Slides
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Capital Markets Day September 8, 2026 ASP ISOTOPES INC. NASDAQ: ASPI
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Forward-looking Statements This presentation contains, and our officers and representatives may from time to time make, “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Forward-looking statements can be identified by words such as “believes,” “plans,” “anticipates,” “expects,” “estimates,” “projects,” “will,” “may,” “might,” and words of a similar nature. Examples of forward-looking statements include, among others but are not limited to: the anticipated production quantities and timing for the commencement of commercial supply of enriched isotopes to customers; the construction of additional enrichment facilities; the expected growth of the radiopharmacy business; the anticipated progress and timing for completion of Phase 1 and commencement of Phase 2 of the Virginia Gas Project; the ability to fund completion of the development of the Virginia Gas Project (including the ability to negotiate and enter into binding definitive agreements with the U.S. DFC and Standard Bank SA for senior debt funding for Phase 2 of the Virginia Gas Project); the overall project scope, size, design and product mix of future phases of the Virginia Gas Project; the anticipated production quantities and supply of helium and LNG upon completion of Phase 1 and 2 of the Virginia Gas Project; the impact of the conflict in the Middle East and the closure of the Strait of Hormuz on the helium market; the completion of the Noble Africa reverse merger and private placement and other transactions in the anticipated timeframe or at all; expectations regarding the structure, timing and completion of the Noble Africa reverse merger, including investment amounts from investors, timing of closing of the Noble Africa reverse merger, expected proceeds, expectations regarding the use of proceeds, and impact on ownership structure; the Noble Africa reverse merger and the expected effects, perceived benefits or opportunities of the Noble Africa reverse merger; the combined company’s listing on Nasdaq after the closing of the Noble Africa reverse merger; the anticipated timing of the closing of the Noble Africa reverse merger; the plans for QLE to be a standalone public company or for ASPI to make a future distribution of QLE common equity to ASPI’s stockholders; the anticipated timing to advance drug candidates towards human clinical trials and the plans to create a pipeline of VHH; the outcome of QLE’s initiative to commence enrichment of uranium in South Africa and the company’s discussions with nuclear regulators in South Africa, the United States or the United Kingdom; the outcome of QLE’s collaboration with The South African Nuclear Energy Corporation (Necsa); the commencement of research, development and production activities in the United States or the United Kingdom; QLE’s anticipated growth strategies and anticipated trends in QLE’s business; statements relating to QLE’s strategic partnerships or commercial initiatives and relationships with Fermi America, TerraPower and Necsa; the application of new technology for the enrichment of isotopes; the planned construction of additional isotope enrichment facilities; and statements we make regarding expected operating results, such as future revenues and prospects from the potential commercialization of enriched isotopes or helium and LNG, future performance under contracts, and our strategies for product development or extraction of resources, engaging with potential customers, market position, and financial results. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, many of which are outside our control. Our actual results, financial condition, and events may differ materially from those indicated in the forward-looking statements based upon a number of factors. Forward-looking statements are not a guarantee of future performance or developments. You are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. Therefore, you should not rely on any of these forward-looking statements.
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There are many important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements, including, but not limited to: the outcomes of various strategies and projects undertaken by the Company; the potential impact of laws or government regulations or policies in South Africa, the United Kingdom or elsewhere; our future capital requirements and sources and uses of cash; our ability to obtain funding for our operations and future growth; our ability to negotiate and enter into binding definitive agreements with U.S. DFC and Standard Bank SA for senior debt funding for Phase 2 of the Virginia Gas Project on terms that are favorable, or at all; changes made by management to the overall project scope, size, design, sequencing or product mix of future phases of the Virginia Gas Project following completion of management's pre- development activities and plant design optimization processes; whether we succeed in obtaining permissions and regulatory approvals required to test and develop our enrichment technologies on uranium in South Africa, the United Kingdom or elsewhere; our reliance on the efforts of third parties; our ability to complete the proposed construction and commissioning of our enrichment plant(s) or to commercialize isotopes using the ASP technology or the Quantum Enrichment Process; our ability to obtain regulatory approvals for the production and distribution of isotopes; the financial terms of any current and future commercial arrangements; our ability to complete certain transactions and realize anticipated benefits from acquisitions; contracts, dependence on our Intellectual Property (IP) rights, certain IP rights of third parties; the competitive nature of our industry; risks related to the consummation of the proposed reverse merger of Noble Africa with ENDRA Life Sciences in the anticipated timeframe, if at all; the failure to obtain necessary regulatory approvals and third party consents; if consummated, the ability to realize the anticipated benefits of the proposed reverse merger of Noble Africa with ENDRA; the ability to successfully integrate the businesses; disruption from the proposed reverse merger of Noble Africa with ENDRA making it more difficult to maintain business and operational relationships; the negative effects of the consummation of the proposed reverse merger of Noble Africa with ENDRA on the market price of Noble Africa’s or ASPI’s securities; the risk that the proposed financings are not completed in a timely manner, if at all; risks related to ENDRA’s continued listing on Nasdaq until closing of the proposed reverse merger and the combined company’s ability to remain listed following the closing of the reverse merger; significant transaction costs and unknown liabilities, and litigation or regulatory actions related to the proposed reverse merger of Noble Africa with ENDRA; and the factors disclosed in Part I, Item 1A. “Risk Factors” of the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and any amendments thereto and in the company’s subsequent reports and filings with the U.S. Securities and Exchange Commission. All forward-looking statements are qualified by reference to the cautionary statements set forth herein and should not be relied upon. This presentation includes market and industry data and forecasts that we obtained from internal research, publicly available information and industry publications and surveys. Such information could be wrong because of the method by which sources obtained their data and because information cannot always be verified with certainty due to the limits on the availability and reliability of raw data, the voluntary nature of the data-gathering process and other limitations and uncertainties. The financial outlook and projections, estimates and targets in this presentation are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainty and contingencies, many of which are beyond ASP Isotopes’ control. Any such calculation, at this time, would imply a degree of precision that could be confusing or misleading to investors. ASP Isotopes' independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the financial projections for purposes of inclusion in this presentation, and, accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purposes of this presentation. While all financial projections, estimates and targets are necessarily speculative, ASP Isotopes believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results for ASP Isotopes and its subsidiaries are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this presentation should not be regarded as an indication that ASP Isotopes, or its representatives, considered or consider the financial projections, estimates or targets to be a reliable prediction of future events. Further, inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. Forward-looking Statements
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3:00 pm Focus, Delivery and Value Creation 3:10 pm R&D and Engineering 3:30 pm Stable Isotope: Operational Update 3:40 pm Isotope Legislative Environment 3:45 pm Nuclear Medicine: Radiopharmacies/ PET Labs 3:55 pm Nuclear Medicine: Alpa Theranostics 4:10 pm Helium and LNG: Noble Africa 4:30 pm Electronics 4:40 pm Nuclear Fuels: Quantum Leap Energy 5:00 pm Financial Outlook 5:05 pm Panel and Audience Q&A 5:25 pm Closing Remarks Agenda
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Our Speakers Today Paul Mann Executive Chairman & CEO Robbert Ainscow COO Heather Kiessling CFO Michael Cunniffe CFO, QLE Dr Ignatius Ferreira Head of R&D Nick Mitchell COO of Renergen and Noble Africa Viktor Petkov CCO Dr Ryno Pretorius CEO, QLE Dr Gerard Puts Principal Process Engineer Natalie Grancharov Camacho VP of BD Dr Johannes Van Tonder CQO, PET Labs Martin Magwaza President, Alpa Theranostics
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Focus, Delivery and Value Creation Paul Mann EXECUTIVE CHAIRMAN AND CEO
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OVERVIEW Four Operating Businesses, Built Since 2021 PROFILE FOUNDED 2021 LISTED ASPI NASDAQ, IPO 2022 HEADQUARTERS Dallas, Texas OPERATIONS Pretoria & Welkom, South Africa EMPLOYEES 400+ Mainly scientists, engineers and operators CASH POSITION (AS OF JUNE 30, 2026) $254.9M cash + cash equivalents BUSINESS DIVISIONS Nuclear Medicine · Electronics · Noble Africa · Nuclear Fuels (QLE) WHERE WE ARE TODAY 3 + 1 Enrichment plants in Pretoria, plus the Welkom gas plant $5.1M 2Q 2026 revenue $345M+ Capital raised during 2025 4 Operating businesses IN PRODUCTION Silicon-28 · Carbon-14 · Ytterbium-176 · Helium & LNG IN DEVELOPMENT HALEU · Lithium-6 · Gd-160 · Zn-68 · Ni-64 & electronic gases >$300M EBITDA target for 2031 >$14M FY2026 forecast EBITDA is a non-GAAP financial measure and is defined as net income before interest, taxes, depreciation and amortization. We have not provided a reconciliation between our targets for EBITDA and net income (loss), the most directly comparable GAAP measure, because applicable information for future periods, on which this reconciliation would be based, is not available without unreasonable effort due to the unavailability of reliable estimates for selling prices of our commercial products and costs of production and extraction, among other items. These items may vary greatly between periods and could significantly impact future financial results. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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WHY NOW Structural Shortages, All Running at Once ASP Isotopes sits upstream of three of these shortages through enrichment and owns the gas field behind the fourth. HALEU demand per US Department of Energy. Helium supply per Specialty Gas News. Nuclear Medicine PET Labs + Alpa Theranostics 100s radioligand drugs in clinical trials, against a handful approved today Every approval multiplies the isotope volume the world needs. • Lu-177 chain depends on enriched Yb- 176 • Repeated isotope supply outages • Scanner access limits patients Electronics Si-28, C-12, specialist gases +10-20% supporting Quantum Computing Material, not engineering: heat and nuclear spin limit chips as they stack. • No viable enriched silane supplier today • Three signed Si-28 contracts Nuclear Fuels (QLE) HALEU for the SMR fleet >$30B a year of U.S. HALEU demand expected by 2050, from 50t in 2035 Western capacity for it is only now being built. • SMR fleet fuel demand • Reshoring the fuel cycle Noble Africa Helium and LNG ~50% of global helium supply estimated to be offline today Helium cannot be manufactured, and MRI, semiconductor fabs and launch have no substitute. • ~76% of global supply from the U.S. and Qatar • First Phase 1 offtake above $600/Mcf • Russian export controls; China export ban Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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STRATEGY · HOW WE CREATE SHAREHOLDER VALUE Acquire Undervalued Assets. Rebuild. Execute. Bought for a fraction of replacement cost, with the value created by finishing what the previous owner could not. PET Labs: ASPI also holds an option to acquire the remaining 49% for $2.2 million, exercisable by January 31, 2027. Molybdos assets Pretoria, 2021 ~$734K • Carbon-14 take-or-pay signed. • Enriching Carbon-12 while C-14 feedstock arrives Klydon plant & IP Pretoria, 2022–23 ~$364K For a dormant plant • Si-28 at 98% across 48 stages, three contracts signed. • QLE pursuing its own listing. PET Labs Pretoria, 51% stake, 2023 ~$2M For a niche operator • Tens of thousands of doses delivered to date. • Under-18s in South Africa treated free. Noble Africa ASPI's acquisition of Renergen closed January 2026 14.27M shares of ASP Isotopes For a world-class gas asset • ~~3% helium reserve vs. global mega-projects as low as 0.04%. • First production to commence before September 30, 2026. UNDERVALUED ASSET WHAT WE PAID WHERE IT IS TODAY Recommissioned the plant, licensed the ASP technology, brought the team in-house Restarted the plant, secured the IP, and built Quantum Enrichment on the same base i.e. the origin of QLE. Expanded to four radiopharmacies. Restarted drilling and reached the flow rate needed for nameplate. Tie-ins underway. WHAT WE DID WITH IT NOW WE EXECUTE Isotopes to market at volume, expand radiopharmacy network global, and Noble Africa built to nameplate capacity, where the asset funds itself. Then unlock QLE value. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering For a business-rescue auction
