Evergen Infrastructure Corp.

Good morning, everyone. This is Victoria from Adelaide Capital, and thank you for joining the Evergen Infrastructure Q1 earnings call today. So with me, I have CEO Chase Edgelow, COO, and President Misha Zatman, as well as the Chief Financial Officer, Sean Hennessey. I do want to remind everyone that there could be forward-looking information as well as non-IFRS financial measures in the presentation, so I would just advise everyone to refer to the disclaimer at the end of the investor presentation. And with that, I'm going to pass it over to Chase to walk us through the deck. I'll be back at the end. And if you have a question, just put it in the Q&A box and we'll get to it at the end of the verbal presentation.

Great. Thanks, Victoria. And welcome, everyone. We'll keep it relatively short and sweet today, given that we just went through our broader corporate updates at your end in May. But we are Excited to be here in front of investors again, talking about our Q1 results, which really represent a turning point for Evergen, where we've got, we transitioned from our historical core production out of our existing four assets that are online today, and we start ramping up that production with expanded capacity that we're building out that we built out at Grotech and then we're building out at Fraser Valley Biogas. So with that, I think in terms of the results themselves, just what that demonstrates, having that built out capacity provides opportunities for us to maximize our EBITDA from both taking in organic feedstock on the front end of our facilities and selling additional gas on the back end. And with that, I'll turn it over to Sean Hennessey to walk through our Q1 results.

Yeah thanks for that Chase and welcome everyone to the Q1 update call. Similar to Q4, Q1 2023 was another quarter where our primary focus was on the delivery of our projects, while managing our existing cash flows from our operations. We continue to progress our investments into Fraser Valley Biogas, Pacific Coast Renewables and Grotech with approximately $1.7 million of CapEx addition at each facility. And we ended Q1 with a cash position of just shy of $6 million with an additional $25 million of debt available from our previously announced debt facility. which we drew $2 million on subsequent to quarter end in early May to partially fund the Fraser Valley biogas projects. And we expect to draw an additional seven and a half million from that facility before the end of Q2. Moving on to revenues, our revenues increased 18% year over year. This was mainly driven by increased organic feed stock. and additional RNG production combined with higher pricing, as well as the electricity revenue generated from the acquisition of Grotech in mid 2022. Net income EBITDA and adjusted EBITDA all decreased slightly between 600 and 800k, and this was mainly due to $600,000 of insurance proceeds recorded in the prior year. Overall, Q1 2023 was a successful quarter for Evergen as we see our organic feedstock levels start to increase and we look forward to continuing to grow both of our RNG and organic waste production operating segments.

So I think if we take a look at where we're at today, obviously this is at the front end of our ramp up on our core assets in terms of both RNG production, but also incoming feedstock processing where we receive TIP fees. We believe Evergen is very well positioned to continue to to you know re-rate and re-value closer to where we you know we see research price targets based on our existing market cap of 42 million with 13.8 million shares outstanding you know if we look at a 10 times ebitda multiple on what will be a built-out 8 million dollar base EBITDA production from our core assets as we complete Fraser Valley Biogas, that's a $80 million valuation right there. And we're seeing assets in this space transact in the teens and we're seeing companies with the growth profile of Evergen or even less of a growth profile trade anywhere between 12 and 20 times EBITDA. So that's really the opportunity that we're seeing at the moment. uh the the debt position that sean mentioned is is uh bolstered by the credit facility that we have with roynet and edc that funds our growth from here on out and really what What continues to be our drive and focus is to continue to expand our profile across Canada. So in addition to Fraser Valley Biogas, Pacific Coast Renewables and Sea to Sky Soils in BC, growth out of GrowTech, bringing that facility on line, increasing RNG production out of GrowTech is a major focus for the upcoming quarter. as well as the completion of the Fraser Valley biogas construction project, which we'll have updates on in the coming weeks. Then as we look across the country, really our value as a platform or a renewable natural gas platform is driven off of the projects that we have in our pipeline. So project radius is uh one of those projects and we've been looking at both debt and equity funding options at the project level so we expect to continue to to move forward with that process we've seen a lot of strong interest and some really attractive partnership options so with with that uh in terms of timing on project radius we we expect to um firm up that funding in the next quarter or two, and then move forward thereafter. I think what RADIUS represents is the opportunity that we see to get in early to RNG projects, act as that last mile developer partnership with existing developers, and really bring a project from concept to Justin Delacruz- F ID or to the shovel ready point and then and then work into construction with a partner if if that makes sense, or do it on balance sheet if if that is appropriate so filling in the rest of the country and we've got. you know, interests in projects that we're developing in the prairies as well as Quebec. And we've started to see some really interesting projects south of the border. And so that's really expanding our pipeline, expanding our growth profile long term. from a you know from a funding perspective we we talk about our debt facility we talk about our cash position but we've also got a you know a third source of funding that we expect to have some positive news to share in the coming months as well with respect to grant funding we've applied for over 20 million dollars of grants at the pacific coast renewables project and and across other projects in our pipeline

