ASPI A sum of its parts

ASP Isotopes US Equity Research Sustainability 15 September 2026

Rating Price Target George Gianarikas | Analyst | Canaccord Genuity LLC (US) | | BUY US$11.00 Matt Paciulli | Associate | Canaccord Genuity LLC (US) | | unchanged unchanged Jason Tilchen, CFA | Analyst | Canaccord Genuity LLC (US) | |

Price ASPI-NASDAQ US$3.16 A sum of its parts Amidst the hum of the World Nuclear Symposium in London last week, ASP Isotopes Market Data stepped out of the crowd to tell its story. Gathered in the Bill Boeing Lecture Theatre 52-Week Range (US$) : 3.05 - 14.49 Avg Daily Vol (M) : 3.9 at No. 4 Hamilton Place - the storied home of the Royal Aeronautical Society - the Market Cap (US$M) : 484.5 management team held their inaugural Capital Markets Day. It was a room worthy of Shares Out. (M) : 153.3 the moment: a building steeped in the legacy of aviation pioneers who once believed they could conquer the skies, now lending its historic walls to a new generation with FYE Dec 2025A 2026E 2027E 2028E ambitions just as bold. But ASP’s gaze is fixed differently. Their ambition is not airborne, Revenue 23.8 17.9↓ 45.9↓ 263.0↓ but elemental: to forge the advanced materials and banish the shortages that constrain (US$M) our future. They seek to arm medicine in the war against disease, power the next epoch Previous - of computing, and anchor the renaissance of nuclear energy. The horizon they claim is EPS Adj (2.12) (0.84)↑ (1.34)↑ (0.30)↑ small - measured in atoms - yet the world they mean to build is vast. Lofty, for sure. (US$) Previous - ( ) For all their shrewdness in snapping up undervalued assets - from Molybdos and Klydon Quarterly Q1 Q2 Q3 Q4 to PET Labs and Renergen - management has, for now, collided with the stubborn grit Revenue of the physical world. Whiteboards can yield to the friction of process. As those following 2025A the story know - bottlenecks have appeared, most of them fairly simple mechanical 2026E 4.2 5.1 4.2 4.4 culprits. Compressors, for example, have accounted for 97% of plant downtime in the 2027E E ASP process.

Quarterly Q1 Q2 Q3 Q4 To their credit, leadership met the moment with candor and offered a clear-eyed mea EPS Adj culpa at the event. To fix many of the issues, they have diagnosed a relative famine 2025A ( ) of specialized vendors in their niche market, and are choosing self-reliance instead. 2026E ( ) When the market cannot supply it, they build it. By bringing much part design and 2027E ( ) manufacturing in-house, they have transformed many equipment lead times measured 2028E ( in years into days and weeks. 16 And we find that resolve is already bearing fruit. Plant uptime climbed from 58% in May 14 to 90% by July. Designing a proprietary compressor for the ASP process changed the 12 equation entirely, yielding superior flow rates, sharper pressure ratios, and a dramatic drop in energy consumption. 10

8 Compressors tell only part of the story, and management is actively working through other bottlenecks as well. Now comes the heart of the matter: theory is turning into 6 reality, and the whiteboard is slowly becoming the income statement. With management 4 guiding that the first helium shipment is arriving in weeks - followed by Si-28, Yb-176, and C-14 in 2H26 - the rubber is finally meeting the road. If management can hold true 2 to its promises, we believe multiple positive catalysts await this fall and winter.

Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Beyond the hard grind of operations, another shadow has dimmed the enterprise's ASPI grand design and value: sheer complexity. It is one thing to capture a constellation of Russell 2000 (rebased) Source: FactSet undervalued assets; it is quite another to conquer them all at once. They are running and acquiring radiopharmacies, scaling 2 enrichment technologies, and coaxing natural Priced as of close of business 15 September 2026 gas and helium from the earth - all at once.

We admire the bench strength leadership has assembled for this ascent, but the market craves a narrative it can simply hold in its hand. Right now, the story is a bit dizzying, in our opinion.

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