Kilo.

Proceed to scoped tenant diligence.

The next decision is whether to align requirements and define the evidence needed for a later commitment.

The retained source analysis reports a 3,979.63-acre title-survey tract and executed LCRA study and PEC facility-extension agreements associated with a requested 2,100 MW load at 345 kV. These records support a site-specific diligence conversation.

Preparation basis: this assessment summarizes retained Kilo source analysis and recorded references. Original-document verification is outside this edition’s preparation basis. Confirm cited records against current originals before a commercial commitment.

AX 12 · Land · AX 09 · Grid agreements · AX 02 · Preparation basis

Several planning figures describe different scopes.

Use each figure for its stated purpose; the record does not yet establish one governing campus configuration.

Do not add these MW figures together. Select the governing phase and configuration only after reconciling the source plans and tenant requirements.

AX 07 · Site card · AX 17 · Campus geometry · AX 13 · Substation · AX 11 · Generation · AX 07 · Source differences

Source imagery locates the campus concept.

The title survey and an engineered master plan must establish the development boundary and usable layout.

What the view can support

A shared geographic starting point for discussions of hall placement, access and utility corridors. Displayed planning zones do not establish buildable acreage.

What must govern design

Reconcile the survey, parcel record, environmental scope and concept geometry; then develop an engineered phased master plan for grading, drainage, access and utilities.

The image’s outlines and overlays retain their source meanings. No additional hazard legend, scale, acquisition date or approved route is inferred.

AX 12 · Survey record · AX 17 · Master-plan requirement

Imagery: Esri, Vantor, Earthstar Geographics & GIS User Community.

The deed and survey support a tract-level planning basis.

Current title diligence and parcel reconciliation remain open.

The source record describes a recorded special warranty deed to Blue Fox Development, LLC. Kerr County Document 24-02602 was recorded on 8 May 2024.

Required closing record. Obtain the current title commitment, Schedule B, mineral/lien review and evidence that access/utility rights serve the facilities. Reconcile deed, survey, Phase I, appraisal, tax and KML parcels.

AX 12 · Recorded deed · AX 12 · Deed acreage · AX 12 · Survey · AX 12 · Title diligence · AX 12 · Parcel reconciliation

Recorded access and slope screening support preliminary layout.

Screened acreage does not establish engineered pads or net developable area.

AX 17 · Access instruments · AX 17 · Surveyed access · AX 14 · Slope screening · AX 17 · Site-plan output

The Phase I result is bounded to its stated scope.

The reported contamination screen does not establish comprehensive environmental clearance.

The source describes a January 2026 ASTM E1527-21 Phase I environmental site assessment reporting no recognized environmental conditions across approximately 4,005.86 acres and 24 parcels.

Next output. A coordinated field-investigation scope and constraints plan for the proposed facilities. Responsible parties, dates and costs are to be agreed.

AX 14 · Phase I result · AX 14 · Ground conditions · AX 14 · Geotechnical scope · AX 14 · Other investigations

Executed instruments establish a development process.

They do not establish firm capacity, electric-energy supply or a tenant ready-for-service date.

1 April 2028 is a study-purpose target. The separate PEC conditional ramp appears on page 12.

AX 09 · LCRA agreement · AX 09 · Study basis · AX 09 · PEC agreement · AX 10 · Capacity conditions · AX 10 · Energy supply

Proposed interconnections and preliminary design need reconciliation.

The current record identifies engineering inputs; it does not evidence issued design or secured route rights.

Proposed route schematic: 7.0 mi at 345 kV, I-10 crossing, midpoint PEC tie and on-site switchyard.

AX 13 · Proposed POIs · AX 13 · Substation package · AX 13 · Schematic corridor · AX 13 · Rights and route · AX 13 · Issued design

The generation plan requires new binding fuel terms.

The retained analysis describes the May 2026 gas transportation proposal as expired and nonbinding.

Required next output. Update the proposal and negotiate binding fuel/transport terms: volume, delivery points and credit support. Coordinate lateral rights, plant design, manufacturer/construction commitments, air permitting and fuel balance.

Expiry is source-described, not independently determined here. Preliminary delivery and completion milestones: page 13.

AX 11 · Gas proposal · AX 11 · Lateral and delivery points · AX 11 · Proposal expiry · AX 11 · Phase 1 plan · AX 28 · Separate generation record

Water, connectivity and permitting need defined closing evidence.

Each source record identifies a diligence direction; none establishes a completed campus utility service.

Quality samples and interpreted groundwater potential do not demonstrate sustainable cooling supply. Fiber adjacency is not contracted service. Planned applications are not issued permits. TCEQ: Texas Commission on Environmental Quality.

AX 15 · Water quality · AX 15 · Prospecting · AX 15 · Water testing · AX 16 · Fiber report · AX 22 · Zoning basis · AX 22 · Air-permit plan

The grid dates belong to different source schedules.

The portal’s Q2 2027 owner energization target is separate from the April 2028 study-purpose target and later conditional PEC ramp. Reconcile all three before a delivery commitment.

Required governing schedule. Reconcile current progress, utility studies, approvals, upgrades, security, supply and commissioning. Define energization, first load and ready for service before communicating a delivery commitment.

AX 09 · Study-purpose target · AX 19 · Dynamic load survey · AX 09 · PEC ramp · AX 20 · Schedule reconciliation · AX 20 · Milestone definitions

Engine delivery is separate from commissioned service.

All dates below are preliminary source milestones; a governing current delivery baseline remains to be established.

Dependencies. Binding fuel/transport, lateral rights, design, permits, equipment availability, construction and commissioning acceptance. The separate 191-engine / 477.5 MW schedule does not establish a reconciled tenant service date.

Next output. A current integrated schedule with milestone definitions, dependencies, decisions and contingency. Verify equipment availability through manufacturer/procurement evidence. Closing owners and dates are to be agreed.

AX 19 · Phase 1 milestones · AX 18 · Engine deliveries · AX 18 · Procurement evidence · AX 20 · Integrated schedule

Define the evidence needed for a tenant proposal.

Proposed review order, not an engineered critical path. Accountable parties and target dates remain to be agreed.

Proposed roles only; confirm accountable parties, dates and budgets during scoping. This assessment creates no obligations.

AX 10 · Grid action · AX 11 · Gas action · AX 12 · Title action · AX 15 · Water action

Resolve design, service and delivery assumptions in parallel.

Proposed scope for the next engagement; owners, completion dates and costs are to be agreed.

AX 13 · Transmission · AX 17 · Site plan · AX 14 · Environmental · AX 16 · Fiber · AX 18 · Equipment · AX 22 · Permits · AX 20 · Schedule · AX 21 · Capital planning

Use the source record to direct the next verification.

This edition is a synthesis of retained analysis, not an independent verification of the original records.

The cited analysis retains original document titles and page references. Confirm the records against current originals before relying on them for a commercial commitment. This preparation basis does not assert that originals are absent from the live virtual data room (VDR).

Source-record classifications. “Confirmed” and “Submitted” reproduce the source record’s classifications. They do not constitute this edition’s verification of the original documents or completion of the underlying obligations.

Terminology: LCRA — Lower Colorado River Authority; PEC — Pedernales Electric Cooperative; ERCOT — Electric Reliability Council of Texas. FEA — Facility Extension Agreement; BTM — behind the meter; POI — point of interconnection.

Agree the tenant brief and the next diligence scope.

The proposed outcome is a defined work program and decision record; no delivery commitment is established here.

AX 20 · Decision schedule · AX 18 · Equipment evidence · AX 02 · Review boundary