ASP Isotopes Inc (ASPI) 2025 Q3 法說會逐字稿

Greetings. Welcome to the ASP Isotopes Investor Update Call. At this time, all participants are in a listen-only mode. Please note that this conference is being recorded. (Operator Instructions)

問候。歡迎參加ASP Isotopes投資者更新電話會議。目前，所有參與者均處於唯讀模式。請注意，本次會議正在錄影。（操作說明）

Before we get started, please note that our remarks today may include four looking statements. These statements are subject to risks and uncertainties, and after results may differ materially. During this call, we may use words like anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project, and similar expressions, which indicate four looking statements. For a more comprehensive discussion of these and other risks, please refer to our filings with the SEC available on SEC.gov and in the investors section of our website.

在開始之前，請注意，我們今天的發言可能包含四個展望性陳述。這些聲明存在風險和不確定性，實際結果可能與預期有重大差異。在本次通話中，我們可能會使用諸如預期、可能、使能、估計、打算、期望、相信、潛在、將、應該、預測等詞語以及類似表達，這些詞語表明了四項展望性陳述。有關這些風險和其他風險的更全面討論，請參閱我們在 SEC.gov 和我們網站的投資者關係部分向美國證券交易委員會提交的文件。

I'll now turn the call over to CEO Robert Ainscow.

現在我將把電話交給執行長羅伯特·安斯科。

Good morning, everybody, and welcome to ASP Isotopes third quarter update call. I'd ask everybody to take a moment to look at these forward-looking statements. My name is Robert Ainscow. I'm the Interim Chief Executive Officer and Chief Operating Officer. I'm joined on the call today with Paul Mann, who's a Co-Founder and the Executive Chairman of ASP Isotopes. Also present is Heather Kiessling, the Chief Financial Officer in ASPI. I'm also asked to join this call Dr. Ryno Pretorius, who is the Chief Executive Officer of nuclear energy subsidiary Quantum Leap Energy; and his CFO, Michael Cunniffe.

各位早安，歡迎參加 ASP Isotopes 第三季業績更新電話會議。我想請大家花點時間看看這些前瞻性聲明。我的名字是羅伯特‧安斯科。我是臨時執行長兼營運長。今天和我一起參加電話會議的是 ASP Isotopes 的共同創辦人兼執行主席 Paul Mann。ASPI 的財務長 Heather Kiessling 也出席了會議。我還受邀參加此次電話會議的有：核能子公司 Quantum Leap Energy 的執行長 Ryno Pretorius 博士；以及他的財務長 Michael Cunniffe。

I'll begin with taking you through an update on our operational isotope enrichment plants in South Africa, starting with our multi-isotope plant, which is currently enriching silicon-28 and electronic semiconductor gas. So this plant is enriching silicon-28 for our initial two customers for that product. We shipped commercial samples of silicon-28. These samples have been validated for our topic purity with our customers. Our customers are in fact visiting the plant in September for a very, very constructive visit with their senior engineers and our senior engineers and that led to some agreed modifications to that plant which are nearly complete and will have the effect of improving the enrichment rate and also smoothing transition through to the next semiconductor gas that we wish to enrich after silicon-28, which is germanium. The modifications I said are largely complete and the plant is continuing to process the first commercial batch. We also secured another silicon-28 contract as you're in the quarter and we're looking to deliver and satisfy all the current customer owners in 2026.

首先，我將帶您了解我們在南非營運的同位素濃縮工廠的最新情況，首先是我們的多同位素工廠，目前正在濃縮矽-28和電子半導體氣體。所以，這家工廠正在為我們最初的兩家客戶生產該產品而富集矽-28。我們出貨了矽-28的商業樣品。這些樣品已經過客戶驗證，符合我們主題的純度要求。事實上，我們的客戶將於 9 月參觀工廠，與他們的資深工程師和我們的資深工程師進行一次非常有建設性的訪問，這促成了對該工廠的一些改進，這些改進已接近完成，其效果是提高富集率，並平穩過渡到我們希望在矽-28 之後富集的下一個半導體氣體——鍺。我所說的改造工作基本上已經完成，工廠正在繼續生產第一批商業產品。在本季度，我們還獲得了另一份 Silicon-28 合同，我們計劃在 2026 年交付並滿足所有現有客戶的需求。

The other important update on our semiconductor gas vertical is the acquisition of germanium. This was announced earlier in the year and we have been working on completing the acquisition as well as overseeing the important Phase 1c which is defined as bringing the initial plant to a main plate capacity.

