Originally Posted by
Vaern
I'd like to dispute this answer. The spell creates an axe which deals a variable amount of energy damage specified in its description (2d12), which increases with caster level and is subject to being negated by spell resistance. The damage is a part of the spell's description and would be affected, regardless of whether attacking with it is part of the casting.
By your logic, a Scorching Ray could not be maximized, because the spell has no variable numeric effects. It only creates rays with certain properties, which you attack with. And you could Maximize an Inflict spell or something similar, but if you held the charge for a round then it would lose its metamagic effect because you aren't attacking as part of the casting.