Mr. Frank Holmes reports

HIVE DIGITAL ANNOUNCES $25 MILLION BOUGHT DEAL PRIVATE PLACEMENT FINANCING TO HODL OUR BITCOIN PRODUCTION AND EXPAND GREEN MINING FOOTPRINT BY 100MW

Hive Digital Technologies Ltd. has entered into an agreement with Stifel Canada and Canaccord Genuity as co-lead underwriters and joint bookrunners, whereby the underwriters will purchase, on a bought deal basis, five million special warrants of the company at a price of $5 per special warrant for aggregate gross proceeds to the company of $25-million. The completion of the offering will be subject to receipt of all necessary regulatory and corporate approvals or consents.

The company will grant the underwriters an option to increase the size of the offering by up to an additional 15 per cent of the special warrants sold under the offering, exercisable in whole or in part, at any time and from time to time up to 48 hours prior to the closing date (as hereinafter defined).

Each special warrant shall entitle the holder thereof to receive, subject to adjustment in certain circumstances and the penalty provision (as defined below), and without payment of additional consideration, one unit of the company upon the exercise or deemed exercise of each special warrant. Each unit shall consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share of the company at a price of $6 per warrant share for a period of 36 months following the closing of the offering. The special warrants will be exercisable by the holders thereof at any time after the closing date for no additional consideration. All unexercised special warrants shall be deemed exercised on behalf of, and without any required action on the part of, the holders (including payment of additional consideration) on the earlier of:

1. The second business day following the date on which a final receipt is obtained from the British Columbia Securities Commission (the BCSC), as principal regulator on behalf of the securities regulatory authorities in each province of Canada, except Quebec, for a (final) short form prospectus qualifying the distribution of the unit shares and warrants to be issued upon exercise of the special warrants;
2. 4:59 p.m. (Toronto time) on the date which is four months and a day following the closing date.

In the event the qualification date has not occurred on or before the date that is 30 business days following the closing date, each outstanding special warrant shall thereafter entitle the holder to receive, upon the exercise or deemed exercise of each special warrant, for no additional consideration, 1.1 units.

The company anticipates the net proceeds of the offering will be used to support the growth of its business, including the expansion of data centres to utilize an additional 100 megawatts of green energy to add approximately five exahash to Hive's existing green bitcoin mining footprint, as well as for working capital and general corporate purposes. Hive also anticipates being able to HODL all its bitcoin until the coming halving.

The closing of the offering is anticipated to be on Dec. 28, 2023. In consideration for their services, the underwriters will receive a cash commission equal to 6 per cent of the gross proceeds of the offering plus 6 per cent broker warrants.

About Hive Digital Technologies Ltd.

Hive Digital Technologies 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 industry. As a company whose shares trade on a major stock exchange, Hive is building a bridge between the digital currency and blockchain sector 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 ethereum and bitcoin derived from mining rewards. Hive's 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 space.

We seek Safe Harbor.