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Ballard Reports Q4 2022 Results

VANCOUVER, BC, March 17, 2023 – Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced consolidated financial results for the fourth quarter ended December 31, 2022. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).

“With an increasingly constructive policy landscape for hydrogen globally, we are excited by the growing end customer interest to decarbonize mobility and stationary power applications with fuel cells,” said Randy MacEwen, President and CEO. “2022 proved to be an important year for Ballard as we achieved key customer platform wins across our verticals of bus, truck, rail and marine, along with early traction in select stationary power applications. This dynamic is supporting our planned transition of Ballard’s business model to a heavier focus on growing sales of Power Products and reduced relative contribution of Technology Solutions. Bolstered by strong order intake in Q4 in Europe and North America, we ended 2022 with an Order Backlog of $133.4 million, with Power Products up more than double from the end of 2021 and up almost 60% from the end of Q3.”

“We are also excited with the measured progress we are making on our investments in strategic technology and product development programs and advanced manufacturing initiatives, underpinning our roadmap for continued product performance improvements while also achieving significant product cost reductions,” Mr. MacEwen added.

Mr. MacEwen continued, “In Q4, we delivered revenue of $20.5 million and gross margin of (29)%. On revenue, we continue to be disappointed with delayed adoption in the China market and low activity levels at the Weichai-Ballard JV, which weighed on our 2022 results. We are working closely with our Weichai-Ballard JV to unlock growth in the China fuel cell bus and truck markets. Gross margin results partly reflect strategic pricing on customer platform wins during a period of inflationary costs. We expect these dynamics to persist into 2024 until our volume ramps and our product cost reduction initiatives move into production. On costs, we achieved our guided targets for total operating expenses and capital expenditures for full year 2022. We ended the year with $913.7 million in cash reserves.”

Mr. MacEwen concluded, “In 2023, we believe we are well positioned to compete and grow in an increasingly exciting market. We continue to prudently manage our balance sheet as we execute on our planned investments in technology and products, advanced manufacturing, product cost reduction, our local-for-local manufacturing strategy, and providing an outstanding customer experience.”

Q4 2022 Financial Highlights
(all comparisons are to Q4 2021 unless otherwise noted)

Total revenue was $20.5 million in the quarter, down 44% year-over-year.
- Power Products revenue of $13.5 million decreased 49%, driven by lower shipments of fuel cell products.
  - Heavy-Duty revenues of $9.2 million decreased 59% due to lower shipments of fuel cell products in China and Europe.
  - Stationary Power Generation revenues of $2.7 million decreased 2%, due to lower sales in Europe, partially offset by increased sales in China.
  - Material Handling revenues of $1.6 million increased 23%, primarily as a result of higher shipments to Plug Power.
- Technology Solutions revenue of $7.0 million decreased 31% due primarily to decreased amounts earned on the Weichai Ballard JV and substantial completion of the Audi program.
Gross margin was (29)% in the quarter, a decrease of 42-points, driven by a combination of a greater weight of power products in the revenue mix, pricing strategy, increased investment in manufacturing capacity, increases in supply costs and inventory adjustments.
Total Operating Expenses and Cash Operating Costs³ were $37.0 million and $30.6 million, respectively, in the quarter, an increase of 15% and 15%, respectively. Increases were driven primarily by higher expenditure on research, technology and product development activities.
Adjusted EBITDA³ was ($46.4) million, compared to ($25.5) million in Q4 2021, primarily a result of the decrease in gross margin and increase in Cash Operating Costs.
Ballard received approximately $52.2 million of new orders in Q4, and delivered orders valued at $20.5 million, resulting in an Order Backlog of approximately $133.4 million at end-Q4. Order Backlog growth was driven predominantly by increased orders from Europe, which now represent approximately 64% of the total Order Backlog, compared to approximately 38% at end-Q4 2021. Specifically, the Power Products backlog as of Q4 2022 is more than double the amount in Q4 2021, and is up almost 60% from end-Q3 2022.
The 12-month Order Book was $57.3 million at end-Q4, an increase of $6.3 million from the end of Q3 2022. The 12-month Power Products Order Book increased by 37% as compared to end-Q4 2021 and by a similar percentage from the end of Q3 2022. Additionally, order intake in of $52.2 million in Q4 2022 was 124% higher than the 12 month average ending in Q3 2022 of $23.3 million.

