Max Power Prepares to Drill Second Natural Hydrogen Well as Program Expands 325 km SW of Lawson Discovery

Executive Summary
- MAX Power announced the identification of a robust “Bracken” drill target on its Grasslands Project (Saskatchewan‑Montana border) to test a second natural hydrogen play concept, with drilling slated for February 2026.
- The Bracken target was defined using 34.3 km of newly acquired proprietary 2D seismic data integrated with legacy data and the company’s AI‑assisted LEMI platform.
- Concurrently, the company granted 3.415 M stock options (exercise $1.08) and 2.99 M RSUs to insiders, and entered marketing/service agreements with Apollo Shareholder Relations ($45k cash fee + 100 k options) and BW Venture Strategies ($10 k/month).
Key Details
- Bracken Target Definition
- Utilized 34.3 line‑km of proprietary 2D seismic combined with legacy data to delineate basement architecture, structural/stratigraphic pathways, and migration corridors for natural hydrogen (and potential helium).
- Represents a distinct “play concept” with unique trap and seal mechanisms versus the structural play at Lawson.
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Licensing work underway; drilling planned for February 2026.
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Strategic Importance
- Provides a second calibration point to demonstrate basin‑scale continuity of natural hydrogen systems across Saskatchewan.
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Success would materially de‑risk additional prospects within the 75‑km‑wide Grasslands Project and support rapid expansion of the company’s inventory of drill targets.
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Corporate Actions
- Stock Options: 3,415,000 options granted at $1.08 exercise price; 3‑year expiry.
- RSUs: 2,990,000 restricted stock units issued to management, directors and consultants (vesting terms TBD).
- Apollo Shareholder Relations Agreement
- Service term: 6 months starting 23 Jan 2026, thereafter month‑to‑month.
- Cash fee: $45,000 payable over the initial term.
- Equity component: 100,000 stock options (subject to board approval).
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BW Venture Strategies Agreement
- Service term: 6 months starting 19 Jan 2026.
- Fee: $10,000 per month in cash; no equity compensation.
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Management Comments
- Steve Halabura (Chief Geoscientist): Emphasized data depth and the distinct stratigraphic play at Bracken versus Lawson.
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Ran Narayanasamy (CEO): Highlighted rapid exploration timeline (“months to molecules”) and the advantage of Saskatchewan’s policy framework for natural hydrogen commercialization.
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Investor Materials
- Links to multiple videos showcasing the Lawson discovery, drilling activities, and a documentary on MAX Power’s natural hydrogen program.
Notable Quotes
“We continue to move at a rapid pace with respect to Natural Hydrogen exploration and development in Saskatchewan… This is months to molecules, not years.” – Ran Narayanasamy, CEO
“Bracken is where the MAX Power team first discovered Natural Hydrogen in the sub‑surface in Saskatchewan… we’ll be testing a stratigraphic play concept vs. the structural play concept successfully developed at Lawson.” – Steve Halabura, Chief Geoscientist