ASPI

Cluster: Stable Isotopes Production and Shipments

Commitment: September 02, 2025: Ship samples and fulfill indicated customer demand for Yb‑176 and Si‑28, confirming first shipments and targeting $50–$70 million of potential revenues during 2026–2027, which supersedes earlier shipment expectations.

✅ On Track | Certainty: 90%

Analysis: First shipments of Yb‑176 and Si‑28 are confirmed. Revenue guidance for 2026–2027 is forward‑looking but consistent with current shipment status. The September 02, 2025 update supersedes earlier expectations.

Progress:* A recent update from 2025-09-02 confirmed first samples of Yb‑176 and Si‑28 were shipped and cited $50–$70 million of potential 2026–2027 revenues (supersedes earlier expectations).* Earlier evidence from 2025-08-26 noted Si‑28 samples shipped in August 2025 and Yb‑176 final-product shipments expected in late August 2025; the 2025-09-02 confirmation updates and confirms shipment status.

Commitment: September 02, 2025: Commenced procurement of critical long lead‑time components for four laser plants to enrich Gd‑160, Zn‑68 and Ni‑64 in response to customer demand.

✅ On Track | Certainty: 95%

Analysis: Procurement initiation is explicitly stated and aligns with expansion plans; no contradictory evidence.

Progress:* A recent update from 2025-09-02 stated procurement started for long lead-time equipment to build four new laser production plants for Gd‑160, Zn‑68, Ni‑64 (and Li‑6/7).

Commitment: August 26, 2025: Operated commercial production of Si‑28 and supplied customers with first samples shipped in August 2025, updated by the September 02, 2025 letter confirming shipments.

🌟 Exceeded Expectations | Certainty: 95%

Analysis: Commercial production and shipments occurred as planned; later confirmation strengthens evidence. Capacity enhancements also reported in July.

Progress:* A recent update from 2025-09-02 confirmed first Si‑28 shipments, superseding earlier “expected” language.* Earlier evidence from 2025-08-26 reported first Si‑28 samples shipped in August 2025.

Commitment: August 26, 2025: Enriched the first batch of final Yb‑176 product and prepared to ship commercial samples shortly thereafter following intermediate enrichment to 92.4%, which was superseded by the September 02, 2025 confirmation of shipments.

✅ On Track | Certainty: 95%

Analysis: Initial production milestone and shipment readiness were followed by confirmed shipments on September 2, 2025.

Progress:* A recent update from 2025-09-02 confirmed first Yb‑176 shipments, superseding earlier expectations.* Earlier evidence from 2025-08-26 noted final batch enrichment and imminent shipments following 92.4% intermediate enrichment.

Commitment: July 17, 2025: Commenced commercial Si‑28 production, expecting August 2025 shipments with annual capacity greater than 80 kg at 99.995% enrichment, updating previous capacity guidance.

✅ On Track | Certainty: 95%

Analysis: August shipments were confirmed; capacity guidance (>80 kg at 99.995%) was affirmed in July and supported by subsequent shipment confirmation.

Progress:* A recent update from 2025-09-02 confirmed shipments, validating the August shipment target.* Earlier evidence from 2025-07-17 increased Si‑28 capacity guidance to >80 kg at 99.995% and targeted August shipments.

Commitment: July 17, 2025: Commenced commercial Yb‑176 production with August 2025 sample shipments and a targeted 1 kg per annum run‑rate via semi‑continuous processing.

🟡 Partially Met | Certainty: 80%

Analysis: August shipments were confirmed in early September, but achieving the 1 kg/annum semi‑continuous run‑rate has not yet been evidenced.

Progress:* A recent update from 2025-09-02 confirmed first Yb‑176 shipments (shipment milestone met).* Earlier evidence from 2025-07-17 set the 1 kg/yr semi‑continuous run‑rate target; no later confirmation of run‑rate achieved.

