Mr. Rob Norris reports

DEEP CONDUIT SIGNATURE IDENTIFIED NEAR LAWSON 4 EXPANDS COMMERCIAL POTENTIAL OF CANADA'S FIRST SUBSURFACE NATURAL HYDROGEN SYSTEM

GLJ Ltd., in collaboration with Max Power's geological team, has identified the signature of a deep conduit near Lawson 4, providing new insight into the structural framework of the Lawson natural hydrogen complex through integration of multiple data sets from Lawson 1 to Lawson 4 and reprocessing proprietary 3-D seismic data acquired earlier this year. The optimized model further derisks the coming completion program at Lawson and highlights new discovery potential as Max Power targets the world's first large-scale commercialization of natural hydrogen.

Highlights:

• Lawson 1 to Lawson 4 are connected by a faulted fracture system along the flanks of the Lawson conduit and GLJ's newly interpreted apex of the Lawson structure featuring four-way closure, further underscoring the volume and size potential of this system.
• The Lawson conduit exceeds the current limits of depth detection, suggesting rooting at a deep crustal level.
• Integration of rich data sets (igneous and metamorphic geology, borehole-derived petrophysics covering Lawson 1 to Lawson 4, and regional 2-D seismic) with the Lawson complex 3-D survey will allow for precise targeting of perforation intervals to maximize potential flow, concentrations and volume.
• GLJ's dynamic new imaging of the basement complex will soon be further augmented by a large state-of-the-art aeromagnetic survey covering Lawson and other Max Power land packages. This work is intended to provide a seismic template for the entire Genesis trend and elsewhere to further enhance drill targeting and new discovery potential across 2.5 million acres of permitted ground.

Steve Halabura, Max Power chief geoscientist, commented: "Lawson 4 was indeed a discovery within a discovery, and it has contributed to a much better understanding of the basement plumbing system and the overlying sedimentary beds. We know the rocks at Lawson like never before and the generative mechanisms for natural hydrogen in this area. The diligence of GLJ and our team is allowing Max Power to target a resource of both size and quality in the upcoming completions round while also identifying new potential discovery zones within the Lawson complex. The fact we can scale this up to cover 2.5 million acres or more for a potential new primary energy source speaks to a possible nation-building opportunity that uranium and potash have also given to Saskatchewan."

Unlocking the discovery power of natural hydrogen in Saskatchewan

It has become increasingly clear to GLJ and the Max Power geological team that the key to unlocking the natural hydrogen potential of south-central Saskatchewan begins with the definition of basement-hosted natural hydrogen kitchens. These kitchens, starting with the Lawson discovery, combine the appropriate source rocks (mafic/alkaline intrusive complexes) that are associated with regional rift and fault systems. Furthermore, they have been flooded with the brines necessary to generate natural hydrogen from a fluid flow event that oxidizes ferrous iron. This in turn is associated with flanking structural and stratigraphic traps created within the overlying sedimentary rock sequences.

Lawson 4 overview

Lawson 4 was the third well of Max Power's commercial validation drill program, following up on success in each of the first three wells including the Lawson 1 discovery well featuring free gas flow to surface following perforation, evidence of a potentially large reservoir with strong drive mechanism, and natural hydrogen concentrations up to 286,000 parts per million (28.6 per cent) in gas samples recovered from sealed core tubes (coming completions will re-enter Lawson 1).

Lawson 4 delivered the highest natural hydrogen readings to date at the Lawson complex, based on drill rig gas detection instrumentation, and partially intersected the Lawson conduit as described above at a measured depth of 2,310.5 metres. It features a thick basal Cambrian reservoir with high permeability and porosity, and shows potential for very strong reservoir drive that will be tested in coming completions. At least six intervals have been selected for perforation at Lawson 4 from the basement complex to shallower formations.

The natural hydrogen system at Lawson 4 occurs within fractured mafic country rock that core analysis suggests has undergone both iron redox and serpentinization reactions (generative mechanisms for natural hydrogen), subject to confirmation from isotopic data from the completions program. The metamorphosed ortho-amphibolites with gneissic bands in the alkaline intrusive rock are believed to contribute to the generation of natural hydrogen, which has migrated along a highly porous and permeable fault zone and has been trapped along flanking microfractures and stratigraphic seals.

