Primary Hydrogen Trims Nine-Month Deficit to C$770,588 as Wicheeda North Turns From Soil Sampling to the Drill Bit

Primary Hydrogen has moved its rare-earth exploration story from the assay sheet to the drill rig. Roughly a week after starting fieldwork, the company confirmed it has begun its maiden drill program at Wicheeda North in British Columbia, targeting a northwest-trending soil anomaly that earlier sampling helped define.

The campaign is planned at approximately 1,500 metres spread across about seven holes — both figures described by the company as approximate, keeping the scope a plan rather than a fixed commitment. It marks the first time Primary Hydrogen has drilled the property.

Eleven Samples Cleared the 300 ppm Bar

The program rests on the first phase of soil sampling, which returned 439 samples in total. Of those, eleven came in above the 300 ppm TRE+Y threshold, with the highest reading reported at 484.69 ppm TRE+Y. Those numbers are soil-sample results, not assays from the current drilling.

The company has laid out a reporting sequence for what comes next: assay results will be disclosed once they arrive and have been interpreted.

Losses Narrow Sharply on Both Clocks

The operational update lands alongside unaudited financials released on 29 October, covering the third quarter and the nine-month period, both ended 31 August 2026.

For the third quarter, Primary Hydrogen booked a net loss of C$555,779, a marked improvement on the C$1,252,248 shortfall in the same quarter a year earlier. The nine-month picture followed the same trajectory: a net loss of C$770,588, against C$3,914,732 in the prior-year period.

At the balance-sheet date of 31 August 2026, the company held liquid funds of C$2,181,867. The board approved the financial statements on 29 October and cleared them for publication.

Share Price Softens Without a Tied Explanation

The stock has been under mild pressure. It shed 3.8% on Friday, leaving the price at €0.5050 by the close of the trading week, and was down 3.4% in a later session. No concrete link between the share-price moves and either the published figures or the exploration program has been established.