Q3 2025 ASP Isotopes Inc Earnings Call

Speaker #1: After the speaker's remarks, there will be a question-and-answer session. If you're listening via the webcast, you may submit questions over the web via the Q&A box on your screen.

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Speaker #1: These statements are subject to risks and uncertainties, and actual results may differ materially. During this call, we may use words like "anticipate," "could," "enable," "estimate," "intend," "expect," "believe," "potential," "will," "should," "project," and similar expressions, which indicate forward-looking statements.

Speaker #1: For a more comprehensive discussion of these and other risks, please refer to our filings with the SEC available on sec.gov and in the Investors section of our website.

David Brown: For a more comprehensive discussion of these and other risks, please refer to our filings with the SEC available on sec.gov and in the investor section of our website. I'll now turn the call over to CEO Robert Ainscow.

Speaker #1: I'll now turn the call over to CEO Robert.

Speaker #1: Ainsco.

Robert Ainscow: Good morning, everybody, welcome to ASPI Isotopes Q3 update call. I'd ask everybody to take a moment to look at these forward-looking statements. My name is Robert Ainscow. I'm the Interim Chief Executive Officer and Chief Operating Officer. I'm joined on the call today with Paul Mann, who's the co-founder along with myself and the Executive Chairman of ASPI Isotopes. Also present is Heather Kiessling, the Chief Financial Officer of ASPI. I've also asked to join this call Dr. Ryno Pretorius, who's the Chief Executive Officer of our nuclear energy subsidiary, Quantum Leap Energy, and its CFO, Michael Cunniffe. I'll begin with taking you through an update on our operational isotope enrichment plants in South Africa, starting with our multi-isotope plant, which is currently enriching silicon-28 and electronic semiconductor gas. This plant is enriching silicon-28 for our initial two customers for that product.

Speaker #2: Good morning,

Speaker #2: Everybody, and welcome to ASP's third quarter update call. I'd ask everybody to take a moment to look at these forward-looking statements. My name is Robert Ainsco.

Speaker #2: I'm the interim Chief Executive Officer and Chief Operating Officer. I'm joined on the call today with Paul Mann, who’s the co-founder, along with myself, and the Executive Chairman of ASP Isotopes.

Speaker #2: Also present is Heather Keithling, the Chief Financial Officer of ASPI. I've also asked to join this call Dr. Rino Pretorius, who's the Chief Executive Officer of our nuclear energy subsidiary, Quantum Leap Energy, and its CFO, Michael Cunniff.

Speaker #2: I'll begin by taking you through an update on our operational isotope enrichment plants in South Africa, starting with our multi-isotope plant, which is currently enriching silicon-28 and electronic semiconductor gas.

Speaker #2: So, this plant is enriching silicon-28 for our initial two customers for that product. We shipped commercial samples of silicon-28. These samples have been validated for isotopic purity with our customers.

Robert Ainscow: We shipped commercial samples of silicon-28. These samples have been validated for isotopic purity with our customers. Our customers are, in fact, visiting the plant in September for a very, very constructive visit with their senior engineers and our senior engineers. That led to some agreed modifications to that plant which are nearly complete and will have the effect of improving the enrichment rate and also smoothing transition through to the next semiconductor gas that we wish to enrich after silicon-28, which is germanium. The modifications, I said, are largely complete, and the plant is continuing to process the first commercial batch. We also secured another silicon-28 contract during the quarter, and we're looking to deliver and satisfy all the current customer orders in 2026. The other important update on our semiconductor gas vertical is the acquisition of Renergen.

Speaker #2: Our customers are, in fact, visiting the plant in September for a very, very constructive visit with their senior engineers and our senior engineers. That led to some agreed modifications to the plant, which are nearly complete and will have the effect of improving the enrichment rate and also smoothing the transition to the next semiconductor gas that we wish to enrich after silicon-28, which is germanium.

Speaker #2: The modifications, I said, are largely complete, and the plant is continuing to process the first commercial batch. We also secured another silicon-28 contract during the quarter, and we're looking to deliver and satisfy all the current customer orders in 2026.

Speaker #2: The other important update on our semiconductor gas vertical is the acquisition of Renogen. This was announced earlier in the year, and we have been working on completing the acquisition as well as overseeing the all-important Phase 1C, which is designed to bring the initial plant up to the nameplate capacity.

Robert Ainscow: This was announced earlier in the year, and we have been working on completing the acquisition as well as overseeing the all-important Phase 1C, which is devised as bringing the initial plant up to the nameplate capacity. In terms of the acquisition process, we are approved on all but one of the conditions precedent, which is one regulatory approval left to receive, which is the exchange control, which is expected pretty imminently. All other approvals such as shareholder support, which was nearly unanimous, and competition commission approval have been received, and we successfully listed on the Johannesburg Stock Exchange earlier this year in preparation for the share exchange and completion of the transaction. In terms of Phase 1C, which has been the majority focus for prevalence of the reserve and commercial delivery of the expected product, that's going incredibly well.

Speaker #2: In terms of the acquisition process, we are approved on all but one of the conditions precedent, which is one regulatory approval left to receive: the exchange control, which is expected pretty imminently.

Speaker #2: All other approvals, such as shareholder support, which was nearly unanimous, and competition commission approval, have been received. We successfully listed on the Johannesburg Stock Exchange earlier this year in preparation for the share exchange and completion of the transaction.

Speaker #2: In terms of Phase 1C, which has been the majority focus for the prevalence of the reserve and the commercial delivery of the expected product, that's going incredibly well.

Speaker #2: The differences that we've seen since the restart following our investment are a larger number of drilling rigs operating in series and the contracting of Kimberley Exploration. Their experience in gas drilling is enormous, and they have provided a lot of insight into reservoir modeling and targeted drilling in locations to improve the effective blowing of gas.

Robert Ainscow: The differences that we've seen since the restart following our investment is a larger number of drilling rigs operating in series, and the contracting of Kinley Exploration, whose experience in gas drilling is enormous, and they have provided a lot of insight into reservoir modeling and the targeted drilling in locations to improve the effective flowing of gas. Also important to note is the compressor station which brings gas from the further fields, is now nearly complete. The inclusion of the ASPI engineering team who have been adding their support to the maintenance and running of the plant. Now I'll take you through the nuclear medical updates. Our first Quantum Enrichment plant, which those of you who are familiar with the company will recall, is our proprietary technology related to the laser enrichment of isotopes.

Speaker #2: Also, important to note is the compressor station, which brings gas from the further fields is now nearly complete. The inclusion of the ASPI engineering team who have been adding their support to the maintenance and running of the plant.

Speaker #2: Now, I'll take you through the nuclear medical updates. Our first quantum enrichment plant, which those of you who are familiar with the company will recall, is our proprietary technology related to the laser enrichment of isotopes.

Speaker #2: The first plant has now been in production following commissioning earlier this year and is currently producing ytterbium-176. We shipped a commercial sample of ytterbium to a customer for independent analysis and are awaiting the results of that.

Robert Ainscow: The first plant has now been in production following commissioning earlier this year and is currently producing ytterbium-176. We shipped a commercial sample of ytterbium to a customer for independent analysis and are awaiting the results of that. The delivery of commercial quantities are expected to take place over the course of H1 2026. We've also started procurement for in total 4 new production facilities for QE. The first new one will be a second ytterbium production plant, and we've also secured the regulatory approvals for all 4 of the plants. During the course of 2026, we expect those to be delivered, commissioned, and we hope to start enriching beryllium, nickel, zinc.

Speaker #2: The delivery of commercial quantities is expected to take place over the course of the first half of 2026. We've also started procurement for a total of four new production facilities for QE. The first new one will be a second ytterbium production plant, and we've also secured regulatory approval for all four of the plants. During the course of 2026, we expect those to be delivered, commissioned, and we hope to start enriching the linear nickel zinc.

Speaker #2: We've also signed a purchase order for barium-137. Our carbon plant is expected to start producing carbon-14 prior to encountering feedstock delivery delays with our partners in North America.

Robert Ainscow: We also signed a purchase order for Barium-137. Our carbon plant, which is expected to start producing Carbon-14 prior to encountering feedstock delivery delays with our partners in North America. These started off being regulatory-based delays, which have now been resolved, but there have been some feedstock concentration issues encountered, which are now largely being resolved. Our first full batch so that we can continue processing is expected to be in January 2026. We continue to expect to ship the first commercial batch in H1 2026. In the meantime, we have been utilizing the asset, which has been commissioned since the middle of last year and have been enriching Carbon-12 for our global gas company.

