ASPI

Cluster: Investor Engagement and Transparency

Commitment: October 10, 2025: Host an Institutional Investor Access Event in South Africa on November 11–13, 2025, superseding the previously stated November 12–13 dates.

✅ On Track | Certainty: 95%

Analysis: The event was formally announced for November 11–13, 2025; this new timing supersedes the September 29 reference to November 12–13. Requirements and agenda details were provided, indicating active execution.

Progress:* A recent update from 2025-10-10 confirms Nov 11–13 timing and full agenda; supersedes the 2025-09-29 dates.* Earlier evidence from 2025-09-29 cited Nov 12–13; this is replaced by the 2025-10-10 update.

Commitment: October 10, 2025: Potentially add a November 14, 2025 site visit to the Renergen Virginia Gas Project, subject to sufficient attendee interest.

🟡 Partially Met | Certainty: 80%

Analysis: The optional Nov 14 site visit was floated and contingent on interest. No subsequent confirmation of go/no-go is provided.

Progress:* A recent update from 2025-10-10 introduces the optional Nov 14 visit (pending interest).* No later confirmation found to indicate final scheduling.

Commitment: October 10, 2025: Require attendees to submit passport copies by October 21, 2025 to secure facility clearances.

✅ On Track | Certainty: 90%

Analysis: Requirement communicated with a clear deadline; compliance outcomes are not yet documented, but the company action (requirement issuance) is complete.

Progress:* A recent update from 2025-10-10 explicitly states the Oct 21 passport submission requirement.

Commitment: October 10, 2025: Open investor registration for the event, subject to availability and company acceptance.

✅ On Track | Certainty: 90%

Analysis: Registration details and prerequisites were provided, indicating that registration opened.

Progress:* A recent update from 2025-10-10 outlines registration mechanics and prerequisites.

Commitment: October 10, 2025: Provide access to three enrichment facilities and PET Labs with presentations and Q&A during the event.

✅ On Track | Certainty: 85%

Analysis: The planned agenda includes tours and Q&A across all facilities; event execution is pending.

Progress:* A recent update from 2025-10-10 confirms facility access and session plans.

Commitment: October 10, 2025: Clarify that investors will cover their own flights and hotel expenses for the event.

✅ On Track | Certainty: 95%

Analysis: Cost responsibilities were clearly communicated.

Progress:* A recent update from 2025-10-10 specifies travel and hotel are investor-funded.

Commitment: September 29, 2025: Commence quarterly online business updates and investor Q&A beginning November 2025 (date TBC).

✅ On Track | Certainty: 80%

Analysis: Program announced to begin in November; no evidence yet of the first session having occurred.

Progress:* A recent update from 2025-09-29 announces quarterly updates starting November 2025.

Commitment: September 29, 2025: Host an Institutional Investor Access Event on November 12–13, 2025 (updated on October 10 to November 11–13).

✅ On Track | Certainty: 95%

Analysis: The initial Nov 12–13 dates were superseded by the Oct 10 update to Nov 11–13; planning is active.

Progress:* A recent update from 2025-10-10 confirms Nov 11–13 and supersedes the earlier dates.* Earlier evidence from 2025-09-29 cited Nov 12–13.

Commitment: September 02, 2025: Continue hosting investor access events and quarterly online presentations, including the November 2025 event and a second trip in February 2026 (November dates later updated).

✅ On Track | Certainty: 85%

Analysis: The November event is firm; February 2026 trip remains planned but not yet detailed. Overall cadence continues.

Progress:* A recent update from 2025-10-10 details the November event.* Earlier evidence from 2025-09-02 commits to ongoing events and presentations.

Commitment: August 26, 2025: Maintain transparency and investor access by regularly hosting stakeholders at company facilities.

✅ On Track | Certainty: 90%

Analysis: Documented January 2025 event and upcoming November 2025 event demonstrate ongoing access.

Progress:* A recent update from 2025-10-10 confirms a new November event.* Earlier evidence from 2025-01-13 reports an investor event hosted with 27 investors.

Commitment: December 16, 2024: Host an Investor Access Event on January 14–16, 2025 to deepen stakeholder engagement.

✅ On Track | Certainty: 100%

Analysis: The event took place with multi-facility tours and operational demonstrations.