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EXECUTION Three Plants Constructed and Operating Carbon-14 Pretoria, South Africa OPERATING First ASP plant. Commercial production, sold under a multi-year take-or-pay agreement. Silicon-28 Pretoria, South Africa OPERATING Second ASP plant. Commercial production, with three customer supply contracts signed. Ytterbium-176 Pretoria, South Africa OPERATING First Quantum Enrichment plant. Three enrichment plants operating: all in Pretoria, all built by the same team on the same technology base. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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EXECUTION Constructed, Operating and Generating Revenue Today NuMed | ECNP US RADIOPHARMACY NETWORK Noble Africa Welkom, South Africa REVENUE GENERATING Noble Africa is a liquefied helium (LHe) and liquefied natural gas (LNG) producer with the country's only onshore Petroleum Production Right. PET Labs Pretoria, South Africa REVENUE GENERATING PET Labs is a South African radiopharmaceutical production company, dedicated to nuclear medicine and the science of pharmaceutical production. Radiopharmacies United States REVENUE GENERATING Acquired radiopharmacies serving U.S. hospitals, with dose volumes growing as additional cyclotrons come online. Three assets capable of generating revenue: enrichment in South Africa, radiopharmaceutical production, and a growing global radiopharmacy network. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Revenue Timing GROUP $5.1M revenue in Q2 2026 2H 2026 2027 2028 2029+ Radiopharmaceuticals South Africa and U.S. Shipping today We forecast that PET Labs is on track to deliver FY 2026 revenues of approximately $14 million, up from $6 million in 2025 LNG LNG shipping today Si-28 First shipments 2H 2026 First helium weeks away Yb-176 C-14 First shipments 2H 2026 First shipments 2H 2026 Revenue today Ramping now Future revenue Helium At current expected prices, annualized forecasted helium and LNG revenues are expected to be approximately $27 million after the expected completion of Phase 1.1 1 We anticipate that Phase 1 will reach a planned production capacity of 2,500GJ of LNG and 70 mcf of LHe per day. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Where we Stand, and What to Watch THE OPPORTUNITY WHAT WE HAVE BUILT WHAT TO WATCH Shortages that will not resolve on their own • Nuclear medicine, electronics, nuclear fuel and helium are all structurally short of supply. • Demand is set; new capacity is scarce and slow to build. Plants that are constructed, not rendered • Enrichment plants in Pretoria and the Virginia Gas Project plant are constructed and operating. • PET Labs is producing and delivering doses to patients today. Milestones expected in 2H 2026 • First helium production • First commercial isotope shipments • Noble Africa Nasdaq listing via ENDRA • QLE listing process continuing Our singular focus in 2026 is execution. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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R&D and Engineering Dr. Ignis Ferreira & Dr Gerard Puts Dr. Ignis Ferreira Head of Research and Development Dr Gerard Puts Principal Process Engineer
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THE BASICS What an Isotope is, and Why Separating Them is Hard 01 · SAME ELEMENT, DIFFERENT WEIGHT Silicon always has 14 protons. Change the neutron count and you have a different isotope — chemically identical, slightly heavier. Nature delivers all three pre-mixed. 28Si 14 p · 14 n 92.2% 29Si 14 p · 15 n 4.7% 30Si 14 p · 16 n 3.1% protons neutrons natural abundance 02 · ENRICHMENT IS THE WHOLE BUSINESS 92.2% as mined → >99% customer specification No chemistry can do it — only a one-neutron mass difference, exploited thousands of times over. That difficulty is the barrier to entry. 03 · STABLE ISOTOPES FEED RADIOISOTOPES Nearly every medical radioisotope begins as an enriched stable isotope. We supply the front of that chain. Stable Radio Clinical use Yb-176 Lu-177 Prostate cancer and neuroendocrine tumors Ni-64 Cu-64 PET imaging and radiotherapy Zn-68 Ga-68 PET imaging Gd-160 Tb-161 Small and metastatic tumors Mo-100 Tc-99m SPECT — the most-used medical isotope O-18 F-18 PET imaging 01 FEEDSTOCK A gas or compound at natural abundance — silicon is ~92% Si-28, ytterbium ~13% Yb- 176. 02 SEPARATE Aerodynamic forces or tuned lasers pull the target isotope out of the mixture. 03 CONCENTRATE Repeat in stages until purity targets are met — Yb-176 toward 99.75%. 04 DELIVER Qualified material into medical, semiconductor and nuclear-fuel supply chains that already exist. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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TECHNOLOGY Two Complementary Enrichment Platforms ASP Aerodynamic Separation Process Gaseous diffusion through a stationary-wall centrifuge paired with proprietary flow directors separates isotopes by atomic mass. Best suited to lighter gases. KEY ADVANTAGES Best-in-class for lighter gases — Si-28, C-12, C-14 Scalable volume production Superior cost versus competitors globally QE Quantum Enrichment Precisely tuned lasers exploit unique transition energies to ionize only the target isotope, which is drawn onto a charge collector. Ideal for heavier metals. KEY ADVANTAGES Most metals enrichable — Yb-176, Li-6/7 and others Extremely capital light High selectivity for precise isotope targeting 10 Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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QE: One Laser Step Unlocks Most Elements Source parameters Optical system Target requirements Laser System Target VesselOptical System QUANTUM ENRICHMENT SYSTEM 01 02 03 HOW IT WORKS Every isotope absorbs light at a slightly different frequency. Tuned lasers ionize only the target atoms, which are then separated electrically. WHY IT IS EFFICIENT Selectivity is high enough to reach the desired enrichment in a single step. WHY IT MATTERS Derived from AVLIS, the method can in principle separate isotopes of most elements, giving many product markets from one platform. TECHNOLOGY Tuned lasers pick out a single isotope with high selectivity, in one step, across most elements. AVLIS: Atomic Vapour Laser Isotope Separation Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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ASP: Capital-light by Design - Two Stages, One Separator STAGE 1 · STATIONARY WALL CENTRIFUGE STAGE 2 · NOZZLE AND FLOW DIRECTORS Stage 1 + Stage 2 = one separator unit. WHY IT MATTERS — Pressurized flow through a cylindrical wall for centrifugal isotopic separation — Separation by “pressure-diffusion”: heavier species migrate outward, lighter species to the inside — No moving parts vs. a conventional centrifuge; no unique materials required — Highly engineered nozzles and valves add substantial enrichment beyond a standard centrifuge — Enrichment of lighter isotopes, and at high temperatures — Schematic shown is the Becker nozzle; our own nozzle designs are not disclosed Capital-light Cost-efficient at small scale, with no moving parts and no unique materials required Modular capacity Small production modules → flexible capacity deployment; can be scaled up from lower initial capacity Low energy cost High separation efficiency, enrichment of lighter isotopes and at high temperatures Proven breadth Demonstrated cost efficiency for silicon, carbon, oxygen, zirconium and molybdenum, and the separation of gases Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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ASP Technology: In Operation Stage Stage Stage Stage Stage Stage Stage Stage Stage Stage Stage y x y x y x y x y x y x y x y x y x y x y x y x y x Tails F GS Product Number of stages depends on the targeted product The enrichment compounds across the cascade. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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R&D AND ENGINEERING · PROCESS From Theory to an Operating Plant, Stage by Stage The same team carries an isotope from a first-principles model to a plant handed over to operations — nothing in the chain is handed to a third party. No license fees The science and the designs are ours — no royalty leaks to a third party. Cost and schedule ours Three plants built in three years with in- house EPCM. No vendor bottleneck Where no supplier exists, we build the instrument ourselves. 01 Theoretical development 02 Design and simulations 03 Demonstration model and prototype 04 Performance verification 05 Analytical quantification 06 Design finalization 07 Modular upscale 08 Assembly of manufactured parts 09 Hand-over to operations Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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R&D AND ENGINEERING · THE BENCH AND THE CAPABILITIES Scientists and Engineers in One Integrated Group Isotope separation is not bought in. Every stage — theory, simulation, test bench, fabrication, commissioning — is staffed inside ASP Isotopes. Full capability detail is in the appendix. R&D team Pretoria — science and separation physics — PhD-level scientists in separation physics and chemistry — Engineers, physicist and a mathematician working side by side — Analytical chemistry and gas characterization in-house — Standing collaborations with local universities, adding post-doctorals and PhD students CAPABILITIES Separation science · Design & simulation · Experimental design · Performance verification · Analytical quantification The people who invented this separation technology now industrialize it — inside the company. Engineering team EPCM delivered in-house, not outsourced — Process, mechanical, EC&I and nuclear engineering under one roof — Project management, controls and software delivered internally — Full EPCM — we design, procure and commission our own plants — Headcount has grown every year in step with the project pipeline CAPABILITIES Process engineering · Mechanical & controls · Fabrication & manufacturing · Delivery & commissioning · Nuclear licensing support Engineering scales ahead of the plants, not behind them. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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R&D AND ENGINEERING · INNOVATION When the Market Cannot Supply it, We Design it and We Make it Vendor equipment brought long lead times, material incompatibility and poor reliability in corrosive gas service. Rather thanaccept them, we built the instruments ourselves and the workshop that produces them now supplies parts across every project. Manufacturing floor — CNC machining and laser cutting — Laser welding and coded TIG / MIG — 3D printing for rapid prototyping — Design, programming and QC station What it produces — Separator elements and cascade segments — Cryogenic desublimers and condensers — Instrumentation, valves and flow elements — R&D parts and equipment modifications Why it matters — Lead times measured in weeks, not quarters — Materials chosen for corrosive service — Design changes proven and rolled out fast — Support plant construction and maintenance in- house Four instruments built in Pretoria BUILT IN - HOUSE Molar mass meter OURS VS OEM PAR control valve Off-the-shelf PWM valves failed in severe gas service. The pneumatic actuated regulating valve handles any gas mixture with a wide control range. BUILT IN - HOUSE Orifice flow meter OWN DESIGN Oil-free compressors Hook-and-claw and high-pressure diaphragm compressors, hermetically sealed, developed in-house for isotope service. OEM units could not handle corrosive service. Ours measures any binary gas mixture continuously, with PLC integration and materially better accuracy. Vendor mass flow meters were unreliable at very low flows and varying pressure. In- house laminar flow element, dP cells and temperature compensation replaced them. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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R&D AND ENGINEERING · DELIVERY Examples of Engineering We Have Worked on and Working on in Future Capability only counts if it ships. These are live engineering projects, each staffed by the same in-house team. Carbon-14 BUILDING 29, CSIR, PRETORIA — Conversion of existing O-18 and Si-28 pilot plants — Additional identical stages added — Step change in separation capacity — Re-certification of separators for C-14 service Silicon-28 KOEDOESPOORT, PRETORIA — Targeting ultra-high isotopic purity — Cryogenic gas separator, supercritical storage — State-of-the-art high-speed centrifugal compressors — Commissioning in progress Yb-176 Mark 2 laser vessel PRETORIA — Next-generation vessel for laser isotope separation — Higher mass throughput — Higher enrichment efficiency Actinides SOUTH AFRICA — Processing and enrichment projects — National Nuclear Regulator licensing in progress — Fluorine flame tower Manufacturing & support KOEDOESPOORT, PRETORIA — Dedicated fabrication and machining facility — R&D parts manufacturing and equipment modification — Support plant construction and maintenance Multi-isotope facility KEFLAVÍK, ICELAND — Zn-68, Si-28, Xe-129, Mo-100 and others — Basic engineering in progress — Modules built in South Africa — Assembly and commissioning in Iceland CURRENT FUTURE Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Carbon-14 Plant, as Built R&D AND ENGINEERING · PROJECTS 01 · Complete plant layout 02 03 Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Silicon-28 Plant, as Built R&D AND ENGINEERING · PROJECTS 01 · Complete plant layout 02 03 04 Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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R&D AND ENGINEERING · CONCLUSION Capability We Own, Not Capability We Buy 01 Separation is the barrier and we clear it economically 02 Flexible technology base 03 We own the engineering, so the roadmap moves at our pace 04 Every build compounds into the next Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Stable Isotope Operations Update Paul Mann EXECUTIVE CHAIRMAN AND CEO
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ENRICHMENT PROCESS Fewer and fewer campaigns are required for each incremental level. Enrichment is Conducted in “Batch Runs” or “Campaigns” • Each campaign incrementally increases the enrichment towards the end target • Campaigns are run sequentially 92.235 98.390 99.604 99.898 99.973 99.995 91 93 95 97 99 101 0 50 100 150 200 250 300 % Abundance Si28 Time 104 Enrichment Stages Campaign 1 Campaign 2 Campaign 3 Campaign 4 Campaign 5 92.235 95.703 97.424 98.316 98.803 99.079 91 92 93 94 95 96 97 98 99 100 101 0 50 100 150 200 250 300 % Abundance Si28 Time 42 Enrichment Stages* Campaign 1 Campaign 2 Campaign 3 Campaign 4 Campaign 5 Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering *Si-28 enrichment data for 42 stages is internal data recorded by the company. Si-28 enrichment data for 104 stages are projections to produce 99.995% purity product.
