Mr. Brett Matich reports

MAX RESOURCE REPORTS NEW HIGH-GRADE COPPER-SILVER DISCOVERY AT URU

Max Resource Corp. has released preliminary assay results and has discovered a new high-grade drill target at Uru, which lies along the southern portion of the company's wholly owned Cesar copper-silver project in northeastern Colombia.

The reconnaissance rock channel sampling targeted three levels of a singular subvertical mineralized structure.

True widths of the lower two levels are between seven metres (m) at 8.5 per cent copper plus 143 grams per tonne (g/t) silver (open ended) and 16.8 m at 8.3 per cent copper plus 146 g/t silver (open ended) and true widths are yet to be determined on the upper level. The 16.8-metre channel includes 8.4 m at 11.4 per cent copper plus 202 g/t silver (6.5 ounces per ton (oz/t) silver).

The upper level, due to limited outcrop on a ridgeline, allowed a total of 24 chip channel samples collected over 48 m returning an average value of 5.3 per cent copper plus 44 g/t silver. The true widths of the mineralized zone was not immediately identifiable given the topography. This outcrop is visibly more weathered than the lower levels.

Importantly, this indicates the mineralized structure shows over 190 m of vertical extent with high-grade copper-silver mineralization and is open both below the lowest levels and vertically above and along strike from the uppermost levels.

This is significant as the samples were taken in an area of rapid eroding topography and therefore the vast majority of the samples were primary chalcocite (80 per cent copper by weight). Notably, the silver grades were much higher in these fresh samples, where chalcocite was only partly oxidized to malachite.

This also suggests the historical adits in this area, which continue for over 120 m vertically above the uppermost sampled levels, were historic silver mines. Currently, the strike length of sampled copper-silver mineralization is over 290 m and is open to the north-northeast, in addition to the identified over-190-metre vertical extent.

Continuing fieldwork on the priority URU drill target is now focusing on both strike and vertical extensions upward from the uppermost samples collected to date. The upcoming induced polarization survey will target the vertically lower extensions to this zone, along with the strike extent in areas with little surficial outcrops.

"These first pass results over plus 290 m of strike and plus 190 m of vertical extent suggests this first of five structural URU targets represents a remarkable high-grade copper-silver discovery. In addition, the mineralization in the outcrop exposures appear to extend under overburden cover with open-ended grades of 11.1 per cent and 3.7 per cent copper in the last exposed samples with true thickness of the seven-metre channel and similarly with 16.8-metre channel at 8.3 per cent copper open ended, with either end samples grading 4.2 per cent and 2.7 per cent copper," commented Max chief executive officer Brett Matich.

"The Max field team are focused on defining orientation, continuity and grade throughout the topography, on strike and at depth. In addition, the team is commencing a comprehensive induced polarization survey to explore the depth potential of these structures in preparation for the upcoming drilling program," he concluded.

Max's in-country team will further define continuity, grade and orientation at the URU adits area, with further surface channel sampling on strike. In addition, conduct follow up sampling of the 15-kilometre structural corridor consisting of four additional targets, including Southern URU as highlighted below and described in news releases Dec. 8, 2021, and Feb. 1, 2022.

• Southern URU highlights:
• 4.3 per cent copper over 10.0 m (876065);
• 4.0 per cent copper over 10.0 m (878781);
• 3.7 per cent copper over five m (876486);
• 3.1 per cent copper over three m (876488);
• 3.0 per cent copper over 10.0 m (876379);
• 3.0 per cent copper over 10.0 m (876363);
• 3.0 per cent copper over 10.0 m (878685);
• 2.9 per cent copper over 10.0 m (876460);
• 2.7 per cent copper over 25.0 m (876288).

Quality assurance

All CESAR rock chip samples are shipped to ALS's sample preparation facility in Medellin, Colombia. Sample pulps are then sent to Lima, Peru, for analysis. All samples are analyzed using ALS procedure ME-MS41, a four-acid digestion with inductively coupled plasma finished. Overlimit copper and silver are determined by ALS procedure OG-62, a four-acid digestion with an atomic absorption spectroscopy finish. ALS Labs is independent from Max.

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.

About Max Resource Corp.

Max Resource is a mineral exploration company advancing the newly discovered district-scale Cesar copper-silver project. The wholly owned Cesar project sits along the Colombian portion of the world's largest producing copper belt (Andean belt), with world-class infrastructure and the presence of global majors (Glencore and Chevron).

In addition, Max controls the RT gold project (100-per-cent earn-in) in Peru, encompassing a bulk-tonnage primary gold porphyry zone and, three kilometres to the northwest, a gold-bearing massive sulphide zone. Historic drilling in 2001 returned values ranging 3.1 to 118.1 g/t gold over core lengths ranging from 2.2 to 36.0 metres.

We seek Safe Harbor.