Document:

HIVE Blockchain Technologies Ltd.: Exhibit 4.30 - Filed by newsfilecorp.com

    

    Form 51-102F3

    Material Change Report

    Item 1 Name and Address of Company

    HIVE Blockchain Technologies Inc. ("HIVE" or the "Company")

    855 - 789 West Pender Street

    Vancouver, BC V6C 1H2

    Item 2 Date of Material Change

    September 24, 2021

    Item 3 News Release

    The news release reporting the material change was issued by HIVE and disseminated through Newsfile on September 24, 2021 and subsequently filed on SEDAR at www.sedar.com.

    Item 4 Summary of Material Change

    On September 21, 2021, the Company announced its results for the full year ended March 31, 2021.

    Item 5 Full Description of Material Change

    Item 5.1 Full Description of Material Change

    Please see the attached news release dated September 24, 2021.

    Item 5.2 Disclosure for Restructuring Transactions

    Not applicable.

    Item 6 Reliance on subsection 7.1(2) of National Instrument 51-102

    Not applicable.

    Item 7 Omitted Information

    Not applicable.

    Item 8 Executive Officer

    Darcy Daubaras Chief Financial Officer

    Telephone: 604-664-1078

    Item 9 Date of Report

    September 24, 2021

    

    

    HIVE BLOCKCHAIN TECHNOLOGIES LTD.

    September 24, 2021

    HIVE Achieves Record Annual Revenue Ended March 31, 2021 of $66.7 Million and Earnings of $43.5 Million

    This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated February 2, 2021 to its short form base shelf prospectus dated January 27, 2021.

    Vancouver, Canada - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (Nasdaq:HIVE) (FSE: HBF) (the "Company" or "HIVE") announces its results for the full year ended March 31, 2021 (all amounts in US dollars, unless otherwise indicated).

    Income from digital currency mining was $66.7 million this fiscal year, a 174% increase from the prior year. Record net income of $42.5 million, up significantly from a loss of $1.9 million a year earlier, and $2.9 million lower than the previous quarter. Gross mining margin expanded to $50.1 million, from $8.5 million last year, and is $17.1 million higher than that experienced in the prior quarter of $10.6 million. Net income per share grew to $0.12 from a loss of $0.01 during the prior year and is $0.01 lower than the previous quarter of December 31, 2020.

    "Fiscal 2021 was an incredible year for HIVE. Despite the effects of COVID-19 we have achieved record results and continued to increase our Ethereum and Bitcoin mining capacity," said Frank Holmes, Interim Executive Chairman of HIVE.

    "During the fiscal year, we assumed direct responsibility for all our cryptocurrency mining operations from our former strategic partner and continued to see significant reductions in the overhead of these operations, which included our Ethereum mining facility in Iceland. During the COVID-19 pandemic we completed the acquisition of Cryptologic Corp. in April 2020, giving us a substantial Bitcoin cloud mining operation, in Quebec, Canada. We have continued to expand our capacity at this facility through the purchase and installation of next generation Bitcoin mining equipment.

    "Our focus on Ethereum mining in Sweden and Iceland continues to be strong as we spent substantial time and capital in upgrading the majority of our GPU memory cards from 4 giga-bytes to 8 giga-bytes to continue to remain profitable when the DAG file increased. We also undertook a corporate restructuring in Sweden to become a Data Centre business with a long term HPC strategy while remaining true to our roots as an Ethereum miner.

    "Going forward, our focus is on improving efficiency and profitability across our mining operations by optimizing cryptocurrency mining output, continuing to lower costs, and maximizing our existing electrical and infrastructure capacity by installing new mining equipment as quickly as possible to leverage our fixed cost base and improve future mining margins.

    

    "This expansion and capital spending has been partially facilitated by the $100 million At-The-Market Program that we commenced in the last quarter of the year. This has allowed us to HODL 25,000 ETH and purchase new ASIC machines to expand and mine Bitcoin to HODL.

