ASP Isotopes : Company Presentation (ASPI Corporate Deck 12May2026 Final)

Published: 2026-05-12 08:56:12 ET ASPI

Published on 05/12/2026 at 08:56 am EDT

May 2026

1 | © ASP Isotopes Inc.

Scaling capacity, expanding portfolio, and improving unit economics

What We Do

Differentiated Isotope Enrichment Platform

Aerodynamic Separation Process (ASP)

Quantum Enrichment (QE)

High-Value End Markets

Electronics | Nuclear Medicine | Nuclear Energy1

Growing Diversified Operating Footprint

U.S. | Europe | South Africa

Three Isotope Enrichment Facilities Built in South Africa

Yb-176 | Si-28 | C-14

Value Drivers

Scale Capacity across enrichment programs to meet growing demand

Broaden the Portfolio to capture more of the value chain

Improve Unit Economics through proprietary process optimization

Strategic Partnerships to accelerate commercialization

Proof & Milestones

Advancing Lead Assets

Technical progress across Yb-176, Si-28, and C-12 enrichment programs

Building Commercial Traction

Customer engagement and supply agreements in high-value end markets

First Commercial Shipments2

Si-28 · C-14 · Yb-176

The Energy Act of 20203 defines a "critical material" as:

Any non-fuel mineral, element, substance or material that the Secretary of Energy determines: (i) has a high risk of supply chain disruption; and (ii) serves an essential function in one or more energy technologies, including technologies that produce, transmit, store, and conserve energy.

1. Our enrichment technologies cannot be tested on uranium unless and until required regulatory approvals and permissions have been obtained.

3 | © ASP Isotopes Inc. 2. Delivery dates reflect management targets and are subject to operational readiness. C-14: Carbon-14; Si-28: Silicon-28; Yb-176: Ytterbium-176.

3. Section 7002(a), Energy Act of 2020 (P.L. 116-260).

ASP Isotopes Inc. Delaware, US NASDAQ (ASPI)

Radiopharmacy Platform

Scalable PET isotope manufacturing for the nuclear medicine market

Three Radiopharmacies supplying thousands of doses of radiomedicines every year.

Emerging Pipeline of Theranostics to treat oncology.

Alpa Theranostics

IsoBio

Opeango

Stable Isotopes Production Platform

Three stable isotope production facilities in South Africa

Silicon - 28 for next generation semiconductors

Carbon - 14 for nuclear medicine

Ytterbium - 176 for nuclear medicine

Plans to construct additional facilities in Iceland, UK and U.S.A.

Capturing a Fragile Nuclear Fuel Supply Chain

QLE plans to supply:

Much needed conversion services.

Enriched U-235 via QE and ASP technology1

Deconversion of enriched uranium for fuel fabrication.

Lithium - 7 which is critical to pH control in PWRs and molten salt reactors

Lithium - 6 for use in future nuclear fusion

Helium & LNG Production

Virginia Gas Project

Helium - Noble gas used in production of semiconductors, healthcare and rocketry.

LNG - Liquified natural gas for energy.

LNG

Nuclear Fuels

Nuclear Medicine Electronic Gases (inc. Helium)

1 Our enrichment technologies cannot be tested on uranium unless and until required regulatory approvals and permissions have been obtained.

4 | © ASP Isotopes Inc.

Isotopes have one of the most severely compromised supply chains of any material in the world. The US Department of Energy and the majority of Western governments identify isotopes as critical materials.1

Electronics

Supplying materials for next-generation computing

Quantum computing, quantum sensing, and AI are expected to drive demand for isotopically enriched materials, helium, and fluorinated gases.

