Primary Hydrogen
Primary Hydrogen Corp. is a pre-revenue, publicly traded exploration company (TSX-V: HDRO) pursuing natural hydrogen and rare earth element deposits across 10 projects in Canada and the United States, serving institutional and retail investors seeking clean energy transition exposure.
- Company typePublic
- Founded2020
- HeadquartersVancouver, Canada
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Primary Hydrogen does
Primary Hydrogen Corp. (TSX-V: HDRO, OTCQB: HNATF, FRA: 83W0) is a publicly traded natural hydrogen and critical minerals exploration company headquartered in Calgary, Alberta and incorporated in British Columbia. Originally incorporated in 2020 as Millbank Mining Corp., the company rebranded in November 2024 to reflect its strategic focus on natural (geologic) hydrogen. As of early 2026 the firm operates a portfolio of 10 exploration projects spanning more than 210 square kilometers across Canada (Ontario, British Columbia, Newfoundland and Labrador) and 740 acres in the United States (Colorado's Paradox Basin). Flagship hydrogen assets include Blakelock and Hopkins in Ontario, Mary's Harbour in Labrador, Point Rosie in Newfoundland, and Crooked Amphibolite, Coquihalla, and Cogburn in British Columbia. In 2025 the company diversified into rare earth elements via an option to acquire a 75% interest in the Wicheeda North project in BC, located 5 km from Defense Metals' 29.3 Mt Wicheeda REE deposit. The company also holds the Arthur Lake copper project in BC, which it has agreed to divest to J4 Ventures Inc.
The company's core technology integrates soil gas sampling (validated in partnership with Institut National de la Recherche Scientifique), airborne VTEM and magnetic geophysical surveys, geological mapping, hyperspectral imaging, and AI-driven data analysis to identify subsurface hydrogen accumulation and REE mineralization. Exploration techniques include the identification of circular vegetation anomalies (forest rings or fairy circles) as surface indicators of hydrogen seepage. The business model is exploration-stage and pre-revenue; the company funds activities through successive private placements and a Listed Issuer Financing Exemption (LIFE) offering. Equity is raised at $0.60 per unit with warrants exercisable at $0.80 over 24 months. The customer base is institutional and retail investors seeking exposure to clean energy transition and critical minerals, with go-to-market executed through press releases, investor presentations, and exchange listings across three venues.
Primary Hydrogen firmographics
Firmographics- Name
- Primary Hydrogen
- Legal name
- Primary Hydrogen Corp.
- Website
- https://primaryh2.com
- Company type
- Public
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Primary Hydrogen Corp. is a pre-revenue, publicly traded exploration company (TSX-V: HDRO) pursuing natural hydrogen and rare earth element deposits across 10 projects in Canada and the United States, serving institutional and retail investors seeking clean energy transition exposure.
- Ownership category
- akta.pro rank
Primary Hydrogen industry classification
Industry- Product category
- Natural Hydrogen and Critical Minerals Exploration
- NAICS
- Natural Gas Extraction (21113), Geophysical Surveying and Mapping Services (541360)
- SIC
- Metal Mining (1000)
- akta.pro primary industry
- Hydrogen (Industrial & Mobility) (IMAEACAB)
- akta.pro secondary industry
- Hydrogen & Derivative Fuels for Industry (H₂, Ammonia, Methanol) (EUABAJAC)
Keywords
Where Primary Hydrogen is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices2 records
Markets served
Primary Hydrogen business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Technology or R&D, Personnel, Marketing or Sales
Revenue model
- Exploration Stage (Pre-Revenue): Primary Hydrogen is a natural hydrogen and rare earth element exploration company. Currently pre-revenue, the company generates no operating income. Revenue generation is contingent on successful discovery and development of natural hydrogen resources or rare earth element deposits, which would require additional capital investment and regulatory approvals.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| One time/ perpetual license | Pay-as-you-go | LIFE Offering Units at $0.60 per Unit |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Primary Hydrogen product offering
Product offeringCore offering
Primary Hydrogen Corp. is a natural hydrogen and rare earth element (REE) exploration company. It identifies and evaluates prospective properties through soil gas sampling, geological mapping, airborne geophysical surveys (VTEM and magnetic), and hyperspectral imaging with AI-driven analysis. The company currently operates nine exploration projects across Canada and one in the United States and is pre-revenue, with future value contingent on discovery and development of natural hydrogen and critical mineral resources.
