Neptune Digital Assets Announces Additional Investment in SpaceX and Corporate Update

Vancouver, British Columbia--(Newsfile Corp. - July 11, 2023) - Neptune Digital Assets Corp. (TSXV: NDA) (OTCQB: NPPTF) (FSE:1NW) ("Neptune" or the "Company"), one of the first publicly traded blockchain companies in Canada, is pleased to announce its recent investment of an additional $250,000 USD into SpaceX (Space Exploration Technologies Corp.). Neptune now holds approximately 26,770 shares in SpaceX through a third party.

SpaceX is an American spacecraft manufacturer, space launch provider, and satellite communication provider. SpaceX was founded in 2002 by Elon Musk and has the goal of reducing the cost of space transportation and to enable the colonization of Mars.

The Neptune investment into SpaceX is through an arms-length party. "We are encouraged by the progress SpaceX has made since our initial investment in July 2022. From securing additional government contracts of up to $100 million USD for space travel to demonstrating the invaluable role of Starlink during the Ukraine conflict and throughout the world, we are excited to increase our shareholders' exposure to one of the most exciting opportunities of our time. This investment further diversifies our balance sheet while providing additional potential upside." - Cale Moodie, CEO & President.

Corporate Update

Neptune is pleased to provide shareholders with a brief financial update ahead of the upcoming release of its Q3 financials within the next 3 weeks. Neptune boasts approximately $40 million in assets, carries no debt, and holds a robust cash position of approximately $11 million. The company's strong financial standing ensures that there will be no immediate need for capital raising. Neptune currently has 257 BTC in cold storage and an additional 64 BTC under Chapter 11 claims with Genesis and Celsius.

The Company will provide a more in-depth financial update when Q3 results are released at the end of July 2023.

About Neptune Digital Assets Corp.

Neptune Digital Assets Corp. is one of the first publicly traded blockchain companies in Canada and is a cryptocurrency and blockchain infrastructure leader with operations across the digital asset ecosystem including Bitcoin mining, proof-of-stake mining, blockchain nodes, decentralized finance (DeFi), and other associated blockchain technologies.

ON BEHALF OF THE BOARD

Cale Moodie, President and CEO
Neptune Digital Assets Corp.
1-800-545-0941
www.neptunedigitalassets.com

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

Forward-Looking Statements

This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans", "proposes" or similar terminology. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the auditors completing the remining auditing items with respect to the Annual Filings; the inherent risks involved in the cryptocurrency and general securities markets; 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; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties.

The Company does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

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