Asp Isotopes Inc. · NASDAQ:ASPI
Asp Isotopes — Investor Day (September 2026)
99 slides from Asp Isotopes's investor day presentation, Sep 8, 2026
Slide 1: Capital Markets Day
Capital Markets Day September 8, 2026 AS P IS OT OP ES INC. NAS DAQ: ASP I
Slide 2: Forward-looking Statements
Forward-looking Statements This presentation contains, and our officers and representatives may from time to time make, “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither h
Slide 3: Forward-looking Statements
Forward-looking Statements There are many important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements, including, but not limited to: the outcomes of various strategies and projects undertaken by the Compan
Slide 4: Agenda
Agenda 3:00 pm Focus, Delivery and Value Creation 3:10 pm R&D and Engineering 3:30 pm Stable Isotope: Operational Update 3:40 pm Isotope Legislative Environment 3:45 pm Nuclear Medicine: Radiopharmacies/ PET Labs 3:55 pm Nuclear Medicine: Alpa Theranostics 4:10 pm Helium and LNG: Noble Africa 4:30 p
Slide 5: Our Speakers Today
Our Speakers Today Paul Mann Robbert Ainscow Heather Kiessling Michael Cunniffe Dr Ignatius Ferreira Natalie Grancharov Executive Chairman & COO CFO CFO, QLE Head of R&D Camacho CEO VP of BD Martin Magwaza Nick Mitchell Viktor Petkov Dr Ryno Pretorius Dr Gerard Puts Dr Johannes Van President, Alpa C
Slide 6: Focus, Delivery and Value Creation
Focus, Delivery and Value Creation Paul Mann E X E CUTI VE C HA IRMA N A ND CE O
Slide 7: Four Operating Businesses, Built Since 2021
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance OVERVIEW Four Operating Businesses, Built Since 2021 PRO FILE WHE RE WE ARE T ODAY FOUNDED LI STED 2021 ASPI 3+1 $5.1M NASDAQ, IPO 2022 Enrichment plants in Pretoria, plus the Welkom 2Q 2026 revenue HEAD
Slide 8: Structural Shortages, All Running at Once
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance WHY NOW Structural Shortages, All Running at Once Nuclear Medicine Electronics Noble Africa Nuclear Fuels (QLE) PET Labs + Alpa Theranostics Si-28, C-12, specialist gases Helium and LNG HALEU for the SMR
Slide 9: Acquire Undervalued Assets. Rebuild. Execute.
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance STRATEG Y · HOW WE CREATE SHAR EHOLD ER VALUE Acquire Undervalued Assets. Rebuild. Execute. Bought for a fraction of replacement cost, with the value created by finishing what the previous owner could no
Slide 10: Three Plants Constructed and Operating
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance EXECUTION Three Plants Constructed and Operating Carbon-14 Silicon-28 Ytterbium-176 Pretoria, South Africa Pretoria, South Africa Pretoria, South Africa O P E R AT I N G O P E R AT I N G O P E R AT I N G
Slide 11: Constructed, Operating and Generating Revenue Today
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance EXECUTION Constructed, Operating and Generating Revenue Today NuMed | ECNP US RADIOPHARMACY NETW ORK Noble Africa PET Labs Radiopharmacies Welkom, South Africa Pretoria, South Africa United States R EV E
Slide 12: Revenue Timing
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance Revenue Timing 2H 2026 2027 2028 2029+ Radiopharmaceuticals South Africa and U.S. Shipping today We forecast that PET Labs is on track to deliver FY 2026 revenues of approximately $14 million, up from $6
Slide 13: Where we Stand, and What to Watch
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance Where we Stand, and What to Watch THE OPPORTUNITY WHAT WE HAVE BUILT WHAT TO WATCH Shortages that will not resolve on Plants that are constructed, not Milestones expected in 2H 2026 their own rendered •
Slide 14: R&D and Engineering
R&D and Engineering Dr. Ignis Ferreira & Dr Gerard Puts Dr. Ignis Ferreira Dr Gerard Puts Head of Research and Development Principal Process Engineer
Slide 15: What an Isotope is, and Why Separating Them is Hard
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance TH E B A S IC S What an Isotope is, and Why Separating Them is Hard 01 · SA M E ELE M EN T, D I FFER EN T W EI G H T 03 · STABL E IS O TO PE S FEED RADI O I SO T O PES Silicon always has 14 protons. Chan