Speaker #2: These started off being resolved, but there have been some regulatory-based delays, which have now been feedstock concentration issues encountered that are now largely being resolved. Our first full batch, so that we can continue processing, is expected to be in January 2026.

Speaker #2: We continue to expect to ship the first commercial batch in the first half of 2026. In the meantime, we have been utilizing the asset, which has been commissioned since the middle of last year, and have been enriching carbon-12 for our global gas company.

Speaker #2: We sent a sample of commercial carbon-12, and the initial feedback has been positive. We expect to ship commercial products still in December. Otherwise, on the nuclear medicine update, in terms of PET labs, we have been investing in a capital-efficient manner into the growth of our South African radiopharmacy.

Robert Ainscow: We sent a sample of commercial Carbon-12, and the initial feedback has been positive, and we expect to ship commercial products early in December. Otherwise, on the nuclear medical update, in terms of PET labs, we have been investing in a capital-efficient manner into the growth of our South African radiopharmacy. The equipment that we've installed then in the cyclotron and PET CT scanners have been commissioned and are fully operational. This has led to the anticipated growth in volumes and, of doses sold and therefore revenues. We have also, on the commission date, received regulatory approval for our SPECT pharmacy, which is now fully operational and the delivery of SPECT doses is increasing ahead of the scheduled uptick in delivery that was predicted.

Speaker #2: The equipment that we've installed in the cyclotron and PET/CT scanners has been commissioned and is fully operational. This has led to the anticipated growth in volumes and doses sold, and therefore revenues.

Speaker #2: We have also commissioned and received regulatory approval for our SPECT pharmacy, which is now fully operational. The delivery of SPECT doses is increasing ahead of the scheduled uptick in delivery that was predicted.

Robert Ainscow: Of note also is the very exciting part of PET, which is the therapeutics update, where we ship the first Lutetium-177 first in South Africa. We're very excited about that and expect demand for that to grow. On the global scale of PET labs, South Africa having been the proving ground, showing our ability to purchase, install, commission, and get regulated the radiopharmaceutical equipment and start delivering doses. We've made our first purchase in United States of America. We announced the purchase of East Coast Nuclear in Florida, and we will be growing that radiopharmacy. More details to follow. We also have a second radiopharmacy under term sheet, which we expect to close in the very near future, and we have a number of others in due diligence.

Speaker #2: Of note also is the very exciting part of PET, which is the therapeutics update, where we shipped the first lutetium-177 in South Africa. We're very excited about that and expect demand for it to grow.

Speaker #2: Otherwise, on the global scale of PET labs, South Africa has been the proving ground, demonstrating our ability to purchase, install, commission, and get regulated the radiopharmaceutical equipment and start delivering doses. We've made our first purchase in the United States of America.

Speaker #2: We announced the purchase of East Coast Nuclear in Florida, and we will be growing that radiopharmacy. More details to follow. We also have a second radiopharmacy under term sheet, which we expect to close in the very near future, and we have a number of others in due diligence.

Speaker #2: So at this point, I will pass over to Dr. Rhino Pretorius to talk about the opportunity in nuclear energy and the quantum leap. Thank you, Robbie.

Robert Ainscow: At this point, I will pass over to Dr. Ryno Pretorius to talk about the opportunity in nuclear energy at Quantum Leap.

Ryno Pretorius: Thank you, Robbie. I'd like to share some updates and progress at QLE. QLE has acquired one thirty-seven to commercialize the casting and screeding unit technology that provides a modular system to address B to the K related nuclear waste treatment at the source of emission. QLE plans to convert hazardous cesium-137 to commercially viable Barium-137 by reducing the 30 and a half year half-life to mere minutes, thus converting a liability into a revenue source feeding to the semiconductor industry. Other beta emitters, such as Strontium-90 and Carbon-14 from nuclear waste, will be integrated into our nuclear medicine supply chain or tracer chemical vertical respective. QLE has made progress on our MOU with Fermi and is providing requisite information to utilize the 11 GW data center complex in Amarillo, Texas, as a location for uranium enrichment to produce LEU+ and HALEU.

Speaker #2: I'd like to share some updates and progress at QE. QE has acquired 137 to commercialize the cutting-edge Quiver Unit technology that provides a modular system to address beacon decay-related nuclear waste treatment at the source of emission.

Speaker #2: QE plans to convert hazardous cesium-137 to commercially viable barium-137 by reducing the 30.5-year half-life to mere minutes, thus converting a liability into a revenue source feeding the semiconductor industry.

Speaker #2: Other beacon emitters, such as strontium-90 and carbon-14 from nuclear waste, will be integrated into our nuclear medicine supply chain for tracer chemical vertical respect.

Speaker #2: QE has made progress on our MOU with Fermi and is providing requisite information to utilize the 11-gigawatt data center complex in Amarillo, Texas, as a location for uranium enrichment to produce Na+ and He.

Ryno Pretorius: The QLE technology is based on the foundational ASP isotope, stable isotope separation technology that is commercial operation today. Pending regulatory approval, these technologies will be developed to produce isotopes vital to the nuclear supply chain. Progress has been made towards operation of the existing test benches at Necsa Pelindaba to produce HALEU for TerraPower. Early engagement with the UK Office for Nuclear Regulation or ONR shows progress towards UK operations. Along with recruiting our CFO, Michael Cunniffe, QLE has raised $64.3 million via convertible notes, bringing our pro forma cash on hand to $81.6 million. QLE has also filed S-1 documentation with the SEC, highlighting our commitment to the stated ASPI goals of spinning out QLE in Q4 2025. Over to you, Mike.

Speaker #2: The QE technology is based on the foundational ASP Isotopes Stable Isotope Separation Technology that is in commercial operation today, and pending regulatory approval, these technologies will be developed to produce isotopes vital to the nuclear supply chain.

Speaker #2: Progress has been made towards the operation of the existing tape features at Nexa, Pelindava, to produce Heli for TerraPower. Early engagement with the UK Office for Nuclear Regulation, or ORNL, shows progress towards UK operation.

Speaker #2: Along with recruiting our CFO, Michael Cudiff, QE has raised $64.3 million via convertible notes, bringing our pro forma cash on hand to $81.6 million.

Speaker #2: QE has also filed S-1 documentation with the SEC, highlighting our commitment to the stated ASP Isotopes goals of spinning out QE in Q4 2025.

Speaker #2: Over to you,

Speaker #2: Michael. Thanks, Rhino.

Michael Cunniffe: Thanks, Ryno. QLE is more than just an enrichment company. Our mission is the stabilization of the dysfunctional nuclear supply chain by providing novel technological solutions to key risk areas, thus providing a pathway to a robust, domestic, secure nuclear fuel supply chain. We're starting strong with commercial momentum through partnerships with industry leaders for commercial supply and funding, and also led by a strong executive leadership team supported by our fast-growing execution-focused team. We have exclusive and continued access to ASP Isotopes team of 150 people and infrastructure, and we're building our own team internationally. We will apply our scalable, modular, and demonstrated technology to enrichment of the critical materials required to support the nuclear fuel supply chain. Looking forward, we're gonna continue to develop the foundational technology with support from ASP Isotopes while engaging with regulators and expanding our commercial product offerings.

Speaker #3: QE is more than just an enrichment company. Our mission is to stabilize a dysfunctional nuclear supply chain by providing novel technical solutions to key risk areas, thus providing a pathway to a robust, domestic, secure nuclear fuel supply chain.

Speaker #3: We're starting strong with commercial momentum through partnerships with industry leaders for commercial supply and funding, and we are also led by a strong executive leadership team supported by our fast-growing, execution-focused team.

Speaker #3: We have exclusive and continued access to ASP Isotopes' teams of 150 people and infrastructure, and we're building our own team internationally. We will apply our scalable, modular, and demonstrative technology to the enrichment of the critical materials required to support the nuclear fuel supply chain.

Speaker #3: Looking forward, we're going to continue to develop the foundational technology with support from ASP Isotopes while engaging with regulators and expanding our commercial product.

Speaker #3: At Q Quantum Nuclear Energy,

Ryno Pretorius: At Quantum Leap Energy, we aim to provide the world with future-ready solutions. We've assessed the current, emerging, and future need of the nuclear industry and identified several key chemicals in the form of high-purity isotopes required for stable operation. Current generation 2 and 3 reactors are dependent on LEU, also dependent on Lithium-7, which was produced historically and is currently being consumed from stockpile. There's only 1 producer of Lithium-7 commercially in the world today, they sit outside of the Western secure supply chain.