Product overview
Primary Hydrogen Corp. is a natural hydrogen and critical minerals exploration company with an extensive portfolio of exploration projects covering over 740 acres in the USA and 230 square kilometres across Canada. The company's exploration projects span hydrogen and rare earth element (REE) targets across multiple Canadian provinces (Ontario, British Columbia, Newfoundland and Labrador) and the United States (Colorado). Key projects include the Blakelock and Hopkins hydrogen projects in Ontario, the Mary's Harbour and Point Rosie projects in Atlantic Canada, the Crooked Amphibolite, Coquihalla, and Cogburn hydrogen projects in BC, the Wicheeda North hydrogen-REE project in BC (with option to acquire 75% interest), and the Dove Creek hydrogen project in Colorado. The company employs integrated exploration methodologies including soil gas sampling, geophysical surveys (VTEM, magnetic), geological mapping, and hyperspectral imaging with AI-driven analysis to identify natural hydrogen accumulation zones and REE mineralization targets.
Differentiator
Problem solved
Functional benefit
Products and services
- Blakelock Hydrogen Project Hydrogen exploration project in northern Ontario comprising 109 mineral claims covering 2,207 hectares, targeting anomalous hydrogen concentrations along mafic dyke structures. Has delineated an 800-metre corridor of elevated H2 values averaging 52 ppm (peak 77 ppm).
- Hopkins Hydrogen Project
Quantifiable outcome
- Peak hydrogen readings of 531 ppm H₂ at Point Rosie and 665 ppm H₂ at Mary's Harbour from Phase 1 soil gas sampling
- +4 more outcomes
Companies that use Primary Hydrogen
Customer profileSegments1 record
Ideal customer profiles1 record
Primary Hydrogen technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Primary Hydrogen partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered minor, major and core.
- Defense Metals Corp.minorNeighbor and reference point for Wicheeda North project. Defense Metals' Wicheeda REE Deposit is located approximately 5 km to the southeast, hosting 29.3 Mt @ 2.27% TREO. Primary's project lies within same geological belt.
- Norda StelomajorEngaged to conduct Phase 2 field exploration at Hopkins Project in Ontario. Focused sampling program comprising approximately 265 soil and soil-gas samples targeting both natural hydrogen and potential rare earth elements.
- Geotech Ltd.majorContracted to conduct 401 line-kilometre airborne VTEM™ Plus and magnetic survey covering 25 square kilometres at Wicheeda North project. Advanced inversion techniques including MVI3D and Structural Complexity analysis applied.
- Eastern Geo Services Inc.coreEngagement to support Newfoundland and Labrador exploration programs. Field sampling activities conducted under their supervision for Mary's Harbour and Point Rosie projects.
- Tripoint Geological ServicescoreEngagement to support British Columbia exploration programs including soil and soil-gas sampling, geophysics, and permitting. Founded in 2019, Canadian geological consulting firm dedicated to delivering mineral exploration program support.
- Power One Resources Corp.coreOption Agreement executed May 22, 2025 for Primary to acquire 75% interest in Wicheeda North project in British Columbia. Terms include C$50,000 cash, 1.0 million shares, 1.0 million warrants, and C$1.5 million in exploration expenditures over 18 months. Upon completion, joint venture arrangement will be formed.
- Lonewolf Energy Inc.coreEngagement of Trent Sizemore and Lonewolf Energy to support U.S. project expansion strategy. Firm founded in 1996 with over 40 years of land and energy acquisition experience across the United States. Provides services including lease acquisition, title research, regulatory navigation, and infrastructure planning.
- Institut National de la Recherche Scientifique (INRS)corePartnership to advance natural hydrogen exploration in Canada. INRS provides validated soil gas sampling techniques developed in laboratory. Partnership allows field measurement of soil gas H2 in promising geological settings in Eastern Canada, with project anticipated to be completed in Q2/2025.
Scale indicators6 records
Recent moves8 records
Expansion highlights5 records
Primary Hydrogen competitors and assessment
Company assessmentDirect peers
- Gold Hydrogen Ltd: ASX-listed natural hydrogen exploration company targeting subsurface accumulations in South Australia. Most directly comparable pure-play natural hydrogen explorer with similar early-stage methodology (soil gas sampling, drilling). Same commodity focus, same exploration stage, and overlapping geological hypotheses (serpentinization, radiolysis).
- HyTerra Ltd: ASX-listed natural hydrogen exploration company focused on Nebraska and Kansas prospects in the US Mid-Continent. Directly comparable as a pure-play natural hydrogen explorer using similar exploration methodologies (soil gas sampling, geophysics) and pursuing the same 'white hydrogen' resource thesis.
