ASPI

Investor Engagement and Transparency

Cluster Description

Commitments to proactively engage investors via access events, facility tours, and recurring updates; October 2025 updates supersede earlier November 2025 event details.

Commitments

• 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.
• October 10, 2025: Potentially add a November 14, 2025 site visit to the Renergen Virginia Gas Project, subject to sufficient attendee interest.
• October 10, 2025: Require attendees to submit passport copies by October 21, 2025 to secure facility clearances.
• October 10, 2025: Open investor registration for the event, subject to availability and company acceptance.
• October 10, 2025: Provide access to three enrichment facilities and PET Labs with presentations and Q&A during the event.
• October 10, 2025: Clarify that investors will cover their own flights and hotel expenses for the event.
• September 29, 2025: Commence quarterly online business updates and investor Q&A beginning November 2025 (date TBC).
• September 29, 2025: Host an Institutional Investor Access Event on November 12–13, 2025 (updated on October 10 to November 11–13).
• 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).
• August 26, 2025: Maintain transparency and investor access by regularly hosting stakeholders at company facilities.
• December 16, 2024: Host an Investor Access Event on January 14–16, 2025 to deepen stakeholder engagement.
• December 02, 2024: Announce an Investor Access Event for January 14–16, 2025 to promote transparency and facility access.

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

Cluster Description

Commitments to produce, ship, and expand capacity for key stable/industrial isotopes; newer capacity/timeline updates supersede earlier expectations where noted.

Commitments

• September 30, 2025: Deliver enriched Barium-137 to a U.S. customer under a purchase order in Q1 2026.
• September 02, 2025: Ship samples and fulfill demand for Ytterbium-176 and Silicon-28 with $50–$70 million potential revenues during 2026–2027.
• 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.
• September 02, 2025: Procure equipment and begin constructing four new laser production plants starting in Q1 2026.
• 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).
• 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%).
• August 26, 2025: Operate commercial production of Silicon‑28 and ship first samples in August 2025.
• 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).
• July 17, 2025: Ship commercial samples of Ytterbium‑176 in August 2025 and transition to semi‑continuous processing targeting 1 kg per annum.
• July 17, 2025: Supply first commercial Carbon‑12 in August 2025 as demand meaningfully exceeds Carbon‑14.
• June 04, 2025: Provide enriched Gadolinium‑160 to Isotopia from 2026 for four years (expected ≥$1 million per annum) to enable Terbium‑161 production.
• March 27, 2025: Start commercial production of Silicon‑28 and expand supply agreements over the next six months to serve kilogram‑scale demand.
• 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).
• 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).

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

Cluster Description

Commitments to build and supply HALEU via South African and U.S. facilities, underpinned by TerraPower agreements; May 2025 definitive agreements override the October 2024 term sheet.

Commitments

• September 08, 2025: Apply demonstrated enrichment technologies to produce HALEU for next‑generation reactors, leveraging added board expertise.
• 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.
• 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.
• 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.
• August 15, 2025: Advance discussions with the UK government to construct an advanced nuclear fuel facility in the UK.
• 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.
• 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.
• 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).
• May 20, 2025: Explore opportunities with TerraPower to develop additional U.S. uranium enrichment facilities to expand domestic capacity.
• 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).
• 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).

Quantum Leap Energy (QLE) Spin-Out and Leadership

Cluster Description

Commitments to separate the nuclear fuels business as an independent public company and build its leadership team; later announcements refine timelines and appointments.

Commitments

• 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).
• 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).
• August 26, 2025: Initiate the spin‑out of QLE as a standalone public company during the second half of 2025.
• August 15, 2025: Intend to spin out QLE as a separate NASDAQ‑listed public company in Q4 2025.
• July 17, 2025: Continue to expect the QLE spin‑out targeted for October 2025, subject to regulatory clearances.
• June 11, 2025: Appoint Dr. Ryno Pretorius as QLE CEO to build leadership ahead of a 2H 2025 spin‑out.
• May 29, 2025: Plan to spin out QLE in 2H 2025 to enable independent focus and financing for nuclear fuels.
• April 15, 2025: Pursue separation of QLE (nuclear fuels) and specialist isotope businesses into two independent companies in 2H 2025.
• March 10, 2025: Plan to spin out QLE as a separate public company with an equity distribution to ASP Isotopes stockholders (subject to approvals).

