Consensus Mining & Seigniorage (CMSG) investor relations material

Executive summary

• Accumulated Bitcoin holdings nearly tripled over three years, from 114 to over 337 BTC, without issuing new shares or drawing down cash reserves.

• Reported net income of $6.7 million ($2.99 per share) for Q2 2025, reversing a net loss of $1.7 million in Q2 2024.

• Book value per share rose to $43.59 at June 30, 2025, from $41.79 at year-end 2024.

• Maintains a conservative capital structure and positive operating cash flows, even during market downturns.

• Trading of shares commenced on the OTCQX, with prices ranging from $43 to $80 per share, reflecting book value and light volume.

Financial highlights

• Mining revenue for Q2 2025 was $1.1 million, down from $1.4 million in Q2 2024, mainly due to lower Bitcoin rewards post-halving.

• Cost of revenue and hosting costs remained steady at $0.7 million for the quarter.

• Operating expenses declined to $0.8 million from $0.9 million, driven by lower depreciation.

• Unrealized gains from Bitcoin appreciation totaled $8.2 million for the quarter and $4.4 million year-to-date, with Bitcoin value up 30% in the quarter and 54% year-to-date.

• Non-operating income surged to $8.8 million from a $2.0 million loss, due to higher fair value of crypto holdings.

Outlook and guidance

• Focus remains on accumulating Bitcoin and other fixed-supply cryptocurrencies through self-sustaining, cash-flow positive mining.

• Bitcoin halving in under three years will significantly impact mining profitability; company strategy focuses on equipment with longer useful life and less halving risk.

• Growth in script mining (Litecoin and Dogecoin) is expected to provide more stable returns and longer equipment lifespan.

• Conservative capital deployment and lean cost structure are expected to support sustainable returns.

• The company plans to continue accumulating Bitcoin and expanding hash rate at a measured pace, balancing efficiency and cost.