ASP Isotopes Inc. Common Stock CMD 2026

Good afternoon to those of you here in London, and welcome to everyone joining us on the webcast. I am Shveta Dige, the Head of Investor Relations at ASP Isotopes. On behalf of the entire leadership team, it is my pleasure to welcome you to our inaugural Capital Markets Day. Before we begin, a reminder that participants today may make forward-looking statements with respect to the operations and financial targets of ASP Isotopes. These are based on current management expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements made today reflect the knowledge and information available at the time of this presentation, and the company undertakes no obligation to update forward-looking statements. We encourage you to review the forward-looking statement disclosure in the slide deck accompanying this presentation.

We will hear from each of our businesses today, followed by a panel and audience Q&A. Please hold your questions until then. Let us begin with a short video about the company, our plans, our people, and the breadth of what we do. Join me in welcoming our Executive Chairman and Chief Executive Officer, Paul Mann.

Thanks, everyone, for coming today. It is great to see so many people here, and thanks, everyone, for joining us online. It is great for your interest in the company. It is actually our fifth birthday at the end of this week. Robbie and I started this company up 5 years ago, and it was just two of us then. Now we are over 400 people operating in three different continents. We have multiple plants around the world. It has been quite a journey we have come on over the last 5 years or so. As I look forwards, the last 5 years have been about building a company. The next 5 years are about growing the company and really scaling it up now to become one of the biggest suppliers of critical materials globally. There are so many critical materials the world needs.

As it says on this slide here, we have built three or four enrichment slides for enrichment plants or chemical plants in South Africa. Our goal is to achieve over $300 million in EBITDA in 2031. We are going to take you through the path of how we get there over the next 5 years. We have built plants and facilities that will service industries with structural shortages. These industries are growing at rates well above GDP, and they are needed for the future of our life in terms of improving our life. When you think about nuclear medicine, we have treated tens of thousands of patients a year. We have got a number of drugs in development, and you will see those today, some of them going into the clinic later on this year. We have now got four radiopharmacies servicing patients, and this is really growing.

We are in the early innings of a new therapeutic cycle where nuclear medicine is used to both diagnose and treat cancer patients, and it is very exciting to be involved in that industry. The electronics industry, semiconductors have kind of exhausted the laws of physics now. New materials are going to be needed to make faster semiconductors. New materials are needed for quantum computing, and our goal is to be the supplier of those materials for next-generation semiconductors. The world is desperate for helium. You cannot launch a rocket without helium. You cannot make a semiconductor without helium. You cannot have an MRI scan without helium. We are bringing on our helium supply at exactly the time when the world needs more supply from a more diverse geographic range of suppliers. Finally, nuclear fuels. If we want to power the Earth in 2050, the world wants to triple the amount of nuclear power over the next 25 years or so.

It is probably not going to manage that, but if it wants to double or just grow it needs a lot more nuclear fuel. Ryno and his team at Quantum Leap Energy will explain what they are doing to try and solve that nuclear fuel supply chain. What we have done over the last five years is we have found some really unique assets that we have managed to acquire at very attractive valuations to really drive shareholder returns. Five years ago, we acquired our first assets, the isotope assets in South Africa, the team of scientists that were responsible for South Africa's nuclear program back in the '80s. We brought them out of retirement.

We constructed a couple of plants there, and those plants are now operational. We acquired PET Labs as a springboard to grow into nuclear medicines. We are vertically integrated from the stable isotope to the radioisotope. PET Labs is now quite a sizable business. It has grown 50% year-on-year in the first half of this year. That is going to provide fantastic returns for shareholders. Finally, Renergen on Noble Africa, we acquired that asset in January of this year. We have added a lot of headcount to that business. We have invested in it. We have made some management changes. We have brought in a lot of engineers and a lot of drillers. That plant started production. We started cooling down and commissioning during August. We have actually hit the target temperature of 4 Kelvin, and now we will start producing.

