional helium Contingent Resource assessment in November 2026.

Additional helium-3 results from Ramsay 3 and progress towards separation technology could further enhance the project's development potential.

The natural hydrogen feasibility work expected in early 2027 offers another important milestone.

For shareholders, the encouraging development is that Gold Hydrogen is steadily building evidence for multiple valuable gas resources within Ramsay.

The next phase will determine how effectively that resource potential can translate into commercially sustainable production.

With encouraging testing results, additional funding and several development milestones approaching, Gold Hydrogen enters its next exploration and appraisal phase with a stronger technical foundation and an increasingly diversified commercial opportunity.