Mr. Frank Holmes reports

HIVE SIGNS LONG-TERM HPC COLOCATION LOI WITH INVESTMENT-GRADE SWEDISH CLIENT AT BODEN, RETROFIT TO SUPPORT UP TO 10,000 GB300 GPUS

Hive Digital Technologies Ltd. has signed a letter of intent (LOI) with an investment-grade, sovereign Swedish technology company for an up-to-10-year lease of the company's 32-megawatt facility in Boden, Sweden. The LOI is non-binding and subject to the negotiation and execution of a definitive agreement. As previously announced on June 18, 2026, the Boden Municipal Council has approved the company's acquisition of the Boden facility from Bodens Utvecklings AB.

Hive has operated at the Boden facility since 2018, including the operation of approximately 130,000 GPUs (graphics processing units) in the region. Building on that operational foundation, the LOI contemplates a term of up to 10 years for a usable critical IT (information technology) load of approximately 25 megawatts.

Pursuant to the LOI, the company expects to retrofit the facility to support up to 10,000 GB300 GPUs, with single-rack densities up to 150 kilowatts, using hybrid direct-to-chip (DTC) liquid cooling and air cooling. The gross utility load of the site at 32 megawatts correlates to a critical IT load of approximately 25 megawatts, which this LOI contemplates for HPC (high-performance computing) co-location.

Hive has been deeply embedded in the Boden community for almost a decade, investing in the region, supporting local initiatives and building partnerships with local stakeholders throughout its operations at the facility. Following rigorous site visits and technical diligence, the client selected Hive's Boden facility as its long-term HPC co-location home in Sweden.

Leadership commentary

Frank Holmes, executive chairman of Hive, stated: "The nations that control the compute will shape the next century. This LOI is a reflection of what patient, long-term infrastructure thinking produces. We built in Sweden when others were not looking at the Nordics, and an investment-grade, sovereign Swedish technology client committing to up to 10 years at this facility is the proof of what that patience delivers. The power is clean, the infrastructure is proven, and the trust has been earned. At Hive, we turn clean electrons into compute. That is the business. As we expand our global footprint from Canada to Paraguay to Sweden, each milestone reflects the same conviction: Sovereign AI infrastructure is one of the most important buildouts of our generation, and Hive is building it."

Aydin Kilic, president and chief executive officer of Hive, added: "We see this legacy site in Boden as a strategic long-term asset for the company. This site has evolved from a GPU compute facility supporting ethereum and now comes full circle as a high-power-density, liquid-cooled GPU facility based on GB300 NVL72 architecture. We anticipate this to contribute significant annual recurring revenue, and we look forward to securing a long-term co-location offtake lease with the client for this facility, which we believe could create long-term stable cash flows for Hive as we make significant investments to upgrade it."

Johanna Thornblad, country site president, Sweden, stated: "The signing of this agreement is both a commercial milestone and a powerful symbol of the future we are building in Boden. This project reinforces our commitment to supporting digital sovereignty while building world-class infrastructure that serves the long-term needs of Sweden."

About Hive Digital Technologies Ltd.

Founded in 2017, Hive Digital Technologies was among the first publicly listed companies to prioritize mining digital assets powered by green energy. Today, Hive builds and operates next-generation Tier 1 and Tier 3 data centres across Canada, Sweden and Paraguay, serving both bitcoin and high-performance-computing clients. Hive's dual-engine infrastructure, driven by hash rate services and GPU-accelerated AI computing, delivers scalable, environmentally responsible solutions for the digital economy.

We seek Safe Harbor.