TeraWulf appoints Patrick Fleury as Chief Financial Officer

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Brings 22 years of financial experience in senior investment and advisory roles to the TeraWulf team

EASTON, MD., May 16, 2022 /PRNewswire/ — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates a fully integrated nationwide bitcoin mining facility powered by over 90% carbon-free energy, today announced that Patrick Fleury has been appointed Chief Financial Officer, effective today. He brings 22 years of finance experience to TeraWulf, including 16 years in senior investment roles and 6 years in advisory roles. Most recently, Mr. Fleury was a founding member of the credit team at Platinum Equity, where he was responsible for public and private credit investments. Prior to that, he was managing director of Blackstone’s global credit platform, GSO Capital Partners.

“With his significant capital markets expertise and portfolio management experience, Patrick is the perfect fit to serve as TeraWulf’s CFO for our next phase of growth,” said Paul Prager, Co-Founder, CEO and Chairman of the Board of TeraWulf. “TeraWulf continues to build its upstate facilities New York and Pennsylvania, making considerable progress towards its zero-carbon bitcoin mining plans. We believe we have laid a solid foundation and I look forward to working with Patrick to create lasting value for our shareholders.”

Mr. Fleury succeeds Kenneth Deanwho will assume the roles of Chief Accounting Officer and Treasurer, also effective immediately, which will help ensure a smooth transition.

“I’m thrilled to join TeraWulf while the company’s growth is still so strong,” said Mr. Fleury. “I look forward to working closely with Ken, Paul and the entire TeraWulf team to strengthen the balance sheet and leverage our efficient capital structure to execute on our infrastructure-focused strategy and enhance value for customers. shareholders.”

In connection with Mr. Fleury’s appointment, the Company’s Board of Directors has approved, pursuant to Rule 5635(c)(4) of the Nasdaq Stock Market Listing Rules, an equity award of 1 000,000 restricted stock units, 25% of which will vest on each of the first two anniversary dates of the grant date and the remaining 50% will vest on the third anniversary of the grant date, subject to the maintenance of Mr. Fleury’s employment or services with the Company up to each date.

About TeraWulf

TeraWulf (Nasdaq: WULF) owns and operates fully integrated, environmentally friendly bitcoin mining facilities in United States. Led by an experienced group of energy entrepreneurs, the Company is developing two mining facilities, Lake Mariner Data in New Yorkand Nautilus Cryptomine in Pennsylvania, with the goal of 800 megawatts of mining capacity deployed by 2025, enabling over 23 exahash per second of expected hashrate. TeraWulf will generate locally produced bitcoins powered by nuclear, hydro, and solar power with the goal of using 100% carbon-free energy. With a central focus of ESG that is directly tied to its business success, TeraWulf expects to deliver an attractive mining economy on an industrial scale.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include statements regarding anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be considered forward-looking statements. In addition, forward-looking statements are generally identified by words such as “plan”, “believe”, “objective”, “target”, “aim”, “expect”, “anticipate”, “intend”. of”, “outlook”, “estimate”, “plan”, “project”, “continue”, “could”, “may”, “could”, “possible”, “potential”, “predict”, “should” , “would” and other words and phrases, although the absence of such words or phrases does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those anticipated. Actual results could differ materially from those expressed or implied by the forward-looking statements depending on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions of the cryptocurrency mining industry, including market price fluctuation of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including with respect to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among different cryptocurrency mining service providers; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding electricity generation, the use of cryptocurrency and/or the cryptocurrency mining; (4) the ability to implement certain business objectives and execute corporate projects in a timely and cost-effective manner; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with respect to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for manipulation of the cryptocurrency market; (7) the potential for cybercrime, money laundering, malware and phishing infections and/or loss and interference resulting from equipment malfunction or failure, physical disaster, data security breach, computer malfunction or sabotage (and costs associated with any of the above); (8) the availability, delivery schedule and cost of equipment necessary to maintain and develop TeraWulf’s business and operations, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its strategy growth; (9) employment-related factors, including the loss of key employees; (10) litigation relating to TeraWulf, IKONICS and/or the business combination; (11) the ability to recognize the objectives and expected benefits of the business combination; (12) timely transition of the CFO role; and (13) and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf undertakes no obligation to publicly update any forward-looking statement after it is made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the complete discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

Contact:

Investors
Sandy Harrison
[email protected]
(410) 770-9500

Media
Michael Freitag / Joseph Sala / Lyle Weston
Joelle FrankWilkinson Brimmer Katcher
(212) 355-4449

SOURCE TeraWulf Inc.

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