Max Power Mining Advances Hydrogen Exploration with Second Drill Campaign
02.02.2026 - 11:30:05
Saskatoon-based Max Power Mining is moving forward with plans for a second exploratory well targeting natural hydrogen in Saskatchewan. The company has selected the "Bracken" prospect, situated along the Saskatchewan-Montana border, as its next drilling location. This site is approximately 325 kilometers southwest of the company's Lawson discovery.
A key development in the Bracken project is the company's strategic pivot. Unlike the approach used at the Lawson discovery and along the 475-kilometer Genesis Trend, Max Power will employ a stratigraphic exploration concept at Bracken. To inform this strategy, the company has utilized 34.3 line-kilometers of newly acquired proprietary 2D seismic data, combined with legacy data. This information has been used to map basement structure, identify structural and stratigraphic pathways, and pinpoint potential migration corridors for gases.
The Bracken prospect falls within the permitted Grasslands Project area, which spans 75 kilometers in width. Company leadership suggests that a successful result here could significantly de-risk additional prospects within the same seismic framework and its proprietary AI-driven exploration platform, MAXX LEMI.
Project and Land Package Details
The Grasslands Project forms the core of Max Power's ambitious exploration portfolio. The company currently holds permits for roughly 1.3 million acres in Saskatchewan, with an additional 5.7 million acres under application. This positions Max Power with what it claims is Canada's largest permitted land package dedicated to natural hydrogen exploration.
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Key Details for the Bracken Project:
* Planned Spud Date: February 2026
* Location: Grasslands Project, Saskatchewan-Montana border region
* New Seismic Data: 34.3 line-kilometers of proprietary 2D seismic
* Permitted Acreage: Approximately 1.3 million acres in Saskatchewan
* Additional Applications: 5.7 million acres
The region is considered highly prospective for multiple potential discoveries of natural hydrogen, which may also be associated with helium accumulations.
Corporate Activity: Incentives and Advisory Agreements
In conjunction with the drilling announcement, Max Power has issued new equity incentives. A total of 3,415,000 stock options have been granted with an exercise price of $1.08 and a three-year term. Furthermore, 2,990,000 Restricted Stock Units have been awarded to members of management, the board of directors, and consultants.
The company has also finalized service agreements to support its communications. Apollo Shareholder Relations has been engaged for a six-month term for investor relations services, receiving $45,000 plus 100,000 options. Separately, BW Venture Strategies will provide public relations support under a contract valued at $10,000 per month.
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