Mr. Aydin Kilic reports

HIVE DIGITAL TECHNOLOGIES ACCELERATES INTO THE AI SUPER CYCLE BY SECURING PRIME LAND FOR NEXT-GEN TIER III+ AI HPC DATA CENTERS AND SURPASSING 23 EH/S

Hive Digital Technologies Ltd. has reached a pivotal milestone in the heart of the artificial intelligence supercycle: achieving 23 exahashes per second in global bitcoin mining capacity -- positioning the company amongst industry leaders in 2025 with 283-per-cent year-to-date growth (all amounts in U.S. dollars, unless otherwise indicated).

In tandem, Hive has finalized the acquisition of an additional 32.5 acres in Grand Falls, N.B., adjacent to its existing operations, positioning the site as a cornerstone for Tier 3+ high performance computing development capable of scaling to over 25,000 next-generation GPUs. With the AI industrial revolution demanding unprecedented compute power, Hive's renewable energy backbone is fast-tracking hyperscaler-ready infrastructure to fuel this global surge.

Fuelling the AI supercycle: why HPC data centres are the backbone of tomorrow's economy

The AI supercycle is here -- propelled by breakthroughs in generative AI, machine learning and real-time data processing that require exponentially more computational power than ever before. Traditional data centres are struggling to keep up with the requirements as global demand for HPC is projected to skyrocket as companies from start-ups to Fortune 500 giants seek liquid-cooled, high-density facilities to deploy the world's most powerful GPU chips.

Frank Holmes, co-founder and executive chairman, said: "Hive is a pioneer in repurposing stranded and surplus renewable energy for digital infrastructure, and is now turbocharging the transition from bitcoin mining Tier 1 to Tier 3+ HPC data centres in Canada and Sweden. Its Tier 3+ HPC expansions aren't just additions -- they are strategic accelerators, delivering scalable, green-powered compute that slashes deployment timelines and costs for hyperscalers chasing the AI edge. Hive's wholly owned HPC/AI subsidiary Buzz HPC plans to scale its HPC data centre capacity to support over 30,000 high performance GPUs for AI cloud."

Hive bolsters Canadian footprint for artificial-intelligence-driven HPC expansion

Hive has completed its strategic land acquisition in Grand Falls, N.B., adding 32.5 acres adjacent to the company's existing six-acre property acquired in April, 2021. Purchased for $2.3-million (Canadian), this expanded site lays the groundwork for Hive's inaugural Tier 3+ AI and HPC data centre in Atlantic Canada -- a beacon for the region's clean energy ecosystem near the border of Maine.

Leveraging abundant renewable hydroelectric power, the Grand Falls facility currently powers 70 megawatts of bitcoin mining with an on-site 80-megawatt substation -- all owned outright by Hive, including the buildings. This acquisition unlocks vast potential for HPC growth, enabling Hive's Buzz subsidiary to scale its HPC data centre capacity to over 30,000 GPUs. Its strategic proximity to the Maine border makes it an ideal candidate for hyperscaler co-location, bridging North American AI infrastructure needs with robust efficiency.

Executive perspectives: pioneering the AI industrial revolution

Craig Tavares, president and chief operating officer of Buzz HPC, commented: "Grand Falls offers the ideal convergence of Tier 1 and Tier 2+ HPC data centres with clean power, scalability and community partnership. Our vision is to transform this site into one of Canada's most advanced Tier 3+ AI HPC data centres, capable of hosting tens of thousands of GPUs for AI and HPC workloads. This marks an important step for Buzz HPC, Hive's Canadian company with a mission to deliver sustainable, high-density compute that fuels the AI industrial revolution."

Aydin Kilic, president and chief executive officer of Hive, emphasized the company's unique advantage in the AI supercycle: "Bitcoin miners like Hive were early visionaries, sourcing stranded or surplus energy to build the foundational infrastructure that now fast-tracks hyperscalers in the AI industrial revolution. We're not just adapting -- we're turbocharging a double-engine data centre machine, seamlessly building and upgrading Tier 1 and Tier 3+ HPC facilities to unleash the most powerful GPU chips for AI workloads. With 23 EH/s already secured, we're generating robust cash flows today while scaling green HPC tomorrow in Canada and Paraguay, positioning Hive as the go-to partner for the compute demands of this era."