We should start producing commercial product by the end of September. Here are some pictures of our plants that we have built over the last five years. You will see the left is our first plant, the Carbon-14 plant. That is currently producing Carbon-12. I will give a full update on the exact operations later on in the presentation. You can see a picture there of a plant that we acquired. We acquired in pieces, and we put it together to make a Carbon-12 and Carbon-14 plant. You will see in the middle a Silicon-28 plant that is enriching Silicon-28 today. There has been some delays and some startup problems, and we will address those later on. That is our second plant, and that is currently enriching product exactly in line with what we expect it to do.

And the Ytterbium-176, we first enriched Ytterbium-176 about a year ago, and we spent the last year turning a small kind of scientific vessel, a scientific production plant, into what is commercially viable to produce large commercial quantities of an isotope that the world needs to treat patients with prostate cancer. You will see on the left here, you will see Noble Africa, our Renergen site in South Africa, in Welkom, South Africa. This is one of the most unique assets in the world, and we will talk about it more later on today. There really are not many. There is no other gas fields we have seen like this in the world. It is an incredible location, incredible product that comes out of it. I say the world is desperate for a new supplier of helium. PET Labs in the middle is already generating good revenues.

We treated over 10,000 patients last year. This plant has gone exceptional. We have added another cyclotron to it, and it is growing fantastically. We are very proud at PET Labs, we supply all of our doses to children under the age of 18 free of charge in South Africa. It is not appropriate for a child to suffer from cancer because their parents have not got insurance or cannot afford it. We make sure the local youth population is looked after. Then finally, we have got two radiopharmacies in the U.S. Our goal is to expand PET Labs globally over the next five years. This is our springboard for the U.S. I say the world needs to probably double or triple the amount of radiopharmaceutical production over the next five or 10 years, and we intend to be one of the drivers of that growth.

This just summarizes what is producing revenues today, what to expect in terms of revenues in the near future, and it shows you some of our targets. I say things are really starting to motor now, and it feels like the company is really at an inflection point where we really start to just start moving a lot faster. Next slide. To summarize, these shortages that the world has are structural. They are not going to resolve themselves. We have built capacity and plants and technologies to solve them. Many of these are needed for technologies that the world needs to grow, to have new semiconductors, to have new nuclear medicine, to launch rockets. We have constructed now three isotope plants and a very large cryogenics plant, and they are all up and running and three of them are producing, some of them producing revenues already.

I guess, if the milestones for the second half of the year, the first helium production should happen in September. Then the first commercial isotope shipments should happen through the second half of the year. Then in terms of corporate transactions, we have said we are going to list Noble Africa, listing via reverse merger with ENDRA, ticker code NDRA. The goal is to list QLE as a separate entity before the end of the year. I am going to hand over now to R&D and engineering. None of this would be possible without our R&D and engineering team. We put together a magnificent team in Africa to design these plants, to build them, to do research, and we are continuously researching to make our process better, more efficient, cheaper. I hand over now to Dr. Ferreira and Dr. Pütz. Thank you, guys. Good afternoon, everyone.

I am Dr. Ignatius Ferreira. I hold a PhD in chemical engineering, and I am the Head of Research and Development at ASP Isotopes in South Africa. I will be taking you through a quick overview of the capabilities and the functions within the R&D department. Before we start off, we first need to understand what is an isotope. An atom consists of protons, neutrons, and electrons, where the number of protons define the element. For a specific element, you can have a different count of neutrons, and that is an isotope. Isotopes also occur naturally, and depending on the element, in a certain ratio. For example, here, silicon is given. We have Silicon-28, 29, and 30. What is it what we do? We can target, for instance, Silicon-28, specific isotope.

We separate it, and then we can concentrate it, and that is our product. Now the question arises, why are we interested in a certain isotope? A certain isotope can have certain special chemical properties that we can exploit for certain applications. How do we go about this? We essentially have two enrichment platforms, the one being quantum enrichment. This involves lasers, where we exploit the transition energies to ionize the isotope. We then separate this by means of an electric field. What makes this technology unique is that it enables us to enrich isotopes of metals. It is extremely capital light and has a very high selectivity. On the other hand, we have the aerodynamic separation process. This involves, in principle, gaseous diffusion, where we can enrich, in particular, gases or light gases of a low molar mass.