Gold Hydrogen reports $9.42 million cash and a $2.48 million loss

Auditor flags funding uncertainty

Gold Hydrogen Limited (ASX:GHY) has made technical progress at its Ramsay natural hydrogen and helium project, but the annual report’s most consequential line may be the auditor’s warning that the company’s future remains dependent on funding. BDO issued an unmodified audit opinion while drawing attention to a material uncertainty that may cast significant doubt on Gold Hydrogen’s ability to continue as a going concern.

The company remains pre-revenue. It recorded a $2.48 million loss for FY2026, compared with a $2.24 million loss a year earlier, and used $2.16 million in operating cash. Cash and cash equivalents fell to $9.42 million from $11.48 million despite the $14.5 million strategic placement completed in July 2025 and a $2.71 million research and development tax refund.

Ramsay spending accelerates ahead of flow results

Exploration and evaluation assets rose to $35.96 million from $21.72 million, reflecting $15.52 million of cash spending on exploration and evaluation during the year. The 2026 Ramsay program was designed to test Ramsay 1, Ramsay 2 and Ramsay 3 separately across selected hydrogen- and helium-bearing zones, with the aim of measuring sustained flow rates, gas composition, pressure and reservoir response.

Gold Hydrogen says testing began after year-end. The chairman’s letter reports that Ramsay 1 has flowed helium to surface, where it was separated and purified, while testing at Ramsay 2 provided further evidence of continuity in helium-bearing zones. Those are technical milestones, not proof of commercial production: the company still needs sustained flow data, resource maturation, engineering work and approvals before a development case can be established.

Commercial ideas remain conditional

The company is studying several potential routes, including a modular helium pilot, larger-scale gaseous or liquid helium production, compressed natural hydrogen and onsite hydrogen-to-power applications. Worley’s high-level assessment suggested a two-well helium development may have commercial potential if each well sustains about 29,000 standard cubic feet per day, but the modelling was not based on a defined Contingent Resource and was expressly not a feasibility study or project forecast.

Gold Hydrogen has also signed a non-binding memorandum of understanding with Mitsubishi Gas Chemical to study a green methanol facility on the Yorke Peninsula. The proposed work still depends on confirming suitable hydrogen supply conditions, completing further studies and securing the necessary approvals, funding and board decisions.

Prospective resources are not yet project reserves

The annual report continues to present sizeable prospective resource estimates, including a mean 4.187 million tonnes of natural hydrogen across the PEL 687 prospects and 96 billion cubic feet of helium across the Ramsay Project. These are unrisked estimates of undiscovered accumulations. Gold Hydrogen states that it has no Reserves and no Contingent Resources, leaving the conversion from geological potential to financeable production as the central unresolved step.

The next financial test is therefore inseparable from the next technical one. Directors say the company can slow project expenditure, seek further capital, pursue farm-outs or joint ventures and rely on future R&D refunds, but the report also discloses $18.46 million of exploration commitments over the next five years. The flow-test data will need to do more than validate the geology: it will need to clarify whether Ramsay can support the funding and commercial pathway now being modelled.