Max Power talks Bracken drilling, Lawson 3-D survey

Executive Summary

• Max Power Mining Corp. reports significant exploration milestones at its Saskatchewan natural hydrogen projects, specifically the successful drilling of the Bracken well and the completion of a high-resolution 3-D seismic survey at the Lawson discovery.
• The Bracken well encountered three zones of interest, including intervals favorable for both natural hydrogen and helium, supporting the company's thesis of a basin-scale natural hydrogen system in the region.
• The company has identified a new "Lawson Southwest" look-alike target 12 km from the original discovery and plans a confirmatory well at Lawson for mid-2026, leveraging a recently completed $20.5 million financing to accelerate operations.

Key Details

• Bracken Well (Grasslands Project):
  • Successfully drilled to a total depth of 2,600 meters and cased for completion.
  • Identified three zones of interest: two favorable for natural hydrogen and one favorable for helium.
  • Extensive data sets acquired, including core samples, gas chromatography, and borehole geophysical logs.
  • Analytic phase commenced with preliminary core examination at Agat Laboratories in Calgary.
  • Core will be shipped to the Petroleum Technology Research Center (PTRC) in Regina for advanced compositional, reservoir, and rock mechanical testing.
  • Service rig operations scheduled for Q2 (following spring breakup) to determine the composition of mixed gases.
  • Helium values previously noted in related zones (Lawson) have been as high as 8.7% and averaging 4.4% in core desorption tests.
• Lawson Discovery (Genesis Trend):
  • Completed a 47-square-kilometre high-resolution 3-D seismic survey ahead of schedule and under budget.
  • Survey data significantly enhances imaging of trap geometry, reservoir distribution, and fault architecture.
  • Preliminary interpretations of the 3-D seismic data expected in the next two to three weeks (late April).
  • Confirmatory well planned for mid-2026 targeting the apex of the Lawson structure to validate commerciality.
  • Identified a new "Lawson Southwest" look-alike target 12 km southwest of the original discovery based on legacy 2-D seismic data, reinforcing district-scale repeatability.
• Financial & Strategic Context:
  • Company recently completed a $20.5-million raise to fund the current program.
  • Funds will support follow-up wells at Lawson, well completion/testing at Bracken, acquisition of new seismic data at Genesis and Grasslands, and evaluation of dozens of prospects.
  • Bell Canada has proposed a large data centre development in the adjacent Industrial Corridor, creating potential local demand for natural hydrogen and helium.
  • Max Power holds approximately 1.3 million acres of permits and 5.7 million acres under application in Saskatchewan.

Notable Quotes

• Ran Narayanasamy, CEO: "Drilling at Bracken supports our view that multiple geological play concepts for natural hydrogen may exist across a broad regional system in Saskatchewan... With Bracken encountering natural hydrogen and helium zones 325 kilometres from Lawson on a developing trend and a robust pipeline of prospects and targets across the 475-kilometre Genesis trend, we are now defining the first basin-scale natural hydrogen play in North America."
• Steve Halabura, Chief Geoscientist: "At Lawson, the 3-D seismic is a game changer. It allows us to precisely define structural closure, optimize well placement and significantly increase the probability of success for the commercial validation follow-up well."