Speaker #2: We aim to provide the world with future-ready solutions. So, we've assessed the current emerging and future needs of the nuclear industry and identified several key chemicals in the form of high-purity isotopes required for stable operation.

Speaker #2: Current generation two and three reactors are dependent on sodium but also dependent on lithium-7, which was produced historically and is currently being consumed from stockpiles.

Speaker #2: There's only one producer of lithium-7 commercially in the world today, and they sent us outside of the Western secure supply chain. It is therefore critical to start producing lithium-7 to ensure the continued operation of the approximately 80% of nuclear reactors worldwide that require lithium-7 for pH control. We must also look forward to the massive uptake in demand required by molten salt reactors, which will need kilotonnes of lithium-7 in the form of FLiB and FLiNac to function and demonstrate their capability.

Ryno Pretorius: It is therefore critical to start producing Lithium-7 to ensure the continued operation of the approximately 80% of nuclear reactors worldwide requiring Lithium-7 for pH control. Also looking forward to the massive uptake in demand required by molten salt reactors, which will require kilotons of Lithium-7 in the form of FLiBe and FLiNaK to function and demonstrate their capability. As part of producing Lithium-7, we will also produce high-purity Lithium-6 isotopes that will feed into the growing demand by the fusion industry for Lithium-6. Lithium-6 is used in fusion to produce tritium, and by fusing tritium with deuterium, the fusion industry has now demonstrated double digits in seconds of continuous exothermic production of fusion power. We therefore believe that there will be a massive requirement for Lithium-6 moving forward, and we want to be the world's leading supplier of Lithium-6.

Speaker #2: As part of producing lithium-7, we will also produce high-purity lithium-6 isotopes. That will feed into the growing demand by the fusion industry for lithium-6.

Speaker #2: Lithium-6 is used in fusion to produce tritium, and by fusing tritium with deuterium, the fusion industry has now demonstrated double digits in seconds of continuous exothermic production of fusion power.

Speaker #2: We therefore believe that there will be a massive requirement for lithium-6 moving forward, and we want to be the world's leading supplier of lithium-6.

Speaker #2: The emerging and future demands for nuclear fuel are an interesting use case and opportunity for QE to feature in terms of how Generation III reactors can be advanced to Generation III Plus reactors by switching to Na+, which is a highly enriched form of sodium, between 5% and 10%. By using this highly enriched fuel, these reactors can increase their energy output or energy density, as well as decrease the time between refueling cycles.

Ryno Pretorius: The emerging and future demands for nuclear fuel is an interesting use case and opportunity for QLE to feature in terms of how generation 2 reactors can be advanced to generation 3 plus reactors by switching to LEU+, which is a high enriched form of LEU between 5% and 10%. By going to this high-enriched fuel, these reactors can increase their energy output or energy density, as well as decrease the time between refueling cycles. Currently, there is no secure supply chain, either domestically or worldwide for LEU+, that is an opportunity for QLE to feature. That is a critical step towards our path to become the world's leading producer of HALEU, as HALEU is between 10% and 20% enrichment, which is of course the end goal of Quantum Leap Energy, to become the world's leading supplier of HALEU fuel. Over to Michael.

Speaker #2: Currently, there is no secure supply chain, either domestically or worldwide, for Na+, and that presents an opportunity for QE to feature. This is a critical step towards our path to becoming the world's leading producer of Na.

Speaker #2: As Na is between 10% and 20% enrichment, which is, of course, the end goal of quantum nuclear energy: to become the world's leading supplier of Na fuel.

Speaker #2: Over to Michael.

Speaker #3: Thanks,

Michael Cunniffe: Thanks, Ryno. Thinking about our future and our expected company development roadmap, we intend to start our engineering design work in South Africa with our first demonstration plants to be operational there, focusing on lithium and uranium. Our plan is to have demonstration plants in the US and the UK that will follow soon after. Our global headquarters will be in Austin, Texas, as home to our Laser Center of Excellence, with Amarillo, Texas targeted for commercial US operations for HALEU production. We envisage that our UK plant will produce for the UK and European consumption as well. We think about our organization in 3 distinct stages. We will invest through 2025 and 2027 in multiple demonstration and commercial plants that will focus on lithium and uranium enrichment. We deliver through optimization to achieve nameplate output of enriched lithium and uranium.

Speaker #3: Rhino. So, thinking about our future and our expected company development roadmap, we intend to start our engineering design work in South Africa, with our first demonstration plants to be operational there, focusing on lithium and uranium.

Speaker #3: Our plan is to have demonstration plants in the U.S. and the U.K. that will follow soon after. Our global headquarters will be in Austin, Texas, as home to our laser center of excellence, with Amarillo, Texas, targeted for commercial U.S. operations for Na production.

Speaker #3: We envisage that our UK plant will produce for the UK and European consumption as well. We think about our organization in three distinct stages.

Speaker #3: We will invest through 2025 and 2027 in multiple demonstration and commercial plants that will focus on lithium and uranium enrichment. We will then deliver through optimization to achieve nameplate output of enriched lithium and uranium.

Michael Cunniffe: Finally, we'll accelerate our business as our revenues associated from our various products are repurposed through the business, enabling further rounds of capital investment and output production. Over to you, Paul.

Speaker #3: Finally, we'll accelerate our business as our revenues associated with our various products are repurposed through the business, enabling further rounds of capital investment and output production.

Speaker #3: Over to you, Paul.

Paul Mann: Thanks. I am now going to explain the acquisition of Skyline Builders and where this fits into the ASPI broader strategy. During late August, we acquired a controlling stake in a Caymans entity listed on Nasdaq called Skyline Builders. If you sum it up to being a construction company, we consider those assets largely non-core. Obviously, it is up to the board of directors of Skyline Builders, but we would likely view those as being divested to somebody in the future. The goal of this entity is to secure supply chains of critical materials that are both essential to the United States and to ASPI and Quantum Leap Energy. Shortly after point of control, we raised about $41.7 million of capital into the business to facilitate acquisitions and growth.

Speaker #2: Thanks. I'm not going to explain the acquisition of Skyline Builders and where this fits into the ASP broader strategy. So, during late August, we acquired a controlling stake in a Cayman Islands entity listed on NASDAQ called Skyline Builders.

Speaker #2: It's historic to be in a construction company. We consider those assets largely non-core. Obviously, it's up to the Board of Directors of Skyline Builders, but we'd like to view those as being invested somewhat in the future.

Speaker #2: And the goal of this entity is to secure supply chains of critical materials that are both essential to the United States and to ASP, and quantum leap in energy.

Speaker #2: Shortly after we took control, we raised about $41.7 million in capital for the business to facilitate acquisitions and growth. I've become the Executive Chairman of the company, and QE has two board members out of three on the entity.

Paul Mann: I've become the executive chairman of the company, and QLE has 2 board members out of 3 on the entity. We expect to announce a CEO during the next 2 months. We've already chosen a CEO. He's just finishing off duties elsewhere. We've made 2 acquisitions to date, which we think are highly strategic to both the United States at large and also ASPI QLE. The first acquisition took place in late October, and we acquired a 20% stake in a privately held Delaware LLC that has essential critical materials in Asia. These are extremely important to both the United States and ASPI. We expect to disclose the exact nature of these assets before the end of the year.

Speaker #2: And we expect to announce a CEO during the next two months. We've already chosen the CEO; he's just finishing off duties elsewhere. We've made two acquisitions to date, which we think are highly strategic to both the United States at large and also ASP QE.

Speaker #2: The first acquisition took place in late October, and we acquired a 20% stake in a privately held Delaware LLC that has essential importance to both the United States and ASP in Asia.

Speaker #2: The first acquisition took place in late October, and we acquired a 20% stake in a privately held Delaware LLC that has essential importance to both the United States and ASP. We are critical materials in and these are extremely expected to disclose the exact nature of these assets before the end of the year.

Speaker #2: We've had a lot of support from multiple governments to get this asset, and we're extremely proud of what this asset can do. We're very excited about the future of this asset.

Paul Mann: We've had a lot of support from multiple governments to get this asset, and we're extremely proud by what this asset can do, and we're very excited by the future of this asset. I think more importantly, we announced a couple of weeks ago that we proposed acquisition of a company called SuperCritical. SuperCritical is a very unique US company, US technology developed by the DOE to extract uranium and other critical metals from seawater cost competitively and at an industrial scale. It utilizes technology that's been developed by the US government. US government spent about $20 million over 10 years developing this technology, and we're very excited by what this can bring to our supply chain.