    "As it relates to our industry, Ethereum market conditions for miners improved significantly over the last year, driven by price increases and the adoption of the network for decentralized finance applications. Bitcoin mining conditions have also improved with strong price increase since the halving on May 11, 2020, the date when HIVE started mining with new generation miners at its facility in Quebec. We continue to believe we are well positioned to benefit from the continued adoption of Ethereum and Bitcoin globally."

    Fiscal Year 2021 Highlights

    • Generated income from digital currency mining of $66.7 million, with a gross mining margin1 of $50.1 million

    • Mined 595 Bitcoin and over 96,300 Ethereum during the year ended March 31, 2021

    • Earned net income of $42.5 million for the year

    • Working capital increased by $86.6 million during the year ended March 31, 2021

    • Digital currency assets of $57.5 million, as at March 31, 2021

    Fiscal 2021 Financial Review

    For the fiscal year ended March 31, 2021, income from digital currency mining was $66.7 million, an increase of approximately 128% from the prior year primarily due to an increase in the production of Ethereum and Bitcoin stemming from mining expansion, and considerably higher coin prices compared to the prior year.

    Gross mining margin1 during the year was $50.1 million, or 75% of income from digital currency mining, compared to $8.5 million, or 24% of income from digital currency mining, in fiscal 2020. The improvement was primarily due to the Company's assumption of control over its operations in Sweden during fiscal 2020, which has resulted in a lower cost of operations than under the Company's previous service provider agreement, combined with the cessation of Bitcoin cloud mining operations after they became unprofitable in the third quarter of fiscal 2020, and the switch to independent mining at our bitcoin mining facility in Quebec. The Company's gross mining margin from digital currency mining is partially dependent on external network factors including mining difficulty, the amount of digital currency rewards and fees it receives for mining, as well as the market price of digital currencies.

    Net income during fiscal 2021 was $42.5 million, or $0.12 per share, compared to a net loss of $1.7 million, or loss of $0.01 per share, in fiscal 2020. The improvement was driven primarily by the improvement in gross mining margin1, higher Ethereum and Bitcoin prices, gains on the sale of digital currencies, and foreign exchange.

    ___________________________________

    1 Non-IFRS measure. A reconciliation to its nearest IFRS measures is provided under "Reconciliations of Non-IFRS Financial Performance Measures" below.

    

    

    (1) Non-IFRS measure. A reconciliation to its nearest IFRS measures is provided under "Reconciliations of Non-IFRS Financial Performance Measures" in the Company's MD&A.

    (2) Revaluation is calculated as the change in value (gain or loss) on the coin inventory. When coins are sold, the net difference between the proceeds and the carrying value of the digital currency (including the revaluation), is recorded as a gain (loss) on the sale of digital currencies

    Financial Statements and MD&A

    The Company's Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) thereon for the three months and year ended March 31, 2021 will be accessible on SEDAR at www.sedar.com under HIVE's profile and on the Company's website at www.HIVEblockchain.com.

    Webcast Details

    Management will host a webcast on Friday, September 24, 2021 at 10:00 am Eastern Time to discuss the Company's financial results. Presenting on the webcast will be Frank Holmes, Executive Chairman, Aydin Kilic, President and COO and Darcy Daubaras, Chief Financial Officer. Click here to register for the webcast.

    About HIVE Blockchain Technologies Ltd.

    HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy.

    HIVE is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on a major stock exchange, we are building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns state-of-the-art, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where we source only green energy to mine on the cloud and HODL both Ethereum and Bitcoin. Since the beginning of 2021, HIVE has held in secure storage the majority of its ETH and BTC coin mining rewards. Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies such as ETH and BTC. Because HIVE also owns hard assets such as data centers and advanced multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space. HIVE traded over 2 billion shares in 2020.

    

    We encourage you to visit HIVE's YouTube channel here to learn more about HIVE.

    For more information and to register to HIVE's mailing list, please visit www.HIVEblockchain.com. Follow @HIVEblockchain on Twitter and subscribe to HIVE's YouTube channel.

