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The Next Energy Frontier

The world is entering a new energy squeeze

Global electricity demand is accelerating. Industry is expanding. Manufacturing is becoming more power-intensive. Transportation and heating are electrifying. Cooling demand is rising. Data centers are adding an entirely new layer of consumption.

29%

Faster than the previous decade

Global electricity demand is projected to grow at an average annual rate of 3.6% from 2026 through 2030—approximately 29% faster than the average pace of the previous decade.1,2

The world does not simply need cleaner energy.

It needs more energy.

  • More generation.
  • More reliability.
  • More capacity.
  • More sources.

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The central question

What if one of the next major energy sources has been beneath us all along?

Virtually all the hydrogen used today must first be manufactured using another energy source. Natural Hydrogen occurs underground. It is created through natural geological processes and can accumulate within subsurface formations.14

The modern Natural Hydrogen story changed in Bourakébougou, Mali. A water well drilled in 1987 was later found to be producing gas that testing in 2012 showed was approximately 98% hydrogen. The gas was adapted to generate electricity for the village.14

After roughly 11 years of electricity generation, researchers reported no reservoir pressure decline; pressure had increased from about 4.5 to 5 bar, evidence that the system was progressively recharging.14

Instead of using electricity or hydrocarbons to manufacture hydrogen, the resource itself is already present beneath the earth.

The incumbent process

Manufactured Hydrogen

  • Must be produced
  • Requires an external energy source
  • Production process determines cost and carbon intensity

The emerging resource

Natural Hydrogen

  • Occurs underground
  • Created through geological processes
  • May accumulate in subsurface reservoirs
  • Commercial scalability is still being evaluated

Bourakébougou demonstrated the concept at relatively small scale. Natural Hydrogen remains a new commodity, and major questions remain around deposit size, sustained flow rates, recoverability, production economics and repeatability.

If commercially recoverable Natural Hydrogen can be identified and produced at scale, it could represent a genuinely new primary energy source.14

The company

MAX Power Mining Corp.

CSE: MAXX | OTC: MAXXF | FSE: 89N

MAX Power entered Natural Hydrogen exploration early and has progressed from geological concept to discovery and commercial validation.

The company is attempting to establish whether naturally occurring hydrogen can be discovered, produced and ultimately commercialized at meaningful scale.

Its Saskatchewan project has produced Canada's first confirmed subsurface Natural Hydrogen system. MAX Power is now carrying out a multi-well commercial-validation program aimed at determining how significant that system may be.

MAX Power's materials describe Natural Hydrogen as potentially lower cost and lower carbon than manufactured hydrogen and comparatively quick to deploy.

The company has already drilled into it.3,4

Stage

Discovery & commercial validation

Commercial production has not been established. The current program is designed to evaluate the system.

View MAX Power's latest developments

Lawson, Saskatchewan

Canada's first Natural Hydrogen discovery

MAX Power's first dedicated Natural Hydrogen well at Lawson, Saskatchewan, moved the project beyond theory.

MAX Power drill rig operating at Lawson, Saskatchewan

Lawson field program

28.6%

Hydrogen concentrations reported as high as 286,000 ppm4

Free gas flow

Gas flowed to surface following perforation of the discovery interval4

Reservoir indicators

Evidence reported of a potentially large reservoir with a strong drive mechanism4

8.7% Helium

Helium values detected in sealed core gas samples immediately above the basement complex4

Stacked system potential

Multiple geological zones added another dimension to the discovery4

Illustrative

14.2 square kilometres

Structural closure identified through subsequent high-resolution seismic work, with the discovery well positioned near its edge.5

MAX Power 3D seismic interpretation of the Lawson Complex structural closure
Company technical visual

High-resolution seismic work frames the scale being tested around the Lawson discovery.

Discovery established the opportunity.

Now MAX Power is trying to establish the scale.