Commitment: July 17, 2025: Enriched Carbon‑12 to 99.99% with first commercial supply expected in August 2025 as demand outstrips Carbon‑14.

🟡 Partially Met | Certainty: 75%

Analysis: Enrichment achievement is supported; initial supply timing slipped from August to September guidance. No confirmation of shipment completion as of September 2.

Progress:* A recent update from 2025-08-26 indicated first commercial Carbon‑12 supply expected in September 2025 (updates and slightly delays August expectation).* Earlier evidence from 2025-07-17 reported 99.99% enrichment with August supply expected.

Commitment: June 04, 2025: Provide enriched Gd‑160 to Isotopia under a four‑year supply agreement beginning in 2026 with a minimum $1 million per annum to accelerate Tb‑161 production.

✅ On Track | Certainty: 90%

Analysis: Binding supply agreement in place; 2026 start date aligns with current plant build‑out and procurement activities.

Progress:* Earlier evidence from 2025-06-04 announced the four‑year Gd‑160 supply agreement starting in 2026 with minimum $1m per year; later updates on capacity expansion (2025-09-02) support readiness.

Commitment: February 26, 2025: Commenced commercial production of enriched Carbon‑14 with shipments expected mid‑2025 under a multi‑year take‑or‑pay contract with minimum $2.4 million per annum.

❌ Not Met | Certainty: 80%

Analysis: While production commenced, mid‑2025 C‑14 shipment timing was missed due to feedstock delays and a pivot to C‑12; no later confirmation of C‑14 shipments by early September.

Progress:* A recent update from 2025-08-26 guided first Carbon‑12 supply for September 2025, indicating focus shift; no C‑14 shipment confirmation.* Earlier evidence from 2025-07-17 cited C‑14 plant delays due to insufficient feedstock and concurrent C‑12 enrichment.* Earlier evidence from 2025-02-26 targeted mid‑2025 C‑14 shipments; this has been superseded by later updates indicating delays.

Cluster: Advanced Nuclear Fuels (HALEU and Lithium) and QLE Facilities

Commitment: September 02, 2025: Establish a HALEU production facility with the goal to be operational during 2027, subject to permits and licenses.

✅ On Track | Certainty: 88%

Analysis: Multiple reinforcing updates (TerraPower agreements/loan, facility design of ~15 MTU/yr) indicate progress toward 2027 start, pending permitting.

Progress:* A recent update from 2025-09-02 reiterated a 2027 operational target (subject to permits).* Earlier evidence from 2025-05-19 confirmed TerraPower loan and 2027 initial production design (approx. 15 MTU HALEU).

Commitment: September 02, 2025: Bring the first Lithium‑6 production plant into operation during 2026, contingent on permits and licenses.

🟡 Partially Met | Certainty: 82%

Analysis: Procurement of long lead-time components has started; permitting and construction remain ahead.

Progress:* A recent update from 2025-09-02 began procurement for Li‑6/7 enrichment laser plants and targeted 2026 operation (contingent).* Earlier evidence from 2025-08-15 established the Texas JV MOU providing a U.S. base to support Li plans.

Commitment: September 02, 2025: Start construction of critical materials plants in the USA during 2026 at the HyperGrid Campus in Amarillo, Texas under the Fermi America MOU.

✅ On Track | Certainty: 80%

Analysis: The Texas JV MOU and site plan are in place; construction is scheduled for 2026 with no contradictory updates.

Progress:* A recent update from 2025-09-02 set 2026 construction timing at HyperGrid.* Earlier evidence from 2025-08-15 detailed the JV MOU with Fermi America and HyperGrid site plans.

Commitment: September 02, 2025: Commenced procurement of critical long lead‑time components for Li‑6/7 enrichment laser plants.

✅ On Track | Certainty: 95%

Analysis: Explicit procurement start reported; aligns with 2026 Li‑6 operation target.

Progress:* A recent update from 2025-09-02 confirmed procurement commencement for Li‑6/7 enrichment plants.

