Neptune Announces Record Comprehensive Net Income of $18.6 Million for the Six Months Ended February 29, 2024

Vancouver, British Columbia–(Newsfile Corp. – April 2, 2024) – Neptune Digital Assets Corp. (TSXV: NDA) (OTCQB: NPPTF) (FSE: 1NW) (“Neptune” or the “Company“), one of the first publicly traded blockchain companies in Canada, is pleased to announce the release of its quarterly condensed consolidated interim financial statements and management discussion and analysis.

The financial highlights for the six months ended February 29, 2024 and the period subsequent to quarter-end up to the date of this news release are as follows:

• Neptune ended the quarter with $51.6 million in assets, an increase of 32% over prior quarter and 57% over six months.

• Neptune earned gross mining revenue and other income of $1.8 million through Bitcoin mining, staking, interest and other income-generating activities during the six-month period ended February 29, 2024 based on prevailing crypto prices during the period.

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  General administrative expenses fell by 38% over the comparable period of 2023 and as of the date of this release the Company has cash reserves of $7 million held with tier 1 Canadian banks.

• Neptune mined $1 million worth of Bitcoin during the six-month period ended February 29, 2024. As of the date of this release, Neptune has a total balance of 341 Bitcoin in cold storage. Neptune presently retains all its Bitcoin in cold storage and does not engage in active selling or trading of Bitcoin holdings.

• Neptune’s three largest dollar value digital asset holdings as of the date of this release are 341 BTC, 31,185 SOLANA and 176,500 ATOM. The Company also holds positions in ETH, DOT, FTM, DASH, GRT, OCEAN and a number of other tokens, as well as an investment in SpaceX valued at approximately $3.5 million.

“As a pivotal Bitcoin halving approaches and more institutions get behind the crypto market, Neptune’s foundation is stronger than ever. Our focus on proof-of-stake, proof-of-work and using rewards to grow our asset base has paid off, reflected as substantial growth in our balance sheet. Given our assets seem to be growing faster than our market cap, we will take advantage of this disconnect and have initiated a share buyback program. The recent strategic acquisition of Solana should drive proof-of-stake revenues even higher into subsequent quarters marking a new phase of growth for Neptune.”, stated Cale Moodie, Neptune CEO.

About Neptune Digital Assets Corp.

Neptune Digital Assets Corp. (TSXV: NDA) (OTCQB: NPPTF) (FSE: 1NW) 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. Our unwavering commitment to innovation and strategic growth enables us to continually explore new opportunities and maximize value for our shareholders. For more information about Neptune Digital Assets Corp., please visit our website at www.neptunedigitalassets.com or follow us on X (@NeptuneDAC).

ON BEHALF OF THE BOARD

Cale Moodie, President and CEO
Neptune Digital Assets Corp.
1-800-545-0941
www.neptunedigitalassets.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX ‎Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.‎

Forward-Looking Statements

This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans”, “proposes” or similar terminology. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the auditors completing the remaining auditing items with respect to the Annual Filings; the inherent risks involved in the cryptocurrency and general securities markets; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties.

The Company does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/203916