An anonymous director reports

HUT 8 EXECUTES SUPPORT AGREEMENT WITH MACQUARIE

Hut 8 Mining Corp. has entered into a transaction support agreement with Macquarie Equipment Finance Ltd., a subsidiary of Macquarie Group Ltd., a global financial services group, in support of an opportunity to potentially acquire certain assets of Validus Power Corp. and Validus's subsidiaries. Validus was previously a supplier of energy to the company's mining facility in North Bay, Ont. Macquarie is a secured creditor of the Validus entities under an existing secured lease and participation agreement.

Pursuant to an order of the Ontario Superior Court of Justice (Commercial List) issued on Aug. 10, 2023, on application by Macquarie, KSV Restructuring Inc., a licensed insolvency trustee with extensive experience in receivership mandates, has been appointed as receiver of the property, assets and undertakings of the Validus entities.

Subject to the satisfaction of certain conditions, under the terms of the support agreement, a stalking horse bid is to be submitted to the receiver in support of a proposed sale and investment solicitation process to be carried out in respect of the Validus entities.

A stalking horse bid, if ultimately successful, is expected to result in the full and final resolution of all litigation claims and counterclaims currently pending between Hut 8 and certain Validus entities. Further details in respect of any stalking horse bid will be provided if and as conditions warrant and subject to, among other things, the acceptance of a stalking horse bid by the receiver and approval of the court.

About Hut 8 Mining Corp.

Through innovation, imagination and passion, Hut 8's seasoned executive team is bullish on building and operating computing infrastructure that powers bitcoin mining, traditional data centres, and emerging technologies like AI (artificial intelligence) and machine learning. Hut 8's infrastructure portfolio includes seven sites: five high performance computing data centres across British Columbia and Ontario that offer cloud, co-location, managed services, AI, machine learning and VFX (visual effect) rendering computing solutions; and two bitcoin mining sites located in Southern Alberta. Long distinguished for its unique treasury strategy, Hut 8 has one of the highest inventories of self-mined bitcoin of any publicly traded company globally.

We seek Safe Harbor.