Good afternoon to those of you here in London, and welcome to everyone joining us on the webcast. I am Shveta Dighe, the Head of Investor Relations at ASP Isotopes. On behalf of the entire leadership team, it is my pleasure to welcome you to our inaugural Capital Markets Day. Before we begin, a reminder that participants today may make forward-looking statements with respect to the operations and financial targets of ASP Isotopes. These are based on current management expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements made today reflect the knowledge and information available at the time of this presentation, and the company undertakes no obligation to update forward-looking statements. We encourage you to review the forward-looking statement disclosure in the slide deck accompanying this presentation. We will hear from each of our businesses today, followed by a panel and audience Q&A. Please hold your questions until then. Let us begin with a short video about the company, our plans, our people, and the breadth of what we do. Join me in welcoming our Executive Chairman and Chief Executive Officer, Paul Mann. Thanks, everyone, for coming today. It is great to see so many people here, and thanks, everyone, for joining us online. It is great for your interest in the company. It is actually our fifth birthday at the end of this week. Robbie and I started this company up five years ago, and it was just two of us then. Now we are over 400 people operating in three different continents. We have multiple plants around the world. It has been quite a journey we have come on over the last five years or so. As I look forwards, the last five years have been about building a company. The next five years are about growing the company and really scaling it up now to become one of the biggest suppliers of critical materials globally. There are so many critical materials the world needs. As it says on this slide here, we have built three or four enrichment slides for enrichment plants or chemical plants in South Africa. Our goal is to achieve over $300 million in EBITDA in 2031. We are going to take you through the path of how we get there over the next five years. We have built plants and facilities that will service industries with structural shortages. These industries are growing at rates well above GDP, and they are needed for the future of our life in terms of improving our life. When you think about nuclear medicine, we have treated tens of thousands of patients a year. We have got a number of drugs in development, and you will see those today, some of them going into the clinic later on this year. We have now got four radiopharmacies servicing patients, and this is really growing. We are in the early innings of a new therapeutic cycle where nuclear medicine is used to both diagnose and treat cancer patients, and it is very exciting to be involved in that industry. The electronics industry, semiconductors have kind of exhausted the laws of physics now. New materials are going to be needed to make faster semiconductors. New materials are needed for quantum computing, and our goal is to be the supplier of those materials for next-generation semiconductors. The world is desperate for helium. You cannot launch a rocket without helium. You cannot make a semiconductor without helium. You cannot have an MRI scan without helium. We are bringing on our helium supply at exactly the time when the world needs more supply from a more diverse geographic range of suppliers. Finally, nuclear fuels. If we want to power the Earth in 2050, the world wants to triple the amount of nuclear power over the next 25 years or so. It is probably not going to manage that, but if it wants to double or just grow it needs a lot more nuclear fuel. Ryno and his team at Quantum Leap Energy will explain what they are doing to try and solve that nuclear fuel supply chain. What we have done over the last five years is we have found some really unique assets that we have managed to acquire at very attractive valuations to really drive shareholder returns. Five years ago, we acquired our first assets, the Isotope assets in South Africa, the team of scientists that were responsible for South Africa's nuclear program back in the 1980s. We brought them out of retirement. We constructed a couple of plants there, and those plants are now operational. We acquired PET Labs as a springboard to grow into nuclear medicines. We are vertically integrated from the stable isotope to the radioisotope. PET Labs is now quite a sizable business. It has grown 50% year-on-year in the first half of this year. That is going to provide fantastic returns for shareholders. Finally, Renergen on Noble Africa, we acquired that asset in January of this year. We have added a lot of headcount to that business. We have invested in it. We have made some management changes. We have brought in a lot of engineers and a lot of drillers. That plant started production. We started cooling down and commissioning during August. We have actually hit the target temperature of 4 Kelvin, and now we will start producing. We should start producing commercial product by the end of September. Here are some pictures of our plants that we have built over the last five years. You will see the left is our first plant, the Carbon-14 plant. That is currently producing Carbon-12. I will give a full update on the exact operations later on in the presentation. You can see a picture there of a plant that we acquired. We acquired in pieces, and we put it together to make a Carbon-12 and Carbon-14 plant. You will see in the middle a Silicon-28 plant that is enriching Silicon-28 today. There has been some delays and some startup problems, and we will address those later on. That is our second plant, and that is currently enriching product exactly in line with what we expect it to do. And the Ytterbium-176, we first enriched Ytterbium-176 about a year ago, and we spent the last year turning a small kind of scientific vessel, a scientific production plant, into what is commercially viable to produce large commercial quantities of an isotope that the world needs to treat patients with prostate cancer. You will see on the left here, you will see Noble Africa, our Renergen site in South Africa, in Welkom, South Africa. This is one of the most unique assets in the world, and we will talk about it more later on today. There really are not many. There is no other gas fields we have seen like this in the world. It is an incredible location, incredible product that comes out of it. I say the world is desperate for a new supplier of helium. PET Labs in the middle is already generating good revenues. We treated over 10,000 patients last year. This plant has gone exceptional. We have added another cyclotron to it, and it is growing fantastically. We are very proud at PET Labs, we supply all of our doses to children under the age of 18 free of charge in South Africa. It is not appropriate for a child to suffer from cancer because their parents have not got insurance or cannot afford it. We make sure the local youth population is looked after. Then finally, we have got two radiopharmacies in the U.S. Our goal is to expand PET Labs globally over the next five years. This is our springboard for the U.S. I say the world needs to probably double or triple the amount of radiopharmaceutical production over the next five or 10 years, and we intend to be one of the drivers of that growth. This just summarizes what is producing revenues today, what to expect in terms of revenues in the near future, and it shows you some of our targets. I say things are really starting to motor now, and it feels like the company is really at an inflection point where we really start to just start moving a lot faster. Next slide. To summarize, these shortages that the world has are structural. They are not going to resolve themselves. We have built capacity and plants and technologies to solve them. Many of these are needed for technologies that the world needs to grow, to have new semiconductors, to have new nuclear medicine, to launch rockets. We have constructed now three isotope plants and a very large cryogenics plant, and they are all up and running and three of them are producing, some of them producing revenues already. I guess, if the milestones for the second half of the year, the first helium production should happen in September. Then the first commercial isotope shipments should happen through the second half of the year. Then in terms of corporate transactions, we have said we are going to list Noble Africa, listing via reverse merger with ENDRA, ticker code NDRA. The goal is to list QLE as a separate entity before the end of the year. I am going to hand over now to R&D and engineering. None of this would be possible without our R&D and engineering team. We put together a magnificent team in Africa to design these plants, to build them, to do research, and we are continuously researching to make our process better, more efficient, cheaper. I hand over now to Dr. Ferreira and Dr. Puts. Thank you, guys. Good afternoon, everyone. I am Dr. Ignatius Ferreira. I hold a PhD in chemical engineering, and I am the Head of Research and Development at ASP I in South Africa. I will be taking you through a quick overview of the capabilities and the functions within the R&D department. Before we start off, we first need to understand what is an isotope. An atom consists of protons, neutrons, and electrons, where the number of protons define the element. For a specific element, you can have a different count of neutrons, and that is an isotope. Isotopes also occur naturally, and depending on the element, in a certain ratio. For example, here, silicon is given. We have Silicon-28, Silicon- 29, and Silicon- 30. What is it what we do? We can target, for instance, Silicon-28, specific isotope. We separate it, and then we can concentrate it, and that is our product. Now the question arises, why are we interested in a certain isotope? A certain isotope can have certain special chemical properties that we can exploit for certain applications. How do we go about this? We essentially have two enrichment platforms, the one being quantum enrichment. This involves lasers, where we exploit the transition energies to ionize the isotope. We then separate this by means of an electric field. What makes this technology unique is that it enables us to enrich isotopes of metals. It is extremely capital light and has a very high selectivity. On the other hand, we have the aerodynamic separation process. This involves, in principle, gaseous diffusion, where we can enrich, in particular, gases or light gases of a low molar mass. You can look there, Silicon-28, Carbon-12, and Carbon-14. Extremely important with this technology is that it is scalable because it is a modular technology. I will get into a bit more detail later on that. If you have a look at the quantum enrichment platform, every isotope absorbs light at a slightly different frequency. By tuning lasers, we can then select an isotope. We target it, and it is separated electrically. Selectivity is extremely high, and that enables us to reach our enrichment in a single step. In principle, we can use this technology to separate most elements. Moving on to the ASP technology. In essence, it consists of two stages, so two stages in one separator unit, where the first stage is a stationary wall centrifuge, compared to conventional technologies where you have many moving parts. You have pressurized flow through the cylindrical wall, and it enables us to enrich light isotopes. The second stage involves flow directors. For illustrative purposes, here a schematic is shown of the Becker nozzle. For IP reasons, obviously, we will not be showing our own highly engineered flow directors. You have one unit consisting of two separation stages. What this boils down to, it is capital light, modular in capacity, low energy costs, and we have a proven track record. As mentioned earlier, it is modular. What this means is we can combine many modules or units to create a cascade where you have enrichment across the stages. Just to mention here or to highlight, this is only for illustrative purposes. This does not reflect the number of stages we would typically need. But you will have enrichment in one direction of an isotope, and then by default, you will have enrichment in the other direction. Dependent on the targeted isotope, you can either have this as a product or that as a product, depending on whether you are interested in the heavier or lighter isotope. So how do we go about in the R&D department to develop the technology? Emphasis here, everything is done in-house, from theoretical, oh, apologies, from theoretical development all the way to handover within our own operations. From step one to step five is quite an iterative process. We start off with theoretical development, we design the module or the unit, we simulate it, then we physically manufacture a prototype. We verify its performance with our test benches, and then we move on to chemical analysis to validate the results that we have predicted. We iterate here until we finalize the design. Then we are able to upscale because it is modular, so we can create the same unit over and over. Each and every part is manufactured in-house and assembled by our dedicated assembly team. From there, we qualify the units, and we hand them over to our own operations. What this means is there is no licensing fees. The entire cost and schedule is our own, and we are not dependent on external parties. So within the R&D team, how do we achieve all this? We have invested greatly within the R&D team. Currently, the R&D team consists of about 30 individuals, consisting of chemical engineers, mechanical engineers, mathematicians, physicists, chemists, support personnel, and experienced technicians. What this diverse team enables us is to have a multidisciplinary look or perspective on the technology to continuously improve. The R&D function is not stagnant, and we are continuously looking at improvement and looking at new technologies as well. In essence, what it boils down to is the people who invented the separation technology are now also industrializing and commercializing it. I am now going to hand over to Dr. Puts from the engineering department, with whom we have a very close collaboration. Dr. Puts. Thank you, Ignus. As Ignus mentioned, I am Gerard Puts. I am the principal process engineer for ASP, working in the engineering division. The engineering division has a very close collaboration with R&D. Isotope separation is a very niche industry. This is not oil and gas, or automotive, or any of these other industries that have been existing for quite some time. Isotope separation, commercial isotope separation, the way we are doing it, has actually existed only for a very short period of time. There are no EPCM houses you can go to and ask them, "Please design me an ASP plant," or, "Design me a laser separation plant." There are very limited suppliers that you can approach in order to get equipment for these kinds of plants. For that reason, we have had to in-house our own EPCM capabilities, also in order to protect the technology, which is a statutory requirement. In our engineering team, we in-house, we have the entire EPCM function in-house. We have process engineers, we have mechanical engineers, we have our EC&I team, which is the electricians and the control team, and we also have nuclear engineering, all of that under one roof. We also then have our own project management, our own project control, simply so that we can maintain control over the schedule, and we can maintain control over the actual project and the procurement and all of these timelines. Because isotope separation is such a unique industry, oftentimes you find that whereas other industries can buy software that they can use to aid in the design or aid in the