ASPI

Cluster: Isotope Production & Facility Development

Commitment: 2025-02-26 – Commencement of commercial production of enriched Carbon‑14 at the first Aerodynamic Separation Process (ASP) enrichment facility, with product shipments expected mid‑2025. (Overrides earlier production timeline mentions from 2025‑01‑13 and 2024 documents.)

✅ On Track | Certainty: 98%

Analysis: A recent update (2025-02-26) confirms that commercial production of enriched Carbon‑14 has commenced with shipments expected mid‑2025. This newer development overrides earlier timeline mentions. Evidence from the 2025-02-26 update highlights both production commencement and a related multi‑year contract, solidifying the commitment’s progress.

Progress:* 2025-02-26 – Document_1 confirms commercial production has started with mid‑year shipment expectations and mentions a significant revenue contract.

Commitment: 2025-01-13 – Initiation of commercial production for Silicon‑28 (and Ytterbium‑176) with accelerated commissioning timelines; supporting the production of essential materials for semiconductors and oncology treatments.

✅ On Track | Certainty: 95%

Analysis: A 2025-01-13 update demonstrates that the commissioning for both Silicon‑28 and Ytterbium‑176 facilities is ahead of schedule with production planned to start in early 2025. The acceleration in timelines and operational readiness supports the commitment.

Progress:* 2025-01-13 – Document_2 shows that commissioning for Silicon‑28 and Ytterbium‑176 is proceeding ahead of schedule, confirming accelerated production plans.

Commitment: 2024-11-26 – Completion and commissioning of the Silicon‑28 enrichment facility, including secured supply agreements and plans for capacity expansion.

✅ On Track | Certainty: 95%

Analysis: Recent evidence dated 2024-11-26 confirms the facility’s construction and commissioning phase is complete, with active supply agreements in place. This progress is well documented and indicates readiness for increased production capacity.

Progress:* 2024-11-26 – Document_5 details the completion and commissioning of the Silicon‑28 enrichment facility along with the establishment of key supply agreements.

Commitment: 2024-10-17 & 2024-09-03 – Commitments to achieve high enrichment levels for Ytterbium‑176 and to begin its commercial production in 2025, with earlier facility construction completed ahead of schedule.

✅ On Track | Certainty: 95%

Analysis: Evidence from both 2024-10-17 and 2024-09-03 indicates that the Ytterbium‑176 facility construction was completed ahead of schedule and is on track for commercial production in 2025. The high enrichment targets are being met with accelerated commissioning.

Progress:* 2024-10-17 – Document_10 highlights rapid production start-up and high enrichment levels for Ytterbium‑176.* 2024-09-03 – Document_11 confirms the facility’s early completion and outlines plans for commercial availability in 2025.

Commitment: 2024-12-16, 2024-11-26 & 2024-12-02 – Construction and commissioning of multiple isotope enrichment facilities in South Africa targeting Carbon‑14, Silicon‑28, and Ytterbium‑176, including ongoing projects that address anticipated global demand.

✅ On Track | Certainty: 95%

Analysis: Multiple recent updates from December and November 2024 demonstrate that facilities for various isotopes are actively under construction or commissioning in South Africa. This coordinated rollout supports global demand and reflects a consistent, integrated progress strategy.

Progress:* 2024-12-16 – Document_3 confirms the construction of additional isotope facilities.* 2024-11-26 – Document_5 reinforces the successful completion of the Silicon‑28 facility.* 2024-12-02 – Document_26 notes investor engagement at multiple operational facilities.

Commitment: 2024-10-17 – Plans to construct additional isotope enrichment plants (e.g., for Nickel‑64 and Lithium‑6/7) to further diversify production capabilities during 2025.

✅ On Track | Certainty: 90%

Analysis: The commitment to diversify production through new facility construction for Nickel‑64 and Lithium‑6/7 is supported by indications in recent updates. While plans are in early stages, they align with the company’s broader strategic expansion initiatives.

