Mr. Tim McNulty of Max Resource reports

MAX RESOURCE REPORTS UPDATE ON THE FLORALIA IRON ORE PROPERTY

Max Resource Corp.'s majority-owned Max Iron Brazil Ltd. has entered into a non-binding letter of intent with Bolt Metals Corp. whereby Bolt may acquire an option to earn a 100-per-cent interest in the Floralia property mineral right 832.022/2018 in Brazil. This supersedes the initial public offering and reviewable deposition whereby, at a special meeting held on Feb. 26, 2025, shareholders of the company approved an ordinary resolution approving the undertaking of an initial public offering and reviewable deposition as defined in Policy 5.3 by the company's majority-owned subsidiary, Max Iron Brazil. There was overwhelming support with 99.55 per cent of shares voted at the meeting in favour of the resolution.

Under the proposed terms, Bolt will pay $200,000 (U.S.) to Jaguar Mining Inc. on behalf of Max Iron Brazil, keep the property in good standing, and issue an aggregate of 26.2 million common shares to Max Brazil and 6,094,679 common shares to Max Resource over a 30-month period. Completion of the transaction remains subject to satisfactory due diligence, definitive documentation and applicable regulatory approvals.

Summary of Max Resource mineral properties

Mora gold property in Colombia:

• The undrilled Mora property encompasses over 40 historic workings, five active mines, and a series of exposed polymetallic structures over 2,500 metres by 1,000 metres adjacent to Aris Mining's 9.2-million-ounce Marmato gold operation (proven plus probable reserves: 31.3 million tonnes of 3.2 grams per tonne gold for 3.2 Moz, measured and indicated resources: 61.5 Mt of 3.0 g/t Au for 6.0 Moz) and Collective Mining's Guayabales project abutting along the 3.7 kilometres north (Apollo porphyry system), west, south and vertical east boundaries of the Mora property;
• Appointment of Mr. Cocunubo as head geologist and Mr. Henao as head of community relations; both acted the same roles for Collective Mining joining co-founder of Collective Mining, Dr. Grainger, who acts as technical adviser;
• The geological team has commenced channel sampling of active underground artisanal mines, depth and advance ranges from five m to 90 m; this important step allows visual identification of the geological characteristics of fresh rock such as lithology, hydrothermal alterations, types of sulphides or mineralization, structures-faults-veins, and veinlets; the company will release exploration results shortly.

Max advises investors that the gold mineralization at the Marmato gold deposit and the Apollo porphyry zone may not necessarily by indicative of similar mineralization at the Mora property. Max further advises that the qualified person has been unable to verify the information on Marmato and Guayabales and that the information is not necessarily indicative to the mineralization on the Mora property.

Sierra Azul copper-silver project in Colombia:

• Max's wholly owned Sierra Azul copper-silver project sits along the Colombian portion of the world's largest producing copper belt (Andean belt). Max has an earn-in agreement with Freeport-McMoRan Exploration Corp., a wholly owned affiliate of Freeport-McMoRan Inc., whereby the fully financed $4.8-million (U.S.) 2025 exploration program is well under way. Updated exploration results are due shortly.

Floralia property in Brazil

The Floralia iron ore property lies within Minas Gerais, Brazil's largest iron ore and steel producing state. The property has established road access to rail terminal (15 kilometres) linking to steel mills and shipping ports; roads connect to DSO buyers Vale (16 km) and ArcelorMittal (26 km), ensuring efficient logistics and market access. Max's technical team has significantly expanded the Floralia hematite DSO geological target from eight million to 12 million tonnes at 58 per cent iron to 50 million to 70 million tonnes at 55 per cent to 61 per cent iron.

Max cautions investors the potential quantity and grade of the iron ore are conceptual in nature, and further cautions there has been insufficient exploration to define a mineral resource, and Max is uncertain if further exploration will result in the geological target being delineated as a mineral resource. Hematite mineralization tonnage potential estimation is based on in situ high-grade outcrops and interpreted and modelled magnetic anomalies. Density value used for the estimate is 2.8 tonnes per cubic metre. Hematite sample grades range between 55 and 61 per cent Fe. The 58 channel samples were collected for chemical analysis from in situ outcrops in previously mined slopes of industrial materials.

Qualified person

The company's disclosure of a technical or scientific nature in this news release was reviewed and approved by Tim Henneberry, PGeo (British Columbia), a member of the Max Resource advisory board, who serves as a qualified person under the definition of National Instrument 43-101.

We seek Safe Harbor.