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Plant Results Are In Line With Theoretical Calculations PLANT PERFORMANCE VALIDATION • Batch Run 1 measured 95.706% vs. 95.703% theoretical — a 0.003pp variance Measured plant output matches the model — de-risking scale-up of Si-28 enrichment. 104 Enrichment Stages* 42 Enrichment Stages Batch Run Start End Start End Batch Run 1 92.235 98.390 92.235 95.703 Batch Run 2 98.390 99.604 95.703 97.424 Batch Run 3 99.604 99.898 97.424 98.316 Batch Run 4 99.898 99.973 98.316 98.803 Batch Run 5 99.973 99.995 98.803 99.079 THEORETICAL VS. ACTUAL Theoretical (42 stages) 95.703 Actual — measured 95.706 Variance of just 0.003pp 92.235% = natural abundance of 28Si *Si-28 enrichment data for 42 stages is internal data recorded by the company. Si-28 enrichment data for 104 stages are projections to produce 99.995% purity product. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Plant Reliability Improved From 58% to 90% in Three Months SILICON - 28 — OPERATIONAL PERFORMANCE Uptime up 32pp since May — with 97% of breakdown hours traced to a single equipment class Downtime is concentrated and addressable — compressor remediation is the path to sustained >90% uptime. 58% 80% 90% 0% 20% 40% 60% 80% 100% May June July Plant Uptime (% of Available Hours) CAUSE OF BREAKDOWN HOURS Compressors – Mechanical 86% Compressors – ECI 11% Other 3% 97% of downtime sits in compressors — a single, addressable root cause Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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In-House Compressor Design Solves the OEM Reliability Constraint COMPRESSOR REDESIGN — IN - HOUSE ENGINEERING • Replacing the OEM centrifugal unit with ASPI’s own barrelled design — how we solve the problems found with OEM compressors Owning the compressor design removes the primary downtime driver and structurally lowers operating costs. OEM SUPPLIED · CENTRIFUGAL COMPRESSOR ASPI DESIGNED · BARRELLED COMPRESSOR Hermetic Helium-tight sealing +60% Improved flow rate +40% Improved pressure ratio 40–60% Reduction in energy consumption Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Quantum Enrichment has Successfully Been Applied to Ytterbium Yb-176 isotope >13% Yb-176 isotope >94% b =107 Feedstock Product QUANTUM ENRICHMENT — YTTERBIUM SEPARATION A demonstrated separation step concentrates Yb-176 from >13% feedstock to >94% product Quantum Enrichment demonstrates a step-change in Yb-176 concentration. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Now we Scale it up into a Commercial Process PRODUCTION SCALE-UP — COMMERCIAL PROCESS Moving from a 3-hour batch vessel to a continuously operating commercial production line Second-generation vessel scales output through continuous processing, not more batch cycles. 1ST GENERATION PRODUCTION VESSEL 2ND GENERATION PRODUCTION VESSEL 3-hour batch, 3x per week Continuous Processing Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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01 TECHNOLOGY PROVEN 02 COMMERCIAL SCALE-UP Scaling into commercial processes has been challenging. We have now successfully cleared that hurdle. 03 CONTINUOUS IMPROVEMENT We are continually improving the process efficiency, which we expect to reduce production costs over time. ASP ISOTOPES — ENRICHMENT PROGRAMME Two proven enrichment technologies, now operating at commercial scale — with unit costs falling as efficiency compounds. The Aerodynamic Separation Process and Quantum Enrichment have both been developed to successfully enrich isotopes. Proven Technology, Scaling into Commercial Process Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Isotope Legislative Environment Robert Ainscow CHIEF OPERATING OFFICER
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Intellectual Property Strategy 01 Location to own / Location to use 02 First Principles Technology Development 03 Unregistered IP: Protection of Know-how & Trade Secrets 04 Registered IP: Patent Protection of Non-Controlled Technology Layered protection combines guarded know-how with patents for non-controlled technology. 05 Dedicated IP and Specialist Nuclear Regulatory Counsel Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Regulatory Environment Non-Proliferation Treaty (NPT) • IAEA – Vienna • Signatory Countries Local Authorities • Inspection Controlled Technology • Cross-border Technology Transfer • Safeguards Compliance Dual-use Technology • Capable of being repurposed for weapons • Comprehensive Safeguards • Includes Centrifuge and Laser Technology Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Nuclear Medicine: Pet Labs Dr. Johannes van Tonder & Paul Mann CHIEF QUALITY OFFICER, PET LABS
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PET LABS · PRETORIA Radiopharmacy Running at Commercial Scale Four radiopharmacies >10,000 doses delivered >$14M FY 2026 forecast revenue
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7 PET Labs – Symbiotic Relationship with ASP Isotopes END MARKETS ISOTOPE ENRICHMENT Carbon-Dating Pharmacokinetic Tracing Oncology Treatment (Non-Hodgkin lymphoma, Prostate Cancer, NETs) Oncology Treatment (Neuroendocrine Tumors NETs) SPECT Scan Imaging PET Scan imaging Oncology Treatment RADIOISOTOPES 14C 14C 98Mo 100Mo 67Zn 68Zn 64Ni 176Yb 99Tc 67Cu 68Ga 64Cu 177Lu Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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DIAGNOSTICS THERANOSTICS "See what you treat,treat what you see" THERAPEUTICS Theranostics Targeted radioligand delivery PET scan maps exact tumor sites. — PET & SPECT scanners: Detect radioactive decay from injected radiotracers. — Target verification: Confirms receptor overexpression in primary and metastatic lesions. — Treatment qualification: Screens out non-responders before drug delivery. Therapeutic radiopharmaceuticals deliver targeted radiation to tumor antigens. — Receptor binding: Molecules bind specific tumor receptors (e.g. PSMA). — Localized cytotoxicity: Short-range emission breaks tumor DNA. — Systemic clearance: Successive cycles cut tumor burden while sparing vital organs. DIAGNOSE AND TREAT WITH THE SAME MOLECULE Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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From Cyclotron to Scan, Inside our Radiopharmacy Cyclotron — PET Labs Hot cells — PET Labs Tracer injection — clinic PET/SPECT scan — imaging suite 01 CREATE THE CYCLOTRON Isotope production — A particle accelerator makes short- lived isotopes — Accelerates protons in a spiral — Smashes them into target atoms — Yields radioisotope e.g., Fluorine-18 02 TAG THE HOT CELLS Radiotracer assembly — Fluorine-18 bound to vector e.g., glucose to form the tracer — Half-life 110 minutes — Every step after this is a race 03 TARGET THE PATIENT Tracer injection — Tracer injected into the patient — Vector attaches to fast-growing cancer cells — Radioisotopes concentrates in tumor cell 04 IMAGE THE PET SCANNER Decay and detection — Positrons collide with electrons in tissue — Gamma rays fire 180° apart — Ring detectors reconstruct a 3D image — Able to detect and characterize tumors Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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MARKET PET Labs Operates in the Commercial Radiopharmacy Sector 2026 forecasts $33bn Global nuclear medicine market estimate $13.5bn $12.5bn $7.0bn Equipment sales $13.5bn Global radiopharmaceuticals market estimate $5.8bn Commercial radiopharmacy revenues $6.2bn $1.5bn Academic / in-house $5.8bn Global commercial radiopharmacy market Estimate of PET Labs’ global addressable market Sources: Management estimates based on Grand View (total NM), MarketsandMarkets (equipment), Mordor & Data Bridge (radiopharma end-market), Research & Markets/InsightAce (nuclear-pharmacy channel), Cardinal Health (channel structure), Jubilant/Telix/Lantheus/GE HealthCare (margins). Revenue stream 2026 Indicative weighted average global gross margins SPECT direct sales $2.7bn 45–55% PET direct sales $2.1bn 40–50% PET contract mfg (advanced molecules) $0.4bn 25–40% Therapeutics direct sales (I- 131/legacy) $0.4bn 50–65% Therapeutics contract mfg (advanced molecules) $0.2bn 30–45% Total / blended $5.8bn ~50% Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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MARKET · SIZE AND GROWTH Addressable market size and growth by revenue stream and by region Sources: Management estimates reconciled from Grand View, Mordor, MarketsandMarkets, The Insight Partners, Precedence (marketsize); Research & Markets/InsightAce (nuclear-pharmacy); Novartis, Lantheus, Telix, Jubilant, GE HealthCare (revenues & margins); SNMMI (CMS CY2026 OPPS); J Nucl Med (Africa). Revenue stream 2026 2031 CAGR SPECT direct sales $2.7bn $3.1bn 2.8% PET direct sales $2.1bn $3.2bn 8.8% PET contract mfg (advanced molecules) $0.4bn $1.0bn 20.1% Therapeutics direct sales (I- 131/legacy) $0.4bn $0.5bn 7.4% Therapeutics contract mfg (advanced molecules) $0.2bn $0.7bn 22.9% Total $5.8bn $8.5bn 7.9% Region 2026 2031 CAGR US & Canada $2.6bn $3.6bn 6.7% Europe $1.5bn $2.0bn 5.9% Asia-Pacific $1.1bn $1.9bn 11.5% Latin America $0.3bn $0.5bn 10.8% Middle East & Africa $0.3bn $0.5bn 10.8% Total $5.8bn $8.5bn 7.9% Growth drivers — Aging populations – increasing incidence of age-related diseases. — PET – development of advanced molecules (PSMA, amyloid, tau, cardiac) broadening clinical applications for PET. — Theranostics – success of Pluvicto driving demand for paired PET tracers as well and investment in a pipeline of >100 new therapeutics drugs. — US unbundling – CMS unbundled reimbursement for diagnostic radiopharmaceuticals >$655/day — a direct tailwind to PET contract- manufacturing volume. Growth challenges — Isotope-production – limited availability of therapeutic isotopes (Lu-177, Ac-225, At-211, etc.); vertical integration with ASP Isotopes provides PET Labs with a significant competitive advantage. — Staffing – shortages of trained personnel. — Infrastructure – short half-life products require investment in local production infrastructure. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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PET LABS · NETWORK BUILD- OUT Radiopharmacies - Global Expansion Strategy Existing ASPI radiopharmacy sites Target locations (indicative) Build where the volume is A global network spanning both the largest markets and the fastest-growing regions Buy or partner Acquiring or partnering with established SPECT businesses to gain local expertise and existing customer networks Specialize In the fastest-growing segments: advanced PET molecules and theranostics 4 operating today ~10 in 5 years ~30 in 10 years Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Precision Theranostics for Difficult-to-Treat Cancers Martin Magwaza PRESIDENT, ALPA THERANOSTICS