Commitment: August 15, 2025: QLE and Fermi America signed an MOU to form a Texas JV to R&D and construct an advanced nuclear fuel enrichment facility capable of producing large quantities of HALEU including conversion/deconversion and fuel assembly fabrication.

✅ On Track | Certainty: 95%

Analysis: MOU executed; subsequent updates reference the JV for 2026 construction plans.

Progress:* Earlier evidence from 2025-08-15 announced the JV MOU; later 2025-09-02 planning references this JV (consistent, no changes).

Commitment: August 15, 2025: Confirmed two TerraPower HALEU supply agreements—initial core supply targeting 2027/28 and a 10‑year agreement for up to 150 metric tons from 2028 through 2037.

✅ On Track | Certainty: 95%

Analysis: Agreements consistent with May definitive agreements/loan; supports 2027/28 delivery timelines.

Progress:* Earlier evidence from 2025-08-15 confirmed two TerraPower agreements (initial core 2027/28; 10‑year up to 150 MT from 2028–2037).* Earlier evidence from 2025-05-19 detailed the TerraPower loan and long‑term supply framework; the August confirmation reinforces.

Commitment: August 15, 2025: QLE to enter the U.S. nuclear fuel services market and scale “as quickly as possible” to reduce industry bottlenecks from its Texas base.

✅ On Track | Certainty: 85%

Analysis: MOU, site selection, and procurement steps demonstrate concrete progress toward U.S. entry and scaling.

Progress:* Earlier evidence from 2025-08-15 set the intent and Texas base.* A recent update from 2025-09-02 noted 2026 U.S. construction plans and procurement underway, supporting rapid scale‑up.

Commitment: August 15, 2025: ASPI/QLE are in discussions with the UK government regarding construction of an advanced nuclear fuel facility in the UK.

✅ On Track | Certainty: 75%

Analysis: Discussions acknowledged; no adverse updates. Progress remains at engagement stage.

Progress:* Earlier evidence from 2025-08-15 confirmed discussions with the UK government; no later updates altering status.

Commitment: June 11, 2025: Prepared to support approximately 3,000 metric tons of HALEU demand by 2035 as part of long‑term market positioning.

✅ On Track | Certainty: 80%

Analysis: Strategic positioning supported by TerraPower agreements, JV MOU, and facility planning.

Progress:* Earlier evidence from 2025-06-11 established the 3,000 MT by 2035 readiness; subsequent August–September updates are consistent with scaling plans.

Commitment: May 19, 2025: Commit to construct a Pelindaba uranium enrichment facility designed for approximately 15 metric tons of HALEU annually with initial production in 2027, subject to permits.

✅ On Track | Certainty: 85%

Analysis: TerraPower loan/supply agreements and repeated 2027 targets align; permitting remains a dependency.

Progress:* Earlier evidence from 2025-05-19 detailed the Pelindaba facility design (~15 MTU) with 2027 initial production; later updates (2025-09-02) maintain 2027 timing.

Cluster: QLE Corporate Actions and Leadership

Commitment: September 02, 2025: QLE to pursue a public listing targeting Q4 2025, superseding earlier generic 2H25 spin‑out guidance.

✅ On Track | Certainty: 90%

Analysis: IPO timing narrowed to Q4 2025; leadership build‑out underway. This supersedes earlier 2H25 guidance.

Progress:* A recent update from 2025-09-02 set the Q4 2025 listing target (supersedes 2H25 guidance).* Earlier evidence from 2025-08-26 anticipated initiating the spin‑out in 2H 2025.

Commitment: September 02, 2025: Hire a CFO for QLE commencing October 01, 2025 to strengthen finance leadership ahead of the IPO.

🟡 Partially Met | Certainty: 75%

Analysis: Hiring plan and start date are stated; commencement is imminent but not yet evidenced as completed.

Progress:* A recent update from 2025-09-02 announced the CFO hire with a 2025-10-01 start date.