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On that same freshman year, there were a ton of speakers that were also coming to campus that my professors didn't like, that the administration didn't like, and that my peers especially didn't like. From Ben Shapiro to Ann Coulter, Milo Yiannopoulos, these names are polarizing and some of their ideas are more radical than others. And at this point, I too saw them as radical because I had not really developed my beliefs yet. I remember the riot that broke out and our student union was literally set on fire and the glass was broken. Some of my peers, I saw people that were in my classes out, you know, causing a ruckus. Berkeley is the home of where the free speech movement was founded. And all of a sudden, students don't want free speech if it makes them uncomfortable. I thought education was about being uncomfortable. I thought it was about confronting the things that even scare you most because in the scheme of things, you know nothing as a student. 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Historically, projects in the space have received 30% grant funding on average from our calculations and we've applied for those levels on various projects across our portfolio. The first of which is about a $10 million grant that we expect to have news on in the coming months as well. what that represents is just additional tailwinds that make our projects, which are already on a standalone basis without grant funding, economic and fit within our risk return profile, that much more economic and free up funding for future growth. So I think the NRCan program is great in Canada for that. We've been waiting for quite a while for there to be a conclusion to their initial tranche of funding and expect to have some news shortly to share there. The Inflation Reduction Act in the US is really bolstering projects south of the border and Canada has introduced measures in the last budget that continue to push towards a similar profile for funding that we see in the US in terms of capital reimbursement for projects in the space. We're not quite there yet in terms of having the same level of tax credits that they have south of the border, but we're starting to see similar trends and that I think will only continue to make the space more attractive. And then maybe just talking about upcoming catalysts and milestones, we can, I'll just turn it over to Misha. Maybe we'll go back to the second slide if that works, Sean.

Yeah, thanks, Chase. So we've achieved two of our major milestones that we set out at the beginning of this year, and we've got a lot of catalysts coming in down the pipe as well. We're close to executing our definitive offtake agreement at Fraser Valley Biogas, which is essentially an extension of our existing offtake in place at that facility. Obviously, the big one that we're really wrapping up towards is the completion of our Fraser Valley biogas facility or facility upgrade there, which is expected to come online early Q3. And from there, we can focus our attention towards the GrowTech facility and the expansion that we're undertaking at GrowTech as well.

So I think that's... it for the the quarterly update as mentioned you know very brief window since our since our year-end results but why don't we turn it over Victoria to any questions and uh and then as Misha mentioned we'll we'll have some interesting news coming up in the coming months and uh we'll certainly keep everyone posted yeah so I just want to remind everyone there's a Q&A box at the bottom of the screen and so I guess I was just going to start you know Chase you guys mentioned

you know, higher revenue and EBITDA numbers based on, you know, incoming organic material, as well as, you know, selling more gas on the backend. So how much more organic growth do you guys think you can squeeze out of the existing portfolio before some of these growth projects come online?

Yeah, I think that's, you know, that's, our thesis from the start is to build facilities with contracted volumes, but have additional upside in terms of being able to take additional waste into the front end of our facilities and sell additional gas. And I think this last quarter we saw that the benefits of having additional capacity at Sea to Sky Soils, getting additional volumes there. When you think about the organic waste market as a market, there are events that cause a near-term demand constraint. So you've got waste that needs a place to go that was unexpected, whether it's a heat wave or a flood or spoiled food or that type of thing. We have spare capacity now at our facilities, and we'll continue to build out that capacity to take advantage of those short-term spot tonnages. I think when we look at that from a capacity perspective, from a volume of production, what we're looking at building at Fraser Valley Biogas Phase 1 is 160,000 gigajoules, and at GrowTech, 80,000 gigajoules. together that's 240 000 gigajoules it could additional and on a monthly basis additional volume would be capacity that we look at processing through those facilities would be in the range of you know 10 to 30 depending on how we optimize the facility for additional gas production And then on the processing side, we're really limited by our permitted tonnage. But when we look at what that growth looks like, we're growing from around 100,000 tons to about 300,000 tons of processing capacity across our facility. So that's really the bought and paid for or built infrastructure that we'll have post Fraser Valley biogas coming online and be able to take advantage of