simulations, you could get a package, but then you'd have to go and modify it to meet your specific needs, or you couldn't even find software to begin with. We've also insourced our own software development team to enable us to generate the necessary engineering tools in order to achieve our goals. We have this full EPCM capability, and our headcount has grown every year now. It's quite simple. The engineering scale is ahead of the plants, not behind them. That's why you have the engineering team growing and increasing upfront. Some of the advantages of having an in-house engineering team is shown here, and it's summarized very simply. When the market cannot supply it, we design it, and we make it ourselves. There are some examples of what we have designed. The first one over there is a molar mass meter. Of course, in our plants, we've got gases flying around, and we need to measure the composition, which we express as the molar mass of the gas. Yes, you can find equipment commercially that can do this, but these pieces of equipment have very long lead times attached to them, sometimes two to three years. There's export control, all of these sorts of issues. We have gone back to first principles. We have designed, and we have constructed these molar mass meters from first principles. We have built them, we've commissioned them, we've put them in the plant, and the process control is running off of these equipment. Another example of this is the power control valve there. Long technical story about what that is. It's commercially available, and when we approached the suppliers, they told us that lead time is 90 days plus. They weren't sure about the 90 days plus, but they or the 90 days part, but they were very sure about the plus part. Of course, you can't do business like that. We decided, "Okay, we're going to do this in-house." We went to first principles, and we designed this, we built the prototypes, we did the testing, and then we headed into commercial production for 160 units, all within the space of six weeks as opposed to 90 days plus. The third item over there is the orifice flow meter. Isotopic separation requires you to have very tight control over your mass flow in your plant. We went to the market, we evaluated all the technologies for mass flow measurement, we came up short. There simply was not a solution available in the market to service our particular needs. We had to go back to first principles, we had to design an entire mass flow measurement system, of which the orifice plate flow meter there is the heart of it. It is a point of pride for us that we managed to get all of this done. We did the mathematical derivations ourselves, the design, the construction, the calibration, the commissioning. It is in our plants, this is what our plants are running off of. The final item there, which we highlight, is our compressors. The ASP technology has two critical components. The first one is, of course, your separating elements that Ignus spoke of. This is the core technology. Beside that, you also need compressors. If you do not have compressors, you do not have an ASP plant. The trouble with the compressors for ASP is that it has very specific requirements. When you go to the market for these specific requirements, next to everyone will tell you, "Sorry, we cannot do it." We have actually been forced to go and do our own compressor development, what you see there is an example. It is an oil-free diaphragm compressor. It was designed in-house, constructed in-house, it was commissioned in-house, it is now sitting in the carbon plant, it is running. Within the engineering team, we then also have the manufacturing floor, where we have our own CNC machines, our own laser cutting capabilities. We have our own experienced welders and highly technical welding teams. We even have 3D printing for rapid prototyping. This is not your run-of-the-mill 3D printing that you can go buy at the corner store. This is engineering plastics and engineering printing. We have actually printed prototypes that we have installed into the plant to go and test before we went to actual metal manufacturing. Then, of course, we also have the design and the programming and all the quality control that goes with that. What this enables us to do is it allows us to produce the separating elements, the cascade segments. It allows us to produce the cryogenic equipment. It allows us to produce instruments, valves, things like this, fittings, R&D parts, all of that. Why this matters is lead times from manufacturers can be measured in months, in quarters, or in years, whereas we are in control of the lead time. Our lead times is in days and weeks, not the lead times of the manufacturers. We have also found that in the isotope separation industry, material of construction matters. If you go to a supplier, they will tell you, "This is the material we supply, if you do not like it, go find someone else." With the construction being in-house and the design and manufacturing being in-house, we have control over the material. We decide what we put in the plant, what is best for the plant. Then, of course, if you find that there is something on the plant that is not working 100% correct, you need to tweak it, a supplier will not allow you to go and change their design. They won't go and change their design for you unless you decide to order 10 million units, whereas with us, we build it in-house, we can just quickly change the design and have the machine another unit for us so we can carry on with life. Then, of course, this allows us to support plant construction. It allows us to support maintenance. We've got everything that we need. We're not beholden unto anyone to get our work done. Some of the engineering examples, some of the engineering that we've worked on is the Carbon-14 plant, as Paul mentioned, the Silicon-28 plant, and the laser plant, which are all in Pretoria. They're all running, they're all producing isotopes, they're all enriching. Then we've got some future work, which is currently in progress. We have the actinides, so that's the uranium, and we are currently working on the processing, the conversion of yellow cake to UF6, as well as the designs for enrichment projects. The regulations, the regulator has been involved, and we're busy with the licensing, things like that. Then we, of course, have our own manufacturing and support, which we are continuously improving with new equipment, new instruments, 5 -axis CNC machines, that sort of thing. Then the ultimate goal is to have a multi-isotope facility in Iceland, where we're targeting the Zinc, we're targeting an upscale of the silicon plant, we're targeting Xenon, Molybdenum, and, of course, some others. The basic engineering for this is already in progress. We have P&ID levels, we have CAD models, that sort of thing. Some pictures, because everyone loves pictures. They are the pictures of the Carbon-14 plant. Right up at the top, you'll see an isometric drawing. The way we work is that when you've done the process engineering and you've gotten to P&ID level, you go to the mechanical guys, and you have them make a digital twin of the plant so that you can be sure placement and routing and all sorts of things like that are in place before you go to construction. It's not often done in small companies. They prefer to go directly to construction, and then they have trouble upon trouble upon trouble. We don't do that. We do things properly the first time around. Picture two over there, come and ask me afterwards what the green is for. I'll explain it then. It's a bit technically involved, but it's very interesting. The silicon plant, which everyone is, of course, interested in, again, we have our CAD model. We plan before we construct. Then, of course, we have some pictures over there. The most salient one is picture number four, which shows the actual enrichment cascade. Those are the segments. Each individual bay there is a segment, and then we've got several stages per segment going on. In summary to both the R&D and the engineering, why all this matters is it's capability we own, not capability we buy. Separation to us is the barrier, not procurement, not construction, not commissioning, not the engineering. It's separation is the barrier, and we can clear that economically with our technology. We have a flexible technology base. Between the lasers and the ASP technology, we can tackle a wide variety of materials, a wide variety of elements, to get whatever isotope we require from the market. Then, of course, we own the engineering. The roadmap occurs at our pace, not someone else's pace. We are in charge of when something happens, where something happens, and how something happens. That is how we can support more effectively the actual commercial base. Then, of course, everything we do, every build compounds into the next. Every design you do, everything you construct, everything you operate, one thing feeds into the other, and it just makes us more and more effective, more and more efficient. We can get things done faster and more accurately with improved cost, which is the benefit, of course, to the company. With that, thank you very much. I will hand over back to Paul Mann. Thanks, Dr. Puts. Thanks, Dr. Puts. I am just giving you a quick update now on our stable isotope operations and exactly what we are doing in each plant. This slide here just shows how we enrich something like Silicon-28. You will see that we enrich in campaigns. Each campaign takes it to a greater level of enrichment, and we can do as many campaigns as we want to and need to achieve the desired enrichment. If you look at the left-hand side, that is 104 cascade enrichment plant. We compound each individual separator over 104 stages. You will see in the first campaign, we increase from natural silicon, which is 92.2%, up to 98.4%. That becomes the feedstock then for the next campaign, which goes up to 99.6%. That is the feedstock for the next campaign, which goes to 99.9%, and so on. Finally, we get to the desired enrichment of 99.995%. Right now, we have had problems with the Silicon-28 plant in terms of the compressors. You never expect to buy an OEM compressor and find they do not meet the specifications and do not work. We are having to replace a lot of the components within the compressor, because the OEM manufacturer simply did not provide them to specs. We have only got 42 enrichment stages working today, and as you will see, when we have 42 enrichment stages, we can get to 99.1% enriched. Our first campaign goes from 92.2%- 5.7%, and so on. What we are actually seeing in the plant is we are achieving 95.706%, and that has been measured by an analytical lab. The theoretical number should be 95.703%. We are coming out at 95.706%. We are very happy that the enrichment is happening exactly as we expect it to per the mathematical calculations and theoretical formulas that it should go to. The problem we have is with reliability and compressors. If you look in May, the plant had 58% uptime, almost half the time the plant was not operational. We improved that to 80% in June and 90% in July. Of the downtime, 97% of it was due to compressors, either mechanical failure or EC&I failure. As I say, we are getting better, but we are actually struggling with the compressors here. These are just OEM-supplied compressors that do not meet the spec. How are we solving that problem? As Dr. Puts alluded to, we find when we make our own components, we do it better than most OEM suppliers do. We have actually designed a new compressor for the ASP process. It is hermetically sealed, so it is helium tight. It is made out of materials that are pretty special and do not corrode with gases and do not pollute gases that we use. What we are seeing is substantially better flow rates, substantially better pressure ratio, and this will translate to a significant reduction in energy consumption. This will be used in our future plants. In terms of quantum enrichment, as you can see, we enriched Ytterbium successfully last summer. You can see on the left is the feedstock with Ytterbium-176 about 13%. After passing through our enrichment chamber, we got to 94%. A significant amount of enrichment in a single step. It is extremely powerful, this laser enrichment. Now we have to scale that up. Our current vessel, or the vessel we used to have, could enrich for three hours at a time, three days a week. We have to heat it up, cool it down, open the vessel, put new product in, pull a vacuum again, heat, process, so forth. What we spent the last year doing is making a continuous processing vessel that can process for 24 hours a day, seven days a week for multiple months at a time. We think that will allow us to process over 50 milligrams an hour, and that should allow us to do about 350 grams per vessel. Three vessels in parallel should then allow us to get to about a kilogram a year. We have just finished the construction of the continuous processing vessel. It is being commissioned right now. We expect to have some news and some data on that during the next several weeks or so forth. I think what this shows is that the technology works. The technology is enriching as we would like it to. Scaling these up to commercial processes have proved a lot more challenging than we expected them to. We had to fight our way through those to get them done. What we see is a continuous improvement in our plants, continuous improvement in our technologies, and that should translate into being able to build bigger, better plants over the years. I am going to hand over now and pass over to Robbie, our Chief Operating Officer, who is going to talk about the legislative environment and IP. Thank you, Robbie. Hi, everyone. A quick comment on intellectual property and the nuclear regulatory environment that we operate under. These become more important as we go into our expansive phase, as the engineering team have pointed out. I am going to race through it, so I am restricted to five minutes, so bear with me. Good. Over the last five years, we have created a large pool of intellectual property. As many of you will know, intellectual property exists in unregistered and registered format. Our unregistered IP consists of know-how and trade secrets. We record this know-how and trade secrets internally in registers, internal registers, which are managed and monitored by our specialist intellectual property counsel. We maintain that and build that base of knowledge over time. Certain parts of that intellectual property which are not covered by nuclear regulation, which I will come onto next, are capable of being registered and we have an active strategy to protect that, certainly in the engineering department, the R&D department, and in our nuclear medical subsidiary. We have an active strategy taking advice on what we should patent. The importance of the strategy for intellectual property is where you position it. The note I put there is the location to own, the location to use. That will become apparent in the next slide when the cost of nuclear regulation comes to bite. When you operate with nuclear materials, you come under the ambit of the International Atomic Energy Agency in Vienna, and they police the Treaty on the Non-Proliferation of Nuclear Weapons for nuclear weapons. Most countries in the world have signed up to the NPT. A few notable exceptions, which you could probably guess. The main issue with being regulated by the IAEA is you submit yourself to inspections. Our plants in South Africa are inspected twice a year. Both types of laser plants and ASP plants are examined. What they are looking for, the inspectors, when they come down, is they are swabbing for uranium. Both of our technology platforms have been used to enrich uranium. Everyone knows they can enrich uranium, and therefore they are not only controlled technology, which means it is technology you are not allowed to transfer across