Mr. Cale Moodie reports

NEPTUNE'S SPACEX INVESTMENT COMMENCES TRADING ON NASDAQ

Neptune Digital Assets Corp. has provided an update regarding its investment in SpaceX following SpaceX's successful initial public offering.

Neptune expects to hold approximately 163,000 shares of SpaceX following the completion of the previously announced conversion of its xAI investment into SpaceX shares and prior to the associated distribution process. Neptune's average acquisition cost is approximately $20 (U.S.) per share before any applicable fees, carried interest, expenses, taxes and distribution adjustments.

Based on SpaceX's initial public offering price of $135 (U.S.) per share, the gross value of the underlying SpaceX shares attributable to Neptune's investments would be approximately $22-million (U.S.) ($31-million) before any applicable fees, carried interest, expenses, taxes and distribution adjustments.

"The most valuable companies are those that lay the foundation for entirely new industries. At Neptune, we continue to seek out businesses and assets that are strategic, enduring and which become ever more difficult to replicate," said Cale Moodie, chief executive officer of Neptune. "SpaceX has invested over two decades in forging world-class launch infrastructure, unparalleled engineering capabilities and a transformative global satellite network, creating a formidable competitive moat. As the demands of AI, data and global connectivity accelerate, we believe these assets will only grow in strategic importance and long-term value."

Neptune first gained exposure to SpaceX through investments completed between 2022 and 2025. The company's position was further enhanced through its investment in xAI, which was subsequently converted into SpaceX shares pursuant to the previously announced transaction between the two companies.

As disclosed in SpaceX's registration statement, shares distributed to investors pre-IPO (initial public offering) are expected to be subject to lock-up restrictions and staged release provisions. Neptune currently intends to remain a long-term shareholder and will continue to evaluate its investment strategy in the context of market conditions, liquidity requirements and opportunities to maximize shareholder value.

The company believes SpaceX remains uniquely positioned at the intersection of space exploration, satellite communications, launch services, defence technology and advanced manufacturing. Through businesses including Starlink and its launch operations, SpaceX has become one of the most important technology platforms globally.

Neptune will provide additional updates regarding the timing and mechanics of share distributions as information becomes available.

About Neptune Digital Assets Corp.

Neptune Digital Assets is one of the first publicly traded blockchain companies in Canada and is focused on staking, blockchain nodes, decentralized finance (DeFi) and related technologies. The company also maintains selective positions in frontier technologies and digital infrastructure platforms aligned with its long-term strategy.

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