ASP Isotopes Inc.

Good day and welcome to the ASP Isotopes Business Update Call. Please note this event is being recorded. I would now like to turn the conference over to Shweta Digge, Head of Investor Relations. Shweta, your line is, please go ahead.

Good morning and thank you for joining ASP Isotopes Business Update Call. I am Shweta Digge, Head of Investor Relations at ASP Isotopes. Joining me today are Paul Mann, Executive Chairman and Chief Executive Officer, Heather Kiesling, Chief Financial Officer, and Dr. Reino Pretorius, Chief Executive Officer of a nuclear energy subsidiary, Quantum Leap Energy. Our remarks today include forward-looking statements which are subject to risks and uncertainties that can cause actual results to differ materially from those discussed today. We encourage you to view the forward-looking statements, disclosures included on slide two. Additional information on relevant risk factors is described in our filings with the SEC. We undertake no obligation to update forward-looking statements except as required by law. With that, I'll turn the call over to Paul.

Thank you. Good morning, everyone, and thanks for joining us today. Here's how we'll structure today's call. I'll begin with a corporate overview and our key themes for 2026. I'll then walk through each of our product and business segments. Heather will cover our financial performance and capital position, and we'll close out our upcoming milestones and EBITDA outlook before opening the line for questions. We are transitioning from a company that has built infrastructure to one that will be delivering commercial product across multiple high-value end markets. Over the past four years, we've built three enrichment facilities in South Africa using our proprietary aerodynamic separation process and quantum enrichment technologies. These technologies span nuclear medicine, electronics, and nuclear energy. Let me walk you through our 2026 plan. First, we expect first commercial shipments of silicon-28, ytterbium-176, and carbon-14 this year. Each of these products serves a different critical end market, electronics, nuclear medicine, nuclear fuels, and each has a limited global supply. Second, on radiopharmaceuticals, our business continues to grow, and we're expanding operations beyond South Africa into the United States and other jurisdictions to meet increasing demand for radiotherapeutics. Third, our helium and LNG operations at the Virginia Gas Project are progressing towards nameplate capacity, with drilling now complete approximately four months ahead of schedule. This positions us as a meaningful contributor to global helium supply at a time when approximately 25% to 30% of the world's supply is offline. And fourth, Quantum Leap Energy continues its path towards becoming an independent public company, the confidential S1 submitted. The key takeaway here is that we are no longer a development stage company. We are a critical materials platform with revenue potential across all business lines. We have built one integrated critical materials platform, serving three multi-billion dollar end markets. In each one, supply chains are constrained, geographically concentrated, or strategically vulnerable. and each one, no credible Western alternative exists at commercial scale today. That is the position we have built, and it's what makes this platform differentiated. Now, nuclear medicine, we are at an intersection of two powerful trends, the global shift towards targeted cancer therapies and a critical shortage of isotopes that make those therapies possible. Utopium-176 is the feedstock for lutetium-177, a medical isotope used in targeted therapy for neuroendocrine tumors and prostate cancer. That supply runs predominantly through Russia. We are building a Western alternative. Carbon-14 is a separate but equally critical market, a regulatory requirement in pharmaceutical drug development globally with an acute supply shortage. And through varied pharmaceuticals, we close the loop, producing isotopes and delivering finished doses directly to patients across South Africa and the United States. In electronics, we are building a next-generation electronic gases company. Supplying a semiconductor fabrication facility means delivering a full suite of high-purity materials—silicon-28, helium, and fluorinated gases. The semiconductor industry has exhausted what traditional silicon delivers. The next generation of chips requires isosceles computer materials for superior thermal conductivity, and quantum computing requires them for two-bit stability. There is no commercial supplier of silicon-28 at scale anywhere in the world today. We are yet with three signed purchase orders, and every semiconductor fab on Earth needs helium to operate. We own the most concentrated helium resource in the world. Nuclear fuels for quantum leap energy. Nuclear power is back on the global agenda, but the fuel supply chain is not ready. HALU, LEU+, lithium-7, the materials next-generation reactors depend on, have no secure Western supply chain. It duly exists to fix that. Let me take you through our near-term milestones for each segment. Let me start with our nuclear medicine update, beginning with our first quantum enrichment plant. This plant uses our proprietary laser-based quantum enrichment technology, and it's currently producing Ytterbium-176. Ytterbium-176 is the feedstock for lutetium-177, the active ingredient in Novartis Revicto, one of the most important radiopharmaceutical therapies for metastatic prostate cancer. Demand is growing rapidly. Supply