of uh both spot tonnage and then produce additional gas from our facilities okay thank you and then uh sean maybe this is a question for you but just an update on receiving any further insurance proceeds over the next coming quarters um just that's been a part of the story um and then also building onto that um just any visibility into like the flooding season this year or mitigating factors that you can take to prevent something like that from happening again

Sorry, what was the second part of that question, Victoria?

Well, the second part might be more Misha. I'm kind of combining them together. But just any mitigating factors to prevent such damage from flooding in any upcoming flooding seasons that happen just due to seasonality.

sure um so in terms of the insurance proceeds we we have about four hundred thousand dollars outstanding on our on our books and we at the current uh currently and we are hoping to settle that within the coming months um in terms of the policies we have a two-year window to submit and settle all of our claims so obviously everything will be wrapped up before the end of this year But we're definitely coming to a close in terms of the costs that are coming in. So we're hoping by the end of Q2, early Q3, that the insurance related to the flood is done with and it's behind us. In terms of mitigating the impacts of the flood, again, as part of the project at Fraser Valley Biogas, we're building all of the critical components of the facility above the flood line. So everything is being built four to six feet in the air. So what that really does is that if there's another one in 100 year or our insurance pointed out that it was an insurance pointed out it was a 200 year event, our critical components wouldn't be impacted and we should still be able to operate effectively.

Okay, thank you. Sorry, I'm just reading some audience questions here. So a few people just asking, moving over to GrowTech, when do you expect GrowTech phase two construction to begin or just what's the timeline for GrowTech phase two?

Yeah, I can take that one. So right now we're bringing Grotech Phase 1 online. As soon as that gets online, we're going to start going full steam ahead and turning our attention to the feedstock side of getting Grotech Phase 2 online. sufficiently sourced from a feedstock perspective such that we can proceed on a sort of, to essentially double the capacity of that facility. So we've done quite a bit of work to sort of assess the feedstock opportunities in that market. And we feel confident that it justifies sort of proceeding with phase two. And I think as soon as we get phase one online, we're gonna be moving ahead aggressively to to achieve to achieve that that phase two production so um I I think we could expect phase two to you know some type of FID on phase two within uh you know six six months from getting phase one online okay and then can you share any updates on permits or timelines for Pacific Coast renewables um and also any clarity in 2024 when this project should hit construction

I can start on that. I think one of the major catalysts for us on that project is the receipt of some federal grant funding. I think that's a great endorsement if and when we receive that funding for the project and allows us to increase the profile and changes the time horizon on the project as well. As it stands, maybe Just in terms of what we've done to expedite the permitting, maybe we should do want to touch on the upgrades that we've done at the project and the capital that we spent.

Yeah, so we've spent some resources to sort of upgrade the facility, to upgrade the bunkering and the concrete work there and the leachate capturing system to essentially make it sort of a world-class compost facility that's fully compliant with environmental regulations and city standards. So I think the regulatory authorities, as well as the municipality or the city of Abbotsford have taken note of these upgrades. And on that basis, they've indicated a willingness sort of expedite some of our building permits um and some of the environmental permits that that we that we require in order to to uh start construction so um i think it's we've got a firm sort of uh firm visibility into uh commencing construction um kind of in 2024 and i think right now we you know are we we don't we we're not probably in a position to give you uh uh sort of a detailed sort of uh any any further clarity other than you know it's progressing we expect to commence construction kind of mid 2024 um and uh and we're receiving a lot of positive indications from both the Minister of Environment and the various uh um that the uh the Agricultural Land Commission as well as the city of of atmosphere as well

And then maybe just an update on where the six million that you've spent on Pacific Coast renewables has been spent.

