TeraWulf Issues an Open Letter to Shareholders from Chairman and CEO

[ad_1] <div itemprop="articleBody"> EASTON, Md.--(<a target="_blank" referrerpolicy="unsafe-url" rel="nofollow noopener" itemprop="url" href="https://www.businesswire.com/">BUSINESS WIRE</a>)--TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Firm”), which owns and operates vertically built-in, home Bitcoin mining services powered by greater than 91% zero-carbon vitality, in the present day introduced that in the present day introduced that the Firm’s Co-founder, Chairman and Chief Government Officer, Paul Prager, has issued an open letter to shareholders. The complete textual content of the letter is under and out there on the Firm’s web site at <a target="_blank" referrerpolicy="unsafe-url" href="https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.terawulf.com&esheet=53299884&newsitemid=20230202005689&lan=en-US&anchor=www.terawulf.com&index=1&md5=b1a8f37de9f3deb9b47d7d1f7afdbc0d" rel="nofollow noopener" shape="rect">www.terawulf.com</a>: An Open Letter to Shareholders from TeraWulf Chairman and CEO Paul Prager February 2023 Expensive Shareholders, It has been 4 weeks since I shared my reflections on TeraWulf’s achievements in 2022 and acknowledged objectives for 2023. And in that brief interval, our group has completed key milestones that we consider might be foundational in reaching our purpose of being the preeminent miner producing bitcoin from zero-carbon vitality assets on the lowest marginal value within the sector. We consider these strategic steps will place TeraWulf for long-term, sustainable progress. Our precedence continues to be lowering prices and deploying these assets in direction of the Firm’s path to constructive money movement from operations in 2023. In doing so, we consider that we can generate rising money movement all year long, which is able to give us additional monetary leverage to scale our mining operations. Debt Modification After a number of weeks of constructive dialogue with our lenders, we've got reached an settlement on modifying the phrases of our debt to get rid of near-term amortization and thereby optimize TeraWulf’s monetary flexibility by means of market cycles. Let me be clear – we've got a deal that ought to allow the Firm to pay down principal when we've got out there free money movement, as an alternative of adhering to a compulsory fee schedule. That is HUGE. Path to Optimistic Money Circulate from Operations in 2023 and Past Within the matter of only a few weeks, we raised what we plan to be the ultimate funding wanted to bridge the Firm to self-sustaining operations, just a few months away. We have now mentioned all alongside the quantity of monies required to realize free money movement constructive operations, and we've got now reached that essential milestone. Unparalleled Administration Funding Final month, I <a target="_blank" referrerpolicy="unsafe-url" href="https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.terawulf.com%2Fceo-open-letter-2023%2F&esheet=53299884&newsitemid=20230202005689&lan=en-US&anchor=highlighted&index=2&md5=b6605ab5b3ecd9d6d841269c3232355b" rel="nofollow noopener" shape="rect">highlighted</a> the industry-leading funding stage our govt group has made within the Firm and the dedication it demonstrates. I mentioned that I used to be proper alongside you as a shareholder and that I'd proceed to speculate personally in TeraWulf. As a part of our current and sure last capital elevate, my co-founder and COO, Nazar Khan, and I bought a further $2.5 million of fairness on the market worth. That’s proper, we purchased at market whereas this transformational fairness elevate got here at a modest low cost to the market. Why? As a result of our confidence in TeraWulf is stronger than ever as we construct upon, and start to understand, our distinguishing benefits. I additionally wish to deal with the confusion on the market concerning the perceived sale of inventory. For the avoidance of doubt, I did not promote 12 million shares. I exchanged shares for warrants to unlock out there licensed widespread inventory forward of our shareholder assembly later this month to extend the Firm’s licensed widespread shares. These warrants will convert again to widespread inventory with none worth differential. The WULF Benefit Let me rapidly spotlight what undeniably units WULF aside from our friends: <ul class="bwlistdisc"> <li> Main Amenities: As we've got realized from many years in vitality markets, it’s location, location, location! In solely a 12 months we've got developed our two <a target="_blank" referrerpolicy="unsafe-url" href="https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.terawulf.com%2Fterawulf-facilities%2F&esheet=53299884&newsitemid=20230202005689&lan=en-US&anchor=premium+locations&index=3&md5=57a2a6a4b17d1b92c0493fa1d03edc24" rel="nofollow noopener" shape="rect">premium locations</a> into world-class