Gulf Coast and Midwest Hydrogen Hubs will Create Tens of Thousands of High-Quality Jobs, Deliver New Economic Opportunities, and Reinforce America’s Clean Manufacturing Boom

As part of President Biden’s Investing in America agenda, the U.S. Department of Energy (DOE) today announced up to $2.2 billion in award commitments for two Regional Clean Hydrogen Hubs (H2Hubs) that will help accelerate the commercial-scale deployment of low-cost, clean hydrogen—a valuable energy product that can be produced with zero or near-zero carbon emissions. The two awardees—Gulf Coast H2Hub and Midwest H2Hub—are critical pillars of DOE’s H2Hubs program, which was created by the Bipartisan Infrastructure Law to kickstart a national network of clean hydrogen producers, consumers, and connective infrastructure while supporting the production, storage, delivery, and end-use of clean hydrogen. Building a strong and equitable domestic clean hydrogen economy is a key component of President Biden and Vice President Harris’ plan to strengthen America’s economic competitiveness, create new good-paying, high-quality jobs, and slash harmful emissions that jeopardize public health and pollute local ecosystems.   

“The launch of our new website and investor presentation marks the completion of our rebranding efforts towards natural hydrogen exploration” commented Benjamin Asuncion, CEO of Primary Hydrogen. “With the completion of our $3 million capital raise, the Company is well financed to advance exploration on its wholly owned Blakelock project in addition to continuously evaluating opportunities and seeking to build an organic project portfolio.”

The Potential of Natural Hydrogen

Hydrogen has the potential to significantly reduce greenhouse gas emissions, allowing companies and countries alike to attain stated emission reduction mandates. The majority of hydrogen production currently comes from steam-methane reforming, which relies on the use of fossil fuels, and electrolysis, which is energy intensive and high cost. The potential to discover, develop, and operate sources of naturally-occurring hydrogen presents a compelling opportunity as it represents a potentially low-cost[1], renewable source of this clean-burning fuel. The applications for expanded hydrogen use are numerous including transportation (either used in fuel cells or as a direct fuel source such as ammonia), heat and power (such as blending into the natural gas grid) as well as direct feedstock for other industries (such as oil sands upgrading and decarbonizing steel manufacturing).

About Primary Hydrogen Corp.

Primary Hydrogen Corp. is a mineral exploration company currently focused on its Blakelock hydrogen project in Ontario and Arthur Lake Copper project in British Columbia. The Blakelock Hydrogen Project is comprised of 109 mineral claims covering 2,207 hectares in the Larder Lake Mining Division of Northern Ontario. The Arthur Lake Copper Project is comprised of 1,050 hectares near Vanderhoof, British Columbia.

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FOR FURTHER INFORMATION PLEASE CONTACT:

Ben Asuncion
Chief Executive Officer
Primary Hydrogen Corp.
Tel: 604-377-1597
Email: ben@primaryh2.com

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.

Forward-Looking Information
This press release contains forward-looking information (within the meaning of applicable Canadian securities legislation) that involves various risks and uncertainties regarding future events. Such forward-looking information includes statements based on current expectations involving a number of risks and uncertainties and such forward-looking statements are not guarantees of future performance of the Company. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information in this news release, including without limitation, the following risks and uncertainties; (i) risks inherent in the mining industry; (ii) regulatory and environmental risks. Actual results and future events could differ materially from those anticipated in such information. This forward-looking information is based on estimates and opinions of management on the date hereof and is expressly qualified by this notice. Risks and uncertainties about the Company’s business are more fully discussed in the Company’s disclosure materials filed with the with securities regulatory authorities in Canada at www.sedarplus.ca. The Company assumes no obligation to update any forward-looking information except as required by law.

[1] The white gold rush and the pursuit of natural hydrogen (https://www.rystadenergy.com/news/white-gold-rush-pursuit-natural-hydrogen)

Each Unit consists of one common share of the Company (a “Common Share“) and one Common Share purchase warrant (a “Warrant“). Each Warrant is exercisable to acquire one additional Common Share of the Company (a “Warrant Share“) until November 8, 2026 at an exercise price of $0.50 per Warrant Share.

In connection with the Private Placement, the Company has paid to certain finders a cash commission of $81,798.59 and has issued 247,874 non-transferable broker warrants (having the same terms as the Warrants) as compensation.

All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months, expiring on March 8, 2025. The Company intends to use the net proceeds of the Private Placement for exploration work on its properties and for working capital.

Insiders of the Company have subscribed for 333,273 Units in the Private Placement. The issuance of the Units to the insiders pursuant to the Private Placement (the “Insider Participation“) is considered to be a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101, respectively, in respect of the Insider Participation.

The Company plans to use the net proceeds of the Private Placement for general corporate purposes and working capital.

About Millbank Mining Corp.: Millbank Mining Corp. is a mineral exploration company currently focused on its Arthur Lake Copper project in British Columbia and Blakelock hydrogen project in Ontario.

For further information, please contact:

Ben Asuncion
Chief Executive Officer
Millbank Mining Corp.
Tel: 604-377-1597
Email: ben@piholdings.ca

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.

When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Company believes, in light of the experience of their respective officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in the forward-looking statements and information in this press release are reasonable, undue reliance should not be placed on them because the parties can give no assurance that such statements will prove to be correct. The forward-looking statements and information in this press release include, amongst others, the Company’s intended use of the net proceeds of the Private Placement. Such statements and information reflect the current view of the Company. There are risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.

Accordingly, the Company’s common shares will commence trading on a post-name change basis at the opening of the market on November 13, 2024, under the new trading symbol “HDRO”.

