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TSXV: EVGN TSXV: EVGN OTCQB: EVGIFwww.evergeninfra.com Q2 2025 Earnings Presentation August2025
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TSXV: EVGN Q2 2025 Update Highlights and Financial Results 1 Footnotes: 1. Please refer to "Non-GAAP Measures” in our MD&A for the three months ended June 30, 2025 Key Milestones Achieved & Highlights: • Closed $5 million private placement in May 2025 to recapitalize EverGen and position the Company for long- term success. • New leadership team enabled and incentivised to achieve medium and long-term outcomes to maximize shareholder value. • Achieved quarterly renewable natural gas (“RNG”) production record following the successful ramp-up of Fraser Valley Biogas (“FVB”) and GrowTEC RNG projects. • Initiated optimization activities across core assets to enhance platform value and underpin growth in 2026 and beyond.
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TSXV: EVGN 2 Shares Outstanding: ~14.0m Market Cap: ~$5.9m Board & Management Ownership: ~9% Median Analyst Target Price(4): $2.00 Return to target(4): ~350% Working Capital: ~($1.9m) Debt: ~$18.3m Q1 2025 Footnotes (1) Common shares outstanding as at June 30, 2025 Q2 Financial Statements. (2) Market Capitalization based on share price as at Aug 21, 2025, of $0.43. (3) Working Capital, Cash Position, and Debt as disclosed in Q2 2025 Financial Statements as at June 30, 2025. (4) Target price median based on latest analyst research from Desjardins and Clarus as at June 3, 2025. EverGen does not independently guarantee or confirm analyst targets, which are subject to the assumptions and risks set out i n the applicable reports. Return to target based on closing share price at Aug 21, 2025, of $0.43 Shares Outstanding: ~22.5m Market Cap(2): ~$9.7m Board & Management Ownership: ~42% Working Capital: ~$1.5m Debt: ~$17.9m Today (Q2 2025) Company Snapshot Impact of Our Recent Transaction Equity Injection (May 21, 2025): Announced & closed private placement of $5m via new strategic shareholder (additional tranche of up to $2m allows other investors to participate) Changes to Management: New board and management result in strongly aligned team to maximize shareholder value (collective ownership of ~42%) Cash Position: ~$1.5m Cash Position: ~$5.3m
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TSXV: EVGN Focused Leadership Team Best-In-Class Team Aligned to Maximize Shareholder Value 3 Chase Edgelow (Director & Chief Executive Officer) Co-founder and former CEO of EverGen with 20 years of expertise. A founding partner of Chase Capital, a private capital platform dedicated to investing in and growing businesses with a focus on the energy transition. He has spent over a decade with Macquarie Group specializing in sourcing, structuring and managing private energy and infrastructure investments. Holds a degree in Engineering Physics from Queen’s University and is a CFA and Professional Engineer of Alberta (non-practising). Ron Green (Chief Operating Officer) Over 30 years of experience and proven track record of driving success in turnaround situations. He has served as the CEO of Promeita Energy, VP of Rockwater Energy Solutions and COO of Pure Energy Services Ltd. He is also a founding board member of Beyond Energy Services & Technology Corp, which he has guided from a start-up to a >$100m revenue business. He is a graduate of Queens University’s Executive Program and Northern Alberta Institute of Technology. Maria O’Sullivan (Chief Financial Officer) Maria is a Chartered Accountant with over 12 years of finance and accounting experience, primarily within in the energy and infrastructure industries. Maria obtained her Chartered Accountant designation at KPMG Ireland, before relocating to Canada. She is experienced with financial reporting for public companies under both IFRS and US GAAP, on both the New York Stock Exchange and the Toronto Stock Exchange. Maria holds a Bachelor of Commerce and French from the University of Galway and a Master of Accounting from University College Dublin. Varun Anand (Director) Serves as the Outsourced CIO and representative of ASK America LLC. He brings over a decade of global investment experience across public and private markets. An award-winning portfolio manager and has developed particular expertise in the renewable energy sector. During his tenure at Starlight Capital, he led the investment in the Company’s IPO in 2021 and built one of its largest shareholder positions by 2022. He holds a Bachelor of Mathematics with a Finance specialization from the University of Waterloo and holds a CFA. Blake Almond (Director) 17 years of experience in M&A and private & public capital markets. He spent 10 years with Macquarie Capital in Sydney where he executed an A$1.6bn acquisition of ABB Grain Ltd and Eldorado Gold Corporation. Today he leads Circ Partners where he advises global infrastructure private equity funds on circular economy infrastructure investments. He is a Member of the Australian Organics Recycling Association and the Waste Management and Resource Recovery Association of Australia (WMRR). Mischa Zajtmann (Director) 15 years of experience providing consulting and executive management expertise and is a co-founder of EverGen. Previously a corporate securities lawyer who began his career at Blake, Cassels & Graydon LLP, focused primarily on corporate securities transactions, including M&A and corporate finance. He has a Juris Doctor Degree from the University of Saskatchewan Law School and is a member of the British Columbia Bar.
