Slide 1: Investor Presentation July 2026
Investor Presentation July 2026 Unless otherwise noted, all information herein is based on information as of March 31, 2026. NASDAQ / LSE: FRMI
Slide 2: Disclaimers
Disclaimers 2 Industry and Market Data Market data and industry information used throughout this Presentation are based on management’s knowledge of the industry and the good faith estimates of management. Management also relied, to the extent available, upon management’s review of independent indus
Slide 3: Forward-Looking Statements
Forward - Looking Statements 3 This presentation contains forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that do not relate to matters of historical fact should be considered forward - looking statements, including, without lim
Slide 4: Fermi's Experienced and Respected Leadership Team
Decades of combined e xperience in energy development, power generation, project management and project finance 4 Marius Haas Chairman of the Board • Founding Partner of BayPine, which was formed in May 2020 • Extensive technology experience at Dell Technologies, Hewlett - Packard, Compaq, and Intel
Slide 5: Fermi America: One of the World's Largest Advanced Energy & AI Campuses
Fermi America: One of the World's Largest Advanced Energy & AI Campuses Scale At 7,570 acres, one of the world's largest advanced energy and data campus sites; foundational work largely complete – tenant ready Permitted 6GW federal air permit secured – covers a meaningful portion of the power ramp;
Slide 6: Utility-Grade Private Grid with Top-Tier Power Generation Assets
Utility - Grade Private Grid with Top - Tier Power Generation Assets Permitting 6 GW | 5 GW Federal Air Permit Secured | Filed 1st Nuclear COL Filed and accepted in 15 years Water 80% Less Water Use 1 Through Closed - loop System Power 1.5 GW | 2 GW 2027 | 2028 Up to 17 GW Power Generation at Scale
Slide 7: Fermi 2.0 Leadership Priorities
Fermi 2.0 Leadership Priorities Enhanced Governance Strengthened Board from 5 to 7 members Active search to hire next CEO – in advanced discussions Established new HQ in Dallas, TX Tenant Momentum Renewed urgency in commercial conversations Active engagement with potential JV partners and tenants Ex
Slide 8: Project Matador's Exceptional Progress
Draft – Pending Finalization 4.6 Miles of natural gas lines installed 11.3 Miles of fencing installed 7.2 Miles of water lines installed ~11.4 Million Sq. Feet (261 Acres) prepared Project Matador's Exceptional Progress 8
Slide 9: A Diversified Generation Portfolio
9 SGT6 - 5000F GE TM2500 Siemens SGT - 800 GE Vernova FR6B Asset • GT #1 and #2 are complete and in transit to Port of Houston • GT #3 is in final assembly in Germany • Estimated delivery to site in Q3 2026 • In Houston (1) • Site work already occurring (leveling, compacting), have secured step - up
Slide 10: Business Update
Business Update Accelerating commercial momentum — advancing tenant negotiations while locking in proven execution partners Tenant Discussions • Actively engaged with 7 prospective tenants and 12 potential strategic partners over the last several months, alongside independent financial advisor Broad
Slide 11: Access to Liquidity: Nearly $1B of Commitments Secured
Access to Liquidity: Nearly $1B of Commitments Secured 11 MUFG $500 MM • Funding for 3 Siemens F - class gas turbine units • A portion of proceeds were used to pay - off the term loan with Macquarie • Daily Simple SOFR plus 4.0% per annum • ~$445MM drawn as of June 30, 2026* EQUIPMENT Keystone $120
Slide 12: Key Investment Highlights
Key Investment Highlights One of the World’s Largest Advanced Energy and AI Campus Sites One of the largest and most significant infrastructure assets providing essential power to support AI - driven demand Experienced and Respected Leadership Team Executive team includes a blend of respected indust
Slide 13: Appendix
Appendix AMERICA
Slide 14: Advanced Energy and Artificial Intelligence Campus
Advanced Energy and Artificial Intelligence Campus ~7,570 Acres - One of the Largest Sites of its Kind in the World
Slide 15: Superior Positioning with Surrounding Water and Natural Gas Access
Superior Positioning with Surrounding Water and Natural Gas Access 15 15
Slide 16: Natural Gas Infrastructure
Natural Gas Infrastructure Gas Pipelines Project Matador sits on the intersection of major pipelines with significant natural gas infrastructure. No single point of failure. Firm delivery of clean natural gas at gigawatt scale. 16 16 16
Slide 17: Superior Access to Extensive, Redundant Fiber Networks
Chicago, IL ~15.84ms Oklahoma City, OK Site Location Amarillo, TX Dallas, TX Denver, CO Phoenix, AZ Las Vegas, NV Reno, NV ~18.54ms ~ 23.18ms ~8.3ms ~5.02ms ~7.14ms ~20.28ms Albuquerque, NM ~5.60ms Superior Access to Extensive, Redundant Fiber Networks 17 17
Slide 18: Glossary
Glossary 18 Definition Term Combined License COL Department of Energy DOE Gigawatt GW Million MM Million British Thermal Units per Day MMBtu/d Milliseconds ms Megawatt MW Not Applicable N/A Original Equipment Manufacturer OEM Round - Trip Delay RTD Square Feet Sq Ft
Slide 19: S. Taylor, Suite Amarillo, Texas 79101 www.fermiamerica.com
620 S. Taylor, Suite 301 Amarillo, Texas 79101 www.fermiamerica.com