Progress:* A recent update from 2025-01-13 confirms the January 14–16 event occurred with 27 investors.

Commitment: December 02, 2024: Announce an Investor Access Event for January 14–16, 2025 to promote transparency and facility access.

✅ On Track | Certainty: 100%

Analysis: The event was announced and subsequently delivered.

Progress:* Earlier evidence from 2024-12-02 announces the event.* A recent update from 2025-01-13 confirms successful execution.

Cluster: Stable and Industrial Isotopes: Production, Deliveries, and Capacity Expansion

Commitment: September 30, 2025: Deliver enriched Barium-137 to a U.S. customer under a purchase order in Q1 2026.

✅ On Track | Certainty: 85%

Analysis: PO received with delivery scheduled for Q1 2026; no contrary updates.

Progress:* A recent update from 2025-09-30 confirms PO and Q1 2026 delivery schedule.

Commitment: September 02, 2025: Ship samples and fulfill demand for Ytterbium-176 and Silicon-28 with $50–$70 million potential revenues during 2026–2027.

🟡 Partially Met | Certainty: 85%

Analysis: Initial samples for Yb-176 and Si-28 were shipped; revenue realization is future-dated.

Progress:* A recent update from 2025-09-02 cites shipped first samples and 2026–2027 demand potential.* Earlier evidence from 2025-08-26 confirms first shipments of Si-28 and imminent Yb-176 shipments.

Commitment: September 02, 2025: Commence procurement of long lead components for four laser plants targeting Gd‑160, Zn‑68, Ni‑64, and Li‑6/7 to meet customer demand.

✅ On Track | Certainty: 95%

Analysis: Procurement start explicitly stated.

Progress:* A recent update from 2025-09-02 confirms procurement initiation.

Commitment: September 02, 2025: Procure equipment and begin constructing four new laser production plants starting in Q1 2026.

✅ On Track | Certainty: 80%

Analysis: Construction start is scheduled for Q1 2026; no contrary updates yet.

Progress:* A recent update from 2025-09-02 sets the Q1 2026 start.

Commitment: August 26, 2025: Supply the first commercial Carbon‑12 product to a U.S. customer in September 2025 at 99.99% enrichment (timeline updated from prior August expectation).

🟡 Partially Met | Certainty: 75%

Analysis: Timeline slipped from August to September; no confirmation of actual September shipment yet.

Progress:* A recent update from 2025-08-26 revises target supply to September 2025.* Earlier evidence from 2025-07-17 targeted August 2025; the 2025-08-26 update supersedes this.

Commitment: August 26, 2025: Enrich the first batch of final Ytterbium‑176 product and ship commercial samples in late August 2025 (intermediate enrichment achieved up to 92.4%).

✅ On Track | Certainty: 90%

Analysis: Subsequent shareholder letter confirms first Yb-176 samples shipped.

Progress:* A recent update from 2025-09-02 confirms first Yb-176 samples shipped.* Earlier evidence from 2025-08-26 anticipated late-August shipment.

Commitment: August 26, 2025: Operate commercial production of Silicon‑28 and ship first samples in August 2025.

✅ On Track | Certainty: 95%

Analysis: First samples shipped in August 2025.

Progress:* A recent update from 2025-08-26 confirms first Si-28 samples shipped.

Commitment: July 17, 2025: Ship highly enriched Silicon‑28 in August 2025 with annual capacity >80 kg at 99.995% enrichment (supersedes November 2024 capacity >50 kg).

✅ On Track | Certainty: 95%

Analysis: August shipments and capacity upgrade are supported by later disclosures.

Progress:* A recent update from 2025-08-26 confirms August shipments.* Earlier evidence from 2025-07-17 set >80 kg capacity, superseding 2024 guidance.

Commitment: July 17, 2025: Ship commercial samples of Ytterbium‑176 in August 2025 and transition to semi‑continuous processing targeting 1 kg per annum.

🟡 Partially Met | Certainty: 85%

Analysis: August shipments occurred; the processing mode transition and 1 kg/year target are not yet evidenced as achieved.

Progress:* A recent update from 2025-09-02 confirms Yb-176 samples shipped.* Earlier evidence from 2025-07-17 set the transition target.

Commitment: July 17, 2025: Supply first commercial Carbon‑12 in August 2025 as demand meaningfully exceeds Carbon‑14.