Order Backlog ($M)	Order Backlog at End-Q3 2022	Orders Received in Q4 2022	Orders Delivered in Q4 2022	Order Backlog at End-Q4 2022
Total Fuel Cell Products & Services	$101.7	$52.2	$20.5	$133.4

2023 Outlook

Consistent with the Company’s past practice, and in view of the early stage of hydrogen fuel cell market development and adoption, we are not providing specific revenue or net income (loss) guidance for 2023. In 2023, we continue our plan to invest in the business ahead of the hydrogen growth curve. Ballard’s Total Operating Expense⁴ and Capital Expenditure⁵ guidance ranges for 2023 are as follows:

2023	Guidance
Total Operating Expense⁴	$135 – $155 million
Capital Expenditure⁵	$40 – $60 million

Q4 2022 Financial Summary

(Millions of U.S. dollars)	Three months ended December 31
	2022	2021	% Change
*REVENUE*
Fuel Cell Products & Services:^1,2
Heavy Duty Motive	$9.2	$22.5	(59) %
Material Handling	$1.6	$1.3	23 %
Stationary Power Generation	$2.7	$2.7	(2) %
Sub-Total	$13.5	$26.6	(49) %
Technology Solutions	$7.0	$10.1	(31) %
Total Fuel Cell Products & Services Revenue	$20.5	$36.7	(44) %
*PROFITABILITY*
Gross Margin $	($5.9)	$4.8	(224) %
Gross Margin %	(29) %	13 %	(42)pts
Operating Expenses	$37.0	$32.3	15 %
Cash Operating Costs³	$30.6	$26.6	15 %
Equity loss in JV & Associates	($6.8)	($4.9)	39 %
Adjusted EBITDA³	($46.4)	($25.5)	(82) %
Net Loss from continuing operations	($34.4)	($43.8)	21 %
Loss Per Share	($0.12)	($0.15)	(15) %
*CASH*
Cash provided by (used in) Operating Activities:
Cash Operating Loss	($27.1)	($23.5)	15 %
Working Capital Changes	$5.9	($7.1)	(183) %
Cash used in	($21.2)	($30.7)	-31 %
Operating Activities	($21.2)	($30.7)	-31 %
Cash Reserves	$913.7	$1,123.9	(19) %

(Millions of U.S. dollars)
	Twelve months ended December 31
	2022	2021	% Change
*REVENUE*
Fuel Cell Products & Services:^1,2
Heavy Duty Motive	$38.9	$51.7	(25) %
Material Handling	$6.4	$8.1	(22) %
Stationary Power Generation	$10.9	$8.2	33 %
Sub-Total	$56.2	$68.0	(17) %
Technology Solutions	$27.6	$36.5	(24) %
Total Fuel Cell Products & Services Revenue	$83.8	$104.5	(20) %
*PROFITABILITY*
Gross Margin $	($13.1)	$14.0	(193) %
Gross Margin %	(16) %	13 %	29pts
Operating Expenses	$145.8	$102.1	43 %
Cash Operating Costs³	$118.8	$83.8	42 %
Equity loss in JV & Associates	($11.6)	($16.1)	(28) %
Adjusted EBITDA³	($144.0)	($82.2)	(75) %
Net Loss from continuing operations	($173.5)	($114.4)	(52) %
Loss Per Share	($0.58)	($0.39)
*CASH*
Cash provided by (used in) Operating Activities:
Cash Operating Loss	($121.7)	($68.9)	77 %
Working Capital Changes	($10.4)	($11.6)	(10) %
Cash (used in	($132.2)	($80.5)	64 %
Operating Activities	($132.2)	($80.5)	64 %
Cash Reserves	$913.7	$1,123.9

For a more detailed discussion of Ballard Power Systems’ fourth quarter 2022 results, please see the company’s financial statements and management’s discussion & analysis, which are available at www.ballard.com/investors, www.sedar.com and www.sec.gov/edgar.shtml.

Conference Call

Ballard will hold a conference call on Friday, March 17, 2023 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review fourth quarter 2022 operating results. The live call can be accessed by dialing +1.604.638.5340. Alternatively, a live audio and webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcast and presentation materials will be archived in the ‘Earnings, Interviews & Presentations’ area of the ‘Investors’ section of Ballard’s website (www.ballard.com/investors).