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TSXV: EVGN Building on a Strong Foundation 4 Assets & Operational Excellence Our Team Strong PartnersProfitability Owning the Best Assets Repeatable Processes Safety & Regulatory Compliance Driving Efficiency Increasing Revenue & Managing Costs Investing in Growth Adding Value for End Customers Focus on Key Partnerships Leveraging Our Network Commitment to Our People Dedicated Supporting Team Retaining Best-In-Class Expertise
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TSXV: EVGN What We Do – RNG Infrastructure 5 Organic waste feedstock collected and processed Creating RNG from Organic Waste Using anaerobic digestion, organic matter is broken down – producing biogas Biogas is then upgraded to RNG for use in the gas grid $ RNG Revenue$ Feedstock Revenue Fixed price long-term contracts: Green Bin & Yard Waste Composting Compost & Other Products Green bin waste & yard waste is collected and composted for a tip fee Composting Operations
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TSXV: EVGN 3 Greenfield Pipeline Large-Scale RNG Projects 2 Planned Core Operating RNG Asset Expansions Building Canada’s RNG Platform 67% interest 50% interest in Project Radius 6 190,000 tonnes per annum Organics Processing Capacity Core Operating Assets Core Pipeline 4 Core Operating Assets Platform Growth 230,000 GJ per annum RNG Production Capacity 2 Core Operating RNG Assets Evaluating Other Opportunities
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TSXV: EVGN Our Core Operating Assets Renewable Natural Gas & Organics Processing Capacity 160,000 GJ of RNG/yr 50-100,000 tonnes of organic waste/yr 70,000 GJ of RNG/yr ~25,000 tonnes of organic waste/yr 40,000 tonnes of organic waste/yr ~25,000 tonnes of organic waste/yr Revenue Product Mix RNG and Tip Fees RNG, Electricity and Tip Fees Soil Sales and Tip Fees Soil Sales and Tip Fees Expansion Potential Phase 2 Completed, Phase 3 Under Review RNG Expansion Pending Receipt of Regulatory Permit Phase 1 Completed, Phase 2 Under Development Under Evaluation 7
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TSXV: EVGN Our Offtake Advantage 8 10 – 20 years 20 years1 Up to 160,000 GJ TBD Up to 140,000 GJ Footnotes 1. Contract being renegotiated as part of FID, expected to be finalized in 2025 $35 $45 $60 C A N A D I A N U T I L I T I E S C A N A D I A N C O M M E R C I A L O F F T A K E R S U S 5 - Y E A R O F F T A K E S OFFTAKE MARKETS ($/GJ)20 years Long term offtakes in place or underway underpin robust project economics Ability to contract up to $45/GJ in Canada and $60/GJ in the US market
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TSXV: EVGN EverGen Path Forward Near Term Optimization, Long Term Growth 9 Phase 1 Phase 2 Phase 3 Optimize • Achieve nameplate capacity at FVB & GrowTEC • Leverage new management team’s strengths to increase efficiency of throughput and overall cost structure • Secure grant funding and incentives to reduce costs Build • Initially target high-impact upgrades to existing facilities (with a focus on cash flow generation) • Continue to advance development of larger expansion projects & build out of project pipeline Grow • Leverage platform to target accretive opportunities that support long-term growth and shareholder value creation including: existing brownfield projects with expansion potential, larger scale greenfield projects, look-alike projects in new jurisdictions. Immediate focus is on driving operational excellence, enhancing capital efficiency, and establishing a foundation for scalable growth
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TSXV: EVGN Base Today Building Platform Value Illustrative Valuation of an RNG Infrastructure Platform 10 (+) Asset Optimization (+) Asset Growth & Near-Term Pipeline (+) New Greenfield Projects & Consolidation Valuation Range: Implied Enterprise Value: Net Debt: Equity Value 8-10x 10-12x 12-14x ~$40-80m ~$100-180m ~$240-280m ~$15m ~$25-40m ~$65-90m ~$25-65m ~$75-140m ~$175-190m EBITDA (C$m) ~$3m ~$5-8m ~$10-15m $20m+
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TSXV: EVGN 11 Upside & Tailwinds Near Term Catalysts for Canadian RNG Energy Transition Support Recent election of Liberal Party, advocates of the green movement CFR Price Certainty CFR credit pricing had fallen pre-election but has returned to normalized levels Clean Fuels Fund 2.0 Recent announcement of a new round of funding for RNG Projects • “We are going to aggressively develop projects that are in the national interest – all while reducing emissions” • Canadian Prime Minister, Mark Carney on April 9th, 20251 Footnotes 1. Via Liberal.ca at liberal.ca/mark-carneys-liberals-to-make-canada-the-worlds-leading-energy-superpower/ 2. Via Carbon Assessors press release at newswire.ca/news-releases/carbon-assessors-launches-price-index-for-canada-s-clean-fuels-market-813879770.html 3. Via Natural Resouces Canada at natural-resources.canada.ca/energy-sources/clean-fuels/clean-fuels-fund • “Canada’s economy will need to be powered by clean power and clean fuels to meet its goal of net-zero emissions by 2050” • Canadia Fuels Fund Page announced February 11th, 20253 • “Canada's clean fuel credit market is set to expand rapidly in the run-up to the 2030 compliance deadline.” • Carbon Asessors on CFR credits, May 14th, 20252 Additional $376m allocated to extend the CFF from 2026 to 2030 C$b
