Asp Isotopes Inc. · NASDAQ:ASPI
Asp Isotopes — Merger or Acquisition (May 2025)
56 slides from Asp Isotopes's merger presentation, May 20, 2025
Slide 1: ASP Isotopes Announces Agreement Relating to Potential Acquisition of Renergen Limited
ASP isotopes ASP Isotopes Inc. Announces Agreement Relating to Potential Acquisition of Renergen Limited Goal to Create a Global Critical Materials Business with $300 Million in EBITDA by 2030 RENERGEN FUTURE ENERGY, TO
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements with respect to the financial condition, results of operations and businesses of ASP
Slide 3: Forward Looking Statements
Forward Looking Statements Use of Projections The financial outlook and projections, estimates and targets in this press release are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainty and contingencies, many of which are beyond ASP Isotope
Slide 4: The Energy Act of 2020 defines a critical material
The Energy Act of 2020 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
Slide 5: ASPI + Renergen = Operational Synergies and Customer Overlap
ASPI + Renergen = Operational Synergies and Customer Overlap ASP isotopes Proven track record of acquiring distressed assets and creating substantial shareholder value. Proven track record of exceptional project management and leadership: Construction of three enrichment facilities in three years. I
Slide 6: Key Highlights
Key Highlights cus on critical and strategically important materials - Renergen will be a global leader in liquid helium production, one of tk ught-after als globally End-market synergies irreplaceable” mineral \dustries which are ASP Isotopes’ three target markets 94% by leveraging power from Rener
Slide 7: Transaction Overview
Transaction Overview Transaction Details Management & Governance Bridge Loan to Renergen Approximate Timetable ASP isotopes '* Assumes a Closing ASPI price of $7.51, dosing REN share price of ZAR 7.00 and ZAR/USD of 18.06 (correct as of 4pm ET on May 19, 2025). Renergen shareholders will receive 0.0
Slide 8: ASP Isotopes at a Glance — Operating in Three Verticals
ASP Isotopes at a Glance — Operating in Three Verticals ASP isotopes Enrichment of stable (non-radioactive) isotopes for use in the medical and semiconductor industries. ASP isotopes nc. Delaware, US NASDAQ (ASP!) = QLE - Planned spin out r ‘expected in 2H 2025 | carr ainiaeanmmail hn i mn * ‘ —% Le
Slide 9: ASP Isotopes — Three Multi-Billion Dollar End Markets
ASP Isotopes — Three Multi-Billion Dollar End Markets ASPI has constructed three operational nuclear enrichment facilities in South Africa that will provide critical materials to fuel global megatrends in three multi-billion-dollar end markets and expects to ship first commercial products during 2Q
Slide 10: ASP Isotopes — Operations Update
ASP Isotopes — Operations Update During the last three years, ASP! has constructed three operational nuclear enrichment facil South Africa. All three successfully commenced commercial production during 1H 2025. Ytterbium-176: + Currently operating at an annualized rate of 300 grams per year in batch
Slide 11: Renergen at a Glance
Renergen at a Glance fi) Principal lender is the World-class helium reserves with exceptionally high helium concentrations and low extraction cost Focused on accelerating the adoption of LNG as a cleaner energy source in an energy starved country LNG and liquid helium producer from its flagship Virg
Slide 12: Helium Market Overview
Helium Market Overview The global market for helium, including both liquid and gaseous forms, is estimated to be around $7.5 billion fm by 20291) This market is projected to grow significantly, with CAGR estimates of up to 8.3% expected between 2025 and 2032") Global supply is fragile and concentrat
Slide 13: A Unique Geological Formation: How did the gas get there?
