ASPI

Leadership and Governance

Cluster Description

Executive transitions, board strengthening, and management capacity building to support strategy execution; later announcements update and supersede earlier interim arrangements.

Commitments

• December 02, 2025: Paul Mann will resume full CEO duties on January 19, 2026 while continuing as Executive Chairman, superseding the interim leadership structure announced on September 29, 2025.
• September 29, 2025: Robert Ainscow, COO, was appointed Interim CEO effective October 1, 2025 to oversee day-to-day operations during Mr. Mann’s medical leave.
• September 29, 2025: The company committed to a strengthened executive team to accelerate execution on well-defined strategic priorities.
• September 29, 2025: Michael Cunniffe was appointed CFO of QLE effective October 1, 2025 to prepare for a public listing.
• September 08, 2025: Industry veteran Ralph Hunter joined the boards of ASPI and QLE to help advance the company’s technologies in the U.S. and globally.
• September 08, 2025: The company reiterated plans to apply its enrichment technologies to produce HALEU for next‑generation reactors.
• June 11, 2025: Dr. Ryno Pretorius was appointed CEO of QLE to build out leadership ahead of the spin‑out.

Capital Markets and Financing

Cluster Description

Equity and debt financings, secondary listing, and QLE IPO readiness; later events supersede earlier proposals where applicable.

Commitments

• November 12, 2025: QLE confidentially submitted a draft S‑1 to the SEC for a proposed IPO, progressing the spin‑out plan.
• November 07, 2025: QLE commenced a private placement of US$64.3 million convertible notes (initial closing around November 10, 2025) with conversion mechanics tied to future equity events and a five‑year maturity.
• November 07, 2025: QLE noted potential subsequent closings for additional Regulation S issuances to non‑U.S. investors.
• October 15, 2025: ASPI priced an underwritten public offering of 17,167,380 shares for approximately $210.3 million in gross proceeds (closing expected October 16, 2025), superseding the October 14, 2025 proposed offering announcement.
• October 14, 2025: ASPI announced commencement of an underwritten public offering pursuant to an effective shelf (superseded by October 15, 2025 pricing and terms).
• July 23, 2025: ASPI priced an underwritten registered direct offering for approximately $60.0 million in gross proceeds (closing around July 25, 2025) for general corporate purposes.
• June 02, 2025: ASPI priced an underwritten registered direct offering for approximately $50.0 million in gross proceeds (closing around June 3, 2025) for general corporate purposes, including Renergen bridge funding.
• August 26, 2025: ASPI confirmed secondary listing on the JSE effective August 27, 2025 while retaining Nasdaq as primary, superseding the April 24, 2025 proposal.
• April 24, 2025: ASPI proposed a secondary JSE listing later in 2025 to enhance liquidity and diversify the shareholder base (superseded by August 26, 2025 confirmation).

Advanced Nuclear Fuels (HALEU and Lithium), Regulatory Progress, and Siting

Cluster Description

Development of HALEU and lithium supply chains with regulatory engagement and site programs; newer milestones refine timelines and locations.

Commitments

• November 21, 2025: QLE advanced an MOU to utilize the Amarillo, Texas HyperGrid campus for uranium enrichment to produce LEU Plus and HALEU, supporting a large data center complex.
• November 21, 2025: QLE committed to become a leading supplier of lithium‑6/lithium‑7 and pursue HALEU production with staged investment through 2025–2027 and demonstration plants thereafter.
• November 21, 2025: QLE will begin engineering design in South Africa for initial demonstration plants (lithium and uranium) followed by demonstration sites in the U.S. and U.K., establishing an Austin HQ and Amarillo commercial operations.
• November 05, 2025: QLE Ltd entered Early Engagement with the UK ONR and regulators to pursue HALEU licensing, with a pathway to full licensing within this decade (internal estimate).
• November 05, 2025: QLE Ltd committed to site selection, preparing nuclear site licence/environmental permits, and working with DESNZ for civil/commercial uranium enrichment permissions in the UK.
• August 15, 2025: QLE and Fermi America signed an MOU for a Texas JV to develop a commercial HALEU enrichment facility including conversion/deconversion and fuel assembly fabrication at the HyperGrid campus.
• August 15, 2025: ASPI reaffirmed two TerraPower HALEU supply agreements, including up to 150 metric tons over 2028–2037, with initial cores targeted for the 2027/28 timeframe.
• June 11, 2025: ASPI outlined TerraPower loan support and QLE leadership build‑out to accelerate permitting/licensing of nuclear fuel plants in multiple jurisdictions.
• May 19, 2025: ASPI finalized definitive agreements with TerraPower to construct a HALEU facility at Pelindaba targeting ~15 MTU annually with initial production in 2027, plus long‑term HALEU supply of up to 150 MT (2028–2037).