Slide 16: Two Complementary Enrichment Platforms
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance TECHNOLO GY Two Complementary Enrichment Platforms ASP Aerodynamic Separation Process QE Quantum Enrichment Gaseous diffusion through a stationary-wall centrifuge paired with proprietary Precisely tuned
Slide 17: QE: One Laser Step Unlocks Most Elements
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance TECHNOLOGY QE: One Laser Step Unlocks Most Elements Tuned lasers pick out a single isotope with high selectivity, in one step, across most elements. H OW IT W O RK S W HY IT IS EF FICIE NT W HY IT MAT TE
Slide 18: ASP: Capital-light by Design - Two Stages, One Separator
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance ASP: Capital-light by Design - Two Stages, One Separator S TAGE 1 · S TAT IO NARY WALL CE NT RIF UGE S TAGE 2 · NO ZZ LE AND F L OW D IRE CTOR S WHY IT M AT T ERS Capital-light Cost-efficient at small sc
Slide 19: ASP Technology: In Operation
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance ASP Technology: In Operation The enrichment compounds across the cascade. F Product Tails y y y y y y y y y y y y y GS Stage Stage Stage Stage Stage Stage Stage Stage Stage Stage Stage x x x x x x x x x
Slide 20: From Theory to an Operating Plant, Stage by Stage
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance R & D A N D EN G I N EE R IN G · PR O C ESS From Theory to an Operating Plant, Stage by Stage The same team carries an isotope from a first-principles model to a plant handed over to operations — nothing
Slide 21: Scientists and Engineers in One Integrated Group
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance R & D A N D EN G I N EE R IN G · TH E B EN C H A N D T H E C A PA B I LI TI ES Scientists and Engineers in One Integrated Group Isotope separation is not bought in. Every stage — theory, simulation, test
Slide 22: When the Market Cannot Supply it, We Design it and We Make it
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance R&D AND ENG I NEE RING · IN NO VATI O N When the Market Cannot Supply it, We Design it and We Make it Vendor equipment brought long lead times, material incompatibility and poor reliability in corrosive
Slide 23: Examples of Engineering We Have Worked on and Working on in Future
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance R&D AND ENG I NEE RING · DELI VERY Examples of Engineering We Have Worked on and Working on in Future Capability only counts if it ships. These are live engineering projects, each staffed by the same in-
Slide 24: Carbon-14 Plant, as Built
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance R&D AND EN G INE ERI NG · PRO J ECTS Carbon-14 Plant, as Built 01 · Complete plant layout 02 03
Slide 25: Silicon-28 Plant, as Built
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance R & D A N D EN G IN E ER I N G · PR O J EC TS Silicon-28 Plant, as Built 01 · Complete plant layout 02 03 04
Slide 26: Capability We Own, Not Capability We Buy
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance R & D A N D EN G I N EE R IN G · C O N C LU S IO N Capability We Own, Not Capability We Buy 01 02 Separation is the barrier and we clear it Flexible technology base economically 03 04 We own the engineer
Slide 27: Stable Isotope Operations Update
Stable Isotope Operations Update Paul Mann E X E CUTI VE C HA IRMA N A ND CE O
Slide 28: Enrichment is Conducted in Batch Runs or Campaigns
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance ENR IC HMENT P ROCES S Enrichment is Conducted in “Batch Runs” or “Campaigns” • Each campaign incrementally increases the enrichment towards the end target • Campaigns are run sequentially 104 Enrichment
Slide 29: Plant Results Are In Line With Theoretical Calculations
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance P L A N T P E R F O R M A N C E VA L I D AT I O N Plant Results Are In Line With Theoretical Calculations • Batch Run 1 measured 95.706% vs. 95.703% theoretical — a 0.003pp variance 104 Enrichment Stages
Slide 30: Plant Reliability Improved From 58% to 90% in Three Months
