MAX Power Initiates Next Phase at Canada's First Natural Hydrogen Well With Service Rig Mobilization to Lawson

Executive Summary

• MAX Power is moving to the next phase of evaluation at Canada’s first dedicated Natural Hydrogen well (Lawson) with a service rig expected on site in the week of Dec 1, 2025.
• The company received final Vietnamese government approval for a $5 million strategic investment from a Southeast Asian conglomerate and expects to close the transaction within days, subject to CSE approval.
• Zone testing will involve perforating casing, sampling gas/liquids, recording pressures, and isolating zones with bridge plugs to generate data critical for early commercial assessment of Natural Hydrogen resources.

Key Details

• Service Rig Mobilization: Expected arrival at Lawson well (Genesis Trend, near Central Butte, SK) during the week of Dec 1, 2025 to commence zone testing.
• Testing Program: Perforation of casing in target zones, collection of gas and liquid samples for chemical analysis, downhole & surface pressure recording, isolation of perforated zones with bridge plugs.
• Objective: Determine composition, flow rates, pressures, and generation mechanisms of any Natural Hydrogen streams to assess early commercial viability.
• Strategic Partnership Update:
• Investor: Leading Southeast Asian conglomerate based in Vietnam (referred to as “Corporate Investor”).
• Investment Amount: $5 million (the “Transaction”).
• Status: Received final Vietnamese government approvals; represents the investor’s first entry into Canada.
• Closing Timeline: Expected within days, pending final CSE approval.
• Quotes:
• Steve Halabura, Chief Geoscientist – “This data will help us understand the composition of any gas stream that can flow from porous and permeable zones… and mechanisms of gas generation. This data is of inestimable value in assessing at an early stage what should be considered as being ‘commercial’.”
• Additional Media: Multiple video links provided showcasing drilling start, documentary footage, and well‑site activities.

Notable Quotes

“This data will help us understand the composition of any gas stream that can flow from porous and permeable zones, flow rate and pressures inherent within such zones, and mechanisms of gas generation. This data is of inestimable value in assessing at an early stage what should be considered as being ‘commercial’.” – Steve Halabura, Chief Geoscientist, MAX Power

Materiality Assessment: Material – Positive (significant operational progress and a $5 M strategic investment indicating commercial potential).