borders, that is the essence of non-proliferation, without special inter-government agreements and sign-off by the IAEA. Such as we are in the process of doing in Iceland very successfully. The other issue with managing controlled technology is you have to maintain safeguards. Safeguards are prescribed in the Non-Proliferation Treaty and various other documentation issued by the IAEA. We have invested heavily in our asset protection department, which manages our compliance with the Non-Proliferation Treaty and overreaches the safeguards that are prescribed therein. A subgroup of controlled technology is the dual-use technology. Dual-use technology is any technology where it has a civilian use but can be retasked for weapons. Both our centrifugal ASP technology and the laser-based quantum enrichment technology fall slap bang into the middle of that profile. That means we have to, in country, apply extra comprehensive safeguards. We are very careful about where we do our research and generate our IP, record our IP, maintain our registers for different types of isotopes and different types of projects, so that we are able to utilize the technology that we develop, the intellectual property that we create, in the places where we want to. That was a bit of a quick run-through within time. Anybody who would like to know any more about it, then please just catch me afterwards. Thank you. We are going to have a review now of the major markets that we operate in. One of the most exciting I find is nuclear medicine. We are right in the early innings of a new therapeutic product cycle. When you think about cancer 20, 30 years ago, we would often use something like chemotherapy to treat the patient. Chemotherapy is very good at killing cells that divide. The goal of chemotherapy is to kill the cancer before you kill the patient. It is a pretty horrible drug to use. A typical patient who would be diagnosed with cancer would first of all have a biopsy, this is years ago, would have a biopsy, which is an invasive procedure. Then their doctor would choose a form of treatment to treat the patient with. Maybe six weeks later, they would do another biopsy and see is the drug working or not. That is six weeks between first diagnosis and an analysis of whether or not the drug is working. That is a long time to wait when you have got cancer. What we can do nowadays with radiotherapeutics and theranostics is that we can actually diagnose the patient in a day without an invasive procedure. We can perform a radio scan on the patient and diagnose a particular type of tumor. We can then treat the patient almost immediately with a targeted agent that just targets the tumor and does not affect the rest of the body. A couple of days later, we can do another scan and see is that drug working. So you can have real-time feedback and real-time evidence as to whether or not the treatment you are using is working. That has led to substantial improvements in patient outcomes, which is obviously a good thing. We are really only very early innings of this. There are a couple of drugs approved and it is very much in its infancy. We have three radiopharmacies around the world, so four radiopharmacies around the world. We produced over 10,000 doses of drugs a year, and we expect over $14 million in revenue this year. This slide just shows the symbiotic relationship between ASP Isotopes and PET Labs and why, when Robbie and I formed the company, we were so keen to have a company like PET Labs within our portfolio. Because ASP Isotopes should be able to produce stable isotopes, so Zinc-68 or Nickel-64. A radiopharmacy converts that stable isotope into a radioisotope using either a proton, an electron, or a neutron. That radioisotope decays, giving off radiation and energy, and we use that radiation to treat the patient. Most radiopharmacies are buying their stable isotopes from Russia. Russia supplies about 85% of stable isotopes. The supply has been fraught with problems over the last 20 years. Our goal is to solve that by having a vertically integrated radiopharmacy. I am going to hand over now to Dr. V an Tonder to talk about PET Labs and exactly what PET Labs does. Over to you. Thank you. Thank you, Paul, and good afternoon, everybody. Welcome. The examples that Paul showed, those include isotopes that allow for diagnosis and treatment. It is important to realize that you need the radioactive decay property of those isotopes for both of those technologies to actually work. That is very important to remember. Modern developments and advanced molecules have created a synergy between the diagnosis and the treatment. That synergy is called theranostics, which is what we have on this slide. The concept of theranostics is about 80 years old. It started with Iodine-131, but was limited at that time by access to advanced molecules. The term theranostics was coined significantly later, and it only became a commercially significant segment of the market about eight years ago following the approval of Novartis's LUTATHERA and PLUVICTO products. When you consider, apologies. When you consider the PET and the SPECT agents, you use those to visualize the body based on either perfusion or metabolism, depending on the vector that you utilize. The vector actually targets the area of interest, and that allows you to, for instance, confirm overexpression of a receptor for primary or metastatic lesions. This is also where advanced molecules come into play. When you combine that with your quantifiable properties from your radionuclide, that is where you can actually then look into the patient and screen out non-responsive tissue prior to drug delivery, and you can also monitor your treatment efficacy. With the advanced molecules, this targeted approach can be extended towards treatment as well, where you just swap out your radionuclide while retaining the same type of vector. An additional advantage for the advanced molecules is then obviously your improved selectivity, which will give you a better quality diagnosis, which will lead to earlier detection and then improved treatment as well. Both of those work together toward personalized therapy. At the end of the day, you have a precision strike with localized cytotoxicity, and it can be repeated in successive cycles to actually achieve systemic tumor clearance. The role of the radiopharmacy is to actually manufacture these agents, commonly referred to as your radiotracers. First off, you need to obtain your radioisotopes. For your therapeutic isotopes, those are generally nuclear reactor products, but you can generate some of them using a cyclotron. The cyclotron is also a critical tool for PET manufacturing, for PET radiotracers. The cyclotron, in essence, is a particle accelerator that is fitted with a target at the end that you can load up with a target material. If you consider the cyclotron to be a rifle, your particles will be the bullet that then bombards the target material. That is done with sufficient energy to change the element of the target material into your radioisotope. Different combinations of bullets and target material then generate your different radioisotopes. Following your bombardment, you have your radioisotope, and that is then transferred, usually pneumatically, to a designated area for chemical transformation, which is then where you produce your radiotracer product. This is then where your shelf-life product, sorry, your shelf-life clock starts. That depends heavily on the rate of decay of your radioisotope, which is the half-life. For example, if you have Fluorine-18, you have a half-life of about 110 minutes, which means four hours later, you have just over 20% left of whatever you manufactured. That makes daily logistics a critical factor in our operations. The product is then shipped to the designated clinic, physician's office, wherever it might be, where it gets administered to the patient, and after a brief waiting period, the patient is then subjected to a scan. The scanner detects the gamma rays that are produced during the radioactive decay process. That allows the instrument to render a three-dimensional image, which is then interpreted by the physician. PET Labs operates in a global nuclear medicine market of about $33 billion, of which your radiopharmaceuticals make up about $13.5 billion. Of that, your commercial segment is about 5.8, and 85% of that is a result of direct sales of your PET and SPECT agents. Your advanced molecules come into play, where you can see that the contribution at the moment is very small, and that is exactly where PET Labs wants to be involved. We want to be at the lead, running your clinical lead molecules, doing your research on that. We want to manufacture those to generate data and then assist in pushing new molecules to market. When you consider the introduction of theranostics and the aging populations worldwide, we expect an overall demand increase for these type of agents, for your theranostic agents and advanced molecules with a compound annual growth rates in excess of 20% for both your PET and your therapeutic agents. With increased accessibility, this is expected to further drive demand. Also what must be considered is the unbundling of the U.S. reimbursement model. That is where your more advanced and more expensive molecules are now reimbursed in addition to the actual medical procedure. Most significant, with respect to the regions, are the regions containing your developing markets such as Asia, Pacific, Latin America, Middle East, and Africa, all showing a compound annual growth rate in excess of 10%. For us to capitalize on this opportunity, the challenges include your radioisotope availability and also competent manufacturing staff and obviously your local infrastructure. PET Labs' strategy to address these challenges include global expansion, so that would be into the fast-growing regions, and also partnering with established businesses. We have expanded into the U.S. by procuring two operational nuclear pharmacies, and we plan to add about eight more over the next five years. With compound growth, we expect to have at least 30 facilities within the next 10 years. PET Labs plans to achieve that by specializing in the fastest-growing segment, which is actually the manufacturing of the advanced molecules for both your PET and your therapeutic agents. Thank you. I will hand back to Paul. Thanks, Johannes. On the other side of the treatment, you have diagnosis, and then you have treatment. I am going to hand over now to Martin MaGwaza, who is going to talk about Alpha Theranostics. This is a division or company that we have been incubating for a couple of years inside ASP. We have not really spoken much about it ever. This is the first time I think we have really presented what the company looks like and what we have been working on. It is one of the most exciting parts of the company, I think. Martin, over to you, please. Thank you very much, Paul. Hi, everyone. My name is Martin MaGwaza. I am the president of Alpha Theranostics, and I will take you on the journey of why ASP chose to enter this space. What was our motivation? What is our game plan? How do we envisage that we will win in this exciting market? Let us start by giving a bit of context. The global oncology market by the end of this decade would have hit about $400 billion in global sales. Estimates are that at current growth rates would have reached about $600 billion by 2035. That presents a tremendous opportunity. I will take you to a reason why we have looked at this market beyond the narrow definition of the theranostics space and looked at it as a more holistic opportunity for ourselves. Perhaps we should start with what our game plan is at Alpha Theranostics. We rely a lot on the wonderful biology of alpacas, and as many of you would know, camelids have this incredible ability to produce very unique, heavy-chain-only antibodies, which are different to those that are produced by mice, other mammals, and humans. We take advantage of this to develop targeted theranostics, which can be used for both imaging via PET and SPECT, as well as therapy. There are four numbers that you need to know. First of all, it is the format size. VHH antibodies are a tenth of the size of IgG antibodies. They are 15 kilodaltons in size as opposed to 150 kDa. Secondly, at Alpha Theranostics, we are looking at five tumor types. We are developing targets for them, therapeutic targets and assets for those, which means for each of the five tumor types, we will have two entities, an imaging part as well as a therapy part. In the next 12 months, we will be delivering our first human data on what we have done in these five cancers. The last number to note is, over the last two years, we have seen in excess of $9 billion in M&A activity. That tells us something about what Big Pharma is seeing in this industry of ours. Secondly, I want to take you through why we think this is a right market for us to enter. What we have seen with LUTATHERA and PLUVICTO from Novartis is that there is no longer a question about whether radioligand therapy is a valid modality for treating difficult cancers. Prostate cancer, neuroendocrine tumors have demonstrated a tremendous amount of commercial opportunity for Novartis that is already in the billions. However, we are seeing that there is still quite a bit of a ceiling in terms of targets. How much more could be achieved if we could unlock this by finding the right kind of models to target these additional cancers? What we have seen is that in addition to the validated targets of PSMA and SSTR, there are only a few other companies that are looking at targets beyond these two. What is quite interesting is that in the top 10 tumors globally, it is actually essentially only PSMA or prostate cancer that has a radioligand therapy that is approved. For that area, that presents to us a tremendous amount of opportunity. The other limitation is that inasmuch as the IgG antibodies have delivered a lot of value in terms of improving treatment outcomes, their formatting for radioligand therapy is still suboptimal. They are simply too large, they are not flexible and not able to reach some of these difficult-to-reach targets in the difficult-to-treat cancers. Additionally, a model that is based on large IgG antibodies is very slow, very expensive. The steel tank infrastructure required is quite heavy. In the development process, what we find is by the time that you realize that there is a likelihood of deliverability failures, it is usually too late. That affects the likelihood of the companies delivering quality CMCs, which are required for further development of these drugs. The other area that is of huge concern when it comes to IgG antibodies, tumors which have what we call the desmoplastic barrier where there is stromal involvement, they simply cannot penetrate. That leaves a huge chunk of difficult-to-treat cancers without any treatment options that actually are viable for the patients. Some of the examples are the triple-negative breast cancer, which we know is the killer of young women. The other one is, of course, small cell lung cancer, non-small cell lung cancer, PDAC, which are difficult to treat with IgG antibodies. These are exactly the type of tumors that we know we can deliver a killing strike to them. I now want to take you through just the top-line methodology of what we do. In the farm in South Africa, these are actual alpacas by the way, this is not stock imaging. They have names, I just cannot remember. We have these alpacas which we immunize with a target antigen, and over a period of 42 - 89 days, they start expressing antibodies against the target. We do draw blood in a very safe and ethical manner, and we start panning and analyzing the sequences of these VHH antibodies. If we are not happy with the structure of antibodies, for example, if they have certain liabilities, whether it's the charge on the surface