Yeah sure, I can take that one. So as Misha just touched on, we've upgraded some of the existing composting infrastructure there. That makes up around a third that spend. The rest was really acquiring long lead equipment relating to the RNG project. So around two thirds of that spend relates to the RNG project there.

And then another question, just asking about the scalability of the projects and asking, Is it more efficient to build larger projects rather than building these out in phases?

I think it really depends on the project. I think we've always, as a platform, Evergen has focused on mixed waste projects. So we're tackling facilities that are a little bit different than what you're seeing in the US in terms of landfill gas projects or dairy projects predominantly ruling the day. What that's done is put us in a position where we've got a formula for building out projects in municipal areas where we're taking green bin waste, commercial food waste, and agricultural waste, and we're doing it in stages that match the feedstock that we have on the front end. So other industry peers have facilities that are 5% or 10% full. That's not a position that we want to be in mostly because it's not economic to build that way. In other projects like Project Radius, where we're a very, very small part of the feedstock potential in the area, taking corn waste, agricultural crop waste, and manure, that facility is scaled a lot larger. So phase one will be an $80 to $100 million phase one built out at scale because of economies of scale. and we're comfortable in that project doing it that way because of the feedstock impact that our project will make on the surrounding area so that's being very small so that's you know that's kind of a convoluted answer but we'll you know we'll tailor that to whichever uh operating environment that we're in i think we're that's where we've you know we've really specialized and ultimately the you know the size of the projects that we're seeing that that make sense economically and and make sense as a first phase build out are in that 30 to 50 million dollar size with additional phases beyond that and then any update on your business development initiatives and any plans to announce you know new projects or timeline for new projects and then also um any thoughts on establishing operations in the united states I'll touch on that and then Misha, feel free to add. But the development pipeline that we've got, there are six projects that sit in our near-term development bucket. Any one of those could move into... a core project for us. So like Project Radius, move into a phase where it's very near shovel ready or will break ground in the next six to 12 months. So those projects are all competing with each other for you know, poll position in terms of which, you know, which one we think we'll go after first or in parallel. Those projects are in eastern Canada, they're in the prairies, they're in western Canada, and there are projects in the U.S. that are in that bucket as well that we're actively pursuing. You know, I think Again, our strategy has been to go after projects that are different than what others have chased and bid up in terms of cost. And I think that also means there's a little bit more development work that we need to do to get them to a point where we're ready to move into construction. So that's where those stand. And certainly we hope to be able to talk about multiple projects before the end of the year.

And then would you be able to elaborate more on expected timelines for project radius?

Yeah, I think from a timing perspective, we're focused today on finding the best partner for the project. So with the large volume, the large scale and the RNG production coming out of that project, there's a few different paths that we could go down. we're running those to ground. And when we look at other processes that have been run in the space, you know, I don't over promise on on how quickly that can come to a conclusion. But we're expecting towards the end of Q3 to be able to announce a partnership there and move forward on on construction thereafter.

And then do you have an estimated capex number in mind for growth phase two?

Yeah, I think previously we had talked about that being in the $5 to $7 million range on a gross basis. I think when we look at that, there's still some work to be done in terms of the scale of what we're building. And then on the feedstock side, the market currently for RNG production is really interesting, I think. When we look at phase two at Grotech, there's things like the CFR credits that are important to think about. That's a long-term driver of RNG value and the way those credits are attributed depends on the feedstock coming into the front end of the facility. uh we will look to scale the capex depending on the the feedstock mix that we decide to target that gives us the highest offtake price uh long term so that's that's really our our focus and then have you seen any impact of inflationary pressures on rng equipment so sean if you want to take that one or misha but uh i think we've what we've said previously is probably it was consistent, but we're starting to see it scale back. I think that the packaging, the packaged equipment out of Europe certainly has come up in price or had come up in price significantly. And doing things with North American packagers was our workaround for that. And ultimately, I think it really a really good result. Things like the concrete costs last year was was a real challenge in British Columbia for sure. That, you know, that has come off as well. So some of the short-term supply issues, I would say, have gotten better, but feel free to add.

