MAX Power Advances Basin-Scale Discovery Potential with Multi-Zone Natural Hydrogen and Helium Intervals at Bracken

Executive Summary

• Bracken Well (Grasslands Project) was successfully drilled to 2,600 m, cased and ready for completion; it intersected mixed gas with Helium and two Natural Hydrogen‑dominant zones.
• A high‑resolution 47 sq km 3D seismic survey over the Lawson Discovery and surrounding area was completed ahead of schedule and under budget, with preliminary interpretations expected within weeks.
• A new “Lawson Southwest” target located ~12 km southwest of the original discovery was identified from legacy 2D data, adding a potential repeatable play on the Genesis Trend.

Key Details

• Bracken Well – Drilling: Total depth 2,600 m; three zones of interest (two Natural Hydrogen‑dominant, one Helium‑rich). Core, gas chromatography and borehole logs collected; core now at AGAT Labs (Calgary) for initial analysis.
• Service Operations: Rig to return in Q2 after spring breakup for well completion and flow testing.
• Helium Findings: Helium values up to 8.7 % (average 4.4 %) from Cambrian basal sands above the Natural Hydrogen zone, confirming association of Helium with the system.
• 3D Seismic Survey: 47 sq km area covering Lawson Discovery and adjacent Genesis Trend; delivered high‑quality data set with excellent signal‑to‑noise, enhancing imaging of trap geometry, reservoir distribution, and fault architecture.
• Interpretation Timeline: Preliminary seismic interpretations expected within the next 2–3 weeks (late April).
• Confirmatory Well: Planned for mid‑2026 targeting the apex of the Lawson structure to validate commercial potential.
• Lawson “Look‑Alike” Target: Named “Lawson Southwest,” located ~12 km SW of original discovery; shows similar geophysical signatures and a dome‑like surface feature at Shooter Hill, now high on the drill priority list.
• Funding: Recent $20.5 M equity raise will fund follow‑up well at Lawson, Bracken completion/testing, additional seismic acquisition (Genesis, Grasslands), prospect evaluation, and corporate development activities.
• Strategic Context: Proximity of Genesis Trend to Saskatchewan’s proposed large data centre corridor (Bell Canada) creates a potential demand outlet for Natural Hydrogen and Helium as baseload clean energy.

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… we are now defining the first basin‑scale Natural Hydrogen play in North America.”
• Steve Halabura, Chief Geoscientist: “The 3D 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.”