ASP Isotopes has signed Silicon-28 supply agreements with leading industry participants.1

Helium and other electronic gases for semiconductor manufacturing

Nuclear Medicine

Supporting growing demand for medical isotopes

Medical isotope demand is increasing as radiopharmaceuticals gain broader adoption in oncology.2

ASP Isotopes is building enrichment capacity to support Lu-177 and other high-value isotope applications.2

Nuclear Energy

Positioned for advanced nuclear fuel demand

Through QLE, the company is pursuing initiatives tied to next-generation nuclear fuel production.3

These efforts are intended to support the future fuel needs of SMRs and advanced reactors.3

1 U.S. DOE Isotope Program identifies isotopes as critical to national security, medicine, and advanced manufacturing (DOE Office of Science). 2 Radiopharmaceuticals market projected at ~10.8% CAGR to

5 | © ASP Isotopes Inc. $19.7Bn by 2033 (DataM Intelligence); Lu-177 market $2.1Bn (2024), projected $7.4Bn by 2034 (InsightAce Analytic). 3 NEI estimates ~3,000 MT HALEU demand by 2035; no Western producer at commercial scale (ASPI/QLE Press Releases; Nuclear Energy Institute. Our enrichment technologies cannot be tested on uranium unless and until required regulatory approvals and permissions have been obtained.

Expected Q2 2026 Milestones

Si-28 Electronic

First enriched Si-28 product expected to ship in Q2

Expected 2H 2026 Milestones

C-14 Nuclear Medicine

Targeting initial C-14 commercial shipments around mid-year, depending on arrival of feedstock from Canadian customer1

Yb-176 Nuclear Medicine

Targeting initial commercial shipments for YB-176 around mid-year/Q3

Helium Electronic

Expect to obtain Helium Phase 1 nameplate capacity in Q3

Radiopharmaceuticals Nuclear Medicine

Continue growth of radiopharmacy operations

Advance multiple pipeline assets towards Phase 1 human clinical trials1

EBITDA TARGET: >$300 Million in 20312

6 | © ASP Isotopes Inc.

1 Operational milestones represent current expectations of management based on information available as of the date hereof. 2 EBITDA target is a management estimate based on current business plans and assumptions; not a guarantee of future performance.

What is Isotope Enrichment?

Isotope enrichment is the process of increasing the concentration of a desired isotope. For example, enriched Silicon-28 has a concentration of

99.995%+ vs its 92.2% natural concentration, removing Silicon-29 and 30 isotopes

What is an Isotope?

ATOMIC STRUCTURE

Atoms

Atoms of the same element with the same number of protons but different numbers of neutrons

Similar chemical behavior but can have different physical properties, including mass

Can be stable or radioactive, depending on the structure of the nucleus

7 | © ASP Isotopes Inc.

Sources: IAEA: What are Isotopes? | Energy.Gov: DOE Explains Isotopes

Enriched isotopes have one of the most severely compromised supply chains of any material in the world with most of the world reliant on Russia for supply.

85%

15%

Russia (85%)

Rest of the world (15%)

ASP Isotopes is working to address this problem.

8 | © ASP Isotopes Inc.

Differentiated technology platform built to serve large, supply-constrained, high-value isotope markets.

9 | © ASP Isotopes Inc.

AERODYNAMIC SEPARATION PROCESS (ASP)

QUANTUM ENRICHMENT (QE)

Utilizes gaseous diffusion via a stationary wall centrifuge paired with proprietary flow directors to separate isotopes of varying atomic mass. Best suited for lighter gases.

Employs precisely tuned lasers and quantum mechanical principles to separate isotopes based on unique transition energies. Ideal for heavier metals.

KEY ADV ANTAGES KEY ADV ANTAGES

Best-in-class for lighter gases (Si-28, C-12, C-14)

Scalable volume production

Superior cost vs. competitors globally

Most metals enrichable (Yb-176, Li-6/7, etc.)

Extremely capital light

High selectivity for precise isotope targeting

ASP SEPARATION PROCESS QE LASER ENRICHMENT PROCESS

Our enrichment technologies cannot be tested on uranium unless and until required regulatory approvals and permissions have been obtained.

