Asp Isotopes Inc. · NASDAQ:ASPI
Asp Isotopes — Merger or Acquisition (June 2026)
39 slides from Asp Isotopes's merger presentation, Jun 25, 2026
Slide 1: Renergen Investor Presentation June 2026
RENERGERN FUTURE ENERGY, TODAY Investor Presentation June 2026 CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION
Slide 2: Disclaimers
Disclaimers ‘hi prsentatonicucingany accompanies presetaton, his "Pesett” song ued sony acplent a utes buyers ar edn le 1A ct he ecules Aco Sa rane he “Sac e')“accttd vata” eed Pale ‘26 fan 0) or an U.S. persons (nse Reution Sunde the Sees At by Note Mc LLC Rw “Caren” Mob ea sll fot lata utposes fro
Slide 3: Disclaimers (cont.)
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Slide 4: Risk Factors
Risk Factors ‘enero busing nbc to manu ati we he it an uncetao ha you seule ava eating ener’ Busine. Pee toe ators cloned mPa tor 1A. fa ctr AS motes n't ea apron em 1 Kr Re ic a ede ‘Decanber 31,2025 aan amendments htta andthe companys naecuot pots a tung with he US. Sac an achange Commision Thess
Slide 5: Table of Contents
Table of Contents ] Transaction Overview | Helium Market Overview | The Virginia Gas Project Is Truly Unique Project Overview — Phase 1 and Phase 2 J LNG Market Overview RENER GES | Mitestones Future enercy, 305A || |
Slide 6: Transaction Overview
Transaction Overview BRM Noble Africa LLC, a Delaware limited liability company (the “Company”, an intermediate holding company formed by ASP Isotopes Inc. (Nasdaq: ASPI) (“ASPI") as a holding vehicle for Renergen Limited (“OpCo”) Immediately following the closing of the Potential Offering, ENDRA Li
Slide 7: Pro Forma Capitalization, Sources & Uses
Pro Forma Cap) in millions Pro Forma Capitalization ASPI shares from contribution of Renergen Shares from contemplated PIPE financing Acquiror (NDRA) original shareholders ASPI shares from May 2026 PIPE financing Advisory fee shares Total Transaction Sources Renergen equity roll PIPE financing Pre-P
Slide 8: About ENDRA Life Sciences
About ENDRA Life Sciences ENDRS LIFE SCIENCES. ENDRA offers an Al-powered solution for measuring liver fat, focusing on GLP-1 therapies with a subscription business model targeting high-end primary care, metabolic specialists, and pharmaceutical companies 4 & gq 8 Goal & Focus Solution Target Custom
Slide 9: Leadership Overview
Leadership Overview RENERGER FUTURE ENERGY, TODAY Paul Mann Nick Mitchell CEO, Renergon COO, Renergen CEO cutive Chairman, ASP Isotopes In Co-COO, ASP Isotopes Ini Co-tounded ASP Isotopes in September 2021 ~ Almost wo decades of upstream oll and gas experience, 25+ years of experience on Wall Street
Slide 10: Current Renergen Corporate Structure
Current Renergen Corporate Structure ASP Isotopes inc. (NASDAQ & JSE) acquired Renergen Limited on January 6, 2026 ASP Isotopes Inc. (NASDAQ: ASPI) AU.S.-listed advanced materials company dedicated to the development of @ differentiated isotope enrichment platform to strengthen global supply chain a
Slide 11: Corporate Highlights
Corporate Highlights Providin rare strategic ombining high helium concentrations with high-p ity methane, creating a distinctive helium and LNG platform in South Afric (()_ First-Mover Position Qnty onshore petroleum production right in South Africa Producing & Scaling Phase 1 drilling ~4 months ahe
Slide 12: Why Now?
