Max Resource Stock Price, News & Analysis

Max Resource Corp. (OTC Pink: MXROF) is a mineral exploration company with projects focused on copper, precious metals and iron ore. According to recent company disclosures, Max Resource is active in Colombia and Brazil through a portfolio that includes the Sierra Azul Copper-Silver Project, the Mora Gold-Silver Project and the Florália iron ore projects held through Max Iron Brazil Ltd. The company’s shares also trade on the TSX Venture Exchange under the symbol MAX and on the Frankfurt Stock Exchange under M1D2.

Core Exploration Focus

Max Resource states that it is focused on copper and precious metals assets in Colombia and on exploration and development of high-purity iron projects in Brazil. Its business model centers on acquiring and advancing mineral properties at the exploration stage, often in partnership or earn-in arrangements with other mining companies. The company highlights three principal projects: the Sierra Azul Copper-Silver Project in northeastern Colombia, the Mora Gold-Silver Project in the Marmato District of Colombia, and the Florália Hematite DSO/High-Purity Iron Project in Minas Gerais, Brazil.

Sierra Azul Copper-Silver Project (Colombia)

The Sierra Azul Copper-Silver Project, formerly known as the Cesar Project, is described as a wholly owned project that sits along the Colombian portion of the Andean copper belt, which the company refers to as the world’s largest producing copper belt. Max Resource reports that Sierra Azul comprises three districts—AM, Conejo and URU—that collectively extend over approximately 120 km in a NNE/SSW direction. The company’s land position at Sierra Azul is reported to include mining concessions and mineral concession applications covering hundreds of square kilometres.

Max Resource has entered into an Earn-In Agreement (EIA) with Freeport-McMoRan Exploration Corporation, a wholly owned affiliate of Freeport-McMoRan Inc. Under the terms described in multiple news releases, Freeport can earn up to an 80% interest in Sierra Azul in two stages by funding cumulative exploration expenditures of C$50 million and making cash payments totaling C$1.55 million to Max Resource. The company states that a fully funded exploration budget of approximately US$4.8 million for 2025 at Sierra Azul has been approved and is to be funded by Freeport.

Within Sierra Azul, Max Resource highlights several targets and districts. In the AM District, the company reports a mineralized corridor extending over many kilometres, with stratiform red-bed style copper-silver mineralization confirmed at surface and at depth. At the AM-13 target, Max describes an open-ended exploration target footprint of roughly 1,500 m by 100 m, with copper-silver mineralization identified along strike and composite channel sample results such as 1.6% copper and 6–7 g/t silver over tens of metres, based on company sampling. The company notes that mineralization at AM-13 is hosted in andesitic tuff with chlorite and epidote alteration and that the style of mineralization and alteration is similar to manto-type deposits in northern Chile, while cautioning that mineralization at Mantos Blancos and other deposits is not necessarily indicative of mineralization at Sierra Azul.

Max Resource also reports the discovery of the AM-15 target, located approximately 1,000 m northwest of AM-13, where early work suggests a footprint with multiple mineralized outcrops and composite channel sample results including multi-percent copper over several metres. In the Conejo District, the company describes structurally controlled copper mineralization in intermediate and felsic volcanic rocks with numerous mineralized outcrops, and in the URU District it reports structurally controlled copper-silver mineralization in intermediate volcanic rocks, with surface discoveries that have been confirmed by drilling. The company emphasizes that district-scale soil and stream sediment sampling, drill target development and basin-scale analysis are ongoing components of its exploration program at Sierra Azul.

Mora Gold-Silver Project (Colombia)

The Mora Gold-Silver Project is located within the Marmato Gold District along the Middle Cauca Gold Belt in Colombia. Through its wholly owned Colombian subsidiary, Maximum Company Colombia S.A.S., Max Resource has entered into a purchase agreement to acquire up to 100% of the shares of Inversiones Villamora S.A.S., which owns Mining Concession No. KK6-08031, referred to as the Mora Title or Mora Property. The company describes the title as covering approximately 713 hectares and lying within a productive gold belt that hosts several major gold deposits.

According to company news releases, the undrilled Mora Property encompasses more than 40 historic workings, five active artisanal mines and a series of exposed polymetallic structures extending roughly 2,500 m by 1,000 m. The property is described as adjacent to Aris Mining’s Marmato gold operations along the eastern boundary and to Collective Mining’s Guayabales Project along multiple boundaries, including the area of the Apollo porphyry system. Max Resource reports historical and more recent channel sampling results from the San Juan sector and other areas within the Mora Property, including high-grade gold and silver values from polymetallic veins exploited by artisanal miners.