⚠️ Warning: Poor Execution | Certainty: 75%

Analysis: August C‑12 supply target slipped to September per later update; no confirmation it shipped in September.

Progress:* A recent update from 2025-08-26 revises target to September 2025, superseding August.* Earlier evidence from 2025-07-17 set the August target.

Commitment: June 04, 2025: Provide enriched Gadolinium‑160 to Isotopia from 2026 for four years (expected ≥$1 million per annum) to enable Terbium‑161 production.

✅ On Track | Certainty: 90%

Analysis: Agreement in place with start in 2026; no contrary updates.

Progress:* Earlier evidence from 2025-06-04 details the 4-year supply agreement starting 2026.

Commitment: March 27, 2025: Start commercial production of Silicon‑28 and expand supply agreements over the next six months to serve kilogram‑scale demand.

✅ On Track | Certainty: 95%

Analysis: Commercial production began in March; by August, samples shipped and capacity scaled.

Progress:* Earlier evidence from 2025-03-27 announces commercial production start.* A recent update from 2025-08-26 confirms shipments and ongoing demand.

Commitment: February 26, 2025: Commence commercial production of enriched Carbon‑14 with mid‑2025 shipments under a multi‑year take‑or‑pay contract with RC‑14 Inc. (minimum ~$2.4 million per annum).

❌ Not Met | Certainty: 85%

Analysis: C‑14 shipments planned for mid‑2025 did not materialize; July update cites feedstock issues and a pivot to C‑12 enrichment. Newer data supersedes the original shipment plan.

Progress:* A recent update from 2025-07-17 notes C‑14 feedstock delays and shift to C‑12; this supersedes mid‑2025 C‑14 shipment expectations.* Earlier evidence from 2025-02-26 announced mid‑2025 C‑14 shipment plans.

Commitment: November 26, 2024: Complete and commission the Silicon‑28 facility with >50 kg/year capacity at 99.995% enrichment (capacity later updated to >80 kg on July 17, 2025).

🌟 Exceeded Expectations | Certainty: 95%

Analysis: Facility commissioned as planned; capacity was subsequently upgraded to >80 kg/year, improving upon the original commitment.

Progress:* Earlier evidence from 2024-11-26 confirms commissioning and >50 kg/year capacity.* A recent update from 2025-07-17 increases capacity guidance to >80 kg/year, superseding the 2024 figure.

Cluster: Advanced Nuclear Fuels (HALEU) Program and U.S./UK Expansion

Commitment: September 08, 2025: Apply demonstrated enrichment technologies to produce HALEU for next‑generation reactors, leveraging added board expertise.

✅ On Track | Certainty: 80%

Analysis: Board appointment bolsters HALEU capabilities; definitive TerraPower agreements and JV MOU support pathway, though production is future-dated.

Progress:* A recent update from 2025-09-08 frames the HALEU intent with new board expertise.* Earlier evidence from 2025-05-19/20 shows definitive TerraPower loan and supply agreements.

Commitment: August 15, 2025: Form a Texas joint venture with Fermi America to develop and build a large‑scale advanced nuclear fuel enrichment facility (HALEU) with conversion/deconversion and fuel assembly fabrication at the HyperGrid campus.

🟡 Partially Met | Certainty: 80%

Analysis: Parties signed an MOU contemplating the JV; formation of the JV entity and project FID are not yet evidenced.

Progress:* A recent update from 2025-08-15 documents the MOU and JV intent.

Commitment: August 15, 2025: Enter the U.S. market via QLE as a provider of Nuclear Fuel Services and scale rapidly to meet HyperGrid and broader HALEU demand.

🟡 Partially Met | Certainty: 70%

Analysis: Strategic intent is clear with MOU and leadership hires; tangible U.S. operations ramp evidence is pending.

Progress:* A recent update from 2025-08-15 states the U.S. entry plan tied to HyperGrid.

Commitment: August 15, 2025: Maintain two supply agreements with TerraPower covering initial Natrium cores (2027/28 timeframe) and up to 150 metric tons of HALEU from 2028 through 2037.

✅ On Track | Certainty: 95%

Analysis: Definitive agreements signed in May 2025 confirm loan and long‑term supply (up to 150 MT), superseding the 2024 term sheet.

