Max Power closes $25 million Sprott investment at Lawson

Financing strengthens MAX Power’s ability to aggressively advance drilling as well as modelling and estimation of resource potential at the Lawson Complex, seismic expansion along Genesis Trend, and commercialization pathways across the Company’s Saskatchewan Natural Hydrogen portfolio Genesis Explained: Its “Salt Barrier” Advantage and Proximity To Demand https://www.youtube.com/watch?v=3ytpHdve6S8 REGINA, Saskatchewan, May 29, 2026 (GLOBE NEWSWIRE) -- MAX Power Mining Corp. (CSE: MAXX; OTC: MAXXF; FSE: 89N) (“MAX Power” or the “Company”) is pleased to announce that, further to its May 21, 2026 news release, it has closed its strategic non-brokered private placement (the “ Private Placement ”) with Mr. Eric Sprott for gross proceeds of $ 25 million . The Private Placement consisted of 12,500,000 units (“Units”) of the Company at a price of $2.00 per Unit through 2176423 Ontario Ltd., a corporation beneficially owned by Mr. Sprott. Mr. Ran Narayanasamy, MAX Power CEO, commented: “We thank Eric for his continued strong support of MAX Power and our objective of confirming the world’s first large-scale commercial discovery of Natural Hydrogen.

With over $40 million in the treasury, we’re ready to execute an aggressive, disciplined approach at the Lawson Complex and elsewhere across our Saskatchewan holdings to maximize upside potential for shareholders in this unique situation.” The Company intends to use the net proceeds of the Private Placement for: 1) Follow-up drilling at the Lawson Complex; 2) Modelling and estimation of the resource potential and near-term commercial development prospects at Lawson; 3) Further acquisition of 2D and 3D seismic data over prospective areas across MAX Power’s Saskatchewan land package; (4) Drilling of additional targets in Saskatchewan, including near-term well completion at Bracken; 5) Acquisition of additional permitted ground; 6) Continued development of the Company's proprietary AI-empowered Large Earth Model Integration (MAXX LEMI) Platform with potential global application for efficient targeting of Natural Hydrogen deposits; 7) General corporate purposes, including administrative and marketing expenses. Private Placement Terms Each Unit consisted of one common share in the capital of the Company (each, a “ Common Share ”) and one Common Share purchase warrant (each, a “ Warrant ”). Each Warrant entitles Mr. Sprott to purchase one Common Share (each, a “ Warrant Share ”) at a price of $2.75 per Warrant Share for a period of 24 months from the closing date of the Private Placement.

All securities issued in connection with the Private Placement are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. The Private Placement is subject to the final approval of the Canadian Securities Exchange. Mr. Sprott currently holds more than 10% of the issued and outstanding Common Shares.

As a result, his participation in the Private Placement constituted a “related party transaction” within the meaning of Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (“ MI 61-101 ”). The Company relied on the exemptions from the formal valuation and minority shareholder approval requirements under sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the Units issued to Mr. Sprott, and the consideration paid by him, did not exceed 25% of the Company’s market capitalization. Early Warning Disclosure As required by National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (“ NI 62-103 ”), Mr. Sprott has filed an Early Warning Report in connection with his acquisition of the Units pursuant to the Private Placement.