The company notes that historical work on the Mora Property has been limited and largely confined to artisanal mining and a documented field visit in 2012 for Crown Gold Corp. Max Resource cites that reconnaissance work in 2025 confirmed multiple NW–SE striking polymetallic sub-parallel mineralized structures, numerous historic workings and active artisanal mines, and that these structures appear to cross the boundary toward the Marmato operations. The company emphasizes that the geology at Marmato appears similar in character to that at Mora and may be considered analogous in terms of host rocks, structural trends, styles of mineralization and types of alteration, while repeatedly cautioning that mineralization at Marmato and at the Apollo porphyry zone is not necessarily indicative of mineralization at Mora.

Max Resource describes a staged option and purchase structure under which Maximum can earn up to 100% of Villamora (and indirectly the Mora Title) through a series of payments over defined option and purchase periods, with the company acting as sole operator and retaining the right to withdraw at any stage. The company also notes a commitment to a 3% net smelter royalty from ore production under the agreement.

Florália Hematite DSO / High-Purity Iron Projects (Brazil)

Max Resource, through its majority-owned subsidiary Max Iron Brazil Ltd., is advancing the Florália Hematite DSO Project and related high-purity iron targets in Minas Gerais, Brazil, which the company describes as Brazil’s largest iron ore and steel producing state. The Florália projects are located east of Belo Horizonte and are characterized as direct shipping ore (DSO) hematite targets with established road access to rail terminals connecting to steel mills and shipping ports. The company notes that roads connect the property to potential or existing buyers such as Vale and ArcelorMittal within tens of kilometres.

Max Resource reports that its technical team has significantly expanded the Florália hematite geological target from an earlier range of 8–12 million tonnes at 58% Fe to a conceptual target of 50–70 million tonnes at 55–61% Fe, based on in situ high-grade outcrops and interpreted and modelled magnetic anomalies. The company repeatedly cautions that this potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a mineral resource, and that it is uncertain whether further exploration will result in the target being delineated as a mineral resource. Hematite sample grades cited by the company generally range between the mid-50% and low-60% Fe range, with channel sampling and dry magnetic test work used to assess grade and recovery characteristics.

Max Iron Brazil has conducted channel sampling across banded iron formation, auger and diamond drilling, and dry magnetic separation tests on bulk samples. The company reports that many channel samples returned iron grades between 50% and 61% Fe, with some higher values, and that dry magnetic test work has produced concentrate grades above commonly referenced DSO benchmarks. The company notes that chemical analyses are performed by ALS Laboratories using XRF and related methods, and that it relies on ALS’s internal QA/QC protocols.

Corporate disclosures also describe a proposed initial public offering of Max Iron Brazil on the Australian Securities Exchange (ASX), with Max Iron Brazil having received in-principle advice on suitability and a reserved ticker code. The company states that shareholders of Max Resource approved undertaking the IPO and that private placements have been completed at the Max Iron Brazil level to fund exploration at Florália, while emphasizing that there is no guarantee the IPO or listing will be completed and that it remains subject to regulatory approvals and other conditions.

Partnerships, Funding and Capital Markets Activities

Max Resource highlights several financing and partnership arrangements. In addition to the Sierra Azul earn-in agreement with Freeport-McMoRan Exploration Corporation, the company reports an over-subscribed non-brokered private placement raising several million Canadian dollars to fund exploration at the Mora Gold-Silver Project and for working capital. It also describes a 4:1 share consolidation initiative approved by the company, intended in the company’s view to support its capital markets strategy and appeal to a broader base of investors, subject to TSX Venture Exchange approval.

For its Brazilian iron projects, Max Resource reports that Max Iron Brazil has completed multiple tranches of private placements, with Max Resource retaining a majority interest in Max Iron Brazil. The company also notes a non-binding letter of intent and subsequent arrangements under which Bolt Metals Corp. may acquire an option to earn a 100% interest in the Florália Property mineral rights, subject to due diligence, definitive documentation and regulatory approvals, with consideration including cash payments, share issuances and commitments to keep the property in good standing.

Exploration Approach and Technical Oversight

Across its projects, Max Resource describes an exploration approach that includes geological mapping, channel and grab sampling, soil and stream sediment sampling, geophysical surveys (including airborne LiDAR and magnetic surveys), and drilling programs. At Mora, the company emphasizes channel sampling of artisanal underground mines and outcrops, 3D geological and topographic modelling, and the delineation of drill targets. At Sierra Azul, it highlights district-scale soil sampling at regular intervals along widely spaced lines, stream sediment sampling, and basin-scale analysis of the Cesar-Rancheria basin using existing data such as seismic lines, well logs and regional geology.

Technical disclosures in the company’s news releases are reported to have been reviewed and approved by a qualified person under National Instrument 43-101, specifically a professional geologist who is a member of the Max Resource advisory board. The company also describes strict QA/QC procedures for sample handling, transportation and analysis, often relying on independent laboratories such as ALS for sample preparation and analytical work.

