Max Power new CEO advances start date

Executive Summary

• CEO Transition: Ranjith (Ran) Narayanasamy has assumed the role of CEO and Director, effective December 1, 2025, accelerating the previously announced transition. He succeeds Mansoor Jan, who remains as CEO of the new U.S. subsidiary, Homeland Critical Minerals Corp.
• Operational Milestones: The Lawson natural hydrogen well has been cased to 2,278 meters and is undergoing targeted zone testing this week to determine flow rates, volume, and concentrations. Concurrently, a fully financed second well is advancing at the Bracken target as part of a multiwell program.
• Financing Status: The company is in the final stages of closing a $5 million strategic financing with a Vietnamese conglomerate, approved at 30 cents per unit (common share + 1/2 warrant), expected to close imminently.

Key Details

• CEO Appointment: Ranjith (Ran) Narayanasamy appointed CEO and Director, effective Dec. 1, 2025 (advanced from Dec. 8, 2025).
• Outgoing CEO: Mansoor Jan steps down as CEO of Max Power but remains CEO of Homeland Critical Minerals Corp. (U.S. subsidiary focused on lithium clay in Arizona).
• Lawson Well Status:
  • Successfully cased in November to a total depth of 2,278 meters.
  • Undergoing targeted zone testing this week to assess potential flow rates, volume, and concentrations of natural hydrogen and associated gases.
  • Service rig arriving this week for completion test phase (perforation, gas/fluid sampling, pressure measurements).
• Bracken Well Program:
  • Advancing a fully financed second well, 325 km southwest of Lawson.
  • 2-D seismic survey to be completed within two weeks.
  • Geophysical interpretation and drill target selection expected by Christmas; well licensing to follow.
  • Drilling of the second well planned to start in January 2026.
• Land Position: Company holds 1.3 million acres of permits in Saskatchewan for natural hydrogen exploration, with an additional 5.7 million acres under application.
• Financing Update:
  • $5 million investment from a leading Vietnamese conglomerate.
  • Price: 30 cents per unit.
  • Unit Structure: One common share and one-half of a common share purchase warrant.
  • Status: Final Vietnamese government approvals received; final regulatory/logistical deliverables being completed; closing expected imminently.
• Executive Compensation:
  • Grant of 1,000,000 stock options to Mr. Narayanasamy at an exercise price of 80 cents.
  • Grant of 750,000 Restricted Share Units (RSUs).
  • Vesting terms to be determined by the Board.
• Strategic Initiatives:
  • MAXX LEMI: Advancing an AI-assisted large Earth model to integrate data from multiple targets (Lawson, Bracken, Radville, Lucky Lake) for faster target ranking.
  • Homeland Critical Minerals: Evaluating strategic alternatives for the Willcox Playa lithium project, including potential spinout possibilities.
  • Partnerships: Evaluating new strategic partnerships in clean energy and technology; deepening collaboration with PTRC, universities, and government agencies.

Notable Quotes

• Neil McMillan, Director: "We thank Mansoor for his extraordinary work at helping put Max Power in the enviable position it's now in... Ran's early arrival strengthens Max Power exactly when it matters most. We are now transitioning from a historic first well with highly encouraging early indications into a co-ordinated multiwell natural hydrogen program that has both discovery and development ambitions."
• Ranjith (Ran) Narayanasamy, CEO: "I am humbled by the opportunity to lead Max Power at this pivotal moment in company history. Tireless planning, integrity and flawless execution -- that's what will help us build on the current momentum and develop a clear commercial road map for natural hydrogen in Saskatchewan."