Chief executive officer commentary

Rob Norris, Max Power chief executive officer, commented: "We are on a mission to make history through the discovery of a new primary energy source in Saskatchewan. We are eagerly anticipating the start of completions at Lawson, likely during the week of Nov. 9. We will also be conducting site visits this month with major groups from overseas. As we build out the Lawson discovery, we are examining creative ways to scale up the opportunity across our 2.5-million-acre land package."

Why this matters to investors

Max Power's latest findings represent an important advance in understanding the scale, architecture and potential commercial significance of the Lawson natural hydrogen system. What began with Canada's first confirmed subsurface natural hydrogen discovery is evolving into a far more detailed geological picture: a deep conduit, an interconnected fault and fracture network, and a newly interpreted four-way structural closure that may provide the conditions necessary for natural hydrogen generation, migration and accumulation. Significantly, the interpreted conduit extends beyond the current limits of seismic imaging, leaving its full depth and extent unresolved.

The timing is particularly important. With Lawson completions approaching, Max Power is no longer relying solely on geological indicators to guide its next steps. Data from four wells at the Lawson complex, core analysis, petrophysics and reprocessed 3-D seismic have been integrated to identify and prioritize the intervals most prospective for natural hydrogen deliverability. The coming tests will provide critical information on concentrations, sustained flow rates, pressure and reservoir connectivity, helping determine whether the geological potential identified at Lawson can translate into commercially viable production.

The broader implications extend well beyond Lawson. If the geological model continues to be supported by drilling and testing, Max Power will have developed an increasingly sophisticated exploration framework that can be applied across its approximately 2.5 million permitted acres in Saskatchewan. The opportunity is therefore twofold: advancing Lawson toward potential commercial development while improving the company's ability to identify and evaluate additional natural hydrogen systems across the Genesis trend and beyond.

For investors, this is the convergence of three important developments: a more clearly defined geological system, increasingly precise commercial testing targets and an exploration model with potential application across an exceptionally large land position. The next phase will begin determining how much of that geological potential can be translated into a commercial energy resource.

H-NAT summit in Paris

Max Power is taking its Saskatchewan discovery story to the global natural hydrogen industry at the H-NAT Summit, Nov. 3 and Nov. 4 at the Pullman Paris Bercy in France. A significant sponsor of the event, the company will be represented by CEO Mr. Norris, president Chad Levesque and other team members. At 9 a.m. local time Tuesday, Mr. Levesque will present the Lawson discovery story to an international audience of major energy companies, industry leaders, developers, geoscientists, investors and prospective customers as Max Power builds the strategic relationships and advances the commercial validation necessary to help establish an entirely new primary energy industry.

Max Power rings opening bell at Canadian Securities Exchange

Max Power CEO Mr. Norris and president Mr. Levesque rang the Canadian Securities Exchange opening bell on Oct. 29, marking the company's position as the exchange's largest mining issuer by market capitalization. MaxX has also been a consistent daily dollar-volume leader on the CSE, often placing in the top three. The milestone brings added visibility to Saskatchewan's emerging natural hydrogen opportunity as Max Power advances from discovery toward the testing required to evaluate commercial production.

Max Power at NASA

NASA's Max Power Aerospace Technology Expo and Airshow takes place Nov. 7 and Nov. 8 at Kennedy Space Center in Florida, celebrating aviation, space exploration and technological innovation. Although the shared name is a coincidence, hydrogen has a long history in space exploration: NASA has used liquid hydrogen as rocket fuel for decades. Max Power is pursuing a potential new source of hydrogen beneath Saskatchewan, with coming testing at Lawson designed to assess its potential for commercially viable production.

About Max Power Mining Corp.

Max Power is an innovative mineral and energy exploration company focused on the shift to decarbonization. The company's Lawson discovery near Central Butte, Sask., represents Canada's first ever subsurface natural hydrogen system confirmed through deep drilling with data validated by three independent labs. Max Power has built dominant district-scale land positions across Saskatchewan with approximately 2.5 million acres (approximately one million hectares) of permits covering prime exploration ground prospective for large-volume accumulations of natural hydrogen and has commenced a multiwell follow-up drill program to validate the commerciality of the broader Lawson complex interpreted to cover a 28-square-kilometre area along the 475-kilometre Genesis trend. Max Power also holds a significant equity position in Homeland Critical Minerals, which owns the Willcox project in Arizona, a lithium discovery confirmed in early 2024 by Max Power. Max Power is committed to responsible exploration and development practices that prioritize environmental stewardship, meaningful community engagement and strong corporate governance.

We seek Safe Harbor.