Max Enters Debt and Option Agreements with Bolt Metals for Its Floralia High-Purity Iron Property in Brazil

Max Resource Corp. has entered into definitive agreements with Bolt Metals Corp. to settle exploration costs and grant an option for Bolt to acquire 100% of the Florália High‑Purity Iron Property in Brazil.
- A debt settlement sees Max receive 4 million Bolt shares and 2 million pre‑funded warrants (exercisable at $0.001 for 24 months) to cover exploration expenses.
- An option agreement gives Bolt the right to earn 100% of Florália over 30 months by issuing a total of 26.8 million Bolt shares to Max’s Brazilian subsidiary. If the total issuance results in Max Iron holding less than 25% of Bolt, extra shares must be issued to maintain that floor. Bolt may accelerate the option at any time.
- The property is a hematite target estimated at 50–70 Mt grading 55–61% Fe, located near rail and major steel mills in Minas Gerais.
- CEO Brett Matich says the deal allows Max to focus capital and efforts on the Mora Gold‑Silver and Sierra Azul Copper‑Silver projects in Colombia.

This transaction converts the non‑binding letter of intent from October 2025 into a binding agreement, giving Max a significant equity stake in Bolt while removing Florália’s exploration costs from its books.

The news finalizes an already‑flagged corporate action and therefore does not contain genuinely unexpected market‑moving information.
- The non‑binding LOI (Oct 23, 2025) laid out virtually identical terms; the market has had seven months to price in the expected deal.
- The definitive agreement removes execution uncertainty and provides a clearer timeline for Max to exit the iron asset while retaining upside through Bolt shares.
- The transaction is non‑dilutive to Max shareholders and settles outstanding exploration payables, improving Max’s balance sheet and sharpening its focus on the higher‑potential Colombian projects.
- However, the size of the consideration (a small‑cap Bolt Metals share package of uncertain value) is unlikely to materially move Max’s own market cap.
- The concurrent OTCQB listing application (May 7) and the high‑grade Sierra Azul channel results (April 28) were more “new” news; this Florália news merely wraps up an expected process.

In the context of the provided historical stock price, Max has drifted from $0.60 in September 2025 to $0.30 today, with limited rally potential from routine corporate housekeeping. The news is positive but routine; it does not alter the fundamental risk/reward profile of the company.

Max Resource Corp. is a Canadian junior explorer focused on gold‑silver and copper‑silver projects in Colombia, with a legacy iron project in Brazil now being spun out.
- Flagship Property – Sierra Azul (Colombia): A district‑scale sedimentary‑volcanic hosted copper‑silver system. Freeport‑McMoRan Exploration Corporation has an earn‑in agreement to spend up to $50 million to earn up to an 80% interest. The 2025 program ($4.8M fully funded) is delineating high‑grade Manto‑style mineralization; recent channel samples returned 1.6% Cu & 7 g/t Ag over 59.0 m.
- Mora Gold‑Silver (Colombia): A 713‑ha concession adjacent to Aris Mining’s Marmato mine and Collective Mining’s Guayabales project. Historic channels show 45 g/t Au & 7,110 g/t Ag over 1 m. Max is completing channel sampling, LiDAR, and a Technical Work Plan to permit drilling.
- Florália Iron (Brazil): Now being optioned to Bolt Metals; a conceptual target of 50–70 Mt at 55–61% Fe near existing infrastructure.