mining services which are arguably the most effective within the {industry}. With wonderful energy prices, supreme local weather, and significant rapid progress capability, Lake Mariner and Nautilus are far forward of the pack. I've little doubt that our services are unmatched. You may rank our websites within the bitcoin mining sector as #1 and #2. </li> </ul><ul class="bwlistdisc"> <li> Fast Development: We launched TeraWulf simply over a 12 months in the past and are happy with what has been completed on this brief interval, far forward of {industry} friends on the similar level of their trajectory. Within the subsequent few months, we anticipate to be at 5.5 EH/s and 160 MW of energy capability – and we’re simply getting began. To exceed the accomplishments of friends in such a short while is a testomony to the excellence, perseverance, and professionalism of our improvement and operations groups. Simply check out what we've got inbuilt a 12 months relative to what took different bitcoin miners a number of years to realize. As a vertically built-in miner, we personal our websites and our future. </li> </ul><ul class="bwlistdisc"> <li> Growth Functionality: In the case of bitcoin mining, measurement issues! Our two websites have been developed with growth potential as a key attribute and every little thing from our energy import capability to the structure of our warehouses and racks was designed to develop. Scalability and flexibility are very important, and our Lake Mariner and Nautilus services have each. TeraWulf has the power to almost double our hashing capability at our current websites. In distinction, a few of our friends must discover a new web site, allow the location, supply the requisite information heart and mining infrastructure, after which pay for it. That takes an exceptionally very long time. We're right here now and we OWN it. </li> </ul><ul class="bwlistdisc"> <li> Capital Funding in Miners and Infrastructure: Wanting throughout a challenged {industry} panorama, we stay assured in our infrastructure-first strategy. Very important to rising the platform, we consider our targeted funding in miners and infrastructure has translated right into a strategic benefit vs. our peer group. Thus far, we've got invested nearly $400 million to make sure TeraWulf infrastructure services and mining gear lead the pack in the present day and sooner or later. The time and price to copy our enterprise are substantial and characterize a major barrier to entry. </li> </ul><ul class="bwlistdisc"> <li> Vitality Benefit: We're excited for our Nautilus Cryptomine to begin hashing this quarter. Linked to a zero-carbon nuclear facility, Nautilus will get pleasure from a FIXED energy value of simply two cents for 5 years with no margin requirement (and with choices to increase and broaden). That’s an exceptionally low energy worth, and this contract represents hundreds of thousands of {dollars} of worth created. Our energy tastes are easy: low-cost and zero-carbon. There are energy buy agreements and there are lesser energy buy agreements. Our group has been collectively and within the vitality enterprise for 25 years – have a look at what we've got. </li> </ul><ul class="bwlistdisc"> <li> Worth and Effectivity: As we proceed to scale, it has been nice to see each our worth per EH and effectivity per EH metrics enhance. Our improvement and operations groups will proceed to distinguish TeraWulf because the preeminent developer and operator. </li> </ul> Each transfer from this level ahead is about advancing our mission and pushing the boundaries of what's doable – for our enterprise and our shareholders. We'll stay laser-focused on scaling mining operations at our current websites whereas opportunistically pursuing strategic alternatives in a financially accountable method. Lastly, as you take into account investing within the house, have a look at our public disclosures. Learn our most up-to-date investor deck <a target="_blank" referrerpolicy="unsafe-url" href="https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestors.terawulf.com%2Fevents-and-presentations%2Fpresentations%2Fdefault.aspx&esheet=53299884&newsitemid=20230202005689&lan=en-US&anchor=here&index=4&md5=ce30b74662b734dc80246337e73a46e0" rel="nofollow noopener" shape="rect">here</a>. Evaluate what we share: the breadth and depth of actual information, with unbridled transparency, in a well timed means. If you wish to spend money on a bitcoin mining firm, come to TeraWulf. And in case you don’t wish to spend money on a bitcoin mining firm, name us. We're ready to show the significance of what we do and the way we do it. Thanks to all our traders, companions, and fellow WULFpack members for working with us to construct the main mining firm. Sincerely, Paul B. Prager Chairman and Chief Government Officer TeraWulf Inc. About TeraWulf TeraWulf (Nasdaq: WULF) owns and operates vertically built-in, environmentally