Controlled Thermal Resources Announces Plan to List American Critical Resources in the U.S.

Controlled Thermal Resources Holdings Inc. (CTR) today announced that its Board of Directors has approved the formation and planned U.S. public listing of CTR’s subsidiary, American Critical Resources (ACR), which is expected to be publicly traded on either NASDAQ or NYSE mid-2026.

A public listing would mark a major milestone in CTR’s long-term strategy to advance clean baseload energy and critical minerals supply essential to U.S. industry, technology, and national security.

ACR will include the Stage 1 assets of CTR’s Hell’s Kitchen Project in Imperial County, California, plus three additional lithium production facilities, providing a total output of 50MW of renewable electricity and approximately 100,000 metric tons annually of lithium carbonate.

As independently validated by Idaho National Laboratory, the Hell’s Kitchen resource contains measurable concentrations of U.S.-designated critical minerals and rare earth elements. Beyond lithium, engineering is underway to unlock additional Tier 1 critical minerals, such as zinc, manganese, rubidium, and potash (KCl), further enhancing the project’s strategic importance, value, and potential future revenue diversity.

The Hell’s Kitchen Project has secured California state permits, and federal approvals are proceeding under the FAST-41 program for major infrastructure projects, establishing it as one of the only near-term U.S. developments positioned to deliver baseload renewable power and strategic critical minerals at commercial scale.

CTR’s decision to advance the ACR listing process reflects the convergence of U.S. policy, market momentum, and national security priorities.

The federal administration has executed multiple executive orders and investments in domestic energy and critical minerals projects to reduce U.S. exposure to foreign supply chains, and the recent U.S.– Australia Critical Minerals Framework also highlights an accelerating effort among allied nations to secure strategic resources.

These measures, together with the private sector’s response, led by JPMorgan Chase’s $1.5 trillion Security and Resiliency Initiative, and Orion’s $1.8 billion Critical Mineral Consortium, demonstrate the alignment of Washington and Wall Street in rebuilding domestic capacity across energy, technology, and critical minerals.

“After more than a decade of engineering, validation, and partnerships, CTR is uniquely positioned to help secure America’s energy and minerals future,” said Rod Colwell, Chairman and CEO of CTR. “The listing of American Critical Resources will allow access to U.S. public market capital and accelerate development of a project that directly supports national priorities in energy security, manufacturing, and defense.”

ACR has appointed Hall Chadwick as its corporate advisor to lead its U.S. market entry, working in partnership with Cohen & Company Capital Markets on institutional financing and IPO execution. Both firms bring deep experience in equity capital markets, listing, and fundraising processes.

“As one of Australia’s most established professional-services firms with a 138-year history, Hall Chadwick is proud to help bridge the Australian and U.S. critical minerals ecosystems,” Richard Albarran, Managing Partner at Hall Chadwick said. “Australia’s new national reserve strategy and ACR’s Hell’s Kitchen Project share a common purpose - securing the materials that underpin energy independence, national security and a diversified global supply chain.”

As part of the planned listing process, ACR will pursue additional capital raising in the private markets to strengthen its balance sheet and position the company for execution and U.S. public market readiness.