    On Behalf of HIVE Blockchain Technologies Ltd.

    "Frank Holmes"

    Executive Chairman

    For further information please contact:

    Frank Holmes

    Tel: (604) 664-1078

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

    Forward-Looking Information

    Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes information about restructuring of the Company's operations and sustainable future profitability; potential further improvements to the profitability and efficiency across mining operations by optimizing cryptocurrency mining output, continuing to lower direct mining operations cost structure, and maximizing existing electrical and infrastructure capacity including with new mining equipment in existing facilities; continued adoption of Ethereum and Bitcoin globally; the potential for the Company's long term growth; the business goals and objectives of the Company, and other forward-looking information includes but is not limited to information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.

    Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the efficiencies obtained through restructurings may not lead to operational advantages or profitability; further improvements to the profitability and efficiency may not be realized as currently anticipated, or at all; the digital currency market; the Company's ability to successfully mine digital currency; 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; and other related risks as more fully set out in the Filing Statement of the Company dated and other documents disclosed under the Company's filings at www.sedar.com.

    This news release also contains "financial outlook" in the form of gross mining margins, which is intended to provide additional information only and may not be an appropriate or accurate prediction of future performance, and should not be used as such. The gross mining margins disclosed in this news release are based on the assumptions disclosed in this news release and the Company's Management Discussion and Analysis for the fiscal year ended March 31, 2021, which assumptions are based upon management's best estimates but are inherently speculative and there is no guarantee that such assumptions and estimates will prove to be correct.

    The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to realize operational efficiencies going forward into profitability; profitable use of the Company's assets going forward; the Company's ability to profitably liquidate its digital currency inventory as required; historical prices of digital currencies and the ability of the Company to mine digital currencies will be consistent with historical prices; and there will be no regulation or law that will prevent the Company from operating its business. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.HIVE Blockchain Technologies Ltd.: Exhibit 4.58 - Filed by newsfilecorp.com

    

    FORM 51-102F3

    Material Change Report

    Item 1 Name and Address of Company

    HIVE Blockchain Technologies Ltd. ("HIVE" or the "Company")

    # 855 - 789 West Pender Street Vancouver, BC V6C 1H2

    Item 2 Date of Material Change

    July 19, 2022.

    Item 3 News Release

    The press release attached as Schedule "A" was disseminated through a newswire company in Canada on July 19, 2022.

    Item 4 Summary of Material Change

    The material change is described in the press release attached as Schedule "A".

    Item 5 Full Description of Material Change

    The material change is described in the press release attached as Schedule "A".

    Item 6 Reliance on subsection 7.1(2) of National Instrument 51-102 Not applicable.

    Item 7 Omitted Information

    Not applicable.

    Item 8 Executive Officer

    Darcy Daubaras

    Chief Financial Officer

    T: 604-664-1078

    Item 9 Date of Report

    July 20, 2022.

    

    SCHEDULE "A"

    HIVE BLOCKCHAIN TECHNOLOGIES LTD.

    July 19, 2022

    HIVE Achieves Record Annual Revenue Ended March 31, 2022 of $211 Million and Earnings of $79 Million with a 545% Growth in BTC Mining Hashrate

    Vancouver, Canada - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (Nasdaq:HIVE) (FSE: HBFA.F) (the "Company" or "HIVE") announces its results for the full year ended March 31, 2022 (all amounts in US dollars, unless otherwise indicated).

    Revenue was $211.2 million this fiscal year, a 212% increase from the prior year. Record net income of $79.6 million, up significantly from $24.1 million a year earlier. Basic income per share grew 191% to $1.02 from $0.35 during the prior year. Gross mining margin1 expanded to $163.9 million, from $51.1 million last year. Even with financings during the year and the acquisition and expansion of our New Brunswick facility, our growth in revenue and net income was accretive on a per share basis.

