Plum Acquisition IV (PLMK) strikes SPAC merger with geothermal and lithium developer CTR
Rhea-AI Filing Summary
Plum Acquisition Corp. IV announced it has entered into a definitive business combination agreement with Controlled Thermal Resources Holdings Inc. (CTR), an emerging U.S. developer of geothermal power and critical minerals. The deal would make CTR a public company listed on Nasdaq under the ticker “CTRH”.
CTR’s Hell’s Kitchen Project in California is designed to supply up to 650 MW of renewable baseload power and about 100,000 metric tons per year of lithium carbonate at full scale, plus large volumes of potash and other critical minerals. CTR has raised over US$285 million in private capital, completed a definitive feasibility study for Stage 1, secured a conditional use permit, and invested about $185 million in long‑lead equipment. The transaction, unanimously approved by both boards, is expected to close in the second half of 2026, subject to shareholder approvals, regulatory clearances, and other customary conditions, with a pro forma enterprise value of roughly $4.7 billion and CTR holders expected to own about 90.6% of the combined company.
Positive
- Transformational business combination: Plum Acquisition Corp. IV signed a definitive agreement to merge with Controlled Thermal Resources at an implied pro forma enterprise value of about $4.7 billion, with CTR rolling over 100% of its equity and expected to own roughly 90.6% of the combined company.
Negative
- None.
Insights
Plum IV secures a large, energy-transition target in CTR, but closing depends on approvals.
Plum Acquisition Corp. IV has signed a definitive merger agreement with Controlled Thermal Resources, valuing the combined company at about
CTR’s Hell’s Kitchen Project targets up to
For Plum IV holders, this transforms the SPAC into a focused bet on U.S. critical minerals and baseload clean power. However, completion hinges on shareholder votes, effectiveness of a Form S-4 registration statement, the HSR waiting period, and other closing conditions, with the transaction targeted for the second half of
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 7.01. Regulation FD Disclosure.
On March 9, 2026, Plum Acquisition Corp. IV, a publicly traded special purpose acquisition company, (“Plum IV”), and Controlled Thermal Resources Holdings Inc., an emerging leader in U.S. critical minerals and clean geothermal energy development (“CTR”), issued a press release announcing that they have entered into a definitive business combination agreement (the “Business Combination Agreement”) with Plum IV Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of Plum IV (“Merger Sub”) pursuant to which, among other things, Plum IV and CTR would combine and CTR would become a public company (the “Proposed Transactions”), which is expected to be listed on the Nasdaq Stock Market LLC (“Nasdaq”). A copy of the press release is attached hereto as Exhibit 99.1 and is hereby incorporated into this Current Report on Form 8-K (the “Report”) by reference.
Also attached hereto as Exhibit 99.2 and incorporated into this Report by reference is a copy of the form of investor presentation Plum IV and CTR have prepared for use in connection with the Proposed Transactions.
The information in this Item 7.01, including Exhibits 99.1 and 99.2 and the information set forth therein shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act.
Additional Information and Where to Find It
In connection with the Proposed Transactions, Plum IV and CTR intend to file with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 (as may be amended, the “Registration Statement”), which will include a preliminary proxy statement of Plum IV as well as a preliminary prospectus relating to the offer of securities to be issued to the stockholders of CTR (the “Proxy Statement/Prospectus”). After the Registration Statement is declared effective, a definitive proxy statement and other relevant documents will be mailed to shareholders of Plum IV as of the record date to be established for voting on the Proposed Transactions and other matters as described in the Proxy Statement/Prospectus. Plum IV will also file other documents regarding the Proposed Transactions with the SEC. This Report does not contain all of the information that should be considered concerning the Proposed Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Proposed Transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF PLUM IV AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH PLUM IV’S SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE PROPOSED TRANSACTIONS AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT PLUM IV, CTR AND THE PROPOSED TRANSACTIONS. Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or to be filed with the SEC by Plum IV, without charge, once available, on the SEC’s website at www.sec.gov or by directing a request to: Plum Acquisition Corp. IV, 2021 Fillmore St., #2089, San Francisco, California 94115, Attention: Kanishka Roy, or by email at plumir@icrinc.com.
Participants in the Solicitation
Plum IV, CTR and their respective directors and executive officers may be deemed participants under SEC rules in the solicitation of proxies from Plum IV’s shareholders in connection with the Proposed Transactions. A list of the names of such directors and executive officers and information regarding their interests in the Proposed Transactions and their ownership of Plum IV’s securities is, or will be, contained in Plum IV’s filings with the SEC. Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies from Plum IV’s shareholders in connection with the Proposed Transactions, including the names and interests of CTR’s directors and executive officers, will be set forth in the Proxy Statement/Prospectus, which is expected to be filed by Plum IV and CTR with the SEC. Investors and security holders may obtain free copies of these documents as described above.
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No Offer or Solicitation
This Report is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Transactions and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of Plum IV or CTR, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This Report is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities described herein in the United States or any other jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.
Forward-Looking Statements
This Report and the exhibits attached hereto contain certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the Proposed Transactions and the parties thereto. All statements contained in this Report other than statements of historical fact, including, without limitation, statements regarding the Proposed Transactions between Plum IV and CTR; the anticipated benefits and timing of the Proposed Transactions; expected trading of the combined company’s securities on the Nasdaq; the building of CTR’s flagship Hell’s Kitchen Project; the anticipated benefits and timing of CTR’s flagship Hell’s Kitchen Project, the combined company’s future financial performance; the ability of the combined company to execute its business strategy, its market opportunity and positioning; and other statements regarding management’s intentions, beliefs, or expectations with respect to the combined company’s future performance, are forward-looking statements.
Forward-looking statements are often identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking.