Stable Isotopes: Production, Deliveries, and Customer Commitments

Cluster Description

Operational delivery timelines for silicon‑28, ytterbium‑176, carbon‑12/14, barium‑137, and gadolinium‑160; later guidance updates earlier shipment expectations.

Commitments

• November 21, 2025: ASPI committed to deliver and satisfy silicon‑28 orders in 2026 after plant modifications, superseding earlier 2025 shipment expectations.
• November 21, 2025: ASPI will deliver commercial quantities of ytterbium‑176 in the first half of 2026, superseding earlier expectations of 2025 shipments.
• November 21, 2025: ASPI will commence carbon‑14 production with the first full batch in January 2026 and first commercial batch in the first half of 2026, superseding mid‑2025 shipment guidance.
• November 21, 2025: ASPI will ship commercial carbon‑12 in December 2025, superseding earlier August/September 2025 expectations.
• September 30, 2025: ASPI received a purchase order to supply enriched barium‑137 to a U.S. customer with deliveries during Q1 2026.
• June 04, 2025: ASPI agreed to supply gadolinium‑160 to Isotopia over four years commencing in 2026 with a minimum contract value of ~$1 million per annum.
• August 26, 2025: ASPI expected to supply its first commercial carbon‑12 in September 2025 (now superseded by November 21, 2025 update to December 2025).
• July 17, 2025: ASPI announced commercial production for silicon‑28, ytterbium‑176, and carbon‑12 with August 2025 shipment expectations (now superseded by later updates).
• March 27, 2025: ASPI began commercial production of silicon‑28 with shipments expected in 2Q 2025 and planned additional supply agreements (now superseded by later delivery timelines).
• February 26, 2025: ASPI began commercial production of carbon‑14 and executed a multi‑year take‑or‑pay contract with RC‑14 Inc. (~$2.4 million minimum per annum), though shipment timing has been updated by later guidance.
• January 13, 2025: ASPI targeted first‑half 2025 production and sales of carbon‑14 and commencement of silicon‑28 and ytterbium‑176 commercial production in Q1 2025 (now superseded by later updates).

Capacity Expansion and Global Footprint (Quantum Enrichment and New Plants)

Cluster Description

Scaling production capacity via new QE facilities and cross‑regional plants; later milestones refine scope and timing.

Commitments

• November 21, 2025: ASPI committed to procure four additional QE production facilities and commission them during 2026 to expand the isotope portfolio (Yb second plant, then gadolinium, nickel, zinc).
• November 21, 2025: ASPI will break ground on an Isotope Supercenter in Iceland and begin U.S./U.K. plants in 2026, aiming to start enrichment within 2026.
• November 21, 2025: ASPI will begin construction in 2026 of laser‑based enrichment plants for xenon, gadolinium, nickel, and zinc.
• November 21, 2025: ASPI will complete initial production runs across its three operational plants and fulfill customer contracts through 2026.
• September 02, 2025: ASPI planned to start construction in Q1 2026 of four new laser production plants after commencing procurement of long‑lead components for Gd‑160, Zn‑68, Ni‑64, and Li‑6/7.
• August 26, 2025: ASPI accelerated plans to construct enrichment facilities in South Africa for Ni‑64, Gd‑160, and Zn‑68 after receiving the first permit to import controlled laser equipment.
• May 20, 2025: ASPI outlined expansions with additional isotope enrichment plants in South Africa, Iceland, and the U.S. to diversify offerings and capacity.

Radiopharmacy and Biotech Expansion

Cluster Description

Building a vertically integrated radiopharmacy network and advancing therapeutics; recent acquisitions and clinical timelines clarify execution.

Commitments

• November 21, 2025: ASPI will invest capital‑efficiently to grow PET Labs in South Africa and the U.S., expand therapeutics (e.g., lutetium‑177), and acquire/expand U.S. radiopharmacies, with initial Lu‑177 shipments begun in South Africa.
• October 13, 2025: ASPI acquired a Florida radiopharmacy to expand PET Labs internationally, expecting to start PET services from 2027 and be accretive to 2026 results.
• October 13, 2025: ASPI is pursuing additional U.S. and international PET Labs acquisitions with a non‑binding term sheet signed for a second U.S. acquisition.
• October 13, 2025: ASPI expects four biotechnology assets to enter Phase I human clinical trials in South Africa during 2026.
• September 02, 2025: PET Labs is on track to dispense a record number of radiopharmaceutical doses in 2025 as capacity expands.
• September 02, 2025: PET Labs will continue providing all treatments to children under 18 free of charge, reinforcing social impact.
• July 28, 2025: IsoBio, backed by ASPI, will develop targeted radiotherapies and partner with ASPI to create novel radioisotopes, advancing toward clinical trials.

