Mr. Mansoor Jan reports

MAX POWER DRILLS INTO NATURAL HYDROGEN IN MULTIPLE HORIZONS AT LAWSON IN CANADA'S FIRST-EVER NATURAL HYDROGEN WELL

Max Power Mining Corp. has completed Canada's first-ever well specifically targeting natural hydrogen, reaching a total depth of 2,278 metres at the Lawson target on the Genesis trend, with natural hydrogen present in multiple horizons from the shallow Cretaceous strata into the basement complex. This successful test of concept has triggered extensive data analysis to confirm concentrations of natural hydrogen and helium gases, to be followed by additional testing at Lawson to determine potential flow and volume in this part of the 475-kilometre-long Genesis trend.

Steve Halabura, chief geoscientist of Max Power, commented: "The impressive operational efficiency of this first well, combined with important new geological insights that validate our exploration thesis, has significantly derisked our broader multiwell exploration concept to the extent that I can confidently say that Max Power more than ever is on target for potential commercial discoveries of natural hydrogen in Saskatchewan. The data from Lawson that will be added to the large Earth model integration (MAXX LEMI) is immensely valuable, accelerates our game plan and will help answer sectoral unknowns. This is a defining moment in Saskatchewan resource history."

Lawson success immediately accelerates Max Power program

Concurrent with the analytic and follow-up phases at Lawson, the start of a fully financed second well at the Bracken target in the southwest part of the province, near the Montana border, is being accelerated with a 2-D seismic program expected to be completed in less than three weeks followed soon thereafter by geophysical interpretation, drill target selection and well licensing. Bracken is part of Max Power's Grasslands project, covering 120,000 permitted acres, and is situated within a prospective mobile zone, the Swift Current anorogenic province. This area is highlighted by a rare rock assemblage, proximity to known natural hydrogen and helium occurrences, and a regional trap setting different than Lawson (refer to Oct. 27, 2025, news release).

From Radville to Lucky Lake and elsewhere on the Genesis trend, and into the Choiceland area in the central part of the province, the Max Power team is optimizing its exploration process and collaborating with the Petroleum Technology Research Centre (PTRC) and other experts to refine the most robust pipeline of natural hydrogen discovery targets in Canada across a massive land package of 1.3 million acres with another 5.7 million acres under application.

With the backing of precious metal billionaire investor Eric Sprott and a leading Southeast Asia conglomerate and the recent addition of prominent resource sector venture capitalist Andy Bowering as a special adviser, Max Power has the right blend of capital markets expertise and scientific rigour to become a global champion in the rapidly emerging natural hydrogen sector as it builds on the momentum of Lawson.

Mansoor Jan, chief executive officer of Max Power, commented: "We are elated with the early indications from our first well at Lawson. Discovering natural hydrogen across multiple horizons in deep drilling and to have this kind of operational success for Canada's first-ever dedicated natural hydrogen well is a historic moment for both Max Power, Saskatchewan and the country. This also speaks to the solid technical foundation of our approach. Notably, we believe the development and rollout of MAXX LEMI could be transformational to both Max Power and the broader natural hydrogen sector."

Mr. Jan added: "The data collected from this well sets us on a fast-moving path for more drilling as we vigorously pursue our goal of commercial development through a focused multiwell program. I want to congratulate our entire team for executing a complex task at Lawson safely, incident-free, on time and slightly under budget. This operational and geological success places Max Power at the forefront of one of the most important new clean energy opportunities on the global stage."

Lawson highlights

The Lawson 15-19 test of concept well penetrated 72 metres into the basement complex to a total depth of 2,278 metres and was successfully cased for further testing. Prior to Lawson, only 110 out of 167,000 drill holes in Saskatchewan history had ever recovered core from the Precambrian basement complex.

Continuous core was cut from the top of the Basal Deadwood sand and into the basement complex, which will give the Max Power team detailed information on the source rock makeup at Lawson. There were 70.4 metres of core cut with approximately 98.5 per cent of total core retrieved, a major success for the operations team.

The natural hydrogen molecule was encountered in multiple horizons, the most significant being from zones in the Basal Deadwood and basement complex.

Helium was also encountered in multiple horizons, at times occurring independently from the natural hydrogen.

Canada's first-ever natural hydrogen well featured state-of-the-art gas detection instrumentation and has produced an extensive array of data sets for analysis over the coming weeks, rapidly adding to the robustness and value of Max Power's large Earth model integration (MAXX LEMI).

Specialized gas chromatography and mass spectrometer analyses were acquired from 397 metres to total depth at 2,278 metres, providing a continuous high-resolution record of gas composition throughout the wellbore. These data were complemented by a full suite of borehole geophysical logs run from surface casing to total depth, enabling detailed characterization of formation properties.

Next immediate steps for Lawson well

Field examination of data, which was continuing throughout drilling, led to the operations team's decision that, in this early stage of natural hydrogen exploration, there were sufficient reasons to case the well. Casing provides structural integrity to the wellbore, allows for zone isolation, prevents contamination of recovered fluids and gases, and facilitates further testing during the completion test phase, which follows the analytic phase.

