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ASP Isotopes Inc. (NASDAQ:ASPI) ("ASP Isotopes" or the "Company"), an advanced materials company dedicated to the development of technology and processes for the production of isotopes for use in multiple industries, today released the following letter to shareholders from its Chairman and CEO, Paul Mann.
Dear Fellow Shareholder,
The past few months have been exciting and highly rewarding as the Company has brought three isotope enrichment facilities into operation.
I am delighted to report that the Company has now shipped the first samples of both Ytterbium-176 and Silicon-28 to customers, a major milestone for the Company that should allow us to fulfil indicated customer demand representing $50 to $70 million of potential revenues during 2026 and 2027 from these two isotopes alone.
In addition, the Company has started the procurement process for long lead time equipment to deliver four new laser production plants, which we plan to construct, starting in the first quarter of 2026.
After four years of hard work, the Company is now transitioning from primarily a research and development company to a commercial organization and the goal of the Company during the next five years is to accelerate the industrialization of the processes that we have created and maximize production volumes and revenues.
Working with partners such as NECSA, TerraPower and Fermi America, the Company is well positioned to be a major beneficiary of tomorrow's megatrends across energy, medicine and next-generation industrial processes.
Three isotope enrichment facilities are now operational with Ytterbium-176 and Silicon-28 samples sent to customers.
Researching, constructing and commissioning three plants in three years is a noteworthy achievement and we are very proud of our progress.
We successfully shipped samples of both Silicon-28 and Ytterbium-176 to customers during August, in line with the guidance that we provided in July. We also expect to ship the first samples of Carbon-12 to a customer during September.
The shipping of the first enriched isotopes marks an important milestone. These last four years have been focused on research and development of new processes that will scale into a large commercial organization.
These first enrichment facilities will act as a blueprint in the future where we will implement process efficiencies learnt during the construction of these first of a kind facilities to further improve timelines and capital expenditure.
We have already commenced the procurement process of critical long lead-time components for four new laser plants, which will be used to enrich Gadolinium-160, Zinc-68, Nickel-64 and Lithium-6/7, isotopes where we have received significant customer interest.
Quantum Leap Energy ("QLE") targeting a public listing in Q4 2025 and has started the procurement for its first enrichment facility.
In May 2025 we hired Dr. Ryno Pretorius to become the CEO of Quantum Leap Energy. His focus has been to accelerate development and he is in the process of expanding the senior leadership team and expediting the permitting and licensing process of nuclear fuel plants in three jurisdictions.
There is a considerable amount of customer demand for HALEU, as well as Lithium-6 and Lithium-7. We expect to have the first Lithium-6 plant operational during 2026, subject to the timely receipt of all required permits and licenses. Our goal is to have a HALEU production facility operational during 2027, subject to the receipt of all required permits and licenses.
We intend to start construction of critical materials plants in USA during 2026 following the signing of an MOU with Fermi America.
The recent Joint Venture MOU with Fermi America contemplates a transformative step for the Company, with both ASPI and QLE expected to lease space for facilities at the planned HyperGrid Campus in Amarillo, Texas, a strategically pre-qualified nuclear site located adjacent to the DOE's Pantex Plant. This planned collaboration with Fermi America envisages the research, development and construction of multiple large-scale advanced nuclear fuel enrichment facilities, capable of producing significant volumes of HALEU for the small modular reactor industry.
ASP Isotopes also expects to develop a standalone enrichment and production facility for a suite of critical stable isotopes, such as Silicon-28, Germanium-70, and Xenon-129. With Fermi America's ambitious plans to deliver over 11 GW with 6 GW of nuclear generation to power AI infrastructure and data centres, QLE is positioned as a future supplier of critical fuel and an enabler of the world's most advanced energy and data ecosystems. This convergence of regulatory progress, industrial partnerships, and robust market demand positions QLE to be part of the global nuclear renaissance.
PET Labs continues to make continued progress and is on track to dispense a record number of doses in 2025.