Commitment: September 02, 2025: Expand QLE senior leadership and expedite permitting and licensing of nuclear fuel plants in three jurisdictions following the May 2025 CEO appointment.

✅ On Track | Certainty: 85%

Analysis: Leadership expansion and permitting focus are consistent with prior CEO appointment and JV activities.

Progress:* A recent update from 2025-09-02 reported leadership expansion and accelerated permitting/licensing efforts.* Earlier evidence from 2025-06-11 confirmed Dr. Ryno Pretorius as CEO to lead the spin‑out and fuels strategy.

Commitment: August 26, 2025: Initiate the spin‑out of QLE as a standalone public company during 2H 2025, updated by the September 02, 2025 IPO timing.

✅ On Track | Certainty: 95%

Analysis: The later 2025-09-02 update specifies Q4 2025 listing, superseding general 2H25 guidance.

Progress:* A recent update from 2025-09-02 targeted Q4 2025 IPO (supersedes “2H 2025”).* Earlier evidence from 2025-08-26 indicated 2H 2025 spin‑out initiation.

Commitment: June 11, 2025: Appointed Dr. Ryno Pretorius as CEO of QLE to lead the spin‑out and nuclear fuels strategy.

✅ On Track | Certainty: 98%

Analysis: Appointment completed and repeatedly referenced; central to execution.

Progress:* Earlier evidence from 2025-06-11 announced Dr. Pretorius as CEO; subsequent documents rely on his leadership.

Commitment: April 15, 2025: Pursue the separation of QLE and the specialist isotope business into two public companies targeted for 2H 2025, subject to approvals.

✅ On Track | Certainty: 90%

Analysis: The 2025-09-02 Q4 2025 listing target refines and supersedes this broader 2H25 timeline.

Progress:* A recent update from 2025-09-02 narrowed the listing window to Q4 2025 (supersedes earlier 2H25 target).* Earlier evidence from 2025-04-15 announced the separation plan and 2H25 target.

Cluster: Renergen Acquisition and Integration

Commitment: September 02, 2025: Expect to complete the Renergen merger in 3Q 2025 with one regulatory approval pending.

✅ On Track | Certainty: 87%

Analysis: Shareholder approvals are secured; competition authority approval obtained; one regulatory approval remains pending as of Sept 2.

Progress:* A recent update from 2025-09-02 reaffirmed 3Q 2025 close with one approval outstanding.* Earlier evidence from 2025-07-25 noted SA Competition Commission approval and targeted effectiveness by 3Q 2025 with a 2025-09-30 deadline.

Commitment: September 02, 2025: Renergen expected to deliver at least $20 million in revenues and be cash‑flow positive in 2026 enabled by bridge funding and accelerated activity.

🟡 Partially Met | Certainty: 78%

Analysis: Forward‑looking targets supported by bridge funding; integration not yet complete. No conflicting evidence.

Progress:* A recent update from 2025-09-02 provided the $20m revenue and cash‑flow positive 2026 expectation.* Earlier evidence from 2025-06-02 indicated offering proceeds would fund Renergen via a bridge loan, enabling progress pre‑close.

Commitment: September 02, 2025: The Renergen transaction is expected to be highly accretive in 2026 to revenue, EBITDA, EPS and cash flow per share.

🟡 Partially Met | Certainty: 78%

Analysis: Accretion is projected post‑close; consistent with prior disclosures; realization depends on timely close and ramp.

Progress:* A recent update from 2025-09-02 reiterated 2026 accretion.* Earlier evidence from 2025-08-08 and 2025-07-25 made the same accretion claims, consistent across updates.

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

✅ On Track | Certainty: 75%

Analysis: Long‑term target consistently repeated; contingent on integration and scaling.

Progress:* A recent update from 2025-09-02 reiterated the >$300m 2030 EBITDA target.* Earlier evidence from 2025-08-08 and 2025-07-25 stated the same goal; no contrary updates.

