Mr. Philippe Fortier reports

KEEL INFRASTRUCTURE ADVANCES SHERBROOKE, QUÉBEC DATA CENTER PROJECT

Keel Infrastructure Corp. has provided an update on its data centre project in Sherbrooke, Que. The company has received approval from the City of Sherbrooke to enter into an agreement with Hydro-Sherbrooke for the transfer and operation of 96 megawatts of existing capacity, as well as a purchase agreement for a parcel of land on which to develop the data centre. The transfer of the energy capacity to the new site is now subject to review and approval by Quebec's Ministry of Economy, Innovation and Energy (MEIE).

Power agreement

The agreement reached with Hydro-Sherbrooke will allow Keel to consolidate the power from three of its current bitcoin mining sites into one 96 MW campus. The company did not request any additional power, which maximizes the use of current electrical infrastructure and allows the project to move forward in line with Quebec's current energy priorities. Keel also received approval to recategorize the use of its 96 MW from BTC mining to HPC/AI.

Land purchase agreement

Keel has also entered into a purchase agreement to acquire a parcel of land approximately 100 miles east of Montreal. The purchase agreement is subject to customary conditions, including site inspections, feasibility analysis and municipal approvals, and is expected to close in the first quarter of 2027.

"These developments represent an important step forward in the development of our Sherbrooke project, which will be one of the largest data centre projects in Quebec. The city's approval of these agreements reflects the strength of the project and our commitment to the Sherbrooke community," said Philippe Fortier, executive vice-president, corporate development, at Keel. "We have operated with great success in Quebec since our company's inception, and this project reinforces our long-term commitment to contributing to both the local and broader Quebec economies while delivering state-of-the-art digital infrastructure."

Keel aims to build this project on a lasting relationship with its host community. The company looks forward to collaborating with local and regional stakeholders, and will share updates on the project's progress in a spirit of open and constructive dialogue. The company would also like to thank all partners and collaborators who contributed to reaching this milestone, including the municipal teams, Hydro-Sherbrooke and the various stakeholders involved.

About Keel Infrastructure Corp.

Keel Infrastructure is a North American digital infrastructure and energy company that develops and owns data centres, and energy infrastructure for high performance computing workloads, including AI (artificial intelligence). With a pipeline of 2.2 gigawatts and established grid interconnections already in place, Keel delivers scalable infrastructure solutions in high-demand power markets across Pennsylvania and Washington in the United States, and Quebec in Canada. Keel is headquartered in New York and trades under the ticker symbol KEEL on Nasdaq and the Toronto Stock Exchange.

We seek Safe Harbor.