Maxim Power Corp. · TSX:MXG
Maxim Power — Investor Presentation (June 2023)
19 slides from Maxim Power's investor presentation, June 2023
Slide 1: Investor Update – June 2023
Power Corp Investor Update — June 2023
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements contained in this presentation constitute forward-looking statements or information (collectively "forward-looking statements") in respect of MAXIM Power Corp. ("MAXIM") within the meaning of applicable securities legislation, including, but not limited
Slide 3: Forward-Looking Statements
Forward-Looking Statements This document also contains financial outlook within the meaning of applicable securities laws, in particular the information set forth herein in respect of expected indicative consolidated EBITDA for MAXIM when operating M2 and upon commissioning of the CCGT expansion of
Slide 4: Non-GAAP Measures
Non-GAAP Measures Management evaluates MAXIM’s performance using a variety of measures, some of which are not recognized measures under generally accepted accounting principles (“GAAP”). The non-GAAP measures discussed in this presentation should not be considered as an alternative to or to be more
Slide 5: Corporate Overview
Corporate Overview Independent Power Producer Alberta based producer of electricity Strategy Pursue greenfield and brownfield generation opportunities in Alberta Acquire or develop assets Optimize and enhance existing assets Focus on clean natural gas assets with a compliment of renewables
Slide 6: Operating Highlights
Operating Highlights 450,000 250 September 30, 2022 M2 Non-Injury Fire Incident 400,000 350,000 200 300,000 150 $/MWh 250,000 MWh 200,000 100 150,000 100,000 50 50,000 ‐ ‐ 30‐Jun‐21 30‐Sep‐21 31‐Dec‐21 31‐Mar‐22 30‐Jun‐22 30‐Sep‐22 31‐Dec‐22 31‐Mar‐23 Total Generation (MWh) Average Realized Power Pr
Slide 7: Financial Highlights
Financial Highlights 50,000 0.70 September 30, 2022 M2 Net income for this quarter Non-Injury Fire Incident 0.60 40,000 include a favourable ~$19 million of non-recurring line-loss 0.50 payment 30,000 0.40 Period impacted by business interruption $/Share 0.30 $ 000's 20,000 insurance 45-day deductib
Slide 8: Market Profile
Market Profile May 26, 2023 MXG Closing Price TSX Listing MXG 5.5 5 52 Week Price Range $2.12 - $5.20 4.5 Current Share Price $3.54 4 (1) Shares Outstanding (Basic) 50.3 million 3.5 (2) 3 Shares Outstanding (Diluted) 65.9 million 2.5 Market Capitalization $178.0 million 31-Dec-21 31-Jan-22 28-Feb-22
Slide 9: Leadership Team
Leadership Team M. Bruce Chernoff W. Brett Wilson Chair & CEO Vice Chair Over 30 years of senior corporate Over 30 years of senior corporate experience in oil & gas, finance and experience in oil & gas, investment banking power sectors. and power sectors. Bob Emmott Kyle Mitton President and COO CFO
Slide 10: History of MAXIM
History of MAXIM Track record of acquiring and developing generation projects during early stages of deregulated power markets and redeploying capital as markets matured Over the past 15+ years MAXIM built up and successfully sold investments in the United States, France and Canada Currently f
Slide 11: MAXIM's Alberta Assets
MAXIM's Alberta Assets Operating Asset – M2 SCGT • 204 MW natural gas-fired generation facility • Located on the HR Milner site, Grande Cache, AB • Operation in simple cycle (SCGT) mode at base load heat rate of ~10.5 heat rate GJ/MWh • Commissioned in late Q2 2020 • MAXIM actively enters into short
Slide 12: Operating Asset – M2 SCGT
Operating Asset – M2 SCGT Project Info Milner 2 - SCGT Nameplate Capacity (MW) 204 Technology Simple Cycle Heat Rate (GJ/MWh) 10.5 Location Grande Cache, AB Commercial Operation June 2020 Installed cost (including financing) $145 mm Competitive Advantage Total Installed Cost under EPC Contract CAPEX
Slide 13: Construction – CCGT Expansion of M2
Construction – CCGT Expansion of M2 Project Info Milner 2 - CCGT Estimated Nameplate Capacity (MW) 300 (from 204 SCGT) Technology Combined Cycle Heat Rate (GJ/MWh) 8.1 Location Grande Cache, AB Anticipated Commercial Operation Q4 2023 Estimated cost (excluding financing) $162 mm Competitive Advantag
Slide 14: Construction – CCGT Expansion of M2
Construction – CCGT Expansion of M2 Operating - M2 SCGT (~200 Construction – CCGT Expansion of M2 (incremental ~100 MW MW) of waste heat/re-fire energy from SCGT for a total of 300 MW) New Equipment New Equipment Legacy Milner Installation Heating Loop Exhaust Flow Condenser HRSG Water (heat GT (boi
Slide 15: Alberta Power Market – Prices
Alberta Power Market – Prices $180.00 $160.00 Actual Third-Party Forecast(1) $140.00 $120.00 $/MWh $100.00 $80.00 $60.00 $40.00 $20.00 $0.00 December 31, 2020: PPA’s expired offer control returned from government agency to original asset owners 2022: High gas prices, combined with significant un
Slide 16: MAXIM EBITDA Sensitivities – Existing M2 SCGT
MAXIM EBITDA Sensitivities – Existing M2 SCGT Consolidated Indicative Annualized EBITDA(1) including EDC Q2 2023 - Power/Gas Price Forecast Existing 204 MW M2 SCGT ($ millions) Power ($/MWh) Gas ($/GJ) Average Power Price ($/MWh) $150 $4.50 $70 $90 $110 $130 $150 $2.00 $35 $66 $98 $129 $161 $4.00 Av
Slide 17: MAXIM EBITDA Sensitivities – Future M2 CCGT
MAXIM EBITDA Sensitivities – Future M2 CCGT Consolidated Indicative Annualized EBITDA(1) including EDC Q2 2023 - Power/Gas Price Forecast Future 300 MW M2 CCGT (COD estimated at Q4 2023) ($ millions) Power ($/MWh) Gas ($/GJ) Average Power Price ($/MWh) $150 $4.50 $70 $90 $110 $130 $150 $2.00 $80 $12
Slide 18: MAXIM's Credit Facilities
MAXIM’s Credit Facilities As at March 31, 2023 Senior Facility Convertible Facility* Capacity: $102.2 mm $75.0 mm Outstanding: $55.7 mm $29.4 mm Undrawn: $46.5 mm $45.6 mm Ranking Senior Subordinated to Senior Facility Interest Rate Floating and Fixed 12% Term Facility matures June 30, 2026 Facility
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