Mr. Asher Genoot reports

HUT 8 SECURES FIVE-YEAR CAPACITY CONTRACTS WITH IESO FOR 310 MW OF POWER GENERATION ASSETS

Each of Hut 8 Corp.'s four natural-gas-fired power plants in Ontario has been awarded a five-year capacity contract with the Ontario Independent Electricity System Operator (IESO). The portfolio is owned and operated by Far North Power Corp., an entity formed by Hut 8 and Macquarie Equipment Finance Ltd., a subsidiary of Macquarie Group Ltd., a global financial services group.

The contracts were awarded to Far North following successful bids submitted into the competitive IESO Medium-Term 2 (MT2) capacity auction and will commence on May 1, 2026. The contracted assets total 310 megawatts of nameplate capacity across four sites: Iroquois Falls, Kingston, Kapuskasing and North Bay. The contracts include a weighted average capacity payment of approximately $530 per megawatt-business-day in Year 1, with partial inflation indexation that allows for potential increases over time.

"Securing these contracts is a testament to the commercial and regulatory fluency of our power-native team," said Asher Genoot, chief executive officer of Hut 8. "It reflects our pro-active approach to portfolio management and our focus on identifying value-accretive opportunities to maximize returns on our power assets."

"This milestone for Far North is affirmation of the business and our relationship with Hut 8," said Joshua Stevens, managing director in Macquarie Group's Commodities and Global Markets business. "These contracts position the Far North power plants in Ontario for long-term relevance in a capacity-constrained power market, demonstrating the value we strive to bring as a capital provider."

Transaction highlights:

• Creditworthy offtaker -- government-backed counterparty rated AA3 (positive) by Moody's;
• Cash flow stabilization -- transition from short-term seasonal capacity agreements to fixed five-year contracts enhances revenue certainty and reduces earnings volatility;
• Upside potential -- additional cash flow potential through energy sales into the Ontario market, where IESO projects 75-per-cent electricity demand growth by 2050 and a capacity shortfall of up to 5.8 gigawatts by 2030, supporting increased reliance on existing dispatchable assets.

About Hut 8 Corp.

Hut 8 is an energy infrastructure platform integrating power, digital infrastructure and compute at scale to fuel next-generation, energy-intensive use cases such as bitcoin mining and high-performance computing. Hut 8 takes a power-first, innovation-driven approach to developing, commercializing and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. The company's platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five bitcoin mining, hosting and managed services sites in Alberta, New York and Texas, five high-performance computing data centres in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta.

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