Powermax to acquire Ogden Bear Lodge for 250,000 shares

Mr. Paul Gorman reports POWERMAX ANNOUNCES ACQUISITION OF 100% INTEREST IN THE OGDEN BEAR LODGE REE PROJECT IN CROOK COUNTY, WYOMING Powermax Minerals Inc. has agreed to acquire a 100-per-cent interest in the Ogden Bear Lodge rare earth element project in Crook county, Wyoming, from 1357508 B.C. Ltd. through the purchase from 1357508 of all of the shares of its formerly wholly owned subsidiary, Goldenears Exploration Corp., pursuant to the terms of a share purchase agreement dated Sept. 23, 2025. The consideration to be paid by the company under the purchase agreement consists of 250,000 common shares of Powermax. The property is composed of 22 federal unpatented lode mining claims totalling 184 hectares. The property is strategically located in the Bear Lodge mining district, located in Crook county in northeastern Wyoming, an active mining region since the discovery of gold in 1875 near Warren Peak. Exploration activity in the district has historically targeted gold, rare earth elements, barium, copper, lead, zinc, manganese, niobium, tantalum, thorium, fluorine and phosphate. Most notably within the Bear Lodge mining district is the Bear Lodge critical rare earth project owned by Rare Element Resources Ltd. Rare Element has recently received a non-binding letter of interest from Export-Import Bank of the United States for debt financing for the RER Bear Lodge project for up to $553-million (U.S.), which funds would support the permitting, engineering design and construction of the RER Bear Lodge project. The property shares its western border with the RER Bear Lodge project. "We are excited about the acquisition of the Odgen Bear Lodge REE project in Crook county, Wyoming, which adds to our expanding portfolio of assets," stated Paul Gorman, chief executive officer of Powermax. "The active mine development of the RER Bear Lodge project directly to the west of the property indicates that we are in the right neighbourhood being in the shadow of a potential mine. Our technical team's expertise presents a strong opportunity to unlock value from this property." The company will provide further updates as the permitting process advances and as exploration activities commence on the claims. The closing of the acquisition is expected to take place on or about Oct. 8, 2025, subject to customary closing conditions and regulatory approvals, including approval by the Canadian Securities Exchange. Afzaal Pirzada, BSc, PGeo, a director to the company, is the qualified person (as such term is defined in National Instrument 43-101), who has reviewed and approved the scientific and technical disclosure contained in this news release. About Powermax Minerals Inc. Powermax is a Canadian mineral exploration company focused on advancing rare earth element projects. The company holds an option to acquire the Cameron rare earth element property, located in British Columbia, and the Atikokan REE property, located in Ontario. We seek Safe Harbor.