Mr. Bob Emmott reports

MAXIM POWER CORP. ANNOUNCES TSX ACCEPTANCE OF NORMAL COURSE ISSUER BID

Maxim Power Corp. has received approval from the Toronto Stock Exchange to proceed with a normal course issuer bid. Under the NCIB, the corporation may purchase for cancellation up to 2,526,477 common shares of the corporation. As at Aug. 17, 2023, Maxim had 50,529,540 shares issued and outstanding. As such, the NCIB represents approximately 5 per cent of Maxim's issued and outstanding shares as at Aug. 17, 2023. The actual number of shares that may be purchased for cancellation under the NCIB and the timing of any such purchases will be determined by Maxim, subject to a maximum daily purchase limitation of 2,296 shares, which equate to 25 per cent of Maxim's average daily trading volume of 9,186 shares for the six months ended July 31, 2023. The corporation may make one block purchase per calendar week, which exceeds the daily repurchase restrictions.

The NCIB will commence on Aug. 31, 2023, and may continue to Aug. 30, 2024, or such earlier time as the NCIB is completed or terminated at the option of Maxim. The shares will be purchased on behalf of the corporation by a registered broker through the facilities of the TSX, other designated exchanges and/or alternative Canadian trading systems at the prevailing market price at the time of such transaction.

In connection with the NCIB, Maxim intends to enter into an automatic share purchase plan, effective Aug. 31, 2023, with its designated broker, to allow for the purchase of shares under the NCIB at times when Maxim normally would not be active in the market due to internal trading blackout periods. Before the commencement of any particular internal trading blackout period, Maxim may, but is not required to, instruct its designated broker to make purchases of shares under the NCIB during the ensuing blackout period in accordance with the terms of the ASPP. Such purchases will be determined by the broker in its sole discretion based on limits established by Maxim prior to commencement of the applicable blackout period in accordance with the terms of the ASPP and applicable TSX rules. Outside of these blackout periods, shares will be purchasable by Maxim at its discretion under the NCIB.

Management of the corporation believes that, from time to time, the market price of the shares may not fully reflect the underlying value of the shares and that, at such times, the purchase of shares would be in the best interest of shareholders. As a result of such purchases, the number of issued shares will be decreased, and, consequently, the proportionate share interest of all remaining shareholders will be increased on a pro rata basis.

The NCIB follows the expiration of Maxim's previous normal course issuer bid, under which Maxim had approval from the TSX to purchase up to 2.5 million shares and which was effective from Aug. 29, 2022, and expires on Aug. 28, 2023. Under Maxim's previous normal course issuer bid and as of the date of Aug. 17, 2023, Maxim completed the purchase of 51,736 shares on the TSX and certain alternative trading systems at a weighted-average price of $3.83 per share.

About Maxim Power Corp.

Based in Calgary, Alta., Maxim is one of Canada's largest truly independent power producers. Maxim is 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 second quarter 2020. Maxim is currently increasing the capacity of M2 to approximately 300 megawatts 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 TSX under the symbol MXG.

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