MAX Power closes $10 million strategic investment from Eric Sprott at Lawson

Fresh investment by Eric Sprott into MAX Power follows early success in ongoing commercial validation drill program at Lawson Complex as MAXX aims to confirm the world’s first large-scale commercial discovery of Natural Hydrogen, a potentially transformational new primary energy source

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REGINA, Saskatchewan, Aug. 17, 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 August 10, 2026 news release, it has closed its strategic non-brokered private placement (the “Private Placement”) with Mr. Eric Sprott for gross proceeds of $10 million . The Private Placement consisted of 4,000,000 units (“Units”) of the Company at a price of $2.50 per Unit through 2176423 Ontario Ltd., a corporation beneficially owned by Mr. Sprott.

Mr. Ran Narayanasamy, MAX Power CEO, commented: “We are grateful for Eric’s continued confidence in MAX Power and our mission to unlock the commercial potential of Natural Hydrogen. This investment enables us to accelerate our validation drilling at the Lawson Complex, bringing us closer to demonstrating the viability of this transformative energy source.”

The Company intends to use the net proceeds of the Private Placement to further advance its ongoing commercial validation drill program at the Lawson Complex and for 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 $3.25 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 Security Holders 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.

Upon completion of the Private Placement, Mr. Sprott indirectly owns and exercises control over 34,984,979 Common Shares and 28,638,548 Warrants, representing approximately 19.5% of the issued and outstanding Common Shares (on a non-diluted basis) or 30.5% of the issued and outstanding Common Shares (on a partially diluted basis, assuming exercise of the Warrants). As previously announced by the Company, a special meeting of shareholders (the “Meeting”) is scheduled to be held on August 20, 2026, at which disinterested shareholders will be asked to consider and, if thought advisable, approve an ordinary resolution approving the creation of Mr. Sprott as a control person of the Company (the “Control Person Resolution”). Pursuant to the terms of a supplementary agreement, Mr. Sprott has agreed to refrain from exercising Warrants that would result in his shareholdings exceeding 19.9% of the issued and outstanding Common Shares unless and until the requisite shareholder and stock exchange approvals have been obtained.