of the antibody itself, maybe there's some immunogenicity which we feel might be a risk, especially in cases where patients need to be treated repeatedly. We use our advanced and proprietary computational power, which allows us to correct any of those liabilities to make sure that we can further develop the antibodies. Once we've done our work on the discovery and the refinement parts via computational means, we then have a theranostic pair, which is combined of a VHH antibody for imaging, which unlike just the IHC and biopsies, tells us a lot more about tumor location, its extent, and that informs the treatment strategy that the doctor can engage in. That therefore allows the doctor to tailor the treatment plan using any of the other isotopes which have been described by our colleagues, such as the beta emitters, the alphas, the augers, in certain instances, the conversion electrons. I'm going to roll back a little bit just to tell you a little bit more about why this format is so exciting. I must add, this is not new. VHH antibodies are not new or exotic science. This has been 30 years in the works. As a matter of fact, a company called Sanofi a few years ago acquired Ablynx, which has developed quite a number of VHH antibodies for a few cancers in the ADC format, as well as treatments for some difficult-to-treat ocular disorders. But we have chosen to take this amazing format and apply it in the radioligand and the theranostics space. As I've said, the size is an advantage. It allows us to hit targets that IgG antibodies do not reach. This is a function of how the CDR3 loop of the VHH antibody is structured. It acts as some sort of a wedge. It's able to reach nooks and crevices of a cancer target that the larger and bulkier IgG antibodies are not able to reach. This allows us to, not to get too technical, even in cases where a patient has been treated, for example, with a trastuzumab or pertuzumab, we are able to raise antibodies that can identify other epitopes in the tumor type that are not subject to the resistant patterns that the tumor may have developed. Of course, it acts as a single entity. This is the entire therapeutic unit of the stents, which allows us flexibility to radiolabel. If we want to combine them and bring about other formats, we can do that depending on the need. What is also important, due to the lack of what we call sequence homology between our immune system and that of camelids, we find that there's very little immunogenicity that emerges with the alpaca-derived VHH antibodies. However, as I said, in the case where there's some level of immunogenicity, we can correct this quite easily with our computational models. This allows us to have drugs that can be used routinely on a chronic basis should the patients require. Just another view. This is just by comparison, for example, what we know from the world of ADCs versus the VHH area. The beauty of the VHH antibodies is we've seen this in our preclinical model. There's a lot of deep tumor penetration, even in areas where IgG antibodies cannot reach. The half-life is also built for the short half-life nature of some of the isotopes that we're using. You don't have, like in the case of some of the IgG antibodies, long circulation time of an antibody with a radioactive payload irradiating blood and a lot of the other sites that are not the target of the treatment intervention. Then, of course, the other exciting development, which many of you may know about, even though they are larger than the 400 Da limit of diffusion or fusion in the blood-brain barrier, we've seen that they're able to translate the blood-brain barrier with a little bit of engineering. That, of course, for us in the space of oncology, that means a lot, especially in cases where cancers have spread to the brain, or in some cases, when a patient is diagnosed with a glioma that requires more aggressive treatment, which has a radioactive payload. So this allows us that kind of flexibility. If we look at what big pharma has been doing in this space, as I mentioned in my opening, it's been quite exciting to see the level of activity happening here. What is more interesting is that the deal sizes here have been between $1 billion-$4 billion. I can give some example. Bristol Myers Squibb and RayzeBio, the likes of AstraZeneca acquiring Fusion Pharmaceuticals, of course, Eli Lilly acquiring Point Biopharma, and Novartis back again after a long list of other acquisitions in the RLT space since 2018 or roundabout through the acquisition of Mariana. What is interesting is a lot of these deals were struck when the companies which were targets had only demonstrated a proof point or data readout from phase I as well as phase II. They don't even wait until there's a phase III data readout because they understand they're chasing a far larger market here, which is oncology. Then, of course, what will it take for us to win in this space? We feel very strongly about the need for us to break the target ceiling. The VHH antibodies allow us to target more tumor types, even in difficult to treat cancers. They allow us to win in the therapeutic index because we can penetrate tumors in a tumor microenvironment where other formats are not able to reach. Then, of course, the other big win here with what we've seen, if we are able to treat these cancers effectively with this format, we might start seeing a greater migration from third line, second line to first line. Of course, we've seen this with PLUVICTO, where for the first time a radioligand therapy has a definitive first-line therapy. So this, of course, allows us to move beyond just being a treatment of last resort to being a treatment that can be considered much earlier in the treatment continuum. That, of course, speaks to the tremendous amount of value that could be harvested in the broader oncology market. And of course, the other important thing is the format allows us to combine it with other interventions, whether it is immunotherapy or other treatment options to ensure that there is a far greater cancer killing effect to improve patient outcomes. And of course, my colleagues have spoken a bit on this, the ability to own the value chain by having in-house isotope production, especially in the world where there is just not enough steel and not enough isotope production. This is going to be quite crucial, and we believe with the structure of ASP and the companies underneath it will allow us to play in this game. The most exciting news for us is, as Paul said in his introduction, we have been doing quite a bit of work in this area. We have quite a number of assets that are in the preclinical setting, and a lot of this work is being done in a site called NuMeRi in Pretoria. It is renowned for this kind of work, relying on South Africa's six decades of nuclear sciences expertise. We work with the renowned Professor Mike Sathekge, who has published more than 500 articles in this space. Our first target is, of course, the lead program in triple negative breast cancer, which is quite a serious, underserved need. And HER2 positive breast cancer, especially in the metastatic setting where the tumor may have even spread to the brain. Then, of course, for pediatrics, where very little work is done in the likes of osteosarcoma. We have some targets which we know will bring something really meaningful in this indication, which the FDA and EMA define as an orphan disease. Then, of course, colorectal cancer amongst the top 10 neoplasms that still does not have highly effective therapies. Then a nice tactical challenge for us in the glioma space where there is an absolute need for crossing the blood-brain barrier. Of course, these VHH antibodies that we are developing in this area will have, as I said, the imaging component for PET or SPECT, and they will be paired depending on the physician's choice with either a beta emitter, an alpha, an auger emitter, in some cases, conversion electrons. Second last slide. This is a schematic view of where we are. We have been doing quite a bit of work in South Africa, in preparation for our first in man. The game plan here is very simple. We want to go to file the U.S. IND within the next year or so, already having meaningful data set from humans. So we are relying on South Africa's large disease burden, largely untreated patients who present with advanced disease, in partnership with the government. We will present these results, and compile the data for us to be able to file a robust IND with the U.S. FDA to allow us to prepare for global trials. Of course, what happens after the first five assets are taken through first in man, we have a pipeline of quite a number of other targets that we believe are equally as difficult and will be quite a pleasure for us to target with our VHH antibody program. Lastly, we have a validated modality. We are not experimenting with the unknown. A proprietary discovery engine that ensures that we de-risk our assets upfront and have a greater chance and the likelihood of success. We are leveraging our computational powers to break the targets and format ceiling, which has been holding the field back. Our claim to fame is where we target those underserved tumor types, which the patients desperately need interventions for. For the investors, I have demonstrated this is a highly exitable field based on the numbers that we have seen. What comes next is just we will be going through the next round of prioritization for our pipeline. We have got this amazing infrastructure, both at PET Labs and at NuMeRi, for radiolabeling to do some tox work and prepare for IND. NuMeRi is getting ready to assist us with our first in-human diagnostic study. Since VHH antibodies are expressed in yeast, our infrastructure, which is GMP, we are in partnership with a European company, is ready for us to be able to scale up this work. On that note, I would like to thank you, and I will hand it over to you, Paul. Okay. Thanks, Martin. One of the most exciting parts of our business, I think, in terms of addressing unmet medical needs and treating patients of the future. I am going to talk now about Helium and LNG and Virginia Gas Project. Unfortunately, Nick is not able to be here today, a travel problem, so I will do the whole presentation, but normally Nick would do half of this with me. First of all, this is a world-class, very unique asset. We believe it is one of the highest concentrations of helium found on planet Earth. We believe we see about 3% helium across our gas field. That compares to the U.S., where typically you see about 0.4%, and in Qatar, Middle East, you see about 0.04%. We had a lot more helium than you would normally get in drilling for gas. We have a first-mover advantage here. We have got the only onshore petroleum production in South Africa. It is a country that is desperate for more hydrocarbons. This has been designated a strategic asset by both the African government and the United States government. Helium is classified as a critical mineral in most countries around the world. We have got a lot of funding from external parties. We expect to get $500 million of capital from the U.S. DFC, $250 million from a commercial bank. That is going to help us as well. This is an incredible asset. Let us talk a bit now about what helium is used for. Helium is a very, very unique commodity chemical. It is a commodity chemical, but it is one of the few chemicals that you cannot replace. There is a finite amount on planet Earth, and we are using it up at ever-increasing rates. It is chemically and electrically inert, and that makes it really useful for certain manufacturing processes like semiconductors. It has a very low density, and being inert and low density means you can use it for lifting certain things in balloons and buoyancy. It has a very low boiling point. It does not form a solid, which is, again, very unique. It becomes a superfluid in a liquid, so it has zero viscosity, so it flows without the use of kinetic energy, and that is also a very unique feature of it. As I said, it is viewed as a critical mineral for most countries. In terms of the markets that we are most interested in, I mean, MRI is clearly growing at a GDP-type rate, but you cannot do an MRI without liquid helium. It is interesting that India right now has canceled all non-essential MRIs because of the lack of helium in the country. Semiconductors is also growing dramatically. You cannot make a semiconductor without helium. It is used in multiple steps of the production process. If a fab has not got helium, has to shut down, it will lose more profit in that day than it spends the entire year on helium. It has incredible ability to pay whatever price it needs to pay to have helium. If you recall, during COVID, there was a shortage of cars in the U.S., or trucks and cars, and they blamed the semiconductor industry. That was actually because of a lack of helium and not being able to make semiconductors for the cars. It is used in so many end-market industries, which are reliant upon things that use helium. Finally, rocketry. You cannot really launch a rocket without helium. It is used as the propellant to force the fuel through the combustion engine. It is interesting that the U.S. government has just signed an order to triple the amount of rocket launches between now and 2030. I think that is going to be a struggle simply because of the lack of helium. I know Elon Musk wants to launch a Starship a day. Every time a Starship launches, it uses an entire day's supply of global helium. That also looks like a challenging ambition. It is an incredible market and, as I say, it is irreplaceable in most industries. This slide here just talks about how the market has evolved over the last 15 years. You will see the U.S. Strategic Reserve, the BLM, used to be about a third of global production. That is now minuscule. It has basically been depleted. The U.S. has exhausted its strategic reserve. That reduction in strategic reserve, which became the supplier of last resort, has resulted in prices going from, call it, $200 per MCF to above $500 per MCF. We have seen significant price inflation, and customers do not appear to have a problem paying these prices for the product. In terms of supply-demand, you will notice that the U.S. or the Americas is broadly balanced in terms of supply and demand, but you will notice that Asia and Europe are not. Actually recently, myself and the team have made a trip to Asia, and there are some very nervous semiconductor companies out there who do not know where they are going to get their helium from in the second half of the year. To put it in perspective, I am told 60% of Taiwan GDP is indirectly linked to semiconductor production. Singapore is closer to 15%. It is a major problem for these regions. There is a lot of very nervous customers there. What has caused that nervousness? Hang on. Back a slide. What has caused that nervousness? It feels like we are entering the fifth supply side crisis for helium. Earlier on this year, the Qatar processing facilities, which produce about a third of the world's helium, were hit as part of the conflict in the Middle East. Some of that capacity is offline permanently or for an extended period of time. Some of it will come back as and when Qatar can return to producing LNG. Russia has introduced an export ban on helium, so the world is essentially short about 50% helium right now. That is why these companies are so nervous about where they are going to get their helium from. If Qatar wants to start up its LNG plant, you do not just turn it on overnight. It takes a number of weeks, months to cool that plant down to - 4 Kelvin, and then you can start producing. So even if the war stopped today and Qatar started to get comfortable it could produce LNG today, you are probably talking three to four months before we see any product hit the market. So we also produce in a very unique location. Shipping time matters