WULF

Cluster: Debt Financing and Security for Expansion

Commitment: October 16, 2025: WULF Compute committed to use net proceeds from the $3.2 billion senior secured notes to finance a portion of the Lake Mariner data center expansion, superseding the October 14, 2025 proposal.

✅ On Track | Certainty: 85%

Analysis: The notes were priced with proceeds earmarked for Lake Mariner expansion; closing is expected on 2025-10-23. This final pricing update supersedes the 2025-10-14 proposal. Completion risk remains until close, but terms are finalized.

Progress:

• A recent update from 2025-10-16 priced $3.2 billion of senior secured notes with stated use of proceeds for Lake Mariner expansion; closing expected 2025-10-23 (supersedes proposal).
• Earlier evidence from 2025-10-14 announced the proposed offering with identical use-of-proceeds language, later superseded by pricing.

Commitment: October 16, 2025: The senior secured notes will be fully and unconditionally guaranteed by La Lupa Data LLC, Akela Data Holdings LLC, and Akela Data LLC, superseding the October 14, 2025 proposed terms.

✅ On Track | Certainty: 90%

Analysis: Guarantee terms were confirmed at pricing and match the 2025-10-14 outline; still subject to closing. The 2025-10-16 update supersedes the proposal.

Progress:

• A recent update from 2025-10-16 confirms full and unconditional guarantees by the specified subsidiaries; closing pending.
• Earlier evidence from 2025-10-14 described the same guarantors under a proposed offering, superseded by the priced transaction.

Commitment: October 16, 2025: The notes will be secured by first‑priority liens on substantially all assets, equity interests of WULF held by TeraWulf Brookings LLC, a designated Fluidstack USA I Inc. lockbox account, and a pre‑completion Google warrant pledge, superseding the October 14, 2025 security description.

✅ On Track | Certainty: 90%

Analysis: Collateral package was confirmed at pricing and is consistent with the proposal; effective upon closing. The 2025-10-16 priced terms supersede the 2025-10-14 proposed terms.

Progress:

• A recent update from 2025-10-16 specifies first‑priority liens and pre‑completion Google warrant pledge; closing expected 2025-10-23.
• Earlier evidence from 2025-10-14 listed the same collateral under a proposed offering, superseded by priced terms.

Commitment: October 16, 2025: TeraWulf committed to provide customary completion guarantees and funding support to ensure timely completion of the Lake Mariner expansion.

✅ On Track | Certainty: 90%

Analysis: Completion support was affirmed in the priced notes announcement; enforceability begins at closing. No conflicting disclosures.

Progress:

• A recent update from 2025-10-16 confirms TeraWulf’s completion guarantees for the expansion.
• Earlier evidence from 2025-10-14 outlined the same completion support under the proposed offering.

Commitment: August 22, 2025: TeraWulf completed a $1.0 billion 1.00% Convertible Senior Notes due 2031 offering (including the $150 million greenshoe) and allocated proceeds to capped call costs and data center expansion/general purposes, superseding the August 18, 2025 pricing announcement.

🌟 Exceeded Expectations | Certainty: 100%

Analysis: The transaction closed at $1.0 billion after full greenshoe exercise, exceeding the initial $850 million pricing; proceeds were deployed as stated.

Progress:

• A recent update from 2025-08-22 confirms full greenshoe exercise to $1.0 billion and allocation of proceeds.
• Earlier evidence from 2025-08-18 priced $850 million with a $150 million option, superseded by the 2025-08-22 closing.

Commitment: August 22, 2025: The company entered additional capped call transactions tied to the incremental notes with an initial cap price of $18.76 to mitigate dilution.

✅ On Track | Certainty: 95%

Analysis: Additional capped calls were executed concurrent with the greenshoe closing, mitigating potential dilution as planned.

Progress:

• A recent update from 2025-08-22 confirms additional capped call transactions at an $18.76 cap price.
• Earlier evidence from 2025-08-18 disclosed initial capped calls at the same cap price; the later update extends these to the incremental notes.

Commitment: August 18, 2025: TeraWulf priced $850 million of 1.00% Convertible Senior Notes due 2031 with a 13‑day option for up to $150 million more, which was subsequently upsized and closed on August 22, 2025.

