Asp Isotopes Inc. · NASDAQ:ASPI
Asp Isotopes — Investor Presentation (November 2025)
27 slides from Asp Isotopes's investor presentation, Nov 7, 2025
Slide 1: Quantum Leap Energy Corporate Overview
Qian nee Confidential and Proprietary October 2025
Slide 2: Quantum Leap Energy: Strong Momentum & Scalable Growth
Quantum Leap Energy: Strong Momentum & Scalable Growth Our mission is to address gaps in the nuclear fuel cycle, promote safe nuclear power, and enhance the sustainal of the nuclear fuel cycle for advanced nuclear reactors and fusion systems, as well as the existing nuclear fleet. Highlight: @ Comme
Slide 3: Today's Discussion
Quantum Leap Energy The Energy Bottleneck: > An emerging geopolitical crisis. > Unmet / increasing demand. > Spiralling cost structures > Dysfunctional supply chain Path to Revenue: > Lithium-6 and Lithium-7 > Enriched Uranium: ‘@ High assay low enriched uranium (HALEU) © Low enriched uranium (LEU+)
Slide 4: Energy Bottleneck: An Emerging Crisis
Energy Bottleneck: An Emerging Crisis We know electrification, data centers, and Al are pushing electricity demand beyond supply capacity. Renewables have hit a plateau Trapped by fossil fuel dependence Distribution limits generation capacity (Quantum We believe nuclear power, realized through NextG
Slide 5: Fission Fuel Cycle: Dysfunctional Across Major Stages
Fission Fuel Cycle: Dysfunctional Across Major Stages 4a 4 4 + Logistics and distribution hazard + Lack of conversion capacity + Upgrade Gen 3 reactors to LEU* for + Increasing political risk + Non-NATO Oligopoly extending service life. + Non-NATO Oligopoly + New materials supply directed to SUNSTON
Slide 6: The Price of Dysfunction: Higher Costs, Increasing Geopolitical Risk
The Price of Dysfunction: Higher Costs, Increasing Geopolitical Risk ~3x cost increase over 4 years ~9x cost increase over 4 years ~2x cost increase over 4 years Metric: SpotSWU (US$/kg) Metric: Conversion Price (US$/KgU) Metric: Enrichment Price (US$/SWU) 20% 80% 45% 55% 55% 45% n=2 n=8 n=2 n=2 n=3
Slide 7: HALEU Demand: Next Wave In Nuclear Energy
HALEU Demand: Next Wave In Nuclear Energy Estimated US HALEU Requirements (MTU/yr) The NEI estimates that by 2035 US domestic demand for HALEU could reach »600 Metric Tonnes per annum 2 26 2 wm me 30 7 33 es The NEI estimates (above) that by 2035 US domestic demand for HALEU could reach >600 Metric
Slide 8: The Cost of Inaction: Greater Capital Intensity and Timelines
The Cost of Inaction: Greater Capital Intensity and Timelines Producing HALEU with existing centrifugal technology will significantly raise production cost, require multiples of current capital investment and extend timelines exacerbating our ability to meet demand. Capital investment to produce 20M
Slide 9: LEU Transition to HALEU: From Concentration to Competition
LEU Transition to HALEU: From Concentration to Competition > LEU+ upgrade for existing LWRs expected to boost 1 performance without major reactor modifications. > Higher enrichment, higher efficiency enables longer fuel cycles, greater bumup, and reduced refuelling costs. > Lower waste, lower cost l
Slide 10: Our Products: Future-Ready Solutions
Our Products: Future-Ready Solutions Commercial scale supply of critical materials lacking in the West. Upgrade of Generation 3 reactors to Generation 3+ via LEU+ introduction Next Generation Nuclear is heading for commercial operation. First fusion tech expected by 2030. Gen 4 reactors likely after
Slide 11: Potential Revenue: Recovery and Reuse
" Potential Revenue: Recovery and Reuse Depleted Uranium Tails Enrichment/Processing: > Depleted uranium tails (dUF,) are the by-product of uranium enrichment, with 0.2% - 0.3% U-235 content. > Over2 million metric tons have accumulated from decades of enrichment. > Storage poses continued environme
Slide 12: Production Strategy: Diversified Portfolio Fast Tracking Commercialization
Production Strategy: Diversified Portfolio Fast Tracking Commercialization We intend to produce stable isotopes (lithium-6, lithium-7) first, to set the baseline for regulators, scale technology and generate revenue before moving onto LEU+ and HALEU 5 Lithium-7 pH control in most water moderated rea
Slide 13: Enrichment Technologies: Nuclear Fuels
Enrichment Technologies: Nuclear Fuels Aerodynamic Separation Process (ASP) Quantum Enrichment (QE) ‘The Aerodynamic Separation Process utilizes gaseous Quantum Enrichment technology employs precisely tuned separation via a stationary wall centrifuge paired with lasers and quantum mechanical princip
Slide 14: Our Technology: Comparatively Better
