Mr. Ran Narayanasamy reports

MAX POWER ADVANCES BASIN-SCALE DISCOVERY POTENTIAL WITH MULTI-ZONE NATURAL HYDROGEN AND HELIUM INTERVALS AT BRACKEN

Max Power Mining Corp. has released a series of new milestones that significantly expand the scale and commercial potential of its natural hydrogen portfolio in Saskatchewan, highlighted by the successful drilling of the Bracken well, the completion of a high-resolution 3-D seismic survey covering the Lawson discovery and a broad area surrounding the 15-19 discovery well, and the identification of a new Lawson look-alike target just 12 kilometres southwest of the original discovery based on a further review of legacy 2-D seismic data.

These developments set the stage for a rapid acceleration this month and this quarter of Max Power's drive to establish Saskatchewan as the world's birthplace of natural hydrogen commercialization, along with its AI-assisted (artificial intelligence) Maxx LEMI (large Earth model integration) platform with global application potential, at a time when the world's need for reliable, clean, affordable baseload energy has never been greater. Locally, in Saskatchewan, Bell Canada has proposed Canada's largest data centre development within the Industrial Corridor that adjoins the 475-kilometre Genesis trend, adding a new potential demand dynamic for natural hydrogen and helium in the region.

Max Power's large Saskatchewan project benefits from an historic rise in helium prices as Helium is often found in association with natural hydrogen, as demonstrated now at Bracken and earlier at Lawson (helium values as high as 8.7 per cent and averaging 4.4 per cent in core desorption tests from nine samples from a zone within the Cambrian basal sands immediately above the natural hydrogen discovery in the basement complex -- refer to Jan. 16, 2026, news release).

Max Power's recently completed $20.5-million raise will allow the company to target multiple new short-term milestones, including a follow-up well at Lawson to validate potential commerciality, well completion and testing at Bracken, acquisition of new seismic data at Genesis, Grasslands and elsewhere, further evaluation of dozens of prospects, and the pursuit of corporate development strategies with key stakeholders. This will generate robust news flow during Q2 and further build on Max Power's brand as Canada's leading natural hydrogen exploration and development company.

Highlights:

• Bracken well (Grasslands project):
  • Successfully drilled to 2,600 metres total depth and cased for completion;
  • Three zones of interest (two favourable for natural hydrogen and one favourable for helium);
  • Extensive data sets acquired, including core, gas chromatography and borehole geophysical logs;
  • Consistent with Max Power's rigorous standards for collection and reporting of natural hydrogen and helium data, procedures that were initially implemented for Lawson, the first part of the analytic phase for Bracken has commenced with preliminary core examination at Agat Laboratories in Calgary;
  • Service rig operations will commence in Q2 following spring breakup to determine composition of mixed gases present at Bracken;
• Lawson and area update (Genesis trend):
  • 47-square-kilometre 3-D seismic survey completed ahead of schedule and under budget, delivering a very high-quality data set for processing;
  • Preliminary interpretations expected in the next two to three weeks;
  • Data significantly enhance imaging of trap geometry, reservoir distribution and fault architecture at Lawson discovery and will greatly aid determination of resource potential through estimation and modelling work to be done by third party valuation experts;
  • Confirmatory well planned for mid-2026 targeting the apex of the Lawson structure;
  • Lawson look-alike target -- Lawson Southwest -- identified 12 kilometres southwest of original discovery based on legacy 2-D seismic and other data, reinforcing the potential for district-scale repeatability across the Genesis trend;
  • Lawson Southwest has many geophysical similarities to original Lawson discovery, and this new target also appears to be associated with a dome-like surface feature at Shooter Hill.

Ran Narayanasamy, chief executive officer of Max Power, commented: "Drilling at Bracken supports our view that multiple geological play concepts for natural hydrogen may exist across a broad regional system in Saskatchewan.

"In addition, encountering helium in the shallow part of the Devonian at Bracken is exciting. We look forward to initial results from the analytic phase. With Bracken encountering natural hydrogen and helium zones 325 kilometres from Lawson on a developing trend and a robust pipeline of prospects and targets across the 475-kilometre Genesis trend, we are now defining the first basin-scale natural hydrogen play in North America.

"Our focus is on evaluating continuity, refining the model, and progressing a domestic energy platform aligned with emerging industrial and compute demand."

Steve Halabura, chief geoscientist, added: "As with Lawson after it was first drilled, we are cautiously optimistic with regard to Bracken and we look forward to receiving and interpreting well data over the coming weeks and incorporating this into Maxx LEMI, our AI-assisted platform, ahead of the completion phase when we will test flow and volume potential. We have a large permitted area at Grasslands and an opportunity to build a district play there totally separate from Genesis."