These forward-looking statements are based on the current expectations and assumptions of Plum IV and CTR and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; (2) the outcome of any legal proceedings that may be instituted against the parties following the announcement of the Proposed Transactions and any definitive agreements with respect thereto; (3) the inability to complete the Proposed Transactions, including due to failure to obtain approval of the shareholders of Plum IV and CTR or other conditions to closing; (4) the risk that the Proposed Transactions may not be completed by Plum IV’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Plum IV; (5) the inability to maintain the listing of Plum IV’s securities or to obtain or maintain the listing of the combined company’s securities on the Nasdaq, the New York Stock Exchange, or another national securities exchange following the Proposed Transactions; (6) the risk that the Proposed Transactions disrupts CTR’s current plans, business relationships, performance, operations and business generally as a result of the announcement and consummation of the Proposed Transactions; (7) the risk that the price of the combined company’s securities may be volatile due to a variety of factors, including changes in laws, regulations, technologies, natural disasters, geopolitical tensions, and macro-economic and social environments affecting its business; (8) the ability to recognize the anticipated benefits of the Proposed Transactions, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (9) costs related to the Proposed Transactions; (10) changes in applicable laws or regulations; (11) risks related to CTR’s business, including fluctuations in demand and prices for lithium and other critical minerals, competition within the industry, the risks inherent in development projects and exploration activities, potential delays or cost overruns in capital expenditures, the ability to secure necessary raw materials, compliance with regulatory requirements, environmental and safety obligations, economic and market conditions, and political or geopolitical developments; and (12) other risks detailed from time to time in Plum IV’s filings with the SEC, including the Registration Statement and related documents filed or to be filed in connection with the Proposed Transactions.
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The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Plum IV’s Annual Report on Form 10-K filed with the SEC on March 31, 2025, subsequent Quarterly Reports on Form 10-Q and the Registration Statement and Proxy Statement/Prospectus that will be filed by Plum IV and CTR, and other documents filed by Plum IV from time to time with the SEC, as well as the list of risk factors included herein. These filings identify and address other important risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Additional risks and uncertainties not currently known or that are currently deemed immaterial may also cause actual results to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and none of the parties or any of their representatives assumes any obligation and do not intend to update or revise these forward-looking statements, each of which is made only as of the date of this Report.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press Release, dated March 9, 2026. | |
| 99.2 | Investor Presentation, dated March 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: March 9, 2026 | PLUM ACQUISITION CORP. IV | |
| By: | /s/ Kanishka Roy | |
| Name: | Kanishka Roy | |
| Title: | Chief Executive Officer | |
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Exhibit 99.1
Controlled Thermal Resources and Plum Acquisition Corp. IV Announce Definitive Business Combination Agreement to Advance U.S. Critical Minerals and Energy
| ● | As one of America’s largest and most advanced geothermal power and critical minerals projects, the transaction is expected to enable Controlled Thermal Resources to advance its Hell’s Kitchen Project and commence Stage 1 construction. |
| ● | Transaction values Controlled Thermal Resources at a pro forma enterprise value of approximately $4.7 billion. |
Imperial County, California – March 9, 2026 – Controlled Thermal Resources Holdings Inc. (“CTR” or the “Company”), an emerging leader in U.S. critical minerals and clean geothermal energy development, and Plum Acquisition Corp. IV (Nasdaq: PLMK, “Plum IV”), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive business combination agreement (the “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 Market LLC (“Nasdaq”) under 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.
Hell’s Kitchen Deployment Readiness
Backed by strategic partnerships and investments, CTR has raised more than US$285 million 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.
Management Commentary
Rod Colwell, CEO of CTR, commented:
“Few projects simultaneously address energy security and mineral security at scale. Hell’s Kitchen is structured to deliver clean baseload geothermal power alongside domestically produced strategic critical minerals from a single integrated brine resource.
As AI adoption and hyperscale data center growth intensify across the United States, the need for resilient, low-carbon, 24/7 power is becoming a defining infrastructure constraint and a major issue of national security. We believe CTR is positioned to meet that demand while strengthening domestic supply chains for battery materials and nationally designated critical minerals.
After more than a decade of technical validation, permitting progress, and strategic investment, we believe we are shovel-ready and prepared to deploy competitively at commercial scale. Partnering with Plum IV is expected to enable us to accelerate execution, begin Stage 1 construction, and establish a leading model for integrated energy and critical minerals production that supports rapid U.S. industrial growth and long-term national competitiveness.”
Kanishka Roy, CEO of Plum IV, commented:
“Given the exponential growth in AI data center infrastructure, the need for baseload power and for lithium in battery energy storage systems to power these data centers, has become exponentially important. We’re incredibly excited to partner with CTR to potentially unlock multiple avenues of U.S.-developed supply-chain independence.”
The proposed transaction is expected to close during the second half of 2026 and remains subject to approval by Plum IV shareholders representing a majority of the outstanding Plum IV voting power, the effectiveness of a registration statement to be filed with the Securities and Exchange Commission (the “SEC”) in connection with the transaction, the expiration of the HSR Act waiting period, and other customary closing conditions. The boards of directors of both CTR and Plum IV have unanimously approved the proposed transaction.
Advisors
Hall Chadwick is serving as exclusive corporate, financial, and lead capital markets advisor to CTR. Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, is the exclusive financial advisor and lead capital markets advisor to Plum IV. Hall Chadwick and Cohen & Company Capital Markets are serving as joint lead private placement agents to CTR and Plum IV. Greenberg Traurig, LLP is serving as legal counsel to Plum IV, and Duane Morris LLP is serving as legal counsel to CTR.
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About CTR
CTR is advancing geothermal baseload energy, battery-grade lithium chemicals, and critical minerals production at its Hell’s Kitchen project in southern California. CTR's leadership team has successfully developed and managed geothermal power plant operations in California's Salton Sea region for 30+ years. CTR’s mission is to strengthen U.S. energy security and supply chain resilience by providing strategic resources essential to technology, manufacturing, and defense. For more information, visit the website.
About Plum Acquisition Corp. IV
Plum Acquisition Corp. IV (Nasdaq: PLMK) is a publicly traded special purpose acquisition company led by an experienced team with a track record of sourcing and executing complex public-market transactions, Plum IV aims to identify companies positioned to deliver long-term value through technological advancements, disruptive business models, and secular long-term trends. For more information, visit the website.
Definitive Documentation
Additional information regarding the Business Combination Agreement and its proposed terms will be filed by Plum IV on Form 8-K. The Proposed Transactions are subject to shareholder approvals, regulatory approvals, and other customary closing conditions.
