Maxim Power Corp. · TSX:MXG
Maxim Power — Investor Presentation (June 2024)
17 slides from Maxim Power's investor presentation, June 2024
Slide 1: Investor Update – June 2024
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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 based on certain sensitivities. The financial ou
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 September 30, 2022 M2 CCGT 600,000 M2 non-injury fire Commissioned 250 incident October 2023 500,000 M2 offline throughout period 200 due to non-injury fire incident 400,000 Business interruption 150 $/MWh insurance claim triggered MWh 300,000 (45-day deductible) 100 200,000 50
Slide 7: Financial Highlights
Financial Highlights September 30, 2022 50,000 M2 non-injury fire 0.60 incident M2 CCGT Commissioned October 2023 0.50 40,000 M2 offline throughout period due to non-injury fire 0.40 incident 30,000 Business interruption 0.30 insurance claim triggered $/Share $ 000's (45-day deductible) 20,000 0.20
Slide 8: Market Profile
Market Profile June 3, 2024 MXG Closing Price TSX Listing MXG 5.5 5 52 Week Price Range $3.84 - $5.18 4.5 Current Share Price $4.22 4 Shares Outstanding (Basic)(1) 50.7 million 3.5 3 Shares Outstanding (Diluted)(2) 66.7 million 2.5 Market Capitalization $213.9 million Basic Insider Shareholdings 73.
Slide 9: Leadership Team
Leadership Team M. Bruce Chernoff W. Brett Wilson Chair 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 CEO CFO & VP
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 CCGT • 300 MW (maximum) natural gas-fired generation facility • Located on the HR Milner site in Grande Cache, AB • Expanded from simple cycle gas turbine (SCGT) mode to combined cycle gas turbine (CCGT) mode in Q4 2023 • Competitive heat rate of ~8.1 GJ/M
Slide 12: Operating Asset – M2 CCGT
Operating Asset – M2 CCGT Project Info Milner 2 - CCGT Maximum Capacity (MW) 300 Technology Combined Cycle Heat Rate (GJ/MWh) 8.1 Location Grande Cache, AB Commercial Operation October 2023 Total Installed Cost (before financing cost) $304 mm Competitive Advantage Total Installed Cost under EPC Cont
Slide 13: Equipment Overview – M2 CCGT
Equipment Overview – M2 CCGT CCGT Expansion of M2 (incremental ~96MW of waste heat/re- M2 SCGT (204 MW) fire energy from SCGT) New Equipment New Equipment Legacy Milner installation installed in 2020 installed in 2023 Heating Loop Exhaust Flow Condenser HRSG Water (heat GT (boiler) exchanger) Steam
Slide 14: Alberta Power Market – Prices
Alberta Power Market – Prices $180.00 Actual Third-Party $160.00 Forecast(1) $140.00 $120.00 $/MWh $100.00 $80.00 $60.00 $40.00 $20.00 $0.00 (1) Source: EDC Q2-2024 Report 14
Slide 15: MAXIM EBITDA Sensitivities – M2 CCGT
MAXIM EBITDA Sensitivities – M2 CCGT Consolidated Indicative Annualized EBITDA(1) including EDC Q2 2024 - Power/Gas Price Forecast 300 MW M2 CCGT ($ millions) Power ($/MWh) Gas ($/GJ) Average Power Price ($/MWh) $80.00 $4.50 $50 $60 $70 $80 $75.00 $4.00 $1.50 $36 $58 $81 $103 Average Gas ($/GJ) $70.
Slide 16: MAXIM's Credit Facilities
MAXIM’s Credit Facilities As at March 31, 2024 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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