ASPI

1. Key Historical Highlights

• September 02, 2025: Three isotope enrichment facilities are operational and first samples of Ytterbium-176 and Silicon-28 were shipped to customers.
• August 27, 2025: The company commenced a secondary listing on the Johannesburg Stock Exchange while retaining its primary Nasdaq listing.
• August 26, 2025: The company hosted a corporate access event for South African investors and confirmed first Silicon-28 sample shipments to a U.S. customer.
• August 15, 2025: ASPI and QLE entered a joint venture MOU with Fermi America to collaborate on advanced nuclear fuels at the HyperGrid Campus in Texas.
• August 08, 2025: ASP Isotopes received JSE listing approval and announced its intention to acquire Renergen Limited.
• July 28, 2025: The company completed a Series Seed financing round for IsoBio, a radiotherapeutic development company.
• July 25, 2025: South Africa’s Competition Commission approved ASP Isotopes’ proposed acquisition of Renergen Limited.
• July 23, 2025: ASP Isotopes 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: The company provided production updates including commercial Silicon-28 and Ytterbium-176 output and permits for Nickel-64, Gadolinium-160, and Zinc-68 laser equipment.
• July 11, 2025: Renergen shareholders approved the acquisition by ASP Isotopes with 99.80% support.
• June 11, 2025: Dr. Ryno Pretorius was appointed Chief Executive Officer of Quantum Leap Energy LLC.
• June 04, 2025: ASP Isotopes signed a four-year Gadolinium-160 supply agreement with Isotopia Molecular Imaging commencing in 2026.
• June 02, 2025: The company priced an underwritten registered direct offering of 7,518,797 shares at $6.65 per share for approximately $50 million in gross proceeds.
• May 29, 2025: A shareholder letter detailed three operating facilities, TerraPower agreements, and a potential acquisition of Renergen.
• May 20, 2025: The company reported Q1 2025 revenue of $1.10 million and a net loss of $8.53 million with elevated research and development investment.
• May 20, 2025: ASP Isotopes announced an agreement relating to the potential acquisition of Renergen Limited to create a critical materials leader.
• May 19, 2025: ASP Isotopes entered definitive loan and supply agreements with TerraPower to support a HALEU facility targeting operations in 2027.
• April 24, 2025: The company proposed a secondary listing on the Johannesburg Stock Exchange to enhance liquidity and diversify its shareholder base.
• April 15, 2025: ASP Isotopes added Sipho Maseko to its board and outlined plans to spin out Quantum Leap Energy in the second half of 2025.
• April 01, 2025: The company completed commissioning of its first Quantum Enrichment laser system and began producing commercial samples of Ytterbium-176.

2. Financial Performance Overview

• Revenue is scaling from early commercialization: 2024 revenue reached $4.14 million with a $32.42 million net loss, and Q1 2025 revenue was $1.10 million with an $8.53 million net loss, reflecting ramp-up costs and higher R&D.
• Liquidity was bolstered by two mid-2025 equity raises totaling approximately $110 million in gross proceeds ($50 million on June 02, 2025 and $60 million on July 23, 2025), plus an $18.6 million raise in November 2024; Gap: current cash balance post-offerings not disclosed in provided materials.
• Contracted and visible demand includes a multi-year Carbon-14 take-or-pay worth approximately $2.4–$2.5 million per annum, a Gd-160 supply agreement at a minimum $1 million per annum starting 2026, and expected Yb-176 and Si-28 demand representing $50–$70 million potential revenues during 2026–2027.
• Capital deployment is targeted to production growth, including approximately $4 million invested to expand Silicon-28 capacity from 50 kg to over 80 kg annually and procurement for four new laser plants.
• Strategic M&A is expected to be accretive: the proposed Renergen acquisition is projected to enhance revenue, EBITDA, EPS, and cash flow per share beginning in 2026, with Renergen expected to contribute at least $20 million of revenues in 2026.
• Longer-term targets remain ambitious, with management guiding to over $300 million in EBITDA by 2030 and a HALEU facility designed for roughly 15 MTU per year supported by TerraPower agreements; Gap: margin profiles by isotope and consolidated capex roadmap beyond 2026 not provided.

3. Management Effectiveness

• Strategy execution appears disciplined, with three enrichment facilities brought online and first shipments achieved in 2025 while advancing a dual-track plan: spin out QLE for nuclear fuels and scale specialist isotopes within ASPI.
• Capital allocation balances growth and financing access, evidenced by timely equity raises, a TerraPower-backed loan framework for HALEU, and targeted fixed-asset investments to expand Silicon-28 output.
• Business development is robust, including the definitive TerraPower HALEU agreements, the Isotopia Gd-160 supply deal, and a joint venture MOU with Fermi America to establish U.S.-based advanced nuclear fuel capabilities.
• Corporate development and market access are proactive, with a secondary JSE listing to broaden the investor base and an accretive Renergen acquisition progressing through approvals to enhance vertical integration across helium and critical materials.
• Operational adaptability is demonstrated by addressing Carbon-14 feedstock delays by enriching Carbon-12 to meet demand and by accelerating commissioning timelines for Yb-176 and Si-28.
• Governance and leadership depth are strengthening via the appointment of Dr. Ryno Pretorius as QLE CEO and the addition of Sipho Maseko to ASPI’s board; Evidence lacking: quantified KPIs for management incentives tied to cost, yield, or delivery performance.

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 (Update on Listing Approval and Acquisition of Renergen Limited, August 08, 2025)
• "Our acquisition of Renergen is an exciting step for ASP Isotopes. Both isotopes and helium are viewed by almost every Western government as critically and strategically important materials. The combination of these two businesses will create a company with huge strategic value and a vital part of a fragile supply chain enabling a number of industries." — Paul Mann, Chairman and CEO, ASP Isotopes (Update on Listing Approval and Acquisition of Renergen Limited, August 08, 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; Chairman and CEO, QLE (Definitive Agreements with TerraPower for Loan and Supply of HALEU, May 19, 2025)
• "While our investor base has been created in the USA and Europe, the beating heart of our company is clearly currently in South Africa, with 97% of our employees and all our operating assets being located in South Africa. We have to thank our South African staff, service providers and regulators for helping us achieve all we have done over the last four years and therefore we owe it to South Africa to make our securities available to the local community.” — Paul Mann, Chairman and CEO, ASP Isotopes Inc. (Proposed Secondary Listing on the Johannesburg Stock Exchange, April 24, 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 (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 (Commencement of Commercial Production of Enriched Carbon-14, February 26, 2025)