Mr. Justin Rosenberg reports

BLOCKMATE ENTERS AI NEOCLOUD MARKET WITH ACQUISITION OF NVIDIA B200 COMPUTE NODE

Blockmate Ventures Inc. has entered into a binding agreement dated Oct. 27, 2026, with Scannit Inc. to acquire its first Nvidia B200 AI compute node.

The transaction marks Blockmate's entry into the artificial intelligence neocloud and GPU compute market, establishing a new business line under which the company will own high performance Nvidia AI infrastructure and make that computing capacity available to AI developers and businesses through a specialist operating partner.

The acquisition also marks an important evolution in Blockmate's business model as the company moves from venture builder toward owner-operator of AI infrastructure.

The node will comprise eight Nvidia B200 GPUs and has a turnkey purchase price of approximately $635,000 (U.S.), including shipping, data centre set-up, installation, network connectivity and on-boarding.

Following execution of the agreement, Blockmate will pay the required initial deposit in accordance with the purchase terms. Delivery is currently expected in first quarter 2027, subject to vendor timing and Nvidia allocation.

Following delivery, the node is expected to be installed, tested and available for commercial AI workloads within approximately one week, subject to commissioning and operational readiness.

How the AI compute model works

Artificial intelligence training and inference require substantial amounts of specialized computing capacity, much of which is delivered using Nvidia data centre GPUs.

Rather than purchasing and operating expensive AI infrastructure themselves, many AI developers and businesses rent this compute capacity on demand or through short- and long-term contracts.

Under Blockmate's model:

• Blockmate will own the Nvidia B200 hardware.
• The hardware will be installed in a specialist U.S. data centre.
• Scannit will host, monitor, maintain and operate the equipment.
• Scannit will market and sell the node's compute capacity through GPU marketplaces, compute networks and direct AI customer contracts.
• Blockmate will receive the majority of the gross revenue generated by the node.

The initial management term is 36 months from the date the node becomes operational.

Scannit does not guarantee utilization, pricing or revenue, and will use commercially reasonable efforts to maximize net revenue generated by the node.

First deployment ahead of planned expansion

Blockmate views the first B200 node as a test deployment and proof of operating model.

The company intends to use the initial node to establish real-world operating data across:

• Customer demand;
• Utilization;
• Rental pricing;
• Uptime;
• Hosting and power costs; and
• The performance of different sales channels.

Subject to the performance of the initial node, financing availability and market conditions, Blockmate intends to evaluate additional deployments, including larger multinode configurations and future generations of Nvidia AI hardware.

Management currently expects the B200 equipment to have a useful operating life in excess of five years. This expectation is informed in part by discussions with neocloud operators that continue to commercially monetize prior-generation Nvidia hardware many years after initial deployment.

The future economic value of the node will nevertheless depend on technological developments, market rental rates, operating costs and continued customer demand for its compute capacity.

Financing

The acquisition is expected to be financed through a combination of Blockmate's existing cash resources and debt financing.

The company is currently finalizing a proposed secured loan from Carosa Corp. BV, a company controlled by Blockmate founder and chairman Domenic Carosa.

The proposed loan is expected to be made on commercial terms consistent with third party financing and secured against the United States-based special-purpose vehicle to be established for the AI compute business, the Nvidia B200 equipment and the associated revenue stream until the loan has been repaid.

If completed, the proposed loan will constitute a related-party transaction as a result of Mr. Carosa's relationship with both Blockmate and Carosa Corp. No securities of Blockmate are to be issued in connection with the proposed loan.

The company will provide further details regarding the loan transaction once final terms have been agreed. Completion of the loan transaction is subject to the approval of the TSX Venture Exchange.

Building Blockmate's AI infrastructure platform

The Nvidia B200 acquisition adds a new operating layer to Blockmate's broader AI infrastructure strategy.

The company is developing exposure across three complementary areas.

AI data centre infrastructure

Blockmate continues to advance its Wyoming AI data centre development, targeting up to approximately 200 megawatts of AI and high performance computing capacity, subject to zoning, power availability, engineering, permitting and other development requirements. The site is located within an industrial area, and Blockmate is working with the local city on the planning and permitting process. The company has held a number of constructive meetings with local officials and expects that engagement to continue as the project advances.

Neocloud operator with directly owned AI compute

The Nvidia B200 transaction gives Blockmate direct ownership of high performance AI compute hardware capable of generating revenue from AI workloads.

Customer and distribution infrastructure

Through its approximately 50-per-cent fully diluted ownership of Hivello, Blockmate also has exposure to a customer-facing digital infrastructure platform. Hivello has launched bitcoin cloud mining and plans to expand into GPU and AI compute products.

Together, these activities are intended to build toward a vertically integrated AI infrastructure strategy, spanning power and data centres, directly owned Nvidia compute hardware and customer distribution.

Management commentary

Mr. Carosa, founder and chairman of Blockmate, commented: "This is Blockmate's first direct step into the AI neocloud market. We will own the Nvidia hardware while Scannit provides the specialist infrastructure, operations and customer relationships required to keep that compute working.

"We are deliberately starting with one node. The objective is to get it on-line, generate revenue, and build real operating data around utilization, pricing and costs. Based on the economics we are seeing today, we believe the initial capital invested in the node has the potential to be recovered in approximately two years although actual results will depend on utilization, market pricing and operating costs.

"What makes this particularly important for Blockmate is how it fits with the broader strategy. Wyoming gives us exposure to large-scale AI data centre infrastructure, this transaction gives us directly owned Nvidia compute, and Hivello provides a potential customer and distribution layer. We are building toward a vertically integrated AI infrastructure strategy rather than relying on a single project or business model."

Justin Rosenberg, chief executive officer of Blockmate, added: "The first node gives us the opportunity to validate the economics of AI compute with real operating data before committing significantly more capital. If the model performs as expected, we believe it can be scaled through additional nodes and larger deployments over time. This acquisition extends our vertical integration across the AI value chain from land to GPU compute."

Karl Nowak, chief executive officer of Scannit, commented: "We first began working with Blockmate approximately two years ago through Hivello, and that relationship has continued to develop as both companies have expanded their focus on digital and AI infrastructure.

"Demand for our GPU capacity remains strong, and we have chosen to provide Blockmate with preferred access to available allocations because we believe it has the ability to scale rapidly alongside Scannit as the market develops."

Balance sheet clarification

Approximately $7-million of the liabilities shown on Blockmate's balance sheet at June 30, 2026, relate to financing raised by Hivello through SAFE notes, which will be converted into Hivello shares under their terms. These are obligations of Hivello, not debts owed directly by Blockmate. Accounting rules require Blockmate to include all of Hivello's assets and liabilities in its consolidated financial statements. This means the combined balance sheet includes Hivello's obligations as well as Blockmate's own -- it does not mean Blockmate itself has borrowed $7.05-million.

About Blockmate Ventures Inc.

Blockmate is an owner and operator of AI infrastructure. The company is building exposure across the AI infrastructure value chain, including data centres, directly owned AI compute infrastructure and customer distribution platforms.

Blockmate's strategy is to own and develop high-value AI infrastructure assets, work with specialist operating partners where appropriate, and create long-term shareholder value through disciplined execution, strategic relationships and vertical integration.

We seek Safe Harbor.