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance S I L IC O N - 2 8 — O P E R AT I O N A L P E R F O R M A N C E Plant Reliability Improved From 58% to 90% in Three Months Uptime up 32pp since May — with 97% of breakdown hours traced to a single equipm
Slide 31: In-House Compressor Design Solves the OEM Reliability Constraint
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance C OM PR E S S OR R E D E SI GN — IN - H OU S E E N GIN E E RI NG In-House Compressor Design Solves the OEM Reliability Constraint • Replacing the OEM centrifugal unit with ASPI’s own barrelled design — h
Slide 32: Quantum Enrichment has Successfully Been Applied to Ytterbium
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance QUANTUM ENRICHMENT — YTTERBIUM SEPARATION Quantum Enrichment has Successfully Been Applied to Ytterbium A demonstrated separation step concentrates Yb-176 from >13% feedstock to >94% product Feedstock Yb
Slide 33: Now we Scale it up into a Commercial Process
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance PRODUCTION SCALE-UP — COMMERCIAL PROCESS Now we Scale it up into a Commercial Process Moving from a 3-hour batch vessel to a continuously operating commercial production line 1 ST GENERATION PRODUCTION V
Slide 34: Proven Technology, Scaling into Commercial Process
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance ASP ISOTOPES — ENRICHMENT PROGRAMME Proven Technology, Scaling into Commercial Process 01 02 03 TECHNOLOGY PROVEN COMMERCIAL SCALE-UP CONTINUOUS IMPROVEMENT The Aerodynamic Separation Process Scaling int
Slide 35: Isotope Legislative Environment
Isotope Legislative Environment Robert Ainscow C H I E F O P E R AT I N G O F F I C E R
Slide 36: Intellectual Property Strategy
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance Intellectual Property Strategy 01 Location to own / Location to use 02 First Principles Technology Development 03 Unregistered IP: Protection of Know-how & Trade Secrets 04 Registered IP: Patent Protecti
Slide 37: Regulatory Environment
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance Regulatory Environment • IAEA – Vienna Non-Proliferation Treaty (NPT) • Signatory Countries Local Authorities • Inspection • Cross-border Technology Transfer Controlled Technology • Safeguards Compliance
Slide 38: Nuclear Medicine: Pet Labs
Nuclear Medicine: Pet Labs Dr. Johannes van Tonder & Paul Mann CHIEF QUALITY OFFICER, PET LABS
Slide 39: Radiopharmacy Running at Commercial Scale
Radiopharmacy Running at Commercial Scale PET LABS · PRETORIA Four >10,000 >$14M radiopharmacies doses delivered FY 2026 forecast revenue
Slide 40: PET Labs – Symbiotic Relationship with ASP Isotopes
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance PET Labs – Symbiotic Relationship with ASP Isotopes ISOTOPE ENRICHMENT 14 C 98 Mo 100 Mo 67 Zn 68 Zn 64 Ni 176 Yb RADIOISOTOPES 14 C 99 Tc 67 Cu 68 Ga 64 Cu 177 Lu Carbon-Dating SPECT Scan PET Scan imagi
Slide 41: Theranostics
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance DIAGNOSE AND TREAT WITH THE SAME MOLECULE Theranostics DIAGNOSTICS THERAPEUTICS Targeted radioligand delivery THERANOSTICS "See what you treat, treat what you see" PET scan maps exact tumor sites. Therap
Slide 42: From Cyclotron to Scan, Inside our Radiopharmacy
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance From Cyclotron to Scan, Inside our Radiopharmacy 01 C RE AT E 02 TA G 03 TA RG E T 04 IM A GE TH E CYC LOTR O N TH E HO T C ELLS TH E PATIENT TH E PET SC A NN ER Isotope production Radiotracer assembly T
Slide 43: PET Labs Operates in the Commercial Radiopharmacy Sector
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance MA RK ET 2026 forecasts PET Labs Operates in the Commercial Radiopharmacy Sector $33bn Global nuclear medicine market estimate Indicative weighted average $13.5bn $12.5bn $7.0bn Revenue stream 2026 globa
Slide 44: Addressable market size and growth by revenue stream and by region
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance MARKET · SIZE AND GROWTH Addressable market size and growth by revenue stream and by region Revenue stream 2026 2031 CAGR Region 2026 2031 CAGR SPECT direct sales $2.7bn $3.1bn 2.8% US & Canada $2.6bn $3