🌟 Exceeded Expectations | Certainty: 100%

Analysis: The offering closed at $1.0 billion after full option exercise, exceeding the priced size; later closing supersedes pricing.

Progress:

• A recent update from 2025-08-22 confirms closing at $1.0 billion (supersedes priced amount).
• Earlier evidence from 2025-08-18 priced $850 million with an upsizing option.

Commitment: August 18, 2025: The company announced a proposed $400 million Convertible Senior Notes offering with a $60 million option, which was later superseded by the upsized August 18 pricing and the August 22 closing.

🌟 Exceeded Expectations | Certainty: 100%

Analysis: The initial proposal was superseded first by an $850 million pricing and then a $1.0 billion closing, materially exceeding the proposal.

Progress:

• A recent update from 2025-08-22 confirms closing at $1.0 billion (supersedes proposal).
• Earlier evidence from 2025-08-18 announced a $400 million proposed offering with a $60 million option, superseded later the same day by upsized pricing.

Commitment: October 25, 2024: TeraWulf closed $500 million of 2.75% Convertible Senior Notes and committed net proceeds to capped calls, share repurchases, and data center expansion/general corporate purposes.

🌟 Exceeded Expectations | Certainty: 100%

Analysis: The deal closed at $500 million (upsized from $425 million) with concurrent share repurchases and capped calls executed; use of proceeds aligned with commitments.

Progress:

• A recent update from 2024-10-25 confirms $500 million closing, capped calls, and $115 million share repurchase.
• Earlier evidence from 2024-10-24 priced $425 million with an upsizing option, superseded by the closing.

Commitment: October 24, 2024: TeraWulf upsized and priced $425 million of 2.75% Convertible Senior Notes due 2030 with planned use of proceeds for capped calls and corporate purposes, superseded by the October 25, 2024 closing.

✅ On Track | Certainty: 100%

Analysis: Pricing was followed by a next‑day closing at an upsized $500 million; the closing supersedes the priced terms.

Progress:

• A recent update from 2024-10-25 confirms the upsized $500 million closing (supersedes pricing).
• Earlier evidence from 2024-10-24 documented the $425 million pricing.

Commitment: October 23, 2024: The company announced a proposed $350 million Convertible Senior Notes offering with intentions for capped calls and concurrent share repurchases that were subsequently executed and upsized.

🌟 Exceeded Expectations | Certainty: 100%

Analysis: The proposal led to an upsized pricing and a larger $500 million closing with the stated capped calls and repurchases executed.

Progress:

• A recent update from 2024-10-25 confirms the upsized $500 million closing with capped calls and $115 million repurchase.
• Earlier evidence from 2024-10-23 announced the $350 million proposed offering, superseded by later upsizing and closing.

Cluster: Hyperscale AI Hosting Expansion with Fluidstack and Google Support

Commitment: August 18, 2025: Fluidstack exercised the CB‑5 lease at Lake Mariner for a new 160 MW liquid‑cooled building with operations expected in H2 2026.

✅ On Track | Certainty: 90%

Analysis: Lease exercise is complete, adding 160 MW; build‑out targets H2 2026 operations. No contrary updates.

Progress:

• A recent update from 2025-08-18 confirms CB‑5 lease exercise and H2 2026 operations timeline.
• Earlier evidence from 2025-08-14 outlined the initial framework later expanded by CB‑5.

Commitment: August 18, 2025: TeraWulf committed to deliver approximately 360 MW of contracted critical IT load to Fluidstack at Lake Mariner, updating the August 14, 2025 plan for 200+ MW.

✅ On Track | Certainty: 85%

Analysis: Contracted load expanded to ~360 MW with CB‑3/4/5; delivery schedule runs through 2026. This supersedes the 200+ MW commitment from 2025-08-14.

Progress:

• A recent update from 2025-08-18 cites ~360 MW contracted load (supersedes 200+ MW).
• Earlier evidence from 2025-08-14 detailed over 200 MW via two 10‑year agreements.

Commitment: August 18, 2025: Google agreed to an incremental $1.4 billion project‑related debt backstop (raising the total to ~$3.2 billion) and received 32.5 million warrants for ~14% pro forma equity, superseding the August 14, 2025 $1.8 billion backstop and ~8% stake.

