Heartsciences Inc. · NASDAQ:HSCS
Heartsciences — Merger or Acquisition (June 2026)
35 slides from Heartsciences's merger presentation, June 2026
Slide 1: Investor Presentation
JUNE 2026 INVESTOR PRESENTATION STRICTLY PRIVATE AND CONFIDENTIAL
Slide 2: Disclaimers
STRICTLY PRIVATE AND CONFIDENTIAL Disclaimers The information in this presentation is being furnished solely for informational purposes in connection with potential transactions (the “Proposed Transaction”) involving Fortitude Mining Holdings, Inc. (“Fortitude”) and HeartSciences Inc. (“HSCS” or “He
Slide 3: Disclaimers (Cont'd): Forward-Looking Statements
STRICTLY PRIVATE AND CONFIDENTIAL Disclaimers (Cont'd) Forward-Looking Statements This presentation includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estima
Slide 4: Disclaimers (Cont'd): Non-GAAP Information
STRICTLY PRIVATE AND CONFIDENTIAL Disclaimers (Cont'd) Non-GAAP Information This presentation includes information based on financial measures that are not recognized under generally accepted accounting principles in the United States (“GAAP”), such as Fortitude’s Adjusted EBITDA and Adjusted Genera
Slide 5: Disclaimers (Cont'd): Projections
STRICTLY PRIVATE AND CONFIDENTIAL Disclaimers (Cont'd) Projections This presentation contains projected financial information with respect to Fortitude, including an illustrated revenue, gross profit, Adjusted EBITDA, Adjusted General & Administrative Expense, and Adjusted EBITDA margin analysis at
Slide 6: Fortitude is a Zcash ecosystem leader and early institutional venture mining platform
STRICTLY PRIVATE AND CONFIDENTIAL Fortitude is a Zcash ecosystem leader and an early institutional venture mining platform, deploying digital asset infrastructure across high-conviction opportunities. Fortitude is intending to complete a business combination transaction with HeartSciences Inc. (NASD
Slide 7: The Fortitude Opportunity
STRICTLY PRIVATE AND CONFIDENTIAL The Fortitude Opportunity Amplified early-stage exposure to Zcash through a diversified, vertically-integrated mining platform ✓ Lead ing Z cash m iner What We Do ✓ O wner- o p erator o f m ining d ata centers ✓ Venture m iner fo cused o n early- stag e Pro o f- o f
Slide 8: Why Venture Mining?
STRICTLY PRIVATE AND CONFIDENTIAL Why Venture Mining? We believe large public miners are focused on Bitcoin mining or pivoting to High-Performance Computing (HPC) data centers, creating significant opportunity in less saturated Proof-of-Work ecosystems MULTI-ECOSYSTEM ADVANTAGES VS. BITCOIN ONLY • P
Slide 9: Early Conviction + Capital Allocation Across Networks Position Us to Capitalize on Zcash
STRICTLY PRIVATE AND CONFIDENTIAL Early Conviction + Capital Allocation Across Networks Position Us to Capitalize on Zcash Zcash begins with many of Bitcoin's attractive features and adds zero-knowledge privacy technology Zcash's Enhanced Privacy Technology Launch Year 2009 2016 Transparent or shiel
Slide 10: Why Zcash's Time is Now
STRICTLY PRIVATE AND CONFIDENTIAL Why Zcash’ s Time is Now Unmet need for financial privacy and quantum resistance Increased Need for Financial Privacy and Quantum Resistance At a Time When Zcash Functionality is Improving • 137 countries comprising 98% of global GDP are exploring Central Bank • Net
Slide 11: It's Happening Now
STRICTLY PRIVATE AND CONFIDENTIAL It’s Happening Now Zcash market cap has followed shielded pool growth, demonstrating growing token utility Market Cap ($ in billions) Zcash Shielded Pool Balance (% of Circulating Supply) $12.0B 35% 30% $10.0B 25% $8.0B 20% $6.0B 15% $4.0B 10% $2.0B 5% $0.0B 0% Jan-
Slide 12: Maturity of Zcash Today Parallels Bitcoin in 2013/2014
STRICTLY PRIVATE AND CONFIDENTIAL Maturity of Zcash Today Parallels Bitcoin in 2013/2014 We believe Zcash stands at a similar inflection point that defined Bitcoin in 2013/2014 — before institutional adoption drove exponential value creation Prices of Bitcoin & Zcash ($) Snapshot of Bitcoin Price 20
