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2
ww
w.G
ryp
hon
Dig
ital
Min
ing
.com
Cre
ate
the
wor
ld’s
la
rges
t p
ure
pla
yB
itco
in m
iner
wit
h a
n
egat
ive
carb
on
foot
pri
nt
Mis
sion
Sta
tem
ent
3
www.GryphonDigitalMining.com
Target Capitalization
• 1st Carbon-Negative miner with the acquisition of 500,000 carbon offset credits (in partnership with Sphere 3D)
• Adhere to best practice Corporate Governance Principles
• Planned Merger with Sphere 3D (Nasdaq:ANY) expected in Q4/21
• CEO & Director, Rob Chang, previously served as CFO of Riot Blockchain and as MD at Cantor Fitzgerald
• Chairperson, Brittany Kaiser, globally-renowned expert in blockchain technology and digital assets
• Founder & President Dan Tolhurst, previously held senior strategy roles at Disney and Netflix
• Chief Technical Advisor, Chris Ensey, is the former CEO & COO of Riot Blockchain and has overseen the development of over 100 MW mining operations
• 720 Petahash of potential hashing power on a standalone basis with 6.7 Exahash post-merger*
• Competitive power rates as low as ~1.3 cents kWh
• Operating Breakeven costs of $7,262/BTC**
• Secured 250 MW of capacity
4
Creating the industry leader in Bitcoin mining.
Size & Scale Leadership Team ESG
Investment Highlights
* Combined with the 60,000 machine order with pending merger partner, Sphere 3D **Assuming Bitmain S19j Pro specifications and market data as of October 12, 2021
www.GryphonDigitalMining.com
Target Capitalization
Transaction Details
❖ Gryphon Shareholders to receive111,000,000 shares of Sphere 3D, subjectto adjustment (exchange ratio ~5.3 : 1)
❖ Expected to close Q4/21
❖ Subject to shareholder approval, closingconditions, effective registrationstatement, and Nasdaq approval
❖ Gryphon team to assume managementof combined entity
5
Planned Merger with Sphere 3D (Nasdaq: ANY)
Announced Merger of Sphere 3D (Nasdaq:ANY)
Synergies
❖ Sphere’s deep datacenter expertise willaid the combined entity as we expandour operations into building large-scale,renewable, cryptocurrency miningsolutions.
❖ Highly sought after listing on theNasdaq
www.GryphonDigitalMining.com
Target Capitalization
❖ Sphere has announced that it hasacquired a six-month exclusive right toassume up to 220,000 bitcoin minersfrom Hertford Advisors
❖ Sphere has already exercised theoption for 60,000 new machines withdeliveries commencing in November,2021.
❖ Combined with Gryphon’s order, thecombined company could have up to21.5 exahash of mining power, whichwould rank it as the largest knownminer in the world.
6
Options to acquire up to 220,000 state of the art miners
Potential to be the largest miner in the world
ww
w.G
ryp
hon
Dig
ital
Min
ing
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Targ
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www.GryphonDigitalMining.com
Target Capitalization
Source: Lazard LCOE V13, November, 2019, Energy Storage News
Gryphon launched with 100% renewable hydro power (21 MW); Core Scientific hosting agreement provides 230 MW of 100% carbon neutral electricity
15
Technological advancements drive decline in renewable energy costs
Key Success Factor: Zero Carbon & Social Footprint
Onshore Wind Farms76%
89%
Solar
Today Future Opportunities
10 Year % Cost Decrease:
8 Year % Cost Decrease:
70%
Battery Storage
250 MW of Hosted Capacity = 100% renewable hydro facility located in
Economic Opportunity Zone (21 MW) + 100% net carbon neutral (230 MW) +
Carbon Credits
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www.GryphonDigitalMining.com
Target Capitalization
• Electricity costs as low as $0.013/kWh
• Profit sharing model with average opex of ~$0.034 kWh
• Gryphon has secured 21 MW of power for its initial 7,200 machines
• Hosting and share structure minimizes capital investment and financial risk
• Liquid Immersion technology available, which has proven to extend the life of machines at least 20% (some studies have shown up to 60-70%)
17
Partnering with one of the largest digital currency data centers in the world
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3,03
8,24
5$
18
2,64
9,95
7$
232,
261,
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$
28
1,87
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331,
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110,
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70
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11
5,78
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7$
16
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377,
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972,
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$
BTC
Price
Network Hashrate
Con
tact
:R
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Dig
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Targ
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aliz
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n
24
Ap
pen
dix
: Eco
nom
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*Tot
al a
nd
All-
Tota
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Wh
incl
ud
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pac
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pro
fit s
har
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pac
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har
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cos
ts w
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cale
wit
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rice
of B
TC. N
o d
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assu
med
.**
Mar
ket
dat
a as
of O
ctob
er 12
, 20
21.
***
BTC
Net
wor
k H
ash
rate
incl
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es im
pac
t of
mer
ged
com
pan
y’s
67,2
00
mac
hin
es.
Key
Met
rics
Assu
mpt
ions
RO
A (
Pre
-ta
x)
32
6%
BT
C P
rice
($
US)
$5
6,0
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Ma
ch
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tate
$8
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nu
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tate
$7
11
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ww
w.G
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Dig
ital
Min
ing
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Targ
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apit
aliz
atio
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25
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pen
dix
: An
nu
al P
erfo
rman
ce
*Ass
um
es fi
scal
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s in
May
** A
ssu
mes
BTC
pri
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net
wor
k h
ash
rate
are
flat
lined
Cash
Flow
Key
Assu
mpt
ions
2021
2022
2023
2024
2025
Re
ve
nu
e$
27
,89
6,3
52
$5
33
,01
5,9
09
$8
30
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6,6
18
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30
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6,6
18
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6,6
18
Op
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tin
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$5
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5,4
15
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8,2
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8,2
27
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5,4
21
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0
Gro
ss P
rofi
t$
22
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0,9
37
$4
54
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3,9
16
$7
11
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9,4
68
$7
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9,4
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$7
14
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4,8
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De
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Pa
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0,0
00
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0,0
00
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0
Pre-
tax C
ash
Flow
$21,
080,
937
$434
,773
,916
$691
,869
,468
$691
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$694
,674
,858