✅ On Track | Certainty: 90%

Analysis: The increased backstop and warrants were disclosed and align with the collateral package in the 2025-10-16 notes pricing; supersedes the 2025-08-14 terms.

Progress:

• A recent update from 2025-08-18 confirms Google’s total backstop of ~$3.2 billion and ~14% pro forma equity via warrants.
• Earlier evidence from 2025-08-14 indicated a $1.8 billion backstop and ~8% stake, superseded by the later update.

Commitment: August 18, 2025: TeraWulf and Fluidstack committed to pursue additional capacity expansions beyond CB‑5.

🟡 Partially Met | Certainty: 70%

Analysis: Parties reported ongoing discussions for further expansion; no executed agreements beyond CB‑5 disclosed yet.

Progress:

• A recent update from 2025-08-18 notes active discussions regarding expansion beyond CB‑5.
• Earlier evidence from 2025-08-14 set the initial partnership framework that has since expanded to CB‑5.

Commitment: August 14, 2025: TeraWulf committed to deliver over 200 MW of critical IT load through two 10‑year colocation agreements with Fluidstack with ~$3.7 billion contracted revenue and potential extensions to ~$8.7 billion.

🌟 Exceeded Expectations | Certainty: 95%

Analysis: The 200+ MW plan was expanded to ~360 MW on 2025-08-18, with contracted revenue updated to ~$6.7 billion and potential to ~$16 billion; later updates supersede earlier figures.

Progress:

• A recent update from 2025-08-18 increased contracted load to ~360 MW and updated contracted revenue (~$6.7 billion), superseding the 200+ MW and ~$3.7 billion figures.
• Earlier evidence from 2025-08-14 announced the initial 200+ MW agreements with revenue estimates.

Commitment: August 14, 2025: The company planned to access capital markets to fund a portion of the project tied to the Fluidstack agreements.

🌟 Exceeded Expectations | Certainty: 100%

Analysis: Capital markets access was executed via $1.0 billion convertibles (closed 2025-08-22) and $3.2 billion secured notes pricing (2025-10-16), exceeding the initial plan.

Progress:

• A recent update from 2025-10-16 priced $3.2 billion senior secured notes to fund the expansion.
• Earlier evidence from 2025-08-22 closed $1.0 billion convertibles, fulfilling the funding plan.

Commitment: August 14, 2025: TeraWulf aimed to accelerate expansion into HPC with expected 85% site NOI margins (~$315 million annually).

🟡 Partially Met | Certainty: 70%

Analysis: Margin targets remain prospective; subsequent disclosures confirm expansion progress but do not yet report realized margins.

Progress:

• A recent update from 2025-08-18 confirms major expansion steps (CB‑5, increased contracted load), supporting the margin target trajectory.
• Earlier evidence from 2025-08-14 established the 85% NOI margin expectation (~$315 million annually).

Cluster: Core42 HPC Delivery Timeline and Infrastructure

Commitment: August 14, 2025: TeraWulf is on track to deliver 72.5 MW of HPC colocation capacity under leases with Core42 with revenue recognition in the second half of 2025.

🟡 Partially Met | Certainty: 85%

Analysis: Management guidance points to H2 2025 revenue; this updated schedule supersedes earlier Q2 2025 revenue expectations. No filing yet confirms actual revenue recognition.

Progress:

• A recent update from 2025-08-10 guided to recognizing HPC hosting revenue in Q3 2025 and affirmed 72.5 MW delivery in 2025.
• Earlier evidence from 2025-05-09 anticipated revenue beginning in Q2 2025, superseded by the 2025-08 guidance.

Commitment: August 08, 2025: The company reaffirmed delivery of 72.5 MW of gross HPC hosting infrastructure to Core42 in 2025.

✅ On Track | Certainty: 90%

Analysis: Reaffirmation aligns with subsequent 2025-08-14 “on track” messaging; no contradictory updates.

Progress:

• A recent update from 2025-08-08 states TeraWulf is on schedule and on budget to deliver 72.5 MW in 2025.
• Earlier evidence from 2024-12-23 outlined phased releases Q1–Q3 2025, later adjusted to H2 revenue timing.