Renergen Acquisition and Integration

Cluster Description

Commitments to close and integrate the Renergen acquisition with targeted 2026 accretion and 2030 EBITDA goals; later statements reaffirm and refine expectations as approvals progress.

Commitments

• 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).
• 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.
• September 02, 2025: Anticipate the transaction to be highly accretive to revenue, EBITDA, EPS, and cash flow per share in 2026.
• September 02, 2025: Target over $300 million in EBITDA for the combined group by 2030.
• August 26, 2025: Anticipate closing the Renergen acquisition during 3Q 2025, subject to approvals and consents.
• August 08, 2025: Reiterate 3Q 2025 closing expectation and synergies beginning in 2026 to enhance financial metrics.
• 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).
• July 11, 2025: Proceed with the Renergen scheme of arrangement effective in 3Q 2025, targeting >$300 million EBITDA by 2030.
• May 20, 2025: Secure irrevocable support from over 35% of Renergen shareholders and target closing in 3Q 2025.

Capital Markets and Listings

Cluster Description

Commitments related to listings and financings to support growth; later items confirm completion and supersede earlier proposals.

Commitments

• September 02, 2025: Maintain JSE Main Board listing completed on August 27, 2025 to enhance liquidity, diversify the shareholder base, and access capital markets.
• August 26, 2025: List common stock on the JSE Main Board effective August 27, 2025 while retaining the primary Nasdaq listing.
• August 08, 2025: Confirm commencement of trading on the JSE on August 27, 2025, retaining the primary Nasdaq listing.
• 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.
• 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).
• April 24, 2025: Propose a secondary JSE listing later in 2025 to enhance liquidity and diversify shareholders (superseded by the August 27, 2025 completion).
• November 04, 2024: Close a public offering of common stock raising $18.6 million in gross proceeds.
• October 31, 2024: Announce a proposed underwritten public offering with a 15% over‑allotment option (superseded by the November 4, 2024 closing).

Healthcare and Radiopharmaceutical Initiatives

Cluster Description

Commitments to strengthen radiopharmaceutical supply chains and clinical pipelines through PET Labs operations, IsoBio development, and isotope supply partnerships.

Commitments

• September 02, 2025: Dispense a record number of radiopharmaceutical doses at PET Labs in 2025, with SPECT authorization expected to increase 4Q deliveries.
• September 02, 2025: Provide all treatments to children under 18 entirely free of charge as an ongoing PET Labs policy.
• September 02, 2025: Advance IsoBio radiotherapeutics into the clinic and progress PET Labs biotech assets to human trials in 2026.
• July 28, 2025: Develop targeted radiotherapies at IsoBio using antibody‑isotope conjugates in collaboration with ASP Isotopes, advancing toward clinical trials.
• 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.
• June 04, 2025: Pursue additional Gadolinium‑160 supply orders with other customers, expecting to sign agreements during 2025.

Leadership and Organizational Changes

Cluster Description

Commitments to ensure leadership continuity and strengthen governance during a transition period, including board and executive appointments and retention initiatives.

Commitments

• 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.
• September 29, 2025: Appoint COO Robert Ainscow as Interim CEO effective October 1, 2025 to manage CEO reports and stakeholder communications.
• September 29, 2025: Direct the Interim CEO to manage three enrichment plants, key customer/counterparty relationships, and supervise deal teams to complete transformative transactions.
• September 29, 2025: Deploy an experienced executive management team to support day‑to‑day operations and accelerate progress on strategic goals.
• September 29, 2025: Appoint Michael Cunniffe as QLE CFO effective October 1, 2025, while Heather Kiessling remains ASP Isotopes CFO.
• 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.
• 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).
• 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).

Strategic Positioning and Market Focus

Cluster Description

High‑level strategic aims to position the company across priority markets and technologies, complementing operational commitments.

Commitments

• September 30, 2025: Establish ASP Isotopes as a leading supplier of advanced materials to the quantum computing industry.
• September 30, 2025: Build a scalable, multi‑isotope, multi‑use, multi‑customer business model across quantum, semiconductors, AI, data centers, and other sectors.
• September 08, 2025: Advance the company’s technologies in the United States and globally, leveraging enhanced board expertise.
• May 20, 2025: Transition from development to commercial stage with production of Carbon‑14, Silicon‑28, and Ytterbium‑176 underway.
• May 20, 2025: Increase research and development investment to support the development of future isotopes, with substantial increases expected.