Mr. Brett Matich reports

MAX RESOURCE SECURES RIGHTS TO ACQUIRE 100% OF THE MORA GOLD-SILVER TITLE ADJACENT TO THE MARMATO GOLD MINE AND THE APOLLO GOLD DISCOVERY IN COLOMBIA

Max Resource Corp.'s wholly owned Colombian subsidiary, Maximum Company Colombia SAS, has entered into an arm's-length purchase agreement to acquire mining concession No. KK6-08031 (Mora). Pursuant to Maximum acquiring up to 100 per cent of Inversiones Villamora SAS, the Mora gold-silver title (713 hectares) lies within the productive Middle Cauca gold belt host to several major gold deposits, 85 kilometres south of Medellin, Colombia.

Highlights:

• The undrilled title covers 40 historic workings, five active mines, a series of polymetallic structures over 2,500 metres by 1,000 metres, adjacent to Aris Mining's Marmato mine.
• Aris Mining's Marmato title abuts along a 3.4-kilometre eastern boundary, and Collective Mining's Guayabales project abuts to the north (Apollo porphyry system), west, south and vertical east boundaries, 4.8 km in length.
• Highlights of the Mora gold-silver title channel sample results include (refer to the table below):
  • 45.0 grams per tonne gold and 7,110 grams per tonne silver over one m; 32.0 g/t gold and 53 g/t silver over one m;
  • 27.0 g/t gold and 732 g/t silver over one m; 8.9 g/t gold and 75 g/t silver over 1.5 m;
  • 36.7 g/t gold over two m; 3.3 g/t gold and 87 g/t silver over one m.

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 the qualified person has been unable to verify the information on Marmato and Guaybales and the information is not necessarily indicative to the mineralization on the Mora property.

"The Mora gold-silver title is of significant size, and provides both a high-grade Marmato type target, clearly manifested by the numerous small-scale mines and geological proximity, and an underlaid Apollo porphyry type target, again with geological proximity and the series of polymetallic structures, which occur on all the targets for the adjacent Guayabales gold project, including the recent Apollo discovery," said Max chief executive officer Brett Matich.

"We are excited with the opportunity of being the first exploration company to conduct significant exploration on the Mora title. Our in-country expertise abodes well to acting as the sole operator," he concluded.

Discussion of the Mora gold-silver title

The Mora title is located within a well-established gold mining camp, its eastern boundary lies approximately 600 m southeast of the Marmato gold mine. There visually appears to be a series of mineralized polymetallic veins running from Marmato through to the San Juan sector of the Mora title. By second half 2026, Aris Mining plans to ramp up Marmato's gold production to 200,000 ounces per year.

The geology exposed at Marmato appears very similar in character to Mora, and can be considered analogous, due to its close proximately and geological similarities, including the same type: (a) host rocks; (b) structural trends; (c) styles of mineralization; and (d) types of alteration.

These are all key characteristics of the world-class bulk tonnage porphyry-related gold deposits of the Middle Cauca gold belt.

In addition, Collective Mining's recent Apollo porphyry system discovery appears to trend over the northern border of the Mora title. The extensive polymetallic subparallel mineralized structures identified within the San Juan sector are of significance. Collective Mining's National Instrument 43-101 report titled "Guayabales Gold-Silver-Copper Project" stated, "Polymetallic veins occur on all targets" as of the Apollo, Olympus, Donut, Box, Trap and Victory targets.

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 the QP has been unable to verify the information on Marmato and Guaybales and the information is not necessarily indicative to the mineralization on the Mora property.

In April, 2025, a two-day reconnaissance visit was conducted by a geological consultant on behalf of the company. Investigation of the San Juan sector in the northern portion of the Mora gold-silver title confirmed a series of northwest- to southeast-striking polymetallic subparallel mineralized structures along over 2,500 m of strike, dipping to the southwest, across a width of 1,500 m southwest to northeast. Over 40 historic workings and five active artisanal gold mines were noted. The polymetallic mineralized structures clearly cross the eastern boundary toward the Marmato gold mine.

The Nan prospect in the lower southeast corner of the Mora gold-silver title identified one east to west polymetallic mineralized structure dipping to the south and two other polymetallic structures running northwest to southeast dipping northeast crossing across the boundary trending to Marmato.

Historical work

The mining and exploration on the Mora gold-silver title have been primitive and limited to date. The only recorded exploration are historic workings and artisanal mining, with the exception of a report documenting a field visit in 2012 for Crown Gold Corp.

The author identified numerous high-grade gold and silver sulphide veins exploited by artisanal miners on both Marmato and the Mora title/property.

His comments include: "There is no question that the geology of Marmato continues across the Mora title (KK6-08031) boundary in the region of San Juan. Gran Colombia states that their deposit (Marmato) is open and continues at depth and to the west and south. Both areas are within in the Mora title."