Slide 13: Fortitude Mining Overview
S TRIC TLY PRIVA TE A N D C O N FID EN TIA L Fortitude Mining Overview Fortitude Mining seeks to deliver superior returns by allocating capital to high-conviction networks with strong fundamentals — this discipline, a "returns maximalist" mindset, has produced today's leadership position in Zcash St
Slide 14: Fortitude's Current Positioning Creates a Fundamental Edge
STRICTLY PRIVATE AND CONFIDENTIAL Fortitude's Current Positioning Creates a Fundamental Edge Fortitude has carved out a leadership position within the Zcash ecosystem, reinforced by its compute capacity, early entry, and future expansion opportunities Equipment Supply First-Mover Advantage Platform
Slide 15: Power Portfolio Expansion Underway; Residual Value Represents Upside
STRICTLY PRIVATE AND CONFIDENTIAL Power Portfolio Expansion Underway; Residual Value Represents Upside Fo rtitud e p o wer infrastructure b uild o ut fo cused o n co m p leting acq uisitio ns and d evelo p m ents at a m eaning ful d isco unt to p ub lic m arket m ultip les, resulting in accretio n f
Slide 16: Vertical Integration Strategy Designed to Drive Low-Cost Production
STRICTLY PRIVATE AND CONFIDENTIAL Vertical Integration Strategy Designed to Drive Low-Cost Production We believe participating in each aspect of the mining stack results in a structural cost advantage across cycles Intended Key Benefits Power Contracts Mining Data Center Additional Machine In-House
Slide 17: Significant Upside Potential Beyond the Core Zcash Business
STRICTLY PRIVATE AND CONFIDENTIAL Significant Upside Potential Beyond the Core Zcash Business Diversified growth levers spanning across power infrastructure, broader PoW exposure, and venture mining to add incremental upside and long-term value creation Venture Mining ✓ D iscip lined cap ital allo c
Slide 18: Seasoned Leadership
STRICTLY PRIVATE AND CONFIDENTIAL Seasoned Leadership Expertise across mining, power, and capital markets Andrea Childs Erik Ellingson Andrew Simpson Barry Silbert Chief Executive Officer Chief Financial Officer Chairman & Chief & Board Member Executive Officer, HeartSciences Prior role as SVP, Foun
Slide 19: Backed by DCG
STRICTLY PRIVATE AND CONFIDENTIAL Backed by DCG DCG has been an enduring and diversified investor, builder, and incubator in the digital asset industry DCG Strong Track-Record ⁽²⁾ A Leading Digital Assets Investor | Investing for Over a Decade | Institutional Credibility ⁽¹⁾ Select DCG Investments 2
Slide 20: Key Components of Fortitude Business
STRICTLY PRIVATE AND CONFIDENTIAL STRICTLY PRIVATE AND CONFIDENTIAL Key Components of Fortitude Business We believe Fortitude’s existing platform and expertise provide significant opportunity to achieve strong incremental returns on additional invested capital YTD as of 4/30/2026(1) Commentary Illus
Slide 21: Illustrative Financial Performance at Various Zcash Prices
STRICTLY PRIVATE AND CONFIDENTIAL Illustrative Financial Performance at Various Zcash Prices Embedded operating leverage designed to deliver amplified exposure to Zcash price appreciation with Fortitude’s profitability expected to increase at a faster rate of change than Zcash price movement under c
Slide 22: Fortitude is a Leading Vehicle for Risk-Adjusted Zcash Exposure
STRICTLY PRIVATE AND CONFIDENTIAL Fortitude is a Leading Vehicle for Risk-Adjusted Zcash Exposure Differentiated exposure to the digital asset ecosystem, with deep specialization in Proof-of-Work networks Limited Exposure Opportunities Exist Today Fortitude Mining Zcash (Spot) First-Mover Advantage
Slide 23: HeartSciences (HSCS) Overview
STRICTLY PRIVATE AND CONFIDENTIAL STRICTLY PRIVATE AND CONFIDENTIAL HeartSciences (HSCS) Overview HeartSciences has developed next gen ECG solutions to deliver AI-ECG algorithms directly into clinical workflow. HeartSciences believes AI-ECG can enable more effective treatment and earlier diagnosis o