    These great gains in our revenues and earnings are a result of the immense growth of HIVE during a key time in the evolution of cryptocurrency mining. HIVE grew from approximately 310 PH/s of Bitcoin mining and 2,700 GH/s of ETH mining as of March 31, 2021, to a milestone hashrate of 2 Exahash (or 2,000 PH/s) and approximately 6,100 GH/s of ETH mining in March 2022. This is a 545% growth in BTC mining hashrate and 225% growth in ETH mining hashrate year over year.

    The Company was one of the top publicly traded mining companies measured by value of cryptocurrency mined in the calendar year 2021 (ending December 31, 2021) with a Bitcoin Equivalent of 4,032 BTC mined. Furthermore, in considering the total cryptocurrency mined in the Company's fiscal year ending March 31, 2022, HIVE mined 2,368 Bitcoin and 32,397 Ethereum equivalent from GPU hashrate (which includes 31,840 Ethereum plus other GPU minable coins), which is equivalent to an additional 2,143 Bitcoin Equivalent mined from HIVE's GPU hashrate, for a total value of cryptocurrency mined of approximately 4,511 Bitcoin Equivalent mined this fiscal year of 2022.

    "Fiscal 2022 was an incredible year for HIVE. Despite the effects of COVID-19 such as global logistics and inflation we have achieved record results on a per share basis and continued to increase our Ethereum and Bitcoin mining capacity, without taking risks to stake our BTC or ETH to earn a yield on our assets," said Frank Holmes, Executive Chairman of HIVE. Mr. Holmes added "We are also proud that during the year we were able to pay down our debt by over $5.5 million."

    Fiscal Year 2022 Highlights

    • Generated revenue of $211.2 million, with a gross mining margin1 of $163.9 million

    • Mined 2,368 Bitcoin and 32,397 Ethereum equivalent from GPU hashrate (including 31,840 Ethereum) during the year ended March 31, 2022

    • Earned net income of $79.6 million for the year

    • Working capital increased by $76.5 million during the year ended March 31, 2022

    • Digital currency assets of $170.0 million, as at March 31, 2022

    ______________________________

    1 Non-IFRS measure. A reconciliation to its nearest IFRS measures is provided under "Reconciliations of Non-IFRS Financial Performance Measures" in the Company's MD&A.

    

    The Company's Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) thereon for the three months and year ended March 31, 2022 will be accessible on SEDAR at www.sedar.com under HIVE's profile and on the Company's website at www.HIVEblockchain.com.

    Fiscal 2022 Financial Review

    For the fiscal year ended March 31, 2022, revenue was $211.2 million, an increase of approximately 212% from the prior year primarily due to an increase in the production of Ethereum and Bitcoin stemming from mining expansion.

    Gross mining margin1 during the year was $163.9 million, or 78% of revenue, compared to $51.1 million, or 76% of revenue, in fiscal 2021. The improvement was primarily due to the acquisition and expansion of our New Brunswick Datacentre in April 2021 which has resulted in a significant increase in Bitcoin hashpower and Bitcoin rewards earned compared to the prior year. The Company's gross mining margin from digital currency mining is partially dependent on external network factors including mining difficulty, the amount of digital currency rewards and fees it receives for mining, as well as the market price of digital currencies.

    Net income during fiscal 2022 was $79.6 million, or $1.02 per share, compared to a net income of $24.1 million, or $0.35 per share, in fiscal 2021. The improvement was driven primarily by the improvement in gross mining margin1, higher Ethereum and Bitcoin prices, additional hashpower from our New Brunswick facility, gains on the sale of digital currencies, and foreign exchange.

