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Alternative Monthly Report Fidelity

Fidelity acquired 4,109,912 units of Hut 8 Mining Corp. in an overnight offering by the issuer on June 23, 2020. Each unit consists of one common share and one warrant. As a result of this transaction, Fidelity holds 8,396,138 common shares and 2,054,956 warrants, deemed to be 10,451,094 common shares or approximately 10.58% of Hut 8 Mining Corp.'s outstanding shares. Fidelity acquired the securities for investment purposes and may acquire additional securities or reduce its position in the future.

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1K views5 pages

Alternative Monthly Report Fidelity

Fidelity acquired 4,109,912 units of Hut 8 Mining Corp. in an overnight offering by the issuer on June 23, 2020. Each unit consists of one common share and one warrant. As a result of this transaction, Fidelity holds 8,396,138 common shares and 2,054,956 warrants, deemed to be 10,451,094 common shares or approximately 10.58% of Hut 8 Mining Corp.'s outstanding shares. Fidelity acquired the securities for investment purposes and may acquire additional securities or reduce its position in the future.

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EARLY WARNING REPORT UNDER

THE ALTERNATIVE MONTHLY REPORTING SYSTEM


OF NATIONAL INSTRUMENT 62-103F3

Item 1 – Security and Reporting Issuer


1.1 Designation of securities to which this report relates:

Common Shares

1.2 Name and address of the head office of the issuer of the securities:

Hut 8 Mining Corp.


130 King Street West, Suite 1800
Toronto, Ontario M5X 1E3

1.3 Name of the market in which the transaction or other occurrence that triggered the requirement
to file this report took place:

The acquisition that triggered the requirement to file this report occurred in an “overnight
marketed” offering by the issuer, as set forth in Item 2.2 below.

Item 2 – Identity of the Eligible Institutional Investor


2.1 State the name and address of the eligible institutional investor:

“Fidelity” which may include the following:

Fidelity Management & Research Company LLC ("FMR Co. LLC")


245 Summer Street
Boston, MA, 02210

Fidelity Management Trust Company (“FMTC”)


245 Summer Street
Boston, MA, 02210

FIAM LLC (“FIAM LLC”)


900 Salem Street
Smithfield, RI, 02917

Fidelity Institutional Asset Management Trust Company (“FIAMTC”)


900 Salem Street
Smithfield, RI, 02917
Strategic Advisers LLC (“Strategic Advisers”)
245 Summer Street
Boston, MA 02210

FIL Limited ("FIL")


42 Crow Lane, Pembroke, Bermuda

Crosby Advisors LLC ("Crosby")


11 Keewaydin Drive, Suite 200
Salem, New Hampshire 03079

Fidelity (Canada) Asset Management ULC (“FCAM”)


#100, 407- 2nd Street SW
Calgary, A0 T2P 2Y3

FMR Co. LLC, FMTC, FIAM LLC, FIAMTC, Strategic Advisers, and Crosby (hereinafter
collectively referred to as “FMR”), and FIL and certain of its affiliates (“FIL”, and together
with FMR and FCAM, “Fidelity”).

The foregoing entities are not currently claiming the ability to disaggregate their respective
beneficial ownership from each other pursuant to Part 5 of National Instrument 62 -103 and
are consequently submitting a single report; however, this report is no t an admission that any
entity named in this report owns or controls any securities or is a joint actor with another
named entity. Fidelity is relying on aggregation relief as provided for in Part 5 of National
Instrument 62-103 with respect to securities controlled by other business units that are
affiliates or associates of the entities listed above and such securities have not been disclosed
in this report.

2.2 State the date of the transaction or other occurrence that triggered the requirement to file this
report and briefly describe the transaction or other occurrence:

The transaction that triggered the requirement to file this report was the acquisition of
4,109,912 Units of Hut 8 Mining Corp. that occurred in an “overnight marketed” offering
by the issuer on June 23, 2020. Each Unit consists of one Common Share and one common
share purchase warrant of Hut 8 Mining Corp. Each common share purchase warrant will
entitle the holder thereof to acquire, subject to adjustment in certain circumstances, one
Common Share at an exercise price of $1.80 per share until December 25, 2021.

2.3 State the name of any joint actors:

N/A
2.4 State that the eligible institutional investor is eligible to file reports under Part 4 in respect of the
reporting issuer:

FMR and FCAM are eligible to file this report under the alternative monthly reporting
system of National Instrument 62-103, and FIL is able to file this report pursuant to MRRS
Decision Document dated April 4th, 2005 granted to FIL.

