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.

Thanks, Reino. QLE is more than just an enrichment company. Our mission is the stabilization of a dysfunctional nuclear supply chain by providing novel technical solutions to key risk areas, thus providing a pathway to a robust, domestic, secure nuclear fuel supply chain. We're starting strong with commercial momentum through partnerships with industry leaders for commercial supply and funding, and also led by a strong executive leadership team supported by our fast-growing execution-focused team. We have exclusive and continued access to ASP Isotope's team of 150 people and infrastructure, and we're building our own team internationally. we will apply our scalable, modular, and demonstrated technology to enrichment of the critical materials required to support the nuclear fuel supply chain. Looking forward, we're going to continue to develop the foundational technology with support from ASP Isotopes while engaging with regulators and expanding our commercial product offerings.

At Q-Quantum New Energy, we aim to provide the world with future-ready solutions. So we've assessed the current, emerging, and future need of the nuclear industry and identified several key chemicals in the form of high priority isotopes required for stable operation. Current generation 2 and 3 reactors are dependent on LEU, but also dependent on lithium-7, which was produced historically and is currently being consumed from stockpile. There's only one producer of lithium-7 commercially in the world today, and they set out outside of the Western secure supply chain. It is therefore critical to start producing lithium-7 to ensure the continued operation of the approximately 80% of nuclear reactors worldwide requiring lithium-7 for pH control, but also looking forward to the massive uptake and demand required by molten salt reactors, which will require kilotons of lithium-7 in the form of FLiBe and FLiNAC to function and demonstrate their capability. As part of producing lithium-7, we will also produce high-purity lithium-6 isotopes that will feed into the growing demand by the fusion industry for lithium-6. Lithium-6 is used in fusion to produce tritium, and by fusing tritium with deuterium, the fusion industry has now demonstrated double digits in seconds of continuous exothermic production of fusion power. We therefore believe that there will be a massive requirement for lithium-6 moving forward, and we want to be the world's leading supplier of lithium-6. The emerging and future demands for nuclear fuel is an interesting use case and opportunity for Keeley to feature in terms of how Generation 3 reactors can be advanced Generation 3 plus reactors by switching to LEU plus, which is a high enriched form of LEU between 5 and 10%. And by going to this high enriched fuel, these reactors can increase their energy output or energy density as well as decrease the time between refueling cycles. Currently, there is no secure supply chain, either domestically or worldwide for ALU+, and that is an opportunity for QLED to feature. And that is a critical step towards our path to become the world's leading producer of HALU, as HALU is between 10 and 20% enrichment, which is of course the end goal of Quantum Leap Energy to become the world's leading supplier of HALU fuel. Over to Michael.

Thanks Rainer. So thinking about our future and our expected company development roadmap, we intend to start our engineering design work in South Africa with our first demonstration plans to be operational there, focusing on lithium and uranium. Our plan is to have demonstration plans in the US and the UK that will follow soon after. Our global headquarters will be in Austin, Texas, as home to our laser center of excellence with Amarillo, Texas, targeted for commercial U.S. operations for heavy production. We envisage that our UK plant will produce for the UK and European consumption as well. We think about our organization in three distinct stages. We will invest through 2025 and 2027 in multiple demonstration and commercial plants that will focus on lithium and uranium enrichment. We then deliver through optimization to achieve nameplate output of enriched lithium and uranium. Finally, we'll accelerate our business as our revenues associated from our various products are repurposed through the business, enabling further rounds of capital investment and output production. Over to you, Paul.

