Mr. Mischa Zajtmann reports

EVERGEN INFRASTRUCTURE REPORTS Q3 2023 RESULTS

Evergen Infrastructure Corp. has released its financial results as at and for third quarter 2023. All amounts are in Canadian dollars unless otherwise stated and have been prepared in accordance with international financial reporting standards.

Financial Highlights for Q3 2023:

• Revenues of $2.3 million increased 17% from $2.0 million in Q3 2022, primarily due to incremental RNG production from the completion of the Phase I RNG expansion project at GrowTEC and the commencement of the 10-year organic waste processing agreement with the City of Regina. Revenues are expected to continue to increase in future periods, relative to previous periods, through the completion of the Fraser Valley Biogas RNG Expansion Project and increased RNG production at GrowTEC.
• Net loss of $1.1 million for Q3 2023 decreased 40% from $1.8 million in Q3 2022 primarily due to an increase in revenues and income tax recovery, as well as a decrease in direct operating costs, partially offset by the recognition of $0.8 million of insurance proceeds in Q3 2022.
• Adjusted EBITDA of $0.4 million for Q3 2023, decreased slightly compared to Q3 2022 primarily due to the recognition of $0.8 million of flood-related insurance proceeds during Q3 2022.

"This quarter marks the commencement of a significant ramp up in revenue across our platform," said Mischa Zajtmann, CEO of EverGen. "With mechanical completion at Fraser Valley Biogas and the addition of another material organics processing facility in Regina, the foundation has been set for future revenue growth as we continue to execute on core project delivery."

For further information on the results please see the Company's Consolidated Financial Statements and Management's Discussion and Analysis filed on SEDAR+ and on EverGen's website.

EverGen will hold a results and corporate update conference call at 10:00 a.m. Eastern Time on Thursday, November 23, 2023, hosted by Chief Executive Officer, Mischa Zajtmann.

Conference call details are as follows:

Date:  Thursday, November 23, 2023

Time:  10:00 a.m. ET

Find the latest Corporate Presentation in the Investor Centre of the company's website.

About EverGen Infrastructure Corp.

EverGen, Canada's Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future. Headquartered on the West Coast of Canada, EverGen is an established independent renewable energy producer which acquires, develops, builds, owns, and operates a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on Canada, with continued growth expected across other regions in North America and beyond.

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