MAX Power Accelerates CEO Transition as Lawson Enters Next Phase of Natural Hydrogen Testing

Executive Summary

• Ran Narayanasamy assumes the role of CEO (effective Dec 1, 2025) and receives 1 M stock options @ $0.80 plus 750k RSUs.
• Lawson deep well – Canada’s first dedicated Natural Hydrogen well – has been cased to 2,278 m; completion testing begins this week with flow‑rate and gas composition analysis.
• Fully funded second well at Bracken is slated for drilling in Jan 2026; seismic work and target selection are on track.
• The previously announced $5 M strategic financing from a Vietnamese conglomerate (units @ $0.30) has received final Vietnam government approval and is expected to close imminently.

Key Details

• CEO Transition
• Ran Narayanasamy formally assumes CEO duties on Dec 1, 2025; also appointed Director.
• Outgoing CEO Mansoor Jan moves to lead U.S. subsidiary Homeland Critical Minerals Corp., focusing on the Willcox Playa Lithium Project.
• Incentive Grants
• 1,000,000 stock options granted to Narayanasamy at an exercise price of $0.80 per share.

• 750,000 RSUs also awarded; vesting terms set by Board under the Company’s RSU plan.

• Lawson Well – Analytic & Completion Phases

• Well cased to 2,278 m in November 2025; natural hydrogen and helium confirmed in multiple horizons.
• Service rig arriving this week for perforation, gas/fluid sampling, pressure measurements, and flow‑rate testing.

• Core, gas, and geophysical data being integrated into the AI‑assisted MAXX LEMI database for source‑rock and migration analysis.

• Bracken Well – Second Test‑of‑Concept Well

• 2D seismic survey to finish within two weeks; interpretation & target selection targeted by Christmas 2025.

• Licensing work underway; drilling planned for Jan 2026, contingent on permit approvals.

• MAXX LEMI Platform

• Ongoing transition from operator‑driven to AI‑assisted large‑earth model handling data from Lawson, Bracken, Radville, Lucky Lake, etc.

• Evaluation of monetization options for the platform as a strategic asset across jurisdictions.

• Genesis Trend & Portfolio Expansion

• Technical work advancing northern/shallow extensions of Genesis Trend (hydrogen stimulation concepts).

• Current land package: 1.3 M acres permitted in Saskatchewan; additional 5.7 M acres under application.

• Strategic Financing & Partnership (Vietnam)

• $5 M investment at $0.30 per unit (each unit = 1 common share + ½ warrant).

• Final Vietnamese government approvals obtained; closing deliverables being finalized; completion expected imminently.

• Corporate Development

• Evaluation of new clean‑energy and technology partnerships for Natural Hydrogen exploration and data services.
• Ongoing strategic alternatives for the Willcox Playa Lithium Project via Homeland Critical Minerals, including possible spin‑out transactions.

• Expansion of Indigenous relations and procurement policies to align with TRC #92 commitments.

• Communications & Media

• Multiple video links released showcasing Lawson drilling start, documentary footage, and presentations on Natural Hydrogen and critical minerals.

Notable Quotes

• Neil McMillan, Director: “Ran’s early arrival strengthens MAX Power exactly when it matters most… we are now transitioning from a historic first well with highly encouraging early indications into a coordinated multi‑well Natural Hydrogen program.”
• Ran Narayanasamy, CEO: “Tireless planning, integrity and flawless execution – that’s what will help us build on the current momentum and develop a clear commercial roadmap for Natural Hydrogen in Saskatchewan.”