Primary Hydrogen's Wicheeda North Campaign Takes Shape Amid Executive Reshuffle

Primary Hydrogen Corp begins fully funded drilling at Wicheeda North, targeting rare earth anomalies with a multi-year permit and new leadership.

The stars are aligning for Primary Hydrogen Corp as it prepares to put its rare earth thesis to the test. The Canadian explorer has assembled the key pieces — a new leadership team, a fully funded drill program, and a multi-year permit — to launch its maiden drilling campaign at the Wicheeda North project in British Columbia.

At the heart of the operation is a roughly 1,500-meter drill program targeting two high-priority, previously untested rare earth anomaly clusters. The company expects to wrap up the campaign by autumn 2026, with results from the core samples set to provide the first concrete evidence of whether the identified zones hold economically viable concentrations of rare earth elements. The project has never been drilled, meaning no mineral resources have been defined to date.

A Permit Built for the Long Haul

The exploration permit extends well beyond the current campaign, covering up to 70 drill sites, trenching work, and eight kilometers of access roads through 2031. That gives Primary Hydrogen the flexibility to run programs through 2030 without having to file fresh regulatory work notices for each phase — an administrative advantage that should streamline future exploration cycles.

The company's proximity to an established rare earth deposit adds another layer of intrigue. Defense Metals Corp holds the neighboring Wicheeda deposit, situated roughly five kilometers southeast of Primary Hydrogen's project. Investors will likely draw comparisons between the geological structures, heightening anticipation around the upcoming drill results.

New Faces in the C-Suite

The operational buildup has been accompanied by a shakeup at the top. David Jackson stepped in as President and CEO on July 20, succeeding Benjamin Asuncion, who resigned as chief executive but remains on the board as a director. Just four days later, Christopher Longton joined as Vice President of Exploration, tasked with overseeing technical programs and project sequencing across the company's Canadian and U.S. portfolio.

The leadership transition coincided with a period of heightened market attention on the stock. Media reports had previously characterized early price swings as speculative accumulation tied to the management overhaul — a pattern that appears to have continued through the recent advance.

Funding Already in Place

The drill program comes fully financed, eliminating the need for additional capital raises. The company closed an unbrokered private placement in early July under the Listed Issuer Financing Exemption, issuing 2,459,570 units at C$0.60 each for gross proceeds of roughly C$1.48 million. Each unit comprises one common share and one warrant exercisable at C$0.80 for 24 months.

Notably, the placement was scaled back from an initially announced 4.2 million units — a sign that the company's capital requirements came in lower than first communicated. In a separate move, Primary Hydrogen signed a six-month marketing agreement with digital agency Nordcore Media LLC valued at US$300,000, suggesting a push to boost investor visibility.

Market Response

The share price has rewarded the flurry of announcements. The stock closed Thursday at €0.89, up 27 percent over the past 30 days and 19 percent across the previous seven trading sessions. It sits about 11 percent below its 52-week high of €1.01, set on August 13, 2026.

Automated screening tools have taken a cautious stance on the equity, pointing to weak financial metrics and recurring losses, even as the stock trades above key moving averages. Such quantitative assessments, however, don't capture the fundamental progress being made on the exploration front.

For Primary Hydrogen, the drilling milestone represents a pivotal test — the results will likely shape how the market values the project and how the company deploys its permit runway through the end of the decade.