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ALPA THERANOSTICS CAAD-refined VHH Development Platform for Anti-cancer Theranostics ~15 kDa VHH — 10× smaller than an antibody 5 tumor types in development 12 months to first-in-human Initial results expected in 1H 2027 >$9B recent RLT M&A — the exit path is proven Image with PET or SPECT. Treat with a matched α, β or Auger emitter. A wholly owned ASP Isotopes company · 24 months incubated · first -in-human within next 12 months. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering CAAD: Computer Aided Antibody design
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RADIOLIGAND THERAPY TODAY Radioligand Therapy is Proven but Four Bottlenecks Cap its Reach LUTATHERA® and PLUVICTO® proved targeted radiotherapy transforms outcomes. The field is still bottlenecked and patients with difficult-to-treat cancers wait. Narrow target space Almost all RLT rides on a handful of validated targets — PSMA, SSTR. New tumor types remain unaddressed. Wrong-sized molecules Antibodies clear slowly and penetrate tumors poorly; peptides lack specificity. Neither suits an isotope. Slow, costly discovery Hit-to-lead takes years, and developability failures surface late — derailing CMC and the clinic. Hard-to-treat tumors Heterogeneous cancers such as TNBC and NSCLC need selective, tunable targeting today's formats cannot deliver. Source: Novartis LUTATHERA® and PLUVICTO® clinical and commercial disclosures; published radioligand therapy literature; companyanalysis. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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One Molecule Images the Patient and Delivers the Dose Alpaca-derived VHH, computationally refined, delivered as a matched imaging-and-therapy pair. 1 2 3 4 Discover Refine with CAAD Image Treat Alpaca immunization yields diverse, affinity-matured VHHs against each target. CAAD and structural modelling select developable, low-liability binders in silico. A labelled VHH confirms tumor uptake on PET/SPECT and pre-selects patients. The identical binder delivers α, β or Auger dose into the tumor, then clears. Theranostic by design: the same molecule selects the patient and delivers the dose — every therapy de-risked by imaging before treatment. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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ALPACA - DERIVED VHH A VHH Reaches Where Traditional Antibodies Cannot Alpacas and camels make antibodies stripped down to a single chain. Take just the tip that does the binding — the VHH— and you have the smallest working antibody in biology. IgG · HEAVY- CHAIN ANTIBODY · VHH 12–15 kDa against 150 kDa — a tenth the size of a conventional antibody. Heavy-chain-only antibodies first described in camelids, 1993. Targets where IgG antibodies can't Its binding loop is longer and sticks out like a finger, reaching into pockets on a cancer cell that ordinary antibodies can only bump against. Single-entity A normal antibody needs two chains locked together to stay stable. A VHH needs none, and survives heat, acid and base without falling apart. Cost-effective, easy to redesign One gene, grown in bacteria or yeast rather than mammalian cells. Two or three link together to hit several targets at once, like a Lego brick, not a bespoke molecule. Evades immune response Nanobodies closely resemble part of the antibodies we already carry, so patients rarely mount an immune response against them. STEP 1 Immunize the alpaca STEP 2 Build & pan the VHH library STEP 3 Model the CDR3 loop with CAAD STEP 4 Chelate the isotope Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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WHY IT CARRIES RADIATION WELL Clears in Hours, Dose Stays on the Tumor, Not the Patient IN AND OUT IN HOURS, NOT WEEKS IgG antibody ~150 kDa VHH ~15 kDa An antibody circulates for weeks, long after a short-lived isotope has decayed, irradiating healthy tissue throughout. ✓ ✓ ✓ ✓ Deep tumor penetration Small size drives rapid, homogeneous uptake through dense tumor tissue. A half-life built for short-lived isotopes The short biological half-life of a VHH makes it the best available tracer for short-lived radionuclides, limiting off-target dose. Less dose where you don't want it Whatever does not bind the tumor clears through the kidney within hours, so healthy organs take a fraction of the radiation. They cross the blood-brain barrier Far above the 400 Da free-diffusion limit, yet shown to transmigrate the BBB — opening gliomas and brain metastases. Companion PET removes non-responders early - de-risking every potential trial we run. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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PHARMA DEAL COMPS FOR RLT PLATFORMS Pharma Has Paid $1–4B for Pre-approval RLT Platforms WHAT PHARMA HAS PAID FOR RLT PLATFORMS — ALL PRE - APPROVAL Over $9B in two years, every deal struck at Phase 1 or 2. The buyers are named, active, and short of targets — which is precisely what we make. WHAT IT TAKES TO WIN SHARE — AND WHY WE CAN Deal values as announced. RLT market ~$2.6B today, ~$4.8B by 2030 • Break the target ceiling — nearly all RLT today rides on PSMA and SSTR; our platform raises binders against targets nobody has drugged. • Win on therapeutic index — VHH penetration plus matched isotopes for efficacy and safety. • Move earlier in the line — built-in Ga-68 imaging selects the right patients for 1L / 2L use. • Be combinable and repeatable — low-immunogenicity, tunable formats fit combination regimens. • Expect to own the supply chain — microbial manufacture, PET Labs isotopes, NuMeRI clinical access. No queue, no third party. $4.1B $2.4B $1.4B $1.0B $0B $1B $2B $3B $4B $5B BMS / RayzeBio AstraZeneca / Fusion Lilly / Point Novartis / Mariana Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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PIPELINE & RADIONUCLIDES First Candidate Enters Humans Within 12 Months Two years of pipeline building behind us. The first candidate enters human trials within 12 months, with initial results anticipated in 1H 2027. PROGRAMMES IN DEVELOPMENT THE RADIONUCLIDES Deliberately underserved: TNBC and osteosarcoma have no approved targeted therapy, and osteosarcoma disproportionately affects young patients. Supplied in-house VHH conjugated to radioisotopes produced by PET Labs — supply chain owned, not contracted.Stages and timing are current expectations, subject to regulatory feedback and funding. TUMOR TYPE WHY IT IS ON THE LIST STAGE Triple-negative breast cancer No approved targeted therapy Preclinical HER2-positive breast cancer Validated target, imaging- led selection Preclinical Osteosarcoma No approved therapy, affects young patients, Preclinical Colorectal cancer Large metastatic population Preclinical Glioma BBB-crossing VHH advantage Preclinical β¯ Emitters α Emitters Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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ROADMAP · DISCOVERY TO FIRST US IND Alpaca to First U.S. IND in About Two Years, Not Five Alpaca to first-in-human in ~2 years, not ~5 — AI-led selection, microbial manufacture and NuMeRI's clinical infrastructure. One lead program is scheduled; further targets sit behind it. First-in-human (South Africa) ↓ ↓ First US IND 2026 2027 Discovery · alpaca immunization Computational optimization Preclinical · NuMeRI First-in-human · Steve Biko / Groote Schuur US IND filing Durations illustrative; subject to regulatory feedback and funding Lead Program Triple Negative Breast cancer first into humans ADDITIONAL TARGETS · POTENTIAL FOLLOW-ONS Glioma BBB-crossing — VHH format is the differentiator Colorectal · osteosarcoma Follow-on indications once the platform is validated SCLC Constructs for small cell lung cancer NEPC Constructs for neuroendocrine prostate tumors Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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VALIDATED MODALITY, EARLY MARKET Validated Modality, Proprietary Discovery Engine WHAT COMES NEXT A wholly owned biotechnology company built on technology incubated within ASP Isotopes over the last 24 months. We have observed efficacy in pre-clinical trials using novel VHH, conjugated to radioisotopes produced by PET Labs. Proven RLT works. Two approvals, $9B+ of M&A, 13% CAGR. Unblocked CAAD + VHH breaks the target and format ceiling that holds the field back. Underserved Five tumor types in development, two with no approved targeted therapy. Exitable Big pharma is buying RLT platforms at Phase 1 and 2. Lead candidates on three prioritized targets, CAAD-refined and developability-screened See it. Treat it. First-in-human companion imaging study through NuMeRI Radiolabeling, dosimetry and GLP toxicology to IND / CTA Microbial manufacturing scale-up and isotope supply agreements Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Helium and LNG Virginia Gas Project Nick Mitchell & Paul Mann NOBLE AFRICA Nick Mitchell CHIEF OPERATING OFFICER, NOBLE AFRICA Paul Mann CHIEF EXECUTIVE OFFICER, NOBLE AFRICA
