GLJ’s Commercial Mandate and Moose Jaw Pact Shift Max Power Mining’s Hydrogen Narrative

Max Power Mining transitions to commercial assessment as GLJ evaluates Lawson hydrogen system; shares up 318% YTD, AI platform wins award, and Moose Jaw pact secures demand.

The transition from pure exploration to commercial assessment is rarely punctual. For Max Power Mining, the trigger came when GLJ Ltd., a Calgary-based energy consultancy, accepted the mandate to evaluate the company’s Lawson natural hydrogen system in Saskatchewan. The work builds on high-resolution 3D seismic completed in April, which more than doubled the structural closure of the project to 14.2 square kilometres. GLJ is integrating that data with MAXX LEMI, Max Power’s proprietary AI platform that combines seismic, drilling and historical subsurface models. At the Canadian Hydrogen Convention in Edmonton, MAXX LEMI took second place in the Digital Innovator category, behind Siemens.

The market has already priced in much of the optimism. Max Power shares closed Friday at EUR 1.63, a new 52-week high and a daily gain of 10.9 percent. Since the start of the year the stock has climbed 318.5 percent, while the twelve-month return exceeds 1,100 percent. Yet the relative strength index sits at 20.5, deep in oversold territory — an unusual sign for a stock in such a strong uptrend. The divergence suggests that recent volatility has temporarily distorted the technical indicators.

A framework agreement with the city of Moose Jaw adds a tangible demand-side element. The municipality has agreed to explore the use of natural hydrogen for industry, research and education. The council approved the deal in late April, with signatures completed in mid-May. Moose Jaw sits within the Regina-Moose Jaw industrial corridor, placing potential production close to prospective off-takers. Further amplifying the region’s energy appetite, Bell Canada has proposed what would be the country’s largest data centre project in the adjacent corridor, directly bordering the 475-kilometre Genesis Trend where Max Power holds its acreage.

Capital has followed the catalysts. A brokered financing raised CAD 20.5 million at the end of March, with billionaire Eric Sprott acting as the lead subscriber. Sprott’s investment vehicle subsequently purchased an additional one million shares. On the management side, Tony Van Burgsteden has taken over as chief financial officer. His background includes stints as CFO of uranium producer Orano Canada and of the multibillion-dollar cooperative Federated Co-operatives Limited. The company also extended its consulting agreement with Tafin GmbH by eight weeks starting 1 May, paying EUR 150,000 to maintain European investor relations during the commercial pivot.

Max Power’s asset base extends well beyond Lawson. The Lawson complex itself covers 28 square kilometres, while dozens of other prospects lie within the Genesis Trend. The next major drilling target remains a confirmation well at the crest of the Lawson structure, pencilled in for mid-2026. At the adjacent Bracken field within the Grasslands project, a well drilled to 2,600 metres encountered a gas mixture in the upper Devonian containing both helium and natural hydrogen. Average helium concentrations measured 4.4 percent, with peaks of 8.7 percent — making helium a potentially valuable byproduct. Service rigs are scheduled to test the exact composition once the snow melts.

The company controls approximately 1.3 million acres of permitted land in Saskatchewan, with applications pending for another 5.7 million acres. All of this sits within a region that is rapidly evolving from a geological curiosity into a commercial hydrogen corridor.

An operational update on 18 May is expected to deliver first drilling data and outline synergies with local industry. That update will be the next concrete test of whether the infrastructure the seismic data implies can withstand commercial scrutiny. A successful confirmation well at Lawson would inch Max Power closer to the development stage, potentially rewriting the valuation narrative from explorer to producer.