Max Resource Reports High-Grade Assays from the Florália Hematite DSO Project in Minas Gerais, Brazil

Max Resource Reports High-Grade Assays from the Florália

Hematite DSO Project in Minas Gerais, Brazil

Vancouver B.C., March 31, 2025 – MAX RESOURCE CORP. (“Max” or the “Company”) (TSX.V: MAX; OTC:

MXROF; Frankfurt: M1D2) is pleased to report an update on the Florália Hematite DSO Project (“Florália DSO”)

located 67 km east of Belo Horizonte, Minas Gerais, Brazil’s largest iron ore and steel producing state.

Max has received high -grade assay results. To date, a total of 174 channel samples were taken across banded

iron formation (BIF), with 131 returning values from 50 to 61% Fe with highlight value of 64.7% Fe (19mm fraction).

Phosphorus values were low ranging from 0.01% to 0.05% (refer to Tables 2, 3 & Figure 1).

In addition, dry magnetic tests of 3 bulk (200 kg) samples, coarse crushed (<6.35mm), with a single pass, in a

simple low magnetic drum circuit successfully increased Fe values from 4 to >6%. Typical next level magnetic

intensity test work underway with the objective of further increasing Fe values (refer to Table below & Figure 3).

200 kg samples were collected and delivered to Fundação Gorceix é uma Instituição, Ouro Preto, Minas Gerais, Brazil for dry magnetic test work.

We are pleased to report the inaugural 2025 drilling program consisting of approximately 800m of auger and

800m of diamond drilling nears completion. Preliminary results are due shortly (refer to Figures 2 and 3).

Max’s inaugural 2024 exploration program resulted in the technical team significantly increasing the Florália DSO

geological target from 8-12mt at 58% Fe to 50 to 70mt at 55%-61% Fe. .

Max cautions investors the potential quantity and grade of the iron ore is conceptual in nature, and further cautions there has been insufficient exploration to define a mineral re source and Max is

uncertain if further exploration will result in the target being delineated as a mineral resource. Hematite mineralization tonnage potential estimation is based on in situ high-grade outcrops and

interpreted and modelled magnetic anomalies. Density value used for the estimate is 2.8t/m³. Hematite sample grades range between 55-61%Fe. The 58 channel samples were collected for chemical

analysis from in situ outcrops in previously mined slopes of industrial materials.

The Florália DSO Project holds advantages over other DSO (Direct Shipping Ore) projects in the Minas Gerais

region: as strategically connected to an existing 20 km road southeast to rail loading terminal with rail networks

connecting to multiple steel mills and shipping ports. Additionally, Florália DSO is connected via existing roads

to potential DSO buyers, including Vale 20 km northwest and Arcelor Mittal 30 km east (refer to Figure 1).

“The channel assay results confirm the presence of high-grade iron ore (DSO) at Florália, with increased Fe

grades through a dry magnetic circuit. Based on success, Florália could potentially supply superior DSO for

local, domestic and overseas buyers,” Max CEO, Brett Matich, commented.

“In addition, Max Iron Brazil has received In-Principle Advice from the ASX, in regards to a planned listing on the

official ASX list, to then secure funding for the next stage of exploration and development for the Floralia DSO

Project,” he concluded.

Figure 1: Florália location and infrastructure map

Florália DSO, connected to existing 20 km road SE to railway terminal: existing roads to potential DSO buyers Vale (20 km NW) &

Arcelor Mittal (30 km E) refer to map above. Local mining infrastructure; railway networks, haul roads, mining services & personnel.

Figure 2: Florália geochemistry, logistics & drill hole locations

Florália channel geochemistry, logistics, auger and diamond drill hole locations

Figure 3: Florália DSO historic open cut; diamond drill hole DH-001 and drill core

Dry magnetic bulk (200 kg) sample locations FL-001, FL-002 and FL-003

Table 1: Florália BIF results by Max (2024-2025) and Jaguar (2023)

Channel

Sample #

Global

Fe (%)

Fraction (mm)

Fe (%)

Channel

Sample #

Global

Fe (%)