today runs predominantly through Russia. We are building the credible Western alternative at commercial scale. We shipped our first Utobium 176 sample in September 2025. In October 2025, we experienced a brief operational pause, which has been fully resolved. The plant is back in operation and enriching product. We believe our plant is capable of enriching approximately one kilogram per year with approximately two kilograms of indicated customer demand. We're entering this market with demand ahead of our initial capacity. We expect first commercial shipments around mid-year or third quarter 2026. Our carbon plant has been enriching carbon 12 and building operational confidence throughout its time in service. Science is not in question. Carbon 14 is our near-term commercial priority from this plant. Carbon 14 is used to trace how drugs metabolise in the body. It is not operational, it's a regulation requirement in drug development. Global supply is acutely constrained. signed a take-or-pay contract with a North American customer of a minimum of $2.5 million per year, with a potential upside of $5 million or more. Contracted recurring revenue. The feedstock has now shipped out of Canada and is being processed in the United States. We expect delivery to South Africa by the end of this month. The concentration of carbon-14 in that feedstock will determine our revenue timing. At 0.5% concentration, we expect to book revenue in Q3. At 1% or higher, we will book in Q2. We will know once we receive it. To be direct, this is a timing issue, not a science issue. The plant works, the contract is signed. Penn Labs is our radio pharmaceutical platform and a business that is scaling fast. Revenue grew from $3.9 million in 2024 to $5.7 million in 2025, driven by capacity expansion and favorable pricing. Our first cyclotron is at peak utilization, and our second came online in July 2025. South Africa is no longer a proof-of-concept. It is a fully operational radiopharmacy delivering record doses. The plant that we built there is exactly what we are replicating in the United States. On U.S. expansion, we acquired East Coast Nuclear in Florida, our first U.S. entry, a SPECT-focused initially with pet capability planned for 2027. We subsequently acquired a second site in North Carolina, now delivering SPECT services with pet expansion planned for 2028. We have an active pipeline of additional radiopharmacy acquisition targets in due diligence. The 2026 revenue target is $10 million or more, roughly double that of 2025. Now let me turn to silicon-28 and where we stand on commercial delivery. A stock of QPR silicon-28 is a key material in the development of solid-state quantum computing and advanced semiconductor architectures. By removing the nuclear spin noise present in natural silicon, enriched silicon-28 provides a pristine environment for qubits dramatically improving coherence times and overall device performance. This unique material advantage is crucial for building scalable, fault-tolerant quantum processors that can operate reliably at industrial scale. We have signed three purchase orders, one with a major U.S. semiconductor company, one with a large global industrial gas company, and one with a large U.S. buyer. We shipped first enriched samples in August 2025. Emissions is tracking exactly in line with our theoretical calculations. technology is working precisely as designed. Two customers visited the plant in October and November, and those visits were constructive and collaborative. We jointly agreed to make modifications to the plant for safety, operational efficiency, and long-term plant robustness. We implemented them because we want this plant to run reliably for years, not just for the first batch. We expect to ship the first 728 product during the second quarter of 2026. We completed the religion acquisition on January 6, Let me explain why helium is central to our strategy and why the timing of this acquisition matters. We own the most concentrated helium resource in the world. Qatar averages 0.05% helium concentration. Russia is 0.06%, and the US averages 0.35%. Our three state wells average over 3%, and we have seen concentrations as high as 12%. Now phase one status, well drilling is complete, four months ahead of schedule, with flow rates up to 16 times those of earlier wells. We're ramping to nameplate capacity, expected in the third quarter of 2026. At nameplate, phase one produces approximately 2,500 gigajoules per day of LNG. One gigajoule is approximately equal to one mm BTU, and 58 MCF per day of helium. 60% of phase one LNG is already contracted. and we expect a positive operational cash flow before year-end 2026. Phase two is the transformational step. 34,000 gigajoules of LNG per day and approximately 895 MCF per day of helium, representing roughly 7% of projected global supply. Phase two financing benefits from $750 million of committed debt, half a billion dollars from the USDFC and $250 million from Standard Bank. unlocked by a $170 million capital commitment. The U.S. government has designated this facility as critical to national infrastructure. QuantumLeap Energy is our nuclear fuel subsidiary. I want to note up front we are limited in some of what we can say today because QLE is in the S-1 registration process with the SEC. Our comments will be consistent with publicly disclosed information. The confirmation of S-1 was submitted in November 2025. The QLE spin-out is a 2026 event. I'll ask you to watch for updates as you work through the SEC process. With that, I'll turn the call over to Heather.