Gold Hydrogen Responds to ASX Inquiry on Share Price Surge

Gold Hydrogen Ltd (ASX: GHY) has responded to a formal query from the Australian Securities Exchange (ASX) regarding a sharp increase in trading volume and share price between March 25 and March 28, 2025. The company confirmed it is not aware of any undisclosed material information that would account for the market activity.

GHY acknowledged that the recent volatility could stem from several public developments:

• A previously disclosed Memorandum of Understanding with Mizuho Securities of Japan, aimed at exploring international investment and advisory opportunities in natural hydrogen and helium.
• Ongoing involvement of Morgans Financial and Mizuho to assess proposals from global parties, though no binding agreements have been reached.
• Media coverage of a massive natural hydrogen discovery in France valued at USD $92 billion, which may have positively influenced sector sentiment.
• The reported cancellation of a green hydrogen project in South Australia, potentially positioning Gold Hydrogen as the leading hydrogen proponent in the region.

The company reaffirmed compliance with ASX Listing Rules and emphasized that any binding transactions or developments will be announced in due course.

Full press release can be found below:

Gold Hydrogen Limited
ABN 74 647 468 899
Level 14, 110 Eagle Street, Brisbane QLD 4000
GPO Box 801, Brisbane QLD 4001
info@goldhydrogen.com.au
31 March 2025

Ms Nicola Lombardi
Adviser
Australian Securities Exchange
Via Email: listingscompliancesydney@asx.com.au

Dear Ms Lombardi,

Reference is made to your correspondence of 28 March 2025 regarding trading in Gold Hydrogen’s securities.

Using the same numbering protocol as your letter, our responses to the queries raised in your correspondence are as follows:

1. The Company confirms that it is not in possession of any undisclosed information which would require disclosure. Whilst the Company has noted the recent volatility in its trading, including today’s spike in price and volume, it is not aware of any disclosable reason for these movements. However, it is possible that the trading has been caused by a combination of the information outlined below.

2(a) In August 2024 the Company advised the market that it had signed an MoU with Mizuho Securities of Japan to establish a framework for the development of their relationship, including the consideration of future advisory assignments and the cooperative promotion of Natural Hydrogen and Helium usage. Mizuho advises a large number of Japanese energy industry clients with global operations interested in a range of issues associated with the discovery, usage and ESG / sustainability benefits of Natural Hydrogen and Helium. As announced at that time, the relationship between the parties was established at this time to manage the multiple inquiries from Japanese energy companies for future investment into Gold Hydrogen and its projects.

As a result of this interest, the Company has involved Morgans Financial, along with Mizuho Securities, to consider potential proposals from a range of international parties. At this point, there are no binding arrangements capable of being disclosed to the market. Furthermore, there is no guarantee that any binding arrangement will be agreed or finalised.

2(b) On the basis of the information outlined in 2(a) above, the Company is not in position to make an announcement. The Company believes that, absent a concrete proposal, any market announcements about the process would be premature and potentially misleading.

2(c) The Company will only be in position to make any announcement should the process outlined in 2(a) above lead to a binding transaction or agreement. No guarantee can be made at this time that such an outcome will be reached.

1. Other events which may explain the recent volatility in the trading of the Company’s securities include the following recent and relevant third-party developments:
    (i) On 22 March 2025, various international publications started reporting on a natural hydrogen discovery in France which the reports suggested has an estimated value of USD $92 billion.
    Link: https://interestingengineering.com/energy/france-worlds-largest-hydrogen-deposit

(ii) On 25 March 2025, Australian press reports emerged that the planned green hydrogen project at Port Pirie in South Australia had effectively been cancelled. The potential implication of this development is positive for Gold Hydrogen, in that it is now the leading proponent for the potential future commercialisation of hydrogen in South Australia for local and wider usage.
 Link: https://www.abc.net.au/news/2025-03-25/green-hydrogen-project-at-port-pirie-shelved/105092634

1. The Company confirms that it is in compliance with the Listing Rules, in particular Listing Rule 3.1.
2. Confirmed. The Company’s Board has reviewed and authorised this response.

Please feel free to contact the author or the Company’s Managing Director, Neil McDonald, should you have any further queries in relation to this matter.

Yours sincerely,
Karl Schlobohm
Company Secretary
Gold Hydrogen Ltd