MAX Resource Corp.

Investment Highlights

• Diversified Project Portfolio in Colombia and Brazil, focusing on gold, silver, copper, and iron ore
  
• Two potential Tier-One Discoveries in Colombia: Mora Gold-Silver and Sierra Azul Copper-Silver
  
• Earn-in Partnership with Freeport-McMoRan for up to an 80% interest in the Sierra Azul Project
  
• Florália DSO Project in Brazil with a geologically confirmed target of up to 70 million tonnes of high-grade hematite (55–61% Fe)
  
• Experienced Management Team with a proven track record in exploration, development, and IPOs
  
• Strong Location Advantages due to proximity to active mines, existing infrastructure, and stable mining regions
  

Company & Strategy

Max Resource Corp. (TSX.V: MAX | OTC: MXROF | Frankfurt: M1D2) is a Canadian exploration company specializing in the discovery and development of Tier-One metal deposits in South America. The company focuses on the development of three core projects:

1. Mora Gold-Silver Project – a high-grade precious metals project in the Middle Cauca Gold Belt, Colombia
   
2. Sierra Azul Copper-Silver Project – a large-scale copper-silver project along the Andean Copper Belt
   
3. Florália Hematite DSO Project – a Direct Shipping Ore (DSO) iron ore project in the heart of Brazil’s steel industry hub, Minas Gerais
   

The company’s strategy is based on a combination of partnership-driven growth and technically focused exploration. Max Resource pursues a clear approach: acquire high-quality projects, confirm them geologically, and bring them to development maturity with experienced industry partners.

A central element of this strategy is the earn-in agreement with Freeport-McMoRan, which allows Max to minimize exploration risk while benefiting from the expertise of a global mining corporation.

Market Environment

Precious Metals in Colombia

Colombia is one of Latin America’s emerging mining regions. The Middle Cauca Gold Belt, where Max Resource is active, hosts some of the country’s largest gold discoveries, including the Marmato (Aris Mining) and Buriticá (Zijin Mining, formerly Continental Gold) mines. Geologically, the region is known for its porphyry gold systems with a high silver content and a favorable regulatory environment for modern exploration.

Copper Market & Andean Region

Copper remains a key metal for the energy transition. The Andean Copper Province, extending from Chile to Colombia, is considered the world’s largest copper production area. Projects with access to infrastructure, such as Sierra Azul, benefit from low development costs and proximity to global producers like Glencore or Chevron.

Iron Ore in Brazil

The Brazilian state of Minas Gerais is the heart of the South American steel industry. High-grade hematite iron ore (DSO) is valued here due to its low environmental impact and short processing times. Projects like Florália are strategically located near existing mines, railway lines, and off-take markets.

Project Portfolio

Mora Gold-Silver Project (Colombia)

The Mora Gold-Silver Project spans 713 hectares in the Middle Cauca Gold Belt, approximately 85 kilometers south of Medellín. It directly borders Aris Mining’s Marmato Mine and Collective Mining’s Guayabales Project, which includes the significant Apollo Porphyry discovery.

Fig. 1: Location of the Mora Project in Colombia

The concession area includes over 40 historical adits and five active small-scale mines, which expose an extensive polymetallic vein system over 2.5 kilometers in length and 1.5 kilometers in width. Previous sampling confirmed high grades of up to 45.0 g/t gold and 7,110 g/t silver over 1 meter. Further results include:

• 32.0 g/t Au & 53 g/t Ag over 1 m
  
• 27.0 g/t Au & 732 g/t Ag over 1 m
  
• 8.9 g/t Au & 75 g/t Ag over 1.5 m
  

The geological structures show clear parallels to the Marmato deposit, particularly regarding host rock, alteration types, and mineralization. Recent mapping confirmed sub-parallel, NW–SE-trending polymetallic structures that extend towards Marmato and Guayabales.

The recruitment of former Collective Mining geologist Sergio Cocunubo as Head Geologist – together with Dr. Chris Grainger and logistics expert John Henao – strengthens local expertise and underscores confidence in the exploration potential.

Next Steps:
The first exploration phase includes the collection of historical data, geological mapping, sampling, and preparation for drilling. The goal is to evaluate the dual combination potential of high-grade epithermal veins and porphyry bulk mineralization.

Sierra Azul Copper-Silver Project (Colombia)

The Sierra Azul Project (formerly CESAR) is a district-scale copper-silver system along a 120-kilometer section of the Cesar Basin in northeastern Colombia. The area is part of the 200-kilometer Andean Copper Belt, which extends into Ecuador and Chile.

Fig. 2: Overview of the Sierra Azul Copper-Silver Basin

With an area of over 180 km², Max Resource holds a promising exploration area, which is significantly enhanced by an Earn-in Agreement with Freeport-McMoRan (NYSE: FCX). Freeport can acquire up to an 80% interest by funding C$50 million in exploration expenditures and paying C$1.55 million in cash to Max. The current USD 4.2 million 2024 exploration program is fully funded by Freeport.

