ASP Isotopes (ASPI) Status Update summary

Recent achievements and operational updates

• Shipped first samples of enriched silicon-28 to a U.S. customer, with commercial production beginning in March 2025.

• Ytterbium-176 enrichment reached 92.4% in intermediate product; first final product batch expected by end of August 2025, with semi-continuous production delayed to late Q3 or early Q4 2025.

• Signed a major MOU with Fermi for a joint venture to produce nuclear fuels and enrich strategic isotopes at a Texas energy complex.

• Listed on the Johannesburg Stock Exchange, with trading commencing August 27, 2025, strengthening ties with South African stakeholders.

• Carbon-12 and Carbon-14 projects progressing, with Carbon-14 procurement now managed internally and first commercial Carbon-12 product expected in September 2025.

Strategic partnerships and synergies

• Merger with Renergen aims to create a vertically and horizontally integrated critical materials business, combining helium and isotopic materials for semiconductors and rocketry.

• Collaboration with Quantum Leap Energy to develop energy isotopes and leverage expertise in fluorination and scale-up technologies.

• U.S. government engagement includes discussions for grants and loans, with Renergen already securing a $500 million loan for helium supply critical to U.S. national security.

• Plans to spin out Quantum Leap Enrichment as a standalone public company in 2H 2025, pending approvals.

• Anticipates closing the Renergen acquisition in Q3 2025, subject to regulatory and third-party consents.

Market and product development

• Focus on producing isotopes such as HALU, Lithium-6, Lithium-7, silicon-28, and strategic gases for semiconductors at the Fermi site.

• South African helium is considered strategic due to high concentration, strong U.S.-South Africa relations, and advantageous shipping logistics.

• Natural gas from Renergen provides a low-cost energy source, supporting competitive production costs for isotope enrichment.

• Demand for Carbon-12 exceeds Carbon-14, prompting assessment of facility expansion to supply both.

• Received permits for laser equipment to enrich Nickel-64, Gadolinium-160, and Zinc-68, accelerating facility construction plans.