Maxim Power Corp. · TSX:MXG
Maxim Power — Investor Presentation (December 2021)
19 slides from Maxim Power's investor presentation, December 2021
Slide 1: Investor Update – December, 2021
Investor Update – December, 2021 1
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 Future Oriented Financial Information ("FOFI") 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 commission
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 Operating Highlights 450,000 200 400,000 180 350,000 160 140 300,000 120 $/MWh 250,000 MWh 100 200,000 80 150,000 60 100,000 40 50,000 20 - - 31-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21 30-Jun-21 30-Sep-21 Total Generation (MWh) Average Realized Power Price ($ pe
Slide 7: Financial Highlights
Financial Highlights 35,000 0.70 Net income for these quarters 30,000 include the favourable ~$53 0.60 25,000 million of non-recurring line- 0.50 loss payment for settlement of 20,000 long-standing regulatory claim 0.40 $/Share $ 000's 15,000 0.30 10,000 0.20 5,000 0.10 - - (5,000) (0.10) 31-Dec-19
Slide 8: Market Profile
Market Profile – TSX: MXG December 22, 2021 MXG Closing Share Price TSX Listing MXG 4 3.5 52 Week Price Range $2.10 - $3.87 3 Current Share Price $3.63 2.5 Shares Outstanding (Basic)(1) 50.0 million 2 (2) Shares Outstanding (Diluted) 65.7 million 1.5 Market Capitalization $181.7 million 1 2-Jan-20 2
Slide 9: Leadership Team
Leadership Team M. Bruce Chernoff W. Brett Wilson Chairman & CEO Vice Chairman 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 C
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 Construction – CCGT Expansion of M2 • 204 MW natural gas-fired generation facility • MAXIM is expanding M2 using heat recovery • Located on the HR Milner site, Grande Cache, AB technology that enables operation in combined cycle mode • Operation in si
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 December 2022 Estimated cost (excluding financing) $135 mm Competitive Ad
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 $120.00 Actual Third-Party Forecast(1) $100.00 $80.00 $/MWh $60.00 $40.00 $20.00 $0.00 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 ➢ 2016/2017: Several thousand megawatts of Power Purc
Slide 16: MAXIM EBITDA Sensitivities – Existing M2 SCGT
MAXIM EBITDA Sensitivities – Existing M2 SCGT Consolidated Indicative Annualized EBITDA(1) including EDC Q4 2021 - Power/Gas Price Forecast Existing 204 MW M2 SCGT ($ millions) Power ($/MWh) Gas ($/GJ) Average Power Price ($/MWh) $105 $4.00 $60 $70 $80 $90 $100 $2.50 $16 $32 $48 $63 $79 $3.50 $95 Av
Slide 17: MAXIM EBITDA Sensitivities – Future M2 CCGT
MAXIM EBITDA Sensitivities – Future M2 CCGT Consolidated Indicative Annualized EBITDA(1) including EDC Q4 2021 - Power/Gas Price Forecast Future 300 MW M2 CCGT (COD estimated at Dec 2022) ($ millions) Power ($/MWh) Gas ($/GJ) Average Power Price ($/MWh) $105 $4.00 $60 $70 $80 $90 $100 $2.50 $52 $74
Slide 18: MAXIM's Credit Facilities
MAXIM’s Credit Facilities Senior Facility Convertible Facility* Capacity: $105.0 mm $75.0 mm Outstanding: Sept 2021 $28.5 mm $29.4 mm Undrawn: $76.5 mm $45.6 mm Ranking Senior Subordinated to Senior Facility Interest Rate Floating and Fixed 12% Term Facility matures June 30, 2026 Facility matures Se
Slide 19: Power Corp
Power Corp