Commitment: May 09, 2025: TeraWulf projected CB‑1 to go live in Q3 2025 and CB‑2 in Q4 2025 with HPC revenues beginning in Q2 2025, updating earlier Q1/Q2 2025 targets.

🟡 Partially Met | Certainty: 90%

Analysis: CB‑1/CB‑2 timing remained within 2H25; revenue start slipped to H2 per August updates. The newer guidance supersedes the Q2 2025 revenue start.

Progress:

• A recent update from 2025-08-14 shifts revenue recognition to H2 2025 (supersedes Q2 start).
• Earlier evidence from 2025-05-09 projected CB‑1 Q3 and CB‑2 Q4 2025 and revenue beginning Q2 2025.

Commitment: May 05, 2025: The company committed to deliver 72.5 MW of HPC colocation capacity for Core42 as data halls come online in 2025.

✅ On Track | Certainty: 85%

Analysis: Multiple updates reaffirm 72.5 MW delivery in 2025; revenue timing adjusted to H2.

Progress:

• A recent update from 2025-08-08 reaffirmed 72.5 MW delivery in 2025.
• Earlier evidence from 2024-12-23 described phased delivery through Q3 2025, later timing-adjusted for revenue recognition.

Commitment: January 03, 2025: TeraWulf finalized data center lease agreements totaling over 70 MW with an initial 10‑year term and a revenue opportunity exceeding $1 billion.

✅ On Track | Certainty: 95%

Analysis: Leases executed and repeatedly referenced; no contradictions.

Progress:

• Earlier evidence from 2025-01-03 announced finalized >70 MW leases with >$1 billion revenue opportunity.
• Later updates through 2025-08 reaffirmed the 72.5 MW delivery against these leases.

Commitment: December 23, 2024: TeraWulf committed to release over 70 MW of turn‑key infrastructure for Core42 in phases between Q1 and Q3 2025.

🟡 Partially Met | Certainty: 80%

Analysis: Phasing remains in 2025, but revenue recognition slid to H2; newer schedules supersede the initial Q1–Q3 phasing intent.

Progress:

• A recent update from 2025-08-14 indicates H2 2025 revenue timing, implying later phasing completion than initially targeted.
• Earlier evidence from 2024-12-23 set Q1–Q3 2025 phasing.

Commitment: November 20, 2024: The company targeted completion of the 20 MW CB‑1 facility in Q1 2025 and 72.5 MW by end of Q2 2025, which was later updated by 2025 guidance.

❌ Not Met | Certainty: 90%

Analysis: Timelines were pushed to CB‑1 in Q3 and CB‑2 in Q4 2025 per May guidance; later H2 revenue guidance supersedes the original Q1/Q2 targets.

Progress:

• A recent update from 2025-05-09 revised CB‑1 to Q3 and CB‑2 to Q4 2025, superseding earlier Q1/Q2 targets.
• Earlier evidence from 2024-11-20 set Q1/Q2 2025 deadlines that were not achieved.

Cluster: Grid, Site, and Capacity Expansion (Lake Mariner and Cayuga)

Commitment: August 14, 2025: TeraWulf secured a long‑term ground lease enabling up to 400 MW of digital infrastructure capacity with 138 MW of predominantly zero‑carbon power expected ready for service in 2026.

✅ On Track | Certainty: 90%

Analysis: The 80‑year Cayuga lease is executed; 138 MW RFS in 2026 remains forward‑looking without contrary updates.

Progress:

• A recent update from 2025-08-14 confirms the lease terms (up to 400 MW) and 138 MW RFS in 2026.
• No earlier contradictory evidence found.

Commitment: August 14, 2025: The company outlined Lake Mariner expansion to 500 MW in the near term and potentially 750 MW with targeted transmission upgrades, reaffirming and updating prior guidance.

✅ On Track | Certainty: 95%

Analysis: Interconnection to 500 MW has been secured; plans to 750 MW remain subject to upgrades. This reaffirms May guidance.

Progress:

• A recent update from 2025-08-08 states interconnection approval to draw 500 MW is secured, with plans to reach 750 MW.
• Earlier evidence from 2025-05-05/05-09 communicated the same 500→750 MW plan.