Additional Information and Where to Find It
In connection with the transactions contemplated by the Business Combination Agreement (the “Proposed Transactions”), Plum IV and CTR intend to file with the SEC a registration statement on Form S-4 (as may be amended, the “Registration Statement”), which will include a preliminary proxy statement of Plum IV as well as a preliminary prospectus relating to the offer of securities to be issued to the stockholders of CTR (the “Proxy Statement/Prospectus”). After the Registration Statement is declared effective, a definitive proxy statement and other relevant documents will be mailed to shareholders of Plum IV as of the record date to be established for voting on the Proposed Transactions and other matters as described in the Proxy Statement/Prospectus. Plum IV will also file other documents regarding the Proposed Transactions with the SEC. This press release does not contain all of the information that should be considered concerning the Proposed Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Proposed Transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF PLUM IV AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH PLUM IV’S SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE PROPOSED TRANSACTIONS AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT PLUM IV, CTR AND THE PROPOSED TRANSACTIONS. Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or to be filed with the SEC by Plum IV, without charge, once available, on the SEC’s website at www.sec.gov or by directing a request to: Plum Acquisition Corp. IV, 2021 Fillmore St., #2089, San Francisco, California 94115, Attention: Kanishka Roy, or by email at plumir@icrinc.com.
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Participants in the Solicitation
Plum IV, CTR and their respective directors and executive officers may be deemed participants under SEC rules in the solicitation of proxies from Plum IV’s shareholders in connection with the Proposed Transactions. A list of the names of such directors and executive officers, and information regarding their interests in the Proposed Transactions and their ownership of Plum IV’s securities is, or will be, contained in Plum IV’s filings with the SEC. Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies from Plum IV’s shareholders in connection with the Proposed Transactions, including the names and interests of CTR’s directors and executive officers, will be set forth in the Proxy Statement/Prospectus, which is expected to be filed by Plum IV and CTR with the SEC. Investors and security holders may obtain free copies of these documents as described above.
No Offer or Solicitation
This press release is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Transactions and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of Plum IV or CTR, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities described herein in the United States or any other jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the Proposed Transactions and the parties thereto. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Proposed Transactions between Plum IV and CTR; the anticipated benefits and timing of the Proposed Transactions; expected trading of the combined company’s securities on the Nasdaq; the building of CTR’s flagship Hell’s Kitchen Project; the anticipated benefits and timing of CTR’s flagship Hell’s Kitchen Project, the combined company’s future financial performance; the ability of the combined company to execute its business strategy, its market opportunity and positioning; and other statements regarding management’s intentions, beliefs, or expectations with respect to the combined company’s future performance, are forward-looking statements.
Forward-looking statements are often identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking.
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These forward-looking statements are based on the current expectations and assumptions of Plum IV and CTR and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; (2) the outcome of any legal proceedings that may be instituted against the parties following the announcement of the Proposed Transactions and any definitive agreements with respect thereto; (3) the inability to complete the Proposed Transactions, including due to failure to obtain approval of the shareholders of Plum IV and CTR or other conditions to closing; (4) the risk that the Proposed Transactions may not be completed by Plum IV’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Plum IV; (5) the inability to maintain the listing of Plum IV’s securities or to obtain or maintain the listing of the combined company’s securities on the Nasdaq, the New York Stock Exchange, or another national securities exchange following the Proposed Transactions; (6) the risk that the Proposed Transactions disrupts CTR’s current plans, business relationships, performance, operations and business generally as a result of the announcement and consummation of the Proposed Transactions; (7) the risk that the price of the combined company’s securities may be volatile due to a variety of factors, including changes in laws, regulations, technologies, natural disasters, geopolitical tensions, and macro-economic and social environments affecting its business; (8) the ability to recognize the anticipated benefits of the Proposed Transactions, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (9) costs related to the Proposed Transactions; (10) changes in applicable laws or regulations; (11) risks related to CTR’s business, including fluctuations in demand and prices for lithium and other critical minerals, competition within the industry, the risks inherent in development projects and exploration activities, potential delays or cost overruns in capital expenditures, the ability to secure necessary raw materials, compliance with regulatory requirements, environmental and safety obligations, economic and market conditions, and political or geopolitical developments; and (12) other risks detailed from time to time in Plum IV’s filings with the SEC, including the Registration Statement and related documents filed or to be filed in connection with the Proposed Transactions.
The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Plum IV’s Annual Report on Form 10-K filed with the SEC on March 31, 2025, subsequent Quarterly Reports on Form 10-Q and the Registration Statement and Proxy Statement/Prospectus that will be filed by Plum IV and CTR, and other documents filed by Plum IV from time to time with the SEC, as well as the list of risk factors included herein. These filings identify and address other important risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Additional risks and uncertainties not currently known or that are currently deemed immaterial may also cause actual results to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and none of the parties or any of their representatives assumes any obligation and do not intend to update or revise these forward-looking statements, each of which is made only as of the date of this press release.