Commitment: July 25, 2025: Acquisition expected to become effective in 3Q 2025 with a final deadline for regulatory conditions by September 30, 2025.

✅ On Track | Certainty: 85%

Analysis: Timeline remains aligned; 2025-09-02 update confirms close still expected in 3Q 2025.

Progress:* A recent update from 2025-09-02 reaffirmed 3Q close (supersedes earlier “expected” with current status).* Earlier evidence from 2025-07-25 provided the regulatory deadline and 3Q timeline.

Commitment: June 02, 2025: Use of offering proceeds includes funding disbursements to Renergen under a bridge loan agreement to maintain project momentum ahead of closing.

✅ On Track | Certainty: 85%

Analysis: Later updates reference bridge funding enabling activity, implying execution of planned disbursements.

Progress:* A recent update from 2025-09-02 linked Renergen’s 2026 outlook to bridge funding and accelerated activity.* Earlier evidence from 2025-06-02 specified use of proceeds for Renergen bridge loan.

Commitment: May 20, 2025: Entered into an agreement for the potential acquisition of Renergen with over 35% shareholder support and retention of Renergen’s management team upon closing.

✅ On Track | Certainty: 90%

Analysis: Agreement executed; subsequent shareholder approval reached 99.8%, strengthening transaction momentum.

Progress:* Earlier evidence from 2025-07-11 reported 99.8% shareholder approval for the scheme, exceeding initial support.* Earlier evidence from 2025-05-20 announced the transaction agreement with >35% support.

Cluster: Listings, Investor Relations, and Ownership

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

✅ On Track | Certainty: 95%

Analysis: Listing completion is confirmed; strategic intent to leverage the listing is forward‑looking.

Progress:* A recent update from 2025-09-02 confirmed JSE listing occurred on 2025-08-27.* Earlier evidence from 2025-08-08 also noted JSE approval and 2025-08-27 start; the 2025-09-02 update confirms completion.

Commitment: September 02, 2025: Host investor access events with the next on November 12–13, 2025 and begin quarterly online investor presentations and Q&A starting November.

🟡 Partially Met | Certainty: 75%

Analysis: Events are scheduled; prior investor access activity suggests execution capability, but November events are still future.

Progress:* A recent update from 2025-09-02 set November events and quarterly online sessions.* Earlier evidence from 2025-08-26 and 2025-01-13 documented active investor events, supporting execution track record.

Commitment: September 02, 2025: Maintain high institutional and insider ownership at 74.3% alongside sustained transparency and stakeholder engagement.

✅ On Track | Certainty: 90%

Analysis: Ownership level is reported; ongoing commitment to engagement aligns with repeated investor access events.

Progress:* A recent update from 2025-09-02 stated 74.3% institutional + insider ownership and ongoing engagement.

Commitment: August 26, 2025: Secondary JSE listing expected to take effect on August 27, 2025, which was superseded by the September 02, 2025 confirmation of completion.

🌟 Exceeded Expectations | Certainty: 95%

Analysis: Expectation was fulfilled and later confirmed as completed.

Progress:* A recent update from 2025-09-02 confirmed completion, superseding earlier “expected” status.* Earlier evidence from 2025-08-26 set the 2025-08-27 expectation.

Commitment: August 26, 2025: Maintain transparency and regularly host investors and stakeholders at company facilities.

✅ On Track | Certainty: 95%

Analysis: Multiple investor access events in 2025 corroborate this ongoing practice.

Progress:* Earlier evidence from 2025-08-26 referenced an investor access event.* Earlier evidence from 2025-01-13 and 2024-12-02 detailed investor events and facility tours.

Commitment: August 26, 2025: Retain the primary Nasdaq listing while adding the JSE secondary listing.

✅ On Track | Certainty: 95%

Analysis: Confirmed that Nasdaq remains primary while JSE has been added.