Thanks. I'm now going to explain the acquisition of Skyline Builders and where this fits into the ASPI broader strategy. So during late August, we acquired a controlling stake in a Caymans entity listed on NASDAQ called Skyline Builders. It's historically been a construction company. We consider those assets largely non-core. Obviously, it's up to the board of directors of Skyline Builders, but we'd likely view those as being the rest of someone in the future. And the goal of this entity is to secure supply chains of critical materials that are both essential to the United States and to ASPI and Quantum Leap and Energy. Shortly after we took control, we raised about $41.7 million of capital into the business to facilitate acquisitions and growth. I've become the executive chairman of the company, and Kewley has two board members out of three on the entity. And we expect to announce a CEO during the next two months. We've already chosen the CEO. He's just finishing off duties elsewhere. We've made two acquisitions to date. which I think are highly strategic to both the United States at large and also ASPI QLE. The first acquisition took place in 8 October, and we acquired a 20% stake in a privately held Delaware LLC that has essential critical materials in Asia. And these are extremely important to both the United States and ASPI. And we expect to disclose the exact nature of these assets before the end of the year. We've had a lot of support from multiple governments to get this asset. And we're extremely proud by what this asset can do. We're very excited by the future of this asset. I think more importantly, we announced a couple of weeks ago that we proposed acquisition of a company called Supercritical. So Supercritical is a very unique US company, US technology developed by the DOE to extract humanium and other critical metals from seawater cost competitively and at an industrial scale. Now it utilizes technology. It's been developed by the US government. US government spent about $20 million over 10 years developing this technology. And we're very excited by what this can bring to our supply chain. Obviously, you know, this fits in with a number of executive orders that have been signed over the last several months. And we're very excited about bringing this to market over the next several months or years. I'm going to let the Supercritical CEO talk about this more in due course once the deal has been finalized. What this acquisition does for QLE is it means we become a soup to nuts nuclear fuel company. So Supercritical Technologies will focus on securing the feedstocks that our customers will need to make nuclear fuel. QLE will then plan to supply the conversion services, also enrichment and deconversion. All of these are very much needed by Western world today. And then in addition to that, QLE will supply lithium-7 and lithium-6 that are used in molten salt reactors and also for pH control in pressure water reactors. And finally, the CREVA technology, which Manu described earlier, will help deal with cleaning up a lot of the nuclear waste that comes out of a nuclear reactor. And so I think it puts QLE in a really unique position to capitalize on every part of the nuclear fuel supply chain and really become a nuclear reactors company of choice or partner of choice. supply those fuels. I want to hand over to Robert to talk about future milestones.

Thanks very much, Paul. I'm now going to give an update on milestones and the corporate events that we can expect now and during the course of next year. So in terms of the corporate transactional events that we have upcoming, there are two in number. The first is in time will be the completion of the Renogen acquisition. As I explained earlier, we are waiting off one further regulatory approval that we will then enact the scheme of arrangement and complete the acquisition. This is going to be an excellent investment. We're very pleased with it. We're very pleased with the progress that's being made and the products are going to add to the stable of critical material products that ASPI is able to offer in quite a unique fashion to the semiconductor market. Secondly is the IPO of Quantum Leap Energy. subsidiary which you heard about earlier so we will update the market on the detailed timing for this transaction but those of you following the stock will have noted that we confidentially filed the s1 in preparation other than that the important job of work that we have in front of us is to complete the initial production runs of the operational plants that you've just heard about and across the three plants and fulfill the customer contracts that we have in front of us now. We also have had a number of discussions with our customers about their needs ongoing into the medium term, both in terms of the quantums of the existing product mix and isotopes that they will be requiring in the future. And we'll update the market in terms of this in as much detail as we can, when we can. In terms of construction of new plants, we will be during the course of 2026, commencing construction of a number of plants in a number of locations. Namely, we have signed a lease on Isotope Supercenter, as we call it in Iceland, on the location there. And we expect to break ground on that for AFP technology-based plants during 2026. We also expect to begin plants and facilities in the US and the UK with the goal to enriching isotopes during the course of 2026. In terms of quantum enrichment, laser-based isotope enrichment plants, We would like to begin construction parts during 2026 for parts which will deliver xenon, gadolinium, nickel and zinc isotope products for which we have demand from customers. We will also continue the expansion of our radio pharmaceutical footprint through our subsidiary Pet Labs Global. For me, this is a very exciting business where there's a lot of growth that's latent. I intend to deliver a thorough update to the market in the near future of the steps that we've taken to realize this and build a far very successful base case in South Africa, which has demonstrated our ability to commission, regulate and service radiopharmaceutical equipment and deliver doses to patients ultimately. So look out for more details of that in due course. At this point, I will hand over to Heather Kiessling, the Chief Financial Officer, for the financial updates.