Mr. Halabura continued: "At Lawson, the 3-D seismic is a game changer. It allows us to precisely define structural closure, optimize well placement and significantly increase the probability of success for the commercial validation follow-up well. The Lawson Southwest target, outlined through a review of legacy 2-D seismic, is an exciting development and speaks to the potential of what the 3-D survey may reveal over a large area to the north. We are further assessing Lawson Southwest as it is high on our priority list as a potential drill target, subject to additional data and analysis."

Bracken discussion

The Bracken 13-29 test-of-concept well represents Max Power's second major drilling milestone and supports the company's vision of multiple play concepts for natural hydrogen as well as basin-scale continuity, the interpretation that a regionally extensive natural hydrogen system extends well beyond the Genesis trend into other parts of the province. In addition, given the fact Saskatchewan is the only jurisdiction in Canada that produces helium and Grasslands is situated within a known helium fairway, the company is highly encouraged by internal modelling that shows the theoretical impact of value-added helium to a natural hydrogen deposit, similar to how a mineral deposit can benefit significantly from a certain metal credit.

The analytic phase for Bracken has commenced with preliminary core examination at Agat Laboratories in Calgary, after which the core will be shipped to the Petroleum Technology Research Center (PTRC) in Regina, where the specialized rock analysis facility will provide for advanced compositional, reservoir and rock mechanical testing. Included in this phase will be contributions by members of the University of Regina Faculty of Engineering and Applied Science, igneous research geologists from the Saskatchewan Subsurface Geological Laboratory in Regina, and Dr. Yaoguo Li and colleagues at the Colorado School of Mines. The goal of this phase of work is to provide the first metrics concerning the natural hydrogen and helium gases encountered at the Bracken well, including information as to source rock, method of generation, migration dynamics, reservoir quantification and flow potential. The deliverables from this phase will inform the completion and testing program for the cased Bracken 13-29 well.

Lawson discovery -- rapid derisking

Tetra Tech, a leading global provider of high-end consulting, engineering, program management and technical services, has completed a 47-square-kilometre 3-D seismic survey covering the Lawson discovery and a broad area to the north, delivering to Max Power an exceptionally high-quality data set under budget and ahead of schedule. The survey was designed with optimal bin spacing and fold to significantly enhance imaging of key structural features within the Lawson discovery. Initial processing results indicate excellent signal to noise and continuity across the reservoir horizon and entire data set. This data set materially derisks the prospect by refining trap geometry, potential fault architecture and reservoir distribution while enabling precise depth conversion and wellbore placement. With an initial round of processing being finalized over the next two weeks, Max Power looks forward to providing preliminary interpretations of 3-D seismic related to the Lawson discovery and the broader area surrounding the 15-19 well during the second half of April.

Why this matters to investors

Max Power is advancing toward commercial evaluation of a potentially scalable natural hydrogen system in Saskatchewan at a time when demand for reliable, clean baseload energy is accelerating. The completion of a 47-square-kilometre 3-D seismic program at Lawson represents a key step in derisking the system, enabling more precise definition of structure, reservoir distribution and fault architecture. This directly supports the planned confirmatory well targeting the apex of the structure, a critical milestone in evaluating flow characteristics and commercial potential.

At Bracken, located 325 kilometres from Lawson, drilling has encountered multiple zones of interest, including natural hydrogen and helium, supporting the presence of a second geological play concept. Combined with the identification of a Lawson analogue target just 12 kilometres from the original well, these developments strengthen the interpretation of a broader regional system and highlight the potential for repeatability across a basin-scale area.

The Genesis trend's proximity to Saskatchewan's Industrial Corridor, including a proposed large-scale data centre development by Bell Canada, introduces a potential pathway for localized energy supply aligned with growing compute and industrial demand. With a dominant land position, exposure to both natural hydrogen and helium, and a fully financed program, Max Power is advancing a structured approach toward commercial assessment within a broader shift toward domestic clean energy systems and next-generation infrastructure.

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 dominant district-scale land positions across Saskatchewan with approximately 1.3 million acres (521,000 hectares) of permits, plus an additional 5.7 million acres under application, covering prime exploration ground prospective for large-volume accumulations of natural hydrogen. Max Power also holds a portfolio of properties in the United States and Canada focused on critical minerals. These properties are highlighted by a 2024 diamond drilling discovery at the Willcox Playa lithium project in southeastern Arizona, 100 per cent owned by Max Power's U.S. subsidiary. Max Power is committed to responsible exploration and development practices that prioritize environmental stewardship, meaningful community engagement and strong corporate governance.

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