ASP Isotopes Inc. Common Stock

ASP Isotopes expects several business units to enter commercial production or expand output over the next six months, with CEO Paul Mann highlighting progress in helium, LNG, stable isotopes and radiopharmaceuticals. Renergen has begun Phase 1 helium production in South Africa, with initial customer shipments expected in September and free cash flow targeted by year-end; Phase 2 could significantly expand output, with first production projected for 2030. ASP Isotopes is advancing its stable-isotope facilities, with first Silicon-28 and Carbon-14 shipments expected in the second half of the year and Ytterbium-176 production planned later this year. The company is pursuing growth in semiconductor materials, medical isotopes and radiopharmaceuticals, while targeting a Quantum Leap Energy spinoff by year-end and $300 million in EBITDA by 2031.

ASP Isotopes outlined plans to begin commercial deliveries of Silicon-28, Carbon-14 and Ytterbium-176 in the second half of 2026, though delays and engineering issues at its South African facilities remain a risk. The company expects Phase 1 helium production from its Virginia Gas Project to start by the end of September, with revenue anticipated in 2026, and has contracted about 15% of Phase 1 capacity. A much larger Phase 2 expansion is planned, backed by approximately $750 million in funding from the U.S. government and Standard Bank, targeting a roughly 12 to 13 times capacity increase and completion by 2031. ASP Isotopes is also expanding its radiopharmacy footprint through recent U.S. acquisitions and plans to add cyclotrons for PET-isotope production, aiming to vertically integrate stable-isotope enrichment with nuclear-medicine manufacturing. The company reported approximately $290 million on its balance sheet as of March 2026 and set a midterm target of EBITDA exceeding $300 million in 2031, excluding its nuclear business.

ASP Isotopes has entered into private exchange agreements with certain holders of Quantum Leap Energy convertible notes to swap approximately $109.2 million in aggregate principal amount of outstanding QLE Notes, plus accrued and unpaid interest, for an aggregate of approximately 23.2 million shares of ASPI common stock, representing about 17.8% of ASPI’s common stock outstanding. The exchange transactions are expected to close on July 16, 2026, and will reduce QLE’s outstanding convertible notes by approximately 50%, from $219.8 million to $110.7 million in aggregate principal amount outstanding. The move is intended to simplify QLE’s capital structure as the wholly-owned subsidiary pursues a standalone public listing on a U.S. national securities exchange, and it supports ASPI’s position to potentially distribute its QLE common equity to ASPI stockholders at a future record date. Paul Mann, Chairman and CEO of ASPI, said the exchange significantly strengthens QLE’s balance sheet and is structured to be broadly economically neutral to both ASPI stockholders and QLE noteholders.

ASP Isotopes announced that its wholly-owned subsidiary Noble Africa will merge with a subsidiary of ENDRA Life Sciences, with Noble Africa surviving and applying to list on Nasdaq under the ticker NOBA. The combined company will serve as a helium platform for Renergen’s Virginia Gas Project. A concurrent private placement is expected to generate approximately $50 million in gross proceeds, including about $20 million from ASP Isotopes as lead investor and roughly $30 million from other investors. Upon closing, ASP Isotopes is expected to own approximately 89% of the combined company, pre-closing ENDRA stockholders about 3%, and private placement investors other than ASPI about 7%. The transaction has been approved by both companies’ boards and is expected to close in the third or fourth quarter of 2026, subject to regulatory and stockholder approvals.