Thank you, Robbie. Good morning, everyone. I'm delighted to introduce myself. I am Heather Kiessling, CFO of ASP Isotopes. I will be presenting key operation metrics for the period ending September 2025, starting with revenue. Revenues include sales from our radiopharmaceutical operations in South Africa, And beginning in September 2025, it also includes the revenues from Skyline. Excluding the Skyline revenues of 3.6 million results in total radiopharmaceutical revenues of 1.3 million in the third quarter of 2025, or an 18% increase versus the third quarter of 2024, and total radiopharmaceutical revenues of 3.6 million per year to date 2025, or a 24% increase versus 2024, due to both an increase in doses produced driven by additional capacity and an increase in pricing. Next is operating expenses. Year-to-date total operating expenses increased by 16.5 million or 84% from 19.7 million in 2024 to 36.2 million in 2025. Non-cash stock compensation makes up approximately 30% of the total operating expenses and the increases. Significant drivers of the increases are from the approximately 66% increase in headcount during 2025, supporting our research, development, plant activity, and general operations, as well as a significant increase in professional fees. Next, we have net loss from operations. Net loss from operations is $34.9 million for year-to-date 2025 versus $18.7 million for the same period in 2024. Due to the relative low volume of radiopharmaceutical revenue and low margin of Skyline revenue, the effect on net loss from operations is directly impacted by the operating expenses activity just mentioned. Next, we have net loss before non-controlling interest from our non wholly owned subsidiaries, which is 96.5 million for year to date 2025 versus 23.2 million for year to date 2024. which reflects our other income and expense items on the statement of operations. The two largest contributors of this other income and expense activity is the over 300% increase in interest income in 2025 versus 2024, mainly due to investing our funds received from stock issuances over the last year and the impact of GAAP accounting for the fair value of the convertible notes. Guidance and activity of the fair value accounting of these convertible notes is further explained in the footnotes to our condensed consolidated financial statements included in our recent file 10Q. Year to date cash used in operations increased by 6.5 million or 50% from 12.9 million in 2024 to 19.4 million in 2025. mainly due to increases in research and development pertaining to next-generation production technology for our current plants and future isotope production, the 66% increase in personnel in 2025 due to initiating commercial production, increased R&D and business development and global operations, and professional fees as we increase corporate activities. Further analysis is provided in the MD&A portion of our recently filed 10-Q. We have cash of 113.9 million as of September 30, 2025. This balance reflects the net proceeds of approximately 56 million received during the third quarter of 2025 from the issuance of common stock and the 108 million year to date 2025, which was from the issuance of common stock and the exercise of warrants. Subsequent to September 30, 2025, we have received net proceeds of approximately $200 million from the issuance of common stock. Quantum Leap Energy issued convertible notes in November 2025, totaling $72.2 million, of which $30 million is from ASP isotopes. And lastly, property and equipment showed growth from approximately $23 million as of December 31, 2024, to $33 million as of September 30, 2025. mainly due to our plant construction, which has taken place in South Africa. We expect our cash burn from operations and continued growth of our plant and global radiopharmaceutical operations to increase as we bring more isotope enrichment plants online and acquire and expand our radiopharmaceutical targets. Further details will be made available in due course. Operator, this concludes our presentation of our third quarter update call and we are now accepting questions from our attendees.

Thank you. We will now begin the 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 one in your telephone keypad. Your first submitted question is as follows. Can you talk about the delays in shipping Silicon 28?