Speaker #2: I think, more importantly, we announced a couple of weeks ago that we proposed the acquisition of a company called Supercritical. Supercritical is a very unique U.S. company, with U.S. technology developed by the DOE to extract uranium and other critical metals from seawater cost competitively and at an industrial scale.

Speaker #2: Now, it utilizes technology; it's been developed by the U.S. government. The U.S. government spent about $20 million over 10 years developing this technology.

Speaker #2: And we're very excited by what this can bring to our supply chain. Obviously, you know, this fits in with a number of executive orders that have been signed over the last several months.

Paul Mann: Obviously, you know, this fits in with a number of executive orders that have been signed over the last several months, and we're very excited about bringing this to market over the next several months or years. I'm gonna let the SuperCritical CEO talk about this more in due course once the deal has been finalized. What this acquisition does for QLE is it means we become a soup to nuts nuclear fuel company. SuperCritical Technologies will focus on securing the feedstocks that our customers will need to make nuclear fuel. QLE will then plan to supply the conversion services, also enrichment and deconversion. All of these are very much needed by Western world today.

Speaker #2: And we're very excited about bringing this to market over the next several months or years. I'm going to let the Supercritical CEO talk about this more in due course once the deal has been finalized.

Speaker #2: What this acquisition does for QE is it means we become a soup-to-nuts nuclear fuel company. So, Supercritical Technologies will focus on securing the feedstocks that our customers will need to make nuclear fuel.

Speaker #2: QE will then plan to supply the conversion services, as well as enrichment and deconversion. All of these are very much needed by the Western world today. In addition to that, QE will supply lithium-7 and lithium-6, which are used in more consult reactors and also for pH control and pressure water reactors.

Paul Mann: In addition to that, QLE will supply Lithium-7 and Lithium-6 that are used in molten salt reactors and also to pH control in pressure water reactors. Finally, the Cleaver technology, which Murray described earlier, will help deal with cleaning up a lot of the nuclear waste that comes out of a nuclear reactor. I think this puts QLE in a really unique position to capitalize in every part of the nuclear fuel supply chain and really become a nuclear reactor's company of choice or partner of choice to supply those fuels. I'll now hand back over to Robert to talk about future milestones.

Speaker #2: And finally, the Kiba technology, which Rhino described earlier, will help deal with cleaning up a lot of the nuclear waste that comes out of a nuclear reactor.

Speaker #2: And so I think this puts QE in a really unique position to capitalize on every part of the nuclear fuel supply chain and really become a nuclear reactor's company of choice or partner of choice to supply those fuels.

Speaker #2: I'll now hand back to Robert to talk.

Robert Ainscow: Thanks very much, Paul. I'm now going to give an update on the milestones and the corporate events that we can expect now and during the course of next year. In terms of the corporate transactional events that we have upcoming, there are two in number. The first is in time will be the completion of the Renergen acquisition. As I explained earlier, we are waiting off on further regulatory approval that we will then enact the scheme of arrangements and complete the acquisition. This is going to be an excellent investment. We're very pleased with it. We're very pleased with the progress that's being made and the products are going to add to the stable of critical material products that ASP Isotopes is able to offer in quite a unique fashion to the semiconductor market.

Speaker #3: Thanks very much, Paul. I'm now going to give an update on the milestones and the corporate events that we can expect now and during the course of next year.

Speaker #3: So, in terms of the corporate transactional events that we have upcoming, there are two in number. The first, over time, will be the completion of the Religion acquisition.

Speaker #3: As I explained earlier, we are waiting on one further regulatory approval that we will then enact the scheme of arrangements and complete the acquisition.

Speaker #3: This is going to be an excellent investment. We're very pleased with it, and we're very pleased with the progress that's being made. The products are going to add to the stable of critical material products that ASP is able to offer in quite a unique fashion to the semiconductor market.

Speaker #3: Secondly, there is the IPO of Quantum Leap Energy, the subsidiary which you heard about earlier. We will update the market on the detailed timing.

Robert Ainscow: Secondly is the IPO of Quantum Leap Energy or the subsidiary which you heard about earlier. We will update the market on the detailed timing for this transaction. For those of you following the stock will have noted that we confidentially filed the S-1 in preparation. Other than that, the important job of work that we have in front of us is to complete the initial production runs of the operational plants that you just heard about, and across the three plants and fulfill the customer contracts that we have in front of us now. We also have had a number of discussions with our customers about their needs ongoing into the medium term, both in terms of the quantums of the existing product mix and isotopes that they will be requiring in the future.

Speaker #3: For this transaction, those of you following the stock will have noted that we confidentially filed the S-1 in preparation. Other than that, the important job of work that we have in front of us is to complete the initial production runs of the operational plants that you've just heard about.

Speaker #3: And across the three plants, fulfill the customer contracts that we have in front of us now. We also have had a number of discussions with our customers about their needs ongoing into the medium term.

Speaker #3: Both in terms of quantums of the existing product mix and isotopes that they will be requiring in the future. We'll update the market in terms of this in as much detail as we can.

Robert Ainscow: We'll update the market in terms of this in as much detail as we can when we can. In terms of construction of new plants, we will be during the course of 2026 commencing construction of a number of plants in a number of locations. Namely, we have signed a lease on Isotope Supercenter, as we call it, in Iceland on the location there. We expect to break ground on that for ASP technology-based plants during 2026. We also expect to begin plants and facilities in the US and the UK with the goal to enriching isotopes during the course of 2026. In terms of Quantum Enrichment, laser-based isotope enrichment plants, we would like to begin construction on plants during 2026 for plants which will deliver Zirconium, Gadolinium, nickel, and zinc isotope products for which we have demand from customers.

Speaker #3: When we can, in terms of construction of new plants, we will be commencing construction of a number of plants in a number of locations during the course of 2026.

Speaker #3: Namely, we have signed a lease on the isotope super center, as we call it in Iceland, at that location. We expect to break ground on that for ASP technology-based plants during 2026.

Speaker #3: We also expect to begin plants and facilities in the U.S. and the U.K., with the goal of enriching isotopes during the course of 2026.

Speaker #3: In terms of quantum enrichment laser-based isotope enrichment plants, we would like to begin construction of plants during 2026 that will deliver gadolinium, nickel, and zinc isotope products for which we have demand from customers.

Speaker #3: We will also continue the expansion of our radiopharmaceutical footprint through our subsidiary, Pet Labs Global. For me, this is a very exciting business where there's a lot of growth that's latent.

Robert Ainscow: We will also continue the expansion of our radiopharmaceutical footprint through our subsidiary, PET Labs Global. For me, this is a very exciting business where there's a lot of growth that's latent. I intend to deliver a thorough update to the market in the near future of the steps that we've taken to realize this and build off our very successful base case in South Africa, which has demonstrated our ability to commission, regulate, service radiopharmaceutical equipment and deliver doses to patients ultimately. Look out for more details on that in due course. At this point, I will hand over to Heather Kiessling, the Chief Financial Officer, for the financial update.

Speaker #3: I intend to deliver a thorough update to the market in the near future on the steps that we've taken to realize this and build up our very successful base case in South Africa, which has demonstrated our ability to commission, regulate, and put into service radio pharmaceutical equipment and deliver doses to patients, ultimately.

Speaker #3: So, look out for more details on that in due course. At this point, I will hand over to Heather Keasley, Chief Financial Officer, for the financial update.

Speaker #4: Thank you, Robbie. Good morning, everyone. I'm delighted to introduce myself. I'm Heather Keasley, CFO of ASP Isotopes. I will be presenting key operational metrics for the period ending September 2025.

Heather Kiessling: Thank you, Robbie. Good morning, everyone. I am delighted to introduce myself. I am Heather Kiessling, CFO of ASP Isotopes Inc. I will be presenting key operation metrics for the period ending September 2025. Starting with revenue. Revenues include sales from our radiopharmaceutical operations in South Africa and beginning in September 2025, it also includes the revenues from Skyline. Excluding the Skyline revenues of $3.6 million results in total radiopharmaceutical revenues of $1.3 million in the Q3 2025 or an 18% increase versus the Q3 2024 and total radiopharmaceutical revenues of $3.6 million for year to date 2025, or a 24% increase versus 2024 due to both an increase in doses produced driven by additional capacity and an increase in pricing. Next is operating expenses.

Speaker #4: Starting with revenue, revenues include sales from our radio pharmaceutical operations in South Africa, and beginning in September 2025, it also includes the revenues from Skyline.

