Primary Hydrogen Sets October 1 Spud Date at Wicheeda North After Governance and Portfolio Overhaul

Primary Hydrogen plans a roughly 1,500-metre maiden drill program at Wicheeda North starting October 1, 2026, after a summer of leadership and portfolio changes.

Primary Hydrogen is counting down to the launch of its maiden drill program at the Wicheeda North rare-earth project in British Columbia, with the first hole scheduled to turn on October 1, 2026. The campaign is designed to run roughly 1,500 metres, and management expects to wrap up the program by November 1, 2026.

That operational milestone follows a stretch of corporate housekeeping and portfolio expansion that has reshaped the company over the summer. The groundwork at Wicheeda North was laid about two weeks before the drill start, when Primary Hydrogen completed its initial soil sampling at the site and engaged the contractors needed to keep the rig on schedule. Those steps cleared the way for the transition from surface preparation to active drilling, a shift the market is watching closely for what it reveals about the property's geology.

Summer Leadership Reshuffle

The team now steering that effort was assembled in the middle of 2026. David Jackson took over as President and Chief Executive Officer on July 20, 2026, succeeding Benjamin Asuncion, who stepped back from the top job but stayed on the board. Four days later, effective July 24, 2026, Christopher Longton, CPG, came aboard as Vice President Exploration.

Funding for the work was secured earlier in the month. A private placement closed on July 8, 2026, with Primary Hydrogen issuing 2,459,570 units at $0.60 apiece for gross proceeds of about $1,475,742.

Shareholders Back Board and Pay Plan

At a combined annual and special meeting held roughly a week before the latest update, investors signed off on every resolution put forward. The compensation package that won approval pairs a rolling component of up to 10% with a fixed component of up to 10%. Shareholders also locked in a four-member Board of Directors, comprising David Jackson, Benjamin Asuncion, William Timothy Heenan and Martin Kowcun. DMCL Chartered Professional Accountants was ratified as auditor. Since that vote, the stock has added 1.4%.

Cumberland Basin Footprint Widens

Beyond Wicheeda North, Primary Hydrogen has been building out its presence in Nova Scotia's Cumberland Basin, where it is hunting for natural hydrogen. On August 17, 2026, the company staked the Northumberland Natural Hydrogen Project, covering two exploration licences with 72 claims in total and spanning about 1,166 hectares along the northern rim of the basin in Cumberland County. That acreage came roughly a month after the company expanded its Cumberland holdings by staking the Wallace project, rounding out a portfolio that now straddles both rare-earth exploration and natural hydrogen targets in Canada.

Share Price Steadies Below Key Average

Trading has been subdued through the run-up to the drill campaign. The shares changed hands at €0.7200 at yesterday's close, leaving them down 44% over the past 30 days. Measured against the 50-day average of €0.8603, the current price of €0.7050 sits 18% lower. The company flagged the approaching start of drilling at Wicheeda North about two weeks ago, a stretch that has seen the stock shed 10.0%.

What the first holes turn up on the property will shape how investors judge the program in the weeks ahead.