Sprott’s C$2 Million Bet on Max Power Mining Comes Amidst a Rollercoaster Rally

Eric Sprott has added another 1 million common shares of Max Power Mining to his portfolio, a C$2.02 million vote of confidence that arrives just as the stock’s explosive rally hits a volatile stretch. The purchase, executed on May 13 through the billionaire’s investment vehicle 2176423 Ontario Ltd. on the Canadian Securities Exchange, came at an average price of C$2.0219 per share.

The buy-in lifts Sprott’s stake to 12.8% on an undiluted basis, or roughly 19.5% when warrants are exercised. According to regulatory filings, Sprott now holds 18,848,979 common shares alongside 12,138,548 warrants, and the latest early-warning report shows his diluted position has increased by 2 percentage points since the last filing. The securities were acquired for investment purposes, and Sprott has signaled a longer-term horizon while reserving the right to adjust depending on market conditions.

The market response to the news was anything but uniform. In Toronto, the stock closed Tuesday at C$2.40, a 20.6% surge that marked the sixth consecutive day of gains. But by Wednesday afternoon the stock had retreated to C$2.22, shedding 7.47% — still above Sprott’s purchase price. In Germany, the listing showed even more dramatic swings: one source reported the shares at €1.53 with a 7.28% gain, while another put them at €1.64, up 14.71% and hitting a new 52-week high. The discrepancy reflects the intraday volatility that has come to define this name.

Should investors sell immediately? Or is it worth buying Max Power Mining?

The numbers behind the rally are staggering. Since the start of 2026, the stock has gained between 294% and 321%, depending on the exchange and time of measurement. Over the past seven days alone, the German listing rose 56.6%. Yet the 30-day annualized volatility sits at 104%, a reminder that momentum and risk travel together. Trading volumes have also exploded: on Tuesday, more than one million additional shares changed hands compared with the prior session.

Max Power Mining is in the middle of a strategic overhaul that goes beyond share-price theatrics. In April, the company raised C$20.5 million through a share placement, giving it runway for exploration and technical work. On May 4, it appointed Tony Van Burgsteden, a former Orano Canada executive, as chief financial officer — a move designed to shepherd the transition from pure exploration toward potential commercial development. Days later, the company commissioned GLJ Ltd. to conduct a specialized evaluation of its Lawson natural hydrogen project in Saskatchewan, following recent 3D seismic surveys that have expanded the identified target zones.

The Saskatchewan context is gaining momentum beyond Max Power’s own efforts. On May 13, Makenita Resources announced it had expanded its land package in the region to 51,304 acres, directly adjacent to Max Power’s project area. The growing interest centers on iron-magnetite formations and their potential to host natural hydrogen, a combination that is drawing a wave of smaller resource players to the region.

For now, the stock is being driven by two parallel narratives: the signaling power of a Sprott endorsement and the operational milestones at Lawson. The next hard data point will come from GLJ’s technical assessment. If it supports the company’s assumptions, the Sprott buying will look like a well-timed anchor. If the results underwhelm, the market will be left with an equity that has already priced in a great deal of expectation.

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