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WORLD-CLASS RESERVES ~3% average helium concentration across the field based on exploration to date vs. global mega-projects as low as 0.04%* First-Mover Position Only onshore petroleum production right in South Africa Producing & Scaling Phase 1 drilling ~4 months ahead of schedule: Targets ~70 MCF/day helium and ~2,500 GJ/day LNG Phase 2 targets ~900 MCF/day helium and ~34,000 GJ/day LNG U.S.-Anchored Phase 1 Funding Principal lender is the U.S. Development Finance Corporation (DFC) Tetra4 has entered into a $40M secured credit facility with DFC and DFC has previously indicated its willingness to consider supporting Phase 2 with up to $500 million of senior secured debt funding Standard Bank of South Africa has previously indicated its willingness to consider supporting Phase 2 with up to $250 million of senior secured debt funding Scarcity Value One of few commercial-scale helium sources outside legacy regions A World-Class ~3% Helium Grade Government-Backed Mandate Designated a Strategic Integrated Project by the South African government Helium is classified as a critical mineral in the U.S. The scope, sequencing, and timeline for Phase 2 remain subject to ongoing evaluation by management. Large-scale liquefaction of natural gas becomes financially feasible at helium concentrations as low as 0.04 %. No binding definitive agreements have been executed with respect to either facility, and there can be no assurance that such agreements will be entered into on favorable terms, or at all. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 MRI / NMR Lifting Laboratory / Science Semiconductors Welding / Cutting Fiber Optics Leak Detection Rocketry Diving Other Helium Usage by Volume — Bcf per Year Current (~6.0 Bcf/year) 2030 Projected (~8.5 Bcf/year) Properties of Helium Chemically inert – Doesn’t readily react with other elements – Ideal where chemical reactions could be problematic Non-toxic – Colorless, odorless and tasteless Low density – Second lightest element in the universe (after hydrogen) – Buoyancy without the combustion risk of hydrogen Low boiling point – Boiling point of -268.9oC – Does not solidify at atmospheric pressure Superfluidity – Zero viscosity in liquid form; flows without loss of kinetic energy – The only substance with this property Critical mineral – EU listed Helium as a critical raw material (2023) – U.S. Govt treats Helium as a priority mineral through large investment in supply chain, including Renergen 5-6% Global helium demand is expected to grow at a rate of approximately 5-6% per annum, driven by semiconductors and rocketry Helium consumption is a function of supply, not demand. If there were more helium, more could be consumed Rare 0.1% Minimum helium concentration in natural gas for economic extraction Helium: A Vital and Irreplaceable Element in Many Modern Industries Source: Akap Energy Helium Market 2026; Global helium demand is expected to grow at a rate of approximately 5-6% per annum, driven by significant expansion in semiconductor and rocketry end markets. A RARE COMMODITY WITH STRUCTURALLY TIGHT SUPPLY Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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A ~$3Bn Market the Modern Economy Cannot Run Without MARKET SIZE 6.5 bcf/y MARKET VALUE US$3bn SUPPLY CONCENTRATION ~75% 0 100 200 300 400 500 600 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Helium supply by region (mmcf/y) versus global average import price (US$/mcf) US BLM (net) US (ex-BLM) Russia Qatar Algeria Canada China Other Average import price Source: AKAP Energy Critical Industries — From MRI to Quantum — Depend on Helium With No Viable Substitute. Global demand growing 5-6% p.a.; demand increasingly linked to AI chips, healthcare and advanced manufacturing From US & Qatar; 2026 Qatar outage cuts ~30% short-term while the anticipated long-term impact from Middle East conflict and Russian export restrictions is expected to constrain market by 11% Upstream; end-user market 3-4× larger Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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The 2024-25 Helium Market Was Well Balanced 2024-25 Helium Supply (bcf) 2024-25 Helium Demand (bcf) Source: Gasworld Americas, 2,840 Qatar, 2,400 Russia, 750 Algeria, 450 Poland, 80 China, 80 Americas, 2,660 Asia, 2,100 Europe, 1,100 Middle East, 200 Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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2006-2007 2011-2013 2018-2020 2022-2023 2026+? Production disruptions at several key facilities, including the U.S. Federal Helium Reserve, combined with strong demand growth Unplanned outages at major plants in Qatar and the U.S. Maintenance shutdown in Qatar and decline in U.S. federal helium production Maintenance shutdowns in Qatar and the U.S., a series of fires at Russian processing plants, and reduced supply from Algeria in response to the Russian-Ukrainian conflict Iran attacks caused permanent damage to Qatar’s Gas Processing Facilities; Russia introduces export controls Years Cause of the helium supply crisis We Have Likely Entered the Fifth Recent Helium Supply Crisis Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Cape of Good HopePort of Porto Port of HoustonUS Strategic Helium Reserve (BLM) Port of Antwerp Qatar Port of Shanghai Singapore Route Transit time Liquid helium retained Cape of Good Hope → Houston ~20 days 80% liquid / 20% gas Cape of Good Hope → Antwerp ~16 days 80% liquid / 20% gas Cape of Good Hope → Porto (Brazil) ~16 days 90% liquid / 10% gas Qatar → Shanghai (via Singapore) ~44 days 55% liquid / 45% gas Qatar → Port of Houston ~40 days 60% liquid / 40% gas Location Matters Source for figure: Company data Every day of travel, we assume a conservative 1% of liquid helium turns into a gas via boiloff. Cape of Good Hope’s location is one of the most accessible globally Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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LNG Uses — “Cleaner Burning Fuel” – Near-term cash flow: SSLNG monetises stranded local gas early; revenue before pipelines are built – Large addressable market: South Africa’s gas demand could reach ~870 PJ / 25 bcm by 2032 – De-risked demand: LNG/SSLNG is the fastest bridge to the 2028 gas cliff, protecting ~70,000 jobs – Margin upside: SSLNG displaces higher-cost diesel and fuel oil in mines, industry and transport – Durable returns: combines energy security, lower emissions and long-life infrastructure value Diversified End-Use Demand Underpins the LNG Case Natural Gas Consumption by End Use Sector 2025(2) 38.9% 25.7% 14.5% 10.8% 3.9% 6.1% 0.2% 0% 15% 30% 45% Electric Power Industrial Residential Commerical Pipeline and Distrubtion Lease and Plant Fuel Vehicle Fuel ~870 PJ market by 2032 (25 bcm) ~70,000 jobs protected by gas supply 2028 gas cliff — LNG is the bridge (1) According to Shell LNG Outlook 2025 (2) Source: U.S. EIA Share of Total US Natural Gas Consumption by End Use Sector 2025 Note: 870 PJ is exactly 870,000,000 GJ LNG projected demand to rise around 60% by 2040, led by Asia, and notes continued tightness in the mid-2020s as new supply is gradually absorbed (1) Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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How Did the Gas Get There? 1 Timing of the asteroid impact and conditions after impact resulted in bacteria adapting to the specific surroundings. 2 Methane is generated because of the decomposition of the organic content deposited from the lacustrine paleo environments. 3 Helium gas is produced as a by- product of radioactive decay from abundant thorium and uranium found in the Dominion basement. 4 Helium co-mingles with methane through fractures and faults where it occurs in both the WITS and the Karoo. HELIUM & LNG · GEOLOGY A 2.02-Billion-Year-Old Impact Event Created the Interconnected Fault and Fracture System That Supports Reservoir Connectivity Virginia Production Right (Black outline) Prospective Resources Area (Shaded green) Contingent Resources Area (shaded yellow) Reserve Resources Area (Yellow outline) Virginia Gas Project – Production Boundaries Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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45.3 154.5 315.8 215.1 407.0 600.1 0 100 200 300 400 500 600 700 1P 2P 3P BCF Mar-19 Nov-21 1.1 2.6 7.27.2 13.6 20.0 0 5 10 15 20 25 1P 2P 3P BCF Mar-19 Nov-21 Approximately the size of U.S. Federal Helium system Proven Reserves, contingent resources and Prospective resources Helium (Bcf) Methane (Bcf) Net Reserves 1P 2P 3P 1P 2P 3P 2021 Proven Reserves 7.2 13.6 20.0 215.1 407.0 600.1 Contingent Resources C1 C2 C3 C1 C2 C3 2021 Contingent Resources 4.3 8.0 12.3 127.6 241.0 368.6 Prospective Resources(1) 1U 2U 3U 1U 2U 3U 2021 Prospective Resources 5.7 10.7 16.4 170 321 491 Helium Methane Reserves Scale From 1P to 3P in Both Helium and Methane (1) Calculated at 3% NB: The Charged Karoo Sandstone Reservoir is not currently included in any of our prior reporting Source: Company data Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Project Overview: One Asset, Two Products, Four Markets Well Heads Phase 1 Production: ~70 MCF/day helium & ~2,500 GJ/day LNG Phase 2 Production(1): ~900 MCF/day helium & ~34,400 GJ/day LNG LNG / Helium Processing Plant Gas to Power “Wellhead to electron” Industrial “Wellhead to burner” Transport Industry “Wellhead to tank” Helium End Users “Wellhead to customer” PRODUCING LIQUID NATURAL GAS (“LNG”) AND LIQUID HELIUM ACROSS PHASE 1 AND PHASE 2 Businesses are looking at alternatives to Eskom, and LNG for gas to power could be a significant opportunity. Substitution of traditional fossil fuels with cleaner-burning natural gas. Natural gas applications for trucks and rail. Supply directly to both industrial wholesalers and direct to the end users. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering (1) Overall project scope, size, design, sequencing and product mix of future phases of theVirginia Gas Project are subject to change following completion of management's pre-development activities and plant design optimization processes.
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LNG & Helium — Phase 1 HELIUM CAPACITY ~70 mcf/day CAPACITY ~2,500 GJ/day (LNG) FUNDING Debt: US DFC: US$ 40m + IDC ZAR 162m STATUS Anticipated to reach nameplate capacity in 2H 2026 HELIUM CAPACITY ~900 mcf/day CAPACITY ~34,000 GJ/day (LNG) FUNDING Debt: US DFC: US$ 500m + Standard Bank: US$ 250m STATUS Target first production: FY2030 (44-month build from Financial Close) LNG & Helium — Phase 21 Phase 1 Reach nameplate capacity Phase 1 helium nameplate capacity targeted for 2H 2026 Phase 2 — Build & Funding Senior Debt package Phase 2 debt facilities: DFC (US$500M) and Standard Bank (US$250M) 44-months Build Award EPC and construction contracts and commence the Phase 2 build-out 2030-2031 First Phase 2 production1 Phase 2 nameplate capacity of ~900 MCF/day and 34,000 GJ/day LNG Phase 1 Hits Nameplate in 2026 Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering (1) Overall project scope, size, design, sequencing and product mix of future phases of the VirginiaGas Project are subject to change following completion of management's pre-development activities and plant design optimization processes.