for helium. Every day you ship helium, you lose about 1% via boil off. So you will see when you ship from Qatar, the distances are very long. It takes a long time to ship to China and to Houston. Cape of Good Hope is probably the only location on planet Earth where you can ship to all four corners of the Earth in less than 20 days. That means we have less boil off, so when the product arrives with the customer, there is more of it, and the customers value that quite greatly. So we also get LNG with our helium, and I have looked at, I was going to say hundreds, probably tens of helium assets around the world over the last 10 years. Most of them I could not get to make financial sense and to generate an economic return across the cycle. What really benefits this project is, first of all, the concentration of helium you have is truly unique, and secondly, we produce LNG in a country which is desperate for energy and desperate for hydrocarbons. Much of the hydrocarbons entering South Africa are due to stop in the next 24 months or so. They are going to try and fill that hole by doing coal to gas. Then at the end of the decade, companies are hoping to build more LNG ports on the coast and bring more LNG in. But what it means is that we have a very valuable by-product, and that makes our plant even more profitable. So this is our reserve. How did the gas get here? Well, this reserve was formed about two billion years ago, and it is quite unique in that two asteroids hit planet Earth in exactly the same spot. 13 billion years ago and 12 billion years ago. These asteroids created a lot of the geology you see on the African continent in terms of mineral availability. But the second asteroid had a uranium and thorium core. That material is now about 5 mi beneath the surface. It is not mineable. It is probably the most concentrated source of uranium on Earth, but it is not really mineable given its depth or economic at current prices. What it does, it goes under radioactive decay, producing helium, and that then gets trapped in the Karoo and the vents layer. We are able to then drill fairly shallow wells and remove that helium and natural gas together. Our phase I and phase II uses about half of that yellow polygon you see in the middle of that area. That area marks total area, the black outline marks our production rights. Our phase I and phase II uses about half of that yellow polygon. So there is plenty of capacity to build a phase III, a phase IV, a phase V, and so on. This kind of just demonstrates the size of our reserves. Our 1P helium reserves are about the same size as the U.S. Federal Helium system. So it is a vast reserve, and it is a generational asset. There are generations of production potential here. So we have one asset, two products, and four markets. We drill wellheads out in the field. We connect those wellheads via a gathering system to an LNG and helium processing plant, and then we sell either hydrocarbons for gas to power industrial or transport industry. Then helium is predominantly used for the export market. There will be some domestic production. So phase I should hit nameplate capacity during the second half of this year. We started the plant about two or three weeks ago, where we have just hit the temperature we want to about 4 Kelvin. We would expect our first product to go before the end of September. That should produce about 70 MCF a day of liquid helium and about 2,500 GJ a day of LNG. For those in the United States, a gigajoule is approximately equal to an MMBTU. So what does that mean in terms of revenues and profits? Because I know analysts like to turn things into revenues and profits. So at full production for the year, at current prices, and again, I do not have a crystal ball, I cannot tell you where prices are going to be in the future, but at current prices we are contracting out, that is probably $25 million-$30 million in revenue, probably $5 million-$10 million in gross profit. We are signing contracts right now. Contracts are between five and 15 years, take or pay contracts, and they have got inflation escalators at PPI included within them. So it is very attractive. We have so far sold out about 75% of the LNG and 15% of the helium. We would expect to contract the balance of phase I for the LNG and helium between now and the end of September. LNG, we look to contract 100% of the LNG, and we will look to contract between 50% and 75% of the helium, and we will sell the balance of the helium at spot. Phase II is 13 times the size. We will start construction of that during the second half of the year. 900 MCF a day of liquid helium, 34,000 GJ a day of LNG. It is truly a monster. When operational, this plant should be capable of generating over $300 million in revenue and over $250 million in gross profit. We are looking to contract most of that this year. We aim to have half of that fully contracted by the end of this year. Phase II benefits from half a billion dollars of capital, or should benefit from half a billion dollars of capital coming from the U.S. government, the DFC, and a quarter billion dollars from a commercial bank, Standard Bank. It should take about 44 months to build. One of my jobs is to manage the risk of this project. I have seen many billion-dollar projects turn into $5 billion projects, and four-year construction times turn to 10-year construction times. How do we manage that risk? We are actually getting a turnkey contract from one of the world's most experienced and best cryogenics facility builder. They will give us a contract to build the plant at a fixed price on a fixed duration, and this is all they really do. We are very confident in their ability to get that plant done on time. Other risks are obviously financial risks and market risks. Financial risks is that we have got two very supportive funders in terms of the U.S. government and Standard Bank. In terms of managing market risk by contracting a large proportion of the plant on 5- 15-year contracts with price escalators related to PPI, we are doing our best there to lock in the economic returns of this project before we even start to build it. That is an exciting project to come. This just summarizes how we get from phase I to phase II. We should expect phase II to start production in the 2030 timeframe, with 2031 being the first full year of production. Just to summarize, this is a very rare, very unique opportunity. There is non-substitutable demand for this product. Customers will pay whatever they have to pay to get it. Given where we are seeing prices go right now, many investors ask me, "How is the market going to respond to it?" It is going to be pretty simple in that some industries will probably cease to exist in the next 6-1 2 months as the market runs out of helium. For example, helium balloons, scuba diving, welding, will have to find alternatives because they simply will not be able to afford the price they have to pay in order to keep going. As I say, we are scaling up right now, and this is a long-duration asset with years of growth ahead of it. That leads me now to hand over to Natalie, who is going to talk about the electronics side of our business. Obviously, helium is a large part of our electronics business. Natalie, over to you. Thank you very much. Thanks, Paul. Welcome, everybody. Very happy to be here today. I am Natalie Grancharov Camacho. I joined ASP recently, earlier this year. Prior to that, I had been in the semiconductor industry for about 25 years, and most recently I was at Intel actually for 22 years. My team delivered the 18A technology node before I left, so that was very exciting for us. Okay, let us nerd out a little bit on chips here. Speaking of Intel, this is an Intel Xeon server chip. If you guys have never taken apart your computer or built one, this is what it would look like inside. If this was a quantum chip, it would look almost identical, very similar size and packaging right now. I would love to be holding a quantum chip that is supported by qubits, but the reality is it is really materials that is one of the hard stops for us getting commercial quantum computing. One of the key bits for that is Silicon-28, which I will get into a little bit more. When we look at engineering and where we are, especially with the semiconductor industry, we are not as bound anymore by the engineering piece, right? We have machine learning. We have very strong AI. We can virtually model anything, but when it comes to actually having the materials and then being able to physically produce something, this is where it gets a little tricky. The gaps that I will speak to today are really the choke point. Isotopically pure silicon in the form of silane, which is SiH4, which is what ASP produces, this is what quantum computing companies want. They want it in the form of silane, which is SiH4. Really the only availability in the world right now is in the form of SiF4. There are countries in Asia that produce these. There are sticky supply chains, but ultimately, when you remove the fluorine out of that, you no longer have the purity that you need to support the qubits, and I will get into that a little bit more. Paul spoke a little bit, the helium, obviously, supply chain was heavily disrupted this year, and so were some of the electronic gases like tungsten hexafluoride as well. The good news for us in the electronic side is we already own a lot of these pieces for the supply chain, right? We have the enrichment technology at commercial scale, we have a good feedstock in Africa, and we have our own gas field, right? We are listening to what our customers want. Let us go forward. Talking about Silicon-28, why is it important for quantum computing specifically? Quantum chips do not use ones and zeros like a traditional transistor. They are what we call spin qubits, and they are in the state of one and zero at the same time, simultaneously, and this is called superposition. This is what makes quantum computing so powerful. I do not know if you guys have heard, I saw a recent article that said quantum computers could break Bitcoin in essentially nine minutes, and that is because they are not switching back and forth. They are actually in a state of a one or zero constantly. But in order to stay in these states, they need to be in a perfectly good environment that essentially has no noise. We call it magnetic noise from non-zero spins, which is not isotopically pure materials or anything else. This causes decoherence, and the qubits no longer function. This is why in the industry, quantum computers, the qubits function for about 200 ms, then they get decoherence, and they no longer function appropriately. This is why our customers are very interested in our isotopically pure Silicon-28 for this. That is our roadmap for us. Looking at the pathfinding, what else could be on the roadmap for us? Our isotopically pure Carbon-12 is very powerful for power electronics, actually. Diamond has always been a very good material, and you have probably heard of CNTs or carbon nanotubes as well. But looking at power electronics, they have a very high thermal connectivity, a wide band gap, and what this means is for devices that are using a lot of power, such as electric vehicles that have DC motors that switch from DC to AC in order to drive, these are those materials where we want the most thermal efficiency. The other piece we are looking at is Carbon-12 for thermal insulation materials. When we look at a chip, when it is operating, it gets hot. We want to draw that heat away from it as efficiently as possible. The industry is looking at a lot of different materials for that, and one of the materials is a thermal interface material. Looking at some collaborations to see if our Carbon-12 could be a viable option for TIM materials and advanced packaging. Again, this is just pathfinding, but some exciting opportunities are ahead of us, too. Let us talk a little bit about the bridge to modern fab processing. This is, of course, the near and dear part to me, being in the fab for so long. This is purely just for our own entertainment. Look at this is a 200-millimeter wafer. Our customers are seeking our Silicon-28, as I said, and they are using it in quantum computing in the form of qubits. We also have customers that actually make wafers, and they are wanting it in the form of silane also to make silicon on insulator wafers. The cool thing about this is these SOI wafers, silicon on insulator wafers, are produced in 300-millimeter fabs by foundries that already exist and are already producing the leading technology nodes. The silane gas that we use can be used in any standard epi deposition tool or a thermal processing tool that would deposit silicon on its own. This is good news for us and our customers. I will talk just briefly a little bit more on the helium and fluorinated gases, some of the other things for the core business for we have and then some of the foundations we want to grow on. Paul did a great job of talking about helium for us, and I cannot underscore how important it is for the semi industry, and he gave some very good examples for that. I think the semi industry worldwide uses maybe 20%-25% of all of the world's helium. It is a massive quantity. There is really no substitute for helium. There's really no other inert gas that can function the way helium does for the industry. If we don't have it's a huge burden. The great part and what our customers are very pleased with at this point with helium is that we have our own helium fields, and we can ship directly to the customers, as you guys saw earlier as far as the pathways. Then fluorinated gases, this is a cool one because our customers, they like our helium, and they said, "Hey, can you supply us with other gases? What about fluorinated gases?" This is an exciting project for us because ASP actually has quite a few individuals on our team that are fluorination experts. They've studied it. They've built these plants. They have PhDs in it as well. For fluorinated gases for semiconductor industry, tungsten hexafluoride, this one is used as a precursor gas to make tungsten interconnects. Most recently this summer, actually, about a third of the supply to the industry was disrupted when Japan stopped producing. Actually, they stopped producing, I believe, in two of their plants in July. There were some feedstock issues because they got some of their feedstock from China and then some other environmental issues. But the semi industry, they knew some of this was coming, but it's still quite a shock for the industry, and there's still some scramble to be able to get that going. Also, germanium tetrafluoride is another one. Antimony pentafluoride also is another one that our customers have asked for. The goal here is to be able to build these bespoke fluorination plants almost at point of use for our customers so that we can fulfill the demand that they need and also close a big gap that I believe is in the supply chain here. Not pressing it hard enough. All the markets that we're selling into are growing. I think you guys are probably well familiar with the semiconductor industry, which if you hear anything about AI and all of this is what this industry is. I think we've heard trillion dollar industry by 2030. I don't doubt that that might happen. We've heard Elon actually is building Terafab because he said fundamentally, TSMC and some of these companies, they can't really even supply the number of chips that we need. I'm going to build an additional factory right in Texas as well. We see the growth there and complementary to that are the semiconductor gases. I talked about tungsten hexafluoride. If the industry went away from that gas and used another material like molybdenum for that purpose, that would still need to be in a gaseous form. Either way, we're in a win position, supporting especially fluorinated gases. The helium market, I don't think I need to tell you guys any