10 | © ASP Isotopes Inc.

Carbon-12/ 14 (C-12/ C-14) Silicon-28 (Si-28) Ytterbium-176 (Yb-176)

Enriched Carbon-12 for advanced semiconductor and quantum computing substrates. Critical feedstock for next-gen chip manufacturing.

Enriched Silicon-28 for quantum, with ongoing exploration for advanced thermal management in next-generation semiconductors.

Enriched Ytterbium-176 for nuclear medicine theranostics. Precursor to Lutetium-177, a key cancer treatment isotope.

11 | © ASP Isotopes Inc.

Semiconductors and Quantum Sensing

12 | © ASP Isotopes Inc.

Electronic Gases

Estimated global market for

electronic gases (estimated 7.5% CAGR)1

ASP Isotopes is building a strategic position across high-value segments of the specialized electronic gases supply chain2

Silicon-28 for advanced

semiconductor processing Fluorinated Gases and Helium Unique Isotopes

01 02 03 04 05 06 07 08 09

Silane

Epitaxy

300mm

Fab Processing

Semiconductor

Dicing

Chip

Sealed

Ready for

Gas

Boules

Wafers

Layers

Chips

Packaging

Chips

Gadgets

1. Electronic specialty gases market projected to reach ~$11.3B by 2030 at 6.8% CAGR. Source: Strategic Market Research (2024). 7.5% CAGR reflects company estimates for sub-segments relevant to

13 | © ASP Isotopes Inc. ASP Isotopes. 2. This slide contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. ASP Isotopes' strategic positioning is subject to market, regulatory, and operational risks

Estimated global market for silane in semiconductor applications

Standard silicon environment:

Heat generation due to Silicon-29 and Silicon-30 scattering electrons

Enriched Silicon-28 environment

Reduced scattering supports improved thermal flow

Simple visual representation of electron scattering causing thermal increases due to Si-29 and Si-30. Followed by a representation of electron flow in enriched Silicon-28.

The bottleneck in next-gen chip performance is heat dissipation and thermal conductivity. As more transistors are added to chips and power density rises, thermal management becomes the critical limiting factor - exactly where Silicon-28 is expected to achieve next generation thermal gains.

Our enriched Silicon-28 is expected to be fab-ready (99.99999% chemical purity); at 99.9% isotopic purity, delivering 20%-30% thermal conductivity improvement at room temperature, and more at cryogenic temperatures.

Removing Si-29 and Si-30 reduces phonon scattering, improving heat flow.

The leading costs driven by thermal issues are both energy consumption and shorter depreciation schedules -we believe our solution can address both in a significant way.

14 | © ASP Isotopes Inc.

We plan to capture the next generation of chips through our zero spin isotopes for quantum uses.

Classical computers process information using bits that exist in one of two states (0 or 1). In contrast, quantum computers employ qubits, which can exist in a superposition of states (and entanglement), enabling them to represent and process multiple possibilities simultaneously.

Enrichment of Silicon-28 and Germanium-70 to 99.995% isotopic purity with the chemical requirements for fabricators is expected to allow large fabs to utilize their current silicon and germanium infrastructure for quantum chips.

Enrichment of Carbon-12 to 99.995% isotopic purity is expected to allow for the production of diamond films and NV Diamond materials due to the zero spin characteristics of Carbon-12.

Other Materials, such as Ytterbium-171, Nitrogen-15 and others, are isotopes with lower or zero spin that we may produce for the industry.

It is critical that the materials deployed for these computers have zero-spin which reduces magnetic noise, increases time to coherence, and thus increases compute time.

15 | © ASP Isotopes Inc.