Why Now? Helium and LNG mi Global Supply Disrupted Geopolitical conflict in the Middle East has taken major helium production offline and disrupted export routes, tightening global supply rkets are tightening at exactly the moment Renergen ramps production Helium Prices are at High Helium Demand, Mu
Slide 13: Helium Market Overview
| Helium Market Overview FUTURE ENERGY, TODAY
Slide 14: Helium: A Vital and Irreplaceable Element in Many Modern Industries
Helium: A Vital and Irreplaceable Element in Many Modern Industries Arare commodity with structurally tight supply Properties of Helium 5-6% Rare 0.1% Chemically inert — Doesn't readily react with other elements ‘Global helium demand is expectedto Helium consumption i function Minimum He concentrati
Slide 15: A ~$3Bn Market the Modern Economy Cannot Run Without
A~$3Bn Market the Modern Economy Cannot Run Without 6.5 bcf/y US$3bn ~75% is, healthcare and advanced Upstream; end user market 3-4« larger term whila the antcip ng term impact trom Middle manutacturing East contict and Russian export restrictions is expected train market by 11% Helium supply by reg
Slide 16: The 2024-25 Helium Market Was Well Balanced
The 2024-25 Helium Market Was Well Balanced 2024-25 Helium Supply (bef) 2024-25 Helium Demand (bcf) Poland, 80 China, 80 Middle East, 200 Algeria, 450 Russia, 750. Americas , 2,840 Asia, 2, ae Americas, 2,660 Qatar, 2,400 Europe, 1,100
Slide 17: We Have Likely Entered the Fifth Recent Helium Supply Crisis
We Have Likely Entered the Fifth Recent Helium Supply Crisis Years Cause of helium supply crisis 2006-2007 Production disruptions at soveral key facilities, including the U.S. Federal Helium Reserve, combined with strong demand growth Unplanned outages at major plants in Qatar and the U.S. Maintenan
Slide 18: The Virginia Gas Project is Truly Unique
| The VirginiaGas _ Project is Truly 4 Unique ‘CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION
Slide 19: Renergen's Virginia Gas Project Is Truly Unique
Renergen’s Virgina Gas Project Is Truly Unique = Highest grade Highest concentration of commercially scalable Helium resources found to date globally Vast reserves Vast reserves - multi generational @ Location Geographic location facilitates rapid transportation to markets Low carbon Significantly L
Slide 20: How Did the Gas Get There?
How Did the Gas Get There? ‘Timing ofthe astoroid impact and > Methane is gonorated because of the > Hotumgasis produced asaby-product gp Hollumco-mingles with mathane conditions after impact resulted in ‘decomposition ofthe organic content ‘of radioactive decay trom abundant {through fractures and
Slide 21: Multiple Gas-Bearing Source Rocks with Exceptional Helium Potential
Multiple Gas-Bearing Source Rocks with Exceptional Helium Potential The Karoo & a geologically young layer of thick sedimentary sequence that overiesthe Wits, The Karoo is host to sandstone charges from gos originating from the wits where &iscanped by dolerite il “The Witwatersrand Basin is an ancie
Slide 22: The Resource's Geology & Fault-Lines Have Been Extensively Mapped
The Resource’s Geology & Fault-Lines Have Been Extensively Mapped Total Production License = 187,000 Ha Virginia S tus ~ The Virginia Gas Field Projectiis situated in the Witwatersrand Supergroup of meta-sediments of Precambrian age that host the Welkom Goldfiolds ~ The reservoirs (fractured Wits an
Slide 23: Summary of the Virginia Project's Methane & Helium Net Gas Reserves
Summary of the Virginia Project’s Methane & Helium Net Gas Reserves Helium 30 20 Approximately the 3 size of U.S. Federal 10 Hetium system o Proven Reserves, contingent resources and Prospective resources Net Reserves 2021 Proven Reserve Contingent Resources a c2 3 2021 Contingent Resources 127.6 24
