REV Exploration and MAX Power form JV to Advance Natural H2 in Canada
- Taher Shehabi
- Jun 23
- 3 min read
REV Exploration entered into a partnership with MAX Power Mining to accelerate natural hydrogen exploration across Western Canada.
REV will concentrate on its drill-ready Aden Dome Project in Alberta, while gaining exposure to Saskatchewan through MAX Power’s dominant position in that province. As part of the agreement, MAX Power will pay REV C$350k in cash over four months, issue 4mm shares at C$0.25/sh, and grant 2mm warrants with a 3-year term. Under the deal, MAX Power acquires specific Saskatchewan permits from REV, with further transfers expected for applications submitted in May’25. The alliance includes technical and marketing collaboration, aiming to share data, reduce costs, and improve exploration efficiency.
Press Release:
REV Exploration Corp. (“REV” or the “Company”) (TSXV: REVX), formerly Gitennes Exploration Inc., is pleased to announce that it has formed a strategic alliance with MAX Power Mining accelerate the exploration and development of Natural Hydrogen in Western Canada. REV will focus directly on Alberta, advancing its drill-ready Aden Dome Project among other potential initiatives in the province, while enjoying leverage to MAX Power’s success in Saskatchewan (refer to MAX Power news release June 18, 2025).
Highlights
REV to receive $350,000 from MAX Power over the next 4 months
REV to immediately receive 4 million shares of MAX Power at deemed price per share of $0.25 and 2 million warrants (25-cent strike price, 3-year expiry), subject to statutory 4-month hold periods
Technical and marketing collaboration between REV and MAX Power
Jordan Potts, REV Exploration CEO, commented: “This deal with MAX Power demonstrates our team’s ability to effectively monetize assets to the benefit of our shareholders. We see strong potential for Natural Hydrogen discovery and development in Western Canada. REV management views the Aden Dome Project, located along the Alberta-Montana border, as a unique opportunity that could meaningfully impact the company's future direction.
“Our approach is to concentrate our efforts in Alberta, where we are carving out a niche for Natural Hydrogen, while also gaining exposure to Natural Hydrogen opportunities in Saskatchewan through our transaction with MAX Power. As the dominant Natural Hydrogen player in Saskatchewan, MAX Power is ideally positioned to advance development in that province. This agreement enables each company to focus on its primary jurisdiction, while also facilitating collaboration through the sharing of technical data, geological resources, and coordinated marketing efforts. The strategic partnership is expected to reduce costs, improve operational efficiency, and support project outcomes for both parties,” Mr. Potts concluded.
REV-MAX Power Deal
MAX Power has acquired certain Natural Hydrogen exploration permits for Saskatchewan from REV (these permits are specifically referred to by the government as “Helium and Associated Gases” permits) and REV will transfer to MAX Power any additional permits it receives from the Saskatchewan government for applications posted through the end of May 2025, pursuant to an arms length definitive agreement between the two companies dated June 17, 2025 (the “Agreement”), subject to CSE and TSXV approvals. This Agreement provides REV with cash and share payments as outlined below and is part of a broader strategic alliance between the two companies. There are no finder’s fees associated with this transaction.
MAX Power and REV have also formed a technical collaboration aimed at accelerating exploration and development of MAX Power’s Saskatchewan Natural Hydrogen assets as well as REV’s Natural Hydrogen pursuits in Alberta. The two companies will also cooperate with respect to certain marketing initiatives in order to help maximize exposure for each company on a global scale.
Cash/share terms of the MAX Power/REV deal:
$150,000 cash payable to REV from MAX Power within 30 days of closing
An additional $200,000 cash payable to REV from MAX Power within 90 days of closing
Shares: 4 million shares of MAX Power at a deemed price of $0.25 to be issued to REV upon closing, subject to a statutory 4-month hold period
Warrants: 2 million warrants of MAX Power to be issued to REV with a strike price of $0.25 and a 3-year expiry date, subject to a statutory 4-month hold period
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