ASPI

Stable Isotopes Production and Shipments

Cluster Description

Commitments to produce, ship, and expand capacity for stable isotopes (Si‑28, Yb‑176, C‑12, C‑14, Gd‑160, Zn‑68, Ni‑64). Newer shipment confirmations supersede earlier expectations.

Commitments

• 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.
• 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.
• 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.
• 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and prepared to ship commercial samples shortly thereafter following intermediate enrichment to 92.4%, which was superseded by the September 02, 2025 confirmation of shipments.
• 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.
• 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.
• July 17, 2025: Enriched Carbon‑12 to 99.99% with first commercial supply expected in August 2025 as demand outstrips Carbon‑14.
• 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.
• 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.

Advanced Nuclear Fuels (HALEU and Lithium) and QLE Facilities

Cluster Description

Nuclear fuel expansion including HALEU and Lithium‑6/7 production, U.S./UK facility development, and long‑term supply agreements; recent 2025 commitments refine timelines and partnerships and supersede older general plans.

Commitments

• September 02, 2025: Establish a HALEU production facility with the goal to be operational during 2027, subject to permits and licenses.
• September 02, 2025: Bring the first Lithium‑6 production plant into operation during 2026, contingent on permits and licenses.
• 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.
• September 02, 2025: Commenced procurement of critical long lead‑time components for Li‑6/7 enrichment laser plants.
• 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.
• 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.
• 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.
• August 15, 2025: ASPI/QLE are in discussions with the UK government regarding construction of an advanced nuclear fuel facility in the UK.
• June 11, 2025: Prepared to support approximately 3,000 metric tons of HALEU demand by 2035 as part of long‑term market positioning.
• 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.

QLE Corporate Actions and Leadership

Cluster Description

Spin‑out/IPO milestones and leadership build‑out for Quantum Leap Energy; September 2025 IPO timing updates and supersedes earlier generic 2H25 guidance.

Commitments

• September 02, 2025: QLE to pursue a public listing targeting Q4 2025, superseding earlier generic 2H25 spin‑out guidance.
• September 02, 2025: Hire a CFO for QLE commencing October 01, 2025 to strengthen finance leadership ahead of the IPO.
• 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.
• 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.
• June 11, 2025: Appointed Dr. Ryno Pretorius as CEO of QLE to lead the spin‑out and nuclear fuels strategy.
• April 15, 2025: Pursue the separation of QLE and the specialist isotope business into two public companies targeted for 2H 2025, subject to approvals.

Renergen Acquisition and Integration

Cluster Description

Acquisition close timing, integration targets, bridge‑financing support, and long‑term financial goals; newer commitments clarify close status and 2026 accretion, superseding earlier announcements.

Commitments

• September 02, 2025: Expect to complete the Renergen merger in 3Q 2025 with one regulatory approval pending.
• 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.
• September 02, 2025: The Renergen transaction is expected to be highly accretive in 2026 to revenue, EBITDA, EPS and cash flow per share.
• September 02, 2025: Target to generate over $300 million in EBITDA for the combined group by 2030.
• July 25, 2025: Acquisition expected to become effective in 3Q 2025 with a final deadline for regulatory conditions by September 30, 2025.
• June 02, 2025: Use of offering proceeds includes funding disbursements to Renergen under a bridge loan agreement to maintain project momentum ahead of closing.
• 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.

Listings, Investor Relations, and Ownership

Cluster Description

Market listings, investor access, and ownership profile; the JSE listing completion on August 27, 2025 supersedes prior “expected” notices.

Commitments

• 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.
• 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.
• September 02, 2025: Maintain high institutional and insider ownership at 74.3% alongside sustained transparency and stakeholder engagement.
• 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.
• August 26, 2025: Maintain transparency and regularly host investors and stakeholders at company facilities.
• August 26, 2025: Retain the primary Nasdaq listing while adding the JSE secondary listing.
• April 24, 2025: Proposed JSE secondary listing expected later in 2025, which was superseded by the August 27, 2025 listing completion.

Radiopharma and Biotech Initiatives (IsoBio and PET Labs)

Cluster Description

Clinical pipeline advancement, access initiatives, and isotope supply for radiotherapeutics; later 2025 commitments provide clearer timing and targets.

Commitments

• 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.
• September 02, 2025: Provide all treatments to children under 18 entirely free of charge on an ongoing basis in South Africa.
• 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.
• 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.
• 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.
• June 04, 2025: Pursue additional Gd‑160 orders expected to be signed during 2025 to broaden radiopharma customer coverage.

Capital, Financing, and Incentives

Cluster Description

Capital raising for growth and talent incentives; later financings build on the 2024 shelf activities.

Commitments

• August 08, 2025: Granted restricted stock awards vesting over four years to incentivize and retain key executives and a new employee.
• 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.
• 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.
• November 04, 2024: Closed a public offering raising $18.6 million in gross proceeds under a shelf registration.
• October 31, 2024: Commenced a proposed underwritten public offering with a 15% over‑allotment option subject to market conditions.

Organizational Scaling and Capacity Expansion

Cluster Description

Company‑wide scaling of facilities, teams, and operations; recent commitments set near‑term construction starts and multi‑year industrialization goals.

Commitments

• September 02, 2025: Procure long lead‑time equipment and construct four new laser production plants with construction starting in Q1 2026.
• 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.
• 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.
• 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).
• March 10, 2025: Increase R&D expenses substantially for the foreseeable future to support development of future isotopes.