    	 	 	Q4 2022	 	 	Q3 2022	 	 	Q2 2022	 	 	Q1 2022	 
	 	 	 	 	 	Restated	 	 	Restated	 	 	Restated	 
	Revenue	$	49,783,515	 	$	68,844,789	 	$	53,573,052	 	$	38,982,673	 
	Operating and maintenance	 	(26,910,860	)	 	(6,526,317	)	 	(7,593,349	)	 	(6,220,684	)
	Depreciation	 	(35,503,723	)	 	(14,992,288	)	 	(9,626,529	)	 	(6,899,182	)
	 	 	(12,631,068	)	 	47,326,184	 	 	36,353,174	 	 	25,862,807	 
	Gross mining margin	 	22,872,655	 	 	62,318,472	 	 	45,979,703	 	 	32,761,989	 
	Gross mining margin % (1)	 	46%	 	 	90%	 	 	86%	 	 	83%	 
	Gross margin %	 	-25%	 	 	68%	 	 	67%	 	 	65%	 
	Revaluation of digital currencies (2)	 	1,082,011	 	 	(1,083,669	)	 	1,702,190	 	 	(1,675,953	)
	Gain (loss) on sale of digital currencies	 	(30,908	)	 	(7,061	)	 	7,782	 	 	81,469	 
	Share based compensation	 	(1,279,573	)	 	(1,672,614	)	 	(1,478,637	)	 	(2,322,426	)
	General expenses	 	(4,313,365	)	 	(1,691,676	)	 	(2,633,025	)	 	(2,314,873	)
	Foreign exchange gain (loss)	 	6,333,881	 	 	(1,676,763	)	 	(1,888,166	)	 	528,868	 
	Impairment of goodwill and intangibles	 	(13,330,029	)	 	-	 	 	-	 	 	-	 
	Gain on sale of mining assets	 	2,206,531	 	 	-	 	 	-	 	 	-	 
	Unrealized (loss) gain on investments	 	(13,073,179	)	 	11,875,641	 	 	6,168,239	 	 	(5,808,523	)
	Change in fair value of derivative liability	 	10,131,608	 	 	590,837	 	 	914,392	 	 	(885,612	)
	Change in fair value of contingent consideration	 	1,368,472	 	 	-	 	 	-	 	 	-	 
	Gain on sale of subsidiary	 	-	 	 	-	 	 	-	 	 	3,171,275	 
	Finance expense	 	(736,835	)	 	(2,508,486	)	 	(305,147	)	 	(319,644	)
	Tax expense	 	(2,416,000	)	 	-	 	 	-	 	 	-	 
	Net income from continuing operations	$	(26,688,454	)	$	51,152,393	 	$	38,840,802	 	$	16,317,388	 
	EBITDA (1)	$	11,968,104	 	$	80,576,106	 	$	69,759,555	 	$	20,744,028	 
	Adjusted EBITDA (1)	$	11,789,084	 	$	77,605,266	 	$	52,306,163	 	$	29,273,518	 

    (1) Non-IFRS measure. A reconciliation to its nearest IFRS measures is provided under "Reconciliations of Non-IFRS Financial Performance Measures" in the Company's MD&A.

    (2) Revaluation is calculated as the change in value (gain or loss) on the coin inventory. When coins are sold, the net difference between the proceeds and the carrying value of the digital currency (including the revaluation), is recorded as a gain (loss) on the sale of digital currencies

    

    Non-Cash Charges Restatement of Financial Statements and MD&A

    The consolidated financial statements and MD&A for the years ended March 31, 2022 and 2021 provide for the following restatements to the consolidated statements of financial position and the consolidated statements of income and comprehensive income.

    The Company identified an incorrect share price used in the Black Scholes calculation of the fair value and therefore the allocation of value of convertible debentures issued in the fiscal 2021 period. The error was identified during the preparation of the 2022-year end consolidated financial statements, is a non-cash charge and impacted the consolidated statement of financial position as at March 31, 2021 and the consolidated statement of income and comprehensive income with an increase in fair value of the derivative liability by $6,319,247 and corresponding non-cash charge to the consolidated statement of income and comprehensive income.

