Endra Life Sciences Inc. · NASDAQ:NDRA
Endra Life Sciences — Merger or Acquisition (June 2026)
39 slides from Endra Life Sciences's merger presentation, Jun 26, 2026
Slide 1: Investor Presentation June 2026
Investor Presentation June 2026 CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION
Slide 2: Disclaimers
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Disclaimers 1 This presentation (including any accompanying oral presentation, this “Presentation”) is being furnished solely to recipients that are “qualified institutional buyers” (as defined in Rule 144 A of the Securities Act of 1933 , as amended (the
Slide 3: Disclaimers (cont.)
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Disclaimers (cont.) None of the Companies make any representation or warranty, express or implied, as to the accuracy or completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you . Nothing
Slide 4: Risk Factors
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Risk Factors 3 Renergen’s business is subject to numerous material and other risks and uncertainties that you should be aware of in evaluating Renergen’s business . Please refer to the factors disclosed in Part I, Item 1 A . “Risk Factors” of ASP Isotopes
Slide 5: Table of Contents
Helium Market Overview The Virginia Gas Project Is Truly Unique Project Overview – Phase 1 and Phase 2 LNG Market Overview Milestones Transaction Overview Table of Contents CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION 4
Slide 6: Transaction Overview
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Transaction Overview 5 Issuer 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") Transaction Overvie
Slide 7: Pro Forma Capitalization — Sources & Uses
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Pro Forma Capitalization — Sources & Uses 6 in millions Pro Forma Capitalization Shares % ASPI shares from contribution of Renergen 55.5 83.6% Shares from contemplated PIPE financing 7.6 11.5% Acquiror (NDRA) original shareholders 2.1 3.2% ASPI shares from
Slide 8: About ENDRA Life Sciences
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Goal & Focus Establish key biomarkers for metabolic diseases detection & management Primary focus on emerging GLP - 1 therapies Solution AI/ML powered, multi - featured Thermo - Acoustic device for liver fat measurement Advanced from a simple heuristic app
Slide 9: Leadership Overview
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Paul Mann CEO, Renergen CEO and Executive Chairman, ASP Isotopes Inc. – Co - founded ASP Isotopes in September 2021 – 25+ years of experience on Wall Street investing in healthcare and chemicals companies at Soros Fund Management, Highbridge Capital and Mo
Slide 10: Transaction structure: ASP Isotopes, Renergen and Noble Africa
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION ASP Isotopes Inc. (NASDAQ: ASPI) A U.S. - listed advanced materials company dedicated to the development of a differentiated isotope enrichment platform to strengthen global supply chain access to critical materials used in nuclear medicine, next - generat
Slide 11: Corporate Highlights
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION WORLD - CLASS RESERVES ~3% average helium concentration across the field based on exploration to date vs. global mega - projects as low as 0.04% First - Mover Position Only onshore petroleum production right in South Africa Producing & Scaling Phase 1 dril
Slide 12: Well Positioned to Deliver Both Helium and LNG
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Well Positioned to Deliver Both Helium and LNG Into This Window Global Supply Disrupted Geopolitical conflict in the Middle East has taken major helium production offline and disrupted export routes, tightening global supply Helium Prices are at Multi - Ye
Slide 13: Helium Market Overview
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Helium Market Overview
Slide 14: Helium Usage by Volume and Properties
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION MRI / NMR Lifting Laboratory / Science Semicondu ctors Welding / Cutting Fiber Optics Leak Detection Rocketry Diving Other Current (~6.0 Bcf/year) 1.20 0.90 0.90 0.90 0.50 0.50 0.30 0.30 0.20 0.20 2030 Projected (~8.5 Bcf/year) 1.40 1.20 1.10 1.60 0.70 0.7
Slide 15: A ~$3Bn Market the Modern Economy Cannot Run Without
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION A ~$3Bn Market the Modern Economy Cannot Run Without 14 Critical Industries — From MRI to Quantum — Depend on Helium With No Viable Substitute MARKET SIZE 6.5 bcf/y Global demand growing 5 - 6% p.a.; demand increasingly linked to AI chips, healthcare and a
Slide 16: The 2024-25 Helium Market Was Well Balanced
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION 15 2024 - 25 Helium Supply (bcf) 2024 - 25 Helium Demand (bcf) The 2024 - 25 Helium Market Was Well Balanced Source: Gasworld
Slide 17: Fifth Recent Helium Supply Crisis
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION 2006 - 2007 2011 - 2013 2018 - 2020 2022 - 2023 2026+? Production disruptions at several key facilities, including the U.S. Federal Helium Reserve, combined with strong demand grow th Unplanned outages at major plants in Qatar and the U.S. Maintenance shut
Slide 18: The Virginia Gas Project is Truly Unique
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION The Virginia Gas Project is Truly Unique
Slide 19: Renergen's Virginia Gas Project Is Truly Unique
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Highest grade Highest concentration of commercially scalable Helium resources found to date globally Vast reserves Vast reserves – multi generational asset Location Geographic location facilitates rapid transportation to markets Low carbon Significantly lo
Slide 20: How Did the Gas Get There?
