Natural Hydrogen and Helium: MAX Power’s Natural Hydrogen and helium properties are at an early exploration stage. The Company has not disclosed any reserves, contingent resources or prospective resources for them under Canadian NI 51-101 or SEC Regulation S-K Subpart 1200, and none should be assumed. No independent third party has confirmed the extent or commercial viability of any Natural Hydrogen accumulation at Lawson, Bracken or any other Company property. Gas readings, core-tube samples and flow-test samples described in this document are not measurements of recoverable volumes, and there is no assurance that Natural Hydrogen or helium can be produced in commercial quantities.

Mineral Projects: As a Canadian issuer, MAX Power and Homeland Critical Minerals may use terms such as “exploration target,” “measured,” “indicated,” and “inferred” resources. While these terms are defined by Canadian National Instrument (NI) 43-101, U.S. investors should be aware that SEC Regulation S-K 1300 has different requirements.

• Exploration Targets: Estimates of exploration potential are conceptual and expressed as ranges of tonnage and grade. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as such.
• Inferred Resources: These have a high degree of uncertainty as to their existence and their economic and legal feasibility. U.S. investors are cautioned not to assume that any part of an inferred resource exists or is economically mineable.

Qualified Person (QP) Disclosure

The scientific and technical information in this document is taken from MAX Power news releases, which state that it was reviewed and approved by Steve Halabura, P.Geo., the Company’s Chief Geoscientist. Mr. Halabura is an officer of the Company and is not independent. [Mr. Halabura has not reviewed or approved this document.]

Forward-Looking Statements

This document contains “forward-looking statements” and “forward-looking information” under applicable Canadian securities laws. These statements relate to future events or the Company’s future performance, including, but not limited to, projections of U.S. data center power demand tripling by 2030, the potential for Natural Hydrogen production costs to range between $0.50 and $1.00/kg, the timing and results of completions and flow testing at Bracken and Lawson, the drilling of Lawson 6, the proposed DCI data center and energy corridor initiatives, and the proposed listing of Homeland Critical Minerals. While these statements are based on management’s current expectations and external data from sources such as S&P Global and the Hydrogen Council, they involve known and unknown risks that may cause actual results to differ materially. 

Such risks include:

• Technical Uncertainty: The Natural Hydrogen sector is in an early “test of concept” phase; there is no guarantee that drilling or completions testing at Lawson, Bracken or elsewhere on the Genesis Trend will demonstrate commercial flow rates or result in a commercial discovery.
• Projected Demand Volatility: Projections regarding AI power demand (estimated at 120+ GW by 2035) are subject to changes in technology, grid infrastructure limitations, and connection wait times that currently stretch 3–7+ years.
• Cost Assumptions: The estimated $0.50–$1.00/kg cost for Natural Hydrogen is conceptual and based on early-stage extraction theories; actual costs may be significantly higher depending on geological conditions and infrastructure requirements.
• Financing and Dilution: Future multi-well programs require significant capital; although the Company closed financings in 2025 and 2026, further funding may result in shareholder dilution.
• Agreements in Principle: The DCI MOU is preliminary, and there is no assurance that any definitive agreement, data center, transmission corridor or sale of power will result.
• Regulatory Hurdles: Drilling at Bracken and other prospects is subject to provincial licensing and environmental approvals which may be delayed or denied.

The Company provides no assurance that these forward-looking statements will prove to be accurate. Investors are cautioned not to place undue reliance on these statements, which speak only as of the date of this document.