Saskatchewan’s Helium-Hydrogen Race Intensifies as Max Power Mining Moves from Drilling to Resource Modelling

Max Power Mining transitions to commercial evaluation with 4.4% helium at Lawson, Bracken hits hydrogen, Eric Sprott holds 19.5% stake. Stock up 314% YTD.

The pace of activity in Saskatchewan’s emerging helium and natural hydrogen play is accelerating, and Max Power Mining finds itself at the centre of a crowded spotlight. The Canadian explorer has begun transitioning its projects from pure prospect generation into commercial evaluation, a shift that comes as technical data from its flagship assets continues to sharpen.

The company has contracted GLJ, a consulting firm, to build a resource model for the Lawson project using the latest 3D seismic data. That survey revealed a structural closure spanning 14.2 square kilometres, providing a clearer picture of the potential resource. Initial tests at Lawson returned average helium concentrations of 4.4 percent, a level that market observers consider commercially compelling. A confirmation well is scheduled for the middle of 2026, targeting the highest point of the structure. That drilling campaign aims to establish commercial flow rates and form the basis of a formal development decision.

Parallel work at the Bracken prospect, roughly 325 kilometres from Lawson, has already encountered intervals containing both natural hydrogen and helium. The Bracken well reached 2,600 metres depth, intersecting a gas mixture in the upper Devonian that includes helium and hydrogen, with hydrogen becoming dominant in deeper horizons. Service rigs are expected to begin testing after the spring thaw in the second quarter to determine exact gas compositions. Bracken sits within the Grasslands project, part of a broad acreage position that now exceeds 1.3 million acres of permitted land in the province.

That land is becoming increasingly contested. Makenita Resources has doubled its Serpentinization Iron-Magnetite Project to 51,304 acres, with claims directly adjacent to Max Power’s holdings. Inspiration Mining mobilised drilling teams for the Rottenstone North project on 15 May 2026, spurred by recent discoveries of VMS-style mineralisation in the region. The geological process at the centre of this activity—serpentinisation, where certain rocks react with water to produce hydrogen and iron-magnetite structures—is the same mechanism believed to be generating the gas charge across a wide swath of Saskatchewan.

Investor attention has followed the technical progress. Eric Sprott, the well-known resource financier, held a 12.8 percent stake in Max Power Mining on a non-diluted basis as of 15 May 2026. On a partly diluted basis, including warrants and options, his interest rises to 19.5 percent. While a prominent backer does not replace the need for solid exploration results, it does amplify the company’s visibility in the capital markets. The stock has certainly reflected that enthusiasm: it closed on Friday at €1.61, a daily gain of 9.81 percent. Year-to-date the shares have surged 314.4 percent, and over the past twelve months they have more than doubled eleven times.

Even so, the relative strength index (RSI) currently sits at 20.5, a level that typically signals the stock is short-term oversold within what remains a firmly intact uptrend. The shares are trading well above their moving averages, and volatility remains elevated—a typical profile for an explorer whose valuation is tied closely to news flow and drilling milestones.

Management has also strengthened its commercial bench. In May, Tony Van Burgsteden, formerly of Orano Canada, joined as chief financial officer. His mandate is to steer the financial side of the company’s pivot from exploration to development. The immediate operational priority is clear: translate the 3D seismic data from the “Lawson Look-a-like” target—a geological feature identified through 3D seismics that mirrors the main Lawson structure—into precise drilling locations. For an explorer, better target definition means more efficient programme design and reduced cost per hole.

The next major catalyst is the mid-2026 confirmation well at Lawson. Whether the company can demonstrate commercial flow rates at that point will determine how quickly the thesis moves from possibility to bankability. In the meantime, Saskatchewan’s helium-hydrogen rush shows no sign of cooling, and Max Power Mining has positioned itself squarely in the middle of it.