Mr. Cale Moodie reports

NEPTUNE DIGITAL ASSETS CORP. ANNOUNCES THE RELEASE OF AUDITED FINANCIAL STATEMENTS WITH A 56% INCREASE IN MINING REVENUES AND 42% INCREASE IN DIGITAL CURRENCY BALANCES OVER PRIOR YEAR

Neptune Digital Assets Corp. has released its Aug. 31, 2023, annual audited consolidated financial statements and management discussion and analysis.

The following is a number of financial highlights pertaining to the Aug. 31, 2023, year-end and for the period subsequent to year-end and up to the date of this news release:

• Neptune ended the year on Aug. 31, 2023, with $33-million in assets and no debt.
• Neptune earned total revenues and other income of $3.6-million through bitcoin mining, staking, defi (decentralized finance) and other income-generating activities during the year.
• Of the $3.4-million net comprehensive loss for the year ended Aug. 31, 2023, the entirety is related to the one-time sale of the Genesis debt to a third party and the associated loss on the sale, with some offsets related to gain in revaluations of digital currencies during the year.
• Neptune mined $2.3-million worth of bitcoin (BTC) up to Aug. 31, 2023, a 56-per-cent increase over prior year. As of the date of this release, Neptune had a total balance of 321 BTC in cold storage. Neptune currently does not sell its bitcoin.
• Neptune's two largest digital asset holdings as of the date of this release are 321 BTC and 179,000 ATOM. The company also holds positions in DOT, SOL, ETH, GRT, DASH, Lif3, Ocean and a number of other tokens.
• During the year ended Aug. 31, 2023, Neptune invested $248,851 (U.S.) into a second U.S. private entity whose sole purpose is to invest in SpaceX. Neptune now holds 26,721 SpaceX shares through two third parties valued at approximately $3.4-million as of the date of this release, an increase of 50 per cent over Aug. 31, 2022.
• Neptune's digital asset balances have increased 42 per cent from Aug. 31, 2022, to Aug. 31, 2023.
• Neptune increased its proof-of-stake operations; this will be discussed in coming news releases.
• Neptune's current cash balance is $11-million held with a Tier 1 Canadian bank.

"In spite of much of 2023 being a rather quiet consolidation year, we are satisfied with our financial results in the context of the greater digital currency market. We have preserved our cash balances, increased our BTC revenues over prior year, increased proof-of-stake operations, and invested in some very profitable new tokens and businesses. We continue to grow the business into what looks like a promising 2024. We appreciate all our shareholders' support over the years, and we look forward to a profitable first quarter and beyond," stated Cale Moodie, chief executive officer of Neptune.

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 and other associated blockchain technologies.

We seek Safe Harbor.