MAX Power Announces Strategic $25 Million Investment by Eric Sprott to Accelerate Commercial Advancement of Canada’s First-Ever Subsurface Natural Hydrogen System

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On behalf of the Board of Directors,

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For further information, please contact:

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Media Contact:

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Cautionary Statement Regarding Forward-Looking Information

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This press release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words “anticipate”, “plan”, “continue”, “expect”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “predict”, “potential” and similar expressions are intended to identify forward looking statements. In particular, this press release contains forward looking statements concerning, without limitation, the Private Placement, including the timing and completion of the Private Placement and the anticipated use of proceeds. Although the Company believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on forward-looking information because the Company cannot give any assurance that they will prove correct. Since forward-looking information addresses future events and conditions, it involves inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks, including, but not limited to, assumptions and risks associated with receipt of regulatory approvals and risks related to the state of financial markets or future commodity and energy prices.

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Forward-looking information is based on management’s current expectations, estimates, projections and assumptions, including, among other things, assumptions regarding the Company’s ability to execute its work programs as planned, the availability and performance of equipment and personnel, regulatory timelines and approvals, geological continuity and reservoir characteristics, market conditions and access to sufficient capital on acceptable terms.

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Forward-looking information is inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking information, including, without limitation: exploration, appraisal and development risks; the ability to obtain and maintain required permits and regulatory approvals in a timely manner; availability and cost of equipment and qualified personnel; geological, geophysical, and technical uncertainties; fluctuations in commodity and energy market prices; general economic conditions; and the Company’s ability to secure additional financing on acceptable terms. There can be no assurance that the Company will complete its planned drilling or related programmes as currently contemplated or within the anticipated timelines, or that any such programmes, if completed, will be successful or result in commercial production.

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Readers are cautioned not to place undue reliance on forward-looking information. Forward-looking information in this press release is provided as of the date hereof, and the Company does not undertake any obligation to update or revise such information except in accordance with applicable securities laws. Additional information regarding risks and uncertainties applicable to the Company’s business is available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

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Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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