Vancouver, B.C., May 31, 2024 – CryptoBlox Technologies Inc. (the “Company” or “CryptoBlox”) (CSE: BLOX) is pleased to provide a comprehensive corporate update across all the business lines that collectively comprise its Diversified Blockchain Ecosystem Business, which is broken down into three divisions: Mining Products & Technology; Digital Asset Mining & Infrastructure; and Structured Blockchain Products & Services. In this comprehensive update, the Company is aiming to provide updates in respect of each division.

Mining Products & Technology

In December of 2023, the Company acquired a four-year license to develop and distribute products based on Crypto Green Tech Inc.’s (“Crypto Green”) modular renewable energy powered mining infrastructure patent application. Since such date, the Company has been working with Crypto Green’s R&D division to develop initial prototypes based on Crypto Green’s technology and hopes to have a working prototype by Q3.

Digital Asset Mining & Infrastructure

Pursuant to the agreement pursuant to which the Company acquired Redwater (the “Acquisition Agreement”), the Company was obligated to issue to the original vendors of Redwater (the “Vendors”) up to two additional tranches of shares (together, the “Milestone Shares”) as follows: (i) an aggregate of 5,085,960 Milestone Shares upon the vendors paying to the Company an aggregate of $595,875 and US$72,975 (together, the “First Milestone Cash Payments”); and (ii) a further 5,085,960 Milestone Shares upon the vendors paying to the Company a further $595,875 and US$72,975 (together, the “Second Milestone Cash Payments” and, together with the First Milestone Cash Payments, the “Milestone Cash Payments”).

The Company intended to use the Milestone Cash Payments to fund:

1. Redwater’s payment to True North of US$145,950, pursuant to Redwater’s option asset agreement with True North dated June 1, 2023 (the “Miners Agreement”), entitling Redwater to acquire an additional 100 MV7L 95-105TH/s 31J/TH miners from True North (the “True North Miners”);
2. Redwater’s payment to True North of $367,500, pursuant to Redwater’s option asset purchase agreement with True North dated June 1, 2023 (the “Data Centre Agreement”), entitling Redwater to access to an air-cooled 1 MW power generation facility (the “True North Data Centre”); and
3. Redwater’s payment to Comgen Power Solutions Ltd. (“Comgen”) of $824,240, pursuant to Redwater’s option asset purchase agreement with Comgen dated June 1, 2023, entitling Redwater to acquire from Comgen, among other things, a 1.25 MW natural gas power plant (the “Power Plant”), a fuel gas supply agreement (the “Gas Supply Agreement”) with Longshore Resources Ltd. (“Longshore”), a surface access agreement (the “Surface Access Agreement”) with Longshore and a power purchase agreement with True North (collectively, the “Comgen Assets”), the net result of which would be that Redwater’s miners would have access to power at $0.015 per kWh.

On May 15, 2024 (the “Addendum Date”), all original parties to the Acquisition Agreement executed an addendum agreement (the “Addendum”) that revised the process by which the original Milestone Cash Payments will be made. Pursuant to the Addendum, the Vendors have agreed to transfer an aggregate of

$828,865 (the “Revised First Cash Payment”) into an escrow account maintained with Endeavor Trust Company (“Endeavor”), acting as escrow agent, within thirty (30) calendar days of the Addendum Date. Upon Redwater receiving the consent of Longshore to certain assignments of the Comgen Assets to Redwater, the Revised First Cash Payment will be released to the Company (the “First Release”) to be used to acquire the Comgen Assets from Comgen. Upon completion of the same, the Vendors will be issued an aggregate of 6,024,427 common shares of the Company (the “Revised First Milestone Shares”).

Within thirty (30) business days of the First Release, the Vendors will transfer an additional aggregate of $585,000 and US$145,950 (together, the “Revised Second Cash Payment”) into an escrow account maintained with Endeavor, acting as escrow agent. Upon Redwater receiving, among other things, evidence of certain amendments to the Miners Agreement and the Data Centre Agreement, the Revised Second Cash Payment will be released to the Company to be used to acquire the True North Miners and the True North Data Centre. Upon completion of the same, the Company will issue the remaining Milestone Shares to the Vendors, being an aggregate of 4,147,492 Milestone Shares (the “Revised Second Milestone Shares”).