Yeah, nothing really further to add. We touched on that at the last call, but we're not seeing anything substantial in terms of inflationary pressures on the cost of equipment. There is a bit on the labour side, which is impacting every industry and market. So obviously, we're all seeing that, but there's nothing. My point is that we're not really being hit with any surprises.

so i guess then just with all of that the projects that you guys are working on and have been forecasting for they all still remain on budget and on track that's right perfect and a few more questions here any update on pricing for tipping fees

Yeah, so I think the dynamics in the market still remain in place and that there's more waste and more organic waste out there and less places that are permitted and facilities like ours that can take it, which works favorably. in terms of tipping fees for facilities like ours. The permitting barriers to establishing new facilities, at least in British Columbia and in most of Canada, are significant, and as a result, the facilities like PCR and Fraser Valley Biogas are going to continue to get the benefit of that as the alternative really is to ship the waste south of the border. We have our contract in Abbotsford that is coming due, and we hope and expect to recontract that facility. that contract at significantly higher tipping fees than what we're currently getting there. So I think you're just seeing that dynamic continue where landfill diversion of organic waste, that trend is continuing to trend upwards and the amount of facilities that can take that waste just aren't keeping up.

Okay. And then, so last question. So I just want to remind anyone if they do have any further questions, just put them in the Q&A box. But what do you guys see as your competitive advantage or intellectual property that Evergen offers?

Yeah, I think really important for an infrastructure platform that develop, owns, and operates projects is to be able to develop and move those projects into operation. I think when we look at the way that we develop projects. There's a lot of reliance in this industry on third parties. I think what we've done in building out our operations team and our technical team allows us to do a lot of the early stage feasibility work in-house to partner where it makes sense with equipment providers and and engineering firms on larger projects you know to get them to a point where those projects are shovel ready and then ultimately move them into you know the bucket that is ready for construction and i think having that that pipeline um of projects and being able to develop them from you know greenfield project into a shovel ready project typically takes about three years Our approach has always been to partner with smaller developers that have already started some of that work, come in and provide technical expertise to accelerate the conclusion, but also to make the project more economic long-term and more resilient. So I think it's really that delivery model, being able to source projects, but then also bring them from concept to a true shovel-ready project that's been de-risked.

And then sorry one last question came in, and you guys already did touch on this in the slide deck but just maybe just reiterating you know how does the US inflation reduction act help ever done.

yeah so it's that you know it's that that project delivery model gives us. A mechanism to take a large pipeline of projects and then execute them in a templated way. And we're doing that and we're showcasing that with grow tech and with Fraser Valley. And then with the next projects that are up for construction beyond that, I think. You know that those those projects in particular are mixed waste facilities where we take both municipal and agricultural waste. And the reason that that works in Canada is there's always there's been a large offtaker willing to take gas from mixed waste projects versus in the U.S. People are selling RNG into compliance driven markets so that that have favored landfill gas and favored dairy projects so that what our competitive advantage in the US is is having expertise with mixed waste projects because of the Canadian offtakes that we see and being able to link those two uh you know skills if you will you know the relationships that we have with Canadian offtakers and the engineering capacity that we have for mixed waste projects And so to target those types of projects in the US that are outside of the traditional two buckets and develop those in-house, get them to a point where they've been de-risked, we've got an offtake agreement, we understand the feedstock market, and we're ready to move forward and break ground.

And the 2023 budget in Canada left the door open for additional support for biogas. Any thought on what this could look like?

yeah i think that's you know for for anybody watching this space there you know there's a very strong hydrogen lobby that you know has done a great job of making hydrogen front and center with government of canada um and that's you know that's great i think it's it's part of the future but what is here and now is and what it is a true transition fuel that can be built out across Canada today is our renewable natural gas projects. And the Canadian Biogas Association has been pushing hard to raise that profile and the door was left open in the sense that the budget mentions James Heitinger, biomass and biofuels projects as something that the government is considering for future tax credits, I think, really, the opportunity is in this next six months to to get in front of those bodies and make the case for why RNG and why now James Heitinger, with hope for inclusion in the fall economic statement, so I think it's I think there's work to be done, but I think it's a real upside in the sense that it makes sense. These are the types of projects that should be incentivized that provide an immediate impact.

Okay, that concludes the Q&A. Chase, any last words?

No, I think that's, you know, that's, that's all we had for today. Again, short, relatively short and sweet, but look forward to being in front of everybody. And thanks. Thank you for the support. And thanks for joining and being in front of everyone in the coming months on some of the key milestones that we have coming up.

Okay, thanks, everyone. That concludes today's call.