Mr. Ben Asuncion reports

PRIMARY HYDROGEN ANNOUNCES CLOSING OF PRIVATE PLACEMENT AND OPTION AGREEMENT

Primary Hydrogen Corp., further to its news release dated May 29, 2025, has closed the non-brokered private placement for gross proceeds of $1,728,800.

Pursuant to the offering, the company issued: (i) 2.56 million flow-through (FT) units at a price of 48 cents per FT unit; and (ii) 1.25 million non-flow-through (NFT) units at a price of 40 cents per NFT unit.

Each FT unit comprises one common share in the capital of the company and one-half of one common share purchase warrant, with each whole FT warrant exercisable to acquire one common share at a price of 55 cents for a period of 24 months following the closing date of the offering. Each NFT unit comprises one common share and one-half of one common share purchase warrant, with each whole NFT warrant exercisable to acquire one common share at a price of 50 cents for a period of 24 months following the closing date.

The gross proceeds from the sale of the NFT units are intended to be used for general working capital and corporate purposes. The gross proceeds from the sale of the FT units are intended to be used to incur critical mineral Canadian exploration expenses (CEE), such that they qualify as flow-through mining expenditures for the purposes of the Income Tax Act (Canada) and can be renounced to the purchasers thereof.

Pursuant to the offering, the company paid finders' fees of approximately $43,776 in connection with the FT units, and issued 27,000 finders' warrants to an eligible finder in connection with the NFT units and 91,200 finders' warrants to eligible finders in connection with the FT units. Each NFT finder's warrant entitles the holder to purchase one common share at a price of 50 cents for period of 24 months following the closing date. Each FT finder's warrant entitles the holder to purchase one common share at a price of 55 cents for a period of 24 months following the closing date.

Wicheeda acquisition

The company is also pleased to announce, further to its news release dated May 22, 2025, that it has received approval from the TSX Venture Exchange in respect of its property option agreement dated May 21, 2025, with Power One Resources Corp., pursuant to which the company has the option to acquire up to a 75-per-cent interest in and to the Wicheeda North project in British Columbia on the terms and conditions set forth in the option agreement. Accordingly, in satisfaction of certain option exercise conditions under the option agreement, the company has paid to Power One $40,000, and will be issuing to it: (i) 125,000 common shares at a deemed price of 45 cents; and (ii) 125,000 common share purchase warrants, with each Wicheeda warrant entitling Power One to acquire one common share at an exercise price of 90 cents for three years from the date of the option agreement. The common shares to be issued and the common shares underlying the Wicheeda warrants are subject to a four-month statutory hold period in accordance with applicable securities laws. The option agreement is an arm's-length transaction. No finder's fee was paid in connection with the option agreement.

For additional information on the Wicheeda property, including a description of the option exercise conditions thereunder, please refer to the company's news release dated May 22, 2025.

About Primary Hydrogen Corp.

Primary Hydrogen is dedicated to the exploration and development of natural hydrogen resources. With over 740 acres in the United States and 210 square kilometres across Canada, the company's portfolio includes the Blakelock, Hopkins, Mary's Harbour, Point Rosie, Crooked Amphibolite, Coquihalla and Cogburn projects. Primary also holds the Arthur Lake copper project in British Columbia.

We seek Safe Harbor.