Fermi reports termination of $150M advance agreement by tenant at Project Matador; lease talks continue

Fermi Inc.

First tenant terminated AICA on Dec 11, 2025; no funds had been drawn under the agreement.
Parties continue to negotiate a definitive lease under the existing non-binding LOI.
Exclusivity period expired Dec 9; Fermi commenced discussions with other potential tenants for 2026 power delivery.
Company reaffirms confidence in meeting expected power delivery schedule despite AICA termination.

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