Primary Hydrogen Reports Anomalous Hydrogen Readings From Phase 2 Exploration at Hopkins and Blakelock Projects, Northern Ontario

Primary Hydrogen announced results from its Phase 2 exploration program at its Hopkins and Blakelock projects in Northern Ontario. The company reports the identification of multiple anomalous hydrogen readings in soil gas samples.

Key results include: - Hopkins Project: Peak hydrogen concentration of 245 parts per million (ppm). - Blakelock Project: Peak hydrogen concentration of 77 ppm and an average of 52 ppm over an 800-metre anomaly.

The company notes that these anomalies show spatial coherence with favorable geological features, such as forest circles, fault structures, and mafic dykes, which it considers encouraging for continued investigation.

The news is a routine and incremental step forward for the company. The program was first announced in July 2025 and its commencement at Hopkins was announced in September 2025, with results expected approximately six weeks after fieldwork. This release is in line with that previously communicated timeline.

From a critical perspective: - Positive: The results confirm the presence of hydrogen systems on the properties, which validates the company's initial exploration thesis and targeting methodology. Identifying anomalies is a necessary first step in any exploration program. - Neutral/Negative: The economic significance of these soil gas readings is completely unknown. Natural hydrogen is a nascent industry with no established benchmarks for what constitutes an economically viable surface anomaly. The reported ppm values are indicators of hydrogen presence, but they do not confirm a trapped, recoverable resource. The press release lacks context, such as background levels or comparisons to known discoveries (e.g., Mali), making it difficult to assess the quality of these "anomalous" readings.

The market has been selling off the stock for months, indicating that investors require more than just early-stage soil gas anomalies to regain confidence. The stock price has fallen from a high of $0.66 to $0.17. While the news is positive on its own, it is unlikely to materially alter the company's trajectory or reverse the significant negative market sentiment. It is an expected outcome of a previously announced program, not a transformative discovery.

Primary Hydrogen Corp. is a Canadian-based junior exploration company focused on the emerging natural hydrogen sector. It has also diversified into Rare Earth Element (REE) exploration. The company does not have a single flagship project but rather employs a portfolio strategy, having rapidly acquired numerous early-stage properties through staking and option agreements.

Key projects include: - Ontario (Hydrogen): Hopkins and Blakelock projects, the subject of the latest news. - British Columbia (REE/Hydrogen): Wicheeda North REE project (adjoining Defense Metals' advanced deposit) and the Crooked Amphibolite, Coquihalla, and Cogburn hydrogen projects. - Newfoundland & Labrador (Hydrogen): Mary's Harbour and Point Rosie projects. - USA (Hydrogen): Dove Creek project in Colorado.