ASP Isotopes : Business Update Call Deck (99.2 ASPI Business Update Call)

Published: 2026-04-13 07:38:12 ET ASPI

Published on 04/13/2026 at 07:38 am EDT

ASP ISOTOPES

April 13, 2026

Transitioning from R&D to Commercialization | >$300M EBITDA Target in 2031 | $333M Cash1

1 1 Cash, cash equivalents and short-term marketable securities of $333 million as of December 31, 2025

Corporate Overview & Key Themes 5 Silicon-28

Ytterbium-176 6 Helium & LNG

Carbon-14 7 Quantum Leap Energy (QLE)

Radiopharmaceuticals 8 Financial Snapshot

Paul Mann

Chief Executive Officer

INFRASTRUCTURE BUILT

Built three enrichment facilities in South Africa using proprietary Aerodynamic Separation Process (ASP) and Quantum Enrichment (QE) technologies

MULTI-MARKET REACH

Spanning nuclear medicine, electronics, and nuclear energy

COMMERCIAL PRODUCTION

Transitioned to commercial production across Si-28, Yb-176, and C-14 enriched isotopes

2026 PLAN

Si-28 · Yb-176 · C-14

Expand Operations Worldwide

Virginia Gas Project | Helium Reserves

Path to Listed Public Company

ASP and Quantum Enrichment are proprietary technologies of ASP Isotopes Inc. QLE refers to Quantum Leap Energy, a subsidiary of ASP Isotopes. Si-28 = Silicon-28; Yb-176 = Ytterbium-176; C-14 = Carbon-14;

LNG = Liquefied Natural Gas.

One integrated critical materials platform serving three multi-billion-dollar end markets

Nuclear Medicine

Isotopes & Radiopharmaceuticals

Electronics

Semiconductors, Quantum & Helium

Nuclear Fuels1

QLE

Yb-176

Key feedstock for Lu-177-based prostate cancer therapy (Pluvicto®). Expect initial commercial shipments around mid-year/Q3

C-14

Application in the pharmaceutical and agrochemical market. Targeting initial C-14 commercial shipments around mid-year

Radiopharmaceuticals

$5.7M revenue2in 2025;record doses

SPECT: New authorization driving 2026 revenue uplift

U.S. Expansion: Radiopharmaceuticals production across multiple U.S. sites

Si-28

Critical material for next-gen semiconductors and quantum computing

3 signed purchase orders; first enrichment product expected to ship in Q2

Helium

World-class helium concentration in South Africa, exceeding 3%

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

Expect to obtain Phase 1 Nameplate capacity in Q3

Goal

Develop a scalable, agile solution to meet the world's accelerating nuclear energy needs

Partnerships

TerraPower, Fermi America JV MOU, and NECSA

Materials:

HALEU U-235 enriched between 5-19.99%

LEU+ U-235 enriched between 5-10%

Lithium-7 & Lithium-6

Capital

Confidentially submitted initial draft registration statement on Form S-1 to SEC in November 2025

Expected 2026 Milestones: Si-28 (Q2) · C-14 (mid-year) · Yb-176 (mid-year/Q3) · Helium (Q3)

. 1Our enrichment technologies cannot be tested on uranium unless and until required regulatory approvals and permissions have been obtained.; 2Company reported FY2025 results

Shipped first enriched Yb-176 sample in September 2025

Brief operational pause in October 2025, which has been fully resolved

Strong demand; growing global interest in non-Russian supply

PRODUCTION UPDATES

KEY PROGRAM DATA

Technology

Quantum Enrichment

Target Isotope

Yb-176 (enriched to ≥99.5%)

End Product

Feedstock for Lu-177 therapy (Novartis' Pluvicto)1

Supply Gap

Critical; production predominantly from Russia

Capacity

Aiming for ~1 kg/year

Demand

~2 kg indicated demand2

Expect initial commercial shipments for Yb-176 around mid-year/Q3

1 Novartis Pluvicto prescribing information (FDA) 2Company estimates

KEY PROGRAM DATA

Technology

Aerodynamic Separation Process

C-12 Opportunity

Semiconductor-grade graphite, advanced materials

C-14 Opportunity

Drug discovery, pharma labeling

C-14 Feedstock

Access to highly-specialized feedstock; North American supplier

PRODUCTION UPDATES: C-14

Plant operational 2+ years enriching C-12

C-14 production initiation pending feedstock delivery from Canadian customer

C-14 COMMERCIAL TERMS

The agreement has a minimum "take or pay" amount of approximately $2.5 million per year.

Under the terms of the agreement, the customer agreed to supply carbon-14 in the form of carbon-dioxide gas as feedstock

Targeting initial C-14 commercial shipments around mid-year 20261

1 Depending on arrival of feedstock from Canadian customer.

Record doses in 2025; $5.7M revenue in 2025

Cyclotrons: 1st at peak utilization; 2ndoperational (Jul 2025)

Growth driven by capacity expansion and favorable pricing

PRODUCTION UPDATES

KEY PROGRAM DATA

Products

PET + SPECT radioisotopes

South Africa Operations

2 cyclotrons (1st at peak utilization)

U.S. Operations

Florida + North Carolina (acquired in 2026)

2025 Revenue

$5.7M revenue1

2026 Revenue Target2

$10M+

Strategy

Vertically integrated global radiopharmacies

First U.S. acquisition: Florida (SPECT; PET expansion 2027)