Exploration Focus Areas:

• High-resolution geophysical surveys (10,000 line kilometers)
  
• Geochemical and mapping programs to define drill targets
  
• Three priority districts: AM, Conejo, and URU
  

AM District

A 20 km long “Red-Bed” copper structure was identified here. Samples yielded grades of up to 34.4% Cu and 305 g/t Ag. The AM-13 section in the Cedro Valley showed 1.8% Cu & 7.2 g/t Ag over 48 meters, including 3.4% Cu over 15 meters. The mineralization is reminiscent of Manto systems in Chile’s Taltal region, such as Mantos Blancos (500 million tonnes @ 1.18% Cu).

Conejo District

Located 40 kilometers to the south, this area shows near-surface, high-grade copper-silver mineralization with average grades of 4.9% Cu over 3.7 km. Samples with up to 1.1% Cu over 6 meters confirm the potential for structurally controlled veins with bornite, chalcocite, and chalcopyrite.

URU District

Drilling over 2,244 meters in twelve holes yielded six significant intercepts. Highlights include:

• 3.4% Cu & 48 g/t Ag over 10.6 m (URU-12)
  
• 18.5% Cu & 292 g/t Ag over 0.8 m
  
• 0.5% Cu over 16.5 m in oxidized copper zone (URU-9)
  

These results indicate a potential bulk-tonnage system.

Florália Hematite DSO Project (Brazil)

The Florália Project is located in the state of Minas Gerais, approximately 67 km east of Belo Horizonte, in the center of Brazil’s iron and steel industry.

Fig. 3: Location of the Florália Iron Ore Project in Minas Gerais

Florália aims to produce high-grade hematite iron ore (>60% Fe), which is classified as Direct Shipping Ore (DSO) – a product that can be exported directly for steel production without extensive processing.

The area is in close proximity to seven active iron ore mines and two railway connections, which enable efficient transport.

Exploration Progress 2024/25:

• High-resolution MAG/LiDAR drone survey (140 line kilometers)
  
• Identification of a new 1,000 m × 1,500 m high-grade zone
  
• Expansion of the geological target from 8–12 million tonnes @ 58% Fe to 50–70 million tonnes @ 55–61% Fe
  
• Commencement of drilling and bulk sampling programs for resource estimation
  
• Planned JORC-compliant feasibility study (1.5 Mtpa production) and offtake qualification
  

The project is characterized by low phosphorus content, shallow-dipping mineralization, and the absence of complex permitting hurdles. Neither water rights, tailings dams, nor accommodation for mining operations are required – a clear ESG advantage.

Outlook

For 2025–2026, Max Resource’s focus is on the systematic further development of all three core projects:

• Completion of the first exploration phase at Mora and definition of drill targets
  
• Drilling program at Sierra Azul in cooperation with Freeport
  
• Resource estimation, feasibility study, and potential spin-out of the Florália Project via the subsidiary Max Iron Brazil Ltd., whose ASX listing is being prepared
  

These measures are intended to increase the intrinsic value of the portfolio and, in the medium term, create the basis for several independent development and production companies.

Management

Brett Matich – CEO, President & Director
Mechanical engineer with over 25 years of experience in international mining. As CEO of Aztec Resources, he led the Koolan Island Hematite Project from flooding to acquisition by Mt Gibson Iron (acquisition value 350 million AUD). Previous roles: Fox Resources, Cap-Ex Ventures.

Paul John – Director
Entrepreneurial background, specializing in corporate management and business development in Canada.

Alex Helmel – CFO
Expert in corporate governance and capital market access for young growth companies; experience with TSXV and CSE-listed companies.

Henrique De Sales – Head of Operations (Florália, Brazil)
Geologist with over 12 years of experience in the Brazilian iron ore industry; previously worked for Vale and Ferro Puro.

Advisory Board:

• Bruce Counts, Senior Technical Consultant
  
• Tim Henneberry, Qualified Person (P.Geo., BC)
  
• Rahim Kassim-Lakha, Strategic Advisor, over 28 years of M&A and capital markets experience
  
• Dr. Chris Grainger, Geology Expert for Colombia, former VP Exploration at Continental Gold
  

Conclusion

Max Resource Corp. pursues a clear course: identify, develop, and collaboratively bring high-quality metal projects to value creation in established but underexplored regions of South America.

With the combination of high-grade gold-silver potential in Colombia, a strategic copper-silver project with the involvement of a global major, and a nearly production-ready DSO iron ore project in Brazil, the company offers an exceptionally balanced risk-reward profile. The strong technical expertise, experienced management, and solid project progress make Max Resource Corp. a promising exploration asset in the resource sector – especially against the backdrop of increasing demand for precious and industrial metals for energy, infrastructure, and industrial production.