icyopro25

$WULF key takeaways: • Reviewed 250+ sites over 14 months – these two “made it to the very top of the pile” • Kentucky site is energised today at ~480MW, which Patrick said is extremely rare • Kentucky is strategically located, within milliseconds of multiple major population centres • Kentucky data centres expected online in 2H 2027 • Morgantown is a former ~1.5GW coal plant, 2 x the size of Lake Mariner, with nine transmission lines across three utilities – connectivity that can’t be replicated! • Morgantown already has ~200MW of generation producing positive free cash flow today • Both sites are in state brownfield programs, limiting environmental liability • Geographic diversification across NYISO, MISO, SPP, and PJM – ERCOT noticeably missing, but demand far exceeds supply there and timelines are long unless you have strong connections • Morgantown is “right in Paul Prager’s backyard” – TeraWulf is Maryland-based, with long-standing local ties • Kentucky funded from the existing balance sheet, with no equity required • Financing strategy evolving beyond converts toward asset-backed and bridge structures • Patrick walked through conservative math showing Kentucky alone = $7bn of equity value, or $10+ per share on a fully diluted basis