This press release constitutes a “designated press release” for the purposes of the Company’s amended and restated prospectus supplement dated August 17, 2023 to the tiny form basic prospectus dated May 1, 2023.

HIVE Digital Technologies Ltd. (HIVE) is proud to announce unaudited production data for May 2024. In May, the company mined 119 Bitcoins, increasing its Bitcoin holdings by 3%, now totaling 2,451 Bitcoins on balance. HIVE maintained an average Bitcoin mining capacity of over 4.9 Exahash (“EH/s”) in May 2024 (all amounts are in US dollars unless otherwise indicated).

May 2024 highlights:

• Production: 119 Bitcoins mined in May 2024.
• Increasing mining efficiency: May ended with an ASIC mining power of 5.0 EH/s.
• HODL position: It rose to 2,451 BTC, a 3% boost from the previous month, as Bitcoin hit an all-time high.
• Mining efficiency: Achieved an average of 24.5 Bitcoin on Exahash, ending May with 5.0 EH/s, with an average hashrate of 4.9 EH/s throughout May.
• Daily production: Average production of 3.8 BTC per day, demonstrating operational efficiency and solid mining capabilities.

HODL Strategic Growth:

As of June 9, 2024, HIVE’s HODL position has increased further to 2,468 BTC, up from 2,451 BTC at the end of May 2024.

The company notes that with Bitcoin HODL valued at over $170 million as of June 9, 2024, its enterprise value looks very attractive compared to its competitors.

Executive observations:

Frank Holmes, Executive Chairman, commented on the company’s strategic vision:

“We successfully navigated our second Bitcoin Halving event, overcoming numerous challenges over the past four years. Our team has demonstrated exceptional skill in delivering mighty performance and maintaining positive operating cash flow, even during the 2022 market downturn and Ethereum’s unfortunate transition from proof of work to proof of stake Despite significant macroeconomic headwinds, HIVE remained resilient, consistently generating positive operating income. We continue to evaluate growth opportunities with a focus on cost-effective operations, profitable mining and green energy acquisition, which has been a major challenge to date and the pursuit of the best possible return on invested capital per share (CFROIC) for our shareholders. I am incredibly proud of our team and their unwavering commitment.

Operational update:

Aydin Kilic, President and CEO, emphasized the Company’s technological stability: “We ended May with 5.0 EH/s and are on track to achieve our interim target of 5.5 EH/s and achieving average global fleet efficiency of 25 joules per minute . Terahash (J/TH) upon shipment of the remaining 1,670 S21s (“S21”). To date, 6,495 S21s have been shipped and installed out of a total order of 8,165 S21s. Of the remaining 1,670 S21s, 428 S21s will ship this week, leaving 1,242 S21s from our June batch to ship soon.”

We are also strategically optimizing our fleet software to improve the performance of our 30 J/TH ASICs, achieving performance below 30 J/TH. While this lowered the total hashrate of these machines across our fleet by approximately 120 petahash per second, it improved their efficiency, thereby improving unit economics and making them more profitable on a dollar-per-kilowatt-hour basis.

Luke Rossy, COO, added the following: “We are pleased to announce the upcoming acquisition of 1,000 Bitmain S21 Pro Antminer miners, the newest and most effective machines on the market, featuring a hashrate of 234 terahash per second and performance These units are expected to be delivered this month and are an integral part of our strategy to continually modernize our fleet while increasing our HODL position.