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✓ Commence pre-development of Phase 2 ✓ Initiate targeted exploration program to enhance Proven Reserves and support Phase 2 – Expect to obtain Phase 1 nameplate capacity (2H 2026) – Expect to deliver first helium exports to international customers 2026 2027 2028 2029-31 Expected Path From Phase 1 Nameplate to Phase 2 Production – Commence Phase 2 downstream dispensing roll-out and customer site installations – Start commissioning of the Phase 2 LNG and liquid helium process plant – Break ground on the Phase 2 LNG and liquid helium process plant and associated utilities – Complete Phase 2 pre-development activities – Achieve anticipated financial close for Phase 2 Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering Note: Target operational milestones represent current expectations of management based on information available as of the date hereof. Overall project scope, size, design, sequencing and product mix of future phases of the Virginia Gas Project subject to change following completion of management's pre-development activities and plant design optimization processes.
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Rare Resource Base: Owns a rare, high-grade helium and LNG resource base in South Africa Non-Substitutable Demand: Supplies critical industries where helium is non-substitutable Energy Security: Supports domestic energy security through cleaner LNG supply Scale-Up: Lender interest in support of Phase 2 funding facilitates the scale-up pathway Long-Duration Growth: Offers long-duration growth from a strategic, hard-to-replicate asset Virginia Gas Project: A Strategic Helium & LNG Platform The Virginia Gas Project is more than an energy play — it is a strategic supplier of two scarce and increasingly important products: helium for critical global industries and LNG for an energy-constrained South African market. Investment is critical now: A first-mover advantage and an increasingly funded route to scale, at a time when both domestic gas security and global helium supply matter more than ever. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Electronics Natalie Grancharov Camacho Building the foundation to be the world’s premier isotopically pure materials company VICE PRESIDENT OF BUSINESS DEVELOPMENT
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The Ceiling is Material, Not Engineering THE LIMIT Quantum Chips are limited by materials Quantum computing, advanced semiconductors and space systems are no longer limited by what engineers can design — but by the purity and availability of the materials they are built from. THE GAP Those materials sit behind choke points Isotopically pure silicon, helium and fluorinated specialty gases come from a handful of jurisdictions. In 2026 those chains were heavily disrupted — and the industries supply chains suffered. OUR POSITION We already own the hard parts Enrichment technology at commercial scale, diversified African feedstock and our own gas field. Electronics is where those assets meet a market that lacks a vertically integrated competitor. We are not competing for a share of an existing supply chain. We are building the one that does not yet exist. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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The Isotopes and Applications One physical property — a nucleus that does not spin — opens three applications THE MECHANISM Isotopically pure carbon-12 (¹²C) and silicon-28 (²⁸Si) are highly purified elemental forms consisting of a single specific isotope, widely used to boost thermal conductivity and advance various technologies. Removing other magnetic isotopes (like ²⁹Si, which possesses a nuclear spin) dramatically extends quantum coherence times and minimizes data loss. These two isotopes are leading, well-established platforms for spin qubits. 01 · QUANTUM COMPUTING Silicon & Carbon gateway Quantum computing does not use traditional bits, but instead qubits, which encode data using quantum properties such as spin, rather than simple on/off states. Magnetic noise from non-zero spins is what causes 'decoherence' in quantum computing — it disrupts qubits and erases data. Isotopically pure Si-28 and C-12 eliminate nuclear spin giving spin qubits a quieter environment and dramatically longer coherence times. 02 · ADVANCED ELECTRONICS Semiconductor & power devices Isotopically pure C-12 is valuable for power electronics primarily through diamond-based semiconductors uses (CNT), not qubits. Diamond is an excellent material for high-power devices — it has an extremely high breakdown voltage, wide bandgap, and the high thermal conductivity. Uses in EV Applications. C-12 for TIM (Thermal Interface Materials) in Advanced Packaging. We are in pathfinding — testing with partners where that advantage pays commercially. No roadmap committed yet. ROADMAP PATHFINDING Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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The Quantum Ecosystem and Bridge to Modern Fab Processing ASPI Si28 currently being sought after by Quantum and tech companies for use in Quantum Computer Chips and SOI wafer applications Silicon-28: Can be processed and integrated directly into 300-mm semiconductor manufacturing lines and foundry processes using conventional epi. A bridge to the modern 300 wafer CMOS fabs such as GlobalFoundries, Intel, imec, STMicroelectronics Silicon spin qubits for Quantum Computing and CNTs for FETs are gaining an appetite in the semi world and the modern fabs and foundries are supporting this Si28 used in quantum computing not only in the labs, but moving to modern fabrication 01 · MARKET PULL 02 · SPIN QUBITS - CNTFETs 03 · CMOS BRIDGE Silicon-28 is widely considered the most industrially scalable path to a commercial quantum computer because it can be manufactured using existing multi-billion-dollar semiconductor foundries - ASP has the unique capability to enrich and potential to be the leading supplier. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Helium & Fluorinated Gases Gases that every fab must purchase on a recurring basis, with no viable substitutes Helium Used across many stages of chip manufacturing — inert gas for processes, wafer cooling and leak testing. Also used for space/rocket applications and launches. Production is concentrated in a handful of countries, and buyers have no substitute when one of them stops. OUR EDGE We own the source: the Virginia Gas Project, held through Tetra4 — supply security at the field, not a contract with someone else's field. Fluorinated gases Deposition and ion implantation gases used in chip processing. The chain feeding their production broke when Chinese exports of feedstock metals tightened and Japan shut down a factory supporting a large portion of the world supply in July. OUR EDGE Build bespoke fluorination plants next to the customer, we feed their supply needs directly. Helium and fluorinated gases are critical components into the semiconductor ecosystem, and becoming a trusted supplier to many of these fabs provides a clear pathway to building partnerships for testing new advanced materials, which will not just be limited to Silicon-28 other isotopes down the line. WHY IT MATTERS Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Every Market We Sell into is Growing Third-party analyst estimates — directional, not precise SEMICONDUCTOR INDUSTRY +41% $574B → $810B 2023 → 2030 est. Digitimes / Discover Alert SEMICONDUCTOR GASES +65% $10.0B → $16.5B 2023 → 2030 est. (7.3% CAGR) Maximize Market Research HELIUM MARKET +30% $3B → $6.1B 2026 → 2030 est. Research and Markets QUANTUM COMPUTING >400% $1.5–3.5B → $18–20B by 2030–2034 est. MarketsandMarkets / Fortune BI Estimates vary 3–10× across analysts, and that spread is itself the honest answer to "how big". Our position does not depend on picking the right forecast: we are not competing inside the mature part of these chains — we supply the unique materials customers need to advance their own roadmaps. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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The Path Forward From constrained supply to a fully integrated chain Stock images for illustrative purposes only • Our isotopes feed into quantum computing, semiconductors and future electronic markets. Electronic gases support the expanding foundry industry • Enrichment at commercial scale and our own helium field are proven. Minerals, fluorination and the integrated chain are in development. Vertical and horizontal integration Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Dr. Ryno Pretorius, Ph.D. Chief Executive Officer Michael Cunniffe Chief Financial Officer Materials That Power the Future Dr. Ryno Pretorius, Ph.D. & Michael Cunniffe QUANTUM LEAP ENERGY
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Geopolitical Concentration Reliance on oligopoly non-NATO suppliers creates supply risks Demand Outpacing Infrastructure Fuel cycle capacity is not matching the rate of nuclear fleet expansion Capacity Bottlenecks Constrained throughput and long development timelines for facilities Adverse Economic Consequences No Fuel, No Power Higher Cost per Megawatt Domestic Energy Insecurity Nuclear Expansion Blocked Continued Dependence on Russian Supply Domestic nuclear supply chains are essential to ensure energy security and limit cost inflation. Ending dependence on foreign enrichment reduces risks of geopolitical disruption, supply shortages and market volatility Fission Fuel Cycle: Dysfunction blocking access to critical fuels MINING & MILLING U3O8 CONVERSION ENRICHMENT DECONVERSION FUEL FABRICATION FUEL ASSEMBLY POWER GENERATION STORAGE UF6 UF6 UO2 Li7ENRICHED Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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$0 $40 $80 $120 $160 $200 2016 2018 2020 2022 2024 2026 MINING / MILLING CONVERSION ENRICHMENT Metric: Spot Price (US$/kg) Metric: Conversion Price (US$/kgU) Metric: Enrichment Price (US$/SWU) 80% of supply ~48,000 tU comes from non- NATO suppliers Suppliers 1 45% of Conversion comes from Non-NATO Suppliers in China and Russia. The US has just 1 plant Suppliers 2 Suppliers3 NATO Non-NATO NATO Non-NATO NATO Non-NATO 3X Sources: (1) UxC: Historical Ux Daily Price Data (2026) (2) UxC: Conversion Market Outlook (2025) (3) Thunder Said Energy “Uranium Enrichment” (2026) ~43% of enrichment capacity from Russia with an import ban scheduled for 2028 $0 $20 $40 $60 $80 $100 2016 2018 2020 2022 2024 2026 5X $0 $50 $100 $150 $200 $250 $300 $350 2016 2018 2020 2022 2024 2026 3X The Price of Dysfunction: Higher Costs, Increasing Geopolitical Risk Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Advanced innovative technologies and processes which we believe will enable a robust and resilient nuclear fuel cycle Strategic partnerships providing commercial validation Experienced leadership team supported by a deep, differentiated R&D expertise Leveraging demonstrated isotope separation, nuclear chemistry and execution capabilities Scalable modular approach to de-risk regulatory approval Exclusive access to ASP Isotopes’ 150+ personnel, infrastructure, and technical resources Strategic AdvantagesCore Enrichment Technologies Key Commercial Partnerships Product Summary – Key Focus Areas1 Aerodynamic Separation Process (ASP) Fusion Reactors Li Lithium 6 PWR pH Control Li Lithium 7 UF6 U Uranium 235 LEU+U Uranium 235 HALEUU Uranium 235 Large Publicly Traded U.S. Energy Company Quantum Enrichment (QE) Quantum Leap Energy: At a Glance Note: Partnerships may be pursuant to non-binding MOUs; (1) Our enrichment technologies cannot be tested on uranium unless and until required regulatory approvals and permissions have beenobtained Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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HALEULEU+LEU Definition Low-Enriched Uranium Low-Enriched Uranium “Plus” High-Assay-Low-Enriched Uranium Enrichment Level 3% - 5% 5% - 10% 10% - 19.75%2 Primary User Current reactor fleet Upgrade for current fleet and interim fuel for advanced reactors SMRs and other advanced reactors Current Supply Multiple commercial suppliers, though