ASP Isotopes Inc. Common Stock Canaccord Genuity's 46th Annual Growth Conference

Good morning, everyone. Thank you very much for joining us this fine morning in Boston. My name is Viktor Petkov. I'm the Chief Commercial Officer for ASPi. Before we start, please take a look at the forward-looking statements that we provide as a publicly listed entity. ASP Isotopes is an advanced materials company, and we're using our proprietary technologies to enrich isotopes that are used in, broadly speaking, in three high-value end markets. That's electronics, nuclear medicine, and nuclear fuels. We currently have three production facilities in Pretoria, South Africa, for the production of Silicon-28 for the semiconductor industry and Carbon-14 and Ytterbium-176 for nuclear medicine. This is a snapshot of the corporate structure of the group. On the left-hand side, you'll see PET Labs, which is our radiopharmacy platform. This is where we produce radioactive isotopes for nuclear medicine.

We are the largest producer of Fluorine-18-based radionuclides in South Africa. We're looking to expand this part of our business by acquiring sites in different geographies. We've recently announced the acquisition of two sites in the U.S. We have a few more in the pipeline. Next to it, we have the stable isotopes production platform. This is where the three existing facilities sit. Similarly to PET Labs, we're looking to expand this part of the group in geographies outside of South Africa. Then we have Renergen, which is our helium and LNG production platform. We own the Virginia Gas Project, which is the site used for the extraction of helium and LNG. Last but not least, Quantum Leap Energy. This is our nuclear fuels business, and it's developing technologies for the production of Lithium-6, Lithium-7, High-Assay Low-Enriched Uranium, used in the nuclear energy space.

Isotopes are critical materials that are used in various industries. However, the supply chains for those isotopes are extremely compromised. You can see the majority of those isotopes are actually produced in Russia, and a number of Western companies are looking to diversify away from that supply. This is where we see our extremely interesting niche market. There are two technologies that we have publicly announced for the production of isotopes. On the left-hand side, you see the Aerodynamic Separation Process or ASP. It's used for elements that are in a gaseous form. So think of Silicon-28, methane, xenon, et cetera. It uses stationary wall centrifuge in order to enrich the isotopes of interest.

Unlike traditional centrifuges that are typically used by, say, the Russian enrichers, we have a modular approach to the production process so we can control the size of those plants. Unlike traditional centrifuges, we can enrich both elements of smaller and higher atomic masses. Also, the capital expenditure is much lower compared to a traditional centrifuge. Quantum Enrichment, QE, is our laser-based technology, and it is most appropriate for elements that do not have a gaseous form. Think of metals, so uranium, lithium, ytterbium, gadolinium, et cetera. We use a metal as the feedstock, so we vaporize the metal, we apply high heat to it, and then we run a laser through the vapor in order to excite the isotopes of interest. Then we have a charge collector plate, where those isotopes of interest are collected.

This is a snapshot of our production plants for Carbon, Silicon-28, and Ytterbium-176. The electronics industry uses electronic gases for the production of semiconductors. This is a very exciting industry. It is sized at around $12 billion at the moment, and is expected to grow at high single digits in the years to come. Our main interest is in the production of Silicon-28 for quantum computing and semiconductors, as well as fluorinated gases and helium. Helium is the backbone of semiconductor manufacturing. It is used due to its extremely good thermal conductivity and its inertness across the production process for microchips. There is no substitute of helium at the moment, and the supply chain is extremely compromised given the issues in the Middle East.

Qatar is a major producer of helium, supplying more than 30% of the market, and the Ras Laffan facility was seriously damaged during the strikes, which basically means that a third of the world's supply is currently offline from Qatar. There are other industries that are using helium apart from semiconductors. Every MRI machine uses helium in order to cool down the magnets, fiber optics, aerospace, launching of rockets. That is an extremely significant focus for our company in the near term. This is a snapshot of the Virginia Gas Project. Phase 1 production is expected to start coming online by the end of September. In the coming weeks, we expect to start production of helium from the site.

Then, following the success of Phase 1, we will start the Phase 2 expansion project of the site, which is 12 to 13 times capacity, where we expect to be one of the leading providers of helium worldwide. We have secured funding from the U.S. government and from Standard Bank at around $750 million for Phase 2 of the project. We expect that it will take about 44 months for us to complete that project, and we expect to have it online by 2031. In nuclear medicine, ASP Isotopes is the only company globally that has a vertically integrated producer of stable isotopes and consumer of stable isotopes.

PetLabs will be using the products that we are enriching in the stable isotope part of the business, such as nickel, ytterbium, in order to produce radioactive isotopes, which eliminates the risk of supply chain disruptions that a lot of the other companies are facing on a global scale. PetLabs is the largest producer of fluorine-based radioisotopes in South Africa. It is a company that has been generating revenues for several years, so free cash flow generating. We recently issued a shareholder letter stating that we expect the business to generate around $14 million in fiscal year 2026. We are trying to replicate that success in other geographies where we find opportunities. We recently acquired a site in Florida and a site in South Carolina, which we will invest into and turn into a PET radioisotopes production facility.

We have a number of such opportunities in the pipeline that we are looking to execute in the next 12 months or so. In terms of nuclear energy, our subsidiary, Quantum Leap Energy, is in the process of being spun out of the group. That business is developing technologies to capture different parts of the nuclear fuel cycle. There is a significant shortage of conversion services in the U.S. and on a global scale. QLE is looking to provide conversion, enrichment, and deconversion services for uranium, as well as producing Lithium-7 for existing fission nuclear reactors and Lithium-6 for future nuclear fusion. Here is a list of milestones that we have set to ourselves. In terms of commercial production and delivery, this is the absolute focus of the company, and we are looking to start making commercial deliveries for Silicon-28, Carbon-14, and Ytterbium-176 in the second half of 2026.

We also expect to commence production of helium at Renergen by September 30th and start recognizing revenue in 2026. Our radiopharmacy business is in the process of expansion. We also have a biotech company called Alpa Theranostics, which is looking to have its first clinical candidates entering human clinical trials within the next 12 months. This is a snapshot of the balance sheet of the company. As you can see, ASP Isotopes is very well capitalized as of March 2026. We have about $290 million on the balance sheet. This EBITDA guidance is what we have provided to the market in terms of mid-term milestone. We are looking to generate EBITDA in excess of $300 million in 2031. We have broken this down into several segments. Electronic gases, we expect to be at $150 million at the low range, up to $300 million in 2031.

That includes helium, Silicon-28, fluorinated gases. In terms of natural gas, LNG, between $100 million and $200 million of EBITDA in 2031. This is after phase 2 is completed. Medical isotopes, a range of $40 million to $100 million. These are the stable isotopes that we are looking to start producing at the ASP level, using our proprietary technologies. The radiopharmaceuticals earn $40 million to $100 million coming from the production of radioactive isotopes used in the nuclear medicine industry. That is the end of my presentation. I will open up for any questions from the audience.