Ionic Digital Announces March 2025 Mining and Operations Update 

Financial Advisors Retained to Explore Strategic Initiatives 

Update on FY 2024 Audit Schedule 

Active Marketing Process Underway for Leases at Cedarvale Facility with Significant Interest 

AUSTIN, Texas – April 7, 2025 – Ionic Digital Inc. (“Ionic” or the “Company”), a digital infrastructure and  cryptocurrency mining company, today issued its unaudited Mining and Operations Update for March 2025 and shared  a number of key updates regarding progress on its strategic initiatives. 

Ionic Digital Interim CEO Anthony McKiernan said, “We have made substantial progress shoring up existing  operations and remain focused on executing our strategic initiatives. We know that Stockholders are eager for  liquidity. We are focused on providing liquidity as quickly as possible and maximizing value by positioning the  Company for future growth and profitability.” 

Advisor Engagement 

The Company has retained leading investment banking, accounting, tax and legal advisors to assess a full range of  strategic, operational and financial alternatives to provide Stockholder liquidity, and help maximize Stockholder value. 

Cedarvale Facility Update 

As part of its revenue differentiation strategy, Ionic is considering leasing the Cedarvale facility. To explore this  strategy, which Ionic would only pursue if the strategy maximizes value for Stockholders, the Company engaged  Cushman & Wakefield for a formal marketing process for leases for the current 234 Megawatts (“MWs”) at the  Cedarvale facility focused on the AI and High-Powered Computing sectors. The Company is encouraged by the  feedback received from interested parties. Assuming a transaction is completed, the Company is actively looking at  miner redeployment options, ongoing Cedarvale expansion and new sites to continue its core Bitcoin mining business  line. 

The Company is also working with a consultant to formalize its increased capacity request with ERCOT for Cedarvale  as it plans to continue a full buildout that it intends to use for Bitcoin mining and/or potential alternative revenue  opportunities. 

Audit 

The financial audit for FYE 2024 is in process and the Company is cautiously optimistic that the audit will be  completed ahead of the previously projected June 30, 2025 timeframe. 

Fleet Update 

The Company onboarded an additional 10,800 newly acquired refurbished miners delivered in the first quarter, which  are now cash flow positive and actively mining Bitcoin. Ionic is awaiting the delivery of the remaining 4,200 miners this  quarter. In addition, hosting agreements and the miner fleet are being evaluated to determine timing for upgrades,  redeployment strategies and new site opportunities.

Owned Capacity Update 

Ionic Digital continues to expand its energy footprint. In addition to the aforementioned Cedarvale ERCOT request,  the Company anticipates a 25 MW power expansion at the Midland Rebel location by the end of the year. This  expansion is contingent upon several Oncor upgrade projects, which are expected to be completed in 2025. 

Additionally, Ionic Digital has requested a 30 MW power expansion at the Midland East Stiles location and is  currently collaborating with Oncor to establish a timeline for availability. 

March Operating Metrics 

In the month of March, Ionic mined 154.57 Bitcoin (“BTC”) after hosting fees of 1.45 BTC while operating at a Daily  Average Hash Rate of 8.93 EH/s. Bitcoin mined was up 21% over the prior month, mainly due to additional miners,  lower curtailment rates, and a longer reporting period. The Company continued to exercise diligent risk  management, maintain its zero-debt position, and explore opportunities to further optimize its fleet and expand our  capacity. Consistent with its strategy to opportunistically liquidate Bitcoin to maintain prudent minimum cash to cover  operating costs, Ionic sold 200 Bitcoin in March at an average price of $85,367 per BTC, generating net proceeds of  $17.1 million. Proceeds from the sale of Bitcoin in February and March were partially allocated towards capital  expenditures, which the Company expects to moderate, allowing it to reduce required cash holdings by the end of  the second quarter. Ionic has more than 2,400 Bitcoin on its balance sheet, providing it with ample breathing room to  continue its HODL strategy in the months to come. 

Key Mining and Operating Metrics Summary¹ 

1. Mining and Operating Metrics Summary: The key metrics disclosed in the mining and operating metrics summary are unaudited

2. Capacity: Total current capacity at hosted and directly owned sites as of March 31, 2025. *19 MW increase over prior month due to  TNMP Interconnect at Cedarvale (215 MW TNMP Substation & 19 MW TNMP Interconnect; total 234 MW Energized.)

3. BTC Mined: After hosting fees of 1.45 BTC 

4. Average BTC Mined/Day: Average BTC/Day in prior month was 4.58 BTC 

5. Daily Average Hash Rate: The reported Hash Rate is derived from internal performance data. Hash Rate values reflect miner  downtime and voluntary curtailment 

6. Efficiency: Represents the capabilities of 124,015 active miners during the reporting period 

7. BTC Sold: For an average price of $85,367 per BTC 

8. Total BTC Holdings: At the end of prior month was 2,520 BTC 

About Ionic Digital 

Ionic Digital is a prominent Bitcoin miner and emerging innovator in energy monetization. With facilities across the United States and a total capacity of 413 megawatts, Ionic expects to drive the next generation  of energy efficient, low-cost computing through sustainable Bitcoin mining. For more 

information, visit ionicdigital.com and follow us on X at @IonicDigital. 

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