Max Resource Corp. (TSXV: MAX) is a Vancouver junior with two Colombian projects. Sierra Azul is a district-scale copper-silver project in the Cesar Basin, where Freeport-McMoRan is funding work to earn up to 80%. Mora is a small, high-grade gold-silver title next to the Marmato mine. Max Resource stock is an early-stage, high-risk exploration play with no resource yet.
Max Resource at a glance
| Project | Department | Commodity | Stage | Ownership |
|---|---|---|---|---|
| Sierra Azul (formerly CESAR) | Cesar | copper, silver | early exploration | 100% Max; Freeport-McMoRan earning up to 80% |
| Mora | Caldas | gold, silver | early exploration | Option to acquire 100% |
| Market cap | Refresh at publication (no reliable dated quote found) |
| Shares outstanding | ~55,507,331 after 4:1 consolidation (effective Jan 20, 2026) |
| Cash | Not disclosed in sources reviewed; C$3.4M placement closed Oct 2025 |
| Freeport earn-in | Freeport can earn up to 80% of Sierra Azul by spending C$50M and paying C$1.55M cash, in two stages (announced May 13, 2024) |
| Mora terms | Option to buy 100% for US$400k in option payments plus US$8M staged purchase payments; 3% NSR to vendor (Aug 19, 2025) |
| Other holdings | 4.0M Bolt Metals shares + 2.0M pre-funded warrants (~15.0% basic, ~20.5% partially diluted, June 12, 2026) |
About Max Resource
Max Resource is a small TSX Venture-listed explorer. Its two main assets are in Colombia. Sierra Azul (formerly called CESAR) is a sediment-hosted copper-silver project in northeastern Colombia, funded by Freeport-McMoRan Exploration Corporation under a 2024 earn-in agreement. Mora is a 713-hectare gold-silver concession in the Marmato district of the Middle Cauca belt. Max has an option to buy all of it.
Max also holds Florália, a high-purity iron property in Minas Gerais, Brazil. In June 2026 Max optioned Florália to Bolt Metals Corp. (CSE: BOLT), which now funds the work, and settled a debt by taking about 15% of Bolt’s shares.
The company did a 4-for-1 share consolidation that took effect January 20, 2026, leaving about 55.5 million shares. It closed a C$3.4 million private placement in October 2025. In May 2026 it applied to move its U.S. trading to the OTCQB. In 2025 it hired former Collective Mining and Continental Gold geology and community staff for Mora.
Max reported no new Colombian results between June and early November 2026 in the sources reviewed. Its most recent Colombian technical news was the April 28, 2026 Sierra Azul channel results.
Max Resource’s Colombian projects
Sierra Azul (formerly CESAR)
Sierra Azul covers more than 180 km² of mining concessions along the Cesar Basin, a sedimentary basin in northeastern Colombia. Max describes the mineralization as ‘red-bed’ and manto-style copper-silver. In these sediment-hosted deposits, copper sits in flat layers or along faults in red sandstones and volcanic rocks. There are three districts along a belt of roughly 100–120 km: AM (114 km² of approved concessions), Conejo, and URU (74 km²). Drilling so far is limited to 12 holes at URU. All 12 hit mineralized zones, and six returned significant copper-silver.
Under the 2024 earn-in, Freeport can earn 51% by funding C$20M of exploration and paying C$800,000. It can then earn a further 29% (80% in total) by funding another C$30M over five years and paying C$750,000. Max operates during Stage 1. Freeport funded a US$4.2M program in 2024 and a US$4.8M budget in 2025. On April 28, 2026 Max reported saw-cut channel samples from the AM-13 area, including 1.6% copper and 7 g/t silver over 59 m, and said the manto footprint now exceeds 8 km². Max says the 2026 season is underway, but it has not disclosed how much Freeport has spent or which stage it has reached.
Resources: No mineral resource yet.
Mora
Mora is mining concession KK6-08031 (713 ha) in the Marmato gold district, about 70–85 km south of Medellín. It shares an 8.2 km boundary with Aris Mining’s Marmato operations and Collective Mining’s Guayabales project. The title has more than 40 historic adits and five active small-scale mines. Mapped veins run northwest-southeast over about 2,500 m of strike. Historic and 2025 channel samples include very high-grade gold-silver results, such as 45.0 g/t gold with 7,110 g/t silver over 1.0 m. These are selective samples and may not represent the deposit. The project has never been drilled.
