Mr. Tim McNulty reports

MAX RESOURCE STRENGTHENS LEADERSHIP TEAM

Max Resource Corp. has appointed Bruce Counts as vice-president of exploration.

Mr. Counts stated: "I am honoured to join Max's exploration team and contribute to advancing the company's Cesar copper-silver project in northeastern Colombia. I had the privilege of visiting the project twice and observed the high-priority targets in the field. I am confident that the Cesar project has the potential to host several Tier 1 copper-silver deposits, and Max has the team and resources necessary to make Cesar a success."

Mr. Counts continued: "The sheer magnitude of the mineralized system at Cesar is impressive. Max has identified 21 compelling targets within three distinct districts that cover a 90-kilometre stretch of the Cesar basin. Our exploration team will soon commence a regional airborne magnetic and radiometric survey over the length of the project. This data will assist the work the company is doing to prepare the highest-priority targets for drilling, and aid with prospecting for additional copper occurrences in this underexplored part of Colombia."

Chief executive officer of Max Resource Brett Matich stated: "We are delighted to have attracted a VP of exploration of Bruce's experience and calibre. Bruce will lead our exploration efforts in derisking the 188 square kilometres of mining concessions and 1,000 square km of applications acquired by Max over the last three years."

Mr. Counts has over 30 years of experience in international mineral exploration, project development and deposit evaluation. Over the past 20 years he has been a founder and director of several publicly listed companies as well as holding executive positions at the corporate and operational level. Mr. Counts has been responsible for the exploration and development of numerous projects across a range of commodities that include copper, gold and diamonds. He holds a bachelor of applied science in geological engineering from the University of British Columbia and is a registered professional geoscientist.

Background

Max's Cesar project lies along the copper-silver-rich Cesar basin in northeastern Colombia. This region provides access to major infrastructure resulting from oil and gas and mining operations, including Cerrejon, the largest coal mine in South America, held by global miner Glencore. Max's 21 mining concessions collectively span over 188 square kilometres.

In 2022, Max executed a two-year co-operation agreement with Endeavour Silver Corp., which assists to expand its 100-per-cent-owned landholdings, Endeavour will hold an underlying 0.5-per-cent net smelter royalty.

AM district

Starting in the far north of the Jurassic basin, classic stacked red bed outcrops with extensive lateral continuity have been rock sampled over many kilometres within the AM district. Highlight values of 34.4 per cent copper and 305 g/t silver have been documented in the sedimentary red bed sequences. The company confirmed that stratiform mineralization continues at depth with two scout drill holes completed earlier this year (see Max news release dated April 4, 2023). In addition, Colombian field crews continue to discover and sample new mineralized outcrops including at the recently identified AM-7 target (Max news release dated May 25, 2023, and Max news release dated June 22, 2023).

Conejo district

Midway south, the Conejo district is the most recent to be recognized and is characterized by structurally controlled mineralization hosted in intermediate and felsic volcanic rocks. Numerous mineralized outcrops have been discovered over a distance of 3.7 kilometres at the primary target in the district with surface samples averaging 4.9 per cent copper. No drilling has been conducted at Conejo but it has emerged as an area of focus for the company.

URU district

Mineralization within the URU district is hosted in intermediate volcanic rocks and is structurally controlled, similar to deposits in the Central African copper belt. At URU-C, a 9.0 m of 7.0 per cent copper and 115 g/t silver surface discovery was confirmed at depth by drill hole URU-12, which intersected 10.6 m of 3.4 per cent copper and 48 g/t silver. At the URU-CE target, 750 m to the east, 19.0 m of 1.3 per cent copper discovered in outcrop was confirmed by drill hole URU-9, which intersected a broad zone of copper oxide returning 33.0 m of 0.3 per cent copper from 4.0 m, including 16.5 m of 0.5 per cent copper (see Max news release dated Jan. 24, 2023).

Cesar target evaluation

Max has identified and is evaluating 21 targets along the Cesar 90 km belt for potential drill testing. The company is focused on expanding, refining and prioritizing these targets in preparation for a drill program. Initial efforts have been concentrated on those targets with the greatest size potential with work that includes the following field activities:

• Systematic chip and channel sampling of the mineralized outcrops;
• Detailed geological and structural mapping of each showing;
• Trenching where possible to expose additional mineralization;
• Target-scale prospecting and soil sampling;
• Ground geophysical surveys.

Regional exploration

Max has demonstrated that the Cesar basin is fertile for copper-silver mineralization over a large area; however, only a fraction of the basin has been explored. As a result, Max has dedicated one of its geological teams to regional exploration with the goal of discovering additional copper-silver prospects over 1,000 square km.

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 km 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.

Max is pro-active, with the corporate goal of transitioning the Cesar basin toward the mining of copper, the key metal for Colombia's transition to clean energy. The safety of the company's people and the communities where it operates is most important. It conducts exploration in a manner which supports protection of ecosystems through responsible environmental stewardship.

Source: National Instrument 43-101 geological report RT gold project for Max Resource by Luis Rodrigo Peralta, March 8, 2023. NI 43-101 geological report Rio Tabaconas gold project for Golden Alliance Resources Corp. by George Sivertz, Oct. 3, 2011.

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