Primary Hydrogen has launched its first-ever drilling campaign at the Wicheeda North rare earth project, with crews beginning work on 3 November. The program is designed to test a rare earth soil anomaly that trends to the northwest, and the company expects the work to wrap up in roughly four weeks.
The campaign calls for approximately 1,500 metres across about seven holes in British Columbia. It marks the first time Primary Hydrogen has drilled at Wicheeda North, with the identified anomaly serving as the primary target.
Soil Sampling Points the Way
The decision to drill rests on two phases of soil sampling. In the initial phase, 11 of 439 samples exceeded the 300 ppm threshold for TRE+Y, the measure used for rare earth elements plus yttrium. That phase produced a peak reading of 484.69 ppm.
The second phase delivered stronger results: 37 of 692 samples cleared the same 300 ppm bar, and the highest value reached 932.21 ppm. All of these figures come from soil samples rather than drill core.
Interim Filings Show Shrinking Deficit
The drilling news follows the release of unaudited interim results on 29 October, covering the periods ended 31 August 2026. For the third quarter, Primary Hydrogen booked a net loss of C$555,779, a sharp improvement on the C$1,252,248 deficit recorded in the same quarter of 2025.
Should investors sell immediately? Or is it worth buying PRIMARY HYDROGEN?
The nine-month picture followed the same trajectory. The net loss for the first nine months of 2026 came in at C$770,588, compared with C$3,914,732 a year earlier. As of the 31 August 2026 balance sheet date, the company held liquid funds of C$2,181,867.
Going-Concern Caveat Attached
Alongside the improved numbers, the unaudited interim financial statements flagged a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern.
On the market side, the stock slipped 3.8% on Friday, leaving the share price at €0.5050 at the close of the trading week.
Ad
PRIMARY HYDROGEN Stock: Buy or Sell?! New PRIMARY HYDROGEN Analysis from November 9 delivers the answer:
The latest PRIMARY HYDROGEN figures speak for themselves: Urgent action needed for PRIMARY HYDROGEN investors. Is it worth buying or should you sell? Find out what to do now in the current free analysis from November 9.
PRIMARY HYDROGEN: Buy or sell? Read more here...
