Mr. Bob Emmott reports

MAXIM POWER CORP. ANNOUNCES BOARD OF DIRECTORS ELECTION RESULTS

Maxim Power Corp. has released the final director election results from its 2023 annual general meeting of shareholders held on May 31, 2023. A ballot was conducted at the meeting with respect to the election of the directors to hold office until the next annual meeting of shareholders. According to the proxies received and ballots cast, the directors in the attached table were elected at the meeting to hold office until the next annual meeting of shareholders or until their successors are elected or appointed, unless such office is earlier vacated in accordance with the bylaws of the corporation.

Nominee              Number of   % votes for       Number of  % votes withheld
                     votes for                votes withheld

Wiley D. Auch       24,174,905         99.87          31,255              0.13       
M. Bruce Chernoff   23,397,782         96.66         808,378              3.34       
Michael Mayder      23,395,372         96.65         810,788              3.35       
Brad Wall           24,131,045         99.69          75,115              0.31       
Andrea Whyte        24,127,645         99.68          78,515              0.32       
W. Brett Wilson     23,397,762         96.66         808,398              3.34       

For complete voting results with respect to the meeting, please see Maxim's report of voting results, which will be available shortly under the corporation's profile on SEDAR.

About Maxim Power Corp.

Based in Calgary, Alta., Maxim is one of Canada's largest truly independent power producers. Maxim is now focused entirely on power projects in Alberta. Its core asset, the 204-megawatt H.R. Milner plant, M2, in Grande Cache, Alta., is a state-of-the-art, natural-gas-fired power plant that commissioned in Q2 2020. Maxim is currently increasing the capacity of M2 to approximately 300 MW and concurrently will realize an improvement in the efficiency of the plant by investing in heat recovery combined cycle technology. In addition, Maxim continues to explore additional development options in Alberta, including its currently permitted gas-fired generation projects and the permitting of its wind power generation project. Maxim trades on the Toronto Stock Exchange under the symbol MXG.

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