Slide 1: Capital Markets Day
ASPisotopes Capital Markets Day September 8, 2026 ASP ISOTOPES INC. NASDAQ: ASPI
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 1996. Forward-looking statements are neither h
Slide 3: Forward-looking Statements
Forward-looking Statements “Tere are many important factors that could cause our actual results and financial conaton to der materaly from those indicated i the forward-looking statements, including, but not Inited to: the outcomes of vious statogies and projets undertaken by the Company, the potent
Slide 4: Four Operating Businesses, Built Since 2021
GREE wrirwinewing ——cotope nuclear Medicine Moble Aiea ————Eltetronies Nucla Fats Four Operating Businesses, Built Since 2021 PROFILE WHERE WE ARE TODAY 2021 ASPI 3+1 $5.1M NASDAQ, IPO 2022 Enrichment plants in Pretoria, plus the Welkom 20 2026 revenue HEADQUARTERS OPERATIONS gas plant Dallas, Texas
Slide 5: Structural Shortages, All Running at Once
RE wr evsineering §——sotope Structural Shortages, All Running at Once Nuclear Medicine PET Labs + radioligand drugs in clinical trials, against ‘a handful approved today Every approval multiplies the isotope volume the world needs. + Lu-177 chain depends on enriched Yb- 176 + Repeated isotope supply
Slide 6: Acquire Undervalued Assets. Rebuild. Execute.
GREET wriwwinewing ——cotope nuclear Medicine Noble Aiea Acquire Undervalued Assets. Rebuild. Execute. Bought for a fraction of replacement cost, with the value created by finishing what the previous. UNDERVALUED Molybdos assets Klydon plant & IP wiarweeao ~$734K ~$364K For a business-rescue auction
Slide 7: Constructed, Operating and Generating Revenue Today
GREE wrewwinewsns ——cotope nuclear Medicine ble Aca = —EletroniesNuclnar Fuels Finance Constructed, Operating and Generating Revenue Today NuMed ECNP US RADIOPHARMACY N RK Noble Africa PET Labs Radiopharmacies Welkom, South Africa Pretoria, South Africa United States REVENUE GENERATING REVENUE GENER
Slide 8: Revenue Timing
GREE wrewwinewsns ——cotope nuclear Medicine ble Aca = —EletroniesNuclnar Fuels Finance Revenue Timing 2H 2026 20x 2078 2020+ Radiopharmaceuticals South Africa and U.S. Shipping today We forecast that PET Labs is ontrack to deliver FY 2026 revenues of approximately $14 milion, up from $6 milion in 20
Slide 9: Where we Stand, and What to Watch
GREE wrewwinewsns ——cotope nuclear Medicine ble Aca = —EletroniesNuclnar Fuels Finance Where we Stand, and What to Watch THE OPPORTUNITY WHAT WE HAVE BUILT Shortages that will not resolve on Plants that are constructed, not their own rendered + Nuclear medicine, electronics, nuclear fue! + Enrichmen
Slide 10: Helium and LNG
Helium and LNG Virginia Gas Project Nick Mitchell & Paul Mann NOBLE AFRICA Nick Mitchell CHIEF OPERATING OFFICER, NOBLE AFRICA Paul Mann CHIEF EXECUTIVE OFFICER, NOBLE AFRICA
Slide 11: A World-Class ~3% Helium Grade First-Mover Position
‘Steamy ——REDEngineering ——tsotope Nuclear Medicine QUEEN Etectronics——MuciearFusts Finance A World-Class ~3% Helium Grade VY First-Mover Position Only onshore petroleum production right in South Africa , Producing & Scaling Phase 1 driling ~4 months ahead of schedule: Targets ~70 MCFday helium and
Slide 12: Helium: A Vital and Irreplaceable Element in Many Modern Industries
‘Stanegy RED Engineering trotope, Helium: A Vital and Irreplaceable Element in Many Modern Industries Properties of Helium = Doesn't readily react with other elements ~ Ideal where chemical reactions could be problematic Non-toxic ~ Colorless, odorless and tasteless Low density = Second lightest ele
Slide 13: A ~$3Bn Market the Modern Economy Cannot Run Without
‘Semmay RED Enginenring ——tnotope nuclear Medicine QUTETITIEI = iscronics,——tucearFuets nance A ~$3Bn Market the Modern Economy Cannot Run Without MARKET SIZE MARKET VALUE SUPPLY CONCENTRATION ~ 0, 6.5 bcfly US$3bn 75% Global demand gronng 5.6% p a; demand increasingly From US & Catar, 2026 Qatar ou
Slide 14: The 2024-25 Helium Market Was Well Balanced
‘Samay REDEnginewring ——tsotope Nuclear Medicine QTE —evecronics——MuclaarFusts §Finanew The 2024-25 Helium Market Was Well Balanced 2024-25 Helium Supply (bcf) 2024-25 Helium Demand (bcf) Poland, 80, China, 80 Algeria, 450 Middle East, 200 Russia, 750 ‘Americas, 2,840 ‘Americas, 2,660 Qatar, 2,400 D
Slide 15: We Have Likely Entered the Fifth Recent Helium Supply Crisis
‘Steamy ——REDEngineering ——tsotope Nuclear Medicine QUEEN Etectronics——MuciearFusts Finance We Have Likely Entered the Fifth Recent Helium Supply Crisis Years Cause of the helium supply crisis Production disruptions at several key facilities, including the U.S. Federal Helium Reserve, combined with
Slide 16: Location Matters
‘Seaway ——REDEnginewring ——tsotope Nuclear Medicine QTE = Evecronics Nuclear Fusts 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 Route Transit tim Liquid helium reta
Slide 17: LNG Uses — Cleaner Burning Fuel
‘Seateay RED Engineering ———trotope actos Medicine QUEST ITISI — evecronics Nuclear Fusts 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 ~870 PJ ~70,000 2028 market by
Slide 18: How Did the Gas Get There?
