Mr. Sheldon Bennett reports

DMG BLOCKCHAIN SOLUTIONS REPORTS FIRST QUARTER 2024 RESULTS ENDING DECEMBER 31, 2023

DMG Blockchain Solutions Inc. has released its fiscal first quarter 2024 financial results.

Q1 2024 financial results highlights:

• Q1 2024 results of $9.7-million revenue, $1.5-million operating loss before other items, $7.0-million net income and four cents per share;
• 196 bitcoin mined, up 35 per cent from the prior quarter on 0.96 exahash per second, up 45 per cent from the prior quarter;
• $3.7-million cash flow from operations, up 163 per cent from the prior quarter;
• Signed agreement with Bitmain Technologies in December to purchase 4,550 T21 190-terahash-per-second bitcoin miners, which are expected to approximately double hash rate to about two EH/s;
• Strong balance sheet as of Dec. 31, 2023, with $27.7-million in cash and digital currency, and $91.0-million in total assets.

Sheldon Bennett, DMG Blockchain's chief executive officer, commented: "DMG Q1 2024 results benefited from the confluence of our 45-per-cent-higher hash rate and a 30-per-cent increase in the quarterly average price of bitcoin versus the prior quarter. With the purchase of 4,550 new 190 TH/s T21 miners and the infrastructure needed to energize those miners, we are positioned to approximately double our electrical infrastructure and hash rate. Regarding our Core+ Blockseer software strategy, we continue to invest in both bitcoin network software infrastructure and applications, and we remain encouraged regarding the opportunity to monetize bitcoin transactions."

DMG Blockchain first quarter 2024 financial results and corporate update call

The company also announces that it will host a conference call to review first quarter 2024 financial results and provide a corporate update on Feb. 22, 2024, at 4:30 p.m. ET. Participants are asked to preregister for the call. Registered participants will receive a financial results and corporate update call weblink and dial-in information in their confirmation e-mail.

As there will be no live question-and-answer session, management will address presubmitted questions during the call. Those wishing to submit a question may do so by investors@dmgblockchain.com using the subject line "conference call question submission" through 2 p.m. ET on Feb. 22, 2024.

About DMG Blockchain Solutions Inc.

DMG Blockchain is an environmentally friendly vertically integrated blockchain and data centre company that manages, operates and develops end-to-end digital solutions to monetize the blockchain ecosystem. DMG Blockchain's sustainable businesses are segmented into two business lines under the Core and Core+ strategies and unified through DMG Blockchain's vertical integration.

We seek Safe Harbor.