Mr. Cale Moodie reports

NEPTUNE ANNOUNCES SHARE BUYBACK PROGRAM

Neptune Digital Assets Corp. intends to initiate a normal course issuer bid (NCIB) with respect to its common shares through the facilities of the TSX Venture Exchange or alternative trading systems.

Under the terms of the NCIB, the company intends to purchase for cancellation, up to 11,350,727 common shares, representing 10 per cent of the public float (as defined by the exchange). The company currently intends to commence the NCIB following exchange acceptance when management believes the common shares are trading at a price range that do not adequately reflect their value. The NCIB may extend for a period of up to 12 months from the commencement date unless the maximum amount of common shares is purchased before then or Neptune provides earlier notice of termination.

The purchase and payment for the common shares will be made by Neptune through the facilities of the exchange or alternative trading systems. All purchases by the company under the NCIB will be made through Haywood Securities Inc., as broker dealer of the company, and all common shares purchased under the NCIB will be cancelled. The price paid for the common shares will be, subject to NCIB pricing rules contained in securities laws, the prevailing market price of such common shares on the exchange at the time of such purchase. Neptune intends to finance the purchases out of available cash, revenues and working capital.

Neptune proposes to commence the NCIB because it believes that the market price of the common shares may not, from time to time, fully reflect their value and accordingly, the purchase of the common shares would be in the best interest of the company and an attractive and appropriate use of available funds. It is expected that any purchases made by the company could also enhance value and liquidity for its shareholders.

To the knowledge of Neptune, no director, senior officer or other insider of Neptune currently intends to sell any common shares under the NCIB. However, sales by such persons may occur if the personal circumstances of any such person changes or any such person makes a decision unrelated to these NCIB purchases. The benefits to any such person whose common shares are purchased would be the same as the benefits available to all other holders whose common shares are purchased.

"Citing our strong financial position and the belief in Neptune's inherent value, we are initiating this NCIB share buyback program to align the market with our robust performance and future outlook. We are confident that this course of action not only demonstrates our commitment to shareholder value and structural integrity but also underscores the potential we see in Neptune's growth and development as a major industry player," said Cale Moodie, chief executive officer, Neptune.

Neptune has also granted an aggregate of 730,000 stock options to certain directors, officers and consultants. Each option vests immediately (other than those options granted to a consultant providing investor relations services, which will vest in four equal instalments, with the final amount vesting 12 months from the grant date) and will entitle the holder to acquire one common share at an exercise price equivalent to the closing price of the common shares on the exchange on March 22, 2024, for a period of 10 years.

About Neptune Digital Assets Corp.

Neptune Digital Assets is one of the first publicly traded blockchain companies in Canada and is at the forefront of the cryptocurrency and blockchain landscape. Neptune engages in operations across the digital asset ecosystem, including bitcoin mining, proof-of-stake mining, blockchain nodes, decentralized finance (Defi) and other associated cutting-edge technology. The company's unwavering commitment to innovation and strategic growth enables it to continually explore new opportunities and maximize value for its shareholders.

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