The Revised First Milestone Shares and Revised Second Milestone Shares will be subject to a hold period (the “Share Restriction”) expiring 10 calendar days after the later of (i) the date on which the Company files a business acquisition report under National Instrument 51-102 respecting its acquisition of Redwater, (ii) the date on which the Company files its consolidated annual financial statements for the year ended January 31, 2024 and (iii) the date on which the Revised Second Milestone Shares are issued. The Share Restriction was imposed by the Canadian Securities Exchange after the Addendum Date and was agreed to by the Vendors on May 31, 2024.

After acquiring the Comgen Assets, the True North Miners and the True North Data Centre, the Company plans to put its miners, which will number 233 at such point, into operation and to power such operations from energy produced at the Power Plant, which will be fueled by flared gas supplied pursuant to the Gas Supply Agreement. The Company expects these milestones to be achieved and for Redwater’s facility to come on line in Q3 2024 or sooner and will provide an update to shareholders when each of the Revised First Cash Payment and the Revised Second Cash Payment is made by the Vendors.

As announced when the Company acquired Redwater in June 2023, Redwater currently owns 133 Bitmain S19J Pro ASIC miners (the “S19J Pros”), which are located in an air-cooled data center located in Sturgeon County, Alberta, Canada. At the present, the S19J Pros are being operated by True North on “care and maintenance” and, as soon as Redwater commences operations, it will take over the operation of the S19J Pros itself and for its own benefit.

“Execution of the Addendum signals that all parties to the Redwater acquisition documents remain motivated to continue maintaining leadership and driving innovation forward within flare-gas enabled digital asset mining operations,” states CryptoBlox CEO, Akshay Sood.

“We are committed to continue expanding our Digital Asset Infrastructure & Mining division, which houses our flare gas, alternate energy powered digital asset mining operations, especially as it builds the foundation for our Diversified Blockchain Ecosystem Strategy. Off-grid energy is a major component of this strategy, as it drives two of our three business divisions: Digital Asset Infrastructure & Mining and Mining, Products & Technology,” adds Mr. Sood.

Structured Blockchain Products & Services

The Structured Blockchain Products & Services division will focus on growth of the Blockchain Fintech Unipessoal LDA (“Blockchain Fintech”), which the Company agreed to acquire (the “Blockchain Fintech Acquisition”) by way of share purchase agreement, announced on March 5, 2024. Completion of the Blockchain Fintech Acquisition remains subject to approval by the Canadian Securities Exchange and, accordingly, the terms of the acquisition may change before closing. However, the Company’s strategic plans for Blockchain Fintech remain the same, in that the technology from the acquisition is intended to fast-track CryptoBlox’s launch of non-custodial products and services which will include a web3-enabled digital asset wallet and a digital asset payment card. The Company hopes the Blockchain Fintech Acquisition will allow the Company to complete its Diversified Blockchain Ecosystem.

On behalf of the Company, Akshay Sood,

Chief Executive Officer

About CryptoBlox Technologies Inc.

CryptoBlox Technologies Inc. is a blockchain technology infrastructure company focusing on building out its diversified Blockchain Ecosystem Strategy that consists of Digital Asset Mining & Infrastructure, Mining Products & Technology, and Structured Digital Asset Products & Blockchain Payments. The Company’s Infrastructure will be based on the value chain that stems from off-grid/alternate energy powered digital asset mining, along with a diversified portfolio of sustainable mining and blockchain fintech products and services enabled by both the Sustainable Mining Products & Technology and Structured Blockchain Products and Services divisions. The Company will be focused on providing alternate energy solutions to power digital asset mining operations throughout North America – with the first site being in Redwater, Alberta. By using alternative energy sources and state-of-the-art operations techniques, the Company will be positioned to achieve a high degree of financial optionality and long-term operational certainty, which can result in some of the cleanest and lowest-cost digital asset mining operations in the world.

For further information about the Company, please visit www.cryptoblox.ca or call 236-259-0279.

Forward-Looking Statements

The information in this news release includes certain information and statements about management’s view of future events, expectations, plans, and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward- looking statements in this news release include, but are not limited to, statements respecting: the Company’s strategic direction; development of a prototype from Crypto Green’s technology; the Addendum and the Vendors’ performance thereof; the Company’s ability to launch operations at Redwater; Redwater’s acquisition of the Comgen Assets, True North Miners and True North Data Centre; the Company’s intention to maintain leadership and drive innovation forward within flare-gas enabled digital asset mining operations; expansion of the Company’s Digital Asset Infrastructure & Mining; and off-grid energy building of foundation for the Company’s Diversified Blockchain Ecosystem Strategy.

Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements, or otherwise.

The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this

press release.