Slide 24: Scarce, Asymmetric Zcash Opportunity Positioned for Significant Growth
STRICTLY PRIVATE AND CONFIDENTIAL Scarce, Asymmetric Zcash Opportunity Positioned for Significant Growth Fortitude believes it is one of the largest Zcash miners - our relative size and structural supply dynamics create a stable, 1 highly differentiated competitive position Significant operating lev
Slide 25: Risk Factors
STRICTLY PRIVATE AND CONFIDENTIAL Risk Factors STRICTLY PRIVATE AND CONFIDENTIAL 25
Slide 26: Risk factors (1/4)
STRICTLY PRIVATE AND CONFIDENTIAL Risk factors (1/4) Risk Factors The following is a summary of the principal factors that make an investment in our securities speculative or risky. As used herein “we”, “us” and “our” refers to Fortitude Mining Holdings, Inc. (“Fortitude”), HeartSciences Inc. (“HSCS
Slide 27: Risk factors (2/4)
STRICTLY PRIVATE AND CONFIDENTIAL Risk factors (2/4) Risks Related to Fortitude's Business ▪ We are subject to counterparty risks, including risks and uncertainties relating to our mining site hosting partners. ▪ Our limited rights of legal recourse and lack of insurance over our cryptocurrency hold
Slide 28: Risk factors (3/4)
STRICTLY PRIVATE AND CONFIDENTIAL Risk factors (3/4) Risks Related to the Market for Cryptocurrency ▪ There is a finite supply of bitcoin, and the declining block reward over time presents a risk to our business. ▪ Our success depends on external factors affecting the cryptocurrency industry. ▪ Digi
Slide 29: Risk factors (4/4)
STRICTLY PRIVATE AND CONFIDENTIAL Risk factors (4/4) Risks Related to Governmental Regulation and Enforcement that may affect Fortitude ▪ Changes to laws, regulations, or enforcement priorities may adversely impact our cryptocurrency mining and related activities. ▪ Changes in U.S. trade policy may
Slide 30: Appendix
STRICTLY PRIVATE AND CONFIDENTIAL Appendix 30
Slide 31: GAAP Net Income to Adj. EBITDA Reconciliations
STRICTLY PRIVATE AND CONFIDENTIAL GAAP Net Income to Adj. EBITDA Reconciliations (1) Fortitude Historical Financials (2025FY) Adj. EBITDA Reconciliation $ in millions YE 2025 Net Income (Loss) ($12.7) + Impairment — + Amortization 0.2 + Depreciation 32.4 + Tax (3.7) EBITDA $16.2 + Transaction Relate
Slide 32: GAAP G&A Expenses to Adjusted G&A Expense Reconciliation
STRICTLY PRIVATE AND CONFIDENTIAL GAAP General & Administrative Expenses to Adjusted General & Administrative Expense Reconciliation ⁽¹⁾ Fortitude YTD Financials as of 4/30/26 Adjusted General & Administrative Expense Reconciliation $ in millions YTD as of 4/30/26 General & Administrative Expenses $
Slide 33: Reconciliation of Forward-Looking Adjusted EBITDA to Net Income (Loss)
STRICTLY PRIVATE AND CONFIDENTIAL Reconciliation of Forward-Looking Adjusted EBITDA to Net Income (Loss) A quantitative reconciliation of forward-looking Adjusted EBITDA to forward-looking Net Income (Loss) is not provided because certain reconciling items cannot be reasonably predicted or estimated
Slide 34: Reconciliation of Forward-Looking Adjusted G&A Expense to G&A Expense
STRICTLY PRIVATE AND CONFIDENTIAL Reconciliation of Forward-Looking Adjusted General & Administrative Expense to General & Administrative Expense A quantitative reconciliation of forward-looking Adjusted General & Administrative Expense to forward-looking General & Administrative Expenses is not pro
Slide 35: Calculations Underlying Illustrative Financial Performance at Various Zcash Prices
STRICTLY PRIVATE AND CONFIDENTIAL Calculations Underlying Presentation of Illustrative Financial Performance at Various Zcash Prices The following notes discuss the calculations underlying each metric appearing in the presentation of the Illustrative Financial Performance at Various Zcash Prices pro