- Chapman Hydrogen: Australian natural hydrogen explorer pursuing analogous subsurface hydrogen accumulations. Comparable as a small-cap, exploration-stage natural hydrogen peer focused on early-stage prospect generation using soil gas and geological techniques.
- Defense Metals Corp: TSXV-listed developer of the Wicheeda REE Deposit in BC (29.3 Mt @ 2.27% TREO), located ~5 km from Primary Hydrogen's Wicheeda North project. Directly comparable because it is the neighboring advanced-stage REE explorer in the same geological belt, providing the geological proof-of-concept for Primary's Wicheeda North option.
- Mkango Resources Ltd: TSXV/AIM-listed rare earth exploration and development company focused on the Songwe Hill project in Malawi. Comparable as a publicly listed, small-cap REE-focused exploration peer with similar dual-commodity ambitions to Primary Hydrogen's H2 + REE portfolio.
- Search Minerals Inc. TSXV-listed Canadian REE exploration company advancing the Critical Rare Earth Element District in Labrador/Quebec. Comparable as a Canadian critical minerals explorer with overlapping geography (Primary's Mary's Harbour in Labrador) and similar early-stage REE focus.
Emerging players
- H2EX Limited: ASX-listed natural hydrogen exploration company pursuing multiple prospects in Australia. Comparable as a small-cap natural hydrogen peer pursuing analogous geological targets, though operating in a different geography (Australia vs. North America).
- USA Rare Earth: US-focused rare earth mining and processing company developing the Round Top REE deposit in Texas with downstream magnet manufacturing. Comparable as a critical minerals peer pursuing the same REE thematic that underpins Primary Hydrogen's Wicheeda North and Coquihalla projects.
- Snowfox Discovery Corp: Canadian junior mineral exploration company pursuing critical minerals and energy transition commodities. Comparable as a small-cap TSXV-listed exploration peer with a similar project-generation model focused on critical minerals for the clean energy transition.
Regional players
- HPQ Silicon Resources Inc. TSXV-listed Quebec-based critical minerals company developing silicon, hydrogen, and battery materials technologies. Comparable as a Canadian small-cap listed on TSXV with hydrogen-adjacent technology focus, providing a related Canadian public-market peer for hydrogen and clean-energy thematic investors.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Primary Hydrogen social profiles
Digital presencePrimary Hydrogen financial estimates
Financial estimateRevenue estimate
Valuation estimate
Primary Hydrogen leadership team
Management profileNumber of profiles
Profiles3 records
Primary Hydrogen funding detail
Funding detailFunding overview
Funding rounds3 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Primary Hydrogen M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Primary Hydrogen
What does Primary Hydrogen do?
Primary Hydrogen Corp. is a natural hydrogen and rare earth element (REE) exploration company. It identifies and evaluates prospective properties through soil gas sampling, geological mapping, airborne geophysical surveys (VTEM and magnetic), and hyperspectral imaging with AI-driven analysis. The company currently operates nine exploration projects across Canada and one in the United States and is pre-revenue, with future value contingent on discovery and development of natural hydrogen and critical mineral resources.
Is Primary Hydrogen a public or private company?
Primary Hydrogen is a public company. It is classified as public and is currently operating.
When was Primary Hydrogen founded?
Primary Hydrogen was founded in 2020. It employs 1 to 10 people.
Where is Primary Hydrogen based?
Primary Hydrogen is headquartered in Vancouver, Canada, in the North America region.
How does Primary Hydrogen make money?
One revenue line is on record: exploration Stage (Pre-Revenue).
Who are Primary Hydrogen's main competitors?
Direct peers on record are Gold Hydrogen Ltd, HyTerra Ltd, Chapman Hydrogen, Defense Metals Corp, Mkango Resources Ltd and Search Minerals Inc.. Emerging players are H2EX Limited, USA Rare Earth and Snowfox Discovery Corp. HPQ Silicon Resources Inc. is listed as a regional player.
Does Primary Hydrogen have an API?
No public API is recorded for Primary Hydrogen.
What industry is Primary Hydrogen in?
Primary Hydrogen's product category is Natural Hydrogen and Critical Minerals Exploration. Its primary akta.pro industry code is IMAEACAB, Hydrogen (Industrial & Mobility), with a secondary code of EUABAJAC, Hydrogen & Derivative Fuels for Industry (H₂, Ammonia, Methanol). Its NAICS code is 21113 and its SIC code is 1000.