Progress:* Earlier evidence from 2025-05-19/20 confirms definitive loan and supply agreements, replacing the 2024 term sheet.

Commitment: August 15, 2025: Advance discussions with the UK government to construct an advanced nuclear fuel facility in the UK.

✅ On Track | Certainty: 75%

Analysis: Discussions are ongoing; no decision disclosed yet.

Progress:* A recent update from 2025-08-15 references active UK discussions.

Commitment: June 11, 2025: Execute a TerraPower loan agreement to construct a HALEU facility and enhance Quantum Enrichment to achieve low costs with commercial sample shipments targeted in Q3 2025.

🟡 Partially Met | Certainty: 75%

Analysis: Loan agreement executed; no evidence of Q3 2025 commercial sample shipments. The financing component is met; the shipment milestone appears delayed or unconfirmed.

Progress:* Earlier evidence from 2025-06-11 confirms loan execution and Q3 shipment target.* No later evidence confirms Q3 shipments; suggests slippage.

Commitment: May 20, 2025: Sign definitive agreements with TerraPower to construct a HALEU facility at Pelindaba targeting initial production in 2027 with ~15 MTU annual capacity.

✅ On Track | Certainty: 95%

Analysis: Definitive agreements executed; schedule remains 2027.

Progress:* Earlier evidence from 2025-05-19/20 details definitive agreements and ~15 MTU capacity.

Commitment: May 20, 2025: Enter a long‑term HALEU supply agreement with TerraPower from 2028 to 2037 for up to 150 metric tons (supersedes the October 2024 term sheet).

✅ On Track | Certainty: 95%

Analysis: The long‑term supply agreement is in place and supersedes the 2024 term sheet.

Progress:* Earlier evidence from 2025-05-19/20 confirms the 2028–2037 supply deal.

Commitment: May 20, 2025: Explore opportunities with TerraPower to develop additional U.S. uranium enrichment facilities to expand domestic capacity.

✅ On Track | Certainty: 85%

Analysis: Exploration efforts are supported by the Fermi America HyperGrid MOU.

Progress:* A recent update from 2025-08-15 (HyperGrid MOU) aligns with U.S. expansion exploration.* Earlier evidence from 2025-05-20 states the exploration intent.

Commitment: November 14, 2024: Sign an MOU with Necsa to collaborate on advanced nuclear fuels and accelerate HALEU facility construction in South Africa (foundation for later definitive agreements).

✅ On Track | Certainty: 100%

Analysis: MOU executed; later TerraPower definitive agreements build on this foundation.

Progress:* Earlier evidence from 2024-11-14 confirms the Necsa MOU.

Commitment: October 30, 2024: Sign a term sheet with TerraPower for HALEU facility construction and a 10‑year supply agreement (superseded by the May 20, 2025 definitive agreements).

✅ On Track | Certainty: 100%

Analysis: Term sheet was signed and subsequently superseded by definitive agreements in May 2025.

Progress:* Earlier evidence from 2024-10-30 confirms the term sheet.* A recent update from 2025-05-19/20 supersedes it with definitive agreements.

Cluster: Quantum Leap Energy (QLE) Spin-Out and Leadership

Commitment: September 29, 2025: Appoint Michael Cunniffe as QLE Chief Financial Officer effective October 1, 2025 to support QLE’s public listing (Heather Kiessling remains ASP Isotopes CFO).

✅ On Track | Certainty: 100%

Analysis: Appointment effective Oct 1, 2025 is documented.

Progress:* A recent update from 2025-09-29 confirms the CFO appointment and roles.

Commitment: September 02, 2025: Confirm CFO hire for QLE commencing October 1, 2025 to ready the company for a planned IPO (clarified by the September 29 appointment).

✅ On Track | Certainty: 100%

Analysis: The Sept 29 announcement fulfills and clarifies the Sept 2 statement.

Progress:* A recent update from 2025-09-29 confirms the named CFO and start date.* Earlier evidence from 2025-09-02 anticipated the hire.

Commitment: August 26, 2025: Initiate the spin‑out of QLE as a standalone public company during the second half of 2025.

🟡 Partially Met | Certainty: 75%

Analysis: Leadership appointments and preparation are underway; the spin‑out itself has not been announced as completed.

Progress:* A recent update from 2025-09-29 notes preparations for public listing.* Earlier evidence from 2025-08-26 states the H2 2025 spin‑out initiation.

