TeraWulf : January 2023 Facility Progress

TERAWULF IS LEADING THE WAY TO A SUSTAINABLE BITCOIN MINING FUTURE

Vertical integration strategy positions TeraWulf for zero-carbon mining at attractive power costs

TeraWulf's Fully Integrated & Environmentally Clean Bitcoin Mining Facilities

Lake Mariner

100% owned by TeraWulf

HYDRO SOLAR

ONLINE

Began mining operations in March 2022 Utilizes 91%+ zero-carbon energy

Target of 500 MW of future mining capacity

Q1 2023 TARGETS1
Infrastructure Capacity (MW)	110
Total Hash Rate Capacity (EH/s)	3.8
Total Miner Capacity	34,000

Nautilus Cryptomine

25% JV with Talen Energy

NUCLEAR

INPROGRESS

Expects to begin mining operations in

Q1 2023

Utilizes 100% zero-carbon energy

Target of 50 MW of mining capacity attributable to TeraWulf once complete

Q1 2023 TARGETS1
Infrastructure Capacity (MW)*	50
Total Hash Rate Capacity (EH/s)	1.6
Total Miner Capacity	15,000

• Additional 50 MW optional with future expansion.

Combined Targets1

Q1 2023

Infrastructure Capacity (MW)

160

Self-Mining Hash Rate (EH/s)

5.0

Host/Host-to-Own Hash Rate (EH/s)

0.5

Total Hash Rate Capacity (EH/s)

5.5

TeraWulf is Committed to Achieving…

$0.035/kW

target cost of power 30% less than industry average2

100% zero-carbon energy

our core ESG focus is critical to generating environmentally sustainable bitcoin at industrial scale

Efficient Capital to Execute on TeraWulf's Long-Term Strategy

$384M

aggregate total capital

$164M

of debt

$220M

in equity

1. Includes 1,500-miner hosting agreement which terminates in February 2023 and 5,000-miner hosting agreement that terminates in Q4 2023.
2. Source:Cambridge Bitcoin Electricity Consumption Index(CBEI) (ccaf.io).

**Excludes up to 150 MW of expansion capacity available at neighboring site.

For additional information, please visit www.TeraWulf.comor follow @TeraWulfInc on Twitteror @terawulf on Instagram.	January 2023

Forward Looking Statements

This communication contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as "plan," "believe," "goal," "target," "aim," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking.Forward-looking statements are based on the current expectations and beliefs of TeraWulf's management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward- looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability

of cryptocurrency mining; (2) competition among the various providers of data mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf's operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining;

1. the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (8) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and equipment meeting the technical or other specifications required to achieve its growth strategy; (9) employment workforce factors, including the loss of key employees; (10) litigation relating to TeraWulf, IKONICS and/or the business combination; (11) the ability to recognize the anticipated objectives and benefits of the business combination; and (12) and other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission
   ("SEC"). Potential investors, stockholders 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 were made. TeraWulf does not assume any obligation to publicly update any forward- looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company's filings with the SEC, which are available at www.sec.gov.