Primary Hydrogen Fully Funded for Maiden Wicheeda North Campaign as Filings Flag Going-Concern Risk
Published on 11/15/2026 at 08:01 | Editorial boerse-global.de
Primary Hydrogen has the money in place to pay for its first drill program at Wicheeda North, yet the financial statements it released on 29 October carry a warning that substantial uncertainty could cast significant doubt on the company's ability to continue as a going concern. Cash and liquid funds stood at C$2,181,867 as of 31 August 2026.
The drill rig is already turning on the British Columbia property. Roughly 1,500 metres are planned across about seven holes, a campaign the company expects to take around four weeks. It marks Primary Hydrogen's debut drilling at Wicheeda North and is designed to test a rare-earth soil anomaly running to the northwest.
Soil Sampling Points the Way
That target was defined by two phases of soil work. Of 692 samples collected in the second pass, 37 came in above the 300 ppm TRE+Y threshold, the company said in a 3 November release. The standout reading was 932.21 ppm TRE+Y.
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Soil results of this kind guide the choice of drill targets rather than confirm what lies in the bedrock below. Primary Hydrogen itself cautions that the soil data do not constitute conclusive evidence of mineralisation in the underlying rock — a caveat that applies to the geological weight the anomaly can bear as the program unfolds. Assay results from the holes are still pending.
Losses Narrow, but Books Unreviewed
On the earnings side, the third quarter of 2026 brought a net loss of C$555,779, a marked improvement on the C$1,252,248 shortfall recorded in the same period a year earlier. The interim statements, however, are unaudited and have not been subjected to a review by the company's auditor.
In the market, the shares closed at €0.52 on Friday, down 15% over the past 30 days.
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