For more information:
Lauren Rose
Chief Communications Officer
M: +61 438 123 177
lauren.rose@cthermal.com
www.cthermal.com
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Exhibit 99.2
Hell’s Kitchen Project Salton Sea Geothermal Field, Imperial County, CA March 2026 One of America’s Largest & Most Advanced Geothermal Power + Critical Minerals Projects
2 This presentation contemplates the proposed business combination involving Plum Acquisition Corp. IV (“Plum IV”) and Controlled Thermal Resources Holdings Inc. (”CTR”), Definitive Documentation Additional information regarding the Business Combination Agreement and its proposed terms will be filed by Plum IV on Form 8 - K. The Proposed Transactions are subject to shareholder approvals, regulatory approvals, and other customary closing conditions. Additional Information and Where to Find It In connection with the transactions contemplated by the Business Combination Agreement (the “Proposed Transactions”), Plum IV and CTR intend to file with the SEC a registration statement on Form S - 4 (as may be amended, the “Registration Statement”), which will include a preliminary proxy statement of Plum IV as well as a preliminary prospectus relating to the offer of securities to be issued to the stockholders of CTR (the “Proxy Statement/Prospectus”). After the Registration Statement is declared effective, a definitive proxy statement and other relevant documents will be mailed to shareholders of Plum IV as of the record date to be established for voting on the Proposed Transactions and other matters as described in the Proxy Statement/Prospectus. Plum IV will also file other documents regarding the Proposed Transactions with the SEC. This presentation does not contain all of the information that should be considered concerning the Proposed Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Proposed Transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF PLUM IV AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH PLUM IV’S SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE PROPOSED TRANSACTIONS AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT PLUM IV, CTR AND THE PROPOSED TRANSACTIONS. Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or to be filed with the SEC by Plum IV, without charge, once available, on the SEC’s website at www.sec.gov or by directing a request to: Plum Acquisition Corp. IV, 2021 Fillmore St., #2089, San Francisco, California 94115, Attention: Kanishka Roy, or by email at plumir@icrinc.com. Participants in the Solicitation Plum IV, CTR and their respective directors and executive officers may be deemed participants under SEC rules in the solicitation of proxies from Plum IV’s shareholders in connection with the Proposed Transactions. A list of the names of such directors and executive officers, and information regarding their interests in the Proposed Transactions and their ownership of Plum IV’s securities is, or will be, contained in Plum IV’s filings with the SEC. Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies from Plum IV’s shareholders in connection with the Proposed Transactions, including the names and interests of CTR’s directors and executive officers, will be set forth in the Proxy Statement/Prospectus, which is expected to be filed by Plum IV and CTR with the SEC. Investors and security holders may obtain free copies of these documents as described above. No Offer or Solicitation This presentation is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Transactions and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of Plum IV or CTR, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This presentation is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities described herein in the United States or any other jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act. Disclaimer
3 Forward - Looking Statements This presentation contains certain forward - looking statements within the meaning of the U.S. federal securities laws with respect to the Proposed Transactions and the parties thereto. All statements contained in this presentation other than statements of historical fact, including, without limitation, statements regarding the Proposed Transactions between Plum IV and CTR; the anticipated benefits and timing of the Proposed Transactions; expected trading of the combined company’s securities on the Nasdaq; the building of CTR’s flagship Hell’s Kitchen Project; the anticipated benefits and timing of CTR’s flagship Hell’s Kitchen Project, the combined company’s future financial performance; the ability of the combined company to execute its business strategy, its market opportunity and positioning; and other statements regarding management’s intentions, beliefs, or expectations with respect to the combined company’s future performance, are forward - looking statements. Forward - looking statements are often identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” and similar expressions, but the absence of these words does not mean that a statement is not forward - looking. These forward - looking statements are based on the current expectations and assumptions of Plum IV and CTR and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward - looking statements. Such risks and uncertainties include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; (2) the outcome of any legal proceedings that may be instituted against the parties following the announcement of the Proposed Transactions and any definitive agreements with respect thereto; (3) the inability to complete the Proposed Transactions, including due to failure to obtain approval of the shareholders of Plum IV and CTR or other conditions to closing; (4) the risk that the Proposed Transactions may not be completed by Plum IV’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Plum IV; (5) the inability to maintain the listing of Plum IV’s securities or to obtain or maintain the listing of the combined company's securities on the Nasdaq, the New York Stock Exchange, or another national securities exchange following the Proposed Transactions; (6) the risk that the Proposed Transactions disrupts CTR’s current plans, business relationships, performance, operations and business generally as a result of the announcement and consummation of the Proposed Transactions; (7) the risk that the price of the combined company’s securities may be volatile due to a variety of factors, including changes in laws, regulations, technologies, natural disasters, geopolitical tensions, and macro - economic and social environments affecting its business; (8) the ability to recognize the anticipated benefits of the Proposed Transactions, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (9) costs related to the Proposed Transactions; (10) changes in applicable laws or regulations; (11) risks related to CTR’s business, including fluctuations in demand and prices for lithium and other critical minerals, competition within the industry, the risks inherent in development projects and exploration activities, potential delays or cost overruns in capital expenditures, the ability to secure necessary raw materials, compliance with regulatory requirements, environmental and safety obligations, economic and market conditions, and political or geopolitical developments; and (12) other risks detailed from time to time in Plum IV’s filings with the SEC, including the Registration Statement and related documents filed or to be filed in connection with the Proposed Transactions. The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Plum IV’s Annual Report on Form 10 - K filed with the SEC on March 31, 2025, subsequent Quarterly Reports on Form 10 - Q and the Registration Statement and Proxy Statement/Prospectus that will be filed by Plum IV and CTR, and other documents filed by Plum IV from time to time with the SEC, as well as the list of risk factors included herein. These filings identify and address other important risks and uncertainties that could cause actual results to differ materially from those contained in the forward - looking statements. Additional risks and uncertainties not currently known or that are currently deemed immaterial may also cause actual results to differ materially from those expressed or implied by such forward - looking statements. Readers are cautioned not to put undue reliance on forward - looking statements, and none of the parties or any of their representatives assumes any obligation and do not intend to update or revise these forward - looking statements, each of which is made only as of the date of this presentation. Disclaimer Cont.
