CleanSpark (CLSK) Investor update summary

Strategic Lease Agreement and Project Overview

• Secured a 20-year triple-net lease with a high investment-grade global technology company for the Sandersville, Georgia site, transforming it into a high-performance compute data center with 250 MW gross capacity and 175 MW critical IT load, with deliveries starting in Q4 2027 and full ramp-up into early 2028.

• Total contract value is $6.6 billion, with two five-year extension options that could increase the value to $11.6 billion over 30 years.

• Expected average annual NOI is approximately $330 million, with nearly 100% NOI margins due to the triple-net lease structure.

• Estimated landlord project costs are $10–12 million per MW of critical IT load, with the majority of the build-out financed through project-based debt.

• Site preparations and land acquisitions have included an additional 122 acres to support the project, and Bitcoin mining will continue at the site until power is transferred.

Portfolio Growth, Market Positioning, and Strategic Expansion

• Portfolio has grown from 500 MW to over 2 GW in two years, with significant acquisitions in Texas (Sealy: nearly 300 MW, Brazoria: 300–600 MW), and ongoing exclusivity discussions for these assets totaling up to 885 MW.

• Approximately 75% of AI-suitable contracted power is leased or under exclusivity, with additional upside from ongoing site expansion and business development.

• Sandersville is highlighted as a unique, fully energized, community-supported campus, while Texas assets offer scale and market sophistication.

• The company is leveraging its expertise in land and power acquisition to meet surging compute demand, positioning itself as a trusted long-term partner for major technology tenants.

• Tenant executed a letter of intent and exclusivity for the entire Texas portfolio, totaling 718 acres.

Financial Strategy and Capital Stewardship

• As of June 30, holds $200 million in cash, nearly 14,000 Bitcoin (~$900 million), and a $400 million undrawn Bitcoin-backed revolver.

• No equity has been raised via stock issuance in over 20 months; over $600 million in shares repurchased.

• Focused on minimizing equity issuance, maintaining liquidity, and using lease cash flows to service debt.

• Vertically integrated operations and strong liquidity provide differentiated financing options and scalability for AI infrastructure.

• Morgan Stanley & Co. LLC served as financial advisor; Davis Polk & Wardwell LLP as legal counsel.