TeraWulf (WULF) Issues Statement Reiterating Plans for Nautilus Cryptomine

TeraWulf Inc. (NASDAQ: WULF) ("TeraWulf" or the "Company"), which owns and operates fully integrated bitcoin mining facilities in the United States powered by more than 90% zero-carbon energy, today issued the following statement regarding the Nautilus Cryptomine facility in Pennsylvania, which is a 50/50 joint venture between TeraWulf and Talen Energy Corporation ("Talen"):

The Nautilus Cryptomine facility, which is a joint venture between TeraWulf and Cumulus Coin, LLC, a subsidiary of Talen, remains on track to begin bitcoin mining operations in the third quarter of 2022. The joint venture has been funded by both joint venture partners and is continuing its infrastructure buildout under the direction of the Nautilus Cryptomine team. Importantly, Cumulus Coin, a subsidiary of Cumulus Growth Holdings, LLC, is excluded from the Chapter 11 proceedings initiated on May 9, 2022 by Talen Energy Supply, LLC and affiliated debtors in the U.S. Bankruptcy Court for the Southern District of Texas (Houston Division).

Once complete, the Nautilus Cryptomine facility is expected to reach 300 MW – with 150 MW attributable to TeraWulf – and will benefit from long-term, zero-carbon power supply directly from the Susquehanna nuclear power generation station.

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