ASPI

1. Key Historical Highlights

• October 10, 2025: Announced an Institutional Investor Access Event in South Africa scheduled for November 11–13, 2025 with facility tours and management Q&A.
• September 30, 2025: Received a purchase order from a U.S. customer for enriched Barium-137 with delivery expected in Q1 2026.
• September 29, 2025: Appointed Robert Ainscow as Interim CEO while Paul Mann became Executive Chairman during a temporary leave of absence.
• September 08, 2025: Added nuclear industry veteran Ralph L. Hunter, Jr. to the boards of ASP Isotopes Inc. and Quantum Leap Energy LLC.
• August 27, 2025: Commenced secondary listing and trading on the Johannesburg Stock Exchange under ticker ISO while retaining the Nasdaq listing.
• August 15, 2025: Entered a joint venture memorandum of understanding with Fermi America to develop HALEU and advanced nuclear fuels at the HyperGrid Campus in Texas.
• August 08, 2025: Received JSE listing approval and announced the intention to acquire Renergen Limited to create a critical materials leader.
• July 25, 2025: Obtained Competition Commission of South Africa approval for the proposed acquisition of Renergen Limited.
• July 23, 2025: Priced a registered direct offering of 7,500,000 shares at $8.00 per share for approximately $60 million in gross proceeds.
• July 17, 2025: Invested about $4 million to expand Silicon-28 plant capacity from approximately 50 kilograms to over 80 kilograms annually.
• July 11, 2025: Secured 99.80% shareholder approval from Renergen for the acquisition subject to remaining conditions.
• June 11, 2025: Appointed Dr. Ryno Pretorius as CEO of Quantum Leap Energy to lead HALEU and Lithium-6 initiatives.
• June 04, 2025: Signed a four-year supply agreement with Isotopia for enriched Gadolinium-160 with a minimum value of $1 million per year starting in 2026.
• June 02, 2025: Announced an underwritten registered direct offering of 7,518,797 shares at $6.65 per share for approximately $50 million in gross proceeds.
• May 19, 2025: Entered definitive agreements with TerraPower for a loan and long-term HALEU supply to support a new South African enrichment facility.
• April 01, 2025: Completed commissioning of the first Quantum Enrichment laser system and began producing commercial samples of highly enriched Ytterbium-176.
• March 27, 2025: Commenced commercial production of enriched Silicon-28 and signed purchase agreements with U.S. customers for kilogram quantities.
• February 26, 2025: Began commercial production of enriched Carbon-14 supported by a multi-year take-or-pay contract worth at least $2.4 million per year.

2. Financial Performance Overview

• Revenue is early-stage but growing, with FY 2024 at $4.14 million and Q1 2025 at $1.10 million while net losses widened (FY 2024 loss $32.42 million; Q1 2025 loss $8.53 million) due to increased R&D and scaling costs.
• The company bolstered liquidity through multiple equity raises: $18.6 million (November 2024), $50 million (June 2025), and $60 million (July 2025), alongside a secondary JSE listing to broaden access to capital; Gap: No updated cash balance disclosed post-July 2025 financing.
• Contracted and expected revenue visibility improved via a $2.4 million per annum Carbon-14 contract, a $1 million per annum Gd-160 agreement starting 2026, a new Barium-137 order for Q1 2026, and management’s indication of $50–$70 million potential revenues during 2026–2027 from Yb-176 and Si-28.
• Capex is targeted to bottlenecks, including approximately $4 million invested to lift Silicon-28 capacity from ~50 kg to 80+ kg per year, while permits for additional isotopes (Ni-64, Gd-160, Zn-68) and four new laser plants signal planned capacity growth in 2026.
• Strategic transactions are positioned as financial catalysts, with the Renergen acquisition expected to be accretive to revenue, EBITDA, EPS, and cash flow from 2026 and a combined EBITDA target of over $300 million by 2030.
• Nuclear-fuel scale-up is underpinned by TerraPower agreements for a 15 MTU-per-year HALEU facility, a 10-year supply starting 2028, and expectations for Renergen to contribute at least $20 million of revenue in 2026 and be cash flow positive post bridge financing; Gap: No quantified 2025 profitability guidance.