Previous Case Studies Combination with Closed September 2024 4 Combination with Closed June 2021 Plum Acquisition IV – Successfully Listing Promising Private Companies Combination with Closing March 2026 Steven Handwerker CFO and Director 15 Years of Experience 30 Years of Experience Kanishka Roy Chairman and CEO • Former Global Head of Origination at Morgan Stanley, responsible for initiating large, transformative and industry - shaping mergers , and executing multi - billion - dollar IPOs • Strategic executive with deep growth - stage expertise, having led multiple Nasdaq - listed SPAC platforms, global CFO at a multibillion - dollar AI company, and guided late - stage investments as Managing Partner • Experienced financial executive with 15+ years investing in and analyzing financial services and FinTech businesses with leadership positions across multiple SPAC platforms • Proven track record across public and private markets, serving as CFO for multiple acquisition companies, advising FinTech and technology firms, and driving end - to - end SPAC execution , strategic finance, and operational outcomes
5 CTR – Essential Minerals, Infinite Possibilities Eric Thayer CFO 30 Years of Experience 35 Years of Experience Rod Colwell CEO and Director • Seasoned founder and corporate executive specializing in clean energy, critical minerals, and commercial property development, combining over thirty - five years of experience to lead CTR’s Hell’s Kitchen Power and Critical Minerals development • Respected leader in the U.S. critical minerals and energy sectors with appointments, including Commissioner to the Blue - Ribbon Lithium Valley Commission and Board Director at NAATBatt International. Significant experience in the commercialisation of new technologies with an emphasis on value realisation, capital management, and commercial negotiation • Experienced finance executive across a broad cross - section of industries, including oil and gas, power, geothermal, commodities, real estate, and consulting • Strategic leader in organizational design with a proven track record in development and finance , including 11 greenfield and brownfield projects with a cumulative value over $2B, acquisitions and divestitures at $5.9B, management of $3 - 5B annual budgets, and assistance in a $17B corporate restructure
6 Proven Lithium Extraction Demonstration Plant operating at 1/15 th commercial scale Integrated Model combines renewable geothermal power with critical mineral extraction in a single, co - located facility Positioned at the Intersection of Two Megatrends: Energy Transition and Critical Minerals Surging lithium demand , onshoring supply chain, and global investment momentum present market tailwinds Strong U.S. Government Support - Billions in funding for critical minerals and clean energy sectors Strategic collaborations and investments with Global Auto Manufacturers and Energy Industry From Brine to Battery: A Complete Solution for the Energy Transition
Global Data Center Growth is Redefining Power and Critical Minerals Demand • 50% of new U.S. power demand growth is now coming from data centers • Data centers are projected to use more than 134 GW of new baseload power in the U.S. by 2030 Operational Data Centers Planned Data Centers Data Centers expected to comprise ~8% of U.S. power demand by 2030 IEA, S&P Global, Data Center Map – Enerdatics. Power demand – IEA, Goldman Sachs, EIA Data Center electricity use expected to triple by 2030 • Data centers require 24 - 7 baseload power - with a preference for clean energy • Rising data center demand is driving growth in Battery Energy Storage Systems (BESS) 7
Global lithium demand rising sharply, with volumes projected to double by 2035 BESS expected to require 700,000+ tonnes LCE by 2035 Lithium demand is no longer just an EV story Source: BMI, Rho Motion, Canaccord Genuity, DoD Battery Briefing, 2025 BESS expected to surge to ~22% of future lithium demand by 2035 Global BESS deployments up ~35% YoY U.S. Defense prioritizing BESS procurement and deployment BESS Market Share Anticipated Growth of 175% since 2021 8
Office of Energy Dominance Financing Strategic funding and investment programs Accelerate Geothermal Energy Development Executive Order I mmediate Measures to Increase U.S. Mineral Productio n Executive Order U.S. - Australia Critical Minerals Framework JP Morgan $1.5 Trillion Security and Resilience I nitiative Orion $1.8 Billion Critical Mineral Consortium Powerful Actions Taken by U.S. Government and Private Sector to Unleash American Energy & Critical Minerals Independence “This is just an awesome resource that’s under our feet. Let’s work together to better energize our Country and reshore manufacturing.” U.S. Secretary of Energy, Chris Wright
American Data Power American Critical Resources • ~50 MW renewable baseload power generation • ~100,000 metric tons lithium carbonate per year • ~3,000,000 metric tons of potash • Zinc, manganese, critical minerals • ~600 MW renewable baseload power generation • Clean Energy Complex and Infrastructure • Powered - site availability for colocation of advanced manufacturing and data centers CTR’s Two Subsidiaries Address U.S. Critical Minerals and Power Demand
Unleashing a Vast Strategic U.S. Power & Critical Minerals Resource Power ~650 MW Lithium ~100,000 tpa Polymetallics ~450,000+ tpa Potash ~3,000,000+ tpa Critical Minerals U.S. Designated ▪ Zinc and Manganese used for high - performance battery cathodes ▪ Essential for defense, energy applications, and agriculture ▪ Essential fertilizer for global agriculture ▪ Supports food security and sustainable farming practices ▪ The U.S. imports ~93% of its potash needs ▪ Core component for EV batteries and energy storage systems ▪ Demand projected to double by 2035; critical for electrification and decarbonization ▪ 34 of 60 U . S . designated Critical Minerals present in Salton Sea brine ▪ Use in advanced electronics, aerospace, and defense technologies ▪ 24/7 clean baseload energy from geothermal wells ▪ Powers mineral extraction and advanced manufacturing industries (battery plants, data centers) U.S. Critical Mineral U.S. Critical Mineral U.S. Critical Mineral U.S. Critical Minerals Note: CTR’s estimated annual capacity includes all stages and is derived from Definitive Feasibility Study for Stage 1 Power and Lithium, ACR Brine Chemistry Analysis, Prudentia - Heat, Mass & Energy Balance, and Baker Hughes field development plan.
Power & Critical Minerals Power & Critical Minerals Power & Critical Minerals Modular Designed Project Stages for Rapid Expansion Capacity Stage 1 ready to advance to construction Land control: ~4,000 acres Designed to accommodate powered sites for colocation of advanced manufacturing and data centers Power Power Power Power & Critical Minerals Concept Image - Hell’s Kitchen - Imperial County, California The concept image depicted is for illustrative purposes only. The actual layout and design of the Hell’s Kitchen Project, including the scale of operations, may vary from the concept image depicted.
Stage 1 Ready for Commercial Capacity Construction 5. Potash (KCI) 3. Direct Lithium Extraction 1. Baseload Power 2. Polymetallics & Critical Minerals Geothermal wells at ~6,000 - 8,000 feet produce 1. brine and steam to generate clean baseload energy. Brine is conditioned to allow for the efficient 2. extraction of multiple critical minerals, including zinc and manganese. 3. Lithium chloride is extracted from brine utilizing proven Aquatech DLE technologies. Fully integrated lithium refining plant 4. converts lithium chloride to battery - grade lithium products. Capacity for a potash (KCl) extraction step 5. post DLE. Depleted brine is returned to the geothermal reservoir. 4. Lithium Refining Plant Concept Image - Hell’s Kitchen - Stage 1 The concept image depicted is for illustrative purposes only. The actual layout and design of the Hell’s Kitchen Project, including the scale of operations, may vary from the concept image depicted.
Source: Definitive Feasibility Study (DFS) – Stage 1 Power and Lithium, CTR Brine Chemistry Analysis, Prudentia - Heat, Mass & Energy Balance (HMEB) 14 Status Stage 5 - 7 Stage 4 Stage 3 Stage 2 Stage 1 CTR Resource Estimated Definitive Feasibility Study completed for Stage 1 integrated lithium hydroxide & geothermal power generation facility 300 100 100 100 50 Power ~650 MW TBD 25,000 25,000 25,000 25,000 Lithium ~100,000 TPA Scoping studies in progress with technology and offtake partners TBD 112,500 112,500 112,500 112,500 Polymetallics ~450,000 TPA TBD 750,000 750,000 750,000 750,000 Potash (KCI) ~3,000,000 TPA Includes Cesium, Rubidium, Boron, Barium, Strontium, etc. Capacities not disclosed publicly Other Critical Minerals A High Growth Diversified Power and Critical Minerals Resource One of the world’s largest geothermal brine reservoirs with 34 of 60 designated U.S. Critical Minerals identified 14 Direct Access via State and Interstate routes IID electric power transmission and water supply utility Union Pacific Railroad with Port access Stable region with skilled workforce Geothermal plants operating for 40+ years Note: CTR’s estimated annual capacity is derived from Definitive Feasibility Study for Stage 1 Power and Lithium, ACR Brine Chemistry Analysis, Prudentia - Heat, Mass & Energy Balance, and Baker Hughes field development plan.