more on that. The quantum computing market, again, these are estimates, but I think the quantum computing market, especially if you look for a lot of countries, it's actually a matter of national interest, right? Countries want to be able to get a functioning quantum computer before other countries do. Right? Again, we talked about how it can break the internet essentially very quickly. What we are also seeing too is companies like Dell are doing collaborations with quantum labs, to look at capabilities for rack-mounted quantum servers. You would have a traditional server that would have, for example, your Xeon processors, but it would also have a few quantum chips in there. When you had very complex processing needs, you would switch over to your quantum chip, and for those lesser, you would go back to your normal functioning chips. We also see Qualcomm is, I think, and Honeywell also did some joint ventures and some investment in quantum companies. I think we see that this is where the industry is interested, right? They are putting money into it. They are looking at the growth there. I think with the AI boom we keep hearing of, it stands to good reason that we are going to see more growth there too. In closing, we have some exciting demand for our Silicon-28 from our customers and also some other materials. We have a great roadmap and some really interesting collaborations that we are working on. I am looking forward to seeing where those go. Thank you. Thanks. With that, we will now pass over to Dr. Ryno Pretorius and Michael Cunniffe, who is going to talk about Quantum Leap Energy, our nuclear fuel subsidiary. The goal is to spin this out as soon as possible. We have been going through a process for quite some time now. It feels like we are getting to the end of it. Obviously, we will announce more to the market as and when we are able to. Ryno, over to yourself and Michael. Thank you. Thank you, Paul. Thanks everyone for coming. I am Dr. Ryno Pretorius. I have spent the last 20 years working in every part of the nuclear fuel cycle to make sure we can achieve the success we aim to achieve with Quantum Leap Energy. Hi, everyone. I am Michael Cunniffe. I am Chief Financial Officer. I joined late last year to help Ryno build this incredible business and help take us out. All right. The nuclear fuel cycle, quite complex. I think everybody is familiar with the beginning and the end, mining uranium and generating power. Unfortunately, you cannot just throw uranium into a furnace and generate electricity. We have got to do some very, very complex chemistry and physics to get the best source of power in the universe. This is really the conversion enrichment. Deconversion is really where this takes part. So a chemical process to turn uranium into a gas, do enrichment where you separate the isotopes, and then deconversion to produce it in a chemical form that you need. This is where the supply chain struggles, and that is where we will feature as Quantum Leap Energy. Without nuclear fuel, there is no nuclear power. Without nuclear power, high energy costs for everybody. Data centers will suck it all up. It is becoming more precarious geopolitically due to Russia controlling much of the market. The U.S. imports over 20% of its nuclear fuel from Russia, and a ban will kick in on that in the end of 2027. So we really have to move as fast as we possibly can. Yep. This struggle has real economic consequences, as we can see here. What we are seeing translated to in all of the early stages of the nuclear supply chain is dysfunctional economics and increased pricing. This problem has been compounded by concentration of supply in non-NATO countries who are leveraging this to their commercial advantage, but also redirecting supply to their domestic programs at the expense of our own. All of this is quite compelling, but there has been a lack of supply-side intervention in our domestic supply chains, which is why QLE is focused on delivering domestic capacity and conversion enrichment and deconversion. All right. What is Quantum Leap Energy? At a glance, we have two enrichment technologies proven out by our parent company, ASPI. I won't go into it. I think that was covered very well by Dr. Ignus. We have some very great commercial partnerships that we will talk about in detail a little bit later. Most importantly, supplying TerraPower with their HALEU fuel demand in the future from our Necsa facility, working with Fermi America to establish ourselves as a U.S. enricher for large public utilities or energy companies like we have partnered with recently. Our focus is on two isotopes, lithium and uranium. For uranium, we want to get to HALEU and LEU+ as well as the chemical form of UF6 for uranium. In lithium, we are looking at two isotopes, Lithium-6 and Lithium-7. The commercial market for enriched uranium is a compelling one, but it is currently focused around a commodity product enriched at around 4.8%, focused on LEU. But this market is changing significantly as customers are requiring a broader range of assays of product of enrichment levels between 5% and 19.75%. Broadly, these are getting grouped into two categories called LEU+ and HALEU, and we are seeing increasing and strong demand signals for these products coming through. LEU is being driven by the existing reactor fleet shifting to higher-enriched materials to advance its life extension programs. But we are also seeing small modular reactor deployment at scale, which is bypassing LEU and jumping straight to LEU+. A number of advanced reactor programs are bypassing this as well and jumping straight to HALEU, which is an even higher market. We are seeing commercial signals come through for all of these at the moment. While a lot of this demand pipeline is quite compelling for the future, it is also time-sensitive now. So all of these participants in the market need confirmation that they have supply of the materials they need so they can move forward with their development and deployment programs with confidence. What can the world do about this? We can look at legacy technologies. We can go back in time and look at calutrons or gas diffusion. But the real best option in the world right now is an incumbent technology is centrifuges. Centrifuges are great at producing LEU. They struggle when it comes to high enrichment levels. You have a relatively low alpha, and there is not much you can do about it. You can try to make your centrifuges cheaper, but you still need a lot of them, which means it is an enormous capital investment to build these plants. It is a very, very large-scale project that takes a very long time. These plants are very rigid. So once you have designed it to produce a very specific level of enrichment, you cannot really change that. We are looking at what that means for HALEU. It means you need an enormous capital investment of billions, roughly three times more than you would need for LEU, to construct a commercial facility at a decade to a decade and a half timelines, conservatively, of what it would take to build these plants. That is not fast enough. The world needs advanced fuels very, very soon. We are talking 2035, these reactors need to be up and running. Without advanced fuels, none of the new reactors can function. That is why we believe our technology approach is the best way to get there. We are commercializing two technologies, which is aerodynamic separation process and quantum enrichment. I will not do a deep dive into these because it was covered off earlier in the presentation. What gives us confidence about these technologies, as they apply to uranium and lithium, is that we have seen them demonstrated on other isotopic forms. In particular, what we anticipate is to see higher alpha selectivity, which will translate into more material over fewer stages of enrichment. In conjunction with this, we are also anticipating lower economic production costs and also higher throughput, which means we will have more of the materials that people need at a lower economic price point. In addition to this, the capital deployment will be more efficient through a scalable and modular deployment approach, also faster due to the way we approach this with smaller factory footprints. All right. How is Quantum Leap Energy doing this? All right, so we stand on the shoulders of giants. In ASPI, the CTO, Dr. Hendrik Strydom, did his PhD on the separation of lithium isotopes to separate Lithium-6 and Lithium- 7. On the left, you can see the graph where Lithium-6 was increased to a 90% enrichment factor. As Paul covered earlier, Ytterbium-176 is in production right now. It is an interesting and very, very, very challenging element to do isotopic enrichment on, because Ytterbium-176 sits in the middle of several other isotopes, and getting it out is quite difficult, especially given the temperatures that you need to work at. That was successfully done. If we now apply this to what we want to do with QLE, we have got a two-isotope system in lithium, and we have got a complex high-temperature system with ytterbium. We'll take the knowledge that we've gained about how to do that and apply that to how to do uranium enrichment. Luckily for us, we only have to go to a 19.75% enrichment of uranium, which means we can expect much higher throughputs for uranium production. What's also important about quantum enrichment is that it is flexible. It is not a rigid system. We can tune these enrichment systems that can expand modularly. We can tune them to produce any range of enrichment for uranium. Everything from 0.72 all the way up to 19.75. That's really what makes this technology so special and why we think it's the future of uranium enrichment to solve this bottleneck for energy security. To speak a little bit about why we're focused on the right products. Firstly, to cover off uranium, as we mentioned, the LEU+ market is compelling as the existing reactor fleet moves towards higher enrichment of materials, but it also supports the small modular reactor deployment that we see ongoing now. Having access to HALEU will allow us to support the advanced reactors that are coming online. Again, we're seeing strong demand signals coming through for all of these technologies. Focusing on lithium, however, there's a current market demand for Lithium-7, which is used in the existing light water reactor for pH control and regulation, and supply of that material is dominated by Russia and China. We need a domestic solution for that. This material, Lithium-7, is also used in FLiBe and FLiNaK, which is pursued by molten salt reactor development, and they will require it in significant quantities in order to advance their programs. Fusion is focused on Lithium-6, which is using it as a feedstock material as the breeding material for tritium. As the fusion technology advances around us, we expect a commercial supply chain to build around Lithium-6 as well. While this demand is coming in the future, all of this is, again, focusing on why we need a supply chain solution today so that all of these people have a supply of the materials they need going forward. All right. This is also coming through in our commercial partnerships, and we're seeing these demand signals translate into meaningful relationships. Focusing first on TerraPower, which is our partnership to supply them with HALEU, not only for their reactor deployment, but also for their development of that program as well. We're doing this in partnership with Necsa at the Pelindaba site in South Africa, which is an IAEA-compliant site, and we believe it's one of the fastest pathways to HALEU on the planet. This partnership combines milestone developments, which we've been recognized recently in our 10-Q filing, and also loan facilities to support our commercial scale-out of the plant there. Closer to our home in Austin, Texas, we're partnering with Fermi America, and helping them looking at that site not just as a tenant-tenant relationship, but also as a strategic partner to help them with their nuclear deployment as they target 17 GW of power. This site is unique in the U.S. It has a long, long history of nuclear operations, and we believe that data set will support our nuclear regulatory permits that we start to seek. In addition to that, a large U.S. publicly listed energy company is working with us to provide not only HALEU, but LEU+. It is moving its existing reactor fleet over through life extension programs, but it is also working on an advanced reactor program, and that is why it needs HALEU. We cannot name them because if we talked about that program, we would be revealing it for them on their behalf, so we cannot do that today. But all of this, I think, speaks to why the commercial market are responding now, because they recognize that they need these materials, and they need to find partners in the supply chain who can deliver to their timelines. Okay. So it has been about a year for QLE trying to address this supply chain problem. What have we done in a year? I think very proud to announce that we have fully funded the LEU HALEU production facility via our test bench at Necsa, as well as in the U.S. Our long-lead items are on the way, and as we speak, our engineers and technicians are working on-site to facilitate enrichment. We have got all the paperwork in place to run the equipment, to handle the radioactive material, and anything that comes off of these materials, as well as the relevant containers that we need to transport this enriched uranium globally. As I mentioned, we have fully outfitted our crews or fully folded out our crews in South Africa to do this. And TerraPower has been incredibly supportive because they need our HALEU for their Natrium reactors to be successful. In the United States, we have identified fast-traeck methodologies to enable uranium enrichment in the United States. We are looking at potentially two sites in Texas. This includes the Fermi site. We are making great progress on these designs. We have actually hired some excellent people. The people in charge of doing uranium enrichment in the United States is led by our CTO, Dr. Nate Salpeter, who was key in designing a lot of the modern SMRs that are leading the way in terms of supplying power in the future. And he has hired some excellent people to help support that effort. We actually have hired some people that have enriched uranium with lasers before. So we are very excited to start producing enriched uranium in the United States. We are making sure that we have got all the appropriate raw materials in place and making sure that we have got all the boxes ticked for uranium enrichment in the United States. Obviously, this is a very powerful technology, so we need to make sure that we follow all the correct rules to apply this and apply this safely. The United Kingdom is not far behind. We have two potential sites identified for enrichment in the United Kingdom. We have partially funded these plants, and we have got a great collaboration with the University of Bristol, who are experts in the handling of uranium and the reaction of uranium in different chemical forms. And we have got some MOUs in development with large power off-takers or utility off-takers globally, as well as some SMR companies in Europe and the United Kingdom. Lithium should not be underestimated. Lithium is not just an interesting isotope, but it is. It is actually one of the most important isotopes for nuclear power. We have heard about how it can be used, but I think that what is still unsure in people's minds is the market potential for lithium. We have seen some massive demand signals for lithium, both in terms of Lithium-6 and Lithium-7. Molten salt reactors require tons of this material, tons of Lithium-7, and they require it in a special chemical form, a fluorinated form. The same can be said for Lithium-6. Fusion seems to be moving a lot faster than anybody expected. Let us hope it happens this decade. Let