Speaker #4: Excluding the Skyline revenues of 3.6 million, results in total radio pharmaceutical revenues of 1.3 million in the third quarter of 2024, and total 2025, or an 18% increase versus the third quarter of radio pharmaceutical revenues of 3.6 million per year to date 2025, or a 24% increase versus 2024.

Speaker #4: Due to both an increase in doses produced, driven by additional capacity, and an increase in pricing, next is operating expenses. Year-to-date total operating expenses increased by $16.5 million, or 84%, from $19.7 million in 2024 to $36.2 million in 2025.

Heather Kiessling: Year to date, total operating expenses increased by $16.5 million or 84% from $19.7 million in 2024 to $36.2 million in 2025. Non-cash stock compensation makes up approximately 30% of the total operating expenses and the increase. Significant drivers of the increases are from the approximately 66% increase in headcount during 2025, supporting our research, development, plant activity and general operations, as well as a significant increase in professional fees. Next, we have net loss from operations. Net loss from operations is $34.9 million for year to date 2025 versus $18.7 million for the same period in 2024. Due to the relative low volume of radiopharmaceutical revenue and low margin of Skyline revenue, the effect on net loss from operations is directly impacted by the operating expenses activity just mentioned.

Speaker #4: Non-cash stock compensation makes up approximately 30% of the total operating expenses, and the increase is significant. Key drivers of the increases include the approximately 66% rise in headcount during 2025, which supports research and development activities as well as general operations.

Speaker #4: As well as a significant increase in professional fees. Next, we have net loss from operations. Net loss from operations is $34.9 million year-to-date 2025 versus $18.7 million for the same period in 2024, impacted by pharmaceutical revenue and low margins from the low volume of radio.

Speaker #4: Due to the relative loss from operations, this is directly impacted by the operating expenses activity just mentioned. Next, we have net loss before non-controlling interest from our non-wholly owned subsidiaries.

Heather Kiessling: Next, we have net loss before non-controlling interest from our non-wholly owned subsidiaries, which is $96.5 million for year to date 2025 versus $23.2 million for year to date 2024, which reflects our other income and expense items on the statement of operations. The two largest contributors of this other income and expense activity is the over 300% increase in interest income in 2025 versus 2024, mainly due to investing our funds received from stock issuances over the last year and the impact of GAAP accounting for the fair value of the convertible notes. Guidance and activity of the fair value accounting of these convertible notes is further explained in the footnotes to our condensed consolidated financial statements included in our recently filed 10-Q.

Speaker #4: Which is $96.5 million per year to date 2025 versus $23.2 million per year to date 2024, which reflects our other income and expense items on the statement of operations.

Speaker #4: The two largest contributors to this other income and expense activity are the over 300% increase in interest income in 2025 versus 2024, mainly due to investing our funds received from stock issuances over the last year and the impact of GAAP accounting for the fair value of the convertible notes.

Speaker #4: Guidance and activity of the fair value accounting of these convertible notes is further explained in the footnotes to our condensed financial statements.

Speaker #1: increased Operations by 6.5 million , or 50% , from 12.9 million in 20 24 to 19 point 4,000,000 in 2025 , mainly due to increases research and development next generation production pertaining to For our technology .

Heather Kiessling: Year-to-date cash used in operations increased by USD 6.5 million or 50 from USD 12.9 million in 2024 to USD 19.4 million in 2025, mainly due to increases in research and development pertaining to next generation production technology for our current plants and future isotope production. The 66% increase in personnel in 2025 due to initiating commercial production increased R&D and business development and global operations and professional fees as we increase corporate activities. Further analysis is provided in the MD&A portion of our recently filed 10-Q. We have cash of USD 113.9 million as of 30 September 2025.

Speaker #1: current plants and future isotope production . The 66% increase in personnel in 2025 due to initiating commercial production , increased R&D and business development , and global operations , and professional fees .

Speaker #1: As we increase corporate activities, further analysis is provided in the MDA of our recently filed Form 10-Q. We have cash of $113.9 million as of September 30, 2025.

Speaker #1: This balance reflects the net proceeds of approximately $56 million received during the third quarter of 2025 from the issuance of common stock and $108 million year-to-date 2025, which was from the issuance of common stock and the exercise of warrants.

Heather Kiessling: This balance reflects the net proceeds of approximately $56 million received during Q3 2025 from the issuance of common stock and $108 million year-to-date 2025, which was from the issuance of common stock and the exercise of warrants. Subsequent to 30 September 2025, we have received net proceeds of approximately $200 million from the issuance of common stock. Quantum Leap Energy issued convertible notes in November 2025 totaling $72.2 million, of which $30 million is from ASP Isotopes. Lastly, property and equipment showed growth from approximately $23 million as of 31 December 2024 to $33 million as of 30 September 2025, mainly due to our plant construction which has taken place in South Africa.

Speaker #1: Subsequent to September 30th , 2025 . We have received net proceeds of approximately 200 million from the issuance of common stock . Quantum leap Energy issued convertible notes in November 2025 , totaling 72.2 million , of which 30 million is from ASP Isotopes Inc. .

Speaker #1: And lastly , property and equipment showed growth from approximately 23 million as of December 31st , 2024 , to 33 million as of September 30th , 2025 , mainly due to our plant construction which has taken place in South Africa .

Speaker #1: We expect our cash burn from operations and the continued growth of our planned plant and global radiopharmaceutical operations to increase as we bring more isotope enrichment plants online and acquire and expand our radiopharmaceutical targets.

Heather Kiessling: We expect our cash burn from operations and continued growth of our planned plant and global radiopharmaceutical operations to increase as we bring more isotope enrichment plants online and acquire and expand our radiopharmaceutical targets. Further details will be made available in due course. Operator, this concludes our presentation of our Q3 update call, and we are now accepting questions from our attendees.

Speaker #1: Further details will be made available in due course. Operator, this concludes our presentation of our third quarter update call, and we are now accepting questions from our attendees.

Speaker #2: Thank you. We will now begin the question and answer session. If you are listening via the webcast, you may submit questions over the web via the Q&A box on your screen.

David Brown: Thank you. We will now begin the question and answer session. If you are listening via the webcast, you may submit questions over the web via the Q&A box on your screen. If you have dialed in and would like to ask a question over the phone, please press star one on your telephone keypad. Your first submitted question is as follows: Can you talk about the delays in shipping silicon-28?

Speaker #2: If you have dialed in and would like to ask a question over the phone, please press Star 1 on your telephone keypad.

Speaker #2: Your first submitted question is as follows . Can you talk about the delays in shipping silicon 28 ?

Speaker #3: Yeah , Robert , go here again . So I suppose delays refers to our previously sort of announced anticipated shipping dates . So this has to be seen within the context of the starting up and first production run of nuclear engineering plant isotope enrichment plant , which is extremely complex chemical procedure and an extremely complex physical procedure .

Robert Ainscow: Yeah, probably just go here again. I suppose delays refers to our previously sort of announced anticipated shipping dates. This has to be seen within the context of the starting up and first production run of a nuclear engineering plant, isotope enrichment plant, which is an extremely complex chemical procedure and an extremely complex physical procedure. It's, the first production runs have taken longer than we will have anticipated when we made those estimations previously. The big change that's happened for me this quarter was the visit, as I previously mentioned, from our initial two customers for silicon-28. I can't emphasize how incredibly positive that was. It really changed the dynamic of the customer-supplier relationship.

Speaker #3: So , so it's so the first production runs have taken longer than we would have anticipated when we made those estimations previously . The big change that's happened for me this quarter was the visit that I previously mentioned from our initial two customers for Silicon 28 .

Speaker #3: I can't emphasize how positive incredibly that was . It really changed the dynamic . The customer supplier relationship and it enabled a lot of sort of collaboration in terms of the modifications that I discussed .

Robert Ainscow: It enabled a whole sort of collaboration in terms of the modifications that I discussed and for us to be able to better gauge the demand that we can expect from those customers in the future and their other isotope requirements. The modifications and the general complexity involved in starting up a plant of this nature. Currently operations are going very well, everything to touch. I'm very happy with it. I'm continuously amazed by the capabilities of our engineering staff, and more importantly, our customers are very happy with the way that we're doing things. I'm very pleased about that. That's the reason causing delays to be answering the question. Next question, please.

Speaker #3: And for us to be able to better gauge the demand that that we can expect from those customers in the future . And their and their other isotope requirements .

Speaker #3: So the modifications and the general complexity involved in starting up a plant of this nature, but currently operations are going very well.

Speaker #3: Everything is going well for Tony, so I'm very happy with it. I'm continuously amazed by the capabilities of our engineering staff. More importantly, our customers are very happy with the way that we're doing things.

