Powermax completes acquisition of Ogden Bear project

Executive Summary

• Powermax Minerals Inc. completed the acquisition of a 100 % interest in the Ogden Bear Lodge REE project in Crook County, Wyoming.
• Consideration was paid with 250,000 common shares of Powermax.
• The newly acquired property consists of 22 federal unpatented lode mining claims covering 184 ha and is adjacent to the RER Bear Lodge critical rare‑earth project.

Key Details

• Acquisition completed under a Share Purchase Agreement dated September 23, 2025 (previously announced on September 29, 2025).
• Seller: 1357508 B.C. Ltd., via purchase of all shares of its subsidiary Goldenears Exploration Corp.
• Consideration: issuance of 250,000 Powermax common shares to the seller.
• Property description: 22 federal unpatented lode mining claims, total area ≈ 184 hectares, located in the Bear Lodge mining district (historically explored for gold, REEs, barium, copper, lead, zinc, manganese, niobium, tantalum, thorium, fluorine, phosphate).
• Strategic relevance: western border of the property abuts Rare Element Resources Ltd.’s Bear Lodge critical rare‑earth project, which has a non‑binding $553 million Export‑Import Bank of the United States letter of interest for debt financing.
• Qualified Person: Afzaal Pirzada, BSc, PGeo (director) reviewed and approved the scientific and technical disclosure per NI 43‑101.
• Future actions: Powermax will update stakeholders as permitting progresses and exploration activities commence on the claims.

Notable Quotes

(No direct quotes were provided in the release.)