‘Stanegy RED Engineering trotope, How Did the Gas Get There? ‘Nuclear Fuels Finance A2.02-Billio ‘Timing of the asteroid “Methane is generated Helium gas is Helium co-mingles impact and conditions. because of the Produced as a by- gy with methane after impact resuited in decomposition ofthe" product
Slide 19: Reserves Scale From 1P to 3P in Both Helium and Methane
‘Seateay RED Engineering ———trotope Reserves Scale From 1P to 3P in Both Helium and Methane 20 Approximately the ad size of U.S. Federal Foo Helium system Proven Reserves, contingent resources and Prospective resources Net Reserves 1P Helium 136 Ea sMari9 mNou21 P 72 ci 43 au 57 uctear Medicine QEET
Slide 20: Project Overview: One Asset, Two Products, Four Markets
Project Overview: One Asset, Two Products, Four Markets Well Heads LNG / Helium Processing Plant Gas to Power “Wellhead to electron” Industrial “Wellhead to burner” rim Bes Transport Industry “Wellhead to tank” Phase 1 Production: ~70 MCFiday helium & ~2,500 Guiday LNG Helium End Users “Wellhead to
Slide 21: Phase 1 Hits Nameplate in 2026
‘Samay REDEnginewring ——tsotope Nuclear Medicine QTE —evecronics——MuclaarFusts §Finanew Phase 1 Hits Nameplate in 2026 LNG & Helium — Phase 1 LNG & Helium — Phase 2' HELIUM Ae ~70 mefiday Croaety. ~900 mefiday CAPACITY ~2,500 Gu/day (LNG) CAPACITY ~34,000 GJ/day (LNG) FUNDING Debt: US DFC: USS 40m +
Slide 22: Expected Path From Phase 1 Nameplate to Phase 2 Production
‘Samay REDEnginewring ——tsotope Nuclear Medicine QTE —evecronics——MuclaarFusts §Finanew Expected Path From Phase 1 Nameplate to Phase 2 Production = Commence Phase 2 downstream dispensing rol-out and customer site installations ~ Start commissioning of the Phase 2 = Break ground on the Phase 2 LNG.
Slide 23: Virginia Gas Project: A Strategic Helium & LNG Platform
‘Steamy ——REDEngineering ——tsotope Nuclear Medicine QUEEN Etectronics——MuciearFusts Finance 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 | ir Non-Substitutable Demand: Supplies critical industrie
Slide 24: Financial Outlook
Financial Outlook Heather Kiessling CHIEF FINANCIAL OFFICER
Slide 25: EBITDA Target for 2031: Estimated Range by Product Category
‘Swamgy RAD Engineering ——tnotope ——=Nucnar Medicine Noble frien —Eleewonies, Nuclear Punts QUES EBITDA Target for 2031: Estimated Range by Product Category mElectronic Gases = NaturalGas._ = Medical Isotopes = Nuclear Medicine £ 8 Combined EBITDA ($M) g 8 Low range High range ama DSPisotopes
Slide 26: Potential Pathway to 2031 EBITDA Goal >$700M
RAD Engineering ——taotope—=Nuclear Medicine Noble Attica = Eleonics Nuclear Fete @ICISSES Potential Pathway to 2031 EBITDA Goal >$700M Blocks turn on progressively from 2026 through 2031 2026 + The Company remains on track to deliver liquid helium to customers during September 2026 + Phase 1 at name
Slide 27: Panel and Q&A Session
Panel and Q&A Session Viktor Petkov CHIEF COMMERCIAL OFFICER
Slide 28: 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 29: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of futur