Powermax Announces Completion of Acquisition of a 100% Interest in the Ogden Bear Lodge REE Project in Crook County, Wyoming

Executive Summary

• Powermax Minerals Inc. completed the acquisition of a 100 % interest in the Ogden Bear Lodge Rare Earth Elements (REE) Project in Crook County, Wyoming, from 1357508 BC Ltd.
• Consideration for the transaction was 250,000 Powermax common shares issued to the seller.
• The property comprises 22 federal unpatented lode mining claims covering 184 ha and is situated adjacent to Rare Element Resources’ Bear Lodge Critical REE Project.

Key Details

• Transaction Structure: Share purchase agreement dated September 23 2025; acquisition executed by purchasing all shares of Goldenears Exploration Corp., a wholly‑owned subsidiary of 1357508 BC Ltd.
• Consideration: 250,000 Powermax common shares transferred to 1357508 BC Ltd.; no cash component disclosed.
• Property Description: 22 federal unpatented lode mining claims; total area ≈ 184 hectares; located in the historic Bear Lodge Mining District (Wyoming).
• Strategic Context: Property borders Rare Element Resources’ Bear Lodge Critical REE Project, which has received a non‑binding US Export‑Import Bank letter of interest for up to USD 553 million debt financing.
• Future Plans: Powermax will advance permitting and commence exploration activities on the newly acquired claims; further updates will be provided as milestones are reached.
• Qualified Person: Afzaal Pirzada, BSc., P.GEO., Director (NI 43‑101 Qualified Person) reviewed and approved technical disclosure.

Notable Quotes

• “We are pleased to complete this acquisition, which adds a strategically located REE project adjacent to the RER Bear Lodge Project and positions Powermax for future growth in the rare earth sector,” – Paul Gorman, CEO & Director, Powermax Minerals Inc.