Second U.S. site: North Carolina acquired (SPECT; PET expansion 2028)

Active pipeline of additional radiopharmacy targets

U.S. EXPANSION

$5.7M revenue in 2025 - targeting $10M+ revenue in 2026 via capacity expansion + U.S. expansion

10 1 Revenue and operational data per Company reported FY2025 results

First enriched Si-28 sample shipped Aug 2025; analytical methods agreed and calibrated

Key customers visited plant (Oct/Nov 2025)

Jointly agreed improve safety, operational efficiency, and longterm plant robustness

First enrichment product expected to ship in Q2 2026

PRODUCTION UPDATES

KEY PROGRAM DATA

Technology

Aerodynamic Separation Process

Product

Enriched Si-28

(Multiple levels of enrichments)

Application

Semiconductor thermal management and quantum computing

Capacity

~80 kg/year (stable state)1

Differentiation

World's only western supplier for enriched Si-28

Purchase Orders

3 signed

3 purchase orders signed: major US semiconductor co., global industrial gas company, large US buyer

Superior thermal conductivity for semiconductor applications, alongside improved qubit stability for quantum computing

COMMERCIAL OUTLOOK

First enriched product expected to ship in Q2

9 1 Company estimates

Completed drilling of wells required for Phase 1 project

4 months ahead of schedule

Flow rates up to 16x earlier wells

Nameplate capacity expected in Q3 2026

60% of Phase 1 LNG contracted

PHASE 1 - PRODUCTION UPDATES

44-month timeline post-Phase 1 completion

Previously obtained conditional approval for up to $750m senior secured debt to fund Phase 2: up to $500m from U.S. DFC + up to

$250m from Standard Bank of South Africa

~7% of projected global helium supply at full scale

PHASE 2

KEY PROGRAM DATA

Resource

Virginia Gas Project, Free State, South Africa

Helium Concentration

~3%+ avg (vs 0.3% industry avg)

Phase 1 Output

2,500 GJ/day LNG + 58 MCF/day He

Phase 2 Output

34,000 GJ/day LNG + 895 MCF/day He

Expect to obtain Helium Phase 1 Nameplate capacity in Q3

RECENT MILESTONES (2026)

KEY PROGRAM DATA

Product

HALEU (High-Assay Low-Enriched Uranium)1

Location

Pelindaba, South Africa (NECSA site)

Contract

TerraPower: $3.5B fuel over 10 years2

S-1 Filing

Confidentially submitted Nov 12, 20252

Technology

ASP (aerodynamic) + QE (laser) enrichment

MOU with major U.S. energy company for fuel facility support (Mar 6, 2026)

Dr. Nate Salpeter appointed CTO (Mar 5, 2026) - ex-TerraPower, Kairos Power

NECSA Services Contract executed (Feb 20, 2026) - enrichment facility at Pelindaba

Strategic Advisory Board formed - Dunzik-Gougar & Kramer (Feb 19, 2026)

Designated Austin, TX as the Global HQ (Feb 17, 2026) - centralizing U.S. operations

UK ONR Early Engagement commenced (Nov 5, 2025) - DESNZ security clearance

Confidentially submitted initial draft registration statement on Form S-1 to SEC on November 12, 2025

1 Our enrichment technologies cannot be tested on uranium unless and until required regulatory approvals and permissions have been obtained. 2 Contract value per TerraPower agreement as disclosed in Company SEC filings. 2 SEC EDGAR submitted, Nov 2025. Milestones, appointments, and regulatory engagements per Company press releases.

Heather Kiessling

Chief Financial Officer

ASP Isotopes

Revenue Breakdown ($M)

$23.8M

Radiopharmaceuticals

Collaboration SKBL

$4.1M

0.2

$0.4M

FY2023

FY2024

FY2025

3.9

5.7

18.1

REVENUE GROWTH TRAJECTORY ($M)

BALANCE SHEET & CAPITAL

2025 Total Revenue

$23.8M

Specialized Isotopes and Services

$5.7M

Construction Services (Skyline)

$18.1M

Cash, Cash Equivalents and Short-term Marketable Securities

(as of 12/31/2025)

$333M

Capital Raised 2025

$345M+

ASP Isotopes

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.

Expected Q2 2026 Milestones

Si-28 Electronic

First enriched product expected to ship in Q2 2026

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

Expect initial commercial shipments for YB-176 around mid-year/Q3 2026

Helium Electronic

Expect to obtain Helium Phase 1 Nameplate capacity in Q3 2026

Radiopharmaceuticals Nuclear Medicine

Continued growth of radiopharmacy operations;

Expect to advance four pipeline assets into Phase 1 human clinical trials1

EBITDA TARGET: >$300 Million in 20312

$100M

$200M

$40M

$100M

$300M

$150M

$700

$600

Combined EBITDA ($M)

$500

$400

$300

$200

$100

ASP Isotopes

EBITDA targets are management estimates based on current business plans and assumptions; not a guarantee of future performance. Ranges represent low and high case scenarios.

Low Range High Range

EBITDA contribution by segment - EBITDA Target: >$300 Million in 2031

Paul Mann

Chief Executive Officer

Disclaimer

ASP Isotopes Inc. published this content on April 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 13, 2026 at 11:37 UTC.