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Free State 311Moz @ 4g/t Figure: RMS amplitude anomalies (white arrows) at depth slices indicating hydrocarbon accumulations. Fractures and faults (red arrows) connected to gas accumulations 1 Timing of the asteroid impact and conditions after impact resul
Slide 21: Multiple Gas-Bearing Source Rocks with Exceptional Helium Potential
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Multiple Gas - Bearing Source Rocks with Exceptional Helium Potential 20 Source: Company data
Slide 22: The Resource's Geology & Fault-Lines Have Been Extensively Mapped
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION The Resource’s Geology & Fault - Lines Have Been Extensively Mapped Total Production License = 187,000 Ha 21 – The Virginia Gas Field Project is situated in the Witwatersrand Supergroup of meta - sediments of Precambrian age that host the Welkom Goldfields
Slide 23: Summary of Methane & Helium Net Gas Reserves
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION 45.3 154.5 315.8 215.1 407.0 600.1 0 200 400 600 800 1P 2P 3P BCF Mar-19 Nov-21 1.1 2.6 7.2 7.2 13.6 20.0 0 10 20 30 1P 2P 3P BCF Mar-19 Nov-21 Approximately the size of U.S. Federal Helium system Methane (Bcf) Helium (Bcf) Proven Reserves, contingent reso
Slide 24: Location Matters
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Cape of Good Hope Port of Porto Port of Houston US Strategic Helium Reserve (BLM) Port of Antwerp Qatar Port of Shanghai Singapore Liquid helium retained Transit time Route 80% liquid / 20% gas ~20 days Cape of Good Hope → Houston 80% liquid / 20% gas ~16
Slide 25: Project Overview — Phase 1 and Phase 2
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Project Overview — Phase 1 and Phase 2
Slide 26: One Asset, Two Products, Four Markets
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION One Asset, Two Products, Four Markets Producing liquid natural gas (“LNG”) and liquid helium across Phase 1 and Phase 2 25 Well Heads Phase 1 Production: ~70 MCF/day helium & ~2,500 GJ/day LNG Phase 2 Production: ~900 MCF/day helium & ~34,400 GJ/day LNG LN
Slide 27: Phase 1 and Phase 2 Comparison
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Phase 2 Phase 1 Large - scale expansion post - Phase 1; likely in three sub - phases to mitigate risk Stages 1A/1B (completed) through 1C; anticipated production ramp to nameplate in Q3 2026 Staging ~34,000 GJ/day LNG; ~900 MCF/day liquid helium ~2,500 GJ/
Slide 28: Phase 1 Proves It, Phase 2 Scales It
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Phase 1 Proves It… Phase 2 Scales It 13x the production capacity but only 1.5x the footprint 27
Slide 29: Virginia Gas Project — Progression & Milestones
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION LNG & Helium — Phase 1 HELIUM CAPACITY ~70 mcf/day CAPACITY ~2,500 GJ/day (LNG) FUNDING Debt: US DFC: US$ 40m + IDC ZAR 162m STATUS Anticipated to reach nameplate capacity in Q3, 2026 LNG & Helium — Phase 2 HELIUM CAPACITY ~900 mcf/day CAPACITY ~34,000 GJ/
Slide 30: LNG Market Overview
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION LNG Market Overview
Slide 31: Natural Gas Users and Sectors
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Transport (Rail) Transport (Long - haul) Industrial Thermal Energy - Intensive Electrical Power Users Natural Gas Users and Sectors 30
Slide 32: LNG Uses — The Investment Case for LNG
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION – Near - term cash flow: SSLNG monetises stranded local gas early; revenue before pipelines are built – Large addressable market: South Africa’s gas demand could reach ~870 PJ / 25 bcm by 2032 – De - risked demand: LNG/SSLNG is the fastest bridge to the 20
Slide 33: South Africa's Gas Market: A 2028 Inflection Point
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Opportunity 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 Control Indigenous gas offers more pricing contro
Slide 34: Target Milestones
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Target Milestones
Slide 35: Target Milestones
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION – Expect to obtain Phase 1 nameplate capacity (Q3, 2026) – Expect to deliver first helium exports to international customers – Commence pre - development of Phase 2 – Initiate targeted exploration programme to enhance Proven Reserves 2026 2027 2028 2029 -
Slide 36: Virginia Gas Project: A Strategic Helium and LNG Supplier
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION The Virginia Gas Project is more than an energy play — it is a strategic supplier of two scarce and increasingly important products: helium for critical global industries and LNG for an energy - constrained South African market Investment is critical now:
Slide 37: Appendix
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Appendix
Slide 38: Operations Gallery
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Virginia Gas Plant Virginia Gas Plant Cooling towers Reverse osmosis plant Process plant Processing area LNG road tanker Aerial site view Operations Gallery 37
Slide 39: Virginia Gas Plant Site & Progress
CONFIDENTIAL | NOT FOR FURTHER DISTRIBUTION Cooling towers Utilities Compressor station Compressor station Virginia Gas Plant LNG Trailer VLNG filling Virginia Gas Plant Site & Progress 38
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