Progress:* 2024-10-17 – Document_10 outlines plans for constructing additional Quantum Enrichment plants specifically targeting Nickel‑64 and Lithium‑6/7 production in 2025.

Cluster: Strategic Supply Agreements & Revenue Generation

Commitment: 2025-02-26 – Entered a multi‑year, take‑or‑pay contract with RC‑14 Inc. for enriched Carbon‑14, with a minimum annual revenue commitment of approximately $2.4 million.

✅ On Track | Certainty: 98%

Analysis: The 2025-02-26 update details a robust multi‑year contract for Carbon‑14 with a clear revenue commitment. The timely and high‐value contractual agreement reinforces the commitment’s progress.

Progress:* 2025-02-26 – Document_1 reports the signing of a multi‑year, take‑or‑pay contract with RC‑14 Inc., confirming a revenue floor of approximately $2.4 million per annum.

Commitment: 2024-04-11 – Signed a multi‑year take‑or‑pay contract for Carbon‑14 with a minimum revenue commitment of $2.5 million per annum, supporting production at the Pretoria light isotope enrichment facility.

✅ On Track | Certainty: 95%

Analysis: Evidence from early 2024 supports the commitment by confirming a multi‑year contract with a higher revenue commitment for Carbon‑14 production. This reinforces production expectations and financial backing.

Progress:* 2024-04-11 – Document_18 highlights the execution of a multi‑year contract for Carbon‑14 with a $2.5 million per annum revenue commitment.

Commitment: 2024-11-26 & 2024-04-01 – Multiple supply agreements for highly enriched Silicon‑28, including signed purchase contracts and commitments to secure additional orders to support next‑generation semiconductor applications.

✅ On Track | Certainty: 93%

Analysis: Two sets of documents from November and April 2024 confirm signed supply agreements for Silicon‑28, ensuring dedicated delivery channels and reinforcing support for next‑generation semiconductor applications.

Progress:* 2024-11-26 – Document_5 mentions ongoing supply agreements for Silicon‑28.* 2024-04-01 – Document_21 discusses purchase agreements for the supply of highly enriched Silicon‑28.

Commitment: 2024-01-10 – Expectation of generating revenues from Carbon‑14 production based on early contract arrangements, reinforcing earlier revenue projections.

✅ On Track | Certainty: 90%

Analysis: Early 2024 corporate update details initial revenue generation plans from Carbon‑14 production, supporting early contract arrangements. This lays the financial foundation for future deliveries.

Progress:* 2024-01-10 – Document_27 outlines early revenue expectations from Carbon‑14 production, validating the commitment.

Cluster: Strategic Partnerships & Collaborations

Commitment: 2024-10-30 & 2024-04-09 – Commitment to construct a HALEU production facility in collaboration with TerraPower, including a long‑term supply agreement to purchase all HALEU produced over a 10‑year period.

✅ On Track | Certainty: 95%

Analysis: The recent term sheet and related communications validate the collaborative approach with TerraPower for HALEU production. This long‑term supply agreement is well supported by the 2024-10-30 update.

Progress:* 2024-10-30 – Document_9 provides evidence of a term sheet with TerraPower for a HALEU production facility.* 2024-04-09 – Supporting details in Document_9 further confirm the long‑term supply framework.

Commitment: 2024-11-14 & 2024-02-16 – Collaboration with the South African Nuclear Energy Corporation (Necsa) for the development of advanced nuclear fuels, including the construction of a nuclear fuel production facility and an accelerated HALEU facility.

✅ On Track | Certainty: 95%

Analysis: The partnership with Necsa is strongly evidenced by the MOU detailed in the 2024-11-14 update, positioning South Africa as a hub for advanced nuclear fuel production. The initiative is backed by collaborative goals from early 2024.

Progress:* 2024-11-14 – Document_6 outlines the MOU with Necsa for advanced nuclear fuel production.* 2024-02-16 – Additional strategic details supporting this collaboration are noted in Document_25.

