Primary Hydrogen Cuts Nine-Month Loss to C$770,588 but Filings Flag Going-Concern Doubt

Primary Hydrogen has kicked off its maiden drill program at Wicheeda North in British Columbia, a roughly 1,500-metre campaign aimed at a northwest-trending rare earth soil anomaly, while simultaneously reporting a sharply narrower net loss for both its third quarter and nine-month period ended August 31, 2026.

The company's October 29 filing of unaudited interim results showed a third-quarter net loss of C$555,779, down from C$1,252,248 in the same quarter a year earlier. Over the nine months, the shortfall came to C$770,588 against C$3,914,732 previously — still a loss, but a fraction of the prior year's figure. Comprehensive loss for the nine-month stretch was C$771,016.

Cash and cash equivalents stood at C$2,181,867 as of the August 31 balance sheet date, a snapshot that predates the start of drilling and therefore does not reflect the outflow tied to the new campaign.

The interim statements also carry a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern — a disclosure that tempers the improved bottom line.

Seven Holes Planned Along the Anomaly

At Wicheeda North, Primary Hydrogen intends to sink approximately seven drill holes to test the rare earth target identified through soil sampling. The company has described the work as its first-ever drilling on the property, with the stated metreage representing the planned scope of the program.

On the operational side, the announcement made no causal link between the drill start and the share price action. The stock slipped 3.6% in the prior session, a move that coincided with the release of the financial results and the project update. It then recovered 1.9% to €0.5500 on Tuesday. Neither direction should be read as a verdict on the drilling program; the company itself drew no connection between the two developments.