If You Invested in Primary Hydrogen (HNATF)

Primary Hydrogen Corp. (OTCQB: HNATF; TSXV: HDRO; FSE: 83W0) is a resource exploration company focused on the exploration and development of natural hydrogen resources, with additional exposure to rare earth elements (REE) and copper through specific projects. According to company disclosures, Primary Hydrogen holds over 740 acres of prospective land in the United States and approximately 230 square kilometers of projects across Canada.

The company’s stated objective is to identify and advance targets where naturally occurring hydrogen may be generated and migrate through geological structures. Its portfolio is centered on early-stage exploration projects in jurisdictions within Canada and the U.S. that exhibit geological conditions considered favorable for natural hydrogen generation and potential accumulation.

Core Exploration Portfolio

Primary Hydrogen reports a portfolio that includes the Blakelock and Hopkins projects in Northern Ontario, the Mary's Harbour and Point Rosie properties in Newfoundland and Labrador, and the Crooked Amphibolite, Coquihalla, and Cogburn projects in British Columbia. These projects are described as prospective for natural hydrogen, and several also have rare earth element or multi-commodity potential based on historical and current exploration work.

In addition, the company discloses that it holds the Arthur Lake copper project in British Columbia and has entered into a definitive agreement for the sale of a 100% interest in that property to J4 Ventures Inc., subject to customary closing conditions. Primary Hydrogen is also reported to retain a 2% net smelter return royalty on Arthur Lake under the terms described. The company further notes that it has an option to acquire a 75% interest in the Wicheeda North hydrogen-REE project in British Columbia.

Natural Hydrogen Exploration Focus

Company news releases describe a multi-stage exploration approach that emphasizes soil gas sampling, portable hydrogen gas detectors, and conventional geological techniques such as soil sampling, prospecting, and geological mapping. At projects such as Hopkins, Blakelock, Crooked Amphibolite, Point Rosie, and Mary's Harbour, Primary Hydrogen has reported anomalous hydrogen readings in soil gas associated with structural features including faults, mafic dykes, and other geological contacts.

The company states that its sampling methodologies have been developed and refined in collaboration with the Institut national de la recherche scientifique (INRS). These protocols are described as laboratory-verified and designed to minimize artificially generated hydrogen, with the objective of improving the reliability of near-surface hydrogen measurements used to infer potential subsurface hydrogen systems.

Key Project Areas

According to technical and corporate updates, Primary Hydrogen’s main exploration areas include:

• Hopkins Project (Northern Ontario): Exploration has focused on the Kapuskasing Structural Zone, targeting features such as the Clay-Howels Alkali Complex, northeast-trending faults, and circular vegetation anomalies referred to as forest rings. Phase 2 programs have reported spatially coherent hydrogen anomalies, including a circular pattern with elevated hydrogen values near the Clay-Howels contact.
• Blakelock Project (Northern Ontario): Work has targeted areas with forest rings and fault systems. The company has reported an approximately 800-metre corridor of elevated hydrogen values aligned with a north–south trending Matachewan mafic dyke, which is interpreted as a potential migration pathway for hydrogen.
• Point Rosie and Mary's Harbour (Newfoundland and Labrador): Phase 1 soil gas sampling programs have been carried out over mafic and ultramafic geological settings and fault structures. The company has reported anomalous hydrogen values at both properties, with readings described as corresponding to deep-seated fault structures at Point Rosie and as requiring further study at Mary's Harbour.
• Crooked Amphibolite Project (British Columbia): The geology is described as dominated by serpentinized mafic and ultramafic rocks, with major thrust and strike-slip faults. Field sampling has identified an approximately 8-kilometre trend of elevated hydrogen readings associated with interpreted fault structures, which the company indicates supports its geological model for natural hydrogen generation in serpentinized terranes.
• Coquihalla and Cogburn Projects (British Columbia): These properties form part of the company’s BC H₂ Projects. Exploration has included soil gas sampling and soil geochemistry. At Coquihalla, the company has reported a heavy rare earth element soil anomaly coincident with a magnetic high, while hydrogen readings there and at Cogburn have been limited or near background levels, based on disclosed results.
• Wicheeda North Project (British Columbia): Primary Hydrogen describes Wicheeda North as a hydrogen-REE project consisting of nine contiguous mineral claims totaling approximately 2,138 hectares in the northern Cariboo Mining Division. The project is located within the Rocky Mountain Trench and near Defense Metals Corp.’s Wicheeda Rare Earth Element deposit. Historical work has outlined multiple geophysical and geochemical targets, and the company has submitted a Notice of Work application for a multi-year exploration program including drilling and trenching.

Exploration Methods and Technical Collaboration

Across its portfolio, Primary Hydrogen emphasizes the use of soil gas hydrogen surveys conducted with portable detectors such as the Dräger X-am 8000 and ATO Gas Dog H₂, along with systematic soil sampling. Sampling procedures typically involve inserting probes into the subsurface to measure hydrogen concentrations in soil pores at specified depths. The company notes that survey lines and station spacing are designed to test structural features and geological contacts considered prospective for hydrogen outgassing.

The company’s disclosures highlight collaboration with INRS for the development of sampling methodologies and quality assurance/quality control protocols. These include detector calibration, zeroing procedures, and the use of certified standards, as well as laboratory analysis of soil samples by third-party analytical laboratories using multi-element methods.

Corporate and Listing Information

Primary Hydrogen Corp. is listed on the TSX Venture Exchange under the symbol HDRO, on the OTCQB market under the symbol HNATF, and on the Frankfurt Stock Exchange under the symbol 83W0. The company has reported holding annual general meetings at which shareholders vote on director elections, auditor appointments, and equity incentive plans, as summarized in its AGM voting results disclosure.

Company news releases consistently include a cautionary note regarding forward-looking information, indicating that statements about planned exploration programs, permitting timelines, and potential resource outcomes are subject to risks and uncertainties described in its public disclosure documents.

Rare Earth and Multi-Commodity Exposure

In addition to natural hydrogen, Primary Hydrogen’s portfolio includes exposure to rare earth elements and copper through specific projects. The Wicheeda North project is described as a hydrogen-REE opportunity within a belt known for carbonatite-related REE mineralization, and company disclosures reference historical technical reports outlining REE targets. The Arthur Lake project is described as a copper project in British Columbia, and the company has also reported rare earth element soil sampling at Hopkins and other properties as part of broader exploration programs.

Risk Considerations

Primary Hydrogen’s public statements emphasize that its projects are at the exploration stage. The company notes that outcomes of soil gas surveys, geophysical work, and follow-up programs are uncertain and subject to factors such as geological complexity, data interpretation, permitting processes, and broader regulatory and operational risks. Investors reviewing HNATF stock typically consider these exploration and permitting risks alongside the company’s focus on natural hydrogen and related commodities.