Step-outs

The Lawson system is getting bigger

  1. 01

    Lawson discovery

    Original Natural Hydrogen discovery well

  2. 02

    Lawson step-out

    Approximately 2.4 kilometres away

  3. 03

    Second validation well

    Approximately 2.2 kilometres east

  4. 04

    Lawson #3

    Triangulation of the system reported

  5. 05

    Lawson #4

    More than two kilometres farther west

  6. 06

    Salt Wall step-out

    Planned 30-kilometre test northeast of Lawson #4

Illustrative well sequence — not to scale

MAX Power reported that completion of Lawson #3 successfully triangulated what it describes as a very large Natural Hydrogen system.6

Drilling at Lawson #4 continued expanding the system and intersected what the company interprets as a significant deep-crustal fault or conduit associated with hydrothermal activity and Natural Hydrogen generation.6

The company reported that Lawson #3 and Lawson #4 produced its highest Natural Hydrogen readings to date.6

MAX Power is preparing to step out 30 kilometres from Lawson #4 toward the edge of the Prairie Evaporite—the ‘Salt Wall’ interpreted by the company as a potential trap and seal for Natural Hydrogen.6

One well can prove a discovery.

Multiple step-outs begin testing whether you have a system.

Lawson drilling under a full moon in Saskatchewan

Commercial questions

  • How large is Lawson?
  • How connected is the reservoir?
  • Can commercial flow rates be sustained?
  • How much recoverable Natural Hydrogen may be present?
  • What could it cost to produce?

These questions will determine whether Lawson remains an exploration discovery or becomes something more significant.

Regional scale

And Lawson may be only the beginning

475 km

First-mover exploration position along the Genesis Trend7

2.5 million acres

Approximate permitted Natural Hydrogen land position following a reported 25% expansion7

MAX Power three-dimensional map of the 475-kilometre Genesis Trend in Saskatchewan
Company regional model

The Genesis Trend connects Lawson, Moose Jaw and regional prospects along a 475-kilometre geological corridor.

Genesis Trend corridor

A regional-scale thesis

In September, the company reported that it had expanded its permitted Natural Hydrogen land position by another 25% to approximately 2.5 million acres.

01

Lawson

Discovery and commercial-validation program

02

Moose Jaw

Nearby industrial corridor

03

Bracken

Approximately 325 km southwest of Lawson

~325 kmbetween the Lawson and Bracken tests

MAX Power is not simply testing one isolated hydrogen occurrence. It is evaluating whether the geological conditions associated with Lawson may repeat across a much larger region.

Bracken

325 kilometres away, another important test

MAX Power drilled Bracken approximately 325 kilometres southwest of Lawson to test whether prospective Natural Hydrogen geology could extend far beyond the original discovery.8

Independent energy consultant GLJ Ltd. identified multiple prospective Natural Hydrogen and Helium zones at Bracken. Recovered basement core also displayed similarities to material encountered at Lawson.8

MAX Power has said that Bracken supports the potential for a basin-scale Natural Hydrogen system in Saskatchewan.8

One discovery can create a project.

Repeatability across hundreds of kilometres could create something much larger.

MAX Power has not demonstrated commercial repeatability across Saskatchewan. Its drilling program is testing that possibility.

Position

A first-mover opportunity in an industry that barely exists

Natural Hydrogen remains at the beginning of commercial development. That creates substantial uncertainty, but it may also allow early participants to establish meaningful positions before industry leaders have emerged.

  • Canada's first confirmed Natural Hydrogen system
  • A multi-well commercial-validation program
  • An approximately 475-kilometre exploration trend
  • Approximately 2.5 million permitted acres
  • A second prospective system hundreds of kilometres away
  • Independent technical involvement from GLJ Ltd.
  • Potential nearby industrial demand
  • Significant capital available to advance its program

If Natural Hydrogen develops into a meaningful energy industry, being early could matter.