About Ballard Power Systems

Ballard Power Systems’ (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power. To learn more about Ballard, please visit www.ballard.com.

Important Cautions Regarding Forward-Looking Statements

This release contains forward-looking statements concerning the hydrogen economy and markets for our products and the effects of governmental regulations on such markets, expected revenues, operating expenses, capital expenditures, corporate development activities, impacts of investments in manufacturing and R&D capabilities and market growth, and our carbon emissions goals. These forward-looking statements reflect Ballard’s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such statements are based on Ballard’s assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand. For a detailed discussion of the factors and assumptions that these statements are based upon, and factors that could cause our actual results or outcomes to differ materially, please refer to Ballard’s most recent management discussion & analysis. Other risks and uncertainties that may cause Ballard’s actual results to be materially different include general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard’s future performance, please refer to Ballard’s most recent Annual Information Form. These forward-looking statements are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes. Readers should not place undue reliance on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under applicable legislation.

Further Information

Kate Charlton +1.604.453.3939, or

Endnotes

¹We report our results in the single operating segment of Fuel Cell Products and Services. Our Fuel Cell Products and Services segment consists of the sale
and service of PEM fuel cell products for our power product markets of Heavy Duty Motive (consisting of bus, truck, rail and marine applications), Material
Handling and Stationary Power Generation, as well as the delivery of Technology Solutions, including engineering services, technology transfer and the
license and sale of our extensive intellectual property portfolio and fundamental knowledge for a variety of fuel cell applications.

² The UAV market has been classified as a discontinued operation in our third quarter of 2020 consolidated condensed financial statements. As such, the
assets of the UAV market have been classified as assets held for sale as of September 30, 2020. Furthermore, the historic operating results of the UAV
market for 2020 have been removed from continuing operating results and are instead presented separately in the statement of comprehensive income as
income from discontinued operations.

³ Note that Cash Operating Costs, EBITDA, and Adjusted EBITDA are non-GAAP measures. Non-GAAP measures do not have any standardized meaning
prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Ballard believes that Cash Operating
Costs, EBITDA, and Adjusted EBITDA assist investors in assessing Ballard’s operating performance. These measures should be used in addition to, and not as a
substitute for, net income (loss), cash flows and other measures of financial performance and liquidity reported in accordance with GAAP. For a reconciliation
of Cash Operating Costs, EBITDA, and Adjusted EBITDA to the Consolidated Financial Statements, please refer to the tables below.

Cash Operating Costs measures operating expenses excluding stock-based compensation expense, depreciation and amortization, impairment losses or
recoveries on trade receivables, restructuring charges, acquisition related costs, the impact of unrealized gains or losses on foreign exchange contracts, and
financing charges. EBITDA measures net loss from continuing operations excluding finance expense, income taxes, depreciation of property, plant and
equipment, and amortization of intangible assets. Adjusted EBITDA adjusts EBITDA for stock-based compensation expense, transactional gains and losses,
acquisition related costs, finance and other income, recovery on settlement of contingent consideration, asset impairment charges, and the impact of
unrealized gains or losses on foreign exchange contracts.

⁴ Total Operating Expenses refer to the measure reported in accordance with IFRS.

⁵ Capital Expenditure is defined as Additions to property, plant and equipment and Investment in other intangible assets as disclosed in the
Consolidated Statements of Cash Flows

Operating Expenses and Cash Operating Costs

(Expressed in thousands of U.S. dollars)	Three months ended December 31,
			2022		2021		$ Change		% Change
Research and Product Development		$ 22,944		$ 19,870		$ 3,074		15 %
General and Administrative		5,561		7,420		(1,859)		(25 %)
Sales and Marketing		3,381		3,417		(36)		(1 %)
Operating Expenses		$ 31,886		$ 30,707		$ 1,179		4 %

Research and Product Development (cash operating cost)		$ 21,526		$ 17,153		$ 4,373		25 %
General and Administrative (cash operating cost)		5,921		6,408		(487)		(8 %)
Sales and Marketing (cash operating cost)		3,163		3,043		120		4 %
Cash Operating Costs		$ 30,610		$ 26,604		$ 4,006		15 %