Commitment: August 08, 2025: TeraWulf sought interconnection approval to draw 500 MW from the grid with plans to increase to 750 MW.

🌟 Exceeded Expectations | Certainty: 100%

Analysis: Interconnection approval to draw 500 MW was reported as secured by 2025-08-08, exceeding the “sought” status.

Progress:

• A recent update from 2025-08-08 confirms 500 MW interconnection approval secured (beyond “sought”).
• Earlier planning updates in May 2025 outlined the same capacity targets.

Commitment: May 09, 2025: The company requested additional NYISO capacity approvals to increase total power at Lake Mariner to 750 MW.

✅ On Track | Certainty: 90%

Analysis: Subsequent 2025-08-08 update confirms 500 MW approval; 750 MW remains in process pending upgrades.

Progress:

• A recent update from 2025-08-08 confirms 500 MW approval and intent to reach 750 MW.
• Earlier evidence from 2025-05-09 noted the NYISO request for increased capacity.

Commitment: May 05, 2025: TeraWulf planned to expand Lake Mariner capacity to 500 MW in the near term and potentially 750 MW with transmission upgrades.

✅ On Track | Certainty: 95%

Analysis: 500 MW interconnection secured validates near‑term goal; 750 MW remains contingent on upgrades.

Progress:

• A recent update from 2025-08-08 confirms 500 MW approval.
• Earlier evidence from 2025-05-05/05-09 laid out the 500/750 MW roadmap.

Commitment: February 28, 2025: TeraWulf prioritized integrating the Cayuga site to add 150 MW by 2026, scalable to 400 MW by 2028.

🟡 Partially Met | Certainty: 85%

Analysis: Later disclosure sets 138 MW RFS in 2026 (slightly below 150 MW) and up to 400 MW total; the updated figures supersede the earlier 150 MW estimate.

Progress:

• A recent update from 2025-08-14 states 138 MW RFS in 2026 and scalability to 400 MW, superseding the 150 MW figure.
• Earlier evidence from 2025-02-28 targeted 150 MW by 2026.

Commitment: November 14, 2024: The company executed a new 35‑year ground lease at Lake Mariner to expand acreage for cryptocurrency mining and HPC data center operations.

✅ On Track | Certainty: 95%

Analysis: Lease execution confirmed; no changes reported.

Progress:

• Earlier evidence from 2024-11-14 confirms the new ground lease to expand Lake Mariner.

Commitment: November 12, 2024: TeraWulf secured a long‑term ground lease granting exclusive rights to 750 MW of infrastructure capacity at Lake Mariner.

✅ On Track | Certainty: 90%

Analysis: The long‑term lease at Lake Mariner supporting 750 MW was disclosed and referenced in subsequent filings.

Progress:

• Earlier evidence from 2024-11-12/11-22 reports the long‑term lease underpinning Lake Mariner expansion to 750 MW potential.

Cluster: Sustainability and Energy Management

Commitment: August 14, 2025: TeraWulf expanded participation in New York demand response programs generating $3.1 million in Q2 2025 and $5.9 million for the first half of 2025.

✅ On Track | Certainty: 80%

Analysis: Reported program proceeds quantify expansion; no contradictory updates. Single disclosure basis lowers certainty slightly.

Progress:

• A recent update from 2025-08-14 reports $3.1 million (Q2) and $5.9 million (H1) from demand response participation.
• Earlier intent from 2025-05-05 to expand demand response was subsequently realized.

Commitment: August 14, 2025: The company reaffirmed its commitment to operate facilities predominantly with zero‑carbon energy sources.

✅ On Track | Certainty: 95%

Analysis: Multiple disclosures consistently emphasize zero‑carbon sourcing; no counter‑evidence.

Progress:

• A recent update from 2025-08-14 reiterates predominantly zero‑carbon operations.
• Earlier evidence from 2024-11-14 and throughout 2025 filings highlights zero‑carbon sourcing.

Commitment: August 14, 2025: TeraWulf planned an approximately 67 MW solar installation and an 800 MWh battery energy storage system adjacent to its leased area.

✅ On Track | Certainty: 80%

Analysis: Plan disclosed with no subsequent change; execution milestones not yet reported.