I think the laser refers to our previously sort of announced anticipated shipping dates. So this has to be seen within the context of the starting up and first production run of a nuclear engineering plant, Isotope Enrichment Plant, which is an extremely complex chemical procedure and an extremely complex physical procedure. So the first production runs have taken longer than we would have anticipated when we made those estimations previously. The big change that's happened for me this quarter was the visit that I previously mentioned from our initial two customers for Silicon 28. I can't emphasize how incredibly positive that was, a really change in dynamics. of the customer-supplier relationship. And a lot of sort of collaboration in terms of the modifications that I discussed and for us to be able to better gauge the demand that we can expect from those customers in the future and their other isotope requirements. So the modifications and the general complexity involved in starting up the plant I'm very happy with it. I'm continuously amazed by the capabilities of our engineering staff. And more importantly, our customers are very happy with the way we're doing things. So I'm very pleased about that. And for those of you who have caused delays, it's going to be answered in question. Next question, please.

Your next submitted question. When do you expect to achieve operational de-risking in respect of Rennergen? What are the major milestones for the next six months?

Yeah, thank you. So, again, de-risking, end of the first quarter is the simple answer to that question. And what that involves is the completion of Phase Ic, which I referred to earlier. And that's defined as the bringing of the initial chemical plant that's currently already operational and producing both LNG and helium, but in smaller quantities than is required by the nameplate capacity. And that will be completed during current rate of progress by the end of the first quarter. at that point uh i would consider the the project de-risk uh there are discussions about what the um arrangements for phase two and work is going on in front of that but for me with my chief operating officer hat on my manager is phase one c phase one c phase one c nothing else matters uh so i make sure everybody's very focused on that to achieve prevalence of the farm and the de-risking that you're asking about. So that's the focus for me, and I make sure that's the focus for people on the ground. The major milestones in the next six months, I mean, it's two. It's very simple. It's completion of the transaction, so that we perform the share swap over the company, and as I said, the aforementioned completion of phase one of the C. Those are the two things that are the key focus for me. Next question, please.

Your next submitted question, when will the company begin to recognize revenue in its isotopes enrichment segment?

So revenue recognition, I think, is an accounting term there. So I think the purpose of the question is to ask what we're going to be actually delivering a commercial batch that customers can pay. First of all, we call on by buying this adventure and I can be expected to ship that still before the end of December. So surprisingly, when the bill gets paid and the revenue is recognised, that would be a subsidiary question for Heather. And then in terms of Silicon Valley and Serbium, as I said, during the first half, first quarter and first half Michael Bresalier, Next year, and that those will be the initial revenue, but we will be supplying correct with just the current. Michael Bresalier, purchase orders and supply contracts that we have in front of us will be supplied during the course of. Michael Bresalier, The question and the year for the first person.

Your next written question, what did the customers say about our samples of both ytterbium and silicon?

Yeah, I think you get a lot of questions of this nature and I think there might be some confusion about it. People seem to be hanging on commercial samples to see if the technology works or not. So for those people who, you know, will we ever be able to produce products or the sample sort of indicates that um so if people were in that position let me just like um make it clear that the technology does work i should say to repeat already being enriched have been across the three class uh we've been testing them at our own um analytical facilities and then they've been um as we've announced uh tested independently uh by customs accounts parties um we don't um uh we're also not we have obviously multiple customers for um for for the same isotope. All of them at some stage will require or have required samples. We do not intend to announce every time we send a sample to a customer iterative process. But when we shipped the first samples, we were advised that that was a material event that we should inform the market of. So that's why we made those Announcements. In terms of the products that we make, there are two key features that are important to the product. Isotope enrichment and the chemical purity. Those are, simply put, the two requirements that our customers have. In terms of isotopic enrichment, it varies between the two technologies that we use. But basically, you keep going until the enrichment level you require is reached. In terms of ASP, for example, you're using the force of gravity in the form of centrifugal force, so that remains active on the gas that goes through the plant, and we keep enriching until the enrichment level is achieved. Some of the modifications, as I said earlier in the thing, are designed to increase the rate of enrichment. without getting too technical, the replacement of one type of valve with another, one of the diameter of pipe with another to control the speed of gas through the SP plant. And that optimizes, if you like, the operating philosophy of the plant that is now being brought into service and is busy with the first production. It's an ongoing initiative process seeking to achieve perfection. And so in terms of the samples, our customers that analyze the samples, they are, I use the phrase, tied out in terms of isotopic enrichment and chemical purity. I'm told by engineers and analyticians that that's not the right phrase, but it's one I know. So the customers are very happy with the results, which is the most important thing. And so are we. But we will not expect to repeat this. We're not expected to be making announcements every time we ship a sample to a customer. It's an ongoing process. They're very specialized products. There's a strong working relationship between ASPI and our customers for the different isotopes. That is the nature of the isotope business. Next question, please.