Speaker #3: So I'm very pleased about that . And that's but those are the things that have caused the delays . To be the question .

Speaker #3: Next question please .

Speaker #2: Your next submitted question: When do you expect to achieve operational de-risking in respect of Energon? What are the major milestones for the next six months?

David Brown: Your next submitted question: When do you expect to achieve operational de-risking in respect of Renergen? What are the major milestones for the next six months?

Speaker #3: Yeah . Thank you so again , de-risking end of the first quarter is the simple answer to that question . And what that involves is , is the the completion of phase one C , which I referred to earlier .

Robert Ainscow: Yeah, thank you. Again, de-risking, end of Q1, is the simple answer to that question. What that involves is the completion of Phase 1C, which I referred to earlier. That's defined as the bringing of the initial chemical plant that's currently already operational and producing both LNG and helium, but in smaller quantities than is required by the nameplate capacity. That will be completed during, at current rate of progress, by the end of Q1. At that point, I will consider the project de-risked.

Speaker #3: And that's defined as the the , the bringing of the initial chemical plant that's currently already operational . And producing those LNG and helium .

Speaker #3: But in smaller quantities than , than is required by the nameplate capacity . And that will be completed during at current rate of progress by the end of the first quarter .

Speaker #3: At that point, I will consider the project de-risked, and there are discussions about what the arrangements for phase two are, and work is going on in front of that.

Robert Ainscow: There are discussions about what the arrangements for phase II and work is going on in front of that. For me, with my chief operating officer hat on, my mantra is Phase 1C, Phase 1C, Phase 1C, nothing else matters. I make sure everybody's very focused on that to achieve prominence of the plant and the de-risking that you're asking about. That's the focus for me, and I make sure that's the focus for people on the ground. That's that. The major milestones for the next six months, it's 2. It's very simple. It's completion of the transaction that we perform the share swap and own the company.

Speaker #3: But with for me , my chief operating officer hat on , my mantra is phase one C , phase one C phase one C , nothing else matters .

Speaker #3: So I'll make sure everybody is very focused on that. To achieve prominence of the plant and the de-risking that you're asking about.

Speaker #3: So that's the focus for the to make sure that's the focus for the people on the ground . And that's the , the major milestones next six for the months .

Speaker #3: I mean , it's it's two it's very simple . It's completion of the of the transaction . So that we perform the share swap over the company .

Speaker #3: And as I said , the aforementioned completion of phase one C , those two things are the the key focus for me . Next question please

Robert Ainscow: As I said, the aforementioned completion of Phase 1C. Those are the two things that are the key focus for me. Next question please.

Speaker #2: next

Speaker #2: question . . Your When will the company begin to recognize revenue in its isotopes enrichment segment .

David Brown: Your next submitted question: When will the company begin to recognize revenue in its isotopes enrichment segment?

Speaker #3: So, revenue recognition, I think, is an accounting term there. So, I would... but I think the purpose of the question is to ask what we're going to be.

Robert Ainscow: Revenue recognition, I think is an accounting, yeah, term there. I would, but I think the purpose of the question is to ask when we're going to be, you know, actually, delivering commercial, a commercial batch that customers are gonna pay for. First of all, the carbon, buying this adventure, and that can be expected to ship that still before the end of December. Presently, when the bill gets paid and the revenue is recognized, that would be a subsidiary question for whoever is sitting here with me now if he wants to ask that.

Speaker #3: You know , actually delivering commercial commercial batch that customers can pay for . The first one will be carbon by buying misadventure . That can be expected to ship that still before the end of December .

Speaker #3: quite So so when the the bill gets paid and the revenue is recognized , that would be a subsidiary question for the specifically , we've wants to ask that and then in terms of silicone and ytterbium , as I said during the first half , first quarter and first half of of next year , and those will be the like in the initial revenue , but we will be supplying for with just with the current purchase orders and supply contracts that we have in front of us .

Robert Ainscow: In terms of silicon and ytterbium, as I said, during the H1, Q1 and H1 of next year. Those will be the, like the initial revenue, we will be supplying through, with, just with the current purchase orders and supply contracts that we have in France. Those will be supplied during the course of 2026. To answer the question, end of the year for the first revenue. Next question.

Speaker #3: We'll be supplying during the course of 2026 . So so the question end of the year for the first , first revenue , next question .

Speaker #2: Your next written did the question . What customer say about our samples of both yttrium and silicon ?

David Brown: Your next written question: What did the customers say about our samples of both ytterbium and silicon?

Speaker #3: again , a lot Yeah , of questions on this nature . And and I think there might have been even some confusion about it , as if people are people seem to be hanging on commercial samples .

Robert Ainscow: Yeah, I think we get a lot of questions of this nature and I think there might have been some confusion about it as if people seem to be hanging on commercial samples as if to say, "Does the technology work or not?" For those people who, you know, is it, will we ever be able to produce products or is it, will we not and the samples sort of indicate that. If people are in that position, let me just like make it clear that the technology does work. Isotope repeat already being enriched have been across the three plants.

Speaker #3: Does the technology work or not ? So for those people who , you know , is a will we ever be able to produce product or is we not ?

Speaker #3: And the samples sort of indicate that . So people are in that position . Let me just like make it clear that the technology does work .

Speaker #3: Isotopes are already being enriched , have been across the three plants . We've been testing them at our own analytical facilities . And then they've been , as we've announced , tested independently by customers and counterparties .

Robert Ainscow: We've been testing them at our own analytical facilities, and then they've been, as we've announced, tested independently by customers and counter parties. We don't, we have obviously multiple customers for the same isotope. All of them at some stage will require or have required samples. We do not intend to announce every time we send a sample to a, you know, to a customer. It's an iterative process. When we shipped the first samples, we were advised that that was a material event that we should inform the market of. That's why we made those announcements.

Speaker #3: We don't we've also not we have obviously multiple customers for . same For for the isotope of them stage will at some require or have , all required samples .

Speaker #3: We do not intend to announce every time we send a sample to a to a customer . Iterative process and but we when we've shipped the first samples , we were advised that that was a material event that we should inform the market of .

Speaker #3: So that's why we made those announcements . The in terms of the products that we make , there are there are two key features that are important to the product .

Speaker #3: That is isotope enrichment and and the chemical purity . Those are those are a simply put , the two two requirements in our customers have in terms of isotopic enrichment varies between the two technologies that we use .

Robert Ainscow: In terms of the products that we make, there are two key features that are important to the products. That is isotope enrichment, and the chemical purity. Those are, simply put, the two requirements that all our customers have. In terms of isotopic enrichment, it varies between the two technologies that we use. Basically, it's simple. You keep going until the enrichment level you require is reached. In terms of ASP, for example, you're using the force of gravity in the form of centrifugal force. That remains active on the gas that goes through the plant, and we keep enriching until the enrichment level is achieved.

Speaker #3: But basically it's simply you keep going until the enrichment level you require is reached . In terms of ASP , for example , it's the you're using the force of gravity in the form of centrifugal force .

Speaker #3: So that that remains active on the gas that goes through the plant. And we keep enriching until the average level is achieved.

Speaker #3: Some of the modifications , as I said earlier in the thing , are designed to increase the rate of enrichment . Those are without getting too technical , that replacement of one type of valve with another one , the diameter of pipe with another to to control better the speed of gas through the plant .

Robert Ainscow: Some of the modifications, as I said earlier, in the thing are designed to increase the rate of enrichment. Those are, without me getting too technical, the replacement of one type of valve with another one, the diameter of pipe with another to control better speed of gas through the ASP plant. That optimizes, if you like, the operating philosophy of the plant that is now, you know, has been brought into service and is busy with the first product. It's an ongoing initiative process, seeking to achieve perfection.

Speaker #3: And that optimizes. If you like the operating philosophy of the plant that has now been brought into service and is busy with the first production, it's an ongoing initiative process seeking to achieve perfection.

Speaker #3: And so in terms of the the samples , customers are that analyze the samples , they are they they use the phrase tide out in terms of isotopic enrichment and chemical purity .

Robert Ainscow: In terms of the samples, our customers are that analyze the samples, I use the phrase tied out in terms of isotopic enrichment and chemical purity. I'm told by engineers and our analysts that that's not the right phrase, but it's one I know. The customers are very happy with the results, which is maybe the most important thing. Are we. We will not expect to repeat this. We will not expect to be making announcements every time we ship a sample to a customer. It's an ongoing, iterative process. They're very specialized products.

Speaker #3: I'm told by engineers and our analysts that that's not the right phrase , but it's what I know . So so the the customers are very happy with the results , which is maybe the most important thing .

