Mr. Cale Moodie reports

NEPTUNE DIGITAL ASSETS ANNOUNCES COMPREHENSIVE NET INCOME OF $2.7 MILLION IN Q2

Neptune Digital Assets Corp. has released its quarterly consolidated financial statements and management, discussion and analysis for the six months ending Feb. 28, 2023.

Below are a number of financial highlights pertaining to the six months ending Feb. 28, 2023, and for the period subsequent to year-end up to the date of this news release.

• Neptune ended the quarter on Feb. 28, 2023, with $37.7-million in assets and no debt.
• Neptune earned total revenues and other income of $1.9-million through bitcoin mining, staking, DeFi (decentralized finance) and other income-generating activities during the six-month period ending Feb. 28, 2023.
• Neptune mined $1,106,951 worth of bitcoin up to Feb. 28, 2023. As of the date of this release, Neptune had a total balance of 244 bitcoin in cold storage and an additional 64 bitcoin under Chapter 11 claims with Genesis and Celsius, with the outcome of those claims currently unknown. Neptune currently does not sell its bitcoin and all bitcoin is now stored in cold storage.
• Neptune's two largest digital asset holdings as of the date of this release are 244 BTC and 175,000 ATOM. The company also holds positions in ETH, FTM, wMemo, DASH, Lif3, Tomb, GRT, OCEAN and a number of other tokens, as well as an investment in SpaceX valued at approximately $2-million (U.S.).
• Current cash balance is $11.8-million held with a Tier 1 Canadian bank and another $4-million (U.S.) under Chapter 11 claim with Genesis Lending with the outcome currently unknown.

"Although there have a been number of difficult quarters behind us, 2023 seems to have started on a better note and we have managed to finish the quarter with a positive net income. Neptune's crypto holdings continue to grow, costs remain low and the treasury has a healthy balance for further growth as the markets improve in the years to come. Our shareholders can look forward to better markets, solid earnings and little to no dilution in the near term," stated Cale Moodie, Neptune's chief executive officer.

About Neptune Digital Assets Corp.

Neptune Digital Assets is one of the first publicly traded blockchain companies in Canada and is a cryptocurrency and blockchain infrastructure leader with operations across the digital asset ecosystem, including bitcoin mining, proof-of-stake mining, blockchain nodes, decentralized finance (DeFi) and other associated blockchain technologies.

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