Plum Acquisition Corp. Iv · NASDAQ:PLMK
Plum Acquisition Corp. Iv — SPAC Merger (August 2026)
40 slides from Plum Acquisition Corp. Iv's SPAC merger presentation, Aug 20, 2026
Slide 1: One of America's Largest & Most Advanced Geothermal Power + Critical Minerals Projects
August 2026 | Proposed business combination with Plum Acquisition Corp. IV | Pro forma Nasdaq: CTRH One of America’s Largest & Most Advanced Geothermal Power + Critical Minerals Projects Externally - validated . Equipment staged . Hell’s Kitchen Project . Imperial County . California
Slide 2: Disclaimer and Forward-Looking Statements
This presentation contemplates the proposed business combination involving Plum Acquisition Corp . IV (“Plum IV”) and Controlled Thermal Resources Holdings Inc . (”CTR”) . Definitive Documentation The parties will announce additional details regarding the proposed business combination . No assurance
Slide 3: About CTR
About CTR One resource addressing the U.S. power demand and critical minerals gap ▪ ~650 MW renewable baseload power generation ▪ Clean Energy Complex and Infrastructure ▪ Powered - site availability for co - location of advanced manufacturing and data centers ▪ ~100,000 metric tons lithium per year
Slide 4: Power First Strategy
Power revenue generation and returns stand on their own, with lithium as an additional value - creation opportunity, not a prerequisite. ▪ Power reaches commercial operation when lithium reaches its capital decision. ▪ Stage 1 power operates independently. The facility generates and sells power whet
Slide 5: The infrastructure is already there
The infrastructure is already there. Direct state and interstate highway access, Imperial Irrigation District power transmission and water supply, Union Pacific rail with port access, and a stable region with a skilled geothermal workforce built over four decades. 40+ yrs 734 ƒ F ~1.1 GW 250K TPA Fi
Slide 6: Advanced Development
ADVANCED DEVELOPMENT ▪ ~$310 million invested in development to date including ~$137 million of capitalized long lead items for Stage 1 ▪ 2 existing ~30 MW full - scale production wells ▪ Key items of Stage 1 long - lead equipment built and primed for construction ▪ 4,000+ acres secured A TRAINED &
Slide 7: Advanced Permitting
98% Complete for total permits and approvals 6+ yrs Of permitting work APPROVED Research APPROVED Survey APPROVED Environmental Review APPROVED Drilling Activities November 2026 Construction Permit 15+ Permits and approvals obtained 2% of the steps remaining for permitting to FID, expected to be rec
Slide 8: Investment Highlights
ADVANCED PERMITTING INTEGRATED MODEL Renewable geothermal power and critical mineral recovery co - located in a single facility Targeting power sales to the grid and co - located data centers & OEMs prior to Stage 1 Lithium construction Demonstration plant operated at one - fifteenth commercial scal
Slide 9: Data Centers are Driving a Massive Power Demand Gap
BANK OF AMERICA PROJECTED U.S. POWER BALANCE BY 2030 230 GW CAPACITY DEMAND ~93 GW ACCREDITED UTILITY SUPPLY 100+ GW GENERATION SHORTFALL Data centers are projected to use more than 183 GW of new baseload power in the U.S. by 2030. Data centers require reliable, 24 - 7 power with a preference for cl
Slide 10: Geothermal is the Optimal Source for Reliable, Clean Power
MARKET TRENDS DEPLOYMENT SPEED LOW LIFETIME COST CLEAN & RENEWABLE POWER LOW LAND USAGE ENERGY SOURCE Positioned to serve the growing firm power demand with clean, 24/7 baseload power ᴣ ᴣ ᴣ ᴣ Geothermal Retiring capacity due to weak economics and stricter regulation (1) ~ ~ ᴟ ᴣ Coal Mature and dispa
Slide 11: Why Geothermal Wins on Cost for Power
BASELOAD LCOE COMPARISON, ($/MWH) ~71 ~90 ~125 ~179 $0 $50 $100 $150 $200 Geothermal Natural Gas Coal Nuclear ▪ No fuel cost. Once wells are drilled the plant carries no fuel purchase, no fuel price volatility and no fuel delivery risk. ▪ Geothermal’s clean, 24/7 baseload power is well positioned to
Slide 12: The California Premium
▪ Intermittent renewables concentration in CAISO increases demand for additional firm capacity. ▪ Daily price swings create an opportunity for geothermal developers. ▪ 11.5 GW of new, clean net qualifying capacity came online from 2023 - 2026. ▪ Up to 1 GW more of geothermal procurement to be added
Slide 13: Capacity to Power Data Centers and the Grid
