Primary Hydrogen Narrows Nine-Month Deficit to C$771,016 as Wicheeda North Drilling Gets Underway

Primary Hydrogen has launched its first-ever drill campaign at the Wicheeda North rare earth project in British Columbia, with the company confirming that a program of roughly 1,500 metres across about seven holes began on 3 November. Management expects the work to wrap up within roughly four weeks.

The holes are targeting a rare earth anomaly that runs to the northwest, identified through surface sampling. The company has not previously tested the target with a drill, making this a maiden program for the site. One sample from the second phase of soil work returned 932.21 ppm for the combined total of rare earth elements and yttrium — a surface-level reading that the drilling is designed to check at depth.

Primary Hydrogen is careful to frame those soil results as exploration targets only, with their significance limited to surface indications. In assessing the anomaly, the company explicitly leaves room for alternative explanations of the readings.

Interim Filings Show Sharply Lower Shortfall

The exploration update came alongside the release of unaudited interim financial statements on 29 October, covering the third quarter and the first nine months of fiscal 2026, both periods ending 31 August.

For the third quarter, the net loss came in at CAD 0.556 million, less than half the CAD 1.25 million recorded in the same stretch a year earlier. Over the nine-month period, the deficit narrowed to CAD 0.771 million from CAD 3.91 million previously. The comprehensive loss for the nine months was C$771,016.

Primary Hydrogen noted that its auditor did not review the interim statements. Shares were down 7.1% on the day.