Max can buy Mora from the shareholders of Inversiones Villamora S.A.S. It pays US$400,000 over an option period, then US$8M in four yearly instalments that each add to its interest (20%, 40%, 60%, 100%). The vendor keeps a 3% NSR (net smelter return royalty, a share of revenue). In late 2025 Max flew a LiDAR survey (a laser terrain survey) over the whole title. On February 26, 2026 it reported 47.5 m of new underground channel sampling at El Oso, with assays pending. It is preparing a PTO (Colombia’s mine work plan) over the NAN target, which would allow drilling and small-scale production.
Resources: No mineral resource yet.
Latest Max Resource news
- Jun 16, 2026: Max received 4.0M Bolt Metals shares and 2.0M pre-funded warrants under a debt settlement. That is about 15% of Bolt on a basic basis. (Max Resource Acquires Securities of Bolt Metals Corp.)
- May 7, 2026: Max applied to upgrade its U.S. quotation from OTC Pink to the OTCQB. Approval is subject to OTC Markets review. (Max Resource Reports U.S. Investor Strategy Via OTCQB Listing (Stock Titan))
- Apr 28, 2026: Sierra Azul channel results included 1.6% Cu and 7 g/t Ag over 59 m at AM-13. The manto-style footprint in the AM District now exceeds 8 km². (Max Reports High-Grade Channel Results at Its Sierra Azul Project)
- Feb 26, 2026: Max finished 47.5 m of underground channel sampling at Mora’s El Oso workings (assays pending) and reported progress on the PTO for the NAN target. (Max Resource Confirms Continuation of Mineralization from Underground Channel Sampling at Mora)
- Jan 15, 2026: Max set January 20, 2026 as the effective date of its 4-for-1 share consolidation, leaving about 55.5M shares. (Max Resource Announces Effective Date of Share Consolidation)
Upcoming catalysts
- El Oso channel assays at Mora (pending since February 2026)
- PTO filing for Mora’s NAN target, the step needed to allow drilling
- First drilling at Mora (no date given by the company)
- 2026 Sierra Azul field results, and confirmation of Freeport’s Stage 1 (51%) status
- OTCQB approval
- Possible financing: cash position not disclosed
Management
- Brett Matich, Chief Executive Officer
- Bruce Counts, Head of Exploration, Sierra Azul
- Sergio Cocunubo, Head Geologist (Mora). Former Collective Mining / Continental Gold team
- Dr. Chris Grainger, Technical Advisor. Former Collective Mining / Continental Gold team
- Tim Henneberry, P.Geo., Qualified person and advisory board member
Key risks for Max Resource stock
- No mineral resource and almost no drilling on either Colombian project.
- Max does not yet own Mora. It must make US$8.4M in total payments to reach 100%.
- Freeport controls the pace at Sierra Azul and can earn up to 80%. Max’s share would fall to 20% if Freeport completes both stages.
- Small market cap and thin trading, with cash not disclosed. Further dilution is likely.
- Small-scale and informal miners work at Mora and in the Marmato district, which can complicate access and permitting.
- Channel and chip samples are selective and may overstate grade.
Sources
- Max Resource Acquires Securities of Bolt Metals Corp. (Jun 16, 2026)
- Max Resource latest release page (Jun 12, 2026)
- Newsfile: MAX Resource Corp. news list (Nov 4, 2026)
- Stock Titan: Max Resource Reports U.S. Investor Strategy Via OTCQB Listing (May 7, 2026)
- Max Reports High-Grade Channel Results at Its Sierra Azul Project (Apr 28, 2026)
- Stock Titan: Max Resource expands Sierra Azul copper footprint to 8 km2 (Apr 28, 2026)
- Max Resource Confirms Continuation of Mineralization from Underground Channel Sampling Program on Mora (Feb 26, 2026)
- Max Resource Announces Effective Date of Share Consolidation (Jan 15, 2026)
- Max Resource: Corporate Rationale for the 4:1 Share Consolidation (Dec 24, 2025)
- Max Resource Conducts LiDAR Survey over the Entire Mora Gold Property (Nov 21, 2025)
- Max Resource Secures Rights to Acquire 100% of the Mora Gold-Silver Title (Aug 19, 2025)
- Max Resource Mora project page (Nov 4, 2026)
- Max Resource Sierra Azul project page (Nov 4, 2026)
- Max Resource Announces the 2024 Exploration Program for Sierra Azul Funded by Freeport-McMoRan (Jul 30, 2024)
- MINING.COM: Freeport enters earn-in on Max Resource’s Cesar project (May 13, 2024)
- Junior Mining Network: Max Resource news list (2025 budget item) (Feb 25, 2025)
Related: Colombian stocks · Companies & Projects tracker · Colombian exploration companies
Educational information only, not investment advice. Figures are from the sources listed and dated; check the company’s latest filings before relying on them. See our Disclosure & Editorial Policy.