Slide 45: Radiopharmacies - Global Expansion Strategy
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance PET LABS · NETWORK BUILD-OUT Radiopharmacies - Global Expansion Strategy 4 operating today ~10 in 5 years ~30 in 10 years Build where the volume is Buy or partner Specialize A global network spanning bot
Slide 46: Precision Theranostics for Difficult-to-Treat Cancers
Precision Theranostics for Difficult-to-Treat Cancers Martin Magwaza PRESIDENT, ALPA THERANOSTICS
Slide 47: CAAD-refined VHH Development Platform for Anti-cancer Theranostics
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance ALPA THERANOSTI CS CAAD-refined VHH Development Platform for Anti-cancer Theranostics Image with PET or SPECT. Treat with a matched α, β or Auger emitter. A wholly owned ASP Isotopes company · 24 months
Slide 48: Radioligand Therapy is Proven but Four Bottlenecks Cap its Reach
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance RADIOLIGAND THERAPY TODAY Radioligand Therapy is Proven but Four Bottlenecks Cap its Reach LUTATHERA® and PLUVICTO® proved targeted radiotherapy transforms outcomes. The field is still bottlenecked and p
Slide 49: One Molecule Images the Patient and Delivers the Dose
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance One Molecule Images the Patient and Delivers the Dose Alpaca-derived VHH, computationally refined, delivered as a matched imaging-and-therapy pair. 1 2 3 4 Discover Refine with CAAD Image Treat Alpaca im
Slide 50: A VHH Reaches Where Traditional Antibodies Cannot
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance ALPACA-DERIVED VHH A VHH Reaches Where Traditional Antibodies Cannot Alpacas and camels make antibodies stripped down to a single chain. Take just the tip that does the binding — the VHH— and you have th
Slide 51: Clears in Hours, Dose Stays on the Tumor, Not the Patient
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance WHY IT CARRIES RADIAT ION WELL Clears in Hours, Dose Stays on the Tumor, Not the Patient IN AND OUT IN HOURS , NOT W EE KS Deep tumor penetration ✓ Small size drives rapid, homogeneous uptake through den
Slide 52: Pharma Has Paid $1–4B for Pre-approval RLT Platforms
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance PHARMA DEAL COMP S F OR RL T P LATFORMS Pharma Has Paid $1–4B for Pre-approval RLT Platforms WH AT I T TAK ES TO WI N SHA RE — A ND WH Y WE C AN W HA T P HA RM A H AS PA ID F OR R LT P LAT FORM S — A LL
Slide 53: First Candidate Enters Humans Within 12 Months
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance PIPELINE & RADIONUCLIDES First Candidate Enters Humans Within 12 Months Two years of pipeline building behind us. The first candidate enters human trials within 12 months, with initial results anticipate
Slide 54: Alpaca to First U.S. IND in About Two Years, Not Five
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance ROADMAP · DISCOVERY TO FIRST US IND Alpaca to First U.S. IND in About Two Years, Not Five Alpaca to first-in-human in ~2 years, not ~5 — AI-led selection, microbial manufacture and NuMeRI's clinical infr
Slide 55: Validated Modality, Proprietary Discovery Engine
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance VALI DATED M ODALI TY, EARLY M ARKE T Validated Modality, Proprietary Discovery Engine Proven Unblocked Underserved Exitable RLT works. Two approvals, $9B+ of CAAD + VHH breaks the target and Five tumor
Slide 56: Helium and LNG Virginia Gas Project
Helium and LNG Virginia Gas Project Nick Mitchell & Paul Mann NOBLE AFRICA Nick Mitchell Paul Mann CHIEF OPERATING OFFICER, CHIEF EXECUTIVE OFFICER, NOBLE AFRICA NOBLE AFRICA
Slide 57: A World-Class ~3% Helium Grade
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance A World-Class ~3% Helium Grade First-Mover Position Only onshore petroleum production right in South Africa Producing & Scaling Phase 1 drilling ~4 months ahead of schedule: Targets ~70 MCF/day helium an
Slide 58: Helium: A Vital and Irreplaceable Element in Many Modern Industries
