Controlled Thermal Resources Merges with Plum Acquisition, Valued at Approximately $4.7 Billion

Controlled Thermal Resources Holdings and Plum Acquisition Corp. IV entered into a definitive business combination agreement that will result in CTR becoming a publicly traded company in the United States. Upon closing, the combined company is expected to operate as Controlled Thermal Resources and is expected to be listed on the Nasdaq Stock Marketunder the ticker symbol "CTRH". CTR is developing its flagship Hell's Kitchen Project in California's Imperial Valley, widely regarded as one of the largest and most advanced geothermal energy and critical minerals developments in the United States. Through its two wholly owned subsidiaries, American Data Power and American Critical Resources, the Company is pursuing a phased buildout designed to deliver up to 650 megawatts of renewable baseload electricity to power next-generation AI and hyperscale computing infrastructure, alongside an estimated 100,000 metric tons per year of lithium carbonate production at full scale. Additional U.S.-designated critical mineral targets include potash, zinc, manganese, rubidium, and cesium - materials also considered increasingly vital to U.S. industrial capacity and national security. Backed by strategic partnerships and investments, CTR has raised more than $285M in private capital to date. The Company has completed a comprehensive Field Development Plan with Baker Hughes, supporting its 650 MW clean energy development strategy. CTR has demonstrated its direct lithium extraction process on live geothermal brine through an integrated demonstration facility at 1/15 commercial scale, supported by a Definitive Feasibility Study prepared by Baker Hughes in accordance with SEC SK1300. Additional process development has been undertaken with Aquatech, one of the few firms capable of delivering an integrated single-flowsheet approach to brine processing for lithium and additional critical minerals. CTR's Hell's Kitchen Project is aligned with the County of Imperial's draft Lithium Valley Specific Plan, a comprehensive framework designed to provide long-term zoning and land-use certainty for clean energy, critical minerals, and advanced manufacturing development, while creating a competitive permitting pathway comparable to those in other U.S. states. The Company has received a Conditional Use Permit to commence Stage 1 construction activities, with $185M invested in long-lead equipment built and staged for construction. The project is also a designated FAST-41 covered project, ensuring interagency coordination to expedite federal permitting approvals. The business combination is intended to accelerate CTR's development timeline and support the commencement of Stage 1 construction, which is anticipated to include a 50 MW clean power facility, lithium carbonate production capacity of up to 25,000 metric tons per year, and additional critical mineral production. Transaction values Controlled Thermal Resources at a pro forma enterprise value of approximately $4.7B.