Sprott lifts Sask hydrogen stake beyond 24%

Canadian billionaire Eric Sprott boosted his ownership in Max Power Mining to over 24% by exercising more than 12 million warrants on Tuesday. The transaction, worth over C$6 million ($4.32 million), increased Sprott's stake from 19.5% to 24.35%.

This follows previous investments of $25 million in May and $10 million in August. Max Power CEO Ran Narayanasamy shared that the early warrant exercise accelerates the commercial validation drill program, with updates from the field expected soon.

The Lawson natural hydrogen project, located 80 km north of Moose Jaw, is in search of "the world's first large-scale commercial discovery of natural hydrogen." Max Power is ahead of schedule, under budget, and delineating a very large Natural Hydrogen system as they triangulate the first deposit at the Lawson complex.

Sprott's investment, unusual given his typical focus on precious metal explorers, comes as natural hydrogen gains attention for its potential to be produced without significant electricity or emissions. However, the industry remains speculative, with concerns over sufficient concentrations and economic viability.

Max Power's president and director, Chad Levesque, will discuss the company's role in the market at the Clean Energy and Metals Virtual Investor Conference on Thursday. The event, starting at 1:30 p.m. ET on August 27, will be live from the U.S.