Board Change • Aug 13
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Director William Heenan was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jul 28
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 59% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). Earnings have declined by 70% per year over the past 5 years. Shareholders have been substantially diluted in the past year (59% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$8.23m market cap, or US$5.84m). Announcement • Jul 28
Primary Hydrogen Corp. Appoints Christopher Longton as Vice President, Exploration, Effective July 24, 2026 Primary Hydrogen Corp. announced the appointment of Christopher Longton, CPG, as Vice President, Exploration, effective July 24, 2026. Mr. Longton is Principal Geologist with Rangefront Mining Services and will continue in that role. Rangefront provides geological services to the Company. A field geologist at heart, he has experience from greenfields exploration to production on precious metals, base metals and critical minerals deposits throughout North America and Australia. His experience has led to him managing large- and small-scale projects, including as Vice President, Exploration with Hercules Metals Corp. in Idaho. Prior to that he was Senior Exploration Manager for Integra Resources' DeLamar project in southern Idaho, and has provided senior geological support on several early- to advanced-development and production-scale projects for various companies, most notably New Gold Inc. and Equinox Gold Corp. Mr. Longton holds a Bachelor of Science degree in Geology from Illinois State University, is a Certified Professional Geologist, and is a Qualified Person as defined by National Instrument 43-101. Mr. Longton assumes responsibility for the Company's exploration programs across its natural hydrogen and rare earth element portfolio in Canada and the United States. He will also act as the Company's Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral
Projects. As an officer of the Company, Mr. Longton is not independent of the Company for the purposes of National Instrument 43-101. 