Commitment: 2024-02-16 – Planned spin‑out of Quantum Leap Energy’s common equity to stockholders, alongside licensing agreements for enriched uranium production and joint commitments for building HALEU production facilities.

✅ On Track | Certainty: 90%

Analysis: The spin‑out plan is part of a broader strategy to unlock value in Quantum Leap Energy. Early 2024 updates confirm that licensing and joint commitment arrangements are in place, which supports the overall corporate restructuring and strategic focus.

Progress:* 2024-02-16 – Document_25 details the planned equity spin‑out and associated licensing agreements for enriched uranium production.

Commitment: 2024-04-08 – Engaged in preliminary engineering design and planning for an enrichment facility to produce advanced nuclear fuels as part of broader collaborative efforts.

✅ On Track | Certainty: 90%

Analysis: The 2024-04-08 update confirms engagement in preliminary engineering and planning with a U.S.-based SMR company, aligning with the collaborative efforts in advanced nuclear fuels.

Progress:* 2024-04-08 – Document_20 confirms the contract for preliminary engineering design for an advanced nuclear fuel enrichment facility.

Cluster: Technology Development, R&D & Intellectual Property

Commitment: 2025-01-13 – Demonstration of enrichment data achieved using Quantum Enrichment technology, showcasing enhanced production efficiencies over previous laser‐based methods.

✅ On Track | Certainty: 98%

Analysis: A very recent update from 2025-01-13 clearly demonstrates the superior performance of Quantum Enrichment technology. The enhanced enrichment factor validates this commitment and supports next‑generation production efficiencies.

Progress:* 2025-01-13 – Document_2 illustrates the demonstration of Quantum Enrichment technology with a notable enrichment factor.

Commitment: 2024-06-06, 2024-02-29 & 2024-02-22 – Multiple initiatives to develop laser enrichment production facilities via Quantum Leap Energy, leveraging net proceeds from convertible notes and related offerings.

✅ On Track | Certainty: 95%

Analysis: Various convertible note offerings and funding updates throughout early and mid‑2024 support the multiple initiatives for laser enrichment facility development. These actions are consistently reported across several documents.

Progress:* 2024-06-06 – Document_16 reports closing of an additional convertible note offering to fund laser enrichment facilities.* 2024-02-29 & 2024-02-22 – Documents_22 and _23 detail additional fundraising activities supporting these initiatives.

Commitment: 2024-11-26 – Intention to file patent applications for several proprietary components designed and fabricated for the Silicon‑28 enrichment facility, aimed at protecting technological innovations.

✅ On Track | Certainty: 93%

Analysis: The commitment to file patent applications is supported by discussions in recent updates that emphasize protecting proprietary innovations at the Silicon‑28 facility, underscoring the company’s focus on intellectual property.

Progress:* 2024-11-26 – Document_5 mentions plans to seek patent protection for proprietary components of its Silicon‑28 enrichment facility.

Commitment: 2024-02-16 – Ongoing development of a laser‑based enrichment method for HALEU production targeting the lowest levelized cost while maintaining environmental standards.

✅ On Track | Certainty: 90%

Analysis: Initiatives outlined in early 2024, including the spin‑out and associated development efforts, highlight continued progress in establishing an efficient, cost-effective laser‑based enrichment method for HALEU production.

Progress:* 2024-02-16 – Document_25 discusses the ongoing development and strategic focus on the laser‑based enrichment process for HALEU production.

Cluster: Capital Raising & Financial Transactions

Commitment: 2024-11-04, 2024-10-31, 2024-07-15 & 2024-07-11 – Execution and proposed commitments of underwritten public offerings of common stock, including options for underwriters to purchase additional shares.

✅ On Track | Certainty: 95%

Analysis: Multiple public offerings throughout mid to late 2024 have been successfully executed, with underwriters fully exercising their options. The consistency across the various documents indicates robust capital raising activities.

Progress:* 2024-11-04 – Document_7 highlights the closing of an underwritten public offering.* 2024-10-31 – Document_8 discusses the proposed offering.* 2024-07-15 & 2024-07-11 – Documents_12 and _14 confirm the execution and pricing of public offerings.

