Mr. Rob Norris reports

MAX POWER PARTNERS WITH DOUGLAS CAPITAL TO ADVANCE NATURAL HYDROGEN-POWERED AI DATA CENTERS AND CANADIAN ENERGY INFRASTRUCTURE

Max Power Mining Corp. has entered a strategic memorandum of understanding (MOU) with Douglas Capital Inc. (DCI), bringing major North American energy infrastructure development expertise (transmission projects, operating industrial power plants and hydrogen-fired generation engineering) to the company's emerging natural hydrogen commercialization strategy.

• Led by John Douglas, whose development experience includes the $8-billion Champlain Hudson Power Express, the collaboration brings major North American energy infrastructure expertise to Max Power's growing Lawson natural hydrogen discovery and commercialization strategy.
• Strategic MOU targets Canadian-built AI (artificial intelligence) data centres in Saskatchewan and potential electricity markets through a proposed 2,000-megawatt first-nations-controlled energy corridor.

The collaboration will evaluate opportunities to connect Max Power's Saskatchewan natural hydrogen discovery with Canadian-built AI data centres, industrial power generation and potential electricity markets through a proposed interprovincial energy corridor.

DCI is led by Mr. Douglas, founder of Transmission Developers Inc., the developer behind the $8-billion, 1,250 MW Champlain Hudson Power Express, which entered commercial operation in June, 2026, delivering Quebec hydroelectricity to New York. Together with Dr. Denis Steyn, a former Siemens power transmission lines and high-voltage direct current (HVDC) executive, Mr. Douglas also co-founded Public Energy Inc., which operates power generation facilities serving industrial customers in Ontario, including Magna International.

The collaboration with DCI comes as Max Power advances technical evaluation of its Lawson natural hydrogen discovery and Saskatchewan positions itself for substantial investment in AI infrastructure. With growing demand for reliable electricity and new data centre developments facing increasing pressure to secure dedicated power supplies, the collaboration provides a framework for evaluating how a potential new Canadian energy source could be connected to emerging domestic and broader North American electricity markets.

Highlights

• Natural hydrogen to AI: evaluate a connected network of next-generation data centres of varying capacities across Saskatchewan, intended to be entirely Canadian-built and powered by electricity generated from Max Power's natural hydrogen, subject to technical and commercial validation;
• A broader route to market: explore potential electricity supply opportunities through DCI's proposed CANVergence Energy Way, an Alberta-to-Ontario energy corridor intended to be 100-per-cent first-nations-controlled and to include a 2,000 MW multiterminal HVDC transmission system;
• Development and operating experience: combine Max Power's exploration and subsurface expertise with DCI's experience in project development, permitting, financing, transmission, distributed generation and prospective customer engagement;
• Defined next steps: the parties intend to agree on a joint feasibility work plan, budget and timetable within 30 days of the MOU's effective date, addressing hydrogen supply requirements, generation infrastructure, data centre sizing, potential customers and definitive commercial arrangements.

Chad Levesque, Max Power president, commented: "Natural hydrogen has the potential to become an entirely new primary energy source, the first since uranium, but realizing that opportunity requires more than a discovery. It requires the infrastructure, expertise and commercial relationships to bring that energy to market. John Douglas and his team have been involved in developing some of North America's most significant energy projects. Bringing that experience together with what we are advancing at Lawson represents an important step in building the commercial pathways for natural hydrogen in Canada."

Major energy infrastructure experience

Mr. Douglas, CPA, CA, CBV, has more than 30 years of investment banking and energy infrastructure experience. He founded Transmission Developers Inc. in 2008, served as its chief executive officer through 2010 and remained a director until 2022. TDI originated and developed Champlain Hudson Power Express, which was built under Blackstone ownership following its acquisition of TDI. The approximately 550-kilometre underground and underwater transmission project provides a major new connection between Quebec's hydroelectric supply and New York's electricity market.

Mr. Douglas also founded Lake Erie Power Corp., developer of the proposed 1,000 MW Lake Erie Connector between Ontario and Pennsylvania, and Ventus Energy Inc., which developed a portfolio of wind projects before its acquisition by GDF Suez in 2007. His earlier career included serving as head of investment banking at Sprott Securities.

Dr. Steyn, PEng, PhD, brings more than 25 years of high-voltage engineering and energy management experience, including leadership of Siemens' power transmission lines business in Germany and HVDC business development in Canada. He is also CEO of Verdyn Inc., a Canadian power electronics company developing technologies for industrial power quality, energy storage and high-density data centre loads.

Through Public Energy, Mr. Douglas and Dr. Steyn have developed, financed, built and operated natural gas-fired generation facilities supplying Ontario industrial customers under long-term agreements. Their hydrogen-focused company, Current H2 Inc., has completed front-end engineering and design for a proposed 25-megawatt reference plant in Owen Sound, Ont. The proposed plant is designed to use hydrogen produced by on-site electrolysis; its engineering experience is relevant to evaluating hydrogen-fired power generation, while the proposed collaboration with Max Power would examine naturally occurring hydrogen as a potential fuel source.