Additional Availability of Defense Materials Vital to U.S. National Security Research and development underway to unlock additional defense critical minerals and materials Cesium Rubidium Boron Barium Defense Use: Radiation shielding and armor, energy production, and electronics. Foreign Sources: China, India, Morocco. CTR Advantage : U.S. almost 100% import - reliant. U.S. Critical Minerals Non - Critical Defense Use: Armor plating, control rods in naval reactors, advanced materials. Foreign Sources: Turkey (dominant), Argentina. CTR Advantage: Enhances U.S. resilience in defense - grade Boron supply. Defense Use: Quantum devices, precision navigation, secure timekeeping. Foreign Sources: China, Canada. CTR Advantage: Currently unmined in the U.S. Strontium Defense Use: Infrared detection systems; Sr - 90 in radioisotope power systems. Foreign Sources: Mexico, China. CTR Advantage: Secures domestic availability from a brine co - product stream. Defense Use: Atomic clocks, quantum sensing, secure communications. Foreign Sources: China dominates global reserves. CTR Advantage: One of the only known U.S. sources of naturally occurring cesium in brine. Cs Rb B Sr Ba
Salton Sea: Known Geothermal Resource Area Source: CTR Preliminary Economic Assessment (PEA), UC Davis Report: Characterizing the Geothermal Lithium Resource at the Salton Sea , November 2023. Electrical generation from the SSKGRA began in 1982 and has operated for over 40 years with no major declines in pressure, temperature, or production , demonstrating a large, long - life raw - material supply source ▪ The Salton Sea Known Geothermal Resource Area (SSKGRA) is located in the Imperial Valley of Southern California ▪ The Imperial Valley forms part of the Salton Trough, a structural depression on the boundary between two tectonic plates ▪ Active faulting in the SSKGRA produces permeable conduits for the convection of hot, mineral - rich geothermal brine ▪ Reservoir temperatures at the Salton Sea are among the hottest of any geothermal area in the world, with measured values up to 734 ƒ F (390 ƒ C) Hell’s Kitchen Project is the northern extension of the known, proven resource area with an assessed power potential of ~1,100MW
We’ve Studied it 12+ Years Advancing Hell’s Kitchen with Global Partners NI - 43 - 101 Technical Report Preliminary Economic Assessment Definitive Feasibility Study (Stage1) Resource Evaluation Report Installation of two geothermal wells Resource Capacity Report Demonstration & Optimization Plant Conditional Use Permit (Stage 1) Field Development Plan - Power Imperial County Draft LVSP and PEIR 17
We’ve Proven It Definitive Feasibility Study Confirms 30 - year Operating Life 770 hours of steady DLE operation at 1/15 th commercial scale Converted to lithium hydroxide monohydrate using conventional Aquatech technologies Achieved greater than 97 % lithium recovery through DLE operations Produced lithium chloride suitable for downstream processing 18 Definitive Feasibility Study conducted by Baker Hughes following reserve/resource classification guidelines as outlined by the SEC under S - K 1300. supports 30 - year operating life for Stage 1. Operated Demonstration & Optimization plant to validate and optimize brine feed chemistry for downstream direct lithium extraction (DLE) testing. Located within one of the world’s largest geothermal resource areas with reported proven resource of 4.1 million metric tons and probable resource of 18 million metric tons of LCE. 1 Source: Lawrence Berkeley National Laboratory ’Geothermal Lithium Resource at Salton Sea, 2023‘ Report does not conform to a SEC or CSA standard
We’ve Planned For It Permitting and Environmental - Conditional Use Permit Approved for Stage 1 Power and Critical Minerals Counterpart y (P ermit Required) Statu s Stage s Overview of Permits Acquired In Progress Construction & Operations Drilling Activities Conduct Research Conduct Seismic Survey Purpo se ▪ Designated FAST - 41 Project ▪ US Army Corp of Engineers (Lead) ▪ California Fish and Wildlife ▪ Air Quality Management District ▪ Colorado River Basin - California Regional Water Quality Control Board (RWQCB) (401) x Imperial County Conditional Use Permit obtained in January 2024 x CEQA EIR – Notice of Determination issued x California Fish and Wildlife (1602) x Various local and state permits ▪ Imperial County Planning and Development Services — CEQA Documentation — Environmental Evaluation Committee — Conditional Use Permit ▪ California Regional Water Quality Control Board ▪ California Fish and Wildlife (Lake and Streambed Alteration Agreement) ▪ US Army Corp of Engineers ▪ CalGEM permits for well drilling issued at time of drilling ▪ Research Use Application for research activities on California Fish and Wildlife lands Letter of Approvals for: ▪ California Fish and Wildlife ▪ US Army Corp of Engineers ▪ Imperial County Planning and Development Services Near completion Stage 1 Stage 1 Stage 1 Stage 1 Stage 1 19
We’re Building It Long - Lead Equipment Staged for Construction 20 ▪ ~$285 million invested in Stage 1 development ▪ 2 existing ~25 MW e wells ▪ Stage 1 long - lead equipment built and staged ▪ Project Labor Agreement executed - de - risking construction program ▪ Local, trained workforce via Imperial Valley College ‘LIFT’ program. Advanced Development A Trained & Ready Local Workforce
Best - In - Class ESG Credentials for Baseload Power and Critical Minerals Small physical footprint Fully integrated with no overseas processing Near - zero CO 2 emissions No open - pit mining or evaporation ponds Powered by renewable energy and steam Maximizes Water Recycling
