Helium Surprise and a Data Center Neighbor Bolster Max Power Mining's Hydrogen Play

Max Power Mining hits 52-week high with RSI at oversold 20.5; helium grades up to 8.7% and Bell Canada's C$1.7B AI data center near Moose Jaw fuel growth.

A curious contradiction is playing out in the shares of Max Power Mining. The stock hit a fresh 52-week high of €1.63 on Friday, up nearly 11% on the day, yet the relative strength index sits at an oversold 20.5 — a technical anomaly that underscores just how fast this Canadian explorer has been moving. Year-to-date, the equity has more than quadrupled, adding 318% to its value. But beneath the price action, the story is being rewritten by two forces few investors saw coming: a helium discovery with commercial-grade grades and a C$1.7 billion AI data center being built by Bell Canada just down the road.

Helium has emerged as a powerful second lever. Core samples from a zone above the hydrogen find at Lawson returned readings of up to 8.7% helium, with an average of 4.4%. The timing could hardly be better. An attack on the Ras Laffan facility in Qatar earlier this spring knocked out roughly 30% of global supply, sending North American reference prices to nearly $69 per thousand cubic feet. For Max Power, that turns what was once a byproduct into a potential revenue stream ahead of its core hydrogen ambitions.

The hydrogen story itself took a major step forward last month. High-resolution 3D seismic data more than doubled the structural closure of the Lawson system to 14.2 square kilometers. That data is now being handed to GLJ Ltd., a Calgary-based energy consultancy, for a commercial evaluation of the reservoir. The shift from pure exploration to assessing whether the system can become a viable project is a pivotal moment. Max Power's proprietary AI platform, MAXX LEMI — which placed second in the Digital Innovator category at the Canadian Hydrogen Convention in Edmonton — is feeding the analysis by combining seismic, drilling, and legacy subsurface models.

On the ground, the company has signed a letter of intent with the city of Moose Jaw to develop infrastructure in the local industrial corridor, bringing the Lawson project closer to commercial validation. The partnership dovetails with Bell Canada's decision to build a C$1.7 billion AI data center near Regina, placing a massive potential customer in Max Power's backyard. For a junior hydrogen developer, proximity to offtake often determines whether a project pencils out.

Meanwhile, competition is heating up. Makenita Resources has staked a large land package immediately adjacent to Max Power's holdings, a sign that the region is drawing serious industry attention. Max Power itself controls roughly 1.3 million acres of permits in Saskatchewan, with an additional 5.7 million acres pending.

The financial picture is also solidifying. Eric Sprott, the well-known resource investor, has boosted his stake to 12.8% after purchasing another million shares. The company raised C$20.5 million in a recent financing and, after deploying capital into seismic programs and drilling, still holds about C$5 million in cash. That war chest is earmarked for confirmation drilling at the crest of the Lawson structure — expected around mid-year — as well as tests at the Bracken project, which has already returned hydrogen and helium intervals, and new seismic surveys on additional targets. In May, the firm strengthened its management bench by appointing Tony Van Burgsteden as CFO, a former CFO of Orano Canada.

Beyond Saskatchewan, Max Power's portfolio includes the Willcox Playa lithium project in Arizona, where drilling confirmed high-grade lithium, and early-stage mineral assets in Quebec and Ontario. But the near-term catalyst is the operational update the company plans to release starting May 18, which will focus on drilling progress at Lawson. The market will be watching closely: the share price already reflects high expectations, and the low RSI suggests the rally has been so steep that technical indicators have lagged behind. Yet with a commercial evaluation underway, a strategic city partnership, and a data center neighbor that could become an anchor customer, Max Power's hydrogen story is starting to look less like a speculative bet and more like a project with a credible path forward.