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.

The Next Energy Frontier
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.
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The central question
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
The emerging resource
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
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.
Stage
Discovery & commercial validation
Commercial production has not been established. The current program is designed to evaluate the system.
View MAX Power's latest developmentsLawson, Saskatchewan
MAX Power's first dedicated Natural Hydrogen well at Lawson, Saskatchewan, moved the project beyond theory.

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

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
01
Lawson discovery
Original Natural Hydrogen discovery well
02
Lawson step-out
Approximately 2.4 kilometres away
03
Second validation well
Approximately 2.2 kilometres east
04
Lawson #3
Triangulation of the system reported
05
Lawson #4
More than two kilometres farther west
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.

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

The Genesis Trend connects Lawson, Moose Jaw and regional prospects along a 475-kilometre geological corridor.
Genesis Trend corridor
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
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
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
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.
If Natural Hydrogen develops into a meaningful energy industry, being early could matter.
Capital and ownership
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
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 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
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
January
Canada's first Natural Hydrogen drilling discovery is confirmed at Lawson.4
March
Bracken is drilled approximately 325 kilometres away, testing the basin-scale geological thesis.8
May
MAX Power expands and accelerates its Lawson commercial-validation program.3
July
Multi-well commercial-validation drilling begins with a 2.4-kilometre step-out.6
August
A second validation well begins. Eric Sprott makes another strategic investment and subsequently increases his reported ownership to approximately 24.35%.9
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
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
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
FAQ
This feature report covers MAX Power Mining Corp., a Canadian exploration company focused on Natural Hydrogen in Saskatchewan.
MAX Power is referenced with CSE: MAXX, OTC: MAXXF, and Frankfurt: 89N in the report.
Natural Hydrogen is hydrogen that occurs underground through geological processes, rather than hydrogen manufactured from natural gas or electricity.
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.
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
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
CSE: MAXX | OTC: MAXXF | FSE: 89N
This is a story energy investors should be watching.
Published September 12, 2026 — Information current as of September 12, 2026
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