Mr. Cale Moodie reports

NEPTUNE DIGITAL ASSETS ANNOUNCES A RECORD FISCAL FIRST QUARTER WITH $13 MILLION IN COMPREHENSIVE INCOME

Neptune Digital Assets Corp. has released its Nov. 30, 2021, quarterly consolidated financial statements and management discussion and analysis for the three months ended Nov. 30, 2021.

The following are a number of financial highlights pertaining to the first quarter ending Nov. 30, 2021, and for the period subsequent to year-end up to the date of this news release:

• Neptune ended the quarter on Nov. 30, 2021, with $67-million in assets and no debt. This equates to an increase of 23 per cent in asset value over Aug. 31, 2021, year-end.
• Neptune earned $1,707,046 through bitcoin mining and other income-generating activities during the three-month period ended Nov. 30, 2021.
• Total expenses for the three-month period were $193,308, or $64,436 per month.
• Subsequent to Nov. 30, 2021, and up to the date of this release, Neptune earned an additional 35 bitcoin, bringing the total bitcoin balance to 160.530 bitcoin mining rigs, equating to 53 petahashes, are expected to come on-line in the first calendar quarter of 2022, adding to the existing 22 petahashes of capacity.
• Neptune's two largest digital asset holdings as of the date of this release are 160 BTC (bitcoin) and 151,000 atom. The company also holds positions in FTM (fantom), Tshare, dot, dash, tomb, ETH (ethereum), BCH (bitcoin cash), LTC (litecoin); a number of other tokens of immaterial values; an investment in the Protocol Crypto Quant Fund valued at $8.2-million at the end of November; and a current cash balance of $23.1-million for strategic acquisitions, bitcoin mining rig purchases and operations.

"Neptune had an amazing first quarter with a $12.6-million increase in assets on our balance sheet and $13-million in comprehensive income," stated Cale Moodie, chief executive officer of Neptune. "We hope to see the general crypto space grow as we move forward into 2022 and our bitcoin mining, staking and defi (decentralized finance) earnings to increase accordingly as we grow those arms of the business. We anticipate another 53 petahash of mining capacity to come on-line in Q2, thus growing our bitcoin earnings. We are staying true to our diversified model and will continue to manage our risk while maximizing our earnings across the board."

Certain information provided in this news release is extracted from audited financial statements and management, discussion and analysis for the first quarter ended Nov. 30, 2021, that are filed under the company's profile on SEDAR and should be read in conjunction with them. It is only in the context of the information and disclosures contained therein that an investor can properly analyze this information.

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.

We seek Safe Harbor.