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance A RARE COMMODITY WITH STRUCTURALLY TIGHT SUPPLY Helium: A Vital and Irreplaceable Element in Many Modern Industries Properties of Helium Chemically inert 5-6% Rare 0.1% – Doesn’t readily react with other
Slide 59: A ~$3Bn Market the Modern Economy Cannot Run Without
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance A ~$3Bn Market the Modern Economy Cannot Run Without MA RKET SIZE M A R K E T VA L U E S U P P LY C O N C E N T R A T I O N 6.5 bcf/y US$3bn ~75% Global demand growing 5-6% p.a.; demand increasingly From
Slide 60: The 2024-25 Helium Market Was Well Balanced
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance The 2024-25 Helium Market Was Well Balanced 2024-25 Helium Supply (bcf) 2024-25 Helium Demand (bcf) Poland, 80 China, 80 Middle East, 200 Algeria, 450 Europe, 1,100 Russia, 750 Americas, 2,840 Americas,
Slide 61: We Have Likely Entered the Fifth Recent Helium Supply Crisis
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance We Have Likely Entered the Fifth Recent Helium Supply Crisis Years Cause of the helium supply crisis 2006-2007 Production disruptions at several key facilities, including the U.S. Federal Helium Reserve,
Slide 62: Location Matters
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance Location Matters Every day of travel, we assume a conservative 1% of liquid helium turns into a gas via boiloff. Cape of Good Hope’s location is one of the most accessible globally Port of Antwerp US Str
Slide 63: LNG Uses — Cleaner Burning Fuel
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance LNG Uses — “Cleaner Burning Fuel” LNG projected demand to rise around 60% by 2040, led by Asia, and notes continued tightness in the mid-2020s as new supply is gradually absorbed (1) ~870 PJ ~70,000 2028
Slide 64: How Did the Gas Get There?
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance HELIUM & LNG · GEOLOGY How Did the Gas Get There? A 2.02-Billion-Year-Old Impact Event Created the Interconnected Fault and Fracture System That Supports Reservoir Connectivity 1 2 3 4 Virginia Gas Proje
Slide 65: Reserves Scale From 1P to 3P in Both Helium and Methane
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance Reserves Scale From 1P to 3P in Both Helium and Methane Helium Methane 25 700 600.1 20.0 600 20 500 13.6 407.0 15 Approximately the 400 BCF BCF 315.8 size of U.S. Federal 10 7.2 7.2 300 215.1 Helium syst
Slide 66: Project Overview: One Asset, Two Products, Four Markets
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance PRODUCING LIQUID NATURAL GAS (“LNG”) AND LIQUID HELIUM ACROSS PHASE 1 AND PHASE 2 Project Overview: One Asset, Two Products, Four Markets Businesses are looking at alternatives Gas to Power to Eskom, and
Slide 67: Phase 1 Hits Nameplate in 2026
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance Phase 1 Hits Nameplate in 2026 LNG & Helium — Phase 1 LNG & Helium — Phase 21 HELIUM HELIUM C A PA C I T Y ~70 mcf/day C A PA C I T Y ~900 mcf/day C A PA C I T Y ~2,500 GJ/day (LNG) C A PA C I T Y ~34,00
Slide 68: Expected Path From Phase 1 Nameplate to Phase 2 Production
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance Expected Path From Phase 1 Nameplate to Phase 2 Production 2029-31 – Commence Phase 2 downstream 2028 dispensing roll-out and customer site installations – Start commissioning of the Phase 2 – Break grou
Slide 69: Virginia Gas Project: A Strategic Helium & LNG Platform
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance Virginia Gas Project: A Strategic Helium & LNG Platform Rare Resource Base: Owns a rare, high-grade helium and LNG resource base in South Africa Non-Substitutable Demand: Supplies critical industries whe
Slide 70: Electronics
Electronics Building the foundation to be the world’s premier isotopically pure materials company Natalie Grancharov Camacho VICE PRESIDENT OF BUSINESS DEVELOPMENT
Slide 71: The Ceiling is Material, Not Engineering
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance The Ceiling is Material, Not Engineering We are not competing for a share of an existing supply chain. We are building the one that does not yet exist. THE LIM IT THE GAP OU R POSITION Quantum Chips are