FC-001 57.6 63.8 (<0.15) JGC-001 58.2

FC-002 54.9 57.4 (22) JGC-002-1 58.3

FC-003 58.3 63.2 (<0.15) JGC-002-2 61.0

FC-004 52.3 57.0(<0.15) JGC-003-1 52.0

FC-005 57.4 64.0 (1) JGC-003-2 58.8

FC-006 58.3 61.3 (<0.15) JGC-004-1 55.4

FC-007 56.6 60.8 (16) JGC-004-2 58.5

FC-008 53.7 61.4 (<0.15) JGC-005-1 57.4

FC-009 58.9 62.3 (<0.15) JGC-005-2 60.2

FC-010 58.1 61.5 (0.15) JGC-006-1 55.9

FC-012 55.2 62.7 (<0.15) JGC-007-1 61.9

FC-013 52.2 55.0 (16) JGC-007-2 58.0

FC-015 51.1 JGC-008-1 58.4

FC-016 54.5 JGC-008-2 58.2

FC-017 58.1 62.9 (19) JGC-009-1 56.6

FC-018 56.3 JGC-009-2 56.1

FC-019 58.7 61.9 (22) JGC-010 53.2

FC-021 52.8 55.3 (1) JGC-011-1 58.5

FC-022 56.8 59.9 (<0.15) JGC-011-2 61.5

FC-023 52.6 JGC-012 59.6

FC-024 59.8 62.6 (1) JGC-013 58.8

FC-025 55.8 JGC-014-1 57.8

FC-026 55.7 JGC-014-2 59.3

FC-027 56.0 JGC-015-1 60.9

FC-029 51.4 54.4 (1) JGC-015-2 61.4

FC-030 56.4 59.7 (0.15) JGC-016 63.7

FC-031 56.4 62.6 (19) JGC-017 54.5

FC-032 53.6 JGC-018 61.5

FC-033 56.0 JGC-019 60.2

FC-034 53.1 JGC-020 58.2

FC-035 52.2 56.3 (1) JGC-021 58.6

FC-036 53.7 JGC-022-1 61.1

FC-037 56.0 62.0 (0.15) JGC-022-2 61.1

FC-039 60.3 62.4 (1) JGC-022-3 57.5

FC-040 56.4 JGC-023 58.8

FC-041 54.8 62.1 (1) JGC-024 57.7

FC-042 56.7 JGC-025 60.6

FC-043 61.0 64.9 (1) JGC-026-1 56.0

FC-044 51.9 JGC-026-2 54.4

FC-045 56.3 JGC-026-3 52.5

FC-046 52.9 63.6 (19) JGC-027 58.2

FC-047 56.2 JGC-028 58.6

FC-048 57.6 59.1 (1) JGC-029 55.0

FC-049 58.4 JGC-030 58.0

FC-050 55.1 JGC-031 56.5

FC-051 55.0 58.8 (1) JGC-031-1 56.8

FC-052 54.0 JGC-032-2 58.2

FC-053 56.8 JGC-033 56.7

FC-054 54.1 59.6 (6.3) JGC-034 56.9

FC-055 56.3 JGC-035 59.3

FC-056 55.0 JGC-036-1 58.5

FC-057 58.3 JGC-036-2 58.8

FC-058 60.5 62.8 (0.15) JGC-037 57.3

FC-059 59.7 JGC-038 54.7

FC-061 51.1 58.1 (19) JGC-039 57.9

FC-063 52.2 56.6 (19) JGC-040 61.4

FC-064 55.1 58.1 (19) JGC-041 54.8

FC-065 52.0 55.4 (16)

FC-071 51.6 53.9 (19)

FC-074 53.7 54.6 (19)

FC-075 56.7 59.6 (<0.15)

FC-077 56.8 58.3 (<0.15)

FC-094 53.9 58.0 (19)

FC-122 50.9 59.5 (19)

FC-123 51.2 56.5 (19)

FC-131 51.6 57.8 (19)

FC-146 59.8 65.8 (<0.15)

FC-151 54.5 60.0 (6.3)

FC-159 56.1 63.6 (16)

FC-160 51.6 61.6 (16)

FC-161 52.1 57.9 (16)

FC-162 58.2 64.7 (19)

FC-169 52.1 59.5 (19)

FC-170 53.1 57.2 (19)

Table 2: Florália BIF fraction results by Max (2024-2025

Channel

Sample #

Global

Fe (%)

22mm

Fe (%)

19mm

Fe (%)

16mm

Fe (%)

6.3mm

Fe (%)

1mm

(Fe%)

0.15mm

Fe (%)

Fe (%)

