DLTx : Q3 Report

Q3

2022

Highlights Q3 2022

• Agreement with BMAQ for sale of all blockchain assets
• Turmoil in digital asset markets - DLTx does not trade tokens

• 57,235 FIL production in Q3
• • Up 56% from Q2
• Total revenue of USD $362,000 for Q3

Financials Q3 2022

The market turmoil from the first half of the year has continued, and the persisting weak token prices continue to impact the Filecoin ("FIL") revenue of DLTx ASA (the "Company"or "DLTx"), the value of FIL on the Company's balance sheet and the value of the Company's investment portfolio.

DLTx Cloud's strong FIL production continues and production grew by ~56% in the third quarter compared to the second quarter of 2022. The Company's business model remains unchanged, and we continue to build the number of FIL on the balance sheet.

The Company reported a loss before tax of USD

~$1.6 million for the third quarter 2022, a decrease from a profit before tax of USD ~$3.8 million in the corresponding period in 2021. The Company had a negative cash flow from operating activities of USD ~$3 million in the quarter, an increase from negative cash flow of USD ~$0.2 million in Q3 2021, contributing to cash and cash equivalents of USD ~ $1.8 million and total current assets of USD $5.9 million.

Outlook

As previously communicated, the Company will be calling several extraordinary general meetings over the coming months with respect to certain matters that must be approved in connection with the business combination with Blockchain Moon Acquisition Corp. ("BMAQ").

The Company's continuing efforts to identify and commercialize new opportunities in Web3 created two new European Filecoin joint ventures in Q3 2022 and looking forward, the Company intends to extend the Digital Assets division to Bitcoin mining.

Highlights Q3

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CEO Letter

DLTx - Doing Business with Blockchains

The biggest news for the third quarter is that BMAQ, a Nasdaq-listed special purpose acquisition company, has agreed to acquire all of DLTx's Web3 infrastructure assets and distributed ledger technology investments in a transaction valuing the assets at USD $106.6 million. I believe that this will enable the Company to expand at a greater pace through access to U.S. capital markets.

Volatility in the digital asset markets continued in the third quarter, and the weak Filecoin price has led to a further write-down of the FIL on our balance sheet and resulted in lower revenues. Our total income for the quarter is USD $363,000, while the loss for the period was USD ~$1.6 million. We have continued to focus on the development of our business units to build a strong foundation for our future growth. At DLTx, we do not trade or speculate on the directional moves of tokens, and our operations have not been directly affected by the recent trends that have affected some participants in the digital asset markets.

We have continued our development as an enterprise infrastructure provider for Web3 and public blockchains, and I believe our progress in DLTx Cloud and DLTx Digital Assets this quarter has been very important for the Company's future growth. With DLTx Cloud, we have expanded our footprint through the establishment of two new European joint ventures. With DLTx Digital Assets we have taken significant strides to develop a vertically integrated and sustainable Bitcoin division.

Through our active role in the Filecoin ecosystem, we have built strong bonds with premier European Filecoin participants, and I am very happy to report that DLTx is now involved in Web3 infrastructure development in Europe. As we announced on 16

September, we have partnered with Dcent in Holland to create Storify, and we have partnered with TwinQuasar in France to create Helix. Our journey with these great partners has only just begun, and I'm looking forward to sharing our progress as the build- out of these two joint ventures continues.

With DLTx Digital Assets, we aim to launch a Bitcoin operation covering all aspects of Bitcoin mining, from collaborative ASIC manufacturing to full

site development and operation with a focus on sustainability. We target sites utilizing wind, hydro, solar and flare gas by harnessing power where there is either overcapacity, no viable connection to the grid, or an ability to turn waste into power, such as with flare gas (preventing methane release). We are proud to have assembled an operating team that has experience deploying and managing Bitcoin mining globally, and we will look to employ their experience in the launch of our initial North American sites. Over the next six months, we anticipate initial power capacity of 19.8MW between three sites and total expansion potential to exceed 200MW.

Work on the DLTx Ventures spin-off and merger with Silicon Valley Blockchain Society also progresses. The merged entity will be renamed Revolution AS, and we are targeting a listing on Euronext Growth in the spring of 2023.

Thomas Christensen

CEO

CEO Letter

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Responsibility statement

The Board and CEO confirm to the best of our belief that:

• The enclosed financial statements, which have been prepared in accordance with IAS 34 - Interim Reporting, give a true and fair view of the Company's assets, liabilities, financial position and result of operation.
• The information presented in the management report includes a true and fair review of potential risks and uncertainties, as well as the impact of important events on the consolidated financial statements.
• The enclosed financial statements include a true and fair view on related-party transactions.

Oslo, November 22nd, 2022, Board of Directors, DLTx ASA

Viggo Leisner	James Haft	Kari Mette Toverud
Board Member	Chairman	Board Member

Thomas Christensen

CEO

Responsibility statement

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DLTx - Projects and Assets

Projects

Rhodium Enterprises (Bitcoin mining)

Rhodium Enterprises ("Rhodium") is one of the largest industrial scale Bitcoin mining operations in North America, with 100 megawatts of liquid cooled miners online and an ongoing expansion of its second site with 225 megawatts.

DLTx's shareholding in Rhodium Enterprises is the result of a roll-up of our Rhodium 30MW position in Q2 2021.

The IPO to list on Nasdaq under symbol RHDM was planned for January 2022, but was delayed due to market conditions. As a result of the postponement and prevailing market conditions for listed Bitcoin miners, the value was adjusted downwards to USD ~$6.9 million in Q1 2022.

Rhodium has since announced that they will be going public through reverse merger with SilverSun Technologies in a deal scheduled to be completed by the end of the year.

More information about the company can be found on www. rhdm.com.

Blockchain Moon Acquisition Corp. (BMAQ)

On 14 October 2022, BMAQ and DLTx entered into a business combination agreement for BMAQ to acquire all the Web3 infrastructure and distributed ledger technology assets of DLTx. DLTx was an early investor in BMAQ's sponsor.

More information about the company can be found at www.bmaq.io and in BMAQ's filings with the U.S. SEC at www.sec.gov.

Project	Est. Value (30 Sep 2022)
Rhodium Enterprises	$ 6 883 534
BMAQ	$ 4 012 155

DLTx - Projects and Assets

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