A Unique Geological Formation: How did the gas get there? Renergen’s production right is on the rim of the Vredefort Crater, formed by an asteroid strike approximately 2 billion years ago, where natural helium is produced as a result of natural decay of ultra-high uranium and thorium deposits * Timi
Slide 14: The World's Only Global Helium Supplier
The World’s Only Global Helium Supplier Every day of travel, 1% of your liquid helium turns into a gas — Cape of Good Hope’s location is one of the most accessible globally ASP isotopes Cape of Good Hope > Houston = ~20 days (80% liquid / 20% gas) Cape of Good Hope > Antwerp = ~16 days (80% liquid /
Slide 15: Combined Business Snapshot - Production & Distribution of Critical Minerals
Combined Business Snapshot - Production & Distribution of Critical Minerals ® Semiconductors Medical ASPI & Renergen PET, ASPI & Renergen Silicon-28 Helium-4 Helium-4 Carbon-14 Germanium-70 Ytterbium-176 Ytterbium-171 Molybdenum-98&100 Barium-137 Zinc-68 Silver-107 Nickel-64 Copper-65 ASP isotopes E
Slide 16: Merger Rationale
Merger Rationale Critical Materials Powerhouse Critical Minerals and Gases v Integrated Supply Chain Complimentary Customer Base _ Geographical Diversification Reduce Lead Times Shared Knowledge Combined R&D Power Shared Infrastructure Reduces Geopolitical Risk Accounting — US GAAP ASP isotopes Goal
Slide 17: Vertical Integration will Significantly Reduce Isotope Production Costs
Vertical Integration will Significantly Reduce Isotope Production Costs ASP Isotopes’ goal is to be the lowest cost and most reliable supplier of isotopes globally. For many isotopes, the largest cost driver is energy, which at our current faci accounts for over 90% of cost of goods. A large-scale p
Slide 18: Expected Timeline
Expected Timeline Pre-listing Statement Abridged PLS announced on JSE’s SENS - subject to the receipt of Excon approval PLS distributed - subject to the receipt of Excon approval ASP lists on the JSE Scheme of Arrangement Distribution of Scheme circular ‘Scheme meeting Finalisation announcement on S
Slide 19: ASP & Renergen: Leadership Team
ASP & Renergen: Leadership Team PAUL MANN = ) STEFANO MARANI e=) ROBERT AINSCOW >) NICK MITCHELL +) HEATHER KaEssLING | Exec Chairman & CEO — CEO Electronics & Space sem Co-co0 =) ccoo = _) chief Financial officer EZ i ter b + Co-Founder, ASP Isotopes * Co-founded Tetra4 and * Co-Founder, ASP Isotop
Slide 20: Resultant Group Structure
Resultant Group Structure QLE — Planned spin out expected in 2H 2025 1 sre ‘Quantum Leap Energy LLC. Delaware (US) Tetrad (Pty) Lid South Africa Quantum Leap Energy (Pty) Ltd ‘Souh affica RENERGEN ASP isotopes
Slide 21: Appendix
Appendix ASP isotopes RENERGEN
Slide 22: Creating a Global Powerhouse in Critical Materials for the Electronics Industry
Creating a Global Powerhouse in Critical Materials for the Electronics Industry ASP isotopes RENERGEN
Slide 23: New Areas of Development: Expanding ASPI's Footprint in Electronic gases
New Areas of Development: Expanding ASPI’s Footprint in Electronic gases Enriched Isotopes Next generation semiconductors will require isotopically enriched materials: There is considerable interest from quantum computing companies and manufacturers of semiconductors for artificial intelligence for
Slide 24: Fluorinated Gases in the Electronics Industry
Fluorinated Gases in the Electronics Industry Fluorinated gases play several important roles in semiconductor manufacturing. + Fluorine (F2) and Fluorine mixtures (F2/N2), Phosphorus trifluoride (PF3), lodine pentafluoride (IF5), and Selenium tetrafluoride (SeF4) are used in plasma etching processes
Slide 25: Helium in Electronics markets
Helium in Electronics markets Defense: Signals & Guidance Syster = | Thermal Conductivity’? ‘ooling 0.16) ais wine g & 5 0.124 zg g 3 008+ 5 oe E 0.04. § 026 wink 0.026 Wim = of ASP isotopes (0016 Wik ‘Argon Helium: Gas like no other. Semiconductor manufacture requires the gas for effective heat dis
Slide 26: The Opportunity for Isotopes in Semiconductors
The Opportunity for Isotopes in Semiconductors ASPI aims to establish itself as an indispensable part of the semiconductor supply chain. ASP Isotopes’ Silicon-28 enrichment plant in South Africa + Using ASPI’s proprietary technology and increasing capacity our goal is to become the world’s leading s
