MAX Power Appoints Energy Leader as New CEO to Drive Next Phase of Natural Hydrogen Growth

Executive Summary

• MAX Power appoints Ranjith “Ran” Narayanasamy as new Chief Executive Officer effective Dec 8 2025 to lead its Natural Hydrogen exploration and development strategy.
• Current CEO Mansoor Jan will become CEO of the company’s U.S. critical‑minerals subsidiary, with a planned spin‑out or other strategic transaction for the Willcox Playa Lithium Project in Arizona.
• The Company is poised to begin Canada’s first deep well targeting Natural Hydrogen at the Lawson target on the Genesis Trend (early Nov 2025) and has closed $5.7 M of financing plus a C$5 M strategic investment.

Key Details

• CEO Appointment: Ran Narayanasamy, former President & CEO of the Petroleum Technology Research Centre (PTRC), brings experience in CCUS, geothermal, natural/blue hydrogen, and government relations. Effective 8 Dec 2025.
• Leadership Transition: Mansoor Jan will shift to lead MAX Power’s U.S. subsidiary; board is evaluating a spin‑out or other transaction for the Willcox Playa Lithium Project to unlock standalone value.
• Natural Hydrogen Program:
• Secured drilling license and contractor for Canada’s first dedicated Natural Hydrogen well at Lawson (Genesis Trend).
• Early‑November 2025 spud planned; multi‑well execution strategy slated for 2026.
• Company now holds ~1.3 M acres of permitted land (additional 5.7 M acres under application) – the largest Natural Hydrogen land package in Canada.
• Financing Activity:
• Total financing closed: $5.7 M, including a lead order from Eric Sprott.
• Additional strategic investment: C$5 M from a Southeast Asian conglomerate.
• U.S. Critical Minerals Asset – Willcox Playa Lithium Project:
• 2024 drilling discovered near‑surface lithium‑rich clays across the 50‑sq‑mi playa.
• Majority of land leased by U.S. Department of Defense; remaining owned by MAX Power.
• Spin‑out/strategic transaction intended to capitalize on heightened U.S. policy focus on domestic critical minerals.
• Operational Milestones (Nov 2024 – Oct 2025):
• Became largest permitted Natural Hydrogen landholder in Canada.
• Developed “MAXX LEMI” Earth Model for Natural Hydrogen exploration.
• Expanded board and advisory team with senior energy and mining leaders.
• Corporate Relocation: Head office moved to Saskatchewan to align with policy, research, and infrastructure supporting Natural Hydrogen activities.

Notable Quotes

• Ran Narayanasamy (incoming CEO): “My mandate is simple: convert an impressive technical edge into repeatable discovery and commercialization… by 2050 the world needs sustainable, low‑emission energy sources – that’s the niche for Natural Hydrogen.”
• Mansoor Jan (outgoing CEO, incoming U.S. subsidiary CEO): “Ran is the right leader at exactly the right time… I’m thrilled to continue building shareholder value through our Arizona critical minerals asset.”

Materiality: Material – Positive – The leadership change, imminent drilling program, and planned spin‑out represent significant strategic developments likely to affect the company’s future cash flows and market perception.