Commitment: August 15, 2025: Intend to spin out QLE as a separate NASDAQ‑listed public company in Q4 2025.

✅ On Track | Certainty: 70%

Analysis: Intention and preparatory steps are evident; outcome pending.

Progress:* A recent update from 2025-09-29 shows ongoing listing preparations.* Earlier evidence from 2025-08-15 states the Q4 2025 intent.

Commitment: July 17, 2025: Continue to expect the QLE spin‑out targeted for October 2025, subject to regulatory clearances.

🟡 Partially Met | Certainty: 70%

Analysis: Target timing remains guidance; no completion reported as of mid‑October.

Progress:* Earlier evidence from 2025-07-17 sets an October target.* A recent update from 2025-09-29 indicates preparations but no completion yet.

Commitment: June 11, 2025: Appoint Dr. Ryno Pretorius as QLE CEO to build leadership ahead of a 2H 2025 spin‑out.

✅ On Track | Certainty: 100%

Analysis: CEO appointment completed.

Progress:* Earlier evidence from 2025-06-11 confirms Pretorius as QLE CEO.

Commitment: May 29, 2025: Plan to spin out QLE in 2H 2025 to enable independent focus and financing for nuclear fuels.

🟡 Partially Met | Certainty: 75%

Analysis: Execution is underway via leadership and listing prep; completion not yet reported.

Progress:* Earlier evidence from 2025-05-29 outlines the 2H 2025 plan.* A recent update from 2025-09-29 confirms active preparations.

Commitment: April 15, 2025: Pursue separation of QLE (nuclear fuels) and specialist isotope businesses into two independent companies in 2H 2025.

🟡 Partially Met | Certainty: 75%

Analysis: Active pursuit evident; separation not completed.

Progress:* Earlier evidence from 2025-04-15 details the separation plan.* A recent update from 2025-09-29 notes listing preparation progress.

Commitment: March 10, 2025: Plan to spin out QLE as a separate public company with an equity distribution to ASP Isotopes stockholders (subject to approvals).

🟡 Partially Met | Certainty: 70%

Analysis: Plan remains in progress; approvals and distribution mechanics not finalized publicly.

Progress:* Earlier evidence from 2025-03-10 sets out the spin-out plan.* A recent update from 2025-09-29 shows continuing preparation.

Cluster: Renergen Acquisition and Integration

Commitment: September 02, 2025: Close the Renergen merger during 3Q 2025 to form a global critical materials company (99.8% shareholder approval achieved; one regulatory approval pending).

❌ Not Met | Certainty: 80%

Analysis: 3Q 2025 closing target was not evidenced as achieved by or after September 30. Earlier approvals and expectations are superseded by the absence of a closing announcement.

Progress:* Earlier evidence from 2025-09-02 still cited one pending approval with a 3Q close target.* No subsequent confirmation through 2025-10-11 indicates closing.

Commitment: September 02, 2025: Expect Renergen to generate at least $20 million revenue and be cash‑flow positive in 2026, supported by a bridge loan and accelerated activity.

✅ On Track | Certainty: 70%

Analysis: This is a forward-looking expectation for 2026; current evidence neither confirms nor contradicts.

Progress:* Earlier evidence from 2025-09-02 states 2026 expectations.* Earlier evidence from 2025-06-02 references bridge loan funding capacity.

Commitment: September 02, 2025: Anticipate the transaction to be highly accretive to revenue, EBITDA, EPS, and cash flow per share in 2026.

✅ On Track | Certainty: 70%

Analysis: Accretion remains contingent on closing; guidance maintained.

Progress:* Earlier evidence from 2025-09-02 outlines 2026 accretion assumptions.

Commitment: September 02, 2025: Target over $300 million in EBITDA for the combined group by 2030.

✅ On Track | Certainty: 75%

Analysis: Long-term target reiterated multiple times; still forward-looking.

Progress:* Earlier evidence from 2025-09-02 and 2025-07-11/07-25/08-08 consistently cite the >$300m 2030 target.

Commitment: August 26, 2025: Anticipate closing the Renergen acquisition during 3Q 2025, subject to approvals and consents.

❌ Not Met | Certainty: 85%

Analysis: The 3Q timeline passed without a closing announcement; later status indicates delay.