Slide 27: How Scientists believe 28Si improves CPU speeds
How Scientists believe 78Si improves CPU speeds CPU Power Consumption Causes: Popu = Payn + Poo + Pop 10" : =e ul Pay, = CVF == fis Processor Clock Speed _ SET Peoatng * Peo 0! eae *e Much Heat Generation + Poor Heat Conduction = Processor Meltdown SOWION : Ws 10 30 100 300 IMPROVE ON-CHIP THERMAL C
Slide 28: Silicon-28: Technological Breakthrough
Silicon-28: Technological Breakthrough * Electronics are relatively affordable because Silicon is cheap and abundant. But, although naturally occurring Silicon is a good conductor of electricity, it is not a good conductor of heat when it is reduced to very small sizes — and when it comes to fast co
Slide 29: ASP Isotopes — Engineering Expertise can Overcome Procurement Challenges
ASP Isotopes — Engineering Expertise can Overcome Procurement Challenges ASP isotopes RENERGEN
Slide 30: Overview — EPCM capabilities
Overview — EPCM capabilities Next generation semiconductors will require isotopically enriched materials: There is considerable interest from quantum computing companies and manufacturers of semiconductors for artificial intelligence for materials that enable higher processing speeds. There are few
Slide 31: Process Engineering Team
Process Engineering Team Heino van Wyk Head of Engineering * Mr. van Wyk is tasked is the Head of Engineering, leading a team of engineers to design, construct, and commission the next generation of isotope separation plants in record times. * Chemical Process Engineer with 13 years of experience in
Slide 32: Process Engineering Team
Process Engineering Team Inbanathan Govender, PhD Senior Chemical Process Engineer = Dr. Govender is currently tasked to lead the 28Si enrichment plant project. = Chemical Process Engineer with 10 years of experience in engineering design of fluoro- chemical and chloro-chemical plants as well as met
Slide 33: Engineering Capabilities
Engineering Capabilities Process Engineering * MEB, P&IDs, Equipment Design, Datasheets * Hazop studies + Extremely proficient in equipment design of: * Cryogenic Desublimers * Cryogenic Partial Condensers * PSA Columns * Absorbers & Scrubbers * Process Simulations + Control system design * Cascade
Slide 34: In House Fabrication Facility Minimizes Procurement Delays
In House Fabrication Facility Minimizes Procurement Delays Location: Koedoespoort, Pretoria, South Africa Size & Team: 250m? & 7 Personnel Facility Breakdown * Design & Programming * CNC machines * Laser cutting * Material Store * Inspection Area * Manual Workstations * 3D Printing ASP! Manufacturin
Slide 35: Product Design Lifecycle
Product Design Lifecycle | HW) re via Fabrication Integration QA Control * Design + Assembly * Operational Stability * Manufacturing * Safety * Control Performance * Assembly * Quality * Testing * Testing ASP isotopes RENERGEN
Slide 36: Innovation
Innovation Innovation Capabilities & Examples Some vendor equipment pose: Innovative ASPI solutions to: + Long Lead times for specialty products * Gas Composition Measurements + Material incompatibility * Control valves + Issues with reliability and robustness + Flow Measurements Pneumatic Actuating
Slide 37: ASP Isotopes Overview for Renergen Investors
ASP Isotopes Overview for Renergen Investors ASP isotopes RENERGEN
Slide 38: Isotope supply chain
Isotope supply chain * Isctopes have one of the most severely compromised supply chains of any material in the world and are critical to many end markets including nuclear medicine, energy, food and water. * Global isotope production is dominated by Russia (85%) by Rosatom with the remainder produce
Slide 39: Our Technologies
Our Technologies e Aerodynamic Separation Process (ASP) The Aerodynamic Separation Process utilizes gaseous diffusion via a stationary wall centrifuge paired with proprietary flow directors to separate isotopes of varying levels of atomic mass. Gy S) ASP isotopes Quantum Enrichment (QE) Quantum Enri
Slide 40: ASPI Technology: Illustrative Separation Segment and Element Recovery
ASPI Technology: Illustrative Separation Segment and Element Recovery ASP isotopes RENERGEN
Slide 41: Quantum Enrichment: Real World Experience
