Max Resource Announces Initial Public Offering for Australian Subsidiary

Core Viewpoint - Max Resource Corp. announces that its subsidiary, Max Iron Brazil Ltd., plans to conduct an initial public offering (IPO) to raise between AUD$6 million and AUD$10 million by offering 30 million to 50 million ordinary shares at AUD$0.20 each, while maintaining a controlling stake in Max Brazil [1][3][4]. Group 1: Offering Details - Max Brazil intends to offer a minimum of 30,000,000 ordinary shares at AUD$0.20 each, aiming for gross proceeds of AUD$6,000,000, with a maximum of 50,000,000 shares for AUD$10,000,000 [1]. - The net proceeds from the offering will be allocated to advancing the Florália DSO Hematite Project and for general working capital [4]. - The offering is subject to corporate and regulatory approvals, including shareholder approval at the upcoming Annual General and Special Meeting on February 26, 2025 [5]. Group 2: Listing and Regulatory Aspects - Max Brazil has applied for in-principle advice from ASX regarding its suitability for listing, but has not yet received confirmation [3]. - Subject to ASX approval, Max Brazil plans to lodge a Prospectus with the Australian Securities and Investments Commission in Q1 of 2025 [4]. Group 3: Financial Obligations - Max Brazil is required to reimburse Max Resource Corp. for costs incurred to date under a loan agreement and make remaining payments of USD $700,000 to Jaguar Mining Inc. [2]. Group 4: Project Overview - The Florália DSO Hematite Project, located 67 km east of Belo Horizonte, has seen an expansion of its geological target from 8-12 million tonnes at 58% Fe to 50-70 million tonnes at 55%-61% Fe, with an additional target of 130-170 million tonnes at 51%-55% Fe [9][10]. - The project has commenced inaugural drill programs, including approximately 1,200 meters of diamond drilling and 800 meters using a mobile power auger rig [10]. Group 5: Company Background - Max Resource Corp. operates the Sierra Azul Project in Colombia, which is part of the world's largest copper belt and has an Earn-In Agreement with Freeport-McMoRan Exploration Corporation [8]. - The exploration program for the Sierra Azul Project is funded by Freeport, amounting to USD $4.2 million for 2024 [8].