Slide 72: The Isotopes and Applications
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance The Isotopes and Applications One physical property — a nucleus that does not spin — opens three applications TH E MECH AN IS M Isotopically pure carbon-12 (¹²C) and silicon-28 (²⁸Si) are highly purified
Slide 73: The Quantum Ecosystem and Bridge to Modern Fab Processing
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance The Quantum Ecosystem and Bridge to Modern Fab Processing Si28 used in quantum computing not only in the labs, but moving to modern fabrication 01 · MA RK ET PULL 0 2 · S P IN QU BI T S - CN T F E Ts 03
Slide 74: Helium & Fluorinated Gases
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance Helium & Fluorinated Gases Gases that every fab must purchase on a recurring basis, with no viable substitutes Helium Fluorinated gases Used across many stages of chip manufacturing — inert gas for proce
Slide 75: Every Market We Sell into is Growing
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance Every Market We Sell into is Growing Third-party analyst estimates — directional, not precise S E MICO NDUCTOR INDUS TRY S E MICO NDUCTOR GAS E S H E L I UM M A R K E T QU A N T U M C OM PU T IN G +41% +
Slide 76: The Path Forward
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance The Path Forward From constrained supply to a fully integrated chain Vertical and horizontal integration • Our isotopes feed into quantum computing, semiconductors and future electronic markets. Electron
Slide 77: Materials That Power the Future
Materials That Power the Future Dr. Ryno Pretorius, Ph.D. & Michael Cunniffe Dr. Ryno Pretorius, Ph.D. Michael Cunniffe QUANTUM LEAP ENERGY Chief Executive Officer Chief Financial Officer
Slide 78: Fission Fuel Cycle: Dysfunction blocking access to critical fuels
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance Fission Fuel Cycle: Dysfunction blocking access to critical fuels Domestic nuclear supply chains are essential to ensure energy security and limit cost inflation. Ending dependence on foreign enrichment
Slide 79: The Price of Dysfunction: Higher Costs, Increasing Geopolitical Risk
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance The Price of Dysfunction: Higher Costs, Increasing Geopolitical Risk MINING / MILLING CONVERSION ENRICHMENT $200 $100 $350 $300 $160 $80 5X $250 $120 3X $60 $200 3X $150 $40 $80 $100 $20 $40 $50 $0 $0 20
Slide 80: Quantum Leap Energy: At a Glance
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance Quantum Leap Energy: At a Glance Core Enrichment Technologies Strategic Advantages Quantum Aerodynamic Separation Enrichment (QE) Process (ASP) ✓ Advanced innovative technologies and processes which we b
Slide 81: Addressable Fission Market
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance Addressable Fission Market LWRs shifting to LEU+ and smaller & advanced reactor deployments are growing demand for enriched uranium. Insufficient commercial supply creates a significant market opportunit
Slide 82: Legacy Enrichment Technology: Greater Capital Intensity and Timelines
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance Legacy Enrichment Technology: Greater Capital Intensity and Timelines Producing HALEU with existing centrifugal technology will significantly raise production cost, require multiples of current capital i
Slide 83: QLE Enrichment Technologies: Fewer Stages, Higher Alpha
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance QLE Enrichment Technologies: Fewer Stages, Higher Alpha Delivering lower costs, modular flexibility, and superior efficiency to meet evolving nuclear fuel demands Aerodynamic Quantum Separation (ASP) Enr
Slide 84: Demonstrated Track Record: Applied Isotope Enrichment
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance Demonstrated Track Record: Applied Isotope Enrichment Quantum Enrichment has the potential to deliver the process attributes required for HALEU: • High specificity to target the isotope of interest • Con
Slide 85: Our Products: Future-Ready Solutions