Quantum Enrichment: Real World Experience ASPI’s team have used lasers to enrich many different metals + Uranium + _ Lithium (the only isotopes where results have been published) + Ytterbium + Zirconium + Zinc The separation process shown on the right is for Lithium 6 and 7 + Ametal with an atomic m
Slide 42: Nuclear Medicine: Isotopes of Interest
Nuclear Medicine: Isotopes of Interest ASP isotopes q End Market 14C Carbon-Dating & Pharmacokinetic Tracing Oncology Treatment a Non-Hodgkin lymphoma, Prostate Cancer, NETs Neuroendocrine Tumors NETs Short half-life Stable Isotopes Radioisotopes ASP isotopes RENERGEN
Slide 43: Medical Isotopes — Timelines
Medical Isotopes — Timelines Under a ASP Carbon-14 Pharma & Agrochem v v v 1H 2025 Ytterbium-176 v v v 2026 Qe Molybdenum-98 v v v 2025 ASP Molybdenum- v vw v 2026 ASP 100 Zinc-67/68 nee? v v - 2026 ASP Nickel-64 v v = 2026 Qe Xenon-129 v v = 2026 “ASP Gadolinium-160 v = = 2026 QE ASP isotopes RENER
Slide 44: SMR (Small Modular Reactors): Next wave in nuclear energy
SMR (Small Modular Reactors): Next wave in nuclear energy The world is moving to a new type of nuclear reactor: SMR The US DOE has already committed billions of dollars to Advanced Reactor Design Program ‘TerraPowerts Nattum (ARDP) to facilitate and accelerate development of advanced reactors. ro. a
Slide 45: Market overview
Market overview Leverage the following... Proven Proprietary Technolog enn ad To capitalize on three multi-billion- + ASPI's advanced technologies leverage 20 years of R&D history to enrich dollar opportunities... isotopes in varying levels of atomic mass, allowing it to meet the growing demand in t
Slide 46: Renergen Overview for ASP Isotopes' Investors
Renergen Overview for ASP Isotopes’ Investors ASP isotopes RENERGEN
Slide 47: Virginia Gas Project
Virginia Gas Project Renergen’s Virginia Gas Project in the Free State Province of South Africa ASP isotopes RENERGEN
Slide 48: Why is Helium critical?
Why is Helium critical? ASP isotopes
Slide 49: Helium is a vital and irreplaceable element in many modern industries
Helium is a vital and irreplaceable element in many modern industries Properties of helium * Helium doesn’t readily react with other elements + Makes it ideal for applications where chemical reactions The global market is 16 containers per day. Phase 2 will produce ONE container per day! He Im is a
Slide 50: Summary of the Virginia Project's Methane & Helium Net Gas Reserves
Summary of the Virginia Project’s Methane & Helium Net Gas Reserves a Helium Methane _ 6001 an 600 136 = 4070 32 a8 - : 0 2 12 00 2151 Approximately the size 4 ag 200 poe of US Federal Helium 1 = | joo 453 | iz] 7 ald 2 e 1p 2p oP Mar-19 =Nov-21 seMer-19 = Now-24 MHA/Sproule Findings — November 2021
Slide 51: LNG - The South African Industrial Gas Market
LNG - The South African Industrial Gas Market ESS Natural gas is currently imported via pipeline from Mozambique by Sasol * Pipeline runs to Johannesburg - reticulated to customers via low- pressure pipeline. * Majority of imported gas is used by Sasol for its petrochemicals business. + Estimated sh
Slide 52: Combined Management Teams
Combined Management Teams ASP isotopes RENERGEN
Slide 53: ASP & Renergen: Leadership Team
ASP & Renergen: Leadership Team PAUL MANN = = STEFANO MARANI e=) ROBERT AINSCOW >) NICK MITCHELL +) HEATHER KaEssLING | Exec Chairman & CEO — CEO Electronics & Space sem Co-co0 =) ccoo = _) chief Financial officer EZ Le ter b + Co-Founder, ASP Isotopes * Co-founded Tetra4 and * Co-Founder, ASP Isoto
Slide 54: ASP & Renergen: Senior Management Team
ASP & Renergen: Senior Management Team BBE) HeNORIK srevoom, pho >\ _ XANDRA VAN HEERDEN pe) Hanovan wr <=>) DRGERDUS KEMP, PhO = ) cro = _)), PHO, Head of R&D =) Head of Engineering BS >) medical virector, ceo PET Labs * Co-developer of + Head of Research & '* Process engineer with ‘+ CEO Pet-Labs,
Slide 55: ASP & Renergen: Independent Directors
ASP & Renergen: Independent Directors *+ Director of Fusion ‘Technology at the U.K. Atomic Energy Authority. and a visiting Professor at the University of Bristol, U.K. Mike is a well-known expertin fusion technology and fusion material ‘+ Previously served as a Chief Technologist and Strategic lead
Slide 56: Sources
Sources ASP isotopes RENERGEN