Mr. Bob Emmott reports

MAXIM POWER CORP. ENTERS INTO A GAS TURBINE AND GENERATOR RESERVATION AGREEMENT AND PROVIDES PRAIRIE LIGHTS POWER PROJECT UPDATE

Maxim Power Corp. has entered into a gas turbine and generator reservation agreement with GE Vernova (New York Stock Exchange: GEV). The agreement allows Maxim to hold a manufacturing slot for a 7HA.02 gas turbine and generator package with a target delivery by 2030. To hold this manufacturing slot, Maxim is required to provide a non-refundable deposit which is payable in 2026. Under the agreement, the parties agree to negotiate in good faith to reach a definitive sales agreement for the purchase of the gas turbine. The purchase price for the gas turbine will be agreed to in the definitive agreement and the deposit will be credited toward the final purchase price.

Maxim is securing this unit manufacturing slot for its permitted 400-megawatt Prairie Lights power project located near Grande Prairie, Alta. An amendment to the project regulatory permits will be required based on the gas turbine selected and its corresponding delivery schedule. The 7HA.02 gas turbine is an updated model of the currently approved gas turbine within the project regulatory permits and as such the amendment is anticipated to be routine in nature. The corporation continues to advance all aspects of project development for Prairie Lights and anticipates total project spending during 2026 of up to $60-million. Maxim will provide updates of material developments for the project, as appropriate.

As at the date of this press release, Maxim has available liquidity of approximately $84-million, including approximately $59-million of unrestricted cash. The corporation expects to finance 2026 project spending with cash on hand and cash flow from operations.

The corporation is highly encouraged by recent actions of both the government of Alberta and the government of Canada, both of which have signalled the importance of access to reliable and dispatchable electricity to support vibrant and growing Albertan and Canadian economies.

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 300-megawatt H.R. Milner plant, M2, in Grande Cache, Alta. -- is a state-of-the-art combined cycle gas-fired power plant that commissioned in Q4 2023. Maxim continues to explore additional development options in Alberta including its currently permitted gas-fired generation project and the permitting of its wind power generation project. Maxim trades on the Toronto Stock Exchange under the symbol MXG.

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