Slide 24: Location Matters
Location Matters Every day of travel, we assume a conservative 1% of liquid helium tums into a gas via boiloff - Cape of Good Hope's location is one of the most accessible globally iquid he Cape of Good Hope » Houston 180% liquid / 20% gas. Cape of Good Hope + Antwerp “6 days 80% liquid /20% gas Cap
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Slide 26: One Asset, Two Products, Four Markets
One Asset, Two Products, Four Markets Producing liquid natural gas (“LNG”) and liquid helium across Phase 1 and Phase 2 th Gas to Power Industrial LNG / Helium ioral Hence Processing Plant 425 Transport Industry Phase 1 Production: ~70 MCF/day helium, &~2,500 Gi/day LNG Helium End Users Phase 2 Prod
Slide 27: Phase 1 vs Phase 2
Phase 1 vs Phase 2 sr moe Stages 14/18 (completed) through 1C; anticipated production _Large-scale expansion post: Phase 1; likely in three sub-phases to ing ramp to nameplate in Q3 2026 mitigate risk Processing ~2,500 Gi/day LNG; ~70 MCF/day liquid helium ~34,000 GJ/day LNG; ~900 MCF/day liquid hel
Slide 28: Phase 1 Proves It... Phase 2 Scales It
Phase 1 Proves It... Phase 2 Scales It 13x the production capacity but only 1.x the footprint R | i { ee saat na Vi
Slide 29: Virginia Gas Project — Progression & Milestones
Virginia Gas Project — Progression & Milestones Current status, Phase 1 economics, and the path to Phase 2 LNG & Helium — Phase 1 LNG & Helium — Phase 2 HELIUM HELIUM Capaciry — ~70 mef/day Ghpaciry -~900 mef/day capacity _ ~2,500 GJ/day (LNG) Capacity —_~34,000 Gi/day (LNG) FUNDING Debt: US DFC: US
Slide 30: LNG Market Overview
| LNG Market Overview FUTURE ENERGY, TODAY
Slide 31: Natural Gas Users and Sectors
Natural Gas Users and Sectors Transport (Rail) Transport (Long-haul) Industrial Thermat Shee Ben g : Easter ance! og G ° ARC _2RC feels” UNITRANS Cate me rere wrocnem — C02 TLD _S.. = hoa Gingrain rome SUPER = aroun SAases mae ~_— carco> CAnaeRs ANESS! iracema CARGO Wy yatue DSV Bers SAW wets MOTHEO
Slide 32: LNG Uses — Cleaner Burning Fuel
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" Natural Gas Consumption by End Use Sector 2025” 8 cliff —UN s the bridge Lease and Plant Fuct IN 6.1% The investment cas
Slide 33: South Africa's Gas Market: A 2028 Inflection Point
South Africa's Gas Market: A 2028 Inflection Point Sasol's Mozambique pipeline supply ends in 2028 — Open Future Demand Gas demand grows as South Africa replaces coal and closes the 2028 gas cliff gap Bridge Solutions SSLNG, virtual pipelines and indigenous gas are the faster route to supply Pricing
Slide 34: Target Milestones
| Target Milestones | 7 RENERGEN FUTURE ENERGY, TODAY ‘CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION
Slide 35: Target Milestones
Target Milestones 2029- - Commence Phase 2 downstream dispensing roll-out and customer site installations ~ Break ground on the Phase 2 ~ Start commissioning of the 27 LNG and liquid helium process Phase 2 LNG and liquid helium plant and associated utilities process plant ~ Complete Phase 2 pre- dev
Slide 36: Virginia Gas Project: A Strategic Helium & LNG Platform
Virginia Gas Project: A Strategic Helium & LNG Platform | db Rare Resource Base: Owns a rare, high-grade helium and LNG resource base in South Africa upplies critical industries where helium is non-substitutable [JE Non-Substitutable Deman: | ~ Energy Security: Supports domestic energy security thro
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Slide 38: Operations Gallery
Operations Gallery Process plant Processing area Cooling towers LNG road tanker Reverse osmosis plant Aerial site view
Slide 39: Site & Progress
Site & Progress Cooling towers Compressor station ‘Compressor station Virginia Gas Plant LNG Trailer VING filling Virginia Gas Plant R: