ASP ISOTOPES INC - ASPI issues letter to shareholders

Evidence from the filing

• Renergen secured an offtake at >$600/Mcf for ~15% of Phase 1 helium and targets 5–15 year take-or-pay contracts covering 50–75% of planned capacity, providing contracted revenue visibility.

  “We recently secured an offtake agreement with an Asian industrial gases company for approximately 15% of planned Phase 1 helium production capacity volume at an initial base price per unit above US$600 per Mcf of contained helium, on an all-in plant-gate basis.”

• Phase 2 is supported by ~$750m of senior debt commitments from US DFC and Standard Bank, materially de-risking a 13x scale-up of the Phase 1 helium/LNG plant.

  “We expect Phase 2 will benefit from approximately $750 million of senior debt funding from the U.S. International Development Finance Corporation and Standard Bank of South Africa, subject to entering into binding definitive agreements with these lenders.”

• PET Labs delivered >50% organic revenue growth in 1H 2026 and is on track for ~$14m FY revenue vs $6m in 2025, supporting the guided $50–100m EBITDA path by 2031.

  “We forecast that PET Labs is on track to deliver FY 2026 revenues of approximately $14 million, up from $6 million in 2025.”

• Phase 2 at nameplate is projected to generate >$360m annual revenue (~5–7% of global helium supply) from 900 Mcf/day helium plus 34,000 GJ/day LNG.

  “at $15-18/ GJ (.9478 MMBtu) for the hydrocarbons and $600/Mcf for the helium from Phase 2, Renergen should be capable of generating annual revenues exceeding $360 million at nameplate capacity.”

• Renergen's planned Nasdaq listing via the Noble Africa/ENDRA reverse merger creates a stand-alone helium-focused vehicle with sum-of-the-parts optionality for ASPI shareholders.

  “Renergen, through the planned reverse merger between Noble Africa LLC and ENDRA Life Sciences Inc. (Nasdaq: NDRA), is expected to become a Nasdaq-listed company upon the closing of the reverse merger, allowing investors to invest in a commercial helium-focused company. ASPI will initially own approximately 89% of the combined company”

• The 2031 EBITDA target of $330-700m lacks any GAAP reconciliation; management cites unavailability of reliable estimates for selling prices and production costs, rendering headline figures unauditable.

  “EBITDA is a non-GAAP financial measure and is defined as net income before interest, taxes, depreciation and amortization. We have not provided a reconciliation between our targets for EBITDA and net income (loss), the most directly comparable GAAP measure, because applicable information for future periods, on which this reconciliation would be based, is not available without unreasonable effort due to the unavailability of reliable estimates for selling prices of our commercial products and costs of production and extraction, among other items.”

• A pattern of OEM equipment failures — 8-year-old Klydon compressors failing helium-tight specs and a 2H 2025 laser outage from a power surge — undermines management's framing that core enrichment technology is fully de-risked.

  “The compressors, originally ordered by Klydon eight years ago prior to our acquisition, have failed to meet the specifications required including being hermetically sealed (helium tight).”

• The letter provides no Q2 2026 actuals, cash position, debt stack, or segment profitability — only aspirational EBITDA tables — leaving funding adequacy and dilution risk opaque.

  “Radiopharmaceuticals and Medical Isotopes $80m $200m Electronic Gases (Helium, Silicon-28 etc) $150m $300m Natural Gas $100m $200m 2031 Target $330m $700m”

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