Progress:* Earlier evidence from 2025-08-26 stated Nasdaq remains primary and JSE to be secondary; 2025-09-02 confirmed JSE listing completion.

Commitment: April 24, 2025: Proposed JSE secondary listing expected later in 2025, which was superseded by the August 27, 2025 listing completion.

🌟 Exceeded Expectations | Certainty: 95%

Analysis: Proposal progressed to completion within 2025.

Progress:* A recent update from 2025-09-02 confirmed listing on 2025-08-27, superseding the April proposal.* Earlier evidence from 2025-04-24 announced the proposed secondary listing later in 2025.

Cluster: Radiopharma and Biotech Initiatives (IsoBio and PET Labs)

Commitment: September 02, 2025: PET Labs to dispense a record number of radiopharmaceutical doses in 2025, supported by a second cyclotron and SPECT authorization expected to increase deliveries in 4Q 2025.

✅ On Track | Certainty: 90%

Analysis: Operational expansion (second cyclotron, SPECT authorization) and “on track” language support achieving a record year.

Progress:* A recent update from 2025-09-02 said PET Labs is on track for record 2025 doses, citing second cyclotron and SPECT authorization.

Commitment: September 02, 2025: Provide all treatments to children under 18 entirely free of charge on an ongoing basis in South Africa.

✅ On Track | Certainty: 75%

Analysis: Policy commitment stated; no contradictory evidence, though external verification not provided.

Progress:* A recent update from 2025-09-02 announced the ongoing free‑of‑charge policy for under‑18s.

Commitment: September 02, 2025: Advance IsoBio’s radiotherapeutic pipeline into the clinic and progress PET Labs biotech assets to human trials, with PET Labs biotech targeted for 2026.

🟡 Partially Met | Certainty: 80%

Analysis: Seed financing completed and collaboration framework in place; clinical entry remains forward‑looking.

Progress:* A recent update from 2025-09-02 set clinic/human‑trial targets (PET Labs biotech 2026).* Earlier evidence from 2025-07-28 confirmed IsoBio’s seed financing and plan to advance into clinical trials with ASPI/PET Labs support.

Commitment: July 28, 2025: IsoBio to develop targeted radiotherapies using monoclonal antibodies paired with novel isotopes and advance into clinical trials in collaboration with ASP Isotopes.

✅ On Track | Certainty: 85%

Analysis: Financing and partnerships support development path; clinical initiation pending.

Progress:* Earlier evidence from 2025-07-28 reported IsoBio’s seed round and intent to advance into clinical trials.* A recent update from 2025-09-02 reiterated pipeline advancement toward the clinic.

Commitment: June 04, 2025: Supply enriched Gd‑160 to Isotopia from 2026–2030 with a minimum of $1 million per year to accelerate Tb‑161 production.

✅ On Track | Certainty: 90%

Analysis: Contract terms established; aligns with broader isotope production expansion.

Progress:* Earlier evidence from 2025-06-04 announced the 2026–2030 Gd‑160 supply agreement (min $1m/yr); later procurement (2025-09-02) supports readiness.

Commitment: June 04, 2025: Pursue additional Gd‑160 orders expected to be signed during 2025 to broaden radiopharma customer coverage.

🟡 Partially Met | Certainty: 70%

Analysis: Active pursuit was stated; as of early September, no additional signed orders have been reported publicly.

Progress:* Earlier evidence from 2025-06-04 indicated expectation of additional Gd‑160 orders in 2025; no subsequent confirmation yet (status pending).

Cluster: Capital, Financing, and Incentives

Commitment: August 08, 2025: Granted restricted stock awards vesting over four years to incentivize and retain key executives and a new employee.

✅ On Track | Certainty: 72%

Analysis: Corporate action reported; no conflicting updates, though limited corroboration in summaries.

Progress:* Earlier evidence from 2025-08-08 (corporate actions) aligns with ongoing incentive grants; no later contradiction.

