Gryphon Digital Mining (GRYP) Highlights Energy Strategy Success With November Operational Results

Signed definitive agreement for natural gas assets, securing low-cost power of 100 MW, expandable and scalable to 1 GW

Appointed energy industry veteran Eric Gallie as SVP of Energy Strategy

Gryphon Digital Mining, Inc. (NASDAQ: GRYP) has released its unaudited operational update for November 2024.

Steve Gutterman, CEO of Gryphon Digital Mining commented, "We're pleased to release November results and share that December has been a pivotal month for our energy strategy. We have executed what could be a transformative agreement to acquire natural gas assets in British Columbia that could produce low-cost power of 100 MW - 1 GW, and appointed Eric Gallie, a recognized energy industry leader, to coordinate our power initiatives. Eric brings 18 years of energy sector expertise, including managing $1.5 billion in upstream and integrated oil & gas portfolios. We anticipate that his appointment, coupled with our natural gas asset acquisition, positions us to reduce our power costs by more than 50% from current levels of $0.0605/kWh to well under $0.03/kWh. We believe that these strategic moves will fundamentally reshape our energy economics as we scale to meet the growing power demands of both digital mining and AI infrastructure."

Energy Strategy Highlights

Natural Gas Asset Acquisition (December 10, 2024)

• 5+ Tcf contingent natural gas resources

• Initial 100 MW generation capacity

• Expected Scalability to 1 GW

• Projected power cost under $0.03/kWh

• Located in Northeast British Columbia

• 140 mmcf/d infrastructure capacity at 100% working interest

Appointment of Eric Gallie as SVP of Energy Strategy (December 12, 2024)

• Joins Gryphon from an energy focused hedge fund.

• 18-year career spans significant roles in energy finance and operations, including managing a $1.5 billion upstream and integrated oil & gas investment portfolio at Luminus Capital Management.

• Previously, as CFO and Director at Distinction Energy, he successfully guided the company through a complex restructuring process and led due diligence on a $335 million asset acquisition.

• Experience also includes positions at Citadel LLC's Surveyor Capital and RBC Capital Markets, where he specialized in natural gas markets and supply analysis.

November Mining Update

• Mined BTC: 17.26439; Total Est. Revenues: $1,487,580 Avg. Price of Mined BTC: $86,165

• Total Energy Costs: $1,160,935; Avg. Cost of Mined BTC: $67,244; Total Energy consumed:19,193,491 kWh

• Cost per kWh to generate BTC: $0.0605; Margin: $326,647 (Rev less COGS); Margin %: 21.96%

• Est. Cash on hand at 11/30/24: $545,000; Est. BTC on hand at 11/30/24: 18.367 BTC valued at $1.78m

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