Mr. Sergio Cocunubo reports

MAX RESOURCE CONDUCTS LIDAR SURVEY OVER THE ENTIRE MORA GOLD propERTY

Max Resource Corp. will be conducting an airborne high-resolution lidar (light detection and ranging) survey over the entire 700-hectare Mora mining concession KK6-08031, located within the productive Middle Cauca gold belt host to several world-class gold deposits, 85 kilometres south of Medellin, Colombia, which the company has the exclusive right to purchase 100 per cent.

Highlights

• The lidar survey forms part of the initial steps to delineate high-priority drill locations within the BQ, BX, NAN targets and identify new targets.
• To date, 33 artisanal underground mines are noted in historic technical reports of which Max has successfully mapped nine inactive mines. The depth or advance of the artisanal mines varies between 5.0 metres and 90.5 m. Lidar can identify hidden artisanal mines/works due to tree and plant cover.
• Channel sampling artisanal underground mines is very important, it is almost like having a drill hole, identifying geological characteristics of fresh rock such as lithology, hydrothermal alterations, types of sulphides or mineralization, structures-uplifts-faults-veins and veinlets.
• Lidar will assist in building an accurate 3-D model, the key to maximizing the success of Max's planned drill program, being the first-known drilling event on mining concession KK6-08031.

"The lidar data sets will be used to delineate drill design on the BX, BQ and NAN targets, providing unprecedented ground details to be observed for the first time," says Max head geologist Sergio Cocunubo.

"Sampling of artisanal mines and workings were significant steps conducted at Collective Mining's Guayabales and Continental Gold's Buritica in which we identified geological characteristics and confirmed active galleries in gold and silver production," he concluded.

What is lidar?

Lidar is a relatively new technology whereby surface geomorphology patterns and outcrop patterns suggestive of underlying geology and structure can be identified including subtle aspects and seeing through the surface trees and plant cover that can hide surface details.

Lidar is a modern remote sensing technique that concurrently takes high-resolution (hi-res) images and builds a detailed digital terrain model (DTM) and detailed digital surface model (DSM) utilizing an extremely sensitive and accurate digital mapping tool. Together, the DTM and high-resolution images provide three-dimensional (3-D) model of the terrain, where additional data (geophysics, drilling, surface sampling, et cetera) can be incorporated to provide a multidimensional model from which multiple data sources can be interpreted accurately, all in 3-D high-accuracy system with more precise, efficient and reliable geospatial data acquisition. It delivers a turnkey solution for 3-D data collection and high-accuracy postprocessing. In addition, is a particularly powerful tool for drill planning as it significantly reduces the risk of interpreting data in only two dimensions.

Lidar is the acronym for light detection and ranging. It is a relatively new active remote sensing technology using a laser scanner, global positioning system (GPS) RTK with GNSS station and inertial navigation. In the same way that SONAR uses sound waves and reflection to detect targets and determine distance (think of the ping heard in a submarine scene from a war movie), lidar uses laser pulses with their timed reflectance to determine the target distance.

The lidar survey distinguishes down to the multicentimetre scale coupled with orthophotography remote sensing images and techniques. This combination of lidar and orthophoto combined relies on rigorous, high-quality data collected under strict QA/QC (quality assurance/quality control) standards and is most useful for delineating linear features such as faults, uplifts, quartz veins or resistant rock types with hydrothermal alteration such as silicification.

Discussion of the Mora gold-silver project

In August, 2025, through its wholly owned subsidiary Maximum Company Colombia SAS, Max entered into a purchase agreement to acquire 100 per cent of the common shares of Inversiones Villamora SAS, a company in Colombia that owns 100 per cent of mining concession number KK6-0831 (Mora property).

Highlights

• The undrilled Mora property encompasses over 40 historic workings, five active mines, 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 (P&P (proved and probable) reserves: 31.3 Mt (million tonnes) at 3.2 grams per tonne Au for 3.2 Moz, M&I (measured and indicated) resources: 61.5 Mt at 3.0 g/t Au for 6.0 Moz, inferred resources: 35 Mt at 2.4 g/t Au for 2.8 Moz).
• Aris Mining's Marmato property abuts the 2.8 km eastern boundary, and Collective Mining's Guayabales project abuts along 3.7 km north (Apollo porphyry system), west, south and vertical east boundaries of the Mora property.
• Highlight, Mora property channel sample results include (refer to Table 1):
  • 45.0 g/t gold and 7,110 g/t silver over 1.0 m; 32.0 g/t gold and 53 g/t silver over 1.0 m;
  • 27.0 g/t gold and 732 g/t silver over 1.0 m; 8.9 g/t gold and 75 g/t silver over 1.5 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 QP 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.

In September, 2025, Max reported the appointment of Sergio Cocunubo as head geologist, reuniting with key technical adviser Dr. Chris Grainger and community relations specialist John Henao, all key members of the Collective Mining and the Continental Gold team that developed the Buritica gold deposit (P&P reserves: 3.8 Moz at 6.9 g/t Au and 13 Moz at 24 g/t Ag in 15.61 Mt and M&I resources: 4.4 Moz at 8.9 g/t Au and 14.6 Moz at 29 g/t in 14.02 Mt plus inferred resources: 5.1 Moz at 8.9 g/t Au and 18 Moz at 29 g/t Ag in 16.2 Mt), sold to Zijin Mining for $1.4-billion (U.S.) in 2019.

The company's 2025 exploration program is well under way, includes collection of geological and geophysical data, channel sample all active and historical artisanal mines/workings, outcrops, airborne lidar, 3-D geological/DTM/topographic modelling, and delineation of drill targets. Exploration update is due shortly.

Corporate update

Under the terms of the agreement, whereby the company's wholly owned Colombian subsidiary, Maximum Company Colombia SAS, has the exclusive rights to acquire 100 per cent of mining concession No. KK6-08031 through the purchase of Inversiones Villamora SAS, to date, Max confirms option payments totalling $250,000 (U.S.).

The company has entered into a debt settlement agreement with an arm's-length creditor to settle outstanding indebtedness totalling $60,000. Pursuant to the debt settlement, the company will issue 500,000 common shares at a deemed price of 12 cents per share. The board of directors has determined that completing the debt settlement is in the best interests of the company as it will preserve cash for working capital purposes and strengthen the company's balance sheet. The debt settlement remains subject to TSX Venture Exchange approval. All shares issued will be subject to a hold period of four months and one day from issuance.

In addition, the company has granted 11.5 million performance share units (PSUs) to certain consultants of the company pursuant to the company's omnibus equity incentive compensation plan. The PSUs will vest upon the consultants completing one year of service with the company. All PSUs are subject to a hold period of four months and one day. The PSUs have been granted under and are governed by the terms of the company's omnibus plan.

Quality assurance

Max adheres to a strict QA/QC (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 protocol's employed by ALS.

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 (EIA) 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 property (mineral right 832.022/2018) in Brazil 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 Iron geological target from eight to 12 Mt at 58 per cent Fe to 50 to 70 mt at 55 per cent to 61 per cent Fe.

Max'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. Under the proposed terms, Bolt will pay $200,000 (U.S.) to Jaguar Mining Inc. on behalf of Max Iron Brazil Ltda., 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 Corp. over a 30-month period. Completion of the transaction remains subject to satisfactory due diligence, definitive documentation and applicable regulatory approvals.

Max cautions investors the potential quantity and grade of the iron ore is 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 t/cubic m. Hematite sample grades range between 55 to 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.