Mawson Infrastructure Group Inc at Sidoti & Company May Micro-Cap Virtual Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Bill Holobowski - Sidoti & Company, LLC - Analyst : Thank you so much, Tim. (Conference Instructions) I have several myself. So if I can go back a quarter in late March, you had your fourth-quarter presentation. In that, you discussed what seemed to be a somewhat sizable shift in geography. You've touched upon having the facilities in Pennsylvania, Ohio. And it seems like a core tenet of that is that you're looking to go to places with underutilized energy sources. So if you can go back a bit and take investors through the logic behind the moves, what it does beneficially in terms of whether it's creating the mining, the Bitcoin mining energy or other benefits of such a geographical move.

Question: Bill Holobowski - Sidoti & Company, LLC - Analyst : So are you then more or less tethered since there obviously is an ESG favorable component to your business model? Are you tethered to regions with nuclear power production? I asked because I recall seeing a presentation sometime ago from another Bitcoin miner that was hydro focused. So how do you -- first, if you can, just answer the nuclear question. And then if you could, give some comparison to whether that is more cost efficient equal to, say, like hydro or other forms of electricity generation.

Question: Bill Holobowski - Sidoti & Company, LLC - Analyst : Got you. And regarding the setup of these hubs, they'd almost -- and Tim and I were talking about this before the presentation started. It almost seemed on a base level like these are like a shipping container setup that has airflow equipped into it to keep the cooling down. So I would imagine that's beneficial to your expense structure? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Bill Holobowski - Sidoti & Company, LLC - Analyst : Okay. While we're on the topic of infrastructure, a question from the audience is how often do you have to update your miners, I suppose, based on the advances in technology?

Question: Bill Holobowski - Sidoti & Company, LLC - Analyst : Okay. And in that light, what's your normalized CapEx?

Question: Bill Holobowski - Sidoti & Company, LLC - Analyst : Yes. (multiple speakers) REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Bill Holobowski - Sidoti & Company, LLC - Analyst : Okay, next batch of questions. So I'd like to touch upon your revenue sources a little bit, too. So if my understanding is correct, you have three primary contributors. So there's the self-mining Bitcoin business. There's hosting co-location, and energy markets program. Correct? If so, can you talk about each of the revenue and margin dynamics of those? Because it seems like the energy markets business, for instance, is an incredibly high margin for you. How does it stack up against the other two?

Question: Bill Holobowski - Sidoti & Company, LLC - Analyst : Got you. I'd like to pose a question from the audience. So this pertains to asset sales and something touched upon earlier. So you had a Georgia plant sale. I believe there's a Texas facility also, sale there. The investor wants -- mentioned an equity raise, too, recently, too. So from that, can you talk about your cash needs to operate the business and for any planned projects you have coming up? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Bill Holobowski - Sidoti & Company, LLC - Analyst :

Question: Bill Holobowski - Sidoti & Company, LLC - Analyst : Okay. Another question from the audience. (Conference Instructions) Are you committed to selling your Bitcoin as soon as produced? Or would you consider [hold all] for some of your production?

Question: Bill Holobowski - Sidoti & Company, LLC - Analyst : Okay. Regarding the rest of the year, I know you have an earnings release next week, so necessarily specific to that. But what are some of the

Question: Bill Holobowski - Sidoti & Company, LLC - Analyst : Hey, I have a one or two more audience questions I'm hoping to squeeze in here. The first is regarding the company generating apparently strong growth, but you're trading at a noticeable discount to book value. So what do you think investors are missing beyond general market conditions, let's say? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Bill Holobowski - Sidoti & Company, LLC - Analyst : And I guess we'll go out with this one. It's almost like a job interview-type question, but what -- based on all the plans that you have, what does Mawson look like three to five years from now?

Question: Bill Holobowski - Sidoti & Company, LLC - Analyst : Okay.

Question: Bill Holobowski - Sidoti & Company, LLC - Analyst : Wonderful. Thank you for that, Liam. Thank you, Tim. We really appreciate the presentation and being -- Mawson Infrastructure Group being involved in the Sidoti Conference. We thank you both. If anybody has questions that we were unable to get to today, please forward them. I'm happy to forward them on to the company. Contact info is obviously here as well. Or a Sidoti sales rep can maybe help you out with that as well. So with that, thank you again, gentlemen. And we'll conclude the presentation for this afternoon.