Max Power Mining Expands Hydrogen Hunt with Second Drill Target

Max Power Mining CA57778R1001

Max Power Mining is broadening its natural hydrogen exploration campaign in Saskatchewan, with plans to drill a second test well at a newly identified site. This move represents a distinct geological strategy as the company works to assess the commercial potential of its early-stage discovery.

The company announced on Friday that it is securing permits to commence drilling at the "Bracken" target in February. This location is situated near the Saskatchewan-Montana border, approximately 325 kilometers southwest of the company's initial "Lawson" discovery. Both sites fall within the expansive 75-kilometer-wide "Grasslands Project."

A key differentiator for the Bracken site is its geological premise. Max Power intends to test a stratigraphic play concept here, which involves different mechanisms for trapping and sealing potential hydrogen than the structural concept underpinning the Lawson discovery. The selection of the precise drill location at Bracken was informed by the company's proprietary 2D seismic data.

Ongoing Development at the Lawson Discovery

Work at the original Lawson Natural Hydrogen Discovery continues in parallel. The company reports that analysis, modeling, and resource estimation efforts are ongoing along the 475-kilometer "Genesis Trend." Management emphasizes that the Bracken program is complementary, not a replacement, designed to advance the overall project portfolio toward possible commercialization.

Corporate and Capital Market Updates

The operational update was accompanied by several corporate announcements:

• The grant of 3,415,000 stock options with an exercise price of US$1.08 and a term of 3 years.
• The award of 2,990,000 Restricted Share Units (RSUs) to members of management, the board, and advisors.
• A six-month investor relations agreement with Apollo Shareholder Relations, effective January 23, for US$45,000 plus 100,000 options.
• A six-month public relations and communications contract with BW Venture Strategies, beginning January 19, for US$10,000 per month.

Regarding its Saskatchewan land position, Max Power states it holds permits for approximately 1.3 million acres, with applications pending for an additional 5.7 million acres.

Market reaction to the news was muted on Friday. The company's shares closed at US$0.77, down 2.29% for the session.

Attention now turns to February and the anticipated spudding of the Bracken well. The results from this second, geologically distinct target will be crucial in determining whether Max Power's exploration narrative gains significant breadth.