W hy helium is essential for advanced chip fabrication

Helium Applications by Industry (%)

No Substitute & Rising Intensity

Helium use per wafer expected to increase with chip complexity

Used at Every Stage of Chipmaking

GPU cooling and advanced semiconductor fabrication

Chemical Inertness

Prevents unwanted chemical reactions during fabrication

Superior Thermal Conductivity

Ideal for precisely controlling wafer temperatures

AI Chip Market Doubling by 2030

AI-driven chip market forecast to grow at a CAGR of ~16%1

Semiconductor Mfg

MRI

Fiber Optics Aerospace Welding

Leak Detection Quantum Computing

Diving Cryogenics

12%

15%

20%

Other

14%

Thermal Conductivity (W/mK)

Argon

Air Nitrogen Helium

0.018

0.026

0.152

1 Source: MarkNtel Advisors, Global AI Chip Market Report (2025-30); valued at ~$118B in 2024, projected to reach ~$293B by 2030

All estimates can vary based on pricing

3Q 2026

Nameplate Capacity for Helium

$750M

Conditional Commitments for Debt Funding5

12x

Phase 2 vs Phase 1 Scale

PRODUCTION OVERVIEW

Phase 1 Production

▸LNG: ~2,500 GJ/day | Liquid Helium: ~58 MCF/day |

2026 Milestones

Q1: Completed drilling of wells required for Phase 1 project 4 months ahead of schedule

Q3: Expect to obtain nameplate capacity for Helium

Phase 2 Expansion

▸LNG: ~34,000 GJ/day | Liquid Helium: ~900 MCF/day |

▸~7% of global helium production1

PRICING & FUNDING

Helium Pricing

Spot: Variable

Contract: Negotiated at arm's length and at a variable discount to current market pricing.

LNG Pricing

Diesel-indexed: ~$12-$20/ GJ

Senior Debt Funding

$500M U.S. DFC senior facility for Phase 22

$250M Standard Bank SA for Phase 22

$40M existing DFC loan (Phase 1)2

1: Based on est. global helium supply of ~6 BCF/yr; 2: Conditional commitments for senior secured debt facilities for Phase 2, subject to final documentation

ASP Isotopes' scientists have developed proprietary methods for manufacturing fluorinated compounds and have constructed a pilot plant in Pretoria with nameplate capacity of up to 220 tons per annum of fluorinated rare earth metals.

Specialized gases used across key semiconductor manufacturing steps

We have the ability to produce bespoke on-site fluorine plants for specific customer needs.

Fluorine (F2) and Fluorine mixtures (F2/N2), Phosphorus trifluoride (PF3), Iodine pentafluoride (IF5), and Selenium tetrafluoride (SeF4) are used in plasma etching processes to selectively remove material and create precise patterns on semiconductor wafers.

Dopants such as Germanium tetrafluoride (GeF4) and Antimony pentafluoride (SbF5) are introduced to modify electrical properties.

Germanium tetrafluoride (GeF4), Molybdenum hexafluoride (MoF6), Niobium pentafluoride (NbF5), and Selenium tetrafluoride (SeF4) are used in chemical vapor deposition processes to deposit thin films of materials like silicon dioxide.

ISOTOPE

APPLICATION

R&D

EVALUATION

CONSTRUCTION

EXPECTED

MARKET ENTRY

TECHNOLOGY

Carbon-12

QC, Semi's

✓

2026

ASP

Silicon-28 QC, Semi's ✓ ✓ ✓ 2026 ASP

Germanium-70 QC ✓ ✓ ✓ 2026 ASP

Yb-171 QC ✓ - - 2027+ QE

Nitrogen-15 QC ✓ - - 2028 -

✓ ✓ ✓

C-14 BetaVoltaics 2028

(Demand driven date)

ASP

He-3 QC, Semi's ✓ - - N/A Not Disclosed

✓ = Complete - = Pending ASP = Aerodynamic Separation QE = Quantum Enrichment

Theranostics, PET, and SPECT

PET (Positron Emission Tomography) and SPECT (Single Photon Emission Computed Tomography)

Disclaimer

ASP Isotopes Inc. published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 12:55 UTC.