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance Our Products: Future-Ready Solutions A product range to support advanced reactors ahead of development catalysts Current Emerging Future EXISTING LWRs Reactor ADVANCED LWRS ADVANCED DESIGNS ADVANCED DESI
Slide 86: External Validation: Capital Commitments, Supply and Services Agreements
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance External Validation: Capital Commitments, Supply and Services Agreements South Africa United States Collaborative approach to de-risk the NECSA partnership provides critical Strategic partners with acces
Slide 87: Enrichment: How we are Debottlenecking Nuclear Power
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance Capital is committed and deployed across both uranium and lithium, with most of critical success factors complete or advancing to plan. Enrichment: How we are Debottlenecking Nuclear Power URANIUM LITHIU
Slide 88: Feedstock: The Bottleneck Behind the Bottleneck
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance Feedstock: The Bottleneck Behind the Bottleneck Conversion is a common bottleneck across the industry, deconversion is required for metal manufacture and enable laser enrichment Feedstock Feedstock Comme
Slide 89: Quantum Leap Energy: Positioned to Close the Nuclear Fuel Supply Chain Gap
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance Quantum Leap Energy: Positioned to Close the Nuclear Fuel Supply Chain Gap The West needs HALEU by 2028. No Western commercial supply exists, and conventional technology cannot build it fast enough. $32
Slide 90: Financial Outlook
Financial Outlook Heather Kiessling CHIEF FINANCIAL OFFICER
Slide 91: Strong Balance Sheet and Disciplined Capital Management
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance FINANCE Strong Balance Sheet and Disciplined Capital Management Efficient deployment of capital CASH AND CASH EQUIVAL ENT S Future funding strategy $254.9 million • Non-dilutive Project Finance As of Jun
Slide 92: EBITDA Target for 2031: Estimated Range by Product Category
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance FINANCE · 2031 GUIDANCE EBITDA Target for 2031: Estimated Range by Product Category $900 Electronic Gases Natural Gas Medical Isotopes Nuclear Medicine $800 $700 $100M $600 Combined EBITDA ($M) $100M $50
Slide 93: Potential Pathway to 2031 EBITDA Goal
Strategy R&D Engineering Isotope Nuclear Medicine Noble Africa Electronics Nuclear Fuels Finance STRATEGY · THE FIVE-YEAR PLA N Potential Pathway to 2031 EBITDA Goal >$700M post-2031 upside Blocks turn on progressively from 2026 through 2031 Medical Isotopes Electronics 2026 Radiopharmacies Yb-176,
Slide 94: Panel and Q&A Session
Panel and Q&A Session Viktor Petkov CHIEF COMMERCIAL OFFICER
Slide 95: Concluding Remarks
Concluding Remarks 1. Ambition to deliver >$300M group EBITDA in 2031, with sustained growth 2031+ ASP Isotopes is a unique investment 2. Built from a standing start in five years we went opportunity with a clear path to deliver from an idea to operating plants, real revenue and sustained long-term
Slide 96: Disclaimers
Disclaimers Important Additional Information and Where to Find It In connection with the proposed merger and related transactions (the “Proposed Transactions”) involving ENDRA Life Sciences Inc. (“ENDRA”), ASP Isotopes, Renergen, and Noble Africa LLC, a subsidiary of ASP Isotopes and future holding
Slide 97: Appendix
ASPisotopes Appendix
Slide 98: Glossary
Glossary A–F A–F G–L G–L Alpa Theranostics — Radioligand therapy subsidiary Ga-68 — Gallium-68; PET imaging isotope ASP — Aerodynamic Separation Process platform GJ / PJ — Gigajoule / petajoule ASPI — Nasdaq-listed group parent GW — Gigawatt BBB — Blood-brain barrier HALEU — High-assay low-enriched
Slide 99: Glossary
Glossary L–P L–P Q–Y Q–Y Lu-177 — Lutetium-177; therapeutic isotope QE — Quantum Enrichment; laser separation LWR — Light-water reactor QLE — Quantum Leap Energy; nuclear fuels MCF — Thousand cubic feet of gas RLT — Radioligand therapy MoU — Memorandum of understanding Si-28 / C-12 — Enriched semico