The four-to-five-week analytic phase has commenced with preliminary core examination at Agat Laboratories in Calgary, with the core being shipped to PTRC in Regina. PTRC's specialized rock analysis facility will provide for advanced compositional, reservoir and rock mechanical testing.

Included in the analytic phase will be contributions by members of the University of Regina Department of Geology and College of Engineering, Precambrian research geologists from the province of Saskatchewan Geological Subsurface Lab, and Dr. Yaoguo Li and colleagues at the Colorado School of Mines. The goal of this phase of work is to provide the first metrics concerning the hydrogen and helium gases encountered at the Lawson well, including information as to source rock, method of generation, migration dynamics, reservoir quantification and flow potential.

The deliverable from the analytic phase will be recommendations as to further work, including the completion and testing program for the presently cased Lawson 15-19 well and possibly expanded seismic acquisition.

Dr. Li, considered one of the world's leading experts on natural hydrogen, commented: "Geologic hydrogen has advanced rapidly from a research curiosity to a major opportunity to obtain low-cost, clean energy from the subsurface. After my site visit to Lawson, I can confidently state that Max Power is clearly at the forefront of this endeavour with a data-driven, multiwell exploration program. It was a great honour and pleasure to visit Lawson and witness such a historic event with the successful drilling of Canada's first-ever natural hydrogen well."

The Genesis trend -- scale and optionality

Unlocking Lawson will derisk at least 20 potential look-alikes along the Genesis trend (refer to Sept. 30, 2025, news release).

The Genesis trend has unusual-scale potential for any resource project -- it is now a 475-kilometre-long corridor (refer to Nov. 3, 2025, news release) defined by a flanking salt barrier and the intersection of exotic terrane mobile belts and basement structures interpreted to be favourable for hydrogen generation and migration. To date, about 40-plus early prospects have been identified along Genesis, with Lawson, Lucky Lake and newly discovered Radville to the southeast being the most data rich.

Why this matters to investors

Max Power has completed the first well in Canadian history designed specifically to evaluate natural hydrogen, marking a major step forward for the province and the country. The well encountered the natural hydrogen molecule across multiple horizons and produced one of the most extensive data sets yet collected in this emerging field. This success reduces risk across Max Power's 1.3-million-acre permitted land package and has accelerated the company's multiwell program, with a fully financed second well now in the preparation stage at Bracken, roughly 325 kilometres southwest of Lawson near the Montana border. The distance between these two locations highlights the scale of the natural hydrogen opportunity in Saskatchewan.

With global experts contributing to the analytic phase, and a globally recognized testing facility at PTRC, Saskatchewan is rapidly becoming a centre for natural hydrogen research and development. For investors, Max Power stands at an inflection point where natural hydrogen is moving from concept to confirmed technical progress, offering strategic early positioning in a potential new commercial energy class.

Max Power sparks excitement at H-NAT 2025

Max Power was selected to present at H-NAT 2025 in Paris from Nov. 13 to 14, 2025, the world's largest conference dedicated to natural hydrogen. The presentation, "Trailblazing a New Natural Hydrogen Arena in Saskatchewan, Canada," showcased a science-driven approach and Max Power's leadership role in establishing Saskatchewan as one of the most compelling natural hydrogen jurisdictions in the world.

Throughout the conference, it became clear that both Max Power and Saskatchewan are now widely viewed as global frontrunners in the natural hydrogen sector. Industry and policy leaders repeatedly referenced phrases such as "best-in-class geology," "policy excellence," "data rich", "innovation driven" and "open for development." Max Power's keynote address attracted a standing-room-only audience and delivered a comprehensive breakdown of why Saskatchewan -- and Max Power -- represent such a promising jurisdiction globally for natural hydrogen exploration and commercial development.

Max Power's exhibition booth was among the most active on site, drawing sustained engagement from international operators, research institutions, government delegations and strategic investors.

Management believes that Max Power's participation at H-NAT 2025 marked a pivotal milestone in both the company's trajectory and the evolution of the broader natural hydrogen sector. The momentum generated at H-NAT 2025 has strengthened the company's global profile and accelerates engagement with potential strategic partners and investors, advancing Max Power's goal of becoming a commercial leader in the natural hydrogen industry.

Mr. Jan commented: "I want to congratulate our team that went to Paris -- Chad Levesque, Shayne Neigum, Rob Norris and Brent Dunlop -- for their outstanding efforts and for representing Max Power, Saskatchewan and Canada with such enthusiasm and professionalism. They have opened important new doors for further near-term company growth."

About Max Power Mining Corp.

Max Power is an innovative mineral exploration company focused on North America's shift to decarbonization. The company is a first mover in the rapidly growing natural hydrogen sector, where it has built a dominant district-scale land position in Saskatchewan with approximately 1.3 million acres (521,000 hectares) of permits covering prime exploration ground prospective for large-volume accumulations of natural hydrogen. Canada's first-ever deep well specifically targeting natural hydrogen has been drilled by Max Power at its Lawson target on the Genesis trend, with an analytic phase now in progress, followed by a completion test phase after natural hydrogen and helium were confirmed in multiple horizons. Max Power also holds a portfolio of properties in the United States and Canada focused on critical minerals. These properties are highlighted by a 2024 diamond drilling discovery at the Willcox Playa lithium project in southeastern Arizona.

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