Luke Rossy, Hive's chief operating officer, added: "Our Valenzuela facility continues to scale ahead of schedule, with new ASICs driving increased bitcoin production and generating incremental cash flow to support strategic growth across Hive's dual engines of bitcoin mining and AI cloud computing. This approach maximizes return on invested capital, creates diversified value for shareholders and reinforces Hive's position as a renewable-powered, high performance digital infrastructure leader in the AI era."

Hive powers through to 23 EH/s amid soaring AI compute demand

Hive's ascent to 23 EH/s highlights the resilience of its global renewable portfolio, boasting an average efficiency of 17.7 joules per terahash -- even as bitcoin difficulty hits a record 156 T and prices hover near $108,000, delivering over 50-per-cent mining margins after electricity costs.

All ASICs and hydrocooling containers are deployed at the company's third 100-megawatt green campus in Valenzuela, Paraguay, powered by the Itaipu dam, the Western Hemisphere's largest hydroelectric facility. With commissioning under way, Hive anticipates hitting 25 EH/s by U.S. Thanksgiving, targeting 17.5 J/TH efficiency and meeting its full 2025 hash rate goals on time.

This momentum is not isolated -- it is symbiotic with the AI supercycle. Bitcoin mining's proven infrastructure provides immediate revenue to finance HPC upgrades, creating a virtuous loop where surplus energy powers both proof-of-work security and AI's growing data needs.

Dual-engine strategy: bridging bitcoin and AI for exponential scale

Hive is advancing its Tier 3+ HPC road map, converting its Boden, Sweden, facility from Tier 1 to a liquid-cooled powerhouse. This retrofit leverages existing assets to slash timelines to nine to 12 months versus multiple years for greenfield builds -- unlocking 2,000 high performance GPUs for European Union-based AI workloads upon launch.

Complementing this, Hive's Buzz data centre acquisition in Toronto targets 2,000 GPUs for AI operations in 2026, with a Bell co-location partnership adding another 2,000 GPUs over the next nine months. By year-end 2026, Hive projects 6,000 next-generation high performance GPUs operational in these new facilities, in addition to the current fleet of 5,000 GPUs Hive operates. Factoring in Grand Falls' conversion from mining to HPC -- with a PUE of 1.3 -- the site alone could operate 25,000 additional GPUs, pushing Hive's long-term HPC data centre capacity to approximately 36,000 GPUs.

This accelerates Hive's growth in the AI supercycle where HPC data centres are not optional -- they are the indispensable engines of innovation.

Operational momentum and shareholder alignment

As disclosed, Valenzuela's full hardware rollout is fully financed and on site, with each incremental EH/s boosting bitcoin output under stable, fixed-rate hydro costs. Results will fluctuate with network dynamics and market prices, but Hive's model demonstrates the critical ability to scale while maintaining efficiency across its data centres in Canada, Sweden and Paraguay.

To champion its team's role in this AI-fuelled ascent, Hive is granting 2,720,900 restricted share units to employees, officers, directors and consultants under its RSU plan, with a mandatory one-year TSX Venture Exchange vesting period. This aligns management with investors to build long-term value. Inspired by Harvard Business School research on non-linear incentives, these quarterly milestone-based awards foster innovation and retention -- aligning global talent from Paraguay to Sweden with Hive's vision for sustainable growth and minimal dilution.

Hive has shared these RSUs with all employees, both new and long-serving, to preserve its unique culture with a focus on efficiency and return on invested capital. The company now operates across nine time zones and five languages.

Quarterly at-the-market sales report

For the three-month period ended Sept. 30, 2025, the company issued 30,174,046 common shares pursuant to the at-the-market offering commenced in October, 2024, and continued in May, 2025, for gross proceeds of $100.2-million (Canadian) ($73.1-million). The October, 2024, ATM shares were sold at prevailing market prices, for an average price per October, 2024, ATM share of $3.32 (Canadian). Pursuant to the October, 2024, ATM equity program, a cash commission of $1.9-million on the aggregate gross proceeds raised was paid to the sales agents in connection with its services under the October, 2024, ATM equity program.

About Hive Digital Technologies Ltd.

Founded in 2017, Hive is the first publicly listed company to mine digital assets powered exclusively by green energy. Today, Hive builds and operates next-generation blockchain and AI data centres across Canada, Sweden and Paraguay, serving both bitcoin and high performance computing clients. Hive's twin-turbo engine infrastructure -- driven by bitcoin mining and Nvidia GPU-accelerated AI computing -- delivers scalable, environmentally responsible solutions for the digital economy.

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