us hold our thumbs for that one. It looks like they need to start stockpiling. The demand signals we are getting from the market is they need hundreds of tons of Lithium-6 stockpiled soon, and they need to start testing very quickly, and they are willing to support us in multiple ways to do that. I think in summary on this, we are not really betting on a horse here. I think everybody, when it comes to nuclear, is betting on a specific horse. We are betting on the race. No matter which form of nuclear power wins or the nuclear supply chain, which part wins, we win as QLE. I think that is a very important point to make, and we have got all the components here highlighted by our seven Cs of how we are going to achieve that. You have heard the term fluorine and fluorination a couple of times in this presentation. Why is that so important? Well, it can turn one of the heaviest elements on Earth into a gas, which is uranium. It also happens to be once you have got fluorine stuck on something, it is very difficult to get it off, which makes it a perfect salt for molten salt cooling, and it is critical for the semiconductor industry. For you to be able to enrich uranium with lasers or with fixed wall centrifuges like the ASP technology, or even traditional centrifuges, you need to do conversion, which is fluorination of this uranium material. There is a 15,000 ton per annum deficit today in the U.S., and that is set to grow to 60,000 tons per annum in the next couple of years. We have gotten to that early. We have completed our FEL 1 study. We are working on our FEL 2 study for a 15,000 ton per annum uranium as UF6 facility provisionally in Texas. We have also looked a little bit further abroad, but also closer to home. Namibia is the fourth-biggest exporter of uranium, the fourth-biggest producer in the world, and currently all of that is going out as yellow cake to countries like China. We are looking to assist the Namibian government and establish ourselves as a converter in Namibia to export UF6 from Namibia to the rest of the world. We are in talks with a Fortune 500 company for takeoff for UF6 from both of these locations. Very importantly, we have identified a site, had great support from the Namibian government, and we should start construction on the Namibian enrichment plant quite quickly and imminently sometime soon, and we have got all the crew to do that. I myself have built several fluorination plants in my lifetime, operated them. Myself and Gerard Puts, as well as Imbonathi Ngovhenda, who is our head of engineering in South Africa, are one of the few PhDs on Earth with fluorination experience and practical application of this very, very important technology. Now is really the time to solve this bottleneck. We are the bottleneck, and we are well-equipped to do it. All of this brought together is the reason why we believe Quantum Leap is the company in the best position to solve this nuclear supply chain gap. As we highlighted, it is an incredibly attractive market, both LEU+ and HALEU. It is a difficult market to enter because of the proprietary nature of the technology, and there is almost no one supplying this gap at the market. That is where QLE wants to be placed, and we are making rapid progress to get there, as you saw. We believe our technologies are the right technologies to get there, and we have multiple shots at goal. We have seen them demonstrated on other isotopes of interest, which gives us high confidence for how they can be deployed for lithium and uranium. They are modular and scalable with smaller footprints than the incumbent technology. We believe that they will be less capital-intense than what we see being deployed using incumbent technologies. We also believe they will be faster to market than what we are seeing there. This is all being validated by commercial partnerships with people who are coming to us early because they want to get access to the materials that we are going to produce, and they are working collaboratively with us to make sure that this happens. All of this, as you can see, is still moving ahead, and there is work to be done, but we are doing that with a sense of focus and speed, because this urgency is real. Without nuclear power, we are not going to be able to drive our economies further without the energy that we need. We are not going to meet the demands of the AI economy that is emerging now. We will not also be able to support the electrification of the economies that will release the new range of economics that we will see coming. I think as a closing remark, we are supported by ASPI, as everybody knows. That, combined with our unique knowledge and specialization in fluorination, combined with a good technical engineering approach to building plants and building them fast, gives us an unassailable moat. I think we stand a very, very competitive chance, especially against the new players in the market, as well as the incumbent players who are hesitant to adopt new technologies and adapt to the market. Thank you. Thank you. Thanks, Ryno and Michael. Now we are going to hand over to Heather, who is going to give you the financial outlook for the group. Over to you, Heather. Thank you very much. Thank you, Paul, and good afternoon. I am Heather Kiessling. I am the Chief Financial Officer of ASPI. With all of this great progress and future plans comes the need for financial resources and discipline. Well, you guys were not kidding. We ended the second quarter with $255 million in cash and cash equivalents. This reflects historical fundraising and also the significant investment in plants, acquisition, systems, and personnel, which I think you can all see reflected here today. In order to action the planned future expenditures, additional funds will be needed, and we plan to do that by using non-dilutive project financing, asset-backed vendor finance, and also customer arrangements. New projects will be evaluated based on their economical contributions and upon receiving an understanding of the detail analysis of environmental and regulatory environments and their impact. Our EBITDA target for 2031 ranges from a low of approximately $300 million all the way up to $700 million. You can see from the contributions from each of these four product categories that each of them are significant. How do we Oops, did it again. How do we get there? As mentioned earlier, we are currently planning on seeing the sale of helium before the end of the month, and before the end of the year, the contributions from our first commercial shipments of Silicon-28 and Ytterbium-176, and our expected revenues from our existing radiopharmacies of approximately $14 million. The major future contributors to reaching that target in 2031 includes deployment of additional cyclotrons on a global basis, increasing the expansion of dose production. It also includes building of additional isotope enrichment plants and expanding into Iceland. And of course, the completion of the phase II Virginia Gas Project. These are all exciting times in our future, and I look forward to reporting them on our progress. Thank you. Now we're going to move on to Q&A. And I'm going to ask Viktor Petkov, who's our Chief Commercial Officer, to moderate Q&A with, I've guessed, some questions from the room and some questions online. But I'll hand over to Viktor now to manage that process. Thank you. Thank you. Thanks very much, Paul. Good afternoon, everyone. I'm Viktor Petkov, Chief Commercial Officer for ASP Isotopes, and I'll be moderating today's Q&A session. We've heard a very detailed overview of our strategy and market position by various members of our executive team. Now I'd like to invite our leadership team to take your questions directly. This is your opportunity to dive deeper into the operations of the company, the growth prospects, and the value that we're creating in the isotopes market. So, we already started receiving questions on the web, online. So I'll start with a few of those questions before I open the floor to the audience, if that's okay. There have been several questions around delays to indicated delivery schedules. Can you comment on those delays and the drivers behind those timetable slippages? Yeah. So, thank you. So, building any new technology or any new plant, you are building out a map as you build the plant. You do not know what problems you are going to come across when you are constructing plants. One of the biggest problems we have found is often a lot of the OEM-supplied equipment just simply is not up to scratch. It does not work for us. We handle, process very complex gases, very reactive gases, and we found many instances where OEM-supplied valves or OEM-supplied molar mass meters or compressors simply do not work. When you plan to build plants, very often you assume those parts of the plant are going to work, and you spend your time worrying about will the cryogenic column work, will the separator work, does the core technology even work? What we have actually seen is all of those parts of the plant are fine. The core technology is working absolutely as we expected it to. The problem we have had is with a lot of the ancillary items. How do we solve that? Well, listen, we have had to go back to basics and design components ourselves and make components ourselves, so we do not rely on OEM-supplied components. I think an example is now building our own compressors. Five years ago, I never expected we would not be able to find a compressor to compress our gases, but the reality is we cannot. We have to do it ourselves. So, they are the kind of things that have caused most of the delays. With Ytterbium-176, there were a couple of long lead time items that we could not get quickly enough to build the continuous processing vessel. I think it was an electron gun heater, which allows us to heat continuously for sort of two to three months. And so, they are mainly the reasons for the delays. It feels like that is behind us now or certainly going behind us. I think if you look at the business next year, we have got a pretty robust business with many different divisions generating revenues and profits, which is something we have not had this year or last year. So, I think that is the main reason. To add one point, the important thing is there has been an array of issues that have manifested themselves over the last years. The important point to note is that each of those issues that have manifested have been addressed by the engineering department. They have had solutions that have been come up with, tested, implemented, retested where they needed to be, reimplemented, and overcome, and that has happened time and time again. That will continue to happen. That is the important point. That's great. Thank you very much. We also got a question related to the Virginia Gas Project. Do you get strong traction from prospective customers given the challenges in the helium's global supply chain? Yeah, we're at an unprecedented time in history, I think, for helium, where you've got about half of the world's supply currently not shipping or not supplying to the international markets. There are a lot of very concerned customers in Asia, particularly, as to where they're going to get helium from. We could probably sell the entire plant out right now. We could probably commit, we could probably sell the entire phase II volumes right now. We're obviously being selective who we sell to, how we contract, making sure we get the right price, making sure we get the right conditions. There's so much demand right now. It's unprecedented. What's actually really important is that we can't produce helium unless we can sell LNG, and to some degree, vice versa. We have to contract both the LNG and the helium. It's not just about finding helium customers, we have to find hydrocarbon customers too. We're very fortunate that there's an unmet demand for hydrocarbons in South Africa and energy right now. It's important that we contract out all that LNG, which enables us to produce the helium. I think both are looking great right now. We're achieving prices substantially higher than we expected to. Right now, spot prices are prices never seen before, but people are willing to pay it or are having to pay it. Otherwise, they can't run, they can't operate. Great. Thank you very much. We're getting a lot of questions on QLE online. What are the advanced reactor designs meaningful fuel types? How valuable is a Western supplier that can tailor enrichment profiles to each reactor type? Maybe a question for. Yeah. Michael or Ryno too. Michael and Ryno, maybe you can come up and answer the question, please. I think that it is a pretty complex question. Obviously, there is a lot of SMR designs out at the moment. I think we are looking at about 187 at last count. I do not know how many will be left in five years or even in 10 years. But what we have seen is that there is a complete disruption of the market in terms of fuel supply. Traditionally, your reactors run on uranium dioxide, which is traditional pellet fuel. The new reactors come in and have a demand for uranium fluoride, uranium as a metal, uranium as an oxide, and uranium sometimes as a nitride. Very few of the existing fuel suppliers can actually cater to all of the new chemical forms. I think, very fortunately for us, the only thing nuclear in a nuclear reactor is the nuclear fuel. Without a nuclear fuel source, none of these reactors can start up. For some of these reactors, you are looking at up to 60%, 70% of the actual CapEx of the reactor is just the initial fill with fuel, especially when it comes to HALEU, and that needs to be topped up regularly. I would say it is a difficult number to predict exactly, but we are thinking in the high $30 billion over the next decade or so. What is very important here is also to remember that the existing reactor fleet is going through a life extension plan, where they plan to go into more advanced fuels of high enrichment. Think of 5.8% to about 8.8%, maybe closer to 10%. There is not really a viable fuel source for that. So that's also a pretty big market where every single reactor on Earth, or let's say 90% of the reactors on Earth, can switch to a more advanced fuel by switching out pumps and heat exchangers. We think that that market is actually quite massive as well. Think that answers it? Yep. Great. Thank you very much. Thanks, Ryno. I suggest we take just one last question before we open the floor to the audience. As related to PET Labs, you have shown both growth and an expansion plan for PET Labs. Can you separate the two for us? What is driving growth in the existing business, and what does the expansion add on top of that? Yeah, so I will answer that, and I may have to get Johannes to answer some parts of it, we will see. But, essentially, we can buy a radiopharmacy fairly inexpensively that has an old product mix, a fairly historic product mix, and we can then invest in it to turn it to a radiopharmacy that produces a modern product mix, more designed for theranostics. When you look at PET Labs, PET Labs has been growing, but it had not been growing substantially for the years prior. We added a new cyclotron to PET Labs. We added new hot cells. We invested in the people and the infrastructure. It takes 2 years from putting your capital in to when you start to see the growth. But now we are seeing 50% year-on-year growth. When you have a strategy that works in South Africa where you can build a radiopharmacy and generate a 75% gross margin, you can do that almost anywhere else in the world. We just have the people and the expertise to build those facilities, those plants. If you look at the U.S., we are buying radiopharmacies very inexpensively, and then we are investing in them to give them new molecules, new therapeutics. That allows them then to enter a new market with the infrastructure and distribution already in place. That is a really fast way of