ASP Isotopes (ASPI) investor relations material

Corporate highlights and strategic positioning

• Holds one of the world's highest-grade helium reserves, with concentrations around 3%, significantly above global averages.

• Project designated as strategic by both South African and U.S. governments, with $750 million in anticipated funding from DFC, U.S. government, and Standard Bank.

• Merger with ENDRA Life Sciences will result in ASP owning 89% of the combined entity, focusing on helium and LNG.

• Pure play helium platform created to meet investor demand for exposure to this high-margin, high-growth sector.

• Noble Africa is now trading under ticker NDRA, with merger completion expected in Q4 after regulatory and shareholder approvals.

Market dynamics and supply constraints

• Global helium supply is severely constrained due to outages in Qatar, Russian export controls, and geopolitical disruptions, with up to 20% of supply offline for several years.

• Helium prices have reached record highs, with recent contracts above $600/Mcf, and limited new supply expected in the near term.

• Demand is driven by critical industries such as semiconductors, medical imaging (MRI), and space exploration, all forecasted to grow faster than GDP.

• South Africa's strategic location enables efficient global shipping, reducing boil-off losses and offering supply chain diversification.

Project development and operational update

• Phase I plant construction is complete, with drilling finished and initial liquid helium produced; full capacity and customer shipments expected by September.

• Phase I will produce 70 Mcf/day helium and 2,500 GJ/day LNG, targeting $27 million revenue and $10–11 million gross profit at current prices.

• Phase II aims for 900 Mcf/day helium and 34,000 GJ/day LNG, with $370 million revenue and $300 million gross profit projected, and commissioning in 2030–31.

• Take-or-pay contracts for LNG (5–8 years) and helium (10–15 years) include annual price escalators tied to the South African Producer Price Index, with 80% minimum thresholds.

• Significant upside remains, as only 7% of the acreage is used for phases I and II, with vast unexplored reserves.