Renergen Acquisition and Integration

Cluster Description

Acquisition progress, operational de‑risking, and synergy realization; later updates supersede earlier closing expectations.

Commitments

• November 21, 2025: ASPI committed to complete the Renergen acquisition pending one remaining regulatory approval expected imminently, updating prior expectations of a Q3 2025 close.
• November 21, 2025: ASPI will complete Phase 1C at Renergen to bring the plant to nameplate capacity by the end of Q1 (de‑risking the project).
• September 02, 2025: ASPI anticipated closing the Renergen merger during Q3 2025 (now superseded by November 21, 2025 status).
• September 02, 2025: Renergen is expected to deliver at least $20 million in revenues and be cash‑flow positive in 2026 post‑combination.
• September 02, 2025: The transaction is expected to be highly accretive to ASPI’s 2026 revenue, EBITDA, EPS, and cash flow per share.
• August 08, 2025: ASPI reiterated that strategic synergies from the Renergen merger are expected to begin in 2026.
• July 25, 2025: ASPI confirmed the acquisition is expected to become effective in Q3 2025 with an EBITDA target of over $300 million by 2030 for the combined entity (closing timeline later updated).

Nuclear Waste Processing and Circularity

Cluster Description

Commercialization of technologies to convert or accelerate decay of beta‑emitting nuclear waste into valuable products; timelines and earn‑outs tie to validated units.

Commitments

• November 21, 2025: ASPI/QLE will commercialize KUBE technology to convert Cs‑137 into Ba‑137 pending regulatory approval, reducing waste hazards and creating commercial isotopes.
• October 23, 2025: QLE will develop Creber Units to process water‑soluble nuclear waste (e.g., Cs‑137, Sr‑90), targeting development over the next eighteen months.
• October 23, 2025: QLE will offer Creber Units in modular sizes (Micro, Mini, Midi, Maxi) with mobile/emergency‑response options to shorten timelines to revenue.
• October 23, 2025: QLE will initially target Cs‑137 for Creber processing to yield stable Ba‑137 with ion‑trap quantum computing applications.
• October 23, 2025: QLE agreed to potential earn‑out payments of $6 million (validated Mini) and $11 million (validated Midi/Maxi) upon completion of validated operational units.
• October 23, 2025: QLE engaged B‑Con Engineering to develop and validate a Mini unit (~18 months) followed by a Midi/Maxi (~additional 18 months), with milestone‑based funding and acceptance testing.
• October 23, 2025: QLE will pay a 6% royalty on net revenues for 15 years per product, terminating if commercialization fails by the fourth anniversary of closing.

Academic Partnerships and Talent Pipeline

Cluster Description

University partnership to advance photonics research aligned with ASP technologies and to develop future talent.

Commitments

• November 28, 2025: ASPI endowed and established a new Photonics Chair at the University of Witwatersrand under a three‑year donation agreement to advance research.
• November 28, 2025: ASPI committed three‑year support to the Structured Light Laboratory’s photonics R&D to translate fundamental research into applications relevant to ASP’s quantum enrichment technologies.
• November 28, 2025: The program will build a pipeline of students and candidates for ASP Isotopes to support its expanding quantum enrichment program.
• November 28, 2025: Dr. Angela Dudley will serve as the inaugural Photonics Chair to lead research, mentorship, and collaboration.

Stakeholder Engagement and Transparency

Cluster Description

Investor access, regular updates, and open communications to showcase operations and strategy; later events build on recurring engagement.

Commitments

• October 10, 2025: ASPI hosted an Institutional Investor Access Event in South Africa on November 11–13, 2025, with potential Renergen site visit on November 14 subject to demand.
• October 10, 2025: ASPI committed to provide site access to all three enrichment facilities and PET Labs, presentations, and Q&A during the November event.
• October 10, 2025: Attendees were required to submit passport copies by October 21, 2025 for security clearances to visit secure facilities.
• September 29, 2025: ASPI committed to commence quarterly online business updates and investor Q&A sessions starting in November 2025.
• August 26, 2025: ASPI reaffirmed its commitment to transparency and regular investor access to facilities as an ongoing practice.
• September 02, 2025: ASPI committed to host investor access events and quarterly investor presentations, including a second investor trip planned for February 2026.