Commitment: July 23, 2025: Use approximately $60 million in gross proceeds from an underwritten registered direct offering for general corporate purposes including working capital, operating expenses, and capital expenditures.

✅ On Track | Certainty: 95%

Analysis: Offering announced with stated use of proceeds; consistent with subsequent operational scaling and bridge funding references.

Progress:* Earlier evidence from 2025-07-23 detailed the $60m offering and uses; later updates imply deployment toward growth initiatives.

Commitment: June 02, 2025: Use approximately $50 million in gross proceeds from an underwritten registered direct offering for general corporate purposes including working capital, operating expenses, and capital expenditures.

✅ On Track | Certainty: 95%

Analysis: Offering priced and closed around June 3; proceeds earmarked and referenced for bridge loan to Renergen.

Progress:* Earlier evidence from 2025-06-02 priced the $50m offering and specified uses, including a Renergen bridge loan.

Commitment: November 04, 2024: Closed a public offering raising $18.6 million in gross proceeds under a shelf registration.

✅ On Track | Certainty: 95%

Analysis: Completed financing; supports capital base for 2025 activities.

Progress:* Earlier evidence from 2025-11-04 (2024 close) confirmed $18.6m gross proceeds.

Commitment: October 31, 2024: Commenced a proposed underwritten public offering with a 15% over‑allotment option subject to market conditions.

🌟 Exceeded Expectations | Certainty: 95%

Analysis: The proposal culminated in the November 4, 2024 closing, fulfilling and surpassing the initiation step.

Progress:* Earlier evidence from 2024-10-31 announced the proposed offering.* A recent update from 2024-11-04 confirmed closing and full exercise of the underwriter’s option, superseding the proposal.

Cluster: Organizational Scaling and Capacity Expansion

Commitment: September 02, 2025: Procure long lead‑time equipment and construct four new laser production plants with construction starting in Q1 2026.

✅ On Track | Certainty: 95%

Analysis: Procurement has commenced; construction start is scheduled for Q1 2026 with no contrary updates.

Progress:* A recent update from 2025-09-02 confirmed procurement start and Q1 2026 construction timing.

Commitment: September 02, 2025: Transition from R&D to a commercial organization and accelerate industrialization over the next five years to maximize production volumes and revenues.

✅ On Track | Certainty: 85%

Analysis: Multiple plants are operational with shipments underway; new plant builds and leadership expansion support industrialization.

Progress:* A recent update from 2025-09-02 described the transition and five‑year industrialization plan.* Earlier evidence from 2025-08-26 and 2025-07-17 documented commercial production and shipments of Si‑28 and Yb‑176.

Commitment: September 02, 2025: Develop a standalone enrichment and production facility for stable isotopes such as Si‑28, Ge‑70, and Xe‑129 alongside complementary energy/data infrastructure.

✅ On Track | Certainty: 85%

Analysis: U.S. site plans at HyperGrid include an ASPI‑owned enrichment research and production facility for stable isotopes, consistent with this goal.

Progress:* Earlier evidence from 2025-08-15 indicated ASPI will enter a separate lease to develop a 100% ASPI‑owned stable isotope facility at HyperGrid; 2025-09-02 reiterated broader facility development plans.

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

✅ On Track | Certainty: 90%

Analysis: Headcount and leadership expansion are explicitly reported; aligns with QLE corporate build‑out.

Progress:* A recent update from 2025-09-02 cited headcount (>170) and leadership expansion.* Earlier evidence from 2025-06-11 and 2025-04-15 described key leadership appointments and board changes.

Commitment: March 10, 2025: Increase R&D expenses substantially for the foreseeable future to support development of future isotopes.

✅ On Track | Certainty: 95%

Analysis: Reported R&D expense surge in Q1 2025 and ongoing development efforts substantiate this commitment.

Progress:* Earlier evidence from 2025-05-20 (Q1 MD&A) reported substantial increases in R&D expenses, consistent with continued scaling and development plans.