Mr. Ran Narayanasamy reports

MAX POWER CLOSES $10 MILLION STRATEGIC INVESTMENT FROM ERIC SPROTT TO ADVANCE COMMERCIAL VALIDATION AT LAWSON

Further to its Aug. 10, 2026, news release, Max Power Mining Corp. has closed its strategic non-brokered private placement with Eric Sprott for gross proceeds of $10-million. The private placement consisted of four million units of the company at a price of $2.50 per unit through 2176423 Ontario Ltd., a corporation beneficially owned by Mr. Sprott.

Ran Narayanasamy, chief executive officer of Max Power, commented: "We are grateful for Eric's continued confidence in Max Power and our mission to unlock the commercial potential of natural hydrogen. This investment enables us to accelerate our validation drilling at the Lawson complex, bringing us closer to demonstrating the viability of this transformative energy source."

The company intends to use the net proceeds of the private placement to further advance its continuing commercial validation drill program at the Lawson complex and for general corporate purposes, including administrative and marketing expenses.

Private placement terms

Each unit consisted of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles Mr. Sprott to purchase one common share at a price of $3.25 per warrant share for a period of 24 months from the closing date of the private placement. All securities issued in connection with the private placement are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. The private placement is subject to the final approval of the Canadian Securities Exchange.

Mr. Sprott currently holds more than 10 per cent of the issued and outstanding common shares. As a result, his participation in the private placement constituted a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company relied on the exemptions from the formal valuation and minority shareholder approval requirements under sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the units issued to Mr. Sprott and the consideration paid by him did not exceed 25 per cent of the company's market capitalization.

Upon completion of the private placement, Mr. Sprott indirectly owns and exercises control over 34,984,979 common shares and 28,638,548 warrants, representing approximately 19.5 per cent of the issued and outstanding common shares (on a non-diluted basis), or 30.5 per cent of the issued and outstanding common shares (on a partially diluted basis, assuming exercise of the warrants). As previously announced by the company, a special meeting of shareholders is scheduled to be held on Aug. 20, 2026, at which disinterested shareholders will be asked to consider and, if thought advisable, approve an ordinary resolution approving the creation of Mr. Sprott as a control person of the company. Pursuant to the terms of a supplementary agreement, Mr. Sprott has agreed to refrain from exercising warrants that would result in his shareholdings exceeding 19.9 per cent of the issued and outstanding common shares unless and until the requisite shareholder and stock exchange approvals have been obtained.

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 two million acres (approximately 809,000 hectares) of permits covering prime exploration ground prospective for large-volume accumulations of natural hydrogen, and has commenced a multiwell follow-up drill program to validate the commerciality of the broader Lawson complex interpreted to cover a 28-square-kilometre area along the 475-kilometre Genesis trend. 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.

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