Commitment: 2024-06-06, 2024-02-29, 2024-02-22, 2024-02-18 & 2024-02-16 – Multiple convertible notes offerings through Quantum Leap Energy intended to raise between $20 million and greater amounts for planning and development of laser enrichment facilities.

✅ On Track | Certainty: 95%

Analysis: A series of convertible note offerings throughout early to mid‑2024 have effectively raised the targeted capital. The recurring nature and successful completion of these offerings underscore strong financial support for technological development.

Progress:* 2024-06-06 – Document_16 describes the closing of a convertible notes offering.* 2024-02-29, 2024-02-22, 2024-02-18 & 2024-02-16 – Documents_22, _23, _24, and _25 corroborate additional convertible note issuances.

Commitment: 2024-04-09 – Commitment to raise approximately $5.5 million through warrant inducement transactions with institutional investors, noted for their lower fees and reduced dilution.

✅ On Track | Certainty: 95%

Analysis: The issuance of new warrants to raise $5.5 million is well documented and provides additional non-dilutive capital, reinforcing a strategic financial move in 2024.

Progress:* 2024-04-09 – Document_19 details the warrant inducement transaction successfully executed for approximately $5.5 million.

Commitment: 2024-07-12 – Successful public offering raising $34.5 million through the sale of common shares, supporting general corporate purposes and capital expenditures.

✅ On Track | Certainty: 95%

Analysis: The closing of a public offering generating $34.5 million represents a significant capital infusion. This successful transaction underscores the company’s strong market confidence and ability to attract investor support.

Progress:* 2024-07-12 – Document_12 confirms the successful closing of the public offering that raised $34.5 million before deductions.

Cluster: Corporate & Operational Initiatives

Commitment: 2024-06-13 – Appointment of Heather Kiessling as Chief Financial Officer (effective July 1, 2024) along with an inducement grant of 400,000 common shares vesting over four years.

✅ On Track | Certainty: 98%

Analysis: The appointment of a new CFO, as highlighted in a 2024 update, demonstrates a strong operational initiative to bolster financial leadership and control. This development is both timely and strategic.

Progress:* 2024-06-13 – Document_15 confirms the appointment of Heather Kiessling as CFO effective July 1, 2024, along with her associated equity grant.

Commitment: 2024-09-03 – Recruitment of Lt. Col. Bill Eden to enhance the company’s U.K. nuclear strategy and supply chain management.

✅ On Track | Certainty: 95%

Analysis: The recruitment of Lt. Col. Bill Eden is supported by a 2024 update that emphasizes his role in advancing the U.K. nuclear strategy. This hire is a key operational step to strengthen supply chain and strategic initiatives.

Progress:* 2024-09-03 – Document_11 highlights the recruitment of Lt. Col. Bill Eden as a strategic operational hire.

Commitment: 2024-12-02 & 2025-01-14-16 – Organization of Investor Access Events in South Africa to foster transparency and direct engagement with over 60 investors and corporate clients.

✅ On Track | Certainty: 90%

Analysis: An Investor Access Event scheduled for January 2025, along with related stakeholder engagements in December 2024, indicates proactive corporate communication and investor relations efforts, enhancing transparency and engagement.

Progress:* 2024-12-02 – Document_26 confirms the announcement of an Investor Access Event in South Africa.* 2025-01-14-16 – Referenced within Document_26 as part of the ongoing engagement activities with investors.

Commitment: 2024-04-11 – Commitment to maintain tight control on operating expenses, with operating free cash flow targets slightly better than set benchmarks.

✅ On Track | Certainty: 90%

Analysis: Cost management and expense control remain central to the company’s operational initiatives. The 2024-04-11 update underscores this commitment, aligning with set benchmarks and supporting overall financial efficiency.

Progress:* 2024-04-11 – Document_18 highlights the company’s focus on maintaining disciplined cost controls and achieving operating free cash flow targets.