Slide 1: Deal Announcement | August 2025
Deal Announcement | August 2025 200+ MW Hyperscale Colocation at Lake Mariner | ~$3.7 Billion in Contracted Revenue
Slide 2: Forward-looking statements disclaimer
This presentation is for informational purposes only and contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events
Slide 3: WULF Compute Signs 10-Year Lease with Fluidstack
WULF Compute Signs 10-Year Lease with Fluidstack 200+ MW Critical IT Load Under Contract at Lake Mariner (CB-3 & CB-4) ~$3.7Bn Contract Value Over Initial 10-Year Terms 8.0% Stake in WULF Backstops $1.8Bn Structured for Benefit of of Fluidstack Obligations in Lenders During Construction Support of P
Slide 4: Transformational Agreement with Tier 1 Counterparties Strengthens TeraWulf's Strategic Positioning
Transformational Agreement with Tier 1 Counterparties Tenant Significance Partnership Depth Growth Potential • Secures Fluidstack, a premier AI • Google to provide $1.8Bn • Fluidstack exploring major near- cloud platform that builds and backstop of Fluidstack term expansion at Lake Mariner, operates
Slide 5: Highly Predictable, High-Margin
➢ ~$370MM average annual contracted revenue ➢ Capex of $8-$10MM per MW of critical IT load ➢ Expected to generate Highly ~$315MM of annual ➢ Low-cost, largely zero- Efficient Predictable, site Net Operating Income carbon power, 100% (“NOI”) (~85% site NOI Cost High-Margin passed-through to tenant ma
Slide 6: Lake Mariner is a World-Class Data Center Campus
Lake Mariner is a World-Class Data Center Campus Hyperscale-Ready Digital Infrastructure in Western NY VT NH Toronto NY • 500 MW power available, plus another 250 MW pending MA Boston regulatory approval (750 MW total) 0.98ms •Buffalo • Dual 345 kV transmission feeds; designed with no reliance on CT
Slide 7: A Premier AI Cloud Platform Provider
A Premier AI Cloud Platform Provider Key Leadership Company Snapshot Trusted by Global Technology Leaders Fluidstack is a high-performance cloud platform designed for the César Maklary Co-Founder & world’s most ambitious technology companies. President Prior to co-founding Fluidstack, worked as a Fo