Power without the wait, bypassing grid bottlenecks Power is delivered on site, avoiding the multi - year grid connection delays slowing data center projects in most U.S. markets. 24/7 baseload, no storage layer required Geothermal offers secure, long - term access to power around the clock at high -
Slide 14: Lithium demand is accelerating as supply pressures build
LITHIUM DEMAND IS ACCELERATING AS SUPPLY PRESSURES BUILD 4.6 Mt LCE PROJECTED GLOBAL LITHIUM DEMAND BY 2035 MORE THAN TRIPLE 2025 VOLUMES ~25% p.a. (4) LITHIUM DEMAND GROWTH AVERAGE OVER THE PAST TWO YEARS 1.3 Mt LCE PROJECTED LITHIUM SUPPLY GAP BY 2035 EQUIVALENT TO 27% OF DEMAND GLOBAL BATTERY STO
Slide 15: Demonstrated & Validated Direct Lithium Extraction
97%+ Lithium recovery achieved through Direct Lithium Extraction (DLE) process Steady - state DLE operation in a Demonstration Plant at commercial scale (1) 770 hrs 30 yrs Operating life supported by Baker Hughes Definitive Feasibility Study 4.1 Mt Proven LCE resource and 18 Mt probable, across the
Slide 16: Policy Support
STREAMLINED FEDERAL PERMITTING The Bureau of Land Management adopted a categorical exclusion for geothermal resource confirmation activities, reducing permitting burden on federal leases. The U.S. – Australia Critical Minerals Framework is strengthening supply chain resilience among allied nations f
Slide 17: How Stage 1 Power Works
24/7 baseload power with a small footprint and de minimis emissions. PRODUCTION WELLS Three self - flowing wells tap hypersaline brine at 6,000 to 8,000 feet. Reservoir pressure lifts fluid to surface at ~450 ƒ F — no pumping or hydraulic fracturing required. FLASH SEPARATION At surface, steam is fl
Slide 18: How Stage 1 Lithium Works
BRINE CONDITIONING DIRECT LITHIUM EXTRACTION LITHIUM REFINING REINJECTION No open - pit mining. No evaporation ponds. Nothing is exported for processing. The full chain from wellhead to battery - grade product sits on one site, powered by the resource itself. Substantially all produced brine is retu
Slide 19: Modular Expansion Built For Speed
Near Term CTR Resource Estimated Power ~650 MW Status Stage 1 Stage 2 Stage 3 Stage 4 50 (1) 200 200 200 Definitive Feasibility Study completed for Stage 1 integrated LCE (3) & geothermal power generation facility Lithium ~100,000 TPA 25,000 25,000 (2) 25,000 (2) 25,000 (2) Long Term CTR Resource Es
Slide 20: Baker Hughes phased development approach
Baker Hughes’ phased approach for development maximizes speed to power and lithium production while reducing CapEx and OpEx. Well Construction & Completion Services Technology suite and material procurement tailor made for CTR to handle site specific brine and ensure long - term well integrity Subsu
Slide 21: Integrated process and low emissions
Flash separation splits the produced fluid into three steam pressures. High - pressure steam generates ~50 MW net. Standard and low - pressure steam drive water evaporation, drying and crystallization within the mineral recovery process. The energy that concentrates the minerals is already on site a
Slide 22: Management Team
35+ years of experience in property, clean energy, and minerals commercial development Rod Colwell CEO & Board Director 40+ years senior management positions in chemicals and renewable energy sectors Jim Turner President & Board Director 30+ years of experience in finance strategy, corporate develop
Slide 23: Plum IV Team and Track Record
Combination with Closed August 2026 Combination with Closed September 2024 Combination with Closed June 2021 PREVIOUS CASE STUDY KANISHKA ROY Chairman and CEO 30 Years of Experience ▪ Experienced financial executive with 15+ years investing in and analyzing financial services and FinTech businesses
Slide 24: Business Model, Valuation and Transaction Overview
BUSINESS MODEL, VALUATION AND TRANSACTION OVERVIEW
Slide 25: Targeted Capital Raise
$0M $500M $1,000M $1,500M $2,000M $2,500M Bridge Q4 2026 PIPE Close Q4 2026 Power Debt Q3 2027 Lithium Equity Q1 2028 Lithium Debt Q1 2028 Targeted Capital Raise ($M) $25M $100M $418M $425M $1,025M Stage 1 Power (committed) Stage 1 Lithium (returns - based) Stage 1 Lithium construction is a returns
Slide 26: Stage Development Timeline
Stage 1 Development Timeline Power reaches commercial operation first and anchors revenue in 2028, ahead of and independent of lithium start - up in 2030. 26 Source: Revenue Estimates, FID - Final Investment Decision, COD - Commercial Operation Date 2030 2029 2028 2027 2026 ESTIMATED CAPEX ($M) ESTI
