The Directors of Gold Hydrogen Limited announced that the Company has completed its 2D seismic workflows that commenced in August 2021 in collaboration with Schlumberger subsurface. The Company has completed and generated a static model, which includes all relevant historic subsurface data in PEL 687 using Petrel geological software. The Company believes significant upside potential exists for deeper hydrogen sources and reservoirs throughout the Ramsay Project at untested depths from ~500m to 4,500m.

It is the Company's intention to drill at these untested depths and create a pathway to commercial extraction. With this workflow complete, the Company is now progressing with the detailed well engineering design and planning procurement of drilling services for the first exploration drilling program to commence in September 2023. The well design phase has commenced together with rig sizing requirements.

A hydrology and environmental assessment study is nearing completion. This will also support the well design workflow. In addition, detailed preparation works including well site selection, land access arrangements, cultural heritage clearances, environmental and hydrological studies continue to progress to ensure the Company is positioned to execute its drilling program.

Further subsurface quality assurance and quality control under a collaborative workflow between Gold Hydrogen and Total Seismic has identified additional drilling leads along certain 2D reprocessed lines. This QA /QC workflow, located on the Yorke Peninsula of PEL 687, is underway with a view to potentially convert the various leads to prospects. These prospects can then be ranked and considered for future exploration and appraisal drilling activities and building upon the current Prospective Resources and geology around the documented natural hydrogen occurrences in the Ramsay Oil Bore 1 and American Beach Oil 1 wells located in PEL 687.

Gases were sampled by the State of South Australia at the rig sites of these wells at the time, and by later laboratory analysis it was determined that these gases had a very high natural hydrogen content of between 66% and 89%. Additional workflows with CSIRO are also progressing, with approximately 75 non-invasive soil-gas survey locations selected for acquisition, and to trial the technique that will identify and measure the amount of natural hydrogen should it be present. The approvals process is underway with the Company's South Australian based contractor, JBS&G, having submitted the application to DEM.

Field activities are planned to commence in mid-April 2023. Stage 1 locations have been selected based on proximity to potential fairy circles, faults/structures, underlying basement source rocks, along 2D reprocessed seismic lines and in proximity to known occurrences of natural hydrogen in historic wells. CSIRO has also completed the final selection and sampling of historic core in PEL 687.

This workflow is designed to trial a technique that samples fractures in historic core and test for natural hydrogen that could be trapped in fluid inclusions in a given fracture. The core samples were taken across the various iron-rich basement source rocks to test whether natural hydrogen may be more common to certain basement rock types in the area. Similar sampling has also been undertaken in the overlying Stansbury Basin stratigraphy.

Lab analysis is underway to determine if natural hydrogen is present in the samples, and the results are expected to be ready in May 2023. When combined, these subsurface workflows (the new airborne survey data, static model, reprocessed 2D seismic, trialling of the soil-gas survey and natural hydrogen fluid inclusion techniques and results) could all contribute to highlighting areas of higher prospectivity. The combined work streams will also support guiding the Company's future work program activities for the maturation of the independently accessed Best Estimate Prospective Resources 1.3 billion kilograms of natural hydrogen gas in PEL 687.

Importantly, the work also supports prioritizing the potential high prospectivity areas and will guide future exploration activities to be less impactful to surface owners and the community.