Progress:* Earlier evidence from 2025-08-26 targeted 3Q 2025 closing.* No subsequent confirmation by end of 3Q.

Commitment: August 08, 2025: Reiterate 3Q 2025 closing expectation and synergies beginning in 2026 to enhance financial metrics.

❌ Not Met | Certainty: 85%

Analysis: The closing expectation for 3Q was not achieved; synergy realization remains dependent on closing.

Progress:* Earlier evidence from 2025-08-08 restated the 3Q closing plan.* No closing confirmation by 2025-10-11.

Commitment: July 25, 2025: Expect the acquisition to become effective in 3Q 2025 with a final deadline for conditions by September 30, 2025 (accretive from 2026).

❌ Not Met | Certainty: 85%

Analysis: The conditions deadline and 3Q effectiveness were not evidenced as met.

Progress:* Earlier evidence from 2025-07-25 set the deadline and 3Q effective target.* No subsequent closing confirmation before or after the deadline.

Commitment: July 11, 2025: Proceed with the Renergen scheme of arrangement effective in 3Q 2025, targeting >$300 million EBITDA by 2030.

❌ Not Met | Certainty: 85%

Analysis: The 3Q effectiveness did not occur; the long-term EBITDA target remains a projection.

Progress:* Earlier evidence from 2025-07-11 set 3Q effectiveness expectations.* No later evidence confirms effectiveness by end‑3Q.

Commitment: May 20, 2025: Secure irrevocable support from over 35% of Renergen shareholders and target closing in 3Q 2025.

🟡 Partially Met | Certainty: 90%

Analysis: Shareholder support was secured; the 3Q closing target was not met.

Progress:* Earlier evidence from 2025-05-20 confirms >35% support and a 3Q closing target.* No closing confirmation by 2025-10-11.

Cluster: Capital Markets and Listings

Commitment: September 02, 2025: Maintain JSE Main Board listing completed on August 27, 2025 to enhance liquidity, diversify the shareholder base, and access capital markets.

✅ On Track | Certainty: 95%

Analysis: JSE listing completion is affirmed; maintenance ongoing.

Progress:* A recent update from 2025-09-02 references the completed JSE listing (Aug 27, 2025).* Earlier evidence from 2025-08-26/08-08 confirms the listing date.

Commitment: August 26, 2025: List common stock on the JSE Main Board effective August 27, 2025 while retaining the primary Nasdaq listing.

✅ On Track | Certainty: 100%

Analysis: Listing execution confirmed.

Progress:* Earlier evidence from 2025-08-26 and 2025-08-08 confirms the Aug 27 listing.

Commitment: August 08, 2025: Confirm commencement of trading on the JSE on August 27, 2025, retaining the primary Nasdaq listing.

✅ On Track | Certainty: 100%

Analysis: Trading commencement occurred as planned.

Progress:* Earlier evidence from 2025-08-08 confirms Aug 27 trading start.

Commitment: July 23, 2025: Close an underwritten registered direct offering on or about July 25, 2025 to raise approximately $60 million in gross proceeds for general corporate purposes and capex.

🟡 Partially Met | Certainty: 70%

Analysis: Offering pricing and planned close were announced; closing confirmation is not present in the provided summaries.

Progress:* Earlier evidence from 2025-07-23 announces the offering and expected closing date.* No subsequent closing confirmation found.

Commitment: June 02, 2025: Close an underwritten registered direct offering on or about June 3, 2025 to raise approximately $50 million in gross proceeds for general corporate purposes (including Renergen bridge funding).

🟡 Partially Met | Certainty: 70%

Analysis: Pricing and expected closing disclosed; explicit closing confirmation is not included in the summaries.

Progress:* Earlier evidence from 2025-06-02 sets pricing and expected close.* No later document in the set confirms close.

Commitment: April 24, 2025: Propose a secondary JSE listing later in 2025 to enhance liquidity and diversify shareholders (superseded by the August 27, 2025 completion).

🌟 Exceeded Expectations | Certainty: 95%

Analysis: The proposal was executed successfully by Aug 27, 2025, surpassing proposal stage.

Progress:* Earlier evidence from 2025-04-24 proposes the listing.* A recent update from 2025-08-26/09-02 confirms completion, superseding the proposal.

Commitment: November 04, 2024: Close a public offering of common stock raising $18.6 million in gross proceeds.

