Sprott Bets Big as Saskatchewan’s Hydrogen Play Gains a Helium Edge

Eric Sprott ups Max Power Mining stake to 12.8% as firm drills Canada's first deep hydrogen system; helium project and land base expand.

Eric Sprott is rarely an early adopter. The billionaire resource investor waited until Max Power Mining had already drilled into a subsurface natural hydrogen system before adding another million shares to his pile. The CAD 2.02 million purchase on May 13, executed through 2176423 Ontario Ltd., brings his undiluted stake to 12.8 percent — and nearly 19.5 percent if all warrants are exercised. For a junior explorer, that signal from capital markets carries almost as much weight as the drill results themselves.

Sprott isn’t the only one moving on the Saskatchewan hydrogen belt. Makenita Resources has more than doubled its Serpentinization Iron-Magnetite Project to 51,304 contiguous acres, directly abutting Max Power’s land package. Makenita’s target is iron and magnetite, but the company also flags the potential for natural hydrogen generated through serpentinization of iron-rich formations. The district is tightening around Max Power’s core holdings.

The company controls roughly 1.3 million acres of permitted land in Saskatchewan, with applications pending on another 5.7 million acres. That scale gives Max Power a rare first-mover advantage — but only if the geology delivers commercial flow rates. Two projects are now vying for that proof: Lawson, the primary natural hydrogen target, and Bracken, a helium and hydrogen discovery 325 kilometers away.

Lawson sits at the center of the investment thesis. Max Power describes it as Canada’s first deep-drilled, subsurface natural hydrogen system, confirmed by earlier boreholes. An MoU signed with the city of Moose Jaw on May 15, 2026, lays the groundwork for potential offtake along the Regina-Moose-Jaw Industrial Corridor. The company’s in-house AI platform, MAXX LEMI, earned second place in the Digital Innovator category at the Canadian Hydrogen Convention. A recent 3D seismic survey expanded the mapped structure to 14.2 square kilometers. This week, investors are expecting an operational update with early drill data and an outline of industrial synergies.

Bracken adds a second revenue vector. A borehole drilled to 2,600 meters encountered gas mixtures in the upper Devonian, with helium concentrations averaging 4.4 percent and peak values hitting 8.7 percent. Saskatchewan is the only Canadian province currently producing helium, and Bracken lies within a known helium corridor. Core samples are being analyzed at AGAT Laboratories in Calgary, with further testing planned at the Petroleum Technology Research Centre in Regina. Researchers from the University of Regina and the Colorado School of Mines are also studying the rock mechanics and flow dynamics. If the higher helium numbers hold, the by-product could improve the project’s economics.

Max Power has the cash to fund the next phase. A brokered private placement in March raised CAD 20.5 million, earmarked for follow-up drilling, Bracken testing, and new seismic acquisition. Separately, the company signed a 45-day marketing agreement with Quantum Ventures, paying USD 150,000 upfront for a four-month initial term.

The stock has already priced in much of the optimism. Shares closed Monday at EUR 1.65, marking a gain of 33.88 percent in seven days alone. Year-to-date, the advance stands at 323.65 percent, while the 12-month return has swelled to 1,098.55 percent.

The next hard data point lands this week with the Lawson update. A confirmation well is scheduled for mid-2026 at the crest of the structure. Without measurable flow rates and reservoir characteristics, the story remains a geological thesis with a strong director following. But with Sprott doubling down and neighboring explorers staking their claims, Saskatchewan’s natural hydrogen corridor is no longer a fringe idea — it’s a race.