Slide 27: Revenue Potential
REVENUE POTENTIAL Power $160 $145 $130 Estimated Price Per MWh 5,409,300 5,409,300 5,409,300 Estimated Annual Capacity $865M $784M $703M Annual Revenue at Capacity Lithium $22,000 $20,000 $18,000 Estimated Price Per TPA 100,000 100,000 100,000 Estimated Annual Capacity $2,200M $2,000M $1,800M Annual
Slide 28: Select Comparable Peer Groups
GEOTHERMAL POWER A Unique Project that Gives Investors Exposure to Geothermal Energy, Battery Grade Lithium, Polymetallics, Potash & Critical Minerals LITHIUM POLYMETALLICS POTASH CRITICAL MINERALS Select Comparable Peer Groups 28 (2) (1) (1) Arcadium Lithium was acquired by Rio Tinto in March 2025
Slide 29: Illustrative Valuation
EST. ANNUAL CAPACITY (1)(2) PEER MULTIPLE EV / CAPACITY VALUATION Geothermal power Lithium Polymetallics Potash Critical Minerals 5,409,300 MWh 100,000 TPA TBD 450,000 TPA 3,000,000 TPA $808/MWh $25,434/MTPA $80,130/MTPA $1,024/MTPA $1,441/MTPA $4,371M $2,543M TBD $461M $4,323M Additional Long - Ter
Slide 30: Transaction EV to Illustrative Sum-of-the-Parts
3,338 4,371 4,371 2,543 2,543 4,784 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 Transaction EV at close $3,338M TRANSACTION ENTERPRISE VALUE TO ILLUSTRATIVE SUM - OF - THE - PARTS ($M) EV at close Geothermal power Lithium Bulk minerals +$3,576M +$4,784M Near - term sum - of - the - parts $6,914M
Slide 31: Transaction Highlights
TRANSACTION HIGHLIGHTS Valuation Financing Structure ▪ CTR valuation of $3.15B ▪ Transaction implies ~$3.3B pro - forma enterprise value ▪ Assumes CTR raises a $25M Convert and $100M PIPE at $10.00 per share ▪ Assumes 0% redemption from ~$40M Plum IV’s Cash in Trust ▪ Expected uses include developme
Slide 32: One Resource, One Integrated Model, Multiple Sources of Revenue
ONE RESOURCE Hell's Kitchen brine field superheated, mineral - rich geothermal brine on ~4,000 acres in Imperial County, CA POWER 24/7 baseload geothermal power, independent of Stage 1 Lithium CRITICAL MINERALS Lithium, potash, zinc, and manganese recovered via direct lithium extraction PROVEN Demon
Slide 33: Appendix
APPENDIX
Slide 34: Glossary
Battery Energy Storage System BESS California Independent System Operator CAISO Compounded Annual Growth Rate CAGR Combined - Cycle Gas Turbine CCGT California Public Utilities Commission CPUC U.S. Department of Energy DOE U.S. Energy Information Administration EIA Federal Energy Regulatory Commissi
Slide 35: Long-term product and critical minerals overview
▪ 24/7 clean baseload energy from geothermal wells ▪ Powers mineral extraction and advanced manufacturing industries (battery plants, data centers) ▪ Power resource potential of up to ~1.1GW ▪ Core component for EV batteries and energy storage systems ▪ Demand projected to double by 2035; critical f
Slide 36: Powerful Actions Taken By U.S. Government And Private Sector
Office of Energy Dominance Financing Strategic funding and investment programs Accelerate Geothermal Energy Development Executive Order Immediate measures to increase U.S. Mineral Production Executive Order U.S. - Australia Critical Minerals Framework JP Morgan $1.5 Trillion Security and Resilience
Slide 37: Salton Sea Known Geothermal Resource Area Overview
Hell’s Kitchen Project is the northern extension of the known, proven resource area with power potential of ~1.1 GW ▪ The Salton Sea Known Geothermal Resource Area (SSKGRA) is located in the Imperial Valley of Southern California ▪ The Imperial Valley forms part of the Salton Trough, a structural de
Slide 38: Levelized Cost of Energy comparison
Renewable Generation (3) Baseload Levelized Cost of Energy ($/MWh) Intermittent $300 $250 $200 $150 $100 $50 $0 LCOE Subsidized (incl. Bonus Adder) Subsidized (excl. Bonus Adder) Note: Geothermal and Onshore Wind include the impact of the Investment Tax Credits (ITC); Nuclear and Solar include benef
Slide 39: Peer valuation multiples
PLS Group Lithium Americas Sigma Lithium Elevra Lithium Lithium Argentina Standard Lithium Arcadium Lithium Livent Mean Median Nexa Resources TMC the Metals Company Osisko Metals Talon Metals Mean Median Nutrien Mosaic Mean Median USA Rare Earth Iluka Resources Energy Fuels Compass Minerals Intl Mea
Slide 40: Thank You
Plum Acquisition Corp, IV — SPAC Merger (August 2026) on 6ix