✅ On Track | Certainty: 100%

Analysis: Closing and proceeds confirmed.

Progress:* Earlier evidence from 2024-11-04 confirms the $18.6m offering close.

Commitment: October 31, 2024: Announce a proposed underwritten public offering with a 15% over‑allotment option (superseded by the November 4, 2024 closing).

✅ On Track | Certainty: 100%

Analysis: Proposal culminated in the Nov 4 closing.

Progress:* Earlier evidence from 2024-10-31 announces the offering.* A recent update from 2024-11-04 confirms closing, superseding the proposal.

Cluster: Healthcare and Radiopharmaceutical Initiatives

Commitment: September 02, 2025: Dispense a record number of radiopharmaceutical doses at PET Labs in 2025, with SPECT authorization expected to increase 4Q deliveries.

✅ On Track | Certainty: 85%

Analysis: PET Labs obtained SPECT authorization and is on track for record doses.

Progress:* A recent update from 2025-09-02 notes record 2025 trajectory and SPECT authorization.

Commitment: September 02, 2025: Provide all treatments to children under 18 entirely free of charge as an ongoing PET Labs policy.

✅ On Track | Certainty: 90%

Analysis: Policy restated; no contrary updates.

Progress:* A recent update from 2025-09-02 confirms the policy.

Commitment: September 02, 2025: Advance IsoBio radiotherapeutics into the clinic and progress PET Labs biotech assets to human trials in 2026.

✅ On Track | Certainty: 75%

Analysis: Seed financing and development work are underway; 2026 trials remain forward-looking.

Progress:* Earlier evidence from 2025-07-28 confirms IsoBio financing and development toward trials.* A recent update from 2025-09-02 sets 2026 clinical timelines.

Commitment: July 28, 2025: Develop targeted radiotherapies at IsoBio using antibody‑isotope conjugates in collaboration with ASP Isotopes, advancing toward clinical trials.

✅ On Track | Certainty: 90%

Analysis: Seed round completed and development program articulated.

Progress:* Earlier evidence from 2025-07-28 details IsoBio’s AICs and collaboration with ASP Isotopes.

Commitment: June 04, 2025: Supply enriched Gadolinium‑160 to Isotopia from 2026 for four years (expected ≥$1 million per annum) to accelerate Terbium‑161 production for cancer therapies.

✅ On Track | Certainty: 90%

Analysis: Agreement executed with defined start date and minimum value.

Progress:* Earlier evidence from 2025-06-04 confirms the supply agreement and value.

Commitment: June 04, 2025: Pursue additional Gadolinium‑160 supply orders with other customers, expecting to sign agreements during 2025.

🟡 Partially Met | Certainty: 70%

Analysis: Intent and pursuit documented; no subsequent evidence of additional orders signed.

Progress:* Earlier evidence from 2025-06-04 states expectation to sign more orders during 2025.* No later confirmation found in the provided set.

Cluster: Leadership and Organizational Changes

Commitment: September 29, 2025: Founder Paul Mann takes a temporary leave from CEO duties and assumes the Executive Chairman role effective October 1, 2025 to provide strategic oversight during recovery.

✅ On Track | Certainty: 100%

Analysis: Effective date and role change confirmed.

Progress:* A recent update from 2025-09-29 confirms the transition.

Commitment: September 29, 2025: Appoint COO Robert Ainscow as Interim CEO effective October 1, 2025 to manage CEO reports and stakeholder communications.

✅ On Track | Certainty: 100%

Analysis: Appointment and responsibilities are documented.

Progress:* A recent update from 2025-09-29 confirms the appointment.

Commitment: September 29, 2025: Direct the Interim CEO to manage three enrichment plants, key customer/counterparty relationships, and supervise deal teams to complete transformative transactions.

✅ On Track | Certainty: 95%

Analysis: Role scope is specified in the announcement; execution is ongoing.

Progress:* A recent update from 2025-09-29 details the Interim CEO’s mandates.

Commitment: September 29, 2025: Deploy an experienced executive management team to support day‑to‑day operations and accelerate progress on strategic goals.

✅ On Track | Certainty: 90%

Analysis: The company states the team is in place to support operations.

Progress:* A recent update from 2025-09-29 describes the executive team deployment.