We will take our first phone question from the line of George Gianarchos from Canaccord. Your line is open.

Good morning, everyone. Good afternoon. Thank you so much for taking my questions, and thanks for this incredibly robust update. We appreciate it. So I have several questions. Maybe to start, you've sort of talked about and quantified a $50 to $70 million revenue opportunity in 2016. and 27 are on deterbium-176 and silicon-28. Is that still a number we should think about and sort of a model for the next two years?

So, hi, George. First of all, thanks very much for asking the question. So, we're not at this stage changing guidance that we've given before. I'm very aware that the market is keen to have the guidance and also a detailed explanation of the bridging to the 2030 revenue as specifically done. We are, as we've said, things have taken slightly longer than our initial estimations to bring into service and so on, which is not a big issue for us from an operational point of view. But what it does mean is that we're not in our forecasts or the revenue indications that have been given yet. As I repeat, I'm very, very aware that the markets are looking for that and I can promise that we'll do our best to give the information that we can. As soon as certain things And so we have the confidence to give that updated projections and be prepared to be held to them. I do have, I just want to say at this point, I've got a lot of sympathy for investors and for fund managers and particularly research analysts, investment analysts. pay for business um uh so so not only do we have the financial regulations which everyone's uh sort of familiar with which governs our day-to-day in our industry we also governed uh because we deal with control technology with the global new global and national nuclear regulators uh who are extremely uh keen to understand them and uh uh and and that's what we plan to tell people about our operations Once you've got past those two things, you've then got our customers. And the customers, I would love to be shouting from the rooftops as to who our customers are across the spectrum of the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, that confidentiality is key. They don't want their competitors knowing where they're buying their isotopic products from, what enrichment levels they are, what they're paying for them. So it does make it difficult to give sort of the kind of data that I know that investment analysts like to feed their projected models. So you have my sympathy. But the thing to ask your question, George, is that I'm not changing any, making any fresh alterations to the prior indication today, but as we get a higher level of clarity internally, we will seek to provide further guidance on projections as soon as we possibly can.

I do have a couple more, and they're about numbers. So on slide 20, you have a list here of five, four isotopes, excuse me, where you plan to not only build facilities by the end of 26, but also I'm assuming begin shipments probably the year following. So can you help us, number one, understand the capital commitment in 26, like how much money you need to build those? uh facilities and and seconds what the revenue opportunity and revenue and and even the opportunity look like for those four just so we can understand sort of return on invested capital thank you john i hear you say i'm going to have to disappoint you i'm sorry we are going to give a full update um uh to the market but uh we're not in a position to give that detailed Fair enough. So I'll just switch gears and just a couple more here before I pass the mic. For QLE, you did mention, I think if I heard this correctly, an opportunity for LEU+. I think that's new. Can you sort of talk about maybe this interesting, what appears to be a shift in strategy, if we heard that correctly, and what sort of mechanics we should expect to bring capacity for LEU+. up and running.

