MAX Power Mining Corp Q1 2026 Research Report

MAX Power Mining Corp: Delivering on Canada’s First Natural Hydrogen Discovery 

(Sponsored)

Company Profile 

MAX Power Mining Corp. (CSE: MAXX | OTC: MAXXF | FRA: 89N) is focused on Natural Hydrogen exploration in Saskatchewan where the Company has quickly advanced from exploration to discovery with the successful completion of Canada’s first-ever well drilled specifically for Natural Hydrogen. This has triggered a series of developments including resource modeling and estimation as well as the drilling of another prospective target more than 300 km from the original discovery. 

In January 2026, MAX Power confirmed Canada’s first subsurface Natural Hydrogen system at its Lawson target near Central Butte, Saskatchewan. This marked the country’s first deep-drilling confirmation of a Natural Hydrogen system and firmly established MAX Power as Canada’s pioneering leader in this exciting new space.   

MAX Power controls approximately 1.3 million acres under permit in Saskatchewan, with an additional 5.7 million acres under application, covering ground considered prospective for large-volume accumulations of Natural Hydrogen along the 475-km-long Genesis Trend and elsewhere in the province.  Genesis represents unusual potential scalability given its size and location as it borders the world’s largest reserves of potash within the Prairie Evaporite, a natural “Salt Barrier” for the accumulation of Natural Hydrogen and associated gases such as helium.

The Investment Thesis: From Concept to Discovery 

Natural Hydrogen has moved from theoretical potential to verified subsurface reality in Canada. 

The Lawson well, drilled specifically for Natural Hydrogen, confirmed: 

• Hydrogen concentrations up to 286,000 ppm (28.6% H₂) 
• Free gas flow to surface following perforation 
• Strong initial pressure and reservoir drive 
• Fractured Precambrian basement rocks hosting hydrogen-rich gas 
• Elevated helium values above the hydrogen zone, indicating potential stacked-gas systems 

Independent testing by AGAT, Corelab, and PTRC confirmed hydrogen concentrations ranging from ~16.8% to 28.6% H₂. 

Management and geologists state these results strongly suggest Lawson is part of a larger, actively charged Natural Hydrogen system rather than an isolated occurrence. 

This discovery moves MAX Power from early-stage exploration into the discovery and early development phase. 

Business Catalysts 

First-Mover Advantage in Canada 

MAX Power drilled and completed Canada’s first well specifically targeting Natural Hydrogen and confirmed a working subsurface system. This establishes first-mover status in Canada’s emerging Natural Hydrogen sector. 

Saskatchewan: Natural Hydrogen-Focused Jurisdiction 

Saskatchewan is already a global leader in uranium and potash and is Canada’s only producer of helium. The province has a well-defined policy framework for Natural Hydrogen exploration and development, which enables MAX Power to receive well licenses quickly (typically within two weeks) to advance operations efficiently. 

Premier Scott Moe has publicly noted the success of MAX Power and how it’s also bringing fresh technological innovation into the province’s resource sector. 

With its strong agricultural sector, Saskatchewan has already shown high demand for manufactured hydrogen – being able to tap into sources of cleaner and more affordable natural hydrogen would further drive the “Saskatchewan Advantage”.  

 

The Genesis Trend could develop into a major “Hydrogen Hub” anchored by Natural Hydrogen. 

• Genesis is contiguous to the Regina–Moose Jaw Industrial Corridor where there is strong demand for hydrogen 
• The entire 475-km-long eastern border of Genesis rests along the Prairie Evaporite Formation which hosts the world’s largest reserves of potash. MAX Power’s geological team considers the Evaporite to be a regional “salt barrier” acting as both a trap and a seal for the accumulation of Natural Hydrogen 
• Favorable source rocks, migration pathways and large apparent reservoirs combine with the “salt barrier” (trap and seal) to provide a robust geological environment for the creation of many potential Natural Hydrogen deposits along Genesis, a Natural Hydrogen version of the province’s uranium-rich Athabasca Basin 

Strengthened Leadership 

MAX Power appointed Ran Narayanasamy as President and CEO and Neil McMillan as Chairman of the Board, assembling a leadership team built to transition the Company from discovery to commercialization. Ran brings deep institutional credibility as former CEO of the globally-recognized Petroleum Technology Research Centre (PTRC) and senior leadership experience at SaskPower. McMillan previously served as Chairman of the Board of Cameco, the world’s most valuable publicly traded uranium company  (~$70 billion CDN). MAX Power’s technical strength is anchored by Steve Halabura, who was a key member of the discovery team for BHP’s $18-billion (CDN) Jansen Project. MAX Power combines discovery-level geological expertise, large-scale energy infrastructure leadership, and proven commercialization experience to advance its next big phase of growth. 

De-Risked Technical Model 

The Lawson well tested one of a minimum of six independently developed natural hydrogen “play concepts” identified by MAX Power’s technical team. Its successful outcome materially de-risks a large portfolio of look-alike targets across the Genesis Trend and substantially advances the prospectivity of MAX Power’s extensive, basin-scale Saskatchewan land package. 

Project Overview: Genesis Trend 

Location: Saskatchewan, Canada 
Land Position: ~1.3 million acres under permit, plus ~5.7 million acres under application 
Ownership: 100% ownership of exploration permits 
Commodities: Natural Hydrogen, with Helium 

The Lawson well was drilled near Central Butte, Saskatchewan, approximately 140 km south of Saskatoon. Hydrogen was found in multiple zones from shallow strata down to the basement complex where the key discovery was made.   