(Expressed in thousands of U.S. dollars)	Three months ended December 31,
EBITDA and Adjusted EBITDA		2022	2021	$ Change
Net loss from continuing operations		$ (34,427)	$ (43,836)	$ 9,409
Depreciation and amortization		2,828	3,272	(444)
Finance expense		300	313	(13)
Income taxes (recovery)		(3,004)	(233)	(2,771)
EBITDA		$ (34,303)	$ (40,484)	$ 6,181
Stock-based compensation expense		1,471	2,319	(848)
Acquisition related costs		106	1,580	(1,474)
Finance and other (income) loss		(15,731)	11,366	(27,097)
Recovery on settlement of contingent consideration		(9,891)	–	(9,891)
Impairment loss on intangible assets		13,024	–	13,024
Impact of unrealized (gains) losses on foreign exchange contracts		(1,057)	(263)	(794)
Adjusted EBITDA		$ (46,381)	$ (25,482)	$ (12,899)

Operating Expenses and Cash Operating Costs
(Expressed in thousands of U.S. dollars)	Year ended December 31,
			2022		2021		$ Change		% Change
Research and Product Development		$ 95,952		$ 62,162		$ 33,790		54 %
General and Administrative		28,754		24,725		4,029		16 %
Sales and Marketing		12,851		12,904		(53)		(0 %)
Operating Expenses		$ 137,557		$ 99,791		$ 37,766		38 %

Research and Product Development (cash operating cost)		$ 84,048		$ 52,539		$ 31,509		60 %
General and Administrative (cash operating cost)		23,137		19,754		3,383		17 %
Sales and Marketing (cash operating cost)		11,582		11,489		93		1 %
Cash Operating Costs		$ 118,767		$ 83,782		$ 34,985		42 %

(Expressed in thousands of U.S. dollars)	Year ended December 31,
EBITDA and Adjusted EBITDA		2022	2021	$ Change
Net loss from continuing operations		$ (173,494)	$ (114,397)	$ (59,097)
Depreciation and amortization		13,357	9,752	3,605
Finance expense		1,279	1,294	(15)
Income taxes (recovery)		(3,536)	(216)	(3,320)
EBITDA		$ (162,394)	$ (103,567)	$ (58,827)
Stock-based compensation expense		9,408	9,669	(261)
Acquisition related costs		2,857	2,115	742
Finance and other (income) loss		2,102	8,813	(6,711)
Recovery on settlement of contingent consideration		(9,891)	–	(9,891)
Impairment loss on intangible assets		13,024	263	12,761
Impact of unrealized (gains) losses on foreign exchange contracts		862	519	343
Adjusted EBITDA		$ (144,032)	$ (82,188)	$ (61,844)

SOURCE Ballard Power Systems Inc.

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Disclaimer
All transaction are carrying out by SiLLC, a private portfolio management assembly. This document is not an offer of securities for sale or investment advisory services. This document contains general information only and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed. Certain statements and forecasted data are based on current expectations, current market and economic conditions, estimates, projections, opinions and beliefs of SiLLC and/or its members. Due to various risks and uncertainties, actual results may differ materially from those reflected or contemplated in such forward-looking statements or in any of the case studies or forecasts. All references to SiLLC’s advisory activities relates to SiLLC Assembly International.

Consolidated financial statements, higher forecast for 2022, forecast for 2023 and dividend proposal

Consolidated financial statements, higher forecast for 2022, forecast for 2023 and dividend proposal

April 25, 2022 Deutsche Rohstoff AG today published the final consolidated financial statements for 2021. In this context, the company raises the forecast for fiscal year 2022.

Group earnings in 2021 EUR 5.32 per share/EBITDA-Forecast 2022 raised to EUR 110-120 million/Dividend 60 Cents

Mannheim. Deutsche Rohstoff AG today published the final consolidated financial statements for 2021. In this context, the company raises the forecast for fiscal year 2022 as follows:

Base scenario 2022:

Group sales: EUR 130 to 140 million (previously EUR 126 to 134 million)

EBITDA: EUR 110 to 120 million (previously EUR 97 to 102 million)

This base scenario is based on an oil price of USD 85/barrel, a gas price of USD 4/MMbtu and a EUR/USD exchange rate of 1.12 for the remainder of 2022.