3. Management Effectiveness

• Execution: Management commissioned three enrichment facilities and moved multiple isotopes (C-14, Si-28, Yb-176) from commissioning to commercial production and initial shipments during 2025, demonstrating operational follow-through.
• Capital deployment: Leadership raised over $128 million across three offerings within nine months and directed ~$4 million to targeted capacity increases, indicating disciplined funding of near-term bottlenecks and growth projects.
• Strategic partnering: The TerraPower loan and long-term HALEU supply, the Isotopia Gd-160 agreement, and diversified isotope offerings (e.g., Barium-137, Silicon-28) show proactive ecosystem building across nuclear, medical, and semiconductor markets.
• Corporate development and governance: Renergen acquisition advanced with shareholder and competition approvals, QLE spin-out preparations continued, and board/leadership depth expanded with appointments such as Ralph Hunter and Dr. Ryno Pretorius, while managing a CEO transition.
• Investor engagement: Regular investor access events, a JSE listing to broaden the shareholder base, and planned quarterly updates reflect a commitment to transparency and communication; Evidence lacking: Detailed KPIs on unit economics, production yields, on-time deliveries, and ROIC.

4. Key Quotes from Management

• "While our capital base has been created in the USA and Europe, the heartbeat of our company is clearly in South Africa, with 97% of our employees and all our operating assets currently being located in South Africa. We have to thank the South African people for helping us achieve all we have done over the last four years and therefore we owe it to the South African people to make our securities available on the JSE." — Paul Mann, Chairman and CEO, ASP Isotopes Inc. (Update on Listing Approval and Acquisition of Renergen Limited, August 08, 2025)
• "By supplying Gd-160, we are eliminating a major bottleneck in the development of Tb-161 therapies. Our investment in enrichment technology positions us to support the radiopharmaceutical industry’s growing demand for stable isotopes. This partnership accelerates the path to clinical adoption of Tb-161, which could redefine cancer treatment paradigms." — Paul Mann, CEO, ASP Isotopes Inc. (Supply Agreement for Gadolinium-160 to Accelerate Terbium-161 Production for Advanced Cancer Therapies, June 04, 2025)
• "Our commercial agreement with TerraPower will enable us to accelerate the construction of an advanced nuclear fuel facility. It will also mobilize hundreds of workers in local regions to build and operate the new enrichment plant and support thousands of direct and indirect jobs across a global manufacturing supply chain." — Paul Mann, Chairman and CEO, ASP Isotopes Inc. (Definitive Agreements with TerraPower for Loan and Supply of HALEU, May 19, 2025)
• "Currently, there exist significant supply-side challenges for many essential radioisotopes used in various oncology treatments. We have received a considerable amount of interest from customers in North America, Europe and Asia for Ytterbium-176 and we look forward to easing supply chains and improving the quality of life for thousands of patients every year." — Paul Mann, Executive Chairman and CEO, ASP Isotopes Inc. (Completion of Commissioning of First Quantum Enrichment Laser System and Start of Production of Commercial Samples of Ytterbium-176, April 01, 2025)
• "To create faster, smaller next-generation semiconductors, the world is likely going to require materials that are currently not available in commercial quantities" — Paul Mann, Chairman and Chief Executive Officer, ASP Isotopes Inc. (Commencement of Commercial Production of Enriched Silicon-28, March 27, 2025)
• "The ASP Process is ideally suited to enriching a wide range of isotopes, particularly light isotopes, such as Carbon-14. We look forward to helping solve the supply chain issues that have plagued the world during recent years. We are excited to finally be in commercial production of this critical isotope." — Paul Mann, Chairman and CEO, ASP Isotopes Inc. (Commencement of Commercial Production of Enriched Carbon-14, February 26, 2025)
• "This proposed partnership with Necsa is designed to re-establish South Africa as a leader in Nuclear Engineering producing the advanced nuclear fuels that the world requires to prevent climate change." — Paul Mann, Chairman and CEO, ASP Isotopes Inc. (Memorandum of Understanding for Collaboration on Advanced Nuclear Fuel Production, November 14, 2024)