Calgary, Alberta--(Newsfile Corp. - August 31, 2026) - Primary Hydrogen Corp. (TSXV: HDRO) (FSE: 83W) (OTCQB: HNATF) (the "Company" or "Primary") is pleased to announce that it has staked the Wallace Natural Hydrogen Project ("Wallace" or the "Project"), comprising four exploration licences totalling 68 claims (approximately 1,101 hectares) around Wallace Bay on the northern margin of the Cumberland Basin in Cumberland County, Nova Scotia. Wallace is the Company's second project in the basin, following the Northumberland Project announced on August 17, 2026, and brings Primary Hydrogen's Cumberland Basin holdings to six licences totalling 140 claims (approximately 2,267 hectares).

Highlights

• Four exploration licences (58171, 58172, 58176 and 58177) totalling 68 claims and approximately 1,101 hectares on claim reference map 11E14B, between Pugwash and Wallace, fronting Wallace Bay and the Northumberland Strait
• The Project area includes the Malagash Peninsula district, where Canada's first underground rock-salt mine operated — a direct expression of the Windsor Group evaporites the Company interprets as potential seal elements for migrating gases
• Second Cumberland Basin project staked by the Company, extending its position eastward along the basin's northern margin
• Wallace will be included in the Company's planned Nova Scotia work program of data compilation, structural interpretation and soil-gas orientation surveying

"When we entered the basin at Northumberland, we set two tests for adding ground: it had to sit on the same margin structure our technical team wants to test, and it had to come at staking cost. Wallace passed both, so we moved," said David Jackson, Chief Executive Officer of Primary Hydrogen.

The Wallace Project

Wallace comprises four exploration licences (58171, 58172, 58176 and 58177) on Nova Scotia claim reference map 11E14B, covering 68 claims (approximately 1,101 hectares) in Cumberland County. The licences are situated around Wallace Bay between the communities of Pugwash and Wallace, with portions fronting tidal water on Wallace Bay and the Northumberland Strait, and road access via the Route 6 corridor. The ground was acquired by map staking through Nova Scotia's NovaROC system and lies east of, and on the same basin-margin trend as, the Company's Northumberland Project.

District Context

The Cumberland Basin is the centre of natural hydrogen exploration activity in Canada. Nova Scotia issued 814 mineral exploration licences in 2025 — almost double the 2024 total — with new claims concentrated in Cumberland County. ¹

Geology and Exploration Thesis

The Cumberland Basin is a late Carboniferous depocentre within the Maritimes Basin complex, where thick clastic successions overlie Windsor Group evaporites. At Wallace, the evaporite section is expressed directly: the historic Malagash mine on the adjacent Malagash Peninsula was Canada's first underground rock-salt producer, and salt structures in the Wallace-Pugwash area locally deform the sedimentary section. The Company interprets these evaporites as potential seal elements, with reactivated basin-margin faults along the northern flank of the basin as potential migration pathways from depth — the same structural architecture targeted by the Company at Northumberland and by active operators elsewhere in the district.²

No drilling for natural hydrogen has been carried out on the Project, and no hydrogen occurrence has been documented on the Project to date. Natural hydrogen exploration is an emerging field, and exploration methodologies for it continue to evolve.

Planned Work

Wallace will be incorporated into the Company's planned Nova Scotia work program alongside Northumberland, comprising compilation of public geoscience data, structural interpretation, and soil-gas orientation surveying across the Company's basin-margin ground, proposed for the current field season.

Nova Scotia's Natural Hydrogen Framework

Nova Scotia passed the Powering the Economy Act in April 2026, creating the Subsurface Energy Resource Extraction Act — a dedicated framework that will regulate natural hydrogen, helium, geothermal and carbon storage projects. ³ As of the date of this news release, that Act has not yet been proclaimed in force and its regulations remain under development. The Company's licences are mineral exploration licences issued under Nova Scotia's Mineral Resources Act; rights to explore for and develop natural hydrogen will be subject to the new framework once it is in force.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Christopher Michael Longton, AIPG CPG #11958, VP Exploration of the Company, a "qualified person" within the meaning of 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.

Sources

1. CBC News, December 12, 2025.
2. Ryan, R.J. and Boehner, R. C., "Geology of the Cumberland Basin, Cumberland, Colchester and Pictou Counties, Nova Scotia", Nova Scotia Department of Natural Resources Mineral Resources Branch, Memoir ME 10, 1990.
3. Province of Nova Scotia news release, February 24, 2026.

About Primary Hydrogen Corp.

Primary Hydrogen is dedicated to the exploration and development of natural hydrogen resources. With projects in the U.S. and across Canada, the Company's portfolio includes the Blakelock, Hopkins, Mary's Harbour, Point Rosie, Crooked Amphibolite, Coquihalla, Cogburn, Northumberland, Seagull North and Wallace projects. Primary has an option to acquire a 75% interest in a hydrogen-REE project known as Wicheeda North located in British Columbia.

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements in this release include statements regarding: (i) the Company's planned data compilation, structural interpretation and soil-gas survey work and the timing thereof; (ii) the exploration potential and geological prospectivity of the Wallace Project; (iii) the proclamation and implementation of Nova Scotia's Subsurface Energy Resource Extraction Act and related regulations; and (iv) continued exploration activity in the Cumberland Basin by other issuers.

Forward-looking statements are based on a number of assumptions that, while considered reasonable by the Company at the date of this news release, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Such assumptions include, without limitation: that planned exploration activities will proceed as anticipated; that the Company will have sufficient financial resources to fund its planned programs; that the regulatory framework for natural hydrogen in Nova Scotia will be implemented in an orderly manner; and that general economic and market conditions will not materially deteriorate.

Forward-looking statements involve significant risks and uncertainties and are not guarantees of future performance. Such risks include, but are not limited to: the early-stage nature of the Project, on which no natural hydrogen occurrence has been documented; the risk that exploration results on nearby properties are not indicative of the Project's geology; uncertainties inherent in natural hydrogen exploration, an emerging field with evolving methodologies; changes to, or delays in, the implementation of Nova Scotia's regulatory framework for subsurface energy resources; and the Company's ability to obtain financing. Readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update forward-looking statements except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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