Our Technology: Comparatively Better Delivering lower costs, modular flexibility, and superior efficiency to meet evolving nuclear fuel demands. Capital cost Higher. Lower Operating cost Comparable. Comparable > Lower Flexible scaling Large-scale, site-specific construction. Modular allowing rapid c
Slide 15: Our Technology: Fewer Stages; Higher Alpha
Our Technology: Fewer Stages; Higher Alpha aes. > 075%) uz 071%) Sa bee Incumbent Centrifuges Aerodynamic Separation =) easares saeaese esaaces asanaas ooacooc aescoor ASSES mannan Anan 15. | @ASP Isotopes inc. / Quantum Leap Energy Confidential and Proprietary Qin
Slide 16: Our Technology: Applied Isotope Enrichment
Our Technology: Applied Isotope Enrichment + Lithium + Ytterbium Commercial Target for Lithium Separation » We believe we can use the QE for the isotopic enrichment of lithium metal to produce lithium-6 and lithium-7 and HALEU. » We believe we can use this proven technology on various feed sources f
Slide 17: External Validation: Capital Commitments and Supply Agreements
TERMIAMERICA > Memorandum of Understanding (MOU) for a JV in United States to produce HALEU > Co-founded by Rick Perry (former US. Energy Secretary & Texas Governor). > Planning an 11 GW data centre with NRC approval for 4 AP1000 reactors. 17 | @ASP Isotopes ine. / Quantum Leap Energy Sanaa > Loan a
Slide 18: Our Team: Expertise in Engineering, Finance, and Strategic Growth
Our Team: Expertise in Engineering, Finance, and Strategic Growth EXECUTIVE Ryno Pretorius, Ph.D. | Chief Executive Officer © CEO since May 2025; 15+ years in chemical engineering & technology seale-up ‘© Former project engineer at Brimstone (2024-25) and Magreathea Metals (2023- 28) “5 Founder & CE
Slide 19: Our Board & Advisors: Strategic Global Energy & Technology Experts
Our Board & Advisors: Strategic Global Energy & Technology Experts Fon EMPLOYEE DRECTORS! Michael Gorley, Ph.D. Ralph L. Hunter, Jr. “© Director of Fusion Technology Division, UK Atomic Energy Authority (UKAEA") “© 25+ years in nuclear power generation “© Former Chief Technologist and Materials Grou
Slide 20: Investment Phases: Expected Company Development Roadmap
2 Investment Phases: Invest (2025-2027): Significant investment in plant as path to revenue. Deliver (2028-2029): Prove and scale Accelerate (2030-2031): Compound growth Plant Types & Focus: Demonstration Plants: South Africa, UK, US Commercial Plants: South Africa, UK, US Waste Treatment: Canada, U
Slide 21: Anticipated Development Activities: Activation Post Funding
Anticipated Development Activities: Activation Post Funding Projected project phasing io Revenue: Anticipated in 2027; increasing through Start Demonstration plant in SA 208 ‘Start Demonstration plant in UK i Investment: Post funding rapid pathway to public nas capital. waste Tostment ‘Start Demonst
Slide 22: In Summary
In Summary 22 | @ASP tsotopes Ino. / Quantum Leap Energy Electrical demand surge driving the resurgence of nuclear power We believe nuclear energy is the only scalable, low-carbon baseload solution. Nuclear supply-chain is at risk; undersupply in conversion and enrichment Addressing shortfall with i
Slide 23: Appendix
APPENDIX”
Slide 24: Controlling Next Generation Markets: Lithium-6
Controlling Next Generation Markets: Lithium-6 » Infusion reactors, lithium-6 is a crucial component for breeding tritium, which is used as fuel in fusion reactions. Pf 4 Tritium } Fusion Reactors have the potential to be the next generation “yo ‘Pp ‘ of clean renewable reactors. J . Helium > Enrich
Slide 25: Entering New Markets: Lithium-7
Entering New Markets: Lithium-7 } 99.95% lithium-7 is used to regulate the pH of cooling water in existing and advanced PWRs. No Lithium-7 means No Cooling » Lithium-7 is favored for this application due to its low neutron absorption cross-section, meaning it doesn't interfere with the nuclear react
Slide 26: HALEU Reactors: The Next Wave In Nuclear Energy
HALEU Reactors: The Next Wave In Nuclear Energy ration nuclear react ‘The US DOE has already committed billions of dollars to Advanced Reactor Design Program (ARDP) to facilitate and accelerate development of advanced reactors. > Modular, smaller size (50 MWe to 300 MWe) reactors allowing greater fl
Slide 27: Company History
Company History + October 2024 ? October 2021 * July 2022 * 4Q 2023 } February 2024 ‘ASPI wins competitive ‘Acquisition of the Formation of Quantum SPI announces ASPI demonstrates enrichment of ‘auction for Kiydon Larae- ‘Small-Scale Leap Energy focused Planned spin-out of ‘Ytterbium-176 during comm