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• ASPI is like the TSMC of critical isotopes.
• ASPI is like Corning for advanced isotopes.

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• Enriched Uranium (EU): ASP Isotopes aims to produce enriched uranium for applications in nuclear energy and other industrial uses.
• Enriched Silicon (ESi): This specialized isotope is targeted for use in advanced electronics and the emerging field of quantum computing.
• Medical Isotopes: The company is developing capabilities to supply a range of critical radioisotopes, including Molybdenum-99 and Lutetium-177, used for medical diagnostics and targeted therapies.

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ASP Isotopes (symbol: ASPI) sells its products primarily to other companies and institutions rather than directly to individuals.

According to ASPI's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (filed April 15, 2024), the company explicitly states that it did not have any customers that individually accounted for more than 10% of its total revenue during either 2023 or 2022. Therefore, no specific "major customers" are individually identified by name in their public financial disclosures.

ASPI's business model involves supplying enriched isotopes for various specialized applications. Based on the applications described by the company, its customer base consists of a diversified range of entities within the following sectors:

• Medical Diagnostics Companies: These customers include pharmaceutical companies, medical device manufacturers, and healthcare providers that utilize isotopes for imaging, diagnostic procedures, and potentially therapeutic applications.
• Industrial Companies: This category encompasses businesses in sectors such as energy, manufacturing, and materials science, where isotopes are used in various industrial processes, quality control, non-destructive testing, and specialized production.
• Scientific Research Institutions: This broad category includes universities, national laboratories, and private research organizations that use isotopes for fundamental research, drug discovery, environmental monitoring, and advanced materials science and technology development.

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Paul E. Mann Executive Chairman

Paul Mann co-founded ASP Isotopes in September 2021. He previously served as the Chairman, Chief Executive Officer, and Chief Financial Officer until October 1, 2025, when he transitioned to Executive Chairman. Mr. Mann possesses over 20 years of experience on Wall Street, investing in healthcare and chemicals companies, having held positions at Soros Fund Management, Highbridge Capital Management, and Morgan Stanley. He began his career as a research scientist at Procter and Gamble, where he is credited as an inventor of numerous skin creams in the Oil of Olay range. He also acquired a business from a group of South African scientists who had developed various methods to enrich isotopes.

Robert Ainscow Interim Chief Executive Officer & Chief Operating Officer

Robert Ainscow co-founded ASP Isotopes with Paul Mann in September 2021 and has served as the Chief Operating Officer since the company's inception. Effective October 1, 2025, he was appointed Interim Chief Executive Officer. He also holds the role of Chief Executive Officer for the company's operating subsidiaries: ASP Isotopes South Africa (Pty) Ltd, ASP Isotopes Guernsey Ltd, and ASP Isotopes ehf in Iceland. Mr. Ainscow has more than 20 years of experience in finance, having worked at Morgan Stanley, Bear Stearns, and Investec Bank, and started his career in the legal and regulatory department with responsibilities for M&A and capital markets oversight. He previously served as the company's Interim Chief Financial Officer from October 2022 until July 2024.

Heather Kiessling Chief Financial Officer

Heather Kiessling was appointed Chief Financial Officer of ASP Isotopes Inc., effective July 1, 2024. She is a CPA with extensive experience in finance roles. Ms. Kiessling's background includes serving as the Managing Director UK for Danforth Advisors, a leading provider of outsourced corporate and clinical business functions for the life science industry, and working at Cytonome/ST. Her two decades of experience in the life science industry span all development life cycle stages, including the completion of an IPO in 2021.

Dr. Gerdus Kemp Medical Director & CEO of PET Labs

Dr. Gerdus Kemp founded PET Labs Pharmaceuticals in South Africa, where he serves as Chief Executive Officer. He brings over 30 years of experience in nuclear medicine and radiopharmaceutical production, having also served as Medical Director at Klydon and Molybdos. Dr. Kemp holds a PhD in Inorganic Chemistry from the University of Johannesburg and is currently a lecturer in Radiography at the University of Pretoria.

Dr. Hendrik Strydom Chief Technology Officer

Dr. Hendrik Strydom serves as the Chief Technology Officer for ASP Isotopes.

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1. Allegations of Misleading Investors and Doubts on Technology Viability

2. Significant Financial Risks

3. Execution, Commercialization, and Regulatory Challenges

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The primary clear emerging threat to ASPI is the rapid development and scaling of alternative, direct production methods for critical medical isotopes, particularly Actinium-225.

