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MAX Power Mining Corp. is a global leader in Natural Hydrogen, working to establish Saskatchewan as the birthplace of large-scale commercial production of this emerging new primary energy source.
MAX Power Mining Corp. (CSE: MAXX) (OTC: MAXXF) (FSE: 89N) is helping pioneer the exploration and potential commercialization of Natural Hydrogen, an emerging new primary energy source that could reshape how the world discovers, produces and consumes clean energy.
For more than a century, the global energy industry has been built around discovering and producing naturally occurring resources such as oil, natural gas and coal. Natural Hydrogen introduces a significant new chapter: Hydrogen generated through geological processes beneath the Earth’s surface that may be recoverable directly from subsurface reservoirs.
At Lawson, four initial wells and 3D seismic have progressively defined Canada’s first confirmed subsurface Natural Hydrogen system, with Lawson 4 recording the highest Natural Hydrogen readings to date in addition to a thick Basal Cambrian reservoir and a deep conduit interpreted to be a Natural Hydrogen “highway”. Lawson 5 is testing regional scale approximately 30 km northeast of the initial discovery area, while an extensive completions program is being prepared to evaluate gas composition, sustained flow, reservoir connectivity and deliverability. Independent energy consultant GLJ Ltd., a global leader, is supporting reservoir characterization, modelling and development scenarios as MAX Power advances toward determining the system’s commercial viability.
The opportunity extends far beyond Lawson. With approximately 2.5 million permitted acres, dozens of prospective targets and proprietary AI-assisted exploration technology, MAX Power is advancing an integrated strategy to discover, evaluate and develop Natural Hydrogen resources across Saskatchewan, while building the geological intelligence to guide exploration globally.
Natural Hydrogen: The Next Frontier in Primary Energy
Unlike manufactured hydrogen, which requires energy intensive industrial processes, Natural Hydrogen is generated through geological processes beneath the Earth’s surface. This fundamental distinction creates the opportunity to establish a new primary energy industry with its own exploration, production, processing and distribution infrastructure, delivering low cost, reliable energy with significantly improved economics and reduced emissions if commercially proven at scale.
Its potential applications span electricity generation, industrial heat, fertilizer production, transportation and dedicated power systems for major industrial facilities. The ability to produce hydrogen directly from subsurface resources could also enable localized electricity generation, allowing energy intensive infrastructure to operate closer to dedicated power supplies rather than relying exclusively on constrained electrical grids.
Geological processes may continue generating hydrogen over time, with upcoming commercial validation testing designed to assess concentrations, sustained flow, recoverable volumes and reservoir performance, providing critical insights into the potential for long-term commercial production.
Lawson also introduces a strategic opportunity through helium, a critical resource essential to semiconductor manufacturing, aerospace, medical imaging and advanced technologies. With global supply concentrated among a limited number of producers, commercially recoverable helium could provide an additional source of value while strengthening North American supply security.
Testing a Basin Scale Energy Opportunity
The broader investment thesis is basin scale. MAX Power is moving beyond its initial Lawson Discovery to test the extent of prospective Natural Hydrogen systems across Saskatchewan, with Lawson 5 and Bracken representing major regional exploration steps toward establishing the scale of this emerging energy opportunity.
Lawson 5 represents a major progression in the exploration strategy, stepping approximately 30 km northeast of the first four wells to test whether the geological architecture identified at Lawson extends toward the Salt Wall flanking the Prairie Evaporite.
The Salt Wall Corridor extends north-south approximately 475 km toward the Saskatchewan–North Dakota border, presenting a vast geological setting with potential trapping and sealing structures for Natural Hydrogen all along this eastern side of Genesis. Approximately 325 km southwest of Lawson, on a different trend, Bracken adds another regional dimension, with independent petrophysical analysis identifying multiple prospective Natural Hydrogen and helium zones ahead of completions testing.
Together, these programs are testing the commercial viability and regional extent of an emerging energy system, with the potential to expand into a basin scale resource development opportunity.
From Discovery to Energy Production: The Commercialization Pathway
MAX Power is advancing from geological discovery toward the technical evaluation required to establish commercial production. An extensive completions program at Lawson is being prepared to assess Natural Hydrogen concentrations, sustained gas flow, pressure behaviour, reservoir connectivity and deliverability, providing the critical data needed to evaluate recoverable volumes, production rates and potential development scenarios.
GLJ is supporting reservoir characterization and modelling as MAX Power evaluates the technical and economic foundations for commercial development. Successful validation would open several potential pathways, from supplying industrial hydrogen users to generating dedicated electricity for advanced manufacturing, AI data centers and other energy intensive facilities.
Localized electricity generation represents a particularly compelling opportunity. Rather than relying exclusively on transporting energy over long distances, a commercial Natural Hydrogen system could support power generation near production sites, allowing major industrial users to access dedicated energy supplies while reducing dependence on constrained transmission infrastructure.
MAX Power is building the foundation for an integrated energy business extending from subsurface discovery through production and end use, with commercial validation representing the next defining milestone.