limited in the US; mandate to decouple Russian supply chain by end of 2027 3 One known US supplier with limited commercial output3 No current Western commercial supply exists; Announced planned capacity only 12 MTU; 3,450 - 7,175 MTU HALEU demand forecast by 20504 Est. Market Size: US, Canada + Western Europe ~$14-21Bn1 ~$29-63Bn1 ~$3-7Bn1 Market Timing Current Transitional & Strategic Market High Growth, Future Market LWRs shifting to LEU+ and smaller & advanced reactor deployments are growing demand for enriched uranium. Insufficient commercial supply creates a significant market opportunity for QLE Addressable Fission Market (1) IAEA (2025), Energy, Electricity and Nuclear Power Estimates to 2050, WNA (2026), World Nuclear Outlook Report, QLE Research; (2) While US DoE defines HALEU as >5% and <20% U-235, for the purpose of TAM research QLE has adjusted to negate overlap between LEU+ & HALEU markets; (3) EIA (2025) 2024 Uranium Marketing Annual Report; (4) INL (2021): Estimated HALEU Requirements for Advanced reactors to Support a Net-Zero Emissions Economy by 2050 Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Enrichment Technology Overview Centrifuges Legacy technology dating back to mid-1900’s; Relies on high-speed rotating cylinders and centrifugal force to separate isotopes Higher capital costs Large scale Non-adaptive Lower selectivity Stages & Selectivity (α*) Stages > 42 1.05 < α < 1.15 Characteristics Producing HALEU with existing centrifugal technology will significantly raise production cost, require multiples of current capital investment, and extend timelines, exacerbating our ability to meet demand Legacy Enrichment Technology: Greater Capital Intensity and Timelines Capital investment to produce 20Mn SWU/year via centrifuge technology 0 10 20 30 40 50 60 70 LEU HALEU Billion ($) 3X $44Bn Deployment time (years): 9-13 11-16 +2-7 years Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering Source: Company Estimate Source: Company Estimate
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Aerodynamic Separation (ASP) Utilizes gaseous separation via a stationary wall centrifuge paired with proprietary flow directors to separate isotopes of varying levels of atomic mass Stages > 1 α ≥ 50 Stages > 31 α ≥ 1.17 Lower upfront capital costs Lower energy costs Centrifuge Comparison Scalable & Modular Comparative / lower operating costs Faster path to market Smaller Footprint Enrichment Technology Overview Stages & Selectivity (a*) Quantum Enrichment (QE) Delivering lower costs, modular flexibility, and superior efficiency to meet evolving nuclear fuel demands QLE Enrichment Technologies: Fewer Stages, Higher Alpha Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering Employs precisely tuned lasers and quantum mechanical principles to efficiently separate isotopes based on their unique transition energies, achieving high selectivity for most elements
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Quantum Enrichment has the potential to deliver the process attributes required for HALEU: • High specificity to target the isotope of interest • Controlled collection to achieve the target isotopic output ratio Lithium1 We determined alpha selectivity of ~112 via applied Quantum Enrichment Ytterbium2 Uranium3 Enriched for Li-6 We expect to enrich uranium with comparable results 0 20 40 60 80 100 4 5 6 7 8 Feedstock Enrichment (%) Enrichment (%) Atomic Mass Atomic Mass 0 20 40 60 80 100 168 170 172 174 176 178 Enrichment (%) Atomic Mass Enriched for Ytterbium-176Feedstock Controlled collection, achieving target enrichment % High specificity isotope targeting We determined alpha selectivity of ~120 via applied Quantum Enrichment Enriched for Uranium-235Feedstock 233 234 235 236 237 238 239 Controlled collection, achieving target enrichment % High specificity isotope targeting 100 80 20 10 5 0 Yb-176 92.4% Li-6 90% Controlled collection for customer specific enrichment % HALEU through specific isotope targeting and controlled collection U-235 19.75% U-238 >80.25% U-235 >5% U-238 95% Demonstrated Track Record: Applied Isotope Enrichment Source: (1) Strydom, H (1999), Mass spectrometry characterization of laser produced products (2) ASPI (2024-Present) In-House Testing (3) Our enrichment technologies cannot be tested on uranium unless and until required regulatory approvals and permissions have been obtained Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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A product range to support advanced reactors ahead of development catalysts Emerging ADVANCED LWRS ADVANCED DESIGNS ReactorMaterial1 Current Fusion Regulatory, commercial, and fuel-cycle catalysts are now in motion, which we expect will accelerate advanced reactors from development to deployment Future EXISTING LWRs LEU+, HALEU ADVANCED DESIGNS LEU Fission 2026: Anticipated pivot to domestic supply ahead of waiver expiration and import ban in 2028 LEU+ Reactor Life Extension Programs *2028: LEU+ for Gen 3+ Reactors *2028: HALEU Stockpiling Neutronics Testing Initial SMR Deployment *2030: SMR & AMR Commercial Scale-Up LITHIUM-7 LITHIUM-6 *Anticipated commercial scale-up Our Products: Future-Ready Solutions Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering (1) Our enrichment technologies cannot be tested on uranium unless and until required regulatory approvals and permissions have been obtained
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Loan Commitments & Supply Agreement Loan Commitments & Supply Agreement HALEU MoU for a JV in South Africa Pre-implementation services contract for Necsa to provide facilities, infrastructure, utilities and operational support Pelindaba is an IAEA compliant facility with licenses to process uranium and lithium Establishes path to commercial HALEU production supporting the TerraPower partnership LEU+, HALEU Large publicly listed U.S. energy company MoU South Africa United States + Collaborative approach to de-risk the technology and provide a pathway to commercial HALEU production in the West Strategic partners with access to deep pools of public capital and a clear pathway to resolve LEU+/HALEU demand with supply MoU with a major US utility to support development of a domestic advanced nuclear fuel cycle facility Planned facility scope includes HALEU production, LEU+ capability, and conversion/deconversion units Establishes anchor customer demand for US-based HALEU supply HALEU MoU for a JV in United States to produce HALEU Well capitalized through IPO raising $682.5Mn 1 in October 2025 Planning a 17 GW data center campus with NRC partial approval for 4 AP1000 reactors and scope for SMR and advanced reactor deployment 2 Intended Funding via JV HALEU Advanced loan commitment to partially finance the proposed uranium enrichment facility at Pelindaba, South Africa Initial HALEU supply agreement to fuel TerraPower’s Natrium reactor in Wyoming (target 2027/28) Long-term supply agreement for 10- years of HALEU supply NECSA partnership provides critical access to Pelindaba test facility Intended Funding via JV & Services Contract (1) Haynes Boone Press Release (Oct. 1, 2025) (2) NRC COLA docket 05200051–54 (Aug. 27 2026) External Validation: Capital Commitments, Supply and Services Agreements Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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URANIUM LITHIUM LEU+ / HALEU Single Stage South Africa HALEU Single Stage United States LEU+ / HALEU Single Stage United Kingdom Lithium-6 / 7 Single Stage United Kingdom Lithium-6 / 7 Single Stage United States Capital Funded Funded Partially funded Funded Funded Consent Material and technology permissions obtained Fast-track research pathway identified UK ONR early engagement ongoing Local permitting within typical guidelines City/county permitting within typical guidelines Campus Leased at Pelindaba via Necsa Co-location at DOE approved site in discussion Co-location at partner site in discussion Bristol site confirmed; facility design ongoing Austin lease executed; build-out underway Components Compressors operational; long lead items procured Sourcing ongoing Specifications ongoing Lasers and vessels confirmed; delivery Q4 2026 Lasers and vessels confirmed; delivery Q1 2027 Crew Key roles filled All key roles filled Initial key roles filled Oversight via Prof. Scott’s lab, Bristol Roles filled; operator training early 2027 Capacity Design complete; scaled for validation Lab-scale enrichment demonstration Design commences early 2027 Lab-scale enrichment demonstration Occupancy B/F; built for commercial scaling Customers TerraPower long-term supply agreement MOU with US listed energy company MOU with European reactor developer In discussion: European fusion developer In discussion: US fusion developer STATUS: ● Complete ◕ Nearing completion ◔ In progress ○ Not started ● ● ● ● ● ● ◕ ◔ ○ ◕ ◔ ◔ ◔ ◔ ◔ ◔ ◔ ● ◕ ◔ ◕ ◔ ◕ ● ◔ ◕ ◔ ◔ Capital is committed and deployed across both uranium and lithium, with most of critical success factors complete or advancing to plan. ◔ ◕ ● ◔ ◕ ◔ ◔ Enrichment: How we are Debottlenecking Nuclear Power Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Feedstock Commercial United States Feedstock Pilot Southern Africa Capital Partially funded; non dilutive FEL- 2 study ongoing Partially funded; non dilutive application in process Consent Permits leveraged via Texas A&M Environmental permitting underway Campus Co-located at TAMU Accelerator Lab Site identified; contingency in place Components Process validation in existing lab Sourcing ongoing Crew Collaboration with Prof. Lin Shao’s lab, Texas A&M All key roles filled Capacity Scaled to support future 15,000 MT/year facility. Design complete; supports commercial scaling Customers In discussion: Fortune 500 In discussion: Fortune 500 STATUS: ● Complete ◕ Nearing completion ◔ In progress ○ Not started ◕ ● ◕ ◔ ◕ ◕ ◕ ◕ Conversion is a common bottleneck across the industry, deconversion is required for metal manufacture and enable laser enrichment ◔ MINING & MILLING CONVERSION FACILITY CONVERSION FACILITYUF6 DECONVERSION FACILITY ASP ENRICHMENT FACILITYU METAL QUANTUM ENRICHMENT FACILITY DECONVERSION FACILITY FUEL INPUT ASSEMBLY POWER GENERATION Feedstock: The Bottleneck Behind the Bottleneck Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering ● ● ● ● ●
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$32 - 70Bn TAM1 Addressable LEU+ and HALEU market across the US, Canada and Western Europe by 2050 High selectivity QE selectivity against 1.05 - 1.15 for legacy centrifuge; ~112 - 120 demonstrated <$1Bn CAPEX for 22 MT/yr of HALEU - ~4x below the $2 - 5Bn centrifuge equivalent 3 - 5 years Deployment timeline against 11 - 16 years for centrifuge capacity The Market • No commercial Western HALEU supply exists today • LWRs are shifting to LEU+ while SMRs and advanced designs require HALEU • 80% of uranium and ~43% of enrichment capacity sit with non-NATO suppliers, with a Russian import ban from 2028 • Li-6 demand for fusion and Li-7 demand for PWR pH control both rely on mercury- based COLEX enrichment, a hazardous legacy process that is largely prohibited in the West and concentrated in Russia and China The Technology2 • QE and ASP reach target assay in fewer stages, at higher alpha • QE reaches target assay in a single stage at α ≥ 50; ASP at α ≥ 1.17 over 31 stages • Legacy centrifuges need more than 42 stages at α of 1.05 - 1.15 Scale & Capital • Scalable and modular: capacity added in units rather than full cascades, with a smaller footprint and lower energy cost • Modular build-out de-risks licensing and shortens the path to market to 3 - 5 years Partnerships • TerraPower: Long-term supply agreement for 10-years of HALEU supply to fuel TerraPower’s Natrium reactor in Wyoming (target 2027/28) • Fermi America: intended JV to produce HALEU in the US, backed by a $682.5Mn IPO • Necsa: MoU for JV and services contract at IAEA-compliant Pelindaba • MoU with a major US utility for LEU+ and HALEU The West needs HALEU by 2028. No Western commercial supply exists, and conventional technology cannot build it fast enough. Quantum Leap Energy: Positioned to Close the Nuclear Fuel Supply Chain Gap Source: (1) Energy, Electricity and Nuclear Power Estimates to 2050, WNA (2026), World Nuclear Outlook Report, QLE Research; (2) Our enrichment technologies cannot be tested on uranium unless and until required regulatory approvals and permissions have been obtained A demonstrated enrichment platform, a modular build-out at a fraction of legacy capital cost and committed partners and capital across three jurisdictions - the clearest near-term path to Western LEU+, HALEU, lithium-7 and lithium-6 supply. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Financial Outlook Heather Kiessling CHIEF FINANCIAL OFFICER