Estimated Annual CO ₂ emissions per 650MW Power Station by Generation Source (tCO ₂ ) Near - Zero Carbon Footprint with Access to Industrial Water Source: CO 2 comparison for Coal and Gas – The Intergovernmental Panel on Climate Change (IPCC); Source: Jade Partners/Minviro Report: The CO 2 Impact of the 2020s Battery Quality Lithium Hydroxide Supply Chain, January 2020 Source: IID Board Adopts Resolution Reinforcing Colorado River Resources 3,320,00 4,650,000 332,000 Coal (Pulverized Coal) Gas Combined Cycle CTR Geothermal Estimated CO ₂ emissions per tonne Lithium Hydroxide Monohydrate (tCO ₂ /tLHM) 14.8 7.4 Geothermal de minimis AU / Chinese Conversion Conventional Argentine Brine CTR Geothermal Brine Municipal & Industry 4% Agriculture 96% • IID has senior water rights to 3.1 million acre - feet of Colorado River water annually • Primary use is for agriculture, with allocations for industrial and community needs • IID has adopted resolution to ensure water availability for additional new industry IID Water Supply 22
Located in a Clean Energy, Manufacturing & Data Industry Precinct The Lithium Valley Specific Plan and Programmatic Environmental Impact Report will streamline permitting and approval processes in the region to attract investment and development across multiple industries x Renewable Energy x Material Processing x Data Centers x Battery Manufacture x Battery Storage x Recycling / Waste x Auto Manufacture x Hydrogen Production x Business Services x Logistics, Rail
Highly Experienced Lead Execution Team Rod Colwell CEO & Board Director 35+ years of experience in property, clean energy, and minerals commercial development Jim Turner President & Board Director 40+ years senior management positions in chemicals and renewable energy sectors Eric Thayer Chief Financial Officer 30+ years of experience in finance strategy, corporate development, org design, project finance and valuation Danny Sims Ph.D. P.G. Manager, Geology 35+ years of experience in mining and geothermal. Former VP Geology overseeing geologic support for successful Salton Sea development drilling James Suubam Head of Operations & Maintenance Multi - commodity operations leader with 20+ years experience across technical and leadership roles, including two Northern Nevada gold startups Paul Mead Senior Environmental Permitting Manager 30+ years managing environmental programs and compliance across utilities, industry, and government Gerald Font General Project Manager 25+ years delivering lithium and energy storage projects, including Albemarle DLE & conversion Lauren Rose Chief Communications Officer Communications, marketing and project development specialist with 30+ years of experience in the media and marketing sectors
Valuation Benchmarking G Transaction Overview
26 Select Comparable Peer Groups A Unique Project that Gives Investors Exposure to Geothermal Energy, Battery Grade Lithium, Polymetallics, Potash & Critical Minerals Geothermal Power Lithium Polymetallics Potash Critical Minerals (1) (1) Arcadium Lithium was acquired by Rio Tinto in March 2025 and became a private company (2) Livent was acquired by Allkem in December 2023 and became a private company (Private) (Private) (2) (Private)
$34,500/MTPA $38,000/MTPA 0.20 MTPA 0.10 MTPA $6,900M (2) $3,800M (3) Arcadium Lithium Livent $35,542/MTPA Mean $35,188/MTPA Median $1,085/MTPA 2.56 MTPA $2,780M TMC the Metals Company $891/MTPA 0.67 MTPA $597M Talon Metals $249/MTPA 12.51 MTPA $3,115M Nexa Resources $2,255/MTPA 0.21 MTPA $480M Osisko Metals $1,120/MTPA Mean $988/MTPA Median $2,171/MTPA 20.60 MTPA $44,724M Nutrien $878/MTPA 13.70 MTPA $12,025M Mosaic $1,524/MTPA Mean $1,524/MTPA Median $111,892/MTPA 0.04 MTPA $4,923M Energy Fuels $82,083/MTPA 0.05 MTPA $3,735M USA Rare Earth $82,227/MTPA 0.02 MTPA $1,850M Compass Minerals Intl $140,392/MTPA 0.02 MTPA $2,106M Iluka Resources $104,149/MTPA Mean $97,060/MTPA Median $2,910M Standard Lithium Sigma Lithium $876M $1,557M $29,054/MTPA $40,969/MTPA 27 Key Metrics by Group Source: Public filings, company websites, Pitchbook, FactSet data as of 2/20/2026 (1) Post - money valuation from the latest financings in December 2025 (2) Valuation at the time of the March 2025 merger with Rio Tinto (3) Valuation at the time of the December 2023 merger with Allkem (4) Represents Lithium Americas’ ownership of stage 1 and 2 development (5) East Texas Project is excluded from Standard Lithium’s capacity given the early stage of development Geothermal Power Lithium (Public) Lithium (Private) Potash Polymetallics Critical Minerals EV / Capacity Capacity (M) Enterprise Value Company $1,021/MWh $664/MWh 9.37 MWh 4.38 MWh $9,561M (1) Ormat Technologies Fervo Energy $843/MWh Mean $843/MWh Median $35,188/MTPA 0.05 MTPA (4) $1,745M Lithium Americas 0.03 MTPA (5) 0.04 MTPA Comparable Groups
28 Illustrative Sum - of - the - Parts Valuation Lithium Polymetallics Geothermal Power Critical Minerals Estimated Annual Capacity (1) 5,409,300 MWh 100,000 TPA 450,000 TPA 3,000,000 TPA Peer Multiple EV/Capacity $843/MWh $35,188/MTPA $988/MTPA $1,524/MTPA Valuation $4,558M $3,519M $445M $4,573M Sum - of - the - Parts (2) $13,094M Source: Public filings, company websites, FactSet data as of 2/20/2026 (1) CTR’s estimated annual capacity includes Stages 1 - 7 and is derived from Definitive Feasibility Study for Stage 1 Power and Lithium, ACR Brine Chemistry Analysis, Prudentia - Heat, Mass & Energy Balance, and Baker Hughes field development plan (2) Excludes additional value from Critical Minerals capacity Potash Undisclosed $97,060/MTPA Undisclosed
Large Revenue Potential from Diversified Business Model Source: Public filings, company websites, FactSet data as of 2/20/2026 Note: Prices are based on current management estimate and are subject to change. These figures are dependent on product mix and market pricing at that time and may not be updated in the future to account for changes in circumstances or the applicable market pricing (1) Excludes potential revenue from Critical Minerals (2) OpEx and CapEX assumptions are based on DFS report prepared by Baker Hughes, using SEC S - K 1300 Guidelines, and include SG&A and corporate overhead (3) Based on median estimated sale price Revenue Potential Stage 1 OpEx (2) Stage 1 CapEx (2) Definitive Feasibility Study for Stage 1 supports competitive OpEx and CapEx compared to other competing projects, resulting in strong financial returns for Investors Power $130 $120 $110 Estimated Price Per MWh 5,409,300 $703M 5,409,300 $649M 5,409,300 $595M Estimated Annual Capacity Annual Revenue at Capacity Lithium $22,000 $20,000 $18,000 Estimated Price Per TPA 100,000 $2,200M 100,000 $2,000M 100,000 $1,800M Estimated Annual Capacity Annual Revenue at Capacity Polymetallics $120 $100 $80 Estimated Price Per TPA 450,000 $54M 450,000 $45M 450,000 $36M Estimated Annual Capacity Annual Revenue at Capacity Potash $450 $400 $350 Estimated Price Per TPA 3,000,000 $1,350M 3,000,000 $1,200M 3,000,000 $1,050M Estimated Annual Capacity Annual Revenue at Capacity $4,307M $3,894M $3,481M Potential Annual Revenue at Capacity (1) ~$33 Per MWh Power ~$8,300 Per TPA Lithium Stage 1 Margin (2) (3) ~72% Power ~58% (3) Lithium $550M For 50 MWs of Power $1.5B For 25,000 TPA of Lithium