PET Labs continues to deliver outstanding progress with its second cyclotron operational as of July following an 18-month commissioning phase. With its current cyclotron already operating at peak utilisation, frequently completing four production runs nightly, the business is meeting record demand. Last week, PET Labs became authorized and able to dispense SPECT radioisotopes (in addition to PET radioisotopes) and this will likely drive a strong uptick in deliveries during 4Q 2025. We are proud that PET Labs provides all treatments to children under 18 entirely free of charge, ensuring no child is denied access to critical care due to family financial constraints. This initiative has generated immense goodwill in South Africa and strengthened the Company's relationship with the government, enhancing its position as it pursues further growth opportunities both organically and through acquisitions.
Our relationship with IsoBio is expected to be transformational for the Company. IsoBio, backed by PET Labs and ASP Isotopes, is building a best-in-class pipeline of radiotherapeutics targeting difficult-to-treat tumours using Lutetium-177, Actinium-225, Terbium-161 and other cutting-edge radioisotopes. By integrating IsoBio's proprietary antibody isotope conjugate platform with PET Labs' secure isotope supply chain, the group mitigates one of the largest risks facing radiotherapy developers and positions itself with a unique competitive advantage. Led by seasoned biotech executive Dr Bruce Turner and supported by world class oncology and nuclear medicine experts, IsoBio is poised to advance highly differentiated therapies into the clinic, while PET Labs progresses its own biotech assets towards human trials in 2026. Together these initiatives create a compelling global growth story in precision oncology.
Renergen merger on track for a 3Q 2025 close
We have now received all bar one of the regulatory approvals we require to close the Renergen merger, and we continue to expect the merger to close during 3Q 2025. The combination of these two highly complementary businesses aims to create a global leader in the production of critical and strategically important materials, including electronic gases such as helium, various fluorinated products and isotopically enriched gases. The combination is expected to create a vertically and horizontally integrated supply chain with significant geographic and customer overlap with substantial synergies expected from 2026.
In 2025 the world helium markets saw upward pressure on pricing, with some minor supply chain disruptions and increased demand in the electronics sector. We are seeing a new geopolitical trend with nations pushing to establish dominance and independence with respect to semiconductor manufacturing. This is particularly true for the US, China, Japan, Taiwan and South Korea. Initiatives such as the US CHIPS Act onshoring fabrication, and China pushing towards onshoring chips away from Taiwanese imports, the increased demand for raw materials to feed these new installations is likely going to have a medium to long term impact.
In anticipation of the proposed merger, the Renergen team have been supported by the ASPI team, including process engineering and upstream development expertise. Renergen has engaged Kinley Exploration to conduct all seismic activity and guidance on drilling and the group now has seven active drilling units on site. Enabled by our bridge loan to Renergen and acceleration of the project, we now expect Renergen to deliver at least $20 million in revenues during 2026 and be cash flow positive. The transaction is expected to be highly accretive to ASPI's revenue, EBITDA, earnings per share and cash flow per share during 2026.
Longer term expectations
The goal of the combined group is to generate over $300 million in EBITDA in 2030, which is expected to be driven by a mix of isotopes, helium and LNG sales into the South African energy market, based on management's current estimates, expectations and assumptions regarding the execution on ASP Isotopes's and Renergen's businesses strategies. During November we will likely host an analyst event where we will provide a path to this EBITDA target. As investors, you will then be able to track our progress against this path to more accurately model how we expect the Company's financial results to develop during the next several years.
On August 27, 2025 ASPI Listed on the Johannesburg Stock Exchange.
On August 27, 2025, we listed our securities on the Main Board of the Johannesburg Stock Exchange under the abbreviated name "ASPI", share code "ISO" and international securities identification number US00218A1051. ASPI's history and technology is firmly rooted in South Africa and has been developed over four years by the Company's highly skilled South African team members.