Trading on a Post-Name Change Basis: November 13, 2024
Trading Symbol: HDRO
NEW CUSIP: 74167W103
NEW ISIN: CA74167W1032

About Primary Hydrogen Corp.

Primary Hydrogen Corp. is a mineral exploration company currently focused on its Arthur Lake Copper project in British Columbia and Blakelock hydrogen project in Ontario.

For further information, please contact:

Ben Asuncion
Chief Executive Officer
Millbank Mining Corp.
Tel: 604-377-1597
Email: ben@piholdings.ca

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.

Forward-Looking Information
This press release contains forward-looking information (within the meaning of applicable Canadian securities legislation) that involves various risks and uncertainties regarding future events. Such forward-looking information includes statements based on current expectations involving a number of risks and uncertainties and such forward-looking statements are not guarantees of future performance of the Company. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information in this news release, including without limitation, the following risks and uncertainties; (i) risks inherent in the mining industry; (ii) regulatory and environmental risks. Actual results and future events could differ materially from those anticipated in such information. This forward-looking information is based on estimates and opinions of management on the date hereof and is expressly qualified by this notice. Risks and uncertainties about the Company’s business are more fully discussed in the Company’s disclosure materials filed with the with securities regulatory authorities in Canada at www.sedarplus.ca. The Company assumes no obligation to update any forward-looking information except as required by law.

The German Federal Network Agency said it approved proposals from transmission system operators for a 9,040-kilometer hydrogen grid, which will be built out in the coming years and be fully operational by 2032. It’s set to form a core network that will connect industrial hubs — such as steel producers — seeking to decarbonize.

Europe’s largest economy wants to replace most of its fossil fuel needs with hydrogen to achieve climate neutrality by 2045. Lately, however, its push has faced setbacks with the cancellation of a key pipeline from Norway. Officials have said that the majority of Germany’s hydrogen needs will need to be covered by imports initially.

The original proposal for the core network was 600 kilometers longer than the plans that were ultimately approved, allowing the estimated cost to drop from €19.7 billion to €18.9 billion. Klaus Mueller, head of the Federal Network Agency, said parts of the initial plans would have been redundant. 

60% of the network will be converted from existing gas pipelines, and the rest will be newly built. Mueller said about 660 kilometers of current gas links will be strengthened, an effort that will cost €2 billion. The first pipes are set to be operational next year.

The “climate protection contracts” will be awarded to 15 projects and have been designed to cover the cost gap between hydrogen use and fossil fuels. The selected hydrogen initiatives will use the funding to decarbonise power processes.

Each company will receive their share retroactively, meaning only after companies have achieved their annual greenhouse gas reductions. H2 View understands that the contracts have a term of 15 years and will be adapted to the development of energy and CO2 prices, making them a “hedging instrument for companies.”

The Midcontinent Rift stretches from beneath Lake Superior, covering some parts of Minnesota, Michigan, Wisconsin, Iowa, Nebraska, and Kansas.

Now, the University of Nebraska–Lincoln researchers say that this rift may be a rich source of natural hydrogen. 

The team is exploring ways to study and access the hydrogen produced in the rift. However, the knowledge pertaining to it is currently limited.

“Our understanding of processes governing the production, migration and accumulation of evasive natural hydrogen in the continental deep subsurface is still in its infancy,” said Seunghee Kim, one of the project’s principal investigators.

Let’s set the stage a bit. The free money is from the Canadian government, which quite sensibly has a $2.75 billion zero emissions transit fund and program to assist municipalities across the country to ditch diesel buses and light rail in favor of transit that doesn’t emit greenhouse gases. (All figures in Canadian dollars.) So far, so good. Change costs money and federal tax dollars assisting with positive change is a very good thing as municipalities were an afterthought in Canada’s constitution, and so despite being the economic engines of the country and holding the vast majority of its population, have very little control or ability to raise money directly. (This is true globally, by the way, and something that really should be redressed.)

The Company is obtaining a new CUSIP and ISIN number for the Name Change. The effective date of the Name Change and the new CUSIP and ISIN number will be disclosed in a subsequent news release. With respect of a name change, shares normally commence trading under the new name at the opening of trading two or three trading days after the filing of documents by the Company confirming the name change. Notwithstanding the foregoing, the Name Change is subject to regulatory approval, and the board of directors may, at its discretion, determine not to implement the Name Change.

The Company also announces that Mr. Jasdeep Dhaliwal has submitted his resignation as a director to pursue other endeavors. The Company would like to thank Mr. Dhaliwal for his service as a director and wishes him well in his future endeavors.

About Millbank Mining Corp.

Millbank Mining Corp. is a mineral exploration company currently focused on its Arthur Lake Copper project in British Columbia and Blakelock hydrogen project in Ontario.

For further information, please contact:

Ben Asuncion
Chief Executive Officer
Millbank Mining Corp.
Tel: 604-377-1597
Email: ben@piholdings.ca

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.

When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Company believes, in light of the experience of their respective officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in the forward-looking statements and information in this press release are reasonable, undue reliance should not be placed on them because the parties can give no assurance that such statements will prove to be correct. The forward-looking statements and information in this press release include, amongst others, the proposed Name Change. Such statements and information reflect the current view of the Company but are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including, but not limited to: the risk that the TSX Venture Exchange will not approve the Name Change; stock market volatility and capital market fluctuations; general market and industry conditions, as well as those risk factors discussed in the Company’s most recently filed management’s discussion & analysis. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws.

Globally, the International Renewable Energy Agency (IRENA) projects that 5.5 TW of electrolyzer capacity will be required by 2050 to meet climate goals. While the timelines and strategies for integrating hydrogen into the energy economy vary, EPRI is focusing on understanding applications of hydrogen to aid in power sector decarbonization while maintaining reliability and affordability.