Mr. Frank Holmes reports

HIVE DIGITAL EXPANDS GLOBAL PRESENCE WITH THE ACQUISITION OF DATA CENTER FACILITY LOCATED IN SWEDEN

Hive Digital Technologies Ltd. has entered into a property transfer agreement with Turis AB dated Nov. 23, 2023, to acquire a data centre and the real property on which it is situated, located in the city of Boden, Sweden (all amounts are in U.S. dollars, unless otherwise indicated).

This strategic investment aligns with Hive's commitment to build long-term value for its investors through the acquisition and development of substantial assets to be added to its balance sheet. Moreover, this investment further supports Hive's sustainable growth and reinforces its position as a key player in the digital technology sector.

Located in Boden, Sweden, in close vicinity of its existing data centre, this new data centre was previously constructed as part of the EU Horizon 2020 project. Hive is looking forward to further developing this facility within its global portfolio and utilizing it to plug its incoming new-generation ASIC servers and increasing its bitcoin production.

Hive Sweden country president Johanna Thornblad stated: "We are pleased about this acquisition and our continued expansion in Boden. The property is strategically located and provides Hive with the opportunity to expand its operation, contributing to the company's overall growth strategy. The new data centre will enable Hive to grow its regional footprint while further demonstrating its commitment to its [environmental, social and governance] focus, sustainable practices, environmental responsibility, and energy efficiency with its newest green-energy-powered data centre. Hive is excited about the opportunities that this acquisition brings and looks forward to further contributing to the economic development and prosperity of the Boden community."

Pursuant to the property transfer agreement, Hive shall acquire the property, as well as certain assets located on site, in exchange for a purchase price payable in both cash and common shares of Hive of: (i) up to $750,000 payable in cash; and (ii) up to $1.5-million payable in common shares in the capital of the company in two instalments. The price of the common shares issued to the vendor shall be equal to the lower of: (i) the closing price of the common shares on the TSX Venture Exchange on the date ending two business days prior to the closing date of the acquisition; and (ii) the average closing price of the common shares on the TSX-V on the last five days prior to the closing date on which the TSX-V is open for trading. Notwithstanding the foregoing, the issue price shall not be lower than the minimum acceptable price of the TSX-V. The first instalment of common shares shall be composed of such number of common shares as is equal to $1-million divided by the issue price and shall be paid on the closing date. The second instalment shall be paid at the later of: (i) the six-month anniversary of the closing date; and (ii) the date on which any claims made by Hive within six months of the closing date relating to a breach of warranty under the property transfer agreement has been finally settled and shall be composed of such number of common shares equal to $500,000 less any amount payable by the vendor to the company in respect of such claim, divided by the issue price.

Completion of the acquisition is subject to certain conditions and the receipt of all necessary regulatory approvals, including the approval of the TSX-V. All securities issued pursuant to the property transfer agreement shall be subject to a statutory hold period of four months and one day from the date of issuance.

About Hive Digital Technologies Ltd.

Hive went public in 2017 as the first cryptocurrency mining company listed for trading on the TSX Venture Exchange with a sustainable green energy focus.

Hive is a growth-oriented technology stock in the emergent blockchain and high performance computing industry. As a company whose shares trade on major stock exchanges, it is building a bridge between the digital currency and blockchain sectors and traditional capital markets. Hive owns state-of-the-art, green-energy-powered data centre facilities in Canada, Sweden and Iceland, where it endeavours to source green energy to mine digital assets such as bitcoin on the cloud. Since the beginning of 2021, Hive has held in secure storage the majority of its treasury of BTC derived from mining rewards. Its shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of bitcoin. Because Hive also owns hard assets such as data centres and advanced multiuse servers, it believes its shares offer investors an attractive way to gain exposure to the cryptocurrency and high performance computing space.

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