Capital and ownership

Serious capital is backing the next phase

Largest shareholder

Eric Sprott became MAX Power's largest reported shareholder following his August warrant exercise9

47,123,527 shares

Reported beneficial ownership following the August 25 warrant exercise9

24.35%

Approximate reported ownership of outstanding common shares9

16.5 million

Additional warrants reportedly held9

$75 million

Approximate amount MAX Power's presentation says was raised during 2026 through financings and warrant exercises3,10

13%

Approximate MAX Power ownership attributed by the company to Big Energy, an affiliate of Vietnam's Bitexco Group3

Mining investor Eric Sprott is MAX Power's largest shareholder. His involvement is notable because his career has been primarily associated with metals. MAX Power's reported financing and strategic ownership give it the capacity to aggressively test whether its first-mover opportunity can become commercial.

Large shareholders and access to capital do not guarantee successful exploration, development or commercialization.

Chart represents capital and program momentum, not share-price performance.

Potential demand

The energy demand is not some distant future problem

The Genesis Trend sits near a significant Saskatchewan industrial corridor. If commercial production is ever established, proximity to future potential demand could matter.11

MAX Power has entered into a memorandum of understanding with the City of Moose Jaw and has described possible applications for Natural Hydrogen in the region.11

AI and data centers are only one part of the broader demand story, but they show how rapidly new sources of power are becoming strategically important.11

Possible applications described by the company

  • AI infrastructure
  • Distributed power
  • Industrial energy
  • Other potential regional applications

945 TWh

Projected global data-center electricity consumption by 203012

Nearly half

Projected share of U.S. electricity-demand growth attributable to data centers through 203012

22 years

Length of Google's announced nuclear-power purchase agreement in Finland13

$15 billion

Approximate additional AI-infrastructure investment announced by Google in Finland13

That is what the energy squeeze looks like in practice—and why the possibility of developing a new source of primary energy deserves attention.

2026 timeline

The story has moved fast

  1. January

    Canada's first Natural Hydrogen drilling discovery is confirmed at Lawson.4

  2. March

    Bracken is drilled approximately 325 kilometres away, testing the basin-scale geological thesis.8

  3. May

    MAX Power expands and accelerates its Lawson commercial-validation program.3

  4. July

    Multi-well commercial-validation drilling begins with a 2.4-kilometre step-out.6

  5. August

    A second validation well begins. Eric Sprott makes another strategic investment and subsequently increases his reported ownership to approximately 24.35%.9

  6. September

    MAX Power reports its highest Natural Hydrogen readings to date from Lawson #3 and Lawson #4, says the system has been successfully triangulated and expands its permitted land position to approximately 2.5 million acres.6,7

Discovery

Expansion

Capital

Commercial Validation

All within a matter of months.

Work program

What comes next may define the opportunity

  • 01

    Further Lawson drilling and completions, including a 30-km step-out northeast of Lawson #4

  • 02

    Reservoir and resource modelling

  • 03

    Continued Bracken evaluation

  • 04

    Additional high-priority Saskatchewan targets

  • 05

    Commercial-development planning

  • 06

    Potential strategic opportunities across the land position

Exploration technology

MAX Power is also continuing to advance its MAXX LEMI exploration technology platform.

How big?

How productive?

How repeatable?

At what cost?

For which markets?

Balanced view

Why MAX Power deserves attention now

The opportunity

  • A potential new primary energy category
  • Canada's first confirmed subsurface Natural Hydrogen system
  • Multi-well validation underway
  • Large permitted land position
  • Regional-scale geological thesis
  • Strong access to capital
  • Potential nearby industrial demand

The uncertainties

  • Natural Hydrogen is not yet a mature large-scale energy industry
  • Commercial production has not been established at Lawson
  • Sustained commercial flow rates have not been demonstrated
  • Recoverable quantities remain unknown
  • Future development costs and production economics remain uncertain
  • Geological repeatability is still being tested
  • Regulatory, environmental, financial and technical risks remain

The uncertainty is real. But if every commercial question had already been answered, Natural Hydrogen would no longer represent a new energy category—and MAX Power would no longer be this early.

