ASP Isotopes (ASPI) Canaccord Genuity's 46th Annual Growth Conference summary

Strategic focus and business structure

• Operations span electronics, nuclear medicine, and nuclear fuels, with three production facilities in South Africa and recent acquisitions in the U.S.

• PET Labs is the largest producer of Fluorine-18 radionuclides in South Africa, with expansion plans in the U.S. and Europe.

• Renergen manages helium and LNG production, with the Virginia Gas Project set to begin helium output by September and a major expansion planned.

• Quantum Leap Energy is developing nuclear fuel technologies and is being spun out to focus on the nuclear fuel cycle.

• The company is vertically integrated in stable and radioactive isotope production, enhancing supply chain security and margins.

Technology and production capabilities

• Utilizes proprietary Aerodynamic Separation Process for gaseous isotopes and Quantum Enrichment (laser-based) for metals.

• Modular plant design allows flexible scaling and lower capital expenditure compared to traditional centrifuges.

• Silicon-28 production targets both quantum computing (high purity) and semiconductor (lower purity, higher volume) markets.

• Helium is critical for semiconductors and medical devices, with supply chain disruptions creating market opportunities.

• Commercial deliveries for Silicon-28, Carbon-14, and Ytterbium-176 are targeted for the second half of 2026.

Market dynamics and expansion plans

• Global isotope supply chains are compromised, with most production in Russia; Western customers seek alternatives.

• PET Labs' revenue growth is driven by investments in production capacity and rising demand for PET and SPECT isotopes.

• U.S. radiopharmacy acquisitions will be upgraded to produce PET isotopes, with further expansion opportunities identified.

• Helium market faces shortages due to Middle East disruptions; strategic reserves are depleting, likely driving prices higher.

• Contracts signed for 15% of phase I helium capacity, with more negotiations ongoing as demand is expected to rise.