Progress:

• A recent update from 2025-08-14 details the planned 67 MW solar and 800 MWh BESS near Cayuga.

Commitment: May 05, 2025: The company committed to source power from New York Zone A’s predominantly zero‑carbon grid as part of its sustainability strategy.

✅ On Track | Certainty: 95%

Analysis: Consistent messaging and operations in Zone A support this commitment.

Progress:

• Earlier evidence from 2025-05-05 confirms the Zone A zero‑carbon sourcing strategy.
• Later 2025 updates reaffirm predominantly zero‑carbon operations.

Commitment: May 05, 2025: TeraWulf aimed to expand participation in demand response programs with expected payments reducing cost of revenue.

🌟 Exceeded Expectations | Certainty: 95%

Analysis: By 2025-08-14, the company reported realized proceeds from demand response, advancing beyond the initial aim.

Progress:

• A recent update from 2025-08-14 quantifies $3.1 million (Q2) and $5.9 million (H1) proceeds, superseding the earlier aim with results.
• Earlier evidence from 2025-05-05 stated the intent to expand participation.

Commitment: November 14, 2024: The company affirmed sustainable Bitcoin mining using predominantly zero‑carbon energy.

✅ On Track | Certainty: 95%

Analysis: Ongoing disclosures align with predominantly zero‑carbon operations; no contrary data.

Progress:

• Earlier evidence from 2024-11-14 affirmed zero‑carbon mining; later updates maintain this stance.

Cluster: Capital Allocation and Shareholder Returns

Commitment: May 09, 2025: TeraWulf continued returning capital via its stock repurchase program with $33 million repurchased in 2025 to date.

✅ On Track | Certainty: 95%

Analysis: Repurchase activity was executed and disclosed; consistent with program cadence.

Progress:

• A recent update from 2025-05-09 reports $33 million repurchased YTD under the program.

Commitment: February 28, 2025: The company executed significant share repurchases exceeding $150 million in late 2024 and early 2025 under its $200 million program.

✅ On Track | Certainty: 95%

Analysis: Execution disclosed; aligns with program authorization and subsequent activity.

Progress:

• A recent update from 2025-02-28 confirms >$150 million repurchased under the $200 million authorization.

Commitment: October 25, 2024: TeraWulf allocated a portion of convertible notes proceeds to share repurchases as part of its capital strategy.

✅ On Track | Certainty: 100%

Analysis: $115 million of stock was repurchased concurrently with the notes offering.

Progress:

• Earlier evidence from 2024-10-25 confirms $115 million concurrent repurchases funded alongside the notes.

Commitment: October 24, 2024: The company committed to repurchase approximately $115 million of common stock concurrently with its convertible notes offering.

✅ On Track | Certainty: 100%

Analysis: Commitment executed the next day as disclosed.

Progress:

• A recent update from 2024-10-25 confirms execution of the ~$115 million repurchase.
• Earlier evidence from 2024-10-24 announced the intended concurrent repurchase.

Commitment: October 23, 2024: TeraWulf authorized a share repurchase program of up to $200 million through December 31, 2025.

✅ On Track | Certainty: 100%

Analysis: Program authorized and later utilized; multiple repurchase disclosures confirm execution.

Progress:

• Earlier evidence from 2024-10-23 documents the $200 million authorization.
• Subsequent 2024–2025 updates show substantial utilization of the program.

Cluster: Corporate Structure and Governance (Beowulf E&D)

Commitment: August 14, 2025: TeraWulf disclosed completion of the Beowulf Electricity & Data acquisition on May 21, 2025 with up to $19.0 million in contingent cash and up to $13.0 million in stock tied to expansion and financing milestones.

✅ On Track | Certainty: 95%

Analysis: Completion and contingent consideration terms were disclosed; aligns with May acquisition details.

Progress:

• A recent update from 2025-08-14 reiterates acquisition completion and contingent terms.
• Earlier evidence from 2025-05-27 outlined the consideration and contingencies.

Commitment: May 27, 2025: The company committed to acquire Beowulf Electricity & Data for approximately $52.4 million to streamline operations and enhance capital access.

