New Risk • 20h
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 61% per year over the past 5 years. Shareholders have been substantially diluted in the past year (152% increase in shares outstanding). Revenue is less than US$1m. Announcement • Jul 15
Max Power Steps Out 2.4 Km from Original Lawson Discovery as Natural Hydrogen Commercial Validation Program Begins MAX Power Mining Corp. announced that it has commenced the commercial validation phase at the 28 sq. km Lawson Complex, host to Canada’s first subsurface Natural Hydrogen system discovered late last year. The first well, “Lawson 2-24”, which was spudded last night (9:15 pmJuly 13), is targeting the apex of a large structural closure identified through a 3D seismic survey completed this past spring following the drilling of Lawson Discovery well 15-19, located approximately 2.4 km to the northeast. Savanna Drill Rig #416 is expected to reach the main targeted discovery area for Lawson 2-24 in approximately two weeks. The MAX Power geological team, and independent consultant GLJ Ltd., are encouraged with respect to helium potential at the Lawson Complex after unusually highhelium values up to 8.7% were detected in sealed core tube gas samples from a zone immediately above the Natural Hydrogen discovery in the 15-19 well (9 samples averaged 4.4% helium). Lawson helium analysis continues with an update to the January 16, 2026, news expected later this month. Following Canada's first confirmed subsurface Natural Hydrogen discovery, high resolution 3D seismic defining a 14.2 sq. km structural closure, and independent modeling by GLJ Ltd., MAX Power is now testing the key technical parameters required before potential commercial development, including flow, pressure behaviour, continuity, concentrations, deliverability, and commercial scalability. Each milestone is designed to systematically reduce technical risk while increasing commercial confidence. If successful, Lawson could become the world's first large-scale commercial Natural Hydrogen system,
representing a defining milestone for both MAX Power and the broader global energy industry. Announcement • Jul 10
MAX Power Mining Corp Mobilizes Savanna Drilling Rig #416 For Multi-Well Commercial Validation Drill Program at Lawson Natural Hydrogen Complex MAX Power Mining Corp. announced that Savanna Drilling Rig #416 is being mobilized early next week to the Lawson Natural Hydrogen Complex in south-central Saskatchewan to commence a multi-well commercial validation drill program aimed at defining the world’s first large-scale commercial discovery of Natural Hydrogen. Savanna Rig #416 is a highly efficient “super single” rig that was used this past spring at the Bracken target (a 325-km step-out from the Lawson Discovery) where MAX Power encountered multiple prospective Natural Hydrogen and helium zones for near-term follow-up. Savanna Rig #416 comes with an exceptionally experienced crew and is outfitted with special gas detection equipment, for Natural Hydrogen and helium, provided by the MAX Power technical team. The initial well in this follow-up program at Lawson is being drilled into the apex of the Lawson structure, approximately 2 km from the original discovery, based on a high-resolution 3D seismic survey completed during the spring that outlined a 14.2 sq. km structural closure, above the gas-water contact, within a broader Lawson Complex covering 28 sq. km. Commercial validation represents the most important stage in the evolution of the Lawson Discovery. Following Canada's first confirmed subsurface Natural Hydrogen discovery, high resolution 3D seismic defining a 14.2 sq. km structural closure, and independent modeling by GLJ Ltd., MAX Power is now testing the key technical parameters required before potential commercial development, including flow, pressure behaviour, continuity, concentrations, deliverability, and commercial scalability. Each milestone is designed to systematically reduce technical risk while increasing commercial confidence. If successful, Lawson could become the world's first large-scale commercial Natural Hydrogen system, representing a defining milestone for both MAX Power and the broader global energy industry. 