While ASPI focuses on the enrichment of precursor isotopes (such as Thorium-229 or Radium-226) to generate Actinium-225, several national laboratories and research institutions (e.g., Oak Ridge National Laboratory, TRIUMF, Paul Scherrer Institute) are actively pursuing and scaling up direct production of Actinium-225 via high-energy proton bombardment of Thorium-232 targets using cyclotrons and other accelerators. If these alternative methods prove to be more scalable, cost-effective, or efficient in reaching commercial supply, they could significantly reduce the market demand for ASPI's precursor-based production strategy for Actinium-225. This represents a disruptive shift in the supply chain for a key medical isotope that ASPI is targeting, similar to how new technologies disrupted established industries in the historical examples provided.

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ASP Isotopes (ASPI) focuses on enriching stable isotopes for various applications, primarily in the medical and technology sectors. The addressable markets for their main products or services are as follows:

• Molybdenum-100 (Mo-100): ASP Isotopes aims to produce Molybdenum-100, which is used as a precursor for Molybdenum-99 (Mo-99). Mo-99 is the parent isotope of Technetium-99m (Tc-99m), a widely utilized isotope in medical diagnostic imaging. The global market for Molybdenum-99 was valued at approximately USD 6.2 billion in 2022 and is projected to reach USD 8.8 billion by 2030. Other sources indicate the global medical isotopes market, which includes Mo-99, was valued at $8.85 billion in 2022 and is projected to grow to $13.56 billion by 2030.
• Silicon-28 (Si-28): Highly enriched Silicon-28 is a critical material for the advancement of silicon-based quantum computing. The global quantum computing market, which drives the demand for such specialized materials, was valued at USD 10.1 billion in 2022 and is projected to expand to USD 149.3 billion by 2032.
• Carbon-14 (C-14): ASP Isotopes is also involved with Carbon-14, primarily for medical imaging and diagnostics. The global market for Carbon-14 is projected to grow from $12.3 million in 2022 to $18.8 million in 2029.

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Here are 3-5 expected drivers of future revenue growth for ASP Isotopes (ASPI) over the next 2-3 years:

1. Commercialization and Increased Production of Medical and Industrial Isotopes: ASP Isotopes is focused on the production and commercialization of highly enriched isotopes for healthcare and technology industries. The company has brought three plants into commercial operation, including a Carbon-14 plant that started enriching commercial product in early February 2025. There is also strong demand for enriched Ytterbium-176, with the company confident in selling all it can produce, and it is actively engaged in customer negotiations and supplying samples. Molybdenum-100 is another primary focus for commercialization using their proprietary Aerodynamic Separation Process (ASP) technology. These efforts are expected to significantly contribute to revenue growth as production scales and definitive agreements are signed and fulfilled.

2. Expansion into the Green Energy and Nuclear Sector: ASP Isotopes plans to enrich isotopes for the nuclear energy sector, specifically Uranium-235 and Lithium-6, using its Quantum Enrichment technology. The company anticipates signing a contract with TerraPower for High-Assay Low-Enriched Uranium (HALEU) in the near future, and holds Memoranda of Understanding (MOUs) with two customers that collectively require $37 billion of HALEU between 2025 and 2037. This represents a substantial potential long-term revenue stream as the green energy market expands.

3. Growth in the Quantum Computing Market with Silicon-28: The company identifies Silicon-28 as an isotope with growing demand that will enable quantum computing. ASP Isotopes aims to utilize its ASP technology to separate isotopes with potential applications in the quantum computing target end market. As quantum computing technology advances and demand for specialized materials increases, this market represents a new and significant avenue for revenue generation.

4. Increased Production Capacity and Operational Plants: The startup of three new production plants and the stated intention to build additional plants in 2025 are direct drivers of increased output and, consequently, higher revenues in 2026 and 2027. This expansion of manufacturing capabilities underpins the company's ability to meet the anticipated demand across its various isotope product lines.

5. Strategic Market Expansion and Existing Revenue Streams: A secondary listing on the Johannesburg Stock Exchange (JSE) is expected to enhance liquidity, diversify the shareholder base, and position the company for growth by providing access to another deep capital market. Additionally, ASP Isotopes holds a 51% stake in PET Labs, which generated $4.1 million in revenue in FY 2024, providing an existing and potentially growing revenue stream.

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Share Issuance

• ASP Isotopes completed its initial public offering on June 29, 2022, issuing 2,400,000 units.
• Each unit in the IPO consisted of one common share and one warrant to purchase one common share, priced at $5.00 per unit.
• The gross proceeds to ASP Isotopes from this offering totaled $12,000,000.