Mr. Cale Moodie reports

NEPTUNE DIGITAL ASSETS ANNOUNCES $6.4 MILLION COMPREHENSIVE NET INCOME FOR Q1 2024

Neptune Digital Assets Corp. has released its condensed consolidated interim financial statements and management discussion and analysis for the three months ended Nov. 30, 2023.

The financial highlights for the three months ended Nov. 30, 2023, and the period subsequent to quarter-end up to the date of this news release are as follows:

• Neptune ended Q1 on Nov. 30, 2023, with $39-million in assets and no debt, underscoring its robust financial standing.
• Neptune earned gross mining revenue and other income of $863,628 through bitcoin mining, staking, interest and other income-generating activities during the three-month period ended Nov. 30, 2023, based on prevailing crypto prices during the period.
• Neptune mined $523,028 worth of bitcoin during the three-month period ended Nov. 30, 2023. As of the date of this release, Neptune has a total balance of 335 bitcoin in cold storage. Neptune presently retains all of its bitcoin in cold storage and does not engage in active selling.
• Neptune's two largest digital asset holdings as of the date of this release are 335 bitcoin and 175,000 Atom. The company also holds positions in ethereum, DOT, SOL, Dash, GRT, Ocean and a number of other tokens, as well as an investment in SpaceX valued at approximately $3.52-million.
• Neptune currently maintains a cash and short-term investment balance of $10.1-million held with Tier 1 Canadian banks and is well positioned to grow its operations for six years or more without the need for additional capital, demonstrating its financial stability and prudent cash management.
• Subsequent to the end of the period on Jan. 15, 2024, Neptune settled outstanding litigation with Green Block Mining (formerly Link Global). Green Block agrees to pay $1.53-million to Neptune in cash and/or shares by June 15, 2024.

"We are excited to be entering the final months before the halving and expect the unique economics built into the bitcoin algorithm to play out favourably in the crypto capital markets. We remain conservative and cautious in the short term, however, very optimistic about the long-term performance of the space. Our costs remain low and our bitcoin balance is growing steadily through both proof-of-work and proof-of-stake operations. We were pleased to see a nice jump in SpaceX value and some of the altcoins that we diligently stake," stated Cale Moodie, Neptune's chief executive officer.

About Neptune Digital Assets Corp.

Neptune Digital Assets is one of the first publicly traded blockchain companies in Canada and is at the forefront of the cryptocurrency and blockchain landscape. Neptune engages in operations across the digital asset ecosystem, including bitcoin mining, proof-of-stake mining, blockchain nodes, decentralized finance (defi) and other associated cutting-edge technology. The company's unwavering commitment to innovation and strategic growth enables it to continually explore new opportunities and maximize value for its shareholders.

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