    In the current year, the Company made a voluntary change in the accounting treatment of its digital currencies from a broker - dealer model under IAS 2, Inventories to IAS 38, Intangible Assets. The Company believes that the change in recording its digital currencies will provide shareholders with a better reflection of the Company's business activities and enhance the comparability of the Company's financial information to its Canadian industry peers. The restatement impacted the consolidated statement of financial position as at March 31, 2022 and the consolidated statement of income and comprehensive income with a decrease in the recorded value of digital currencies by $9,957,582 and corresponding charge to the consolidated statement of income and comprehensive income. There was no significant impact to the consolidated financial statements as a result of this change for the year ended March 31, 2021.

    It is important to reiterate that both of the foregoing restatements are non-cash charges and do not impact the Company's ongoing operations, revenue from digital currency mining, equipment or other assets. Cash provided by operating activities and the Company's positive operating results are not restated.

    The Company has made changes to its internal controls, implemented additional checks and balances and will hire additional staff in the financial accounting department.

    Details of the changes are fully described in Note 30 to the consolidated financial statements for the years ended March 31, 2022, and 2021.

    Webcast Details

    Management will host a webcast on Wednesday, July 20, 2022 at 4:00 pm Eastern Time to discuss the Company's financial results. Presenting on the webcast will be Frank Holmes, Executive Chairman, Aydin Kilic, President and COO and Darcy Daubaras, Chief Financial Officer. Click here to register for the webcast.

    About HIVE Blockchain Technologies Ltd.

    HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy.

    HIVE is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on a major stock exchanges, we are building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns state-of-the-art, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where we source green energy to mine on the cloud and generate rewards of both Ethereum and Bitcoin. Since the beginning of 2021, HIVE has held in secure storage the majority of its ETH and BTC coin mining rewards. Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies such as ETH and BTC. Because HIVE also owns hard assets such as data centers and advanced multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space.

    

    We encourage you to visit HIVE's YouTube channel here to learn more about HIVE.

    For more information and to register to HIVE's mailing list, please visit www.HIVEblockchain.com. Follow @HIVEblockchain on Twitter and subscribe to HIVE's YouTube channel.

    On Behalf of HIVE Blockchain Technologies Ltd.

    "Frank Holmes"

    Executive Chairman

    For further information please contact:

    Frank Holmes

    Tel: (604) 664-1078

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

    Forward-Looking Information

    Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes information about enhancement of the Company's operations and sustainable future profitability; potential further improvements to the profitability and efficiency across mining operations by optimizing cryptocurrency mining output, continuing to lower direct mining operations cost structure, and maximizing existing electrical and infrastructure capacity including with new mining equipment in existing facilities; continued adoption of Ethereum and Bitcoin globally; the potential for the Company's long term growth including the Company's ability to continue to successfully mine digital currency; the business goals and objectives of the Company; statements regarding the impact of the restatement of the Company's financial statements; and other forward-looking information includes but is not limited to information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.

    Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

    Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the efficiencies obtained through enhancements may not lead to operational advantages or profitability; further improvements to the profitability and efficiency may not be realized as currently anticipated, or at all; the digital currency market; the Company's ability to successfully mine digital currency; 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; the risk that additional information may arise subsequent to the filing of the restatement of the Company's financial statements; the adoption or expansion of any regulation or law that will prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully set out in the Annual Information Form of the Company for the twelve-month period ended March 31, 2022 dated and other documents disclosed under the Company's filings at www.sedar.com www.sedar.com and www.sec.gov/EDGAR.

    This news release also contains "financial outlook" in the form of gross mining margins, which is intended to provide additional information only and may not be an appropriate or accurate prediction of future performance, and should not be used as such. The gross mining margins disclosed in this news release are based on the assumptions disclosed in this news release and the Company's Management Discussion and Analysis for the fiscal year ended March 31, 2022, which assumptions are based upon management's best estimates but are inherently speculative and there is no guarantee that such assumptions and estimates will prove to be correct.

    

    The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to realize operational efficiencies going forward into profitability; profitable use of the Company's assets going forward; the Company's ability to profitably liquidate its digital currency inventory as required; historical prices of digital currencies and the ability of the Company to mine digital currencies will be consistent with historical prices; and there will be no regulation or law that will prevent the Company from operating its business. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.

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