Mr. Chase Edgelow reports

EVERGEN INFRASTRUCTURE REPORTS Q1 2023 RESULTS

Evergen Infrastructure Corp. has released its financial results as at and for Q1 2023. All amounts are in Canadian dollars unless otherwise stated and have been prepared in accordance with IFRS (international financial reporting standards).

Financial highlights for Q1 2023

• Cash and cash equivalents of $5.8-million as at March 31, 2023, compared with $8.9-million as at Dec. 31, 2022, decreased from $2.6-million of investments made into expansion and development projects. The remaining cash and cash equivalents, combined with the $31-million term loan and expected future operating cash flows, fully funds Evergen's core RNG expansion projects.
• Revenues of $1.7-million increased 18 per cent from $1.4-million in Q1 2022 primarily due to higher volumes of incoming organic feedstock at Evergen's Sea to Sky Soils facility and the addition of GrowTEC (acquired in 2022).
• Net loss of $1.0-million for Q1 2023 increased from $200,000 in Q1 2022, mainly due to the recognition of $900,000 of insurance proceeds in Q1 2022.
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $20,000 for Q1 2023, decreased from $600,000 in Q1 2022, mainly due to insurance proceeds recognized during Q1 2022.

"It is a transformative time for Evergen as we continue to progress on our core RNG expansion and development projects and expansion across Canada," said Chase Edgelow, chief executive officer of Evergen. "Two thousand twenty-two set a strong foundation for the company's success in 2023. We are thrilled with the progress of our core RNG expansion projects and increased volumes of feedstock at our organic waste and composting facilities."

Financial and operational summary

The attached table presents Evergen's consolidated financial and operating summary.

For further information on the results please see the company's consolidated financial statements and management's discussion and analysis filed on SEDAR and on Evergen's website.

Evergen will hold a results and corporate update conference call at 10 a.m. Eastern Time on Thursday, May 25, 2023, hosted by chief executive officer Chase Edgelow.

Conference call details are as follows:

Date:  Thursday, May 25, 2023

Time:  10 a.m. ET

Market maker

Further, to support liquidity and trading of the company's shares, Evergen has engaged PI Financial Corp. to assist in maintaining active and orderly trading in the market for the common shares of the company on the TSX Venture Exchange (the TSX-V). The market-making service will be undertaken by PI in compliance with the applicable policies of the TSX-V and other applicable laws. For its services, the company has agreed to pay PI a fee of $5,000 per month for a period of 12 months with the option to terminate after three months. The company and PI act at arm's length. PI, nor any of its principals, currently own any securities, directly or indirectly, of the company. The engagement of PI is subject to the company making certain filings with the TSX Venture Exchange and acceptance by the exchange.

About Evergen Infrastructure Corp.

Evergen, Canada's renewable natural gas infrastructure platform, is combating climate change and helping communities contribute to a sustainable future. Headquartered on the west coast of Canada, Evergen is an established independent renewable energy producer which acquires, develops, builds, owns and operates a portfolio of renewable natural gas, waste to energy and related infrastructure projects. Evergen is focused on Canada, with continued growth expected across other regions in North America and beyond.

We seek Safe Harbor.