Heartsciences Inc. · NASDAQ:HSCS
Heartsciences — Merger or Acquisition (June 2026)
35 slides from Heartsciences's merger presentation, Jun 23, 2026
Slide 1: Project Cordis Investor Presentation
STRICTLY PRIVATE AND CONFIDENTIAL J U N E 2 0 2 6 PROJECT CORDIS INVESTOR PRESENTATION
Slide 2: Disclaimers
Disclaimers STRICTLY PRIVATE AND CONFIDENTIAL 2 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 "
Slide 3: Disclaimers (Cont'd): Forward-Looking Statements
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," "estimate," "forecast," "goal," "project,
Slide 4: Disclaimers (Cont'd): Non-GAAP Information
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 General & Administrative Expense. Refere
Slide 5: Disclaimers (Cont'd): Projections
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 various Zcash prices. All such fin
Slide 6: Fortitude is a Zcash ecosystem leader and venture mining platform
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. (NASDAQ: HSCS). STRICTLY PRIVATE AND CO
Slide 7: The Fortitude Opportunity
The Fortitude Opportunity Amplified early-stage exposure to Zcash through a diversified, vertically-integrated mining platform What We Do ✓Leading Zcash miner ✓O wner-operator of mining data centers ✓Venture miner focused on early-stag e Proof-of-Work networks Operational Expertise ✓Machine procurem
Slide 8: Why Venture Mining?
1. CoinGecko as of 4/30For each respective coin, based on number of blocks mined per day multiplied by number of coins in a block multiplied by 365 days per year multiplied by current price. Excludes transaction fees. Network data (block reward and block time) from CoinWarz, Monero Docs, CoinMarketC
Slide 9: Zcash adds zero-knowledge privacy technology to Bitcoin's features
Zcash begins with many of Bitcoin's attractive features and adds zero-knowledge privacy technology Launch Year 2009 2016 Consensus Proof-of-Work Proof-of-Work Max Supply 21 million 21 million Block Time ~10 minutes ~75 seconds Halving Every ~4 years Every ~4 years Funding Community grants & donation
Slide 10: Why Zcash's Time is Now
Why Zcash's Time is Now 1. Atlantic Council, Central Bank Digital Currency Tracker (as of July 2025). Unmet need for financial privacy and quantum resistance 0 25 50 75 100 Search Interest over Time (100 = Max) Increased Need for Financial Privacy and Quantum Resistance At a Time When Zcash Function
Slide 11: It's Happening Now
It's Happening Now Source: Market Cap and Circulating Supply data from CoinMarketCap as of 4/30/26. Shielded Pool Balance from Zechub as of 4/30/26. $0.0B $2.0B $4.0B $6.0B $8.0B $10.0B $12.0B Jan-23 Jan-24 Jan-25 Jan-26 0% 5% 10% 15% 20% 25% 30% 35% Jan-23 Jan-24 Jan-25 Jan-26 Zcash market cap has
Slide 12: Maturity of Zcash Today Parallels Bitcoin in 2013/2014
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 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 2015 2016 2017 2018 2019 2020 Zcas
Slide 13: Fortitude Mining Overview
Fortitude Mining Overview Strategy Zcash Leadership • Operating Zcash miners since 2019 — we believe Fortitude is among the longest-tenured operators in the ecosystem (2) • We believe we are a preferred buyer of Zcash mining equipment given scale and relationships • Platform designed to extend leade
Slide 14: Fortitude's Current Positioning Creates a Fundamental Edge
Fortitude's Current Positioning Creates a Fundamental Edge Equipment Supply ✓ ✓ ✓ First-Mover Advantage ✓ ✓ Strong visibility into new machine orders across ecosystem provides insight into future network capacity ✓ Less mature network allows Fortitude to demonstrate compelling influence Platform for
Slide 15: Power Portfolio Expansion Underway
Power Portfolio Expansion Underway; Residual Value Represents Upside Fortitude power infrastructure buildout focused on completing acquisitions and developments at a meaning ful discount to public market multiples, resulting in accretion for each MW broug ht online Fortitude Intends to Own ~80 MW of
Slide 16: Vertical Integration Strategy