For the fiscal year 2023, the Executive Board expects the following figures for sales and earnings in the base scenario (oil price USD 75/barrel, gas price USD 4/MMbtu; EUR/USD 1.12):

Base scenario 2023:

Group sales: EUR 125 to 135 million

EBITDA: EUR 100 to 110 million

The company’s management report published today also includes a scenario with an oil price of 92 USD/barrel for the rest of 2022 and an oil price of 85 USD/barrel for 2023, assuming the same gas price and EUR/USD exchange rate. It leads to the following forecast:

Increased price scenario 2022:

Sales: 140 to 150 million EUR

EBITDA: 120 to 130 million EUR

Increased price scenario 2023:

Group revenue 2023: 140 to 150 million EUR

EBITDA 2023: EUR 115 to 125 million

The Executive Board expects to be able to achieve a clearly positive consolidated result in both years.

The Executive Board and Supervisory Board will also propose to the Annual General Meeting, which will be held as a virtual Annual General Meeting on 28 June 2022, to distribute a dividend of 60 cents per share for the fiscal year 2021. Shareholders will be offered the opportunity to receive the dividend in the form of new shares.

The consolidated financial statements can be accessed here in German as of today (an English Version of the Annual Report will follow shortly).

For the definition of EBITDA, please refer to the Deutsche Rohstoff AG website at https://rohstoff.de/en/apm/.

Explanatory notes

The Deutsche Rohstoff Group achieved sales of EUR 73.3 million (previous year: EUR 38.7 million), EBITDA of EUR 66.1 million (previous year: EUR 23.9 million) and consolidated net income of EUR 26.4 million (previous year: EUR -16.1 million; all figures according to the German Commercial Code (HGB) and audited) in fiscal year 2021, which corresponds to earnings per share of EUR 5.32. The final figures for EBITDA and net income are slightly higher than the published preliminary results. The annual report for the fiscal year 2021 of the Deutsche Rohstoff Group is available on the company’s website at www.rohstoff.de.

The start to the 2022 financial year was positive. As expected, production from the Knight wells increased significantly in the course of the first quarter. In March, the Company was already producing approximately 3,500 barrels of oil per day (BOPD). So far in April, daily production has increased to around 4,500 BOPD. The highest production is still expected in May/June. The detailed quarterly report for the first quarter of 2022 will be released in the coming days. Daily production for 2022 is expected to be around 9,300-10,000 BOE, about half of which will be oil.

The capital expenditure budget as part of the forecast for drilling in Utah and Wyoming is EUR 58 million for 2022 and EUR 50 million for 2023. Cub Creek plans to start a drilling program in Wyoming in the second half of 2022 with five wells (80% share) and an investment volume of about USD 40 million. Salt Creek continues to expect the start of production from the first wells under the collaboration with Oxy in the fourth quarter of 2022. Salt Creek will invest a total of approximately USD 65 million in 18 wells. Additional interests in drilling by subsidiaries, particularly Bright Rock in Utah, account for about USD 15 million of investments.

In April, Deutsche Rohstoff USA received the long-awaited tax refund for the fiscal year 2019. With interest, this amounts to around USD 7.6 million.

Mannheim, 25 April 2022

Deutsche Rohstoff identifies, develops and sells attractive raw material deposits in North America, Australia and Europe. The focus is on the development of oil and gas deposits in the USA. Metals such as gold and tungsten complete the portfolio. Further information can be found at www.rohstoff.de

Disclaimer
This document contains forward-looking statements which are based on the current estimates and assumptions made by the assembly team of SiLLC. Forward-looking statements are characterized by the use of words such as expect, intend, plan, predict, assume, believe, estimate, anticipate, forecast and similar formulations. Such statements are not to be understood as in any way guaranteeing that those expectations will turn out to be accurate. Future performance and the results actually achieved by SiLLC and its affiliated groups depend on a number of risks and uncertainties and may therefore differ materially from the forward-looking statements. Many of these factors are outside SiLLC‘s control and cannot be accurately estimated in advance, such as the future economic environment and the actions of competitors and others involved in the marketplace. SiLLC neither plans nor undertakes to update forward-looking statements.