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FINANCE Strong Balance Sheet and Disciplined Capital Management Efficient deployment of capital Future funding strategy • Non-dilutive Project Finance • Asset-backed/Vendor Finance • Customer downpayments and partnerships Criteria for new project investment • Established customer offtake demand • Analysis of R&D/Engineering feasibility and regulatory/environmental situation complete CASH AND CASH EQUIVALENTS $254.9 million As of June 30, 2026 SHARES OUTSTANDING 153.3 million As of June 30, 2026 Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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FINANCE · 2031 GUIDANCE EBITDA Target for 2031: Estimated Range by Product Category $150M $300M $100M $200M $40M $100M $40M $100M $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 Low range High range Combined EBITDA ($M) Electronic Gases Natural Gas Medical Isotopes Nuclear Medicine EBITDA is a non-GAAP financial measure and is defined as net income before interest, taxes, depreciation and amortization. We have not provided a reconciliation between our targets for EBITDA and net income (loss), the most directly comparable GAAP measure, because applicable information for future periods, on which this reconciliation would be based, is not available without unreasonable effort due to the unavailability of reliable estimates for selling prices of our commercial products and costs of production and extraction, among other items. These items may vary greatly between periods and could significantly impact future financial results. Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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STRATEGY · THE FIVE - YEAR PLAN Potential Pathway to 2031 EBITDA Goal >$700M post-2031 upside Blocks turn on progressively from 2026 through 2031 • The Company remains on track to deliver liquid helium to customers during September 2026 • Phase 1 at nameplate capacity expected in 2H 2026 • Annualized rate of helium and LNG revenue capability of $27M • First shipments of commercial Si-28 and Yb- 176 in 2H 2026 • Expect to receive sufficient quantities of C- 14 feedstock during 2H 2026 • Radiopharmacies revenue of $14M in 2026 • Global cyclotron deployment programme continues • Dose volumes grow as additional cyclotrons become operational • Phase 2 plant commissioned in 2030, first production in 2H 2030 • Additional Yb-176 plants • Building plants for additional isotope opportunities • Expansion into Iceland • Phase 2 plant commissioned in 2030, first production in 2H 2030 • Si-28 plant expansion into Iceland • Build plant for Germanium enrichment >$300M EBITDA in 2031 2026 ASSUMPTIONS NOT DISCLOSED Number of new plant additions · Isotope count · LNG pricing · Helium pricing EBITDA is a non-GAAP financial measure and is defined as net income before interest, taxes, depreciation and amortization. We have not provided a reconciliation between our targets for EBITDA and net income (loss), the most directly comparable GAAP measure, because applicable information for future periods, on which this reconciliation would be based, is not available without unreasonable effort due to the unavailability of reliable estimates for selling prices of our commercial products and costs of production and extraction, among other items. These items may vary greatly between periods and could significantly impact future financial results. Radiopharmacies Medical Isotopes Yb-176, C-14, Xe-129, Ni-64, Gd-160 Natural Gas Electronics Helium and Si-28 Strategy Isotope Nuclear Medicine ElectronicsNoble Africa Nuclear Fuels FinanceR&D Engineering
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Panel and Q&A Session Viktor Petkov CHIEF COMMERCIAL OFFICER
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ASP Isotopes is a unique investment opportunity with a clear path to deliver sustained long-term growth Concluding Remarks 1. Ambition to deliver >$300M group EBITDA in 2031, with sustained growth 2031+ 2. Built from a standing start in five years we went from an idea to operating plants, real revenue and signed customers, all on our own technology 3. The hard part is behind us the plants are built, the contracts are signed; what remains is execution 4. The next five years are about scale more capacity, more markets, more of the world's critical isotopes coming from us 5. Shareholder value four businesses, each with standalone value; as each one proves out, that value becomes visible to the market Paul Mann Executive Chairman & CEO EBITDA is a non-GAAP financial measure and is defined as net income before interest, taxes, depreciation and amortization. We have not provided a reconciliation between our targets for EBITDA and net income (loss), the most directly comparable GAAP measure, because applicable information for future periods, on which this reconciliation would be based, is not available without unreasonable effort due to the unavailability of reliable estimates for selling prices of our commercial products and costs of production and extraction, among other items. These items may vary greatly between periods and could significantly impact future financial results.
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Disclaimers Important Additional Information and Where to Find It In connection with the proposed merger and related transactions (the “Proposed Transactions”) involving ENDRA Life Sciences Inc. (“ENDRA”), ASP Isotopes, Renergen, and Noble Africa LLC, a subsidiary of ASP Isotopes and future holding company for Renergen (“Noble Africa”), ENDRA intends to file relevant materialswith the U.S. Securities and Exchange Commission (the “SEC”), including a registration statement on Form S-4 (the “Form S-4”), that will contain a proxy statement (the “Proxy Statement”) and prospectus.This communication is not a substitute for the Form S-4, the Proxy Statement or for any other document that ENDRA may file with the SEC and/or send to its stockholders in connection with the Proposed Transactions. INVESTORS AND STOCKHOLDERS OF ENDRA ARE URGED TO READ THE FORM S-4, THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ENDRA, ASP ISOTOPES, RENERGEN, NOBLE AFRICA, THE PROPOSED TRANSACTIONS AND RELATED MATTERS. Investors and stockholders will be able to obtain free copies of the Form S-4, the Proxy Statement and other documents filed by ENDRA and ASP Isotopes with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. ENDRA’s Internet website address is www.endrainc.com. ENDRA’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, including exhibits, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available free of charge through the investor relations page of its Internet website as soon as reasonably practicable after it electronically files such material with, or furnishes such material to, the SEC. Participants in the Solicitation ENDRA, ASP Isotopes, Renergen, Noble Africa, and their respective directors and managers and certain of their executive officers and other members of management may be deemed to be participants in the solicitation of proxies from ENDRA’s stockholders in connection with the Proposed Transactions under the rules of the SEC. Information about ENDRA’s directors and executive officers, including a description of their interests in ENDRA, is included in ENDRA’s most recent Annual Report on Form 10-K for the year ended December 31, 2025. Information about ASP Isotopes’ directors and executive officers, including a description of their interests in ASP Isotopes, is included in ASP Isotopes’ most recent Annual Report on Form 10-K for the year ended December 31, 2025. Additional information regarding the persons who may be deemed participants in the proxy solicitations, including the directors and executive officers of Renergen, and a description of their direct and indirect interests, by security holdings or otherwise, will also be included in the Form S-4, the Proxy Statement and other relevant materials to be filed with the SEC when they become available. These documents can be obtained free of charge from the sources indicated above. No Offer or Solicitation This presentation is not intended to and does not constitute a solicitation of a proxy, consent or approval with respect to any securities or in respect of the Proposed Transactions or an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities pursuant to theProposed Transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offering of securities shall be made exceptby means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law, or an exemption therefrom. Subject to certain exceptions to be approved by the relevant regulators or certain facts to be ascertained, the public offer will not be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction, or by use of the mails or by any means or instrumentality (including without limitation, facsimile transmission, telephone and the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction.
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Appendix
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Glossary A–FA–F Alpa Theranostics — Radioligand therapy subsidiary ASP — Aerodynamic Separation Process platform ASPI — Nasdaq-listed group parent BBB — Blood-brain barrier bcm — Billion cubic meters of gas CAGR — Compound annual growth rate CAPEX — Capital expenditure CMOS — Complementary metal-oxide semiconductor CNTs — Carbon nanotubes DFC — US Development Finance Corporation EBITDA — Earnings before interest, tax and D&A EIA — US Energy Information Administration ENDRA — ENDRA Life Sciences; imaging partner EPC — Engineering, procurement, construction FY — Financial year G–LG–L Ga-68 — Gallium-68; PET imaging isotope GJ / PJ — Gigajoule / petajoule GW — Gigawatt HALEU — High-assay low-enriched uranium (5-20%) HER2 — Human epidermal growth factor receptor 2 I-131 — Iodine-131; therapeutic isotope IAEA — International Atomic Energy Agency IgG — Immunoglobulin G; full-size antibody IND — Investigational New Drug application IP — Intellectual property IPO — Initial public offering JV — Joint venture kDa — Kilodalton; molecular weight unit LEU / LEU+ — Low-enriched uranium <5%; LEU+ to ~10% LHe — Liquid helium Li-6 / Li-7 — Enriched lithium isotopes LNG — Liquefied natural gas
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Glossary L–PL–P Lu-177 — Lutetium-177; therapeutic isotope LWR — Light-water reactor MCF — Thousand cubic feet of gas MoU — Memorandum of understanding MT — Metric tonnes MTU — Metric tonnes of uranium NATO — North Atlantic Treaty Organization Necsa — South African Nuclear Energy Corp. NETs — Neuroendocrine tumors Ni-64 / Zn-68 — Enriched medical isotopes Noble Africa — Gas and helium business NRC — US Nuclear Regulatory Commission NuMeRI — SA nuclear medicine research institute OEM — Original equipment manufacturer PET — Positron emission tomography PET Labs — Group radiopharmacy business PSMA — Prostate-specific membrane antigen Q–YQ–Y QE — Quantum Enrichment; laser separation QLE — Quantum Leap Energy; nuclear fuels RLT — Radioligand therapy Si-28 / C-12 — Enriched semiconductor isotopes SMR — Small modular reactor SPECT — Single-photon emission CT SSLNG — Small-scale LNG SSTR — Somatostatin receptor SWU — Separative work unit TAM — Total addressable market TerraPower — US advanced reactor developer Theranostics — Paired imaging and therapy TNBC — Triple-negative breast cancer U-235 / U-238 — Uranium isotopes; U-235 fissile UF6 — Uranium hexafluoride; enrichment feed UxC — Nuclear fuel market data provider VHH — Single-domain antibody Yb-176 — Ytterbium-176; Lu-177 feedstock