ASPI

1. Key Historical Highlights

• February 26, 2025: ASP Isotopes Inc. commenced commercial production of enriched Carbon-14 at its first ASP enrichment facility in Pretoria, South Africa.
• January 13, 2025: Demonstrated an enrichment factor of up to 678 using Quantum Enrichment technology at an investor event in South Africa.
• December 16, 2024: Completed construction of two ASP isotope enrichment facilities; signed contracts for Silicon-28 supply and a research contract with TerraPower.
• November 26, 2024: Responded to a short seller report while commissioning three isotope enrichment facilities in South Africa.
• November 14, 2024: Entered into an MOU with Necsa for advanced nuclear fuel production in South Africa.
• November 4, 2024: Closed a public offering of shares, raising $18.6 million.
• October 30, 2024: Entered a term sheet with TerraPower for a HALEU production facility.
• October 17, 2024: Enriched Ytterbium-176 during the commissioning of the first Quantum Enrichment Facility.
• September 3, 2024: Completed the construction phase of the Ytterbium-176 enrichment facility.
• July 15, 2024: Closed a public offering of 13.8 million shares, raising $34.5 million.
• June 13, 2024: Appointed Heather Kiessling as CFO, enhancing the executive leadership team.
• April 11, 2024: Started processing raw materials at the first commercial isotopes plant.
• February 29, 2024: Announced a purchase agreement for convertible notes by Quantum Leap Energy, raising over $20 million.
• February 16, 2024: Provided updates on plans to spin out Quantum Leap Energy.
• January 10, 2024: Commenced processing of feedstock for enriched Carbon-14 and started construction of the Ytterbium-176 facility.

2. Financial Performance Overview

Revenue Growth

ASP Isotopes has established stable revenue streams through multi-year contracts, such as a $2.4 million annual contract for Carbon-14. The anticipated commercial production of Silicon-28 and Ytterbium-176 in 2025 is expected to further boost revenues.

Profit Margins

The company has focused on cost management and financial discipline, as seen with the appointment of a new CFO to strengthen financial operations. The introduction of Quantum Enrichment technology is expected to improve production efficiencies and profit margins.

Expense Management

Recent public offerings and convertible notes have strengthened the balance sheet, providing the capital needed for facility construction and expansion. The company has raised significant funds through equity and debt offerings, indicating strong capital management.

Significant Financial Events

• Raised $84 million through debt and equity transactions by December 2024.
• Completed public offerings in July and November 2024, raising $53.1 million in total.
• Executed a warrant inducement transaction for $5.5 million in April 2024.

3. Management Effectiveness

Strategic Decision-Making

Management has demonstrated strategic foresight by entering into significant partnerships, such as with TerraPower and Necsa, to expand into nuclear fuel production. The acceleration of facility construction and the introduction of Quantum Enrichment technology showcase adaptability and innovative thinking.

Capital Allocation

Capital has been wisely allocated to expand production capabilities and enhance technological advancements. The focus on constructing enrichment facilities in strategic locations like South Africa and Iceland highlights effective resource allocation.

Adaptability to Challenges

The management's response to short seller reports and proactive communication with investors underscore their commitment to transparency and resilience in facing market challenges.

4. Key Quotes from Management

• "The ASP Process is ideally suited to enriching a wide range of isotopes, particularly light isotopes, such as Carbon-14. We look forward to helping solve the supply chain issues that have plagued the world during recent years." - Paul Mann, Chairman and CEO, ASP Isotopes (February 26, 2025)
• "To create faster, smaller next-generation semiconductors, the world is likely going to require materials that are currently not available in commercial quantities." - Paul Mann, Chairman and CEO, ASP Isotopes (November 26, 2024)
• "This term sheet is further validation of our belief that ASP Isotopes can offer scalable and capital efficient technology solutions to the supply challenges which exist in global isotope markets." - Paul Mann, Chairman and CEO, ASP Isotopes (October 30, 2024)
• "Over the last several decades, the scientists at ASP Isotopes have developed some of the world's most advanced isotope enrichment technologies." - Paul Mann, Chairman and CEO, ASP Isotopes (February 16, 2024)
• "We have been laser-focused on cost management since the Company’s inception and have outsourced many roles." - Paul Mann, Executive Chairman and CEO, ASP Isotopes (June 13, 2024)
• "Nuclear fuel has one of the most severely compromised supply chains of any material in the world. We believe that in order for long-term climate goals to be achieved, an alternative supplier of fuel is needed." - Paul Mann, Chairman and CEO, ASP Isotopes (February 16, 2024)
• "The only way to accelerate the adoption of clean nuclear power is to ensure that nuclear power is offered at a 'green discount', rather than a 'green premium'." - Paul Mann, Chairman and CEO, ASP Isotopes (April 11, 2024)