Canadian natural hydrogen developer Max Power Mining has entered into a share purchase agreement with Homeland Critical Minerals Corporation to sell all of the issued and outstanding equity interests of Max's wholly-owned subsidiary, Max Power Resources, to Homeland.

Max Power Resources owns the Willcox Playa lithium project in Arizona.

Pursuant to the agreement, Homeland will acquire all the issued and outstanding equity interests of Max Power Resources in exchange for 11-million Homeland shares representing just under 50% of the company's total share capital issued to Max Power Mining.

The consideration shares are intended to have an aggregate fair market value of about $1.1-million and were negotiated on an arm’s-length basis.

The sale reflects Max Power Mining's core focus on natural hydrogen growth while preserving meaningful exposure to the future advancement of the Willcox project through a significant equity position in Homeland - through its ownership of 11-million Homeland shares.

Max Power Mining believes Homeland is well suited to unlock value from the Willcox project, particularly once Homeland is listed on the CSE. The transaction is expected to close on or about June 17.

Max Power Mining remains focused on the immediate goal of making the Lawson Complex and the broader Genesis Trend, in Saskatchewan, the global birthplace of large-scale natural hydrogen commercialisation.

"By transferring the Willcox project into a dedicated vehicle while retaining a significant equity ownership position in Homeland, Max Power Mining maintains exposure to potential future value creation from the Arizona asset and Homeland’s broader business strategy while increasing organisational focus on natural hydrogen," says Max Power Mining CEO Ran Narayanasamy.

The company’s Lawson Discovery near Central Butte, Saskatchewan, represents Canada’s first-ever subsurface natural hydrogen system confirmed through deep drilling with data validated by three independent labs.

Max Power Mining has built dominant district-scale land positions across Saskatchewan with approximately 1.3-million acres (521 000 ha) of permits covering prime exploration ground prospective for large-volume accumulations of natural hydrogen, and is nearing the start of a multi-well follow-up drill programme to validate the commerciality of the broader Lawson Complex interpreted to cover a 28 km² area along the 475 km Genesis Trend.