ASP Isotopes (ASPI) Investor update summary

Corporate highlights and strategic context

• Noble Africa holds a world-class helium reserve with some of the highest concentrations globally, designated as a strategic project by both South Africa and the U.S., and supported by $750 million in anticipated funding from DFC, U.S. government, and Standard Bank.

• The helium market is experiencing significant supply disruptions, with 50% of global supply offline, driving prices to record highs and creating urgent demand for new sources.

• The reserve's geology, resulting from a 2-billion-year-old asteroid impact, provides unique, naturally fractured pathways for gas extraction, enabling low-cost, low-pressure drilling and minimal processing requirements.

Project development and operational status

• Phase I plant construction is complete, with drilling finished and initial liquid helium already produced; full connection of wellheads is underway, targeting nameplate capacity and first customer shipments by September.

• Phase II is planned to be substantially larger, with expected completion and commissioning by 2030 and first full year of commercial revenues in 2031; $500 million in U.S. government funding and $250 million from Standard Bank are anticipated.

• The proven reserve is quantified at 7.2 Bcf of helium, exceeding the historical U.S. BLM reserve, with significant upside potential in unexplored acreage.

Market dynamics and customer contracts

• Helium demand is forecast to grow 5-6% annually, with additional upside from AI-driven data center expansion; supply constraints are expected to persist for several years due to geopolitical disruptions and infrastructure damage in Qatar and Russia.

• Most product will be sold on long-term take-or-pay contracts: LNG contracts are 5-8 years with annual price inflators, and helium contracts are 10-15 years, both indexed to the South African Producer Price Index (historically over 5%).

• The first phase I contract is with an Asian customer, covering about 15% of output, with plans to contract 75% of phase I and a significant portion of phase II before year-end.