Item 3 –Interest in Securities of the Reporting Issuer


3.1 State the designation and the net increase or decrease in the number or principal amount of
securities, and in the eligible institutional investor’s security holding percentage in the class of
securities, since the last report filed by the eligible institutional investor under Part 4 or the early
warning requirements:

N/A. This is Fidelity's initial filing above 10% or Fidelity's security ho lding percentage, as
at the end of the month, increased to 10% or more.

3.2 State the designation and number or principal amount of securities and the eligible institutional
investor’s security holding percentage in the class of securities at the end of the month for which the
report is made:

Fidelity holds 8,396,138 Common Shares and 2,054,956 common share purchase warrants,
as a result of which Fidelity is deemed to hold 10,451,094 Common Shares representing
approximately 10.58% of the outstanding shares of that class.

3.3 If the transaction involved a securities lending arrangement, state that fact:

N/A

3.4 State the designation and number or principal amount of securities and the percentage of
outstanding securities of the class of securities to which this report relates and over which:

(a) the eligible institutional investor, either alone or together with any joint actors, has
ownership and control:

N/A

(b) the eligible institutional investor, either alone or together with any joint actors, has
ownership but control is held by persons or companies other than the eligible institutional
investor or any joint actor:

N/A
(c) the eligible institutional investor, either alone or together with any joint actors, has
exclusive or shared control but does not have ownership:

Fidelity holds 8,396,138 Common Shares and 2,054,956 common share purchase warrants,
as a result of which Fidelity is deemed to hold 10,451,094 Common Shares representing
approximately 10.58% of the outstanding shares of that class. Such securities are owned by
funds and accounts for which Fidelity exercises investment discretion.

3.5 If the eligible institutional investor or any of its joint actors has an interest in, or right or
obligation associated with, a related financial instrument involving a security of the class of
securities in respect of which disclosure is required under this item, describe the material terms of
the related financial instrument and its impact on the eligible institutional investor’s security
holdings:

See item 2.2 for a description of certain warrants held by Fidelity.

3.6 If the eligible institutional investor or any of its joint actors is a party to a securities lending
arrangement involving a security of the class of securities in respect of which disclosure is required
under this item, describe the material terms of the arrangement including the duration of the
arrangement, the number or principal amount of securities involved and any right to recall the
securities or identical securities that have been transferred or lent under the arrangement:

The funds and accounts managed by Fidelity that hold the secur ities referenced herein
may, from time-to-time, lend some or all of such securities pursuant to securities lending
arrangements for such periods of time as may be agreed upon with the relevant
borrower(s). Such securities lending arrangements are subject t o the exception provided in
Section 5.7 of NI 62-104 and the securities loans made pursuant thereto are generally
terminable upon notice to the borrower.

3.7 If the eligible institutional investor or any of its joint actors is a party to an agreement,
arrangement or understanding that has the effect of altering, directly or indirectly, the eligible
institutional investor’s economic exposure to the security of the class of securities to which this
report relates, describe the material terms of the agreement, arrangement or understanding:

N/A. See Item 2.2 above with respect to the warrant holdings.

Item 4 – Purpose of the Transaction

The Common Shares and warrants of Hut 8 Mining Corp. were acquired in the ordinary
course of business, for investment purposes only and not with the purpose of exercising
control or direction over Hut 8 Mining Corp. Fidelity may from time to time, on behalf of
funds or accounts it manages, acquire additional Common Shares, warrants or related
financial instruments, dispose of some or all of the Common Shares, warrants or related
financial instruments, if any, they hold or continue to hold Common Shares, warrants or
such related financial instruments, if any.

Item 5 – Agreements, Arrangements, Commitments or Understandings With Respect to


Securities of the Reporting Issuer

N/A

Item 6 – Change in Material Fact


If applicable, describe any change in a material fact set out in a previous report filed by the eligible
institutional investor under the early warning requirements or Part 4 in respect of the reporting
issuer’s securities:

N/A

Item 7 – Certification

I, as the eligible institutional investor, certify, or I, as the agent filing the report on behalf of
the eligible institutional investor, certify to the best of my knowledge, information and
belief, that the statements made in this report are true and complete in every respect.

DATE: July 9, 2020

Fidelity Management & Research Company LLC; Fidelity Management Trust


Company; Strategic Advisers LLC; Crosby Advisors LLC; FIAM LLC; Fidelity
Institutional Asset Management Trust Company; Fidelity (Canada) Asset
Management ULC; and FIL Limited

By: /s/ Kevin M. Meagher

Name: Kevin M. Meagher


Title: Chief Compliance Officer of Fidelity Management & Research Company LLC
Duly authorized under Powers of Attorney by and on behalf of FMR Co. LLC, FMTC,
Strategic Advisers, Crosby, FIAM LLC, FIAMTC, FCAM and FIL and its direct and
indirect subsidiaries

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