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TSXV: EVGN Deal Overview Private Placement Additional Shares to be Issued: Up to 3,333,334 12 Pro Forma Fully Diluted Shares Outstanding: ~25.8m Price: $0.60 per Common Share Tranche 1 Closed: $5.0m Additional Tranche: Up to $2.0m ASK America Investment: Ask America LLC has acquired 8,333,333 Common Shares in the Private Placement, for gross aggregate proceeds of C$5m Hold Period: 4 Months Investment Opportunity: Opportunity for new and existing shareholders to invest alongside Ask America
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TSXV: EVGN Established Infrastructure Platform with 4 Operating Assets Across Canada Strong Alignment for Shareholder Value Creation Recent influx of capital from strategic shareholder Board & Management alignment with ~42% Ownership Upside & Tailwinds Material growth potential from project pipeline Tailwinds from recent Canadian policy iniatives 13 Diversified Contracted Cash Flow Long-Term Offtakes | Contracted Tipping Fees | Carbon Credits & Soil Sales Reasons to Invest in EverGen
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TSXV: EVGN Disclaimer 14 This presentation includes market, industry and economic data which was obtained from various publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, neither the Company nor the Underwriters have independently verified any of the data from third party sources referred to in this presentation or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying economic and other assumptions relied upon by such sources. The Company believes that its market, industry and economic data are accurate and that its estimates and assumptions are reasonable, but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness of the market, industry and economic data used throughout this presentation are not guaranteed and the Company and the Underwriters do not make any representation as to the accuracy or completeness of such information. In this presentation, all amounts are in Canadian dollars, unless otherwise indicated. Unless otherwise indicated or the context otherwise requires, all references in this presentation to “EverGen”, the “Company,” “we,” “our,” “ours,” “us” or similar terms refer to EverGen Infrastructure Corp., together with its wholly-owned subsidiaries. Any graphs, tables or other information in this presentation demonstrating the historical performance of EverGen or of any other entity contained in this presentation are intended only to illustrate past performance and are not necessarily indicative of future performance of EverGen or such other entities. An investment in our common shares is subject to a number of risks that should be considered by a prospective purchaser. Prospective purchasers should carefully consider the risk factors described under “Risk Factors” in the prospectus before purchasing common shares. Forward-Looking Information This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information may relate to the Company’s future business, financial outlook and anticipated events or results and may include information regarding the Company’s financial position, business operations, business strategy, growth strategies, acquisitions pipeline, addressable markets, budgets, operations, financial results, taxes, use of proceeds, dividend policy, the reorganization of our corporate structure and our plans and objectives. Particularly, information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. In some cases forward-looking information can be identified by words or phrases such as ‘‘may’’, ‘‘will’’, ‘‘expect’’, ‘‘intend’’, ‘‘plan’’, ‘‘believe’’, “occur”, ‘‘predict’’, or ‘‘likely’’, or the negative of these terms, or other similar expressions, such as “an opportunity exists”, “strategy”, “pipeline”, “outlook”, “medium term”, “here to stay” or “projection”, which are intended to identify forward-looking statements. Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that the Company considered appropriate and reasonable as of the date such statements are made, and is subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, those described under “Risk Factors” in the preliminary prospectus. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not currently known to the Company or that the Company currently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward- looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, prospective investors should not place undue reliance on forward-looking information. The forward-looking information contained in this presentation represents the Company’s expectations as of the date of this presentation (or as the date it is otherwise stated to be made) and is subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable Canadian securities laws. All of the forward-looking information contained in this presentation is expressly qualified by the foregoing cautionary statements. Prospective investors should read this entire presentation and, when available, the prospectus of EverGen and consult their own professional advisors to ascertain and assess the income tax, legal, risk factors and other aspects of an investment in our common shares. Non-IFRS Financial Measures This presentation makes reference to certain non-IFRS financial measures such as “working capital”, “EBITDA”, “Adjusted EBITDA” and “operating profit”. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Certain totals, subtotals and percentages may not reconcile due to rounding.
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TSXV: EVGN TSXV: EVGN OTCQB: EVGIFwww.evergeninfra.com Chase Edgelow CEO & Co-Founder Email: chase@evergeninfra.com For More Info