TeraWulf (WULF) Announces $15M Capital Contribution by Management and Existing Shareholders

TeraWulf Inc. (NASDAQ: WULF), which was formed to own and operate fully integrated environmentally clean bitcoin mining facilities in the United States, today announced that existing shareholders, newly appointed directors, along with company leadership, have contributed approximately $15 million in new capital to the Company. The contribution was composed of the new issuance of $10 million of convertible preferred stock of TeraWulf to existing shareholders and newly appointed directors and the commitment by company leadership, led by Chief Executive Officer and chair of the board of TeraWulf Paul Prager, to purchase $5 million of the Company's common stock.

Mr. Prager said, "We are now ramping mining operations at our Lake Mariner facility, with the Nautilus site expected to begin in the second half of the year, and continue to believe that TeraWulf is uniquely positioned to deliver shareholder value as a leading vertically-integrated, environmentally clean bitcoin miner."

Business Update Conference Call

TeraWulf's management team will host a conference call to provide a business update on Thursday, March 17, 2022 at 5:00 p.m. Eastern Time. Mr. Prager will provide an update on recent progress, including TeraWulf's bitcoin mining operations at its Lake Mariner facility and its Nautilus Cryptomine Joint Venture, in association with Talen Energy Corporation in Pennsylvania.

All interested parties may access a live webcast of this conference call at www.terawulf.com, under "Investors" and "Webcasts and Presentations" tabs. The Company will not be hosting a question-and-answer session concluding the prepared remarks.

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