ASPI

1. Key Historical Highlights

• May 29, 2025: ASP Isotopes signed definitive agreements with TerraPower, including a loan agreement for a new HALEU production facility in South Africa.
• May 20, 2025: Announced a potential acquisition of Renergen Limited to create a global leader in critical materials.
• May 19, 2025: Entered into multiple definitive agreements with TerraPower, including a loan agreement for a HALEU production facility.
• April 24, 2025: Announced a proposed secondary listing on the Johannesburg Stock Exchange to enhance liquidity and diversify the shareholder base.
• April 15, 2025: Announced changes in the boards of ASP Isotopes Inc. and Quantum Leap Energy LLC, planning to separate its Nuclear Fuels Business and Specialist Isotope Products.
• April 1, 2025: Completed commissioning of the first Quantum Enrichment Laser System and started production of commercial samples of Ytterbium-176.
• March 31, 2025: Commenced commercial production of enriched Silicon-28 at its second enrichment facility.
• February 27, 2025: Commenced commercial production of enriched Carbon-14 at its first enrichment facility.
• January 13, 2025: Hosted an investor access event in South Africa, showcasing Silicon-28 and Ytterbium-176 facilities.
• December 16, 2024: Completed construction of two ASP isotope enrichment facilities and signed contracts for the supply of highly enriched Silicon-28.
• November 26, 2024: Completed construction and started commissioning of the Silicon-28 enrichment facility.
• November 14, 2024: Entered into a Memorandum of Understanding with Necsa for advanced nuclear fuel production.
• October 30, 2024: Entered into a term sheet with TerraPower for the construction of a HALEU production facility.
• October 17, 2024: Enriched Ytterbium-176 during the commissioning phase of the first Quantum Enrichment Facility.
• September 3, 2024: Completed the construction phase of the Ytterbium-176 enrichment facility ahead of schedule.

2. Financial Performance Overview

Revenue Growth

• 2024: Revenue increased significantly from $433,026 in 2023 to $4,144,226 in 2024, driven by the commencement of commercial production of isotopes such as Carbon-14 and Silicon-28.

Profit Margins

• Despite increased revenue, the company reported a net loss of $32,422,728 in 2024, up from a net loss of $16,294,126 in 2023, primarily due to higher research and development expenses and expansion efforts.

Expense Management

• Convertible Notes Offering: Raised over $20 million through convertible notes by Quantum Leap Energy LLC to fund laser enrichment production facilities.
• Public Offerings: Successfully completed multiple public offerings, raising significant capital to support growth initiatives and expansion plans.

Significant Financial Events

• Debt and Equity Transactions: Raised approximately $84 million through various debt and equity transactions, strengthening the balance sheet.
• Multi-Year Contracts: Entered into multi-year contracts, including a $2.5 million per annum commitment for Carbon-14, ensuring stable revenue streams.

3. Management Effectiveness

Strategic Decision-Making

• Acquisitions and Partnerships: Strategic agreements with TerraPower and potential acquisition of Renergen Limited position the company as a leader in critical materials and advanced nuclear fuels.
• Facility Expansion: Accelerated construction and commissioning of isotope enrichment facilities in South Africa, Iceland, and the U.S., ensuring a competitive edge in the market.

Capital Allocation

• Investment in Technology: Focused on developing Quantum Enrichment technology, enhancing production capabilities for isotopes essential in healthcare and semiconductor industries.
• Spin-Out Strategy: Planned spin-out of Quantum Leap Energy to optimize operations and focus on specialized isotope products and nuclear fuels.

4. Key Quotes from Management

• "Without their hard work and dedication everything that has been achieved in the last 3 1/2 years wouldn’t be possible." - Paul E. Mann, Chairman and CEO, ASP Isotopes
• "This is an exciting step for ASP Isotopes. With the planned Spin-Out of QLE, we have been considering the expansion of the ASP Isotopes business and this opportunity is the perfect fit for us." - Paul Mann, Chairman and CEO, ASP Isotopes
• "Nuclear fuel has one of the most severely compromised supply chains of any material in the world. We believe that in order for long-term climate goals to be achieved, an alternative supplier of fuel is needed." - Paul Mann, Chairman and CEO, ASP Isotopes
• "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 CEO, ASP Isotopes
• "Over the last several decades, the scientists at ASP Isotopes have developed some of the world's most advanced isotope enrichment technologies." - Paul Mann, Chairman and CEO, ASP Isotopes
• "Our commercial agreement with TerraPower will enable us to accelerate the construction of an advanced nuclear fuel facility." - Paul Mann, Chairman and CEO, ASP Isotopes
• "We have been laser-focused on cost management since the Company’s inception and have outsourced many roles." - Paul Mann, Executive Chairman and CEO, ASP Isotopes