The Joint Venture Agreement formalizes the terms of the Letter of Intent announced on February 12, 2026 (the "LOI"). Under the agreement, the parties will collaborate to assemble a portfolio of strategically located land assets that integrate Jericho's subsurface energy infrastructure with surface land interests. The JV is intended to support the development of large-scale AI data center campuses and related digital infrastructure projects designed to meet the rapidly growing power and land requirements of artificial intelligence computing.

The partnership brings together Jericho's integrated Oklahoma platform of land, energy, water, and infrastructure assets capable of supporting large-scale AI campus development, with Comstock's proven expertise in land aggregation, entitlement, planning, and large-scale project execution.

Under the terms of the Joint Venture Agreement, Comstock Ventures contributed US$2.75 million at closing to fund land assemblage and related development costs and has committed to contribute up to an additional US$5.75 million over time, subject to approved budgets. Including Comstock's previously announced US$1.5 million strategic equity investment in Jericho, Comstock's total committed capital to the Joint Venture is up to approximately US$10.0 million inclusive of US$2.5 million payable to JEV USA Inc., a wholly owned subsidiary of Jericho, as a services fee. The Joint Venture's capital structure reflects the agreed value of the land interests and rights contributed by Jericho and its affiliate entity (US$5.0 million each) and further aligns the interests of both organizations.

The Joint Venture combines Jericho's unique energy infrastructure position in Oklahoma with Comstock's extensive real estate development, entitlement, and large-scale infrastructure project execution expertise. Comstock will lead the planning and development activities, while Jericho contributes strategic land positions and critical infrastructure assets, including power, natural gas, water, and fiber connectivity necessary to support hyperscale AI and digital infrastructure projects. Together, the companies intend to pursue opportunities created by accelerating demand for AI infrastructure and the increasing need for reliable, scalable, and cost-effective power solutions.¹