ASP Isotopes Inc.

Greetings. Welcome to the ASP Isotopes Investor Update Call. At this time, all participants are in a listen-only mode. Please note that this conference is being recorded. After the speaker's remarks, there will be a question and answer session. If you are listening via the webcast, you may submit questions over the web via the Q&A box on your screen. If you have dialed in and would like to ask a question over the phone, please press star 1 on your telephone keypad. Before we get started, please note that our remarks today may include forward-looking statements. These statements are subject to risks and uncertainties, and actual results may differ materially. During this call, we may use words like anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project, and similar expressions, which indicate forward-looking statements. For a more comprehensive discussion of these and other risks, please refer to our filings with the SEC, available on sec.gov and in the Investors section of our website. I'll now turn the call over to CEO Robert Ainscough.

Good morning, everybody, and welcome to ASP Isotope's third quarter update call. I'd ask everybody to take a moment to look at these forward-looking statements. My name is Robert Ainscough. I'm the interim chief executive officer and chief operating officer. I'm joined on the call today with Paul Mann, who's the co-founder, along with myself and the executive chairman of ASP Isotope's Also present is Heather Keesling, the Chief Financial Officer of ASPI. I'm also asked to join this call Dr. Rino Pretorius, who's the Chief Executive Officer of our nuclear energy subsidiary, Quantum Leap Energy, and his CFO, Michael Culliff. I'll begin with taking you through an update on our operational isotope enrichment plants in South Africa, starting with our multi-isotope plant, which is currently enriching silicon-28 and electronic Semiconductor gas. So this plant is enriching Silicon 28 for our initial two customers for that product. We shipped commercial samples of Silicon 28. These samples have been validated for isotopic purity with our customers. Our customers are in fact visiting the plant in September for a very, very constructive visit with their senior engineers and our senior engineers. That led to some agreed modifications to that plant, which are nearly complete and will have the effect of improving the enrichment rate and also smoothing transition through to the next semiconductor gas that we wish to enrich after Silicon 28, which is germanium. The modifications I said are largely complete and the plant is continuing to process the first commercial batch. We also secured another Silicon 28 contract during the quarter and we're looking to deliver and satisfy all the current customer orders in 2026. The other important update on our semiconductor gas vertical is the acquisition of Renogen. This was announced earlier in the year, and we have been working on completing the acquisition as well as overseeing the all-important phase one C, which is defined as bringing the initial plant up to a nameplate capacity. In terms of the acquisition process, we are approved on all but one of the conditions precedent, which is one regulatory approval left to receive, which is the exchange control, which is expected pretty imminently. All other approvals, such as shareholder support, which was nearly unanimous, And competition commission approval had been received and we successfully listed on the Johannesburg stock exchange earlier this year in preparation for the share exchange and completion of the transaction. In terms of phase one C which has been a majority focus for prevalence of the reserve and commercial delivery of the expected product. That's going incredibly well. The differences that we've seen since the restart following our investment is a larger number of drilling grids operating in series and the contracting of Kinley Exploration whose experience in gas drilling is enormous and they have provided a lot of insight into reservoir modelling and the targeted drilling in locations to improve the effective blowing of gas. Also important to note is the compressor station which brings gas from the further fields is now nearly complete. The inclusion of the ASPI engineering team who have been adding their support to the maintenance and running of the plant. Now I'll take you through the nuclear medical updates. So our first quantum enrichment plant, which those of you who are familiar with the company will recall is our proprietary technology related to the laser enrichment of isotopes. The first plant has now been in production following commissioning. earlier this year and is currently producing Euterbium 176. We shipped a commercial sample of Euterbium to a customer for independent analysis and are awaiting the results of that. The delivery of commercial quantities is expected to take place over the course of the first half of 2026. We've also started procurement for in total four new production facilities for QE. The first new one will be a second Euterbium production plant And we've also secured the regulatory approvals for all four of the plants. And during the course of 2026, we expect those to be delivered, commissioned, and we hope to start enriching gadolinium, nickel, zinc. We also signed a purchase order for barium one through seven. So our carbon plant is, which is expected to start producing carbon 14 prior to encountering feedstock delivery delays with our partners in North America. These started off being regulatory based delays, which have now been resolved, but there has been some feedstock concentration issues encountered, which are now largely being resolved and our first full batch so that we can continue processing is expected to be in January, 2026. We continue to expect to ship the first commercial batch in the first half of 2026. In the meantime, we have been utilizing the asset, which has been commissioned since the middle of last year, and have been enriching carbon-12 for our global gas company. We sent a sample of commercial carbon-12. The initial feedback has been positive, and we expect to ship commercial products still in December. So otherwise, on the nuclear medical update, in terms of pet labs, we have been investing in a capital-efficient manner into the growth of our South African radio pharmacy. The equipment that we've installed then in the cyclotron and PET CT scanners have been commissioned and are fully operational. This has led to the anticipated growth in volumes and doses sold and therefore revenues. We have also on the Commission received regulatory approval for our SPECT pharmacy, which is now fully operational and the delivery of SPECT doses is increasing ahead of the scheduled uptick in delivery that was predicted. Of note also is the very exciting part of PET, which is the therapeutic update where we ship the first notitium 177 first in South Africa. So we're very excited about that and expect the demand for that to grow. Otherwise on the global scale of pet labs, Surf Africa having been the proving ground and showing our ability to purchase, install, commission, and get regulated the radiopharmaceutical equipment and start delivering doses. We've made our first purchase in United States of America. We announced the purchase of East coast nuclear in Florida. And we will be growing that radio pharmacy, more details to follow. We also have a second radio pharmacy under term sheet, which we expect to close in the very near future. And we have a number of others in due diligence. So at this point, I will pass over to Dr. Ryan Pretorius to talk about the opportunity in nuclear energy and quantum leap.

Thank you, Robbie. I'd like to share some updates and progress securely. Kioly has acquired 137 to commercialize the cutting-edge Kribe unit technology that provides a modular system to address beta decay-related nuclear waste treatment at the source of emission. Kioly plans to convert hazardous cesium-137 to commercially viable barium-137 by reducing the 30 and a half year half-life to mere minutes, thus converting a liability into a revenue source, feeding to the semiconductor industry. Other beta emitters such as strontium-90 and carbon-14 from the nuclear waste will be integrated into our nuclear medicine supply chain or trace the chemical vertical respect. QLE has made progress on our MOU with Fermi and is providing requisite information to utilize the 11 gigawatt data center complex in Amarillo, Texas as a location for uranium enrichment to produce Alu Plus and Hale. The QLE technology is based on the foundational ASP isotope stable isotope separation technology that is commercial operation today And pending regulatory approval, these technologies will be developed to produce isotopes vital to the nuclear supply chain. Progress has been made towards operation of the existing test ventures at NEXA Palandava to produce Hali for TerraPower. Early engagement with the UK Office for Nuclear Regulation, or ORNL, shows progress towards UK operation. Along with recruiting our CFO, Michael Cuttiff, QLE has raised $64.3 million via convertible nodes, bringing our pro forma cash on hand to $81.6 million. QLE has also filed S-1 documentation with the SEC, highlighting our commitment to the States and ASPI's goals of spinning out QLE in Q4 2025. Over to you, Michael.