Geographic Footprint

Based on its public statements, Max Resource’s exploration activities are concentrated in two countries: Colombia and Brazil. In Colombia, the company is active in the Marmato Gold District and the Middle Cauca Gold Belt through the Mora Gold-Silver Project, and in northeastern Colombia along the Andean copper belt through the Sierra Azul Copper-Silver Project. In Brazil, exploration is focused in the state of Minas Gerais through the Florália Hematite DSO and high-purity iron projects, held via Max Iron Brazil.

Risk and Cautionary Statements

Max Resource repeatedly cautions that many of its projects are at an early exploration stage. The company notes that conceptual exploration targets, such as the tonnage and grade ranges described for Florália and certain copper targets, are not mineral resources or reserves and that there has been insufficient exploration to define mineral resources. It also emphasizes that information and mineralization reported by neighbouring or analogous projects (such as Marmato, Guayabales, Mantos Blancos and others) are not necessarily indicative of mineralization on Max Resource’s properties. Forward-looking information in the company’s disclosures is accompanied by statements that such information is subject to risks and uncertainties and that the company has no obligation to update it except as required by law.

Frequently Asked Questions (FAQ)

• What does Max Resource Corp. do?
  

  Max Resource Corp. is a mineral exploration company that focuses on copper and precious metals assets in Colombia and on exploration and development of high-purity iron projects in Brazil. Its principal projects include the Sierra Azul Copper-Silver Project, the Mora Gold-Silver Project and the Florália Hematite DSO/High-Purity Iron Project.

• Where are Max Resource’s main projects located?
  

  The company’s main projects are located in Colombia and Brazil. In Colombia, Max Resource is active in the Marmato District and Middle Cauca Gold Belt through the Mora Gold-Silver Project, and along the Andean copper belt through the Sierra Azul Copper-Silver Project. In Brazil, its Florália iron projects are in Minas Gerais state, east of Belo Horizonte.

• What is the Sierra Azul Copper-Silver Project?
  

  Sierra Azul is a copper-silver exploration project in northeastern Colombia that Max Resource describes as lying along the Colombian portion of the Andean copper belt. It consists of three districts—AM, Conejo and URU—covering a large land position. The project includes targets such as AM-13 and AM-15, where the company has reported copper-silver mineralization from surface sampling and early-stage drilling.

• What is the Mora Gold-Silver Project?
  

  The Mora Gold-Silver Project is a mining concession in the Marmato Gold District of Colombia that Max Resource is acquiring through its subsidiary Maximum Company Colombia S.A.S. The property hosts numerous historic workings, active artisanal mines and polymetallic structures, and is adjacent to Aris Mining’s Marmato operations and Collective Mining’s Guayabales Project.

• How is Max Resource involved in iron ore exploration?
  

  Max Resource is involved in iron ore exploration through its majority-owned subsidiary Max Iron Brazil Ltd., which holds the Florália Hematite DSO and related high-purity iron projects in Minas Gerais, Brazil. The company reports high-grade hematite channel samples and dry magnetic test results and has outlined a conceptual geological target for potential DSO-style mineralization, while emphasizing that this target is not a defined mineral resource.

• What is the relationship between Max Resource and Freeport-McMoRan?
  

  Max Resource has an earn-in agreement with Freeport-McMoRan Exploration Corporation, a wholly owned affiliate of Freeport-McMoRan Inc., relating to the Sierra Azul Copper-Silver Project. Under this agreement, Freeport can earn up to an 80% interest in Sierra Azul by funding specified cumulative exploration expenditures and making cash payments to Max Resource. The company reports that Freeport is funding an approved exploration budget at Sierra Azul.

• Does Max Resource have any partnership or option arrangements on its Brazilian projects?
  

  Yes. The company reports that Max Iron Brazil has entered into a non-binding letter of intent and subsequent arrangements under which Bolt Metals Corp. may acquire an option to earn a 100% interest in the Florália Property mineral rights, subject to due diligence, definitive agreements and regulatory approvals. Consideration includes cash payments, share issuances and commitments to keep the property in good standing.

• On which exchanges does Max Resource trade?
  

  According to company news releases, Max Resource trades on the TSX Venture Exchange under the symbol MAX, on the OTC Pink market in the United States under the symbol MXROF, and on the Frankfurt Stock Exchange under the symbol M1D2.

• What stage are Max Resource’s projects at?
  

  The projects described by Max Resource are at the exploration stage. The company emphasizes that conceptual exploration targets at Florália and Sierra Azul are not mineral resources or reserves and that there has been insufficient exploration to define mineral resources on those properties.

• How does Max Resource describe its approach to technical reporting?
  

  The company states that disclosures of a technical or scientific nature are reviewed and approved by a qualified person under National Instrument 43-101. It also notes that sample preparation and analytical work are conducted by independent laboratories such as ALS, and that it follows QA/QC procedures while relying on the laboratories’ internal quality control protocols.