• Site-level optimization • Planned doubling of relative hash rate contribution from company-controlled sites Mining Data Center Acquisitions • Niche and high-demand skill set • Flexibility to quickly adapt fleets • Improves uptime • Increases equipment useful life • Highly competitive power agreeme
Slide 17: Significant Upside Potential Beyond the Core Zcash Business
Significant Upside Potential Beyond the Core Zcash Business Venture Mining Exposure to Other Proof-of-Work Ecosystems Venture Mining ✓Disciplined capital allocation focused on maximizing returns by selective participation protocols with sig nificant g rowth potential ✓Long standing operational exper
Slide 18: Seasoned Leadership
Expertise across mining, power, and capital markets Seasoned Leadership Ben Thomison Senior Vice President, Mining Operations Prior roles as Operations Director, BGIN and VP of Mining, Mawson Prior role as VP of Business Development, MB Computing Ryan Lowery Head of Power and Infrastructure Andrea C
Slide 19: Backed by DCG
Backed by DCG DCG has been an enduring and diversified investor, builder, and incubator in the digital asset industry DCG A Leading Digital Assets Investor | Investing for Over a Decade | Institutional Credibility ⁽¹⁾ 200+ Active Venture Investments 75+ Token Investments 60+ Funds 5 Subsidiaries DCG
Slide 20: Key Components of Fortitude Business
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 Illustrative Future State Average Zcash
Slide 21: Illustrative Financial Performance at Various Zcash Prices
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 current market conditions $ in mill
Slide 22: 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 Fortitude Mining Zcash (Spot) Buying Zcash at spot comes with additional complexities, such as securing, storing, and reporting requirements Mining Public miners are focused on Bitcoin / AI / H
Slide 23: HeartSciences (HSCS) Overview
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 of heart disease. • Formal commerci
Slide 24: Scarce, Asymmetric Zcash Opportunity Positioned for Significant Growth
Scarce, Asymmetric Zcash Opportunity Positioned for Significant Growth 1 Fortitude believes it is one of the largest Zcash miners - our relative size and structural supply dynamics create a stable, highly differentiated competitive position 2 Significant operating leverage allows for Zcash accumulat
Slide 25: Risk Factors
Risk Factors STRICTLY PRIVATE AND CONFIDENTIAL STRICTLY PRIVATE AND CONFIDENTIAL 25
Slide 26: Risk factors (1/4)
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"), or the proposed combined compa
Slide 27: Risk factors (2/4): Risks Related to Fortitude's Business
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 holdings expose us to the risk of loss
Slide 28: Risk factors (3/4): Risks Related to the Market for Cryptocurrency
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. ▪ Digital asset holdings are less liquid
Slide 29: Risk factors (4/4): Governmental Regulation and Enforcement
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 have a material adverse impact on
Slide 30: Appendix
Appendix 30 STRICTLY PRIVATE AND CONFIDENTIAL
Slide 31: GAAP Net Income to Adj. EBITDA Reconciliations
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 Related Expenses ⁽²⁾ $1.0 + Legal Non-re
Slide 32: GAAP G&A Expenses to Adjusted G&A Expense Reconciliation
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 $7.8 – Transaction Related Expenses
Slide 33: Reconciliation of Forward-Looking Adjusted EBITDA to Net Income (Loss)
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 without unreasonable effort. Thes
Slide 34: Reconciliation of Forward-Looking Adjusted G&A to G&A Expense
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 provided because certain reconciling
Slide 35: Calculations Underlying Illustrative Financial Performance at Various Zcash Prices
Calculations Underlying Presentation of Illustrative Financial Performance at Various Zcash Prices • % BTC Market Cap: Calculation reflects the circulating supply of Zcash and Bitcoin as of 4/27/26 and assumes a Bitcoin price of $75,000. • Fortitude Zcash Mined: Calculation reflects daily Zcash prod