We welcome TeraWulf CFO Patrick Fleury to break down two site acquisitions that more than double company scale. We explore fast-track capacity in Kentucky and a long-horizon, self-generation plan in Maryland that aligns with grid realities and policy momentum.

• 480 MW energized Kentucky site near major metros
• Morgantown Maryland vision for 1,500 MW new generation
• 200 MW existing generation producing free cash flow
• Brownfield protections and community engagement
• Bring-your-own-power strategy for data centers
• Lease economics, PUE targets, and EBITDA margins
• Financing tools beyond converts and project debt
• Disciplined growth pace of 250–500 MW per year
• Geographic diversity across NYISO, MISO, SPP, PJM
• Avoiding grid parasitism and building firm capacity

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