The Genesis Trend now extends approximately 475 km across Saskatchewan and into Montana and the Dakotas. Management believes the scale and geology of this trend support repeatable Natural Hydrogen discoveries. 

Lawson Discovery Highlights 

• Hydrogen concentrations up to 286,000 ppm (28.6% H₂) 
• Free-flowing hydrogen to surface and reservoir drive after perforation 
• Strong initial rates and pressure 
• Fractured Precambrian “exotic terrane” rocks hosting favorable source rocks 
• Elevated helium values up to ~8.7% above the hydrogen zone 
• No hydrogen sulphide detected in tested gas samples  
• Strong consistency of results across three independent laboratories 

The relatively clean gas composition at Lawson (approximately 90% hydrogen-nitrogen mix, with no hydrogen sulphide) clearly indicates a geological source for the hydrogen (high-purity hydrogen will be targeted at the apex of the structure which is expected to be revealed through 3D seismic).  

After perforation, the well quickly achieved free gas flow to surface, delivering strong initial rates and pressures before being overtaken by a powerful influx of formation brine, demonstrating reservoir energy and connectivity.   

Next Steps – H1 2026 

MAX Power plans to advance Lawson toward commercial evaluation through: 

• Resource modelling and estimation 
• A 47-sq-km 3D seismic survey to define reservoir geometry and trap integrity 
• A confirmatory well in H1 2026, targeting the projected high-purity apex of the structure 
• Stakeholder and customer engagement with Saskatchewan-based industrial and energy users 

In parallel, data from Lawson will be integrated into MAXX LEMI, MAX Power’s AI-assisted Large Earth Model for Natural Hydrogen exploration, which the Company plans to develop as a global targeting platform. 

Second Well: Bracken 

MAX Power plans to drill a second, fully funded well along the Saskatchewan–Montana border at its Bracken target during February 2026. This will test a second Natural Hydrogen “play concept” and assess repeatability and scale beyond Lawson. 

Management states that Lawson de-risks multiple “look-alike” targets across the Genesis Trend and the broader Saskatchewan land package. 

 

Risk Framing 

The primary exploration risk, whether Natural Hydrogen exists in accumulations in Canada at depth, has now been addressed through the Lawson discovery. 

Remaining key risks include: 

• Demonstrating commercial flow rates and Natural Hydrogen purity  
• Defining reservoir geometry and deliverability 
• Economic evaluation following testing and seismic work 

These risks will be addressed through extended testing, 3D seismic, and the confirmatory well. 

The Bottom Line 

MAX Power has advanced Natural Hydrogen in Canada from concept to confirmed discovery with the successful drilling of the country’s first well specifically targeting this new primary energy source. The Lawson well delivered hydrogen-rich gas, free flow to surface, reservoir drive, and clear evidence of a functioning geological system, eliminating the primary technical uncertainty. 

With approximately 1.3 million acres under permit and a 475-km-long Genesis Trend hosting multiple Lawson look-alike targets, MAX Power is rapidly demonstrating that this is not a one-off discovery but a repeatable, basin-scale system. This scale and repeatability position the Company to define Canada’s first Natural Hydrogen district and potentially the world’s first large-scale commercial Natural Hydrogen trend, what could become the Saudi Arabia of natural hydrogen. 

As the Company moves swiftly from discovery into early development and commercial evaluation, a series of high impact technical catalysts planned for H1 2026 are expected to further validate deliverability, scalability, and speed to market.

 

Updates in Q4 2025 

• December 17, 2025: MAX Power closed a $5 million strategic investment from Bitexco, a leading Vietnamese conglomerate, to accelerate the development of Natural Hydrogen in Saskatchewan. 
• December 4, 2025: Neil McMillan, former Chairman of the Board of Cameco, was appointed Chairman of the Board of MAX Power, adding significant corporate governance and industry experience to steer the company through its next growth phase. 
• December 1, 2025: MAX Power accelerated its CEO transition, with Ranjith (Ran) Narayanasamy officially taking the helm to drive the company from technical success toward commercialization as the company entered the next phase of testing at Lawson. 
• November 25, 2025: In a landmark achievement, MAX Power announced it had successfully drilled and cased Canada’s first-ever dedicated deep Natural Hydrogen well, confirming the presence of Natural Hydrogen in multiple horizons. 
• November 20, 2025: Renowned resource venture capitalist Andy Bowering became a Special Advisor to MAX Power, bringing extensive additional capital markets expertise to the company. 
• November 10, 2025: MAX Power convened leading international experts in Natural Hydrogen for a technical collaboration and a visit to the Lawson drill site, fostering knowledge sharing and validating its operational approach. 
• November 7, 2025: The company officially commenced the historic drilling of Canada’s first-ever dedicated Natural Hydrogen well at the Lawson target on the Genesis Trend. 
• November 6, 2025: The company announced the strengthening of its Board of Directors with the appointment of Saskatchewan energy leader Tom Kishchuk to support the drive to Natural Hydrogen commercialization. 
• October 30, 2025: Ran Narayanasamy, a leader in clean energy and resource commercialization, was announced as the incoming CEO to take the company to the discovery stage and beyond. 

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