07:21 AM EST, 11/25/2025 (MT Newswires) -- Maxim Power ( MXGFF ) overnight Monday said it has received a net settlement of $6.5 million as part of its claim for compensation against third-parties in relation to a Sept. 30, 2022, fire which damaged the Milner 2's (M2) air inlet filter house.

The claim was filed last year against multiple third parties and the settlement is the maximum available from the insurance policy of the third party that has settled. Maxim expects to receive the proceeds in the fourth quarter.

The company is pursuing its claim against the remaining third parties. Maxim understands that the collective amount of the insurance policies, for the remaining third parties involved, is equivalent to the amount paid out as part of the settlement announced today.