Hut 8 Corp.

FalconXLoan Agre ement

On May 1, 2026 (the “Loan Effective Date”), Hut 8 Mining Corp., a British Columbia corporation and a wholly-owned subsidiary of the Company (the “Borrower”), entered into a master lender agreement and associated term sheet (collectively, the “Credit Agreement”) by and among the Borrower, as borrower and FalconX Charlie, Inc. (the “Lender”), as lender.

The Credit Agreement provides for a prepayable term loan of $200.0 million. Amounts borrowed under the Credit Agreement will bear interest at a rate equal to 7.00% per annum. The term loan will mature on April 30, 2027 (the “Maturity Date”). The Borrower may prepay any outstanding amounts borrowed, in whole or in part, without premium or penalty, at any time six (6) months after the Loan Effective Date. Any amount prepaid prior to six (6) months after the Loan Effective Date will be subject to an early prepayment fee of 0.125% or 0.25% of the amounts prepaid depending on the reason for such prepayment.

The funds made available pursuant to the Credit Agreement are expected to be used for general corporate purposes. The Borrower’s obligations under the Credit Agreement are secured by its interest in certain Bitcoin (the “Collateral”) held in the custody of BitGo Bank & Trust, National Association (the “Custodian”) and Lender’s recourse under the Credit Agreement is limited to the Collateral subject to customary exceptions for fraud and willful malfeasance of the Borrower.

If the ratio between the fair value of the Collateral and the aggregate principal amount outstanding under the term loan (the “Actual Collateral Ratio”) at any time during the term is less than 130%, Lender shall have the right to require the Borrower by way of a margin call to provide the Lender with additional collateral to cause the Actual Collateral Ratio to be equal to 143% after taking into account the additional collateral. The Credit Agreement also establishes a 105% minimum collateral threshold, below which the Lender may, following required margin notifications and subject to defined contractual parameters, declare an event of default and liquidate pledged collateral to satisfy outstanding obligations.

The Borrower has the right to request that a portion of the Collateral be released by the Custodian if the Actual Collateral Ratio is equal to or greater than 163% for a continuous period of thirty (30) days or more, such that the Actual Collateral Ratio is equal to 143% after taking into account the release of Collateral.

The Custodian does not have any right to lend, pledge, hypothecate or re-hypothecate the posted Collateral. If certain events of default as defined in the Credit Agreement occur, Lender may exercise all of the rights, powers and remedies in respect of the Collateral of a secured party under applicable law, including, without limitation, the right to use the Collateral to satisfy payments outstanding, transfer the Collateral into Lender’s operating account, and sell, assign, or otherwise dispose of the Collateral.

The foregoing description of the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Credit Agreement, filed as Exhibit 10.2 to this Quarterly Report on Form 10-Q.