The LOI establishes a framework for the parties to structure definitive agreements covering power supply, AI and high-performance computing ("HPC") colocation, GPU infrastructure deployment, powered-shell data campus development, managed infrastructure services and long-term commercialization.

Under the LOI, and subject to definitive agreements, TLH intends to reserve and develop up to 17 MW of gross power capacity for Tensor IQ at the Hood County site. The approximately 30-acre campus is being planned for high-density AI/HPC infrastructure and an option for behind-the-meter natural-gas generation. The initial deployment is planned for 7,748 NVIDIA B300 GPUs, with the compute architecture engineered to support both AI training and inference workloads. The site is being designed in conjunction with NVIDIA's system architecture guidance and the Dell AI Factory with NVIDIA platform, with direct liquid cooling (DLC) deployed in Phase 1 and immersion cooling deployed in Phase 2. Current planning assumptions contemplate the site being in-service and the capacity available by the second quarter of 2027, subject to completion of design, engineering, financing, approvals and definitive documentation.

Based on indicative commercial terms outlined in the LOI, and subject to negotiation and execution of definitive agreements, the arrangement will generate approximately $546 million in aggregate power-lease-related revenue to TLH over the 15-year initial contract term, assuming full utilization of the reserved 17 MW of gross power capacity and the LOI's indicative 3% annual escalation provision. The LOI also contemplates two 5-year extension options; if both are exercised on the same indicative pricing and escalation terms, aggregate lease-related revenue over the full 25-year period could increase to approximately $1.07 billion. These estimates are based on preliminary, non-binding pricing terms only, do not reflect the actual terms of any extension (which remain subject to future negotiation), and remain subject to completion of the Design Basis Memorandum, Front-End Engineering & Design, financing, and definitive documentation.