In addition, the Crown Gold news release dated Dec. 20, 2012, stated: "During a visit in November, Crown gained access to, and channel sampled, seven of the 40 adits, which it has located to date, on the Mora property. A total of seven channels were cut in these seven adits, and all samples returned gold and silver values. The weighted-average value of gold was 13.2 g/t over 5.9 m sampled, while the weighted-average value of silver was 1,647 g/t.

Sampling to date has been concentrated within one-square-kilometre block (San Juan sector) of the seven-square-kilometre Mora property. There appears to be a series of mineralized polymetallic veins running through the Mora property, similar mineralization to Gran Colombia's Marmato gold deposit, which lies adjacent east side of the Mora property.

The Marmato property has a National Instrument 43-101 measured and indicated resource of over 11.7 million ounces of gold and 80 million ounces of silver to a vertical depth of 400 m. In addition, recent drilling at Marmato has revealed high-grade mineralization extending 700 m below the present resource.

Next steps

The continuing artisanal mining development which predates Colombian times, modern development of the world-class Marmato gold mine and the most recent Apollo gold discovery in 2023 underlines the potential of the Mora property for bulk mining exploitation.

The initial exploration program consists of three goals:

• Collect all historic data and perform a property-wide assessment;
• Identify and map all historic workings and active mines;
• Conduct outcrop, road cut geological mapping and sampling all to initiate Stage 2.

Terms of the purchase agreement

Under the terms of the agreement, Maximum has the exclusive rights to earn up to 100 per cent of Inversiones Villamora. Pursuant to Maximum acquiring 100 per cent of the shares of Villamora, the 100-per-cent owner of Mora, Maximum acts as the sole operator and can withdraw from the option or purchase periods at any stage. Payments are U.S. dollars to the shareholders of Villamora, and all payments are subject to certain milestones, obligations and conditions. Option period: first payment of $50,000, second of $50,000, third of $150,000 and fourth of $150,000.

The purchase period:

• $1-million on or before one year after the final option period payment advances to 20 per cent;
• $1-million on or before one year after the first purchase period payment advances to 40 per cent;
• $2-million on or before one year after the second purchase period payment advances to 60 per cent;
• $4-million on or before one year after the third purchase period payment advances to 100 per cent.

Under certain conditions, prior to Maximum initiating the purchase period, Maximum shall be entitled to acquire the Mora title, rather than Villamora, under the same terms and conditions. The company committed to a 3-per-cent net smelter royalty from ore production. No finders' fees were paid in connection with the transaction.

Corporate update

Further to the news releases on Dec. 12, 2024, Jan. 2, 2025, Jan. 7, 2025, Jan. 9, 2025, Jan. 20, 2025, March 30, 2025, and April 22, 2025, Max Brazil has closed the fourth tranche of its non-brokered private placement for a new aggregate amount of 27.4 million ordinary shares in the capital of Max Brazil at a price of 10 Australian cents per ordinary share for aggregate gross proceeds $2.74-million (Australian).

The net proceeds of the offering to be used, among other things, for the advancement of the Floralia DSO project and for general working capital purposes.

Max Brazil will be subject to applicable Australian securities legislation and the rules and regulations of the Australian Securities Exchange. There is no guarantee that the proposed initial public offering or listing of Max Brazil on the ASX will be completed on the terms set out in this announcement or at all. Closing of the IPO is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals.

Quality assurance

Max adheres to a strict quality assurance/quality control program for sample handling, sampling, sample transportation and analyses. All 21 rock samples were taken by the Max consulting geologist, labelled, placed in sealed, securitized bags and shipped to ALS Lab's sample preparation facility in Medellin, Columbia. ALS Medellin is an ISO 9001: 2008 certified facility and is independent of Max. All samples were analyzed using ALS procedure ME-ICP61, a four-acid digestion with inductively coupled plasma finished. Overlimit gold is determined by ALS procedure Au-GRA21, a 30-gram fire assay with a gravimetric finish. Overlimit silver, lead, arsenic and zinc were determined by ALS procedure OG-62, a four-acid digestion with an atomic absorption spectroscopy finish.

At this early stage of exploration, Max has relied on the QA/QC protocols employed by ALS.

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's wholly owned Sierra Azul copper-silver 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). Max has an earn-in agreement with Freeport-McMoRan Exploration Corp., a wholly owned affiliate of Freeport-McMoRan Inc. relating to the Sierra Azul project. Under the terms of the EIA, Freeport has been granted a two-stage option to acquire an up-to-80-per-cent ownership interest in the Sierra Azul project by financing cumulative expenditures of $50-million and cash payments totalling $1.55-million. Max is the operator of the initial stage. The $4.8-million (U.S.) 2025 exploration program for the Sierra Azul project is fully financed by Freeport.

Max Iron Brazil's wholly owned Floralia hematite DSO project is located 67 kilometres east of Belo Horizonte, Minas Gerais, Brazil's largest iron ore and steel producing state. 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 Fe.

We seek Safe Harbor.