✅ On Track | Certainty: 95%

Analysis: Acquisition closed with integration steps completed (services agreement terminated; employees transitioned).

Progress:

• A recent update from 2025-05-27 confirms acquisition terms and strategic rationale.
• Later 2025 updates continue to reference the integrated structure.

Commitment: May 27, 2025: TeraWulf maintained its 2025 cost guidance of $40–$45 million SG&A and $20–$25 million operating expenses following the acquisition.

✅ On Track | Certainty: 80%

Analysis: Guidance was reiterated at acquisition; no later filings in the provided set contradict the ranges.

Progress:

• A recent update from 2025-05-27 maintained cost guidance post‑acquisition.

Commitment: May 09, 2025: The company pursued full integration of Beowulf Electricity & Data to simplify structure and eliminate related‑party disclosures.

✅ On Track | Certainty: 95%

Analysis: Integration actions (ownership consolidation, services agreement termination, employee transition) were completed.

Progress:

• A recent update from 2025-05-27 notes termination of the services agreement and full integration.
• Earlier evidence from 2025-05-09 stated the integration objective, later realized.

Commitment: May 27, 2025: TeraWulf emphasized long‑term growth and value creation through enhanced transparency and governance post‑acquisition.

🟡 Partially Met | Certainty: 75%

Analysis: Structural simplification and disclosures improved transparency; quantitative value realization remains prospective.

Progress:

• A recent update from 2025-05-27 communicated governance and transparency benefits tied to value creation goals.

Cluster: Self‑Mining Operations and Infrastructure Optimization

Commitment: May 09, 2025: TeraWulf committed to optimize its self‑mining platform following energization of Miner Building 5 to enhance efficiency and Bitcoin production.

✅ On Track | Certainty: 90%

Analysis: MB‑5 was energized; hashrate and capacity increased, with miner refresh and infrastructure upgrades supporting ongoing optimization.

Progress:

• A recent update from 2025-08-08 reports BTC mining capacity up 45.5% YoY to 12.8 EH/s.
• Earlier evidence from 2025-05-09 confirms MB‑5 energization and optimization focus.

Commitment: January 03, 2025: The company proceeded with construction of Miner Building 5 (50 MW) targeting mid‑Q1 2025 completion to reach 195 MW mining capacity and ~9.7 EH/s.

🌟 Exceeded Expectations | Certainty: 95%

Analysis: MB‑5 was energized, and by mid‑2025 total capacity/throughput exceeded the original targets (245 MW operational, 12.2–12.8 EH/s).

Progress:

• A recent update from 2025-05-09 confirms MB‑5 energization and 12.2 EH/s.
• A recent update from 2025-08-08 reports 12.8 EH/s, exceeding the ~9.7 EH/s target.
• Earlier evidence from 2025-01-03 set the 195 MW/~9.7 EH/s target.

Commitment: November 20, 2024: TeraWulf completed significant electrical infrastructure upgrades at Lake Mariner to improve power reliability for future HPC loads.

✅ On Track | Certainty: 100%

Analysis: Completion of upgrades was disclosed with specifics on reliability improvements.

Progress:

• Earlier evidence from 2024-12-03 confirms completion of significant electrical infrastructure upgrades in November.

Commitment: November 14, 2024: The company retained a right to purchase up to 30,000 miners under a Bitmain call option with a December 31, 2024 deadline.

🟡 Partially Met | Certainty: 60%

Analysis: The option right existed through year‑end 2024; no subsequent evidence indicates exercise before expiry. Status of utilization remains unconfirmed.

Progress:

• Earlier evidence from 2024-11-14 notes the Bitmain call option through 2024-12-31.
• No later updates confirm exercise; presumed expired without action unless new data emerges.

Commitment: November 04, 2024: TeraWulf accelerated its miner refresh program by replacing legacy miners with S19 XP models as part of a year‑end recovery plan.

✅ On Track | Certainty: 95%

Analysis: Multiple monthly updates confirm refresh execution and efficiency improvements.

Progress:

• Earlier evidence from 2024-11-04 launched the accelerated refresh.
• A recent update from 2024-12-03/11-20 confirms large‑scale replacements (e.g., ~7,400 S21 Pro units noted; XP refresh ongoing) and improved efficiency.