Commitment: September 29, 2025: Appoint Michael Cunniffe as QLE CFO effective October 1, 2025, while Heather Kiessling remains ASP Isotopes CFO.

✅ On Track | Certainty: 100%

Analysis: Appointments and roles confirmed.

Progress:* A recent update from 2025-09-29 confirms both CFO positions.

Commitment: September 08, 2025: Add nuclear industry veteran Ralph Hunter to the ASP Isotopes Board and QLE Board of Managers to bolster nuclear market and regulatory expertise.

✅ On Track | Certainty: 100%

Analysis: Appointment confirmed.

Progress:* A recent update from 2025-09-08 documents Ralph Hunter’s appointments.

Commitment: September 02, 2025: Continue expanding and strengthening senior management and the C‑suite across ASP Isotopes and QLE (headcount >170; >20% PhDs; 50% advanced degrees).

✅ On Track | Certainty: 90%

Analysis: Ongoing expansion reported; quantitative staffing profile disclosed.

Progress:* A recent update from 2025-09-02 cites headcount and qualifications.

Commitment: August 08, 2025: Grant restricted stock awards vesting over four years to incentivize and retain key executives and employees (400,000 shares to EVP; 30,000 shares to a new non‑executive employee).

🟡 Partially Met | Certainty: 60%

Analysis: The provided summaries do not include a standalone 2025-08-08 award announcement; earlier 2025-04-15 inducement awards are noted, but not the specific Aug 8 grants. Evidence is incomplete.

Progress:* Earlier evidence from 2025-04-15 references inducement awards (250,000 shares) to non-executive employees.* No direct 2025-08-08 award confirmation appears in the provided summaries; status uncertain.

Cluster: Strategic Positioning and Market Focus

Commitment: September 30, 2025: Establish ASP Isotopes as a leading supplier of advanced materials to the quantum computing industry.

🟡 Partially Met | Certainty: 75%

Analysis: PO for Barium‑137 and Si‑28 shipments support traction in quantum-related materials; “leading supplier” positioning remains aspirational.

Progress:* A recent update from 2025-09-30 confirms a Barium‑137 PO and strategic positioning statements.* Earlier evidence from 2025-03-27/08-26 shows Si‑28 production and shipments.

Commitment: September 30, 2025: Build a scalable, multi‑isotope, multi‑use, multi‑customer business model across quantum, semiconductors, AI, data centers, and other sectors.

✅ On Track | Certainty: 85%

Analysis: Multi-isotope operations (Si‑28, Yb‑176, C‑12/C‑14), new PO for Ba‑137, and facility expansions indicate scalable, diversified progress.

Progress:* A recent update from 2025-09-30 emphasizes multi-isotope, multi-customer strategy.* Earlier evidence from 2025-08-26/09-02 shows multiple isotopes in production and shipments.

Commitment: September 08, 2025: Advance the company’s technologies in the United States and globally, leveraging enhanced board expertise.

✅ On Track | Certainty: 85%

Analysis: Board enhancement plus the HyperGrid MOU signal U.S. advancement.

Progress:* A recent update from 2025-09-08 highlights board expertise to advance U.S./global efforts.* Earlier evidence from 2025-08-15 documents the U.S. HyperGrid MOU.

Commitment: May 20, 2025: Transition from development to commercial stage with production of Carbon‑14, Silicon‑28, and Ytterbium‑176 underway.

🟡 Partially Met | Certainty: 85%

Analysis: Si‑28 and Yb‑176 are in commercial production with shipments; C‑14 production started but mid‑2025 shipments slipped due to feedstock, and focus shifted to C‑12.

Progress:* Earlier evidence from 2025-02-26 confirms C‑14 production start.* A recent update from 2025-07-17 cites C‑14 feedstock delays and shift to C‑12; supersedes mid‑2025 C‑14 shipment plans.* Earlier evidence from 2025-03-27 and 2025-08-26 confirms Si‑28 production/shipments and Yb‑176 shipments.

Commitment: May 20, 2025: Increase research and development investment to support the development of future isotopes, with substantial increases expected.

✅ On Track | Certainty: 95%

Analysis: Reported R&D spend increased materially in Q1 2025, consistent with stated intent.

Progress:* Earlier evidence from 2025-05-20 (MD&A) shows R&D expenses surged, supporting future isotope development.