clear Bitcoin mining services in america. Led by an skilled group of vitality entrepreneurs, the Firm is at present working and/or finishing development of two mining services: Lake Mariner in New York, and Nautilus Cryptomine in Pennsylvania. TeraWulf generates domestically produced Bitcoin powered by 91% nuclear, hydro, and photo voltaic vitality with a purpose of using 100% zero-carbon vitality. With a core deal with ESG that ties on to its enterprise success, TeraWulf expects to supply engaging mining economics at an industrial scale. Ahead-Wanting Statements This press launch accommodates forward-looking statements throughout the that means of the “secure harbor” provisions of the Non-public Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements embody statements regarding anticipated future occasions and expectations that aren't historic details. All statements, aside from statements of historic reality, are statements that might be deemed forward-looking statements. As well as, forward-looking statements are usually recognized by phrases akin to “plan,” “consider,” “purpose,” “goal,” “goal,” “anticipate,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “mission,” “proceed,” “might,” “could,” “would possibly,” “doable,” “potential,” “predict,” “ought to,” “would” and different related phrases and expressions, though the absence of those phrases or expressions doesn't imply {that a} assertion will not be forward-looking. Ahead-looking statements are primarily based on the present expectations and beliefs of TeraWulf’s administration and are inherently topic to plenty of elements, dangers, uncertainties and assumptions and their potential results. There might be no assurance that future developments might be these which were anticipated. Precise outcomes could range materially from these expressed or implied by forward-looking statements primarily based on plenty of elements, dangers, uncertainties and assumptions, together with, amongst others: (1) circumstances within the cryptocurrency mining {industry}, together with fluctuation available in the market pricing of Bitcoin and different cryptocurrencies, and the economics of cryptocurrency mining, together with as to variables or elements affecting the associated fee, effectivity and profitability of cryptocurrency mining; (2) competitors among the many varied suppliers of cryptocurrency mining providers; (3) modifications in relevant legal guidelines, rules and/or permits affecting TeraWulf’s operations or the industries by which it operates, together with regulation concerning energy technology, cryptocurrency utilization and/or cryptocurrency mining; (4) the power to implement sure enterprise aims and to well timed and cost-effectively execute built-in initiatives; (5) failure to acquire enough financing on a well timed foundation and/or on acceptable phrases with regard to progress methods or operations; (6) lack of public confidence in Bitcoin or different cryptocurrencies and the potential for cryptocurrency market manipulation; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference because of gear malfunction or break-down, bodily catastrophe, information safety breach, laptop malfunction or sabotage (and the prices related to any of the foregoing); (8) the provision, supply schedule and price of apparatus vital to keep up and develop the enterprise and operations of TeraWulf, together with mining gear and infrastructure gear assembly the technical or different specs required to realize its progress technique; (9) employment workforce elements, together with the lack of key workers; (10) litigation referring to TeraWulf, RM 101 f/ok/a IKONICS Company and/or the enterprise mixture; (11) the power to acknowledge the anticipated aims and advantages of the enterprise mixture; and (12) different dangers and uncertainties detailed every now and then within the Firm’s filings with the Securities and Change Fee (“SEC”). Potential traders, stockholders and different readers are cautioned to not place undue reliance on these forward-looking statements, which converse solely as of the date on which they have been made. TeraWulf doesn't assume any obligation to publicly replace any forward-looking assertion after it was made, whether or not because of new info, future occasions or in any other case, besides as required by legislation or regulation. Traders are referred to the total dialogue of dangers and uncertainties related to forward-looking statements and the dialogue of danger elements contained within the Firm’s filings with the SEC, which can be found at <a target="_blank" referrerpolicy="unsafe-url" href="https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov&esheet=53299884&newsitemid=20230202005689&lan=en-US&anchor=www.sec.gov&index=5&md5=c24943f53d68f1ab283e50df68b8db1e" rel="nofollow noopener" shape="rect">www.sec.gov</a>.

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