I couldn't do yours, but I think you'd probably rather hear it from Dr Reiner. You'll get a much better answer. Thank you. Dr Reiner, are you on the line?

Yes, hi. All right, so ALU+, great question. I think depending on who you speak to, they'll say ALU+, it's just HALU. So we try to classify ALU Plus as a special subcategory of HALU. And within that subcategory, it is between 5% and 10% enrichment. And the reason that we're actually looking at ALU Plus was due to customer inquiry. So we can't reveal more about who that customer is or why they want or what they want ADU Plus for. But I think I've stated in the presentation that it increases the power density of a power plant. It can be retrofitted without major technical modifications into an existing nuclear power plant of Generation 3 to make a Generation 3 Plus. And it increases the time between refueling. In other words, it extends the life of these power plants. So they can provide power for much longer. It means we don't have to replace them. So it is an important shift in modernizing the existing nuclear fleet. I wouldn't call LEU Plus a modification or a shift in what we plan to do. It is on the way towards LEU production, and some would even say it is HALU production. So for us to get to HALU, which is provisionally up to 19.75% uranium-235 enrichment, AliU Plus would be 5 to 10%. So as we progress from natural uranium with our enrichment technology at 0.7% uranium 235, we'll go incrementally through the AliU space, which is 0.7 to 5% enrichment, nominally 4.8%. And then as we progress to Haley, which is 19.75, we'll go through the AliU Plus space, which is 5 to 10%. And we can then provide clients with products that they can use, that they're willing to pay for, that there's no secure supply chain for. And we will be one of the only producers of Alu Plus in the world on the way to get to Haley, generating revenue early as we de-risk and scale our technology.

I hope that answers the question. No, thank you so much. And maybe is it fair to say that this customer is this in addition to the customer with whom you've already revealed at MOU, or is it the same?

Yes, so I can say that it's not TerraPower. We stand firmly committed to our ongoing great relationship with TerraPower to produce HALU in South Africa. We're still looking at meeting the timelines made public, and this is other customers driving forward.

Is this U.S. or South Africa, Dr. Rhino?

I can't provide more information on that. will update in future.

And last question, I'm sorry to ask so many, but you did have a pretty significant revenue recognition item in the third quarter from Skyline Builders. Is that something we should model going forward? And how should we think about this 3 million plus in revenue?

Yes, so I think Paul answered that question pretty well, but I'll reiterate some of the important talking points there. The goal of KLE is to secure The nuclear supply chain, which is pretty dysfunctional right now. And Skyline Builders is an acquisition that will secure the supply chain in terms of raw material, critical raw materials. So even though there is construction, it is a construction business at this moment, we don't foresee that moving forward.

Okay. So that $3 million should basically go away in the future.

Yes. We'll review more in the future, but that is our technical.

Okay. Thanks so much for all the questions, all the answers to my questions, excuse me, and for the robust update. Have a good day.

And that is all the time we have for our question and answer session. I will now turn the call back over to Robert for closing remarks.

Thank you very much, Preta. I'd just like to thank everybody for joining and for interest in the company. This year, 2025, has been a phenomenal year, having brought the three plants that we've been working on into operation. We've hosted a lot of investors and our investor access events, a lot of customers, a lot of counterparties. Everybody who comes to visit, it's an enlightening experience for them. Anybody who can, as we announce more investor access events, I've urged people, if they can, to come. It gives you the opportunity to really quantify something and take away some of the mysticism about what sort of isotope enrichment is and what ASPI is actually doing. And we're looking forward to diversifying a broad way from just operational assets in South Africa. It might make it easier for other people to, or more people to visit us as those come alive. But seeing the parts really gives an easy way to visualize how the company can grow in terms of its operations and hence its revenue. And that's what a lot of people get out of those visits. 2026 promises to be just as exciting and fast paced year. So we are looking forward to getting stuck into that and look forward to updating everyone Thanks very much indeed.

And this concludes today's conference call. Thank you for your participation and you may now disconnect.