MAX Power Mining has secured another major financing from Canadian resource investor Eric Sprott, raising C$10 million to support ongoing drilling at its flagship Lawson natural hydrogen project in Saskatchewan.

The additional capital will be directed primarily toward the company’s commercial validation drilling campaign at the Lawson Complex, where MAX Power is testing the size, continuity and production characteristics of Canada’s first confirmed subsurface natural hydrogen system. The remaining proceeds will support corporate activities, including administration and marketing.

Commercial Drilling Program Expands at Lawson

Lawson has become one of the most closely watched natural hydrogen exploration projects in North America following the completion of the company’s dedicated exploration well in late 2025.

The well encountered naturally flowing gas and measured hydrogen concentrations of up to 286,000 parts per million, establishing proof of a subsurface natural hydrogen system and providing the technical foundation for the current phase of exploration.

Following the discovery well, MAX Power completed a 3D seismic survey that delineated a 14.2-square-kilometre structural closure within a broader 28-square-kilometre area now known as the Lawson Complex.

Current drilling is designed to evaluate the commercial potential of the discovery through multiple wells across the mapped structure. The program is expected to provide information on reservoir continuity, gas distribution, and production performance while supporting an independent project valuation by GLJ Ltd.

Genesis Trend Offers District-Scale Potential

The Lawson Complex forms part of the 475-kilometre Genesis Trend in south-central Saskatchewan, where MAX Power has assembled approximately two million acres of permitted exploration ground. The land package is the largest permitted natural hydrogen position in Canada.

The eastern boundary of the trend follows the Prairie Evaporite, a regional geological unit that hosts the world’s largest potash reserves. MAX Power believes the regional geology offers significant exploration potential extending well beyond the initial Lawson discovery.

The project also occupies a favourable location about 80 kilometres northwest of Moose Jaw along the Regina-Moose Jaw Industrial Corridor, placing it close to existing transportation and industrial infrastructure.

Sprott Increases Ownership

The latest financing strengthens Eric Sprott’s position as MAX Power’s largest shareholder.

Upon completion of the placement, his ownership will increase from 17.6% to approximately 19.5% of the company’s issued and outstanding shares on a non-diluted basis. Assuming the exercise of all warrants under his ownership, his partially diluted interest will increase to about 30.5%.

The company has scheduled a special meeting of shareholders for August 20, where disinterested shareholders will vote on a resolution to approve Eric Sprott as a control person.

Building Canada’s Natural Hydrogen Sector

MAX Power entered Canada’s natural hydrogen sector in 2024 and has concentrated exploration on Saskatchewan’s Genesis Trend. Since then, the company has progressed from assembling a district-scale land position to drilling Canada’s first dedicated natural hydrogen exploration well and advancing a multi-well commercial validation program.

With fresh capital now secured, drilling at Lawson will continue as MAX Power works to determine the discovery’s production potential and assess whether the project can support the commercial development of naturally occurring hydrogen.

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