2029 2028 2027 2026 Estimated CapEx Estimated Sources Estimated Date of Completion Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 $25 Q1 2026 BCA Signed and Bridge Funding $110 Q3 2026 Deal Closes and PIPE Funding $425 Q4 2026 Stage 1 Power - Project Debt $40 Q4 2026 Stage 1 Power - FID $60 Q1 2028 Stage 1 Lithium/Polymetallics - FID $460 Q1 2028 Stage 1 Power - COD $425 Q4 2027 Stage 1 Lithium/Polymetallics - Equity Raise $1,025 Q4 2027 Stage 1 Lithium/Polymetallics - Project Debt $1,450 Q4 2029 Stage 1 Lithium/Polymetallics - COD Start of Revenue Generation Stage 1 - Near Term Development Timeline Geothermal Power Lithium Source: Management estimates
Sources $4,500 CTR Rollover Equity $180 Cash in Trust (3)(4) $125 Convertible Note and PIPE (5) $4,805 Total Sources • CTR pre - money equity value of $4.5B • Transaction implies ~$4.7B pro - forma enterprise value Valuation • Assumes CTR raises a $25M Convert and $100M PIPE at $10.00 per share • Assumes 0% redemption from ~$180M Plum IV’s Cash in Trust • Expected uses include development and construction of Stage 1 Power and Lithium Financing • CTR shareholders would rollover 100% of their equity and are expected to hold ~90.6% of the outstanding pro - forma equity (1) Structure Transaction Highlights Sources & Uses ($M) Uses $4,500 Equity to CTR $285 Cash to Balance Sheet (2) $20 Illustrative Transaction Expenses $4,805 Total Uses 496.6 Shares Outstanding (M) $10.00 Share Price $4,966 Equity Value ($285) ( - ) PF Net Cash (2) $4,681 Enterprise Value Pro - Forma Valuation ($M except share price) % Own. Shares (M) 90.6% 450.0 CTR Rollover Equity (6) 3.5% 17.3 Public Shareholders (4)(7) 2.5% 12.5 Convertible and PIPE Investors 2.0% 10.0 Advisory Shares 1.4% 6.8 Plum Sponsor Pro - Forma Ownership (6) 31 (1) Assumes 0% redemptions. (2) Includes Plum IV cash - in - trust plus PIPE and Convertible Note investment less illustrative expenses. (3) Plum IV cash - in - trust was ~$180M as of 12/30/25. For illustrative purposes only and does not entirely account for additional accrued interest on cash in trust, which would increase trust value per share at close. (4) Assumes no Plum IV shareholders exercise redemption rights to receive cash from trust account at closing. (5) Based on PIPE commitments expected at the time of BCA signing. (6) Shares include the anticipated conversion of the existing strategic investors’ parent - company stake and are calculated at $10.00 per share while final calculations will be based on redemption price. (7) Does not include outstanding warrants. Transaction Summary
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FAQ
What did Plum Acquisition Corp. IV (PLMK) announce with Controlled Thermal Resources?
Plum Acquisition Corp. IV announced a definitive business combination agreement with Controlled Thermal Resources Holdings Inc. The deal would make CTR a public company listed on Nasdaq, combining Plum IV’s SPAC capital with CTR’s geothermal power and critical minerals business centered on the Hell’s Kitchen Project.
What is CTR’s Hell’s Kitchen Project described in the PLMK filing?
The Hell’s Kitchen Project in California’s Imperial Valley is designed to deliver up to 650 MW of renewable baseload power and about 100,000 metric tons per year of lithium carbonate at full scale. It also targets potash, zinc, manganese, rubidium, cesium, and other U.S.-designated critical minerals.
How much capital has Controlled Thermal Resources raised so far?
Controlled Thermal Resources has raised more than US$285 million in private capital to advance the Hell’s Kitchen Project. The company reports a conditional use permit for Stage 1, a definitive feasibility study, and around $185 million invested in long-lead equipment staged for construction.
When is the Plum Acquisition Corp. IV and CTR merger expected to close?
The proposed business combination between Plum IV and CTR is expected to close in the second half of 2026. Closing depends on Plum IV shareholder approval, CTR shareholder approval, SEC registration effectiveness, expiration of the HSR Act waiting period, and other customary closing conditions.
What ownership stake will CTR and Plum IV holders have after the merger?
CTR shareholders are expected to roll over 100% of their equity and own about 90.6% of the combined company. Public shareholders of Plum IV, PIPE and convertible investors, advisors, and the sponsor would hold the remaining stake, based on illustrative assumptions in the investor presentation.
What valuation does the transaction imply for the combined Plum IV and CTR company?
The transaction implies a pro forma equity value of roughly $5.0 billion and a pro forma enterprise value of about $4.7 billion. These figures are based on a $10.00 per-share reference price, assumed cash in trust, PIPE, and convertible financing as outlined in the presentation.
How does CTR plan to generate revenue after combining with Plum Acquisition Corp. IV?
CTR’s staged plan targets revenue from geothermal power, lithium chemicals, polymetallics, and potash. Management scenarios show potential annual revenue in the multi-billion-dollar range at full capacity, supported by a definitive feasibility study for Stage 1 power and lithium operations.
Filing Exhibits & Attachments
6 documents