Key facts

MAX Power Natural Hydrogen report summary

Company
MAX Power Mining Corp.
Tickers
CSE: MAXX | OTC: MAXXF | Frankfurt: 89N
Primary topic
Natural Hydrogen exploration in Saskatchewan
Known project areas
Lawson, Genesis Trend, Bracken

Related reports

FAQ

What company is featured in this report?

This feature report covers MAX Power Mining Corp., a Canadian exploration company focused on Natural Hydrogen in Saskatchewan.

What ticker symbols are associated with MAX Power?

MAX Power is referenced with CSE: MAXX, OTC: MAXXF, and Frankfurt: 89N in the report.

What is Natural Hydrogen?

Natural Hydrogen is hydrogen that occurs underground through geological processes, rather than hydrogen manufactured from natural gas or electricity.

Why does Saskatchewan matter in this report?

MAX Power's Lawson discovery and broader Genesis Trend exploration position are in Saskatchewan, where the company is testing whether Natural Hydrogen systems can be repeated at scale.

Is this report investment advice?

No. Capital Gains Report content is for informational and awareness purposes only and is not investment advice or a recommendation to buy or sell securities.

Closing

The world is searching for more energy

Demand is rising. Grid capacity is being stretched. Industry needs more electricity. Technology companies are securing power years—and even decades—in advance.

Existing energy sources will need to expand, and new ones may have to emerge.

In Saskatchewan, MAX Power is attempting to establish whether naturally occurring hydrogen can become one of them.

MAX Power leadership and technical team

MAX Power

CSE: MAXX | OTC: MAXXF | FSE: 89N

  • Canada's First Confirmed Natural Hydrogen System
  • Commercial Validation Underway
  • Approximately 2.5 Million Permitted Acres
  • An Approximately 475-Kilometre First-Mover Position
  • Mining Legend Eric Sprott Is Now Its Largest Shareholder
  • A Potential New Energy Industry Still at the Beginning

Capital Gains Report will send relevant company updates and feature report notices.

Disclosures and sources

Published September 12, 2026 — Information current as of September 12, 2026

  • This page is for informational purposes only and is not investment advice or an offer to buy or sell securities.
  • MAX Power remains an exploration and development-stage company.
  • Natural Hydrogen commercialization remains subject to substantial technical, geological, financial, regulatory, environmental and market risks.
  • Forward-looking statements involve assumptions and uncertainties. Actual outcomes may differ materially.
  • Share ownership, financing, drilling, land-position and technical figures are drawn from the applicable company releases or corporate presentation listed in the sources below.
  • Publisher, compensation, ownership and distribution disclosures supplied by the campaign owner should be inserted here before publication.

Sources

  1. 1. International Energy Agency electricity-demand outlook (link to be added)
  2. 2. Reuters reporting on structural electricity-demand growth (link to be added)
  3. 3. MAX Power corporate presentation (link to be added)
  4. 4. Lawson discovery announcement (link to be added)
  5. 5. Lawson seismic and structural-closure announcement (link to be added)
  6. 6. Lawson #3 and Lawson #4 update (link to be added)
  7. 7. Genesis Trend and land-position announcement (link to be added)
  8. 8. Bracken technical update (link to be added)
  9. 9. Eric Sprott ownership and warrant-exercise announcement (link to be added)
  10. 10. 2026 financing information (link to be added)
  11. 11. City of Moose Jaw MOU (link to be added)
  12. 12. IEA data-center electricity report (link to be added)
  13. 13. Google Finland energy and infrastructure announcement (link to be added)
  14. 14. Scientific reporting on the Bourakébougou Natural Hydrogen field and reservoir pressure (link to be added)

MAX Power Mining Corp.

CSE: MAXX | OTC: MAXXF | FSE: 89N

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