growing, and our return on capital is fantastic. Actually, a lot of it does not require our capital either. We have vendors who are prepared to give us vendor financing on extremely attractive terms. I think we actually pay less than the Fed 10-year rate for most of it, to allow us to grow those businesses. That is really the strategy to grow PET Labs. Then over time, we have become the world's only fully vertically integrated radiopharmacy with the security of supply of stable isotopes as well as the distribution of radioisotopes. That is the main strategy for PET Labs. Thanks very much, Paul. I would like to open it up now for our guests and the audience. Please, if you can, George, go ahead. Just briefly introduce yourself and ask your question, please. Hi, I am George Gianarikas from Canaccord Genuity. I have a bunch of questions if that is okay. Maybe to start first with the guidance for, I think, 2031 of $330 million-$700 million. What is your margin assumption there in terms of just how big should the revenue base be, and what sort of EBITDA margin does that get you to? Yeah. Just to repeat the question, the question is about what are the margin assumptions in our 2031 targets. It varies by business. For example, at that kind of scale, Renergen should be an 80%+ gross margin business. We really have a lot of operational scale there. There are not actually many input costs because the main input cost is energy, and we are sitting on an energy field. That is kind of for Noble Africa or Renergen. When it comes to PET Labs, we have seen a pretty consistent 70%-plus gross margin in PET Labs. I would not expect that to change. That is quite a heavy SG&A spend at PET Labs, but the gross margin is about 70%. As I say, we invest capital in year zero, and we really start to see the growth in two years. We will invest in that business between now and 2029, and we'll see that growth in 2031. You're only really seeing the benefits of the capital we put into the business over the last couple of years now. As I say, about a 70% gross margin for PET Labs. For the isotopes, obviously, it depends very much on the specific isotopes. We'd expect something like Ytterbium-176 to have around an 80% gross margin or better margin. Carbon-14 to have a better than 80% gross margin. Silicon-28 is likely a lot lower gross margin, probably more like 50%, but those isotopes, there's not really a lot of selling and administration costs associated with them. We expect them to sell themselves almost. Obviously, QLE, I'm not going to provide any comments on QLE's margin. It's not part of the guidance and given we're in the S1 process with the SEC, we can't really make comments on that. Obviously, for our preferred diagnostics, if that's successful, I'd be surprised if we're still owning it in 2031. I suspect someone else will take that project on after phase I is my guess. You also highlighted the balance sheet. You have, I think, over $250 million in cash. What sort of burn rate should we expect for the company over the next 24 months or so? Yeah. Think about a $40 million - $60 million burn rate across the businesses over the next 12 - 24 months. Obviously, that comes down as revenues grow up, and you should be able to, once we've spun out QLE and we have some cash-generating businesses within ASPI, we expect to get to cash flow, positive operating cash flow. Good. Sorry, in 24 months or one year? One year for the next 24 months or so. Annually for the next 24 months. Thank you very much. Any more questions from the audience? Question at the back over there. Alex Czinner, Ocean Wall. The last estimate for the resource of the Virginia Gas Project was in 2021 with the Sproule reports. When can we expect an update on that estimate and, obviously very different market conditions, so at what prices can we expect that to be underwritten? Yeah, so I haven't seen the new SRK report yet, so I can't comment on what prices, but I would expect a couple of things to happen over the next 12 months or so. We've just finished another SRK report, now we're translating essentially a previous number, updating a previous estimate into kind of US GAAP, so I would expect the existing SRK report to actually go down a little when we publish our next one, simply because a transfer from International Financial Reporting Standards to US GAAP. We'll publish both so people can see the comparison. Then we're commissioning another SRK report over the next few months, so that'll likely get published in Q1 next year, and that will also include the kind of flow rates we're seeing now from the wells, as well as potentially new prices if SRK report feels comfortable putting new prices into it. We're obviously seeing substantially higher flow rates versus what was seen previously, and I think with the new drilling campaign we've implemented, we're seeing flow rates of over 10 times what was seen previously, and we've learnt so much about the geology over the last sort of 12 months or so. We could see quite a substantial uptick in the SRK report for the existing 1P reserves. We would likely commission an analysis for the much larger production area during 2027 and 2028 to update the reserves for the whole resource. That would obviously really upgrade the size of it. It's worth pointing out that we kind of took over the project a little over 12 months ago. We put our first capital into it. One of the first things we did was replace the drilling team and some of the engineering projects and. Exploration. Including the exploration, yeah. The new people we have recruited and hired to do it and contracted to do it are seeing such better results versus previous people conducting it. That could have a magnificent effect on our reserves. Yeah. Hi, Paul. Sorry. Freddy from Soros. I have a question about the helium contracts, specifically the PPI increase that you mentioned is embedded in those contracts. Firstly, is that U.S. PPI or South African PPI? Because I believe South African's a few percentage points higher. I guess as an extension to that, to what extent should we be thinking about the gross margins of that business being able to actually improve year- on- year based on, as you said, the input costs being relatively fixed, yet the contracted helium increasing at PPI? Thank you. Yeah. The inflation escalator's linked to South African PPI, which has been substantially higher than U.S. PPI over the last several years. When you have kind of an 80% gross margin business and your prices are going up by 8% or whatever a year, you would expect to see some margin increases as well because a lot of our costs do not increase at that kind of rate. Yeah. I think that's quite true. Was there a second part to the question? No. Okay, great. Paul, if you think about the evolution of ASPI from the acquisition of Henrichs Technology to where you are now, spinning off QLE, spinning off Noble, and we hear today Natalie talk and Martin Magwaza talk and PET Labs. Where do you see the evolution of ASP Isotopes in the next four to five years? Do you see yourself as a topco spinning off lots of assets, or do you see more acquisitions yourself or steady as she goes? Where do you see the evolution of ASP Isotopes? Yeah. Outside of PET Labs, I would not expect any more acquisitions. We will continue to roll up radiopharmacies, either by doing partnerships or total acquisitions. They are small. Very, very small. I would not expect any major acquisitions. We will do whatever gets the best return for shareholders. Many investors tell me that our business is undervalued on the sum of the parts analysis, and I am not going to comment on valuation. That is for investors to decide upon. But if that is the case, and we believe they are right, then there is absolutely no reason why we cannot spin certain businesses out to realize the full sum of the parts value. We have said with QLE, right when we started QLE up, if you remember, Nick, three years ago, we always said we are going to spin this business out because it has no synergy with nuclear medicine or electronic gases. Actually, it gets in the way of us running a nuclear medicine business. So we have always said we are going to spin out Quantum Leap Energy. I think by listing Renergen as Noble Africa via reverse merger, we are going to own 89% of that, and there will be 10% - 11% free float. Whether we raise any additional capital to increase the free float or not, we will have to wait and see. We have got a lot of customers wanting to have ownership stakes in that business as well, or to put some prepayments in to help fund accelerate certain projects. But having a listed helium business is, I think, really unique. I spent the last 20 years looking for a listed helium business that is revenue generating and commercially viable, just because I have always found helium as the most interesting commodity chemical on planet Earth. By creating that, we are giving investors the opportunity to invest in a pure play helium business, which I think is really unique. Then obviously Alpha Theranostics. We may have, I think, a really advanced theranostics business going into phase I next year, but I bet you we have not got a single biotech investor on our cap table. No. Actually, most of our revenues today come from PET Labs and radiopharmacies. I bet you we haven't got a single healthcare investor on our register. Again, by being able to allow those investors to access just those parts of the business, I think we'll find quite a receptive audience for that. The next four or five years is going to be really interesting. The last five years has been about developing the technologies, building kind of proof-of-concept plants. Now when you think about it next year, I know everyone assumes we're a nuclear business and a nuclear technology company for nuclear fuel cycle. I'm guessing a lot of our investors are our nuclear fuel investors. When we spun out Quantum Leap Energy next year, what we're left with is a business that's doing radiotherapies, radiotheranostics, LNG and helium, and then electronic gases and isotopes. That's a very different business mix. to being a nuclear technology company. It'll be interesting to see how the shareholder base manages and transitions through that period. I was going to say, as one remark, watching Natalie and Johannes and Martin present today and showcasing that side of the business, I think is only a good thing to realizing that value. Yeah. I am looking forward to getting Martin and Mike around New York and Boston meeting the biotech investors Yeah. In the early part of next year. Well, he did mention exitable twice. Mention? He mentioned exitable twice. Yeah. Thank you. Great. Joy. I think we have time for one more question. Go ahead, Joy. I have a question for Natalie. I am just curious what made you choose ASP Isotopes? Yeah, I'll just go. Actually, well, it's an interesting story. Yes, I was at Intel for a very long time, and predominantly I did technology transfers. I was in the fab for a very long time. Actually what triggered was I went to the Intel Quantum Lab about a few years ago, and I saw it, and it's a completely different world than what I was working on with my team. I don't know, I just had a twinkle in my eye for doing something new, and just seeing that technology kind of took me back to. I grew up with pagers and big cell phones. Seeing that, it just kind of took me back to, could this be maybe where we were 20 years ago, and seeing how it could grow. I knew about ASP, and it just kind of seemed like a right fit for me. I'm really excited to be here and being able to do a little bit on that quantum side. That was, I think, yeah. I know that Natalie is very closely involved with the team we speak to at Intel and other companies in terms of materials they think they're going to need in the future and how we try and solve those problems for them. Thank you very much. Well, thank you very much, everyone, for your participation. It's been a nice and active discussion, which is what we'd like to see going forward with our investors and stakeholders. I think I will pass back to Paul for some concluding remarks. But thank you very much, everyone. Thank you very much. I guess just to conclude with, I think what you've seen today is an exhibition of all the expertise we have at ASP Isotopes, the people we've built, the teams we've built. This is a really exciting part of development of new technologies that will enable many of the technologies that we want to see in the future to improve patient outcomes in cancer, make faster computers, and so forth. You've also probably noticed that we've got many divisions, and isotopes and critical materials touch many different industries, from nuclear medicine to semiconductors to nuclear fuels. Our job is to make sure that we maximize the shareholder value from those different divisions. As I said in response to Nick's question earlier, the company's really going through an incredible transition now over the next couple of years. As I said, the perception is that we are a developmental nuclear technology company, and that's perhaps been right over the last four or five years. I think if you look at the business in 12 months' time, what you're going to see is a company with some of the world's leading radionuclide production for hard-to-treat cancers and for other diseases. It'll be a revenue-generating, profitable business. I think you'll see one of the only suppliers of helium to the world that doesn't come from a geopolitically challenging area. Again, that'll be a profitable business. It's generating quite substantial as a gross profit. Then we'll have an electronic gases and isotope business that will also be generating some revenues and profits as well. Having taken the company from just a concept that Robbie and I had five years ago, sitting at Thanksgiving in Florida, I think it was, or sitting here somewhere in Florida, to where we are now, it's been an incredible journey. Now is the time to scale. The next five years, we need to grow this business to become a world leader. The great thing right now is that we have the capital to do that. We've built the balance sheet to do that. Now is the time to deploy that capital, to grow these plants, to become a world leader in isotope production. It won't all be a smooth ride. There'll be speed bumps along the way. There always are. We'll get over those speed bumps. The goal is to grow this into a huge business. Before I finish, I'd just like to thank all of you in the room and online for your interest in the company. I'd like to thank all of the employees, the ASP employees, without whom we wouldn't be able to do this. I'm just really the band conductor. I have my musicians here, musicians there, musicians here, and my job is just to make sure they all act together and play together, and we maximize the value of each part of it. I'd like to thank them. I'd also make a special thank you to Shveta, who's done an incredible job organizing this. This is our first Capital Markets Day. Robbie? Robbie. He's here. I'd like to thank you. He's done an incredible job organizing our first Capital Markets Day. We're doing it in London this year because it's the World Nuclear Association meeting in London. Everyone, anyone nuclear is in town. We decided to coincide it with that conference. With that, I would like to thank Shveta now for an incredible job. Well done. Wouldn't be here if it wasn't for you, so fantastic. Thank you. Very good. Big hug. Thank you. Okay. Thank you. I think now we will conclude. Lisa has some drinks and canapés and other soft drinks, whatever, next door. We are around for answering any questions you have, so feel free to come up to the team, ask any questions that have not been answered. As I say, we have an incredible team here who have expertise in many different parts of the business and are happy to answer your questions. Thank you very much for your attendance today.