Bitfarms converts facility to $300M project financing

Mr. Ben Gagnon reports BITFARMS CONVERTS MACQUARIE DEBT FACILITY TO $300M PROJECT FINANCING AND DRAWS ADDITIONAL $50M TO ACCELERATE HPC/AI DEVELOPMENT AT PANTHER CREEK CAMPUS Bitfarms Ltd. has converted its previously announced private debt facility for up to $300-million from Macquarie Group's commodities and global markets business, to an up to $300-million project-specific financing facility for the development of its data centre campus in Panther Creek, Penn. Bitfarms will draw an additional $50-million from the converted facility, subject to customary closing conditions, for a total of $100-million drawn through closing, in order to accelerate long-lead time equipment purchases and advance HPC/AI development at its data centre campus in Panther Creek, Penn. Chief executive officer Ben Gagnon stated: "I am excited to announce the conversion of our debt facility to the project level, the acceleration of equipment orders and development of our Panther Creek HPC/AI campus. We intend to use this drawdown of an additional $50-million to fund civil works and substation construction at Panther Creek, which are on track to begin in Q4 2025. Converting the facility to the project level enables us to draw down on the full facility, accelerating our construction timelines, providing increased flexibility and positioning us to capitalize on the substantial demand for HPC/AI infrastructure in Pennsylvania. We are thrilled to reach this important milestone with Macquarie, and I would like to thank them for being a supportive financing partner throughout the initial phases of HPC/AI development at our Panther Creek campus." Joshua Stevens, managing director, Macquarie Group's commodities and global markets business, stated: "We are proud to expand our partnership with Bitfarms to support the development of its marquee 350 MW HPC/AI campus in eastern Pennsylvania. With robust energy, fibre infrastructure and continued demand for data centres, Pennsylvania is quickly emerging as a new AI infrastructure hub. Bitfarms is well positioned to deliver state-of-the-art digital infrastructure for prospective clients in what is emerging as the premier HPC/AI data centre hub in the U.S." Northland Capital Markets acted as sole placement agent to the company. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to the company. Latham & Watkins LLP acted as legal counsel to Macquarie. For further information, please refer to Bitfarms' 6-K filed this morning. About Bitfarms Ltd. Bitfarms is a North American energy and digital infrastructure company that builds and operates vertically integrated, state-of-the-art data centers and energy infrastructure for high performance computing and bitcoin mining. With a focus on the United States growth, Bitfarms' 1.3-gigawatt energy pipeline is more than 80 per cent U.S.-based and clustered in data centre hotspots with robust access to power and fibre infrastructure. Bitfarms was founded in 2017 and is a proven leader in digital infrastructure with operations throughout the Americas. Bitfarms is headquartered in New York, N.Y., and Toronto, Ont., and traded on the Nasdaq and Toronto Stock Exchange. We seek Safe Harbor.