Mr. Cale Moodie reports

NEPTUNE ANNOUNCES RECORD COMPREHENSIVE NET INCOME OF $18.6 MILLION FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024

Neptune Digital Assets Corp. has released its quarterly condensed consolidated interim financial statements, and management's discussion and analysis.

The financial highlights for the six months ended Feb. 29, 2024, and the period subsequent to quarter-end up to the date of this news release are as follows:

• Neptune ended the quarter with $51.6-million in assets, an increase of 32 per cent over the prior quarter and 57 per cent over six months.
• Neptune earned gross mining revenue and other income of $1.8-million through bitcoin (BTC) mining, staking, interest and other income-generating activities during the six-month period ended Feb. 29, 2024, based on prevailing crypto prices during the period.
• General administrative expenses fell by 38 per cent over the comparable period of 2023 and, as of the date of this release, the company has cash reserves of $7-million held with Tier 1 Canadian banks.
• Neptune mined $1-million worth of bitcoin during the six-month period ended Feb. 29, 2024. As of the date of this release, Neptune has a total balance of 341 bitcoin in cold storage. Neptune presently retains all its bitcoin in cold storage and does not engage in active selling or trading of bitcoin holdings.
• Neptune's three largest-dollar-value digital asset holdings as of the date of this release are 341 BTC, 31,185 solana and 176,500 ATOM (cosmos). The company also holds positions in ethereum, Dot, fantom (FTM), Dash, Graph (GRT), Ocean and a number of other tokens, as well as an investment in SpaceX valued at approximately $3.5-million.

"As a pivotal bitcoin halving approaches and more institutions get behind the crypto market, Neptune's foundation is stronger than ever. Our focus on proof-of-stake, proof-of-work and using rewards to grow our asset base has paid off, reflected as substantial growth in our balance sheet. Given our assets seem to be growing faster than our market cap, we will take advantage of this disconnect and have initiated a share buyback program. The recent strategic acquisition of Solana should drive proof-of-stake revenues even higher into subsequent quarters, marking a new phase of growth for Neptune," 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 and other associated cutting-edge technology. Its unwavering commitment to innovation and strategic growth enables the company to continually explore new opportunities and maximize value for its shareholders.

We seek Safe Harbor.