<0.15mm

FC-001 57.6 44.9 42.0 44.0 51.9 56.9 59.2 63.8

FC-002 54.9 57.4 57.3 54.7 56.5 56.0 47.6 57.3

FC-003 58.3 59.9 58.1 59.1 58.2 57.1 54.5 63.2

FC-004 52.3 52.3 52.5 52.1 53.3 53.1 47.8 57.0

FC-005 57.4 63.5 62.1 63.2 63.3 64.0 45.8 50.4

FC-006 58.3 59.4 60.5 60.0 58.8 61.2 51.8 61.3

FC-007 56.6 60.0 60.7 60.8 57.6 56.1 49.4 60.5

FC-008 53.7 57.7 55.8 55.6 55.4 53.1 46.2 61.4

FC-009 58.9 60.5 57.9 58.2 59.4 59.8 53.8 62.3

FC-010 58.1 53.5 51.9 53.7 53.7 56.3 61.5 60.3

FC-012 55.2 57.0 56.2 56.9 56.5 54.2 48.0 62.7

FC-013 52.2 53.2 54.6 55.0 53.8 52.2 47.7 51.7

FC-017 58.1 58.2 62.8 58.7 61.2 60.0 55.4 58.7

FC-019 58.7 61.9 59.9 58.7 60.6 61.0 54.6 59.7

FC-021 52.8 49.1 51.0 50.9 54.3 55.3 52.3 50.8

FC-022 56.8 48.7 49.0 45.9 50.4 56.9 59.6 59.9

FC-024 59.8 51.5 59.2 54.5 60.5 62.6 59.7 59.0

FC-029 51.4 51.7 52.6 51.0 53.9 54.4 49.5 48.0

FC-030 56.4 48.3 44.0 50.8 55.2 58.1 59.7 58.0

FC-031 56.4 62.0 62.6 61.4 61.3 59.3 48.8 51.7

FC-035 52.2 47.9 55.0 53.9 53.7 56.3 51.5 49.6

FC-037 56.0 46.8 43.1 43.5 51.4 60.0 62.0 58.1

FC-039 60.3 58.8 57.6 58.5 59.2 62.4 61.0 57.1

FC-041 54.8 54.6 50.3 55.0 58.1 62.1 51.8 56.5

FC-043 61.0 61.3 63.6 63.4 64.3 64.9 59.8 58.6

FC-046 52.9 59.0 63.6 59.2 60.0 60.1 47.9 52.7

FC-048 57.6 51.2 46.8 49.8 56.7 59.1 58.5 58.3

FC-051 55.0 55.3 52.3 53.8 56.7 58.8 52.5 55.3

FC-054 54.1 55.8 58.3 54.4 59.6 56.6 45.6 55.5

FC-058 60.5 54.4 55.9 57.7 59.6 60.2 62.8 60.1

FC-061 51.1 58.1 57.1 56.0 47.6 38.6 42.0

FC-063 52.2 56.6 55.5 54.9 52.7 46.4 53.5

FC-064 55.1 58.1 57.1 57.0 55.7 51.0 54.7

FC-065 52.0 55.0 55.4 53.3 51.7 48.8 51.1

FC-071 51.6 53.9 53.0 52.5 52.8 47.4 52.8

FC-074 53.7 54.6 53.2 54.3 54.1 53.7 52.7

FC-075 56.7 57.4 57.0 57.5 56.5 51.2 59.6

FC-077 56.8 57.4 57.3 57.9 56.3 55.0 58.3

FC-078 52.0 59.9 55.2 52.5 52.0 51.4 52.1

FC-094 53.9 58.0 55.7 56.9 55.8 50.7 53.2

FC-122 50.9 59.5 59.3 56.4 53.0 47.2 55.4

FC-123 51.2 56.5 53.9 53.5 51.8 47.8 56.4

FC-131 51.6 57.8 56.6 56.3 50.5 41.4 41.8

FC-146 59.8 63.1 61.6 58.2 56.5 60.1 65.8

FC-151 54.5 59.5 59.9 60.0 56.7 48.7 48.2

FC-159 56.1 63.2 63.6 62.8 59.3 48.3 51.4

FC-160 51.6 60.4 61.6 59.4 56.2 42.8 42.5

FC-161 52.1 56.2 57.8 57.4 53.8 54.3 46.1

FC-162 58.2 64.7 63.7 63.9 59.5 44.9 45.8

FC-169 52.1 59.5 58.6 57.4 49.8 43.8 42.8

FC-170 53.1 57.2 56.4 55.4 56.0 48.2 35.4

Quality Assurance

Chemical analysis was performed at ALS Laboratories. Metal Oxides are determined using XRF analysis. Fusion

disks are made with pulped samples and the addition of a borate-based flux. Analysis at ALS is for a 24-element

suite. FeO is determined using titra tion and LOI using loss determination by thermogravimetric analysis at

1000°C.

