­­­ iMining Technologies Inc. announced that it has entered into a Letter of Intent ("LOI") to purchase a 4MW Power Project (the "Project") in Alberta. The Project will be the first acquisition for iMining Technologies Inc. under its new strategy of being an Energy focused company. The Project is located in Alberta and is capable of generating up to 4 MW per hour by using low-cost natural gas to run the Rolls Royce turbine. The Project has an existing interconnection agreement with Fortis Alberta ("Fortis") which is due to expire on 31st December 2027. Under the agreement with Fortis, the power plant is operated as a peaking plant (whereby electricity is only supplied by the plant to the electrical grid if certain minimum power price thresholds are met). However, during the times when Fortis does not need the power, the plant may generate power for self-use purposes. The current market prices have impacted the Digital Asset mining space, forcing many miners to either go into bankruptcy or ceasing operations altogether. The largest cost of operation for a digital asset miner is the Energy cost and the rapid decline in price of Digital Assets against relatively stable input costs has had
an adverse impact. Given the current market dynamics and with the future in mind, iMining has decided to focus on an Energy first strategy to become a fully integrated Energy company enabling future technologies.