John Douglas, president and CEO of Douglas Capital, commented: "The opportunity is to connect a potential new Canadian energy source with infrastructure designed around the needs of its customers. Our team brings experience across generation, transmission and project finance, and we see a compelling reason to evaluate how that experience could support Max Power's natural hydrogen opportunity. The work ahead is to match the characteristics of the hydrogen supply with the right power systems, project scale and commercial arrangements."

Canadian AI data centres and a potential national energy connection

The data centre initiative would evaluate a connected network of Saskatchewan facilities of varying capacities, using advanced power electronics and modular generation systems. DCI is advancing a portfolio of Saskatchewan data centre opportunities, with the intended solution made, constructed and installed by Canadian companies. Project sizing would be informed by Max Power's hydrogen composition, quantity and flow data, alongside customer requirements and technical, commercial, and environmental feasibility.

A second initiative would examine potential customers and offtake arrangements for natural-hydrogen-derived electricity through CANVergence Energy Way. The proposed corridor extends from Alberta to Ontario and is intended to include a 2,000 MW multiterminal HVDC transmission system. DCI would lead engagement with first nations along the proposed corridor and near potential project sites. The 2,000 MW figure refers to the corridor's proposed transmission capacity.

The MOU contemplates DCI leading project development, financial modelling, prospective customer solicitation and efforts to raise development capital for data centre projects. Max Power would contribute the subsurface and hydrogen supply information required to evaluate and size potential developments. A joint steering committee, with a senior representative from each company, would oversee the proposed work plan and discussions toward definitive agreements.

Rob Norris, Max Power chief executive officer, commented: "Max Power is advancing the technical work at Lawson while building the relationships needed to pursue commercial development. Saskatchewan's growing AI infrastructure ambitions give that work added urgency. This collaboration brings experienced energy developers into the process of evaluating how a new source of natural hydrogen could serve Canadian customers, and what it would take to develop those opportunities at a scale supported by our results."

Why this matters to investors

Max Power is assembling the capabilities needed to move from natural hydrogen discovery toward a commercial energy business. DCI brings experience with the decisions that shape that transition: how to size a power project, connect it to a customer, secure approvals and structure its financing. Its principals' record across major transmission development and operating industrial generation gives Max Power a credible counterpart for evaluating those commercial pathways as the company advances Lawson's technical validation.

The two initiatives address different potential markets. Saskatchewan data centres could provide local demand for dedicated generation sized to the hydrogen supply that testing may establish. A future interprovincial corridor could provide another route to electricity customers beyond Saskatchewan. Evaluating both gives Max Power a broader basis for assessing where its potential energy supply could create value, while retaining control of its resource and the ability to pursue other commercial relationships.

The timing is significant. Max Power has established Canada's first confirmed subsurface natural hydrogen system at Lawson and holds approximately 2.5 million permitted acres across Saskatchewan. This collaboration brings a proven energy infrastructure development experience into Max Power's "months to molecules" strategy as the company evaluates how natural hydrogen could serve Canadian customers and potentially reach broader North American markets. This parallel approach could help shorten the pathway from discovery to commercial development, should the necessary technical and economic conditions be established.

MOU framework

The MOU is non-binding other than certain customary provisions. No definitive agreement has been entered into, and there can be no assurance that either initiative will proceed. Any development remains subject to technical, commercial and environmental feasibility, financing, permitting, required approvals, and definitive agreements.

The MOU does not establish a legal partnership or joint venture, commit either party to project financing or grant Max Power any ownership, capacity or access rights in DCI's proposed corridor or data centre sites. It does not grant DCI rights to Max Power's resources, production or offtake. Each party retains its assets and rights, and any joint expenditure requires advance written agreement. The proposed ownership, governance, economics, supply and offtake arrangements would be negotiated in definitive agreements, if the parties determine to proceed beyond the MOU.

About Douglas Capital Inc.

Douglas Capital is a Toronto-based private investment and infrastructure development firm managing the principal investment activities of the John Charles Douglas family. Its interests include HVDC transmission, distributed electricity generation, hydrogen-fired power systems, energy storage and next-generation data centre infrastructure. DCI is advancing Saskatchewan data centre opportunities and the proposed CANVergence Energy Way.

About Max Power Mining Corp.

Max Power is an innovative mineral and energy exploration company focused on the shift to decarbonization. The company's Lawson discovery near Central Butte, Sask., represents Canada's first-ever subsurface natural hydrogen system confirmed through deep drilling with data validated by three independent labs. Max Power has built district-scale land positions across Saskatchewan with approximately 2.5 million acres (approximately one million hectares) of permits covering prime exploration ground prospective for large-volume accumulations of natural hydrogen. The company's exploration, completions and testing programs are designed to evaluate the potential commercial viability of Lawson along the 475 km Genesis trend and its broader natural hydrogen opportunity. Max Power also holds a significant equity position in Homeland Critical Minerals, which now owns the Willcox project in Arizona, a lithium discovery confirmed in early 2024 by Max Power. Max Power is committed to responsible exploration and development practices that prioritize environmental stewardship, meaningful community engagement and strong corporate governance.

We seek Safe Harbor.