Max did not insert standards or blanks in the assay stream and is relying on ALS's lab QA/QC. The ALS lab inserts

its own standards at set frequencies and monitors the precision of the XRF analysis. These results reported well

within the specified 2 standard deviations of the mean grades for the main elements.

Proposed IPO of Max Brazil Iron Ltd. (“Max Brazil”) to the Official List of the ASX

Further to its news releases on December 12, 2024, January 2, 2025, January 7, 2025, January 9, 2025, and January

20, 2025, Max Brazil has closed the third tranche of its non -brokered private placement for a new aggregate

amount of 27,300,000 ordinary shares in the capital of Max Brazil (the “Ordinary Shares”) at a price of AUD $0.10

per Ordinary Share for aggregate gross proceeds AUD $2,730,000. Following the completion of the third tranche

offering, the Company owns approximately 76.5% of the issued and outstanding Ordinary Shares.

At the special meeting held on February 26, 2025, shareholders of the Company approved an ordinary resolution

approving the undertaking of an initial public offering by the Company’s majority owned subsidiary, Max Brazil.

There was overwhelming support with 99.55% of shares voted at the meeting in favour of the resolution.

Max Brazil has received In -Principle Advice on suitability from ASX Limited (the “ASX”) to advance plans for

admission to the official list of the Australian Securities Exchange. Max Brazil plans to lodge a Prospectus with

the Australian Securities and Investments Commission in Q2 2025. The ASX confirmed the ticker code MAX has

been reserved for Max Brazil.

Max Brazil plans to complete an initial public offering of a minimum of 30,000,000 Ordinary Shares at a price of

AUD $0.20 per Ordinary Share for minimum aggregate gross proceeds of AUD $6,000,000 up to a maximum of

50,000,000 Ordinary Shares for maximum aggregate proceeds of AUD $10,000,000 (the “Offering”).

Following the completion of the Offering, Max will continue to be a controlling shareholder in Max Brazil holding

88,000,000 ordinary shares and 12,000,000 performance shares.

The net proceeds of the Offering to be used, among other things, for the advancement of the Florália DSO Project,

and for general working capital purposes.

Max Brazil will be subject to applicable Australian securities legislation and the rules and regulations of the ASX.

There is no guarantee that the proposed IPO or listing of Max Brazil on the ASX will be completed on the terms set

out in this announcement or at all. Closing of the IPO is subject to a number of conditions, including receipt of all

necessary corporate and regulatory approvals.

Sierra Azul Copper-Silver Project Background

The Company’s wholly owned Sierra Azul Project sits along the Colombian portion of the world’s largest

producing copper belt (Andean belt), with world-class infrastructure and the presence of global majors (Glencore

and Chevron).

Max has an Earn -In Agreement (“EIA”) with Freeport- McMoRan Exploration Corporation (“Freeport”), a wholly -

owned affiliate of Freeport-McMoRan Inc. (“NYSE: FCX”) relating to the Sierra Azul Project. Under the terms of the

EIA, Freeport has been granted a two -stage option to acquire up to an 80% ownership interest in the Sierra Azul

Project by funding cumulative expenditures of C$50 million and making cash payments to Max of C$1.55 million.

Sierra Azul comprises three districts: AM, Conejo and URU. Collectively the three contiguous districts stretch

over 120 km in NNE/SSW direction (refer to Figure 4). Max Resource’s land tenure at Sierra Azul includes 188 km²

of mining concessions and 1,141 km² of mineral concession applications.

Figure 4: Sierra Azul Copper Silver Project comprises three districts: AM, Conejo and URU

Collectively the three contiguous Districts stretch over 120 km in NNE/SSW direction

AM-13: Exploration Target Increased to 1,500m by 100m

• Copper-silver mineralization identified over 1,500m of strike and open ended

• New composite channel assay results include:

 1.6% Copper & 6 g/t Silver over 55.0m (CS11)

 1.6% Copper & 7 g/t Silver over 49.0m (CS08)

 1.0% Copper & 6 g/t Silver over 26.0m (CS01)

• The 100m wide mineralized body rises over 300m in elevation between El Cedro and Mapurito valleys

suggesting significant depth potential

• Manto-style mineralization and alteration, similar to deposits in the Tocopilla – Taltal region of

northern Chile, where a mineralized corridor extends well over 100-km and hosts several economic

deposits including Mantos Blancos estimated to contain 500mt at 1% Copper

(Reference material on the Mantos Blancos deposit available here)

Max cautions investors copper-silver mineralization at Mantos Blancos is not necessarily indicative of similar mineralization at Sierra

Azul.