Speaker #3: And so are we. But we do not expect to repeat this. We're not expecting to make announcements every time we ship a sample to a customer.

Speaker #3: It's an ongoing process. They're very specialized products. There's a strong working relationship between ASP Isotopes Inc. and our customers for the different isotopes.

Speaker #3: That is the nature of the isotope business. Next question, please.

Robert Ainscow: There's a strong working relationship between ASPI and our customers for the different isotopes. That is the nature of the isotope business. Next question please.

Speaker #2: We will take our first from the question line of George Generikus from Canaccord . Your line is .

Speaker #4: Open .

David Brown: We will take our first phone question from the line of George Gianarikas from Canaccord. Your line is open.

Speaker #5: Good morning everyone . Good afternoon . Thank you so much for taking my questions and thanks for this incredibly robust update . We appreciate it .

George Gianarikas: Good morning, everyone. Good afternoon. Thank you so much for taking my questions and thanks for this incredibly robust update. We appreciate it. I have several questions. Maybe to start, you've sort of talked about and quantified a $50 to 70 million revenue opportunity in 2026.

Speaker #5: So I have several questions. Maybe to start, you've sort of talked about them. You quantified a $50 to $70 million revenue opportunity in 2026 and 2027.

Speaker #5: Around 176 . And silicon 28 . Is that still a number ? We should think about ? And sort of a model for the next two years .

George Gianarikas: 2027 around deuterium and silicon-28, is that still a number we should think about and sort of a model for the next 2 years?

Speaker #3: So hi , George . First of all , thanks so much for asking the question . So we're not at this stage changing guidance we've that given before .

Robert Ainscow: Hi, George. First of all, thanks very much for asking the question. We're not at this stage changing guidance that we've given before. I'm very aware that the market is keen to have the guidance and also the detailed explanation of the bridging to the 2030 revenue anticipation that we've done. We are, as we've said, things have taken slightly longer than our initial estimations to bring into service and so on, which is not a big issue for us from an operational point of view.

Speaker #3: I'm very aware that the market is keen to have the guidance and also the detailed explanation of the bridging to the 2030 revenue anticipation that we've done .

Speaker #3: We have said that things have taken slightly longer than our initial estimations to bring into service and so on, which is not a big issue for us from an operational point of view.

Speaker #3: But , but , but what it does mean is that we're not in a position to , to to , shall I say , perfect or amend our forecasts or the , the sort of the revenue indications that we've given yet .

Robert Ainscow: What it does mean is that we're not in a position to, shall I say, affect or amend our forecasts or the sort of the revenue indications that have been given yet. As I repeat, I'm very, very aware that the markets requires that and is looking for that. I can promise that we'll do our best to give the information that we can. As soon as certain things sort of set corporate events are concluded.

Speaker #3: repeat , But as I I'm very , very aware that that the markets are , are requires that and is looking for that .

Speaker #3: And I can promise that we'll do our best to , to to to give the information that we can as soon as certain things are sort of corporate events are concluded .

Speaker #3: And so we have the sort of the confidence to give that updated , updated projections and be prepared to be held to them .

Robert Ainscow: We have the sort of the confidence to give that updated projections, and be prepared to be held to them. I just want to say at this point, I've got a lot of sympathy for investors and for fund managers, and particularly research analysts, investment analysts. It is the isotope industry is a pretty opaque business. Not only do we have the financial regulations, which everyone's sort of familiar with and which governs our day-to-day.

Speaker #3: I do have I'd just like to say at this point , I've got a lot of sympathy for for investors and for fund managers and particularly research analysts , investment analysts .

Speaker #3: It's the isotope industry is a pretty opaque business . So so not only do we have the financial regulations , which everyone's sort of familiar with and which governs our day to day in our industry , we also governed because we deal with controlled technology , with the global new , global and national nuclear regulators who are extremely team to understand and and and elect what we plan to tell people about our operations .

Robert Ainscow: In our industry, we also governed because we deal with controlled technology with the global and national nuclear regulators, who are extremely keen to understand and vet what we plan to tell people about our operations. Once you've got past those two things, you've then got our customers. The customers I would love to be shouting from the rooftops as to who our customers are across the spectrum of the stable isotope enrichment verticals. I'd love to be able to explain the detail of our relationships.

Speaker #3: But once you've got those through , pass those two things . You've you've then got our customers and the and customers . I to would love be shouting from the rooftops as to who our customers are across the the spectrum of the of the the stable isotope enrichment verticals and and I'd love to be able to to to explain the detail behind relationships .

Speaker #3: the But in the agreements that we have with them , it's right up at the top of them that that confidentiality . Confidentiality is , is key .

Robert Ainscow: In the agreements that we have with them, it's right up at the top of them, that confidentiality is key. They don't want their competitors knowing where they're buying their isotopic products from, what enrichment levels they are and what they're paying for them. It does make it difficult to give, you know, to give sort of the kind of data that I know that investment analysts like to feed their projective models. So you have my sympathy. And the succinct answer to your question, George, is that I'm not making any fresh sort of alterations to the prior indications today.

Speaker #3: They don't want their competitors knowing where they're buying their isotopic products from, what enrichment levels they are, and what they're paying for them.

Speaker #3: And so it does make it difficult to give , you know , to give sort of the kind of data that I know , that investment analysts like to , to , to , to feed their projected models .

Speaker #3: so you have So , my sympathy . But and 16 times to your question , George , is , is that I'm not changing any making any fresh alterations to to prior indications today .

Speaker #3: But as we get a higher level of clarity internally , we will seek to , to to give to provide further guidance on projections as soon as we possibly can .

Robert Ainscow: As we get a higher level of clarity, internally, we will seek to provide further guidance on projections as soon as we possibly can.

Speaker #5: I do have a couple more, and they're about numbers. So, on slide 20, you have a list here of five, four, or five isotopes.

George Gianarikas: I do have a couple more, and they're about numbers. On slide 20, you have a list here of five, is it four or five? Four isotopes, excuse me, where you plan to not only build facilities by the end of 2026, but also, I'm assuming begin shipments probably the year following. Can you help us, number one, understand the capital commitment in 2026? Like how much money you need to build those facilities? Second, what the revenue opportunity and revenue and EBITDA opportunity look like for those four? Just so we can understand sort of return on invested capital. Thank you.

Speaker #5: Excuse me , where you plan to not only build facilities by the end of 26 , but also , I'm assuming , begin shipments probably the year following .

Speaker #5: So can you help us ? Number one , understand the capital commitment in 26 ? How much money you need to build those facilities and second , what the revenue opportunity and revenue and EBITDA opportunity look like for those four , just so we can understand sort of return on invested capital .

Speaker #5: you Thank .

Speaker #3: George , I have to say I'm going to have to disappoint you . I'm sorry . We are going to give a full update to the market , but we're not in a position to give detailed breakdown against what we've already disclosed to the market on this call , but we will move heaven and earth to , to to supply those details as soon as we possibly can .

Robert Ainscow: George, I hear what you're saying. I'm gonna have to disappoint you. I'm sorry. We are gonna give a full update to the market, but we're not in a position to give a detailed breakdown against what we've already sort of disclosed to the market on this call. We will move heaven and earth to supply those details as soon as we possibly can.

Speaker #5: Fair enough . So I'll just switch gears just a couple more here before I pass the mic for Sheila , you did mention , I think if I heard this correctly in opportunity for Lu plus , I that's think new .

George Gianarikas: Fair enough. I'll just switch gears. Just a couple more here before I pass the mic. For QLE, you did mention, I think if I heard this correctly, an opportunity for LEU+. I think that's new. Can you sort of talk about maybe this interest, what appears to be a shift in strategy, if we heard that correctly, and what sort of mechanics we should expect to bring capacity for LEU+ up and running?

Speaker #5: Can you sort of talk about maybe just what appears to be a shift in strategy? If we heard that correctly, what sort of mechanics should we expect to bring capacity for Lu plus up and running?

Speaker #3: So I could give George, but I think you'd probably rather hear it from Dr. Reiner. You'll get a much better answer.

Speaker #5: Thank you .

Robert Ainscow: I could do, George, but I think you'd probably rather hear it from Dr. Ryno Pretorius. You'll get a much better answer.

Speaker #3: Doctor Ronnie, you on the line?

Speaker #6: Yes . Hi . All right , so a++ . Great question . I think depending on who you speak to us , they'll say is just Hailu .

George Gianarikas: Thank you.

Robert Ainscow: Ryno Pretorius, are you on the line?

