TeraWulf Inc. joins the Bitcoin Mining Council

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Brings the first zero-carbon nuclear site for Bitcoin mining to the United States

EASTON, Md., July 12, 2021 / PRNewswire / – TeraWulf Inc. (“TeraWulf”), a US-based bitcoin mining company, today announced that it has joined the Bitcoin Mining Council. The Bitcoin Mining Council is an open forum of bitcoin miners committed to promoting transparency, sharing best practices, and educating the public on the benefits of bitcoin and bitcoin mining.

TeraWulf is actively expanding its mining facilities in New York and Pennsylvania and has entered into competitive power supply agreements for each, in accordance with its carbon mandates. The TeraWulf site in Pennsylvania is expected to be the first bitcoin mining facility powered by 100% zero-carbon nuclear power.

Paul Prager, Chairman and CEO of TeraWulf, said: “We are delighted to join the Bitcoin Mining Council and are honored to support sustainable bitcoin mining. Together, for more than a decade, TeraWulf’s management team has owned, operated and built more than 2.3 gigawatts of electrical infrastructure worldwide. We understand energy infrastructure and have proven that we know how to operate effectively and efficiently on an industrial scale. “

Mr Prager continued, “Our team believes that controllable load resources such as bitcoin miners will play a crucial role in improving grid reliability and integrating renewables. With 60,000 miners ordered by Bitmain and Minerva to date, and 800 megawatts of sustainable energy capacity expected by 2025, TeraWulf is poised to become a global leader in bitcoin mining. I couldn’t be more excited about TeraWulf and the future of bitcoin. “

Following the early completion of the previously announced business combination of TeraWulf with IKONICS Corporation (Nasdaq: IKNX) (“IKONICS”), TeraWulf intends to continue to develop, own and operate its mining facilities in the United States.

The story continues

As announced on June 25, 2021, TeraWulf plans to become a Nasdaq-listed company through a combination with IKONICS, an imaging technology company based in Duluth, Minnesota. The companies have entered into a definitive merger agreement to combine under a new holding company, which will change its name to TeraWulf Inc. and is expected to be listed on the Nasdaq Stock Market LLC under the trade symbol “WULF”. The transaction is expected to close in the second half of 2021, subject to obtaining regulatory approvals, shareholder approval of IKONICS and TeraWulf, and other customary closing conditions.

To learn more about the TeraWulf and IKONICS transaction, please visit www.TeraWulf.com.

About TeraWulf

TeraWulf was formed to own and operate fully integrated and environmentally friendly cryptocurrency mining facilities in the United States. TeraWulf will generate domestically produced bitcoins powered by nuclear, hydro and solar power. TeraWulf’s New York mining facility is expected to be operational in Q4 2021 and the Pennsylvania mining facility recently began work at the site with a targeted operation in Q2 2022. For more information on TeraWulf, please visit www.TeraWulf.com or follow @TeraWulfInc on Twitter.

Additional information and where to find it

In connection with the proposed business combination between IKONICS and TeraWulf, as further described in the current report on Form 8-K filed by IKONICS with the Securities and Exchange Commission (the “SEC”) on June 25, 2021, IKONICS intends to file the documents with the SEC, including a combined proxy statement and registration statement on Form S-4. Following the filing of the definitive proxy statement with the SEC, IKONICS will send by mail or make available the final proxy statement and a proxy card to each shareholder entitled to vote at the special meeting relating to the proposed business combination. . The proxy statement, all other relevant documents and all other documents filed with the SEC relating to IKONICS are (or, when filed, will be) available free of charge at www.sec.gov and www.ikonics.com/investor-relations. Shareholders are urged to carefully read the proxy statement and registration statement on Form S-4 and any other relevant documents and materials that IKONICS files with the SEC as they become available before making any voting decisions, as they will contain important information about IKONICS, TeraWulf and the proposed business combination.

Participants in the call for tenders

This communication does not constitute a proxy or solicitation of proxy, consent or authorization with respect to any security or with respect to the proposed business combination and does not constitute an offer to sell or a solicitation of. an offer to buy IKONICS shares. or TeraWulf, nor will there be any sale of such securities in any state or jurisdiction in which such solicitation, offer or sale would be unlawful prior to registration or qualification under securities laws of that state or jurisdiction.

Information about any person who may, under SEC rules, be considered to be participating in the solicitation of proxies in connection with the proposed business combination, will be set out in the preliminary proxy statement and the registration statement on the. Form S-4 when filed with the SEC.

Forward-looking statements

This communication contains “forward-looking statements” within the meaning of US federal securities laws. These forward-looking statements include statements regarding anticipated future events and expectations that are not historical facts. All statements other than statements of historical fact are statements which could be considered as forward-looking statements. Actual results may differ materially from those expressed or implied by forward-looking statements based on a number of factors, including, without limitation: (1) risks associated with the completion of the Business Combination proposed businesses, including the risks that (a) the proposed business combination may not be completed within the expected timeframe, or not at all, (b) the parties may not obtain the approval of the shareholders of the merger agreement, (c) other consumer conditions of the business combination proposed under the merger agreement may not be satisfied, (d) all or part of the financing contemplated by TeraWulf in connection with the merger d The proposed undertakings may not become available, and (e) the significant limitations of the remedies contained in the merger agreement may limit or entirely prevent a party from specifically enforcing the obligations of another party under the merger agreement. merger or recovery of damages for any breach; (2) approval of the combined company’s application to list its shares on the Nasdaq Stock Market LLC; (3) no assurance that future developments affecting TeraWulf will be as anticipated, TeraWulf’s projected financial information being provided for informational purposes only and should not be considered necessarily indicative of future results as assumptions and estimates underlying these financial projections the information is inherently uncertain and is subject to a wide variety of business, economic, competitive and other significant risks and uncertainties that could cause actual results to differ materially from those contained in the statements. forward-looking financial information; (4) the effects that any termination of the merger agreement may have on a party or its business; (5) the nature, cost and outcome of pending and future litigation and other legal proceedings, including any proceedings relating to the proposed business combination brought against any party to the merger agreement and others; (6) the risk that the proposed business combination will result in unforeseen costs, liabilities or delays; and (7) other economic, business, competitive, legal, regulatory and / or related factors to the proposed business combination. Prospective investors, shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. TeraWulf assumes no obligation to publicly update any forward-looking statement after its publication, whether as a result of new information, future events or otherwise, except as required by law.

Contacts

TeraWulfMichael Freitag / Joseph Sala / Lyle WestonJoele Frank, Wilkinson Brimmer Katcher (212) 355-4449

Cision

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SOURCE TeraWulf Inc.

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