MAXX LEMI: Building the Intelligence to Discover Natural Hydrogen Globally
MAX Power is building more than a Natural Hydrogen exploration portfolio. MAXX LEMI (Large Earth Model Integration) is the Company’s proprietary AI-assisted exploration/discovery platform, integrating seismic, drilling, structural, geophysical and historical subsurface data to identify and evaluate prospective Natural Hydrogen systems. Every new well and completions test adds to its growing proprietary dataset, strengthening the geological model and refining the intelligence guiding future exploration.
Recognizing its potential beyond MAX Power’s own exploration activities, the Company has engaged Kyndryl Holdings Inc. (NYSE: KD), the world’s largest IT infrastructure services provider, to develop a commercialization strategy and go-to-market plan. Opportunities under evaluation include technology licensing, platform access, technical services and strategic partnerships across international energy and exploration markets. MAXX LEMI was also named runner up in the Digital Innovator Category at the 2026 Canadian Hydrogen Convention, behind Siemens.
MAXX LEMI represents a second potential engine of growth: Proprietary exploration intelligence that could help drive Natural Hydrogen discoveries across the industry globally, creating value far beyond MAX Power’s own resource portfolio.
Market Opportunity
The global hydrogen market is valued at approximately $250 billion and is expected to exceed $400 billion by 2030, while McKinsey has projected hydrogen could become a $2.5 trillion annual market by 2050, representing roughly 18% of final energy consumption. Conventional hydrogen typically costs $1.50–$3.00/kg and green hydrogen approximately $4.00–$8.00/kg, while Natural Hydrogen has the potential for production costs of approximately $1.00/kg or less if commercially proven at scale.
The opportunity is particularly compelling in Saskatchewan. The Regina–Moose Jaw Industrial Corridor has been estimated to support a C$708 million annual hydrogen market, with potential province-wide demand reaching C$2.7 billion annually. At the same time, Bell Canada is undertaking a $50 billion expansion of its AI infrastructure toward a 1.2 GW Hub in Saskatchewan, highlighting the scale of new power demand emerging in the province. This convergence of geology, infrastructure and energy demand positions Saskatchewan as a compelling birthplace for the commercialization of Natural Hydrogen.
For MAX Power, the opportunity extends beyond the hydrogen market itself. The convergence of Natural Hydrogen, rapidly expanding AI electricity demand and the potential global commercialization of MAXX LEMI positions the Company at the intersection of three emerging markets, each with the potential to create significant long-term value.
Leadership Team
Rob Norris, Chief Executive Officer & Director, was a high-profile Saskatchewan cabinet minister in the Brad Wall government whose portfolios included SaskPower, Innovation Saskatchewan, Advanced Education, Employment, Labour and Immigration. He served the Saskatoon-Greystone riding as an MLA from 2007 to 2016 and a key member of cabinet (2007-2012 and 2013-2014) for what is widely regarded today as one of the most successful provincial governments in Canadian history. Rob brings exceptional communication skills, business savvy, and a strong network of contacts to his new role as CEO of MAX Power after first joining the board in June 2025.
Chad Levesque, President & Director, brings more than two decades of experience in capital markets, corporate development, investor relations and strategic communications, with a key role in MAX Power’s growth strategy, strategic relationships and global positioning.
Tony Van Bergsteden, Chief Financial Officer & Director, is a CPA and CFA and former CFO of Orano Canada and VP of Finance at Federated Co-operatives Ltd., bringing extensive experience in capital allocation, governance and large-scale resource operations.
Steve Halabura, Chief Geoscientist, brings half a century of Saskatchewan resource experience and deep knowledge of hydrogen, helium and industrial gas geology to the MAX Power team. He was instrumental in the formative stages of BHP’s Jansen Project and K+S’s Bethune mine, Saskatchewan’s only two greenfield potash mines developed in the 21st century. The US$15.3 billion Jansen Project, one of the largest potash mines in the world, is located 175 km northeast of the Lawson Natural Hydrogen Discovery and is slated to commence commercial production in 2027.
Tom Kishchuk, Chief Technology Officer & Director, is Executive Director of the Global Institute for Energy, Mines and Society and brings more than three decades of technical and business leadership across the energy sector.
Neil McMillan, Director & Chairman of the Board, is the former Chairman of the Board of Cameco, the world’s largest publicly traded uranium company. He also led Claude Resources as President and CEO for many years, positioning the Saskatchewan gold producer for its eventual $337 million acquisition.
Ran Narayanasamy, Director and Vice-Chair, led a multi-year buildout of the Regina-based and globally recognized Petroleum Technology & Research Centre (PTRC). Prior to PTRC, Ran enjoyed a 17-year career with SaskPower where he excelled in multiple areas in senior roles.
Brent Dunlop, Advisory Board Chairman, combines resource and capital markets experience, having built approximately $700 million in assets under management during a 28- year career at RBC following earlier technical roles with Inco and Potash Corp.
Andy Bowering, Special Advisor, is a renowned resource investor and venture capitalist with more than 30 years of industry and capital markets experience. He co-founded Millennial Lithium, acquired for C$491 million, and has helped build, finance and advance numerous successful resource companies.