Ryno Pretorius: Yes. Hi. All right. LEU+, great question. I think, depending on who you speak to, they'll say LEU+ is just HALEU. We try to classify LEU+ as a special subcategory of HALEU. Within that subcategory, it is between 5% and 10% enrichment. The reason that we're actually looking at LEU+ was due to customer inquiry. We can't reveal more about who that customer is or why they want or what they want LEU+ for. I think I've stated in the presentation that it increases the power density of a power plant. It can be retrofitted without major technical modifications into an existing nuclear power plant of Generation 3 to make a Generation 3 plus. It increases the time between refueling.

Speaker #6: So, we try to classify Lu Plus as a special subcategory of highly enriched isotopes, and within that subcategory, it is between 5% and 10% enrichment.

Speaker #6: And the reason that we are actually looking at adults was due to customer inquiry. So we can't reveal more about who that customer is or why they want or what they want adults for.

Speaker #6: But I think I've stated in the presentation that it increases the power density of a power plant. It can be retrofitted without major technical modifications into an existing nuclear power plant or Generation III to make a Generation III Plus, and it increases the time between refueling.

Speaker #6: In other words, it extends the life of these power plants so they can provide power for much longer, meaning we don't have to replace them.

Ryno Pretorius: In other words, it extends the life of these power plants so they can provide power for much longer. It means we don't have to replace them. It is an important shift in modernizing the existing nuclear fleet. I wouldn't call LEU plus a modification or a shift in what we plan to do. It is on the way towards LEU production, and some would even say it is HALEU production. For us to get to HALEU, which is provisionally up to 19.75%, uranium-235 enrichment, LEU plus would be 5% to 10%.

Speaker #6: So, it is an important shift in modernizing the existing nuclear fleet. I wouldn't call Liu Plus a modification or a shift in what we plan to do.

Speaker #6: It is on the way towards Lu production , and some would even say it is , or it is highly production . So for us to get to Hailu , which is provisionally up to 19.75% , uranium 235 enrichment plus would be 5 to 10% .

Speaker #6: So as we progress from natural uranium with enrichment technology at 0.7% , uranium 235 will go incrementally through the Lu space , which is 0.7 to 5% enrichment , nominally 4.8% .

Ryno Pretorius: As we progress from natural uranium with our enrichment technology at 0.7% uranium-235, we'll go incrementally through the LEU space, which is 0.7% to 5% enrichment, nominally 4.8%. Then as we progress to HALEU, which is 19.75%, we'll go through the LEU+ space, which is 5% to 10%. We can then provide clients with products that they can use, that they're willing to pay for, that there's no secure supply chain for, and we'll be one of the only producers of LEU+ in the world on the way to get to HALEU, generating revenue early as we de-risk and scale our technology. Hope that answers the question.

Speaker #6: And then as we Hayley , which progress to is 19.75 , we'll go through the Lu plus space , which is 5 to 10% , and we can then provide clients with products that they can use that they're willing to pay for , that there's no secure supply chain for .

Speaker #6: And we will be one of the only producers of Lu Plus in the world on the way to get to Hayley , generating revenue early as we de-risk and scale our technology .

Speaker #6: Hope that answers the .

Speaker #5: Question . No , no . Thank you so much . And maybe is it fair to say that this customer is is this in addition to the customer , the with whom you've already revealed an MOU ?

George Gianarikas: No, thank you so much. Maybe is it fair to say that this customer is this in addition to the customer with whom you've already revealed an MOU, or is it the same?

Speaker #5: Or is it the .

Speaker #6: Same ? Yes . So ? So I can say that it's not terrapower . We we stand committed firmly to to our ongoing great relationship with Terrapower to produce Hailu in South Africa .

Ryno Pretorius: Yes. I can say that it's not TerraPower. We stand firmly committed to our ongoing great relationship with TerraPower to produce HALEU in South Africa. We're still looking at meeting the timelines made public.

Speaker #6: We are still looking at meeting the timelines made public, and this is other customers driving forward.

Speaker #5: Is this us or South Africa ? Doctor Rhino .

Ryno Pretorius: This is other customers driving forward.

Speaker #6: Can't I provide more information on that? We'll update in the future.

George Gianarikas: Is this US or South Africa, Dr. Ryno Pretorius?

Speaker #5: And last question , I'm sorry to ask so but many , you did have a pretty significant revenue recognition item in the third quarter from Skyline Builders .

Ryno Pretorius: I can't provide more information on that. We'll update in future.

George Gianarikas: Last question. I'm sorry to ask so many, but you did have a pretty significant revenue recognition item in Q3 from Skyline Builders. Is that something we should model going forward? How should we think about this $3 million+ in revenue?

Speaker #5: Is that something we should model going forward, and how should we think about this $3 million plus in revenue?

Speaker #5: ?

Speaker #6: I think Paul Yes . So answered that question pretty well . But I'll reiterate some of the important talking points . There . The goal of Keel is to secure the nuclear supply chain , which is pretty dysfunctional right now .

Robert Ainscow: Yes. I think Paul answered that question pretty well, but I'll reiterate some of the important talking points there. The goal of QLE is to secure the nuclear supply chain, which is pretty dysfunctional right now. Skyline Builders is an acquisition that will secure the supply chain in terms of raw material, critical raw materials. Even though there is construction, it is a construction business at this moment, we don't foresee that moving forward.

Speaker #6: And Skyline Builders is an acquisition that will secure the supply chain in terms of raw materials, critical raw materials. So, even though there is construction, it is a construction business.

Speaker #6: At this moment, we don't foresee moving forward.

Speaker #5: Okay. So that $3 million should basically go away in the future.

Speaker #6: Yes , we'll reveal more in the future , but that is our stated goal .

George Gianarikas: Okay. That $3 million should basically go away in the future.

Speaker #5: Okay, thanks so much for all the questions and all the answers to my questions. Excuse me, and for the robust update.

Robert Ainscow: Yes. We'll reveal more in the future, but that is our stated goal.

Speaker #5: Have a great day .

George Gianarikas: Okay. Thanks so much for all the questions, all the answers to my questions, excuse me, and for the robust update. Have a good day.

Speaker #2: And that is all the time we have for our question and answer session . I will now turn the call back over to Robert Ainscough for closing remarks .

David Brown: That is all the time we have for our question and answer session. I will now turn the call back over to Robert Ainscow for closing remarks.

Speaker #3: Thank you very much , Peter . I just like to thank everybody for joining . And if they're interested in the company . This year of 2025 has been a phenomenal year .

Robert Ainscow: Thank you very much, Prater. I'd just like to thank everybody for joining and for their interest in the company. This year of 2025 has been a phenomenal year, having brought the 3 plants that we've been working on into operation. We've hosted a lot of investors in our investor access events, a lot of customers, a lot of counterparties. Everybody who comes to visit, it's an enlightening experience for them. Anybody who can, as we announce more investor access events, I'd urge people if they can to come. It gives the opportunity to really quantify something and take away some of the mysticism about what sort of isotope enrichments is and what ASPI is actually doing.

Speaker #3: Having brought her the three plants that we've been working on into operation, we've hosted a lot of investors at our investor access events.

Speaker #3: A lot of customers , a lot of counterparties , everybody comes to visit . It's an enlightening experience for them . Anybody who can , as we announce more investor access events , I'd urge people , if they can , to come .

Speaker #3: It gives the opportunity to really quantify something and take away some of the mysticism about what sort of isotope enrichment is and what ASPR is actually doing.

Speaker #3: And we're looking forward to to diversifying a broad away from just operational assets in South Africa might make it easier for other people to a more people to , to to visit us as those come online .

Robert Ainscow: We're looking forward to diversifying abroad away from just operational assets in South Africa might make it easier for other people to, or more people to visit us as those come online. Seeing the plants really gives somebody an easy way to visualize how the company can grow in terms of its operations and hence its revenue. That's what a lot of people get out of those visits. 2026 promises to be just as exciting and fast-paced a year. We are looking forward to getting stuck into that and look forward to updating everyone post-year end. Thank you very much indeed.

Speaker #3: But but seeing the plants really gives , gives an easy way to visualize how the company can grow in terms of its operations and hence its revenue .

Speaker #3: And , and that's , that's what a lot of people get out of , out of those visits , 20 , 26 promises to be just as exciting and fast paced .

Speaker #3: A year . So we are looking forward to getting stuck into that and look forward to updating everyone post year end . Thanks very much indeed .

Speaker #3: .

David Brown: This concludes today's conference call. Thank you for your participation, and you may now disconnect.