ASPI believes that admission to trading of its shares on the JSE will be beneficial to the Company and its stakeholders as it will enhance liquidity for shareholders, diversify the Company's shareholder base and position ASPI for growth, by providing access to another deep capital market. The Company expects strong interest and support for a JSE listing from South African institutional investors.
The Company intends to acquire Renergen via a scheme of arrangement with the goal of creating a global critical materials company. Renergen Shareholders approved the resolution relating to the approval of the Scheme (with a 99.8% majority) at the Renergen general meeting held on July 10, 2025. Because the Company has not raised any capital with this listing, until such time as the Scheme is implemented, the Company expects trading in its shares on the JSE to be limited.
We have expanded our management team
When we incorporated the Company in September, 2021, there were just two employees. Now we have over 170 employees with over 20% having a PhD and 50% having an advanced degree.
Over the past 18 months, ASP Isotopes has significantly broadened and strengthened its management team, particularly at the senior level.
Strengthening the C-Suite
Broadening the Wider Management Team
Preparing QLE for Public Listing
In parallel, significant focus has been placed on building a highly capable scientific and management team to lead QLE into its public listing.
Leadership Transition: Earlier this year, Paul Mann announced that he has handed over the CEO role to Dr. Ryno Pretorius, while remaining as Chairman of QLE.
Dr. Ryno Pretorius (CEO, May 2025): A graduate in chemical engineering from Pretoria University, specialising in fluorochemical engineering, Dr. Pretorius has over 15 years' experience in technology scale-up. His career includes four years at Necsa (South African Nuclear Energy Company) in Pelindaba, where he developed a deep understanding of the nuclear fuel supply chain and fluorination's role in nuclear fuel production. For the past decade, he has served as Technical Director and CEO of Free Radical Process Design, a global consultancy in engineering technology development and evaluation. There, he led teams of engineers and chemists in solving complex technical challenges for clients worldwide. Importantly, Free Radical Process Design has been one of ASP Isotopes' key consultants in tackling engineering challenges linked to isotope enrichment facilities.
Finance Leadership: The Company recently hired a CFO for QLE who is set to commence on October 1, 2025, to further strengthen the team ahead of the IPO. This individual has over 30 years of experience in accounting and public company reporting. We will announce his name during September when his current clients have been informed.
The expansion of the senior teams at both ASP Isotopes and Quantum Leap Energy reflects a deliberate strategy to equip the businesses with the depth of expertise needed to execute on ambitious growth plans. At ASP Isotopes, the strengthening of the C-suite and wider management team brings operational, legal, financial, and commercial firepower to support international expansion. At QLE, the appointment of Dr. Ryno Pretorius as CEO, alongside an imminent CFO hire, ensures world-class scientific and financial leadership as the company prepares for its IPO.
Together, these developments underscore a clear commitment to building resilient, high-calibre organizations that are positioned to scale rapidly, deliver on their technological edge, and create long-term shareholder value.
Investor Relations/Communications - Institutional Ownership now over 70%
ASP Isotopes values transparency and open communication with all stakeholders and counterparties and we regularly host investors and other stakeholders at its facilities most recently in the week of 25th August. We have now hosted five investor access events over the last 18 months.
Over 100 institutional investors have now visited our facilities in South Africa.
Our next investor access event will be in Pretoria on 12th and 13th November 2025, with a second trip to follow around Indaba Feb 2026. Investors wishing to join should contact Viktor Petkov on vpetkov@aspisotopes.com to reserve a place.
Quarterly Reporting: As part of our expansion of Investor Relations and Communications, we will now be doing quarterly online presentations and Q&A sessions to go through numbers and updates for investors. The first of these will be in November. Full access details will be released on our website nearer to the date.
Bloomberg now shows that 74.3% of the Company are owned by institutional investors plus insiders.
If you would like to learn more about our Company, please visit our corporate website and make sure to follow us on our social media channels.
Thank you for your continued interest and support.
Paul E. Mann
Chairman and Chief Executive Officer
Posted In: ASPI