All transaction are carrying out by SiLLC, a private portfolio management assembly. This document is not an offer of securities for sale or investment advisory services. This document contains general information only and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed.Certain statements and forecasted data are based on current expectations, current market and economic conditions, estimates, projections, opinions and beliefs of SiLLC and/or its members. Due to various risks and uncertainties, actual results may differ materially from those reflected or contemplated in such forward-looking statements or in any of the case studies or forecasts. All references to SiLLC’s advisory activities relates to SiLLC International.

Neptune Announces an Additional 53,000 Terahash of Bitcoin Mining Machines Are Now Operational

Neptune Announces an Additional 53,000 Terahash of Bitcoin Mining Machines Are Now Operational

Vancouver, British Columbia–September 21, 2022 – Neptune Digital Assets Corp. (TSXV: NDA) (OTC Pink: NPPTF) (FSE: 1NW) (“Neptune” or the “Company“), a blockchain technology and cryptocurrency leader in Canada, is pleased to announce that it has brought an additional 53 petahash per second (PH/s) of mining capacity online and these machines are now producing bitcoin.

New Bitcoin ASIC Mining Machines

These Antminer S19 Pro Bitcoin mining machines have been tested, installed, and are now producing Bitcoin. The Antminer S19 Pro is the latest generation Bitcoin ASIC miner produced by leading hardware manufacturer Bitmain. The Antminer S19 Pro’s mining SHA-256 algorithm boasts a hashrate ranging from 96 to 104 terahash per second (TH/s) with an energy efficiency of 29.5 joules per terahash (J/TH) and a power consumption of 3250W. The Bitcoin mining machine deployment collectively produces a total of 52,496 terahash per second. The new Bitcoin mining machines are deployed using the Luxor mining pool and are hosted in a state-of-the-art facility in the USA owned and operated by Aspen Creek Digital Corporation (ACDC). Launched in 2022, ACDC’s mission is to catalyze the decarbonization of power generation by building the world’s leading fleet of renewably powered high-performance computing facilities.

“We are happy we can finally bring on the additional 53 petahash of mining capacity purchased in late 2021. The mining business has been challenging over the last 12 months, however it does still remain profitable and we will continue to carefully grow these operations while focused on cost savings and profit margins. We look forward to a fruitful partnership with Aspen where we can grow our renewable focused mining operations. We are fortunate to have the financial means to take advantage of the current bear market and acquire assets at a discount using cash raised at the peak of the bull cycle,” stated Cale Moodie, Neptune’s CEO.

Stock Option Issuance

The Company announces the grant of stock options to purchase up 2,000,000 common shares in the capital of the Company to certain directors and officers of the Company in accordance with the terms of the Company’s stock option plan. The stock options will be exercisable at $0.23 per common share and for a period of 10 years from the date of issuance.

About Neptune Digital Assets Corp.
Neptune Digital Assets (TSXV: NDA) is one of the first publicly-traded blockchain companies in Canada and is a cryptocurrency and blockchain infrastructure leader with operations across the digital asset ecosystem including Bitcoin mining, proof-of-stake mining, blockchain nodes, decentralized finance (DeFi), and other associated blockchain technologies.

ON BEHALF OF THE BOARD

Cale Moodie, President and CEO
Neptune Digital Assets Corp.
1-800-545-0941
www.neptunedigitalassets.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX ‎Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.‎

Forward-Looking Statements

This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans”, “proposes” or similar terminology. Forward-looking statements and information include, but are not limited to, Company’s operations and sustainable future profitability; potential further improvements to the profitability and efficiency across operations by optimizing cryptocurrency mining output, continuing to lower direct mining operations cost structure, and maximizing existing electrical and infrastructure capacity including with new mining equipment; continued adoption of cryptocurrency; the efficacy of the Antminer S19 Pro Bitcoin mining machines; the estimated hashrate ranging from 96 to 104 terahash per second (TH/s) with an energy efficiency of 29.5 joules ‎per terahash (J/TH), a power consumption of 3250W and the deployment ‎collectively producing a total of 52,496 terahash per second; any statements related to the grant of stock options to certain Neptune directors and officers. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the inherent risks involved in the cryptocurrency and general securities markets; the Company’s ability to successfully mine digital currency; revenue of the Company may not increase as currently anticipated, or at all; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties. The Company does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

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