我們半導體氣體業務的另一個重要進展是收購了鍺。今年稍早已經宣布了這項收購，我們一直在努力完成收購，並監督重要的 1c 階段，定義為將初始工廠提升至主機板產能。

In terms of the acquisition process, we are approved on all but one of the conditions precedents which is one regulatory approval left to receive which is the exchange control which is expected to pretty infinitely. All other approvals such as shareholder support which was near the unanimous and competition commission approval have been received and we successfully listed on the Johannesburg stock exchange earlier this year in the preparation for the share exchange and completion of the transaction.

就收購流程而言，除一項先決條件外，我們已獲得所有批准，該先決條件是獲得一項監管批准，即外匯管制，預計這將遙遙無期。所有其他批准，如股東支持（幾乎全票通過）和競爭委員會的批准，均已獲得，並且我們在今年早些時候成功在約翰內斯堡證券交易所上市，為股票交換和交易完成做準備。

In terms of Phase 1c which has been a majority focus for prevalence of the reserve and the commercial delivery of the expected product but that's going incredibly well. The difference is that we've seen since the restart following our investment is a larger number of drilling groups operating in series and the contracting of McKinley exploration who's experienced in gas drilling is enormous and they have provided a lot of insight into reservoir modelling and the targeted drilling in locations to improve the effective volume of gas.

就 1c 期而言，目前主要關注的是儲備的普遍性和預期產品的商業交付，但進展非常順利。不同之處在於，自從我們投資重啟以來，我們看到更多的鑽井集團以系列方式作業，而且與在天然氣鑽探方面經驗豐富的麥金利勘探公司簽訂的合同數量巨大，他們為油藏建模和在特定地點進行有針對性的鑽井以提高有效天然氣產量提供了許多見解。

Also important to note is the compressor station which brings gas from the further fields as is now nearly complete. The inclusion of the ASPI engineering team can have been adding their support to the maintenance and running of the plant.

值得注意的是，從更遠的氣田輸送天然氣的壓縮站目前已接近完工。ASPI 工程團隊的加入，可能為工廠的維護和運作提供了支援。

Now I'll take you through the nuclear medical updates. So our first quantum enrichment plant which those of you that are familiar with the company will recall is our proprietary technology related to the laser enrichment of isotopes. The first plant has now been in the production following commissioning earlier this year and is currently producing ytterbium-176. We shipped a commercial sample of Utervium to a customer for independent analysis and are awaiting the results of that. The delivery of commercial quantities is expected to take place over the course of the first half of 2026.

現在我將帶您了解核醫的最新進展。因此，我們第一座量子濃縮工廠（熟悉我們公司的人應該還記得）是我們專有的雷射同位素濃縮技術。第一座工廠已於今年稍早投入生產，目前正在生產鐿-176。我們已將 Utervium 的商業樣品寄給客戶進行獨立分析，目前正在等待分析結果。預計商業數量的交付將在 2026 年上半年進行。

We've also started procurement for in total four new production facilities for QLE. The first new one will be a second ytterbium production plant, and we've also secured the regulatory approvals from all four of the plants and during the course of 2026 we expect to be delivered commissioned, and we hope to start out bridging the aluminum nickel zinc.

我們也啟動了QLE總共四個新生產設施的採購工作。第一個新項目將是第二個鐿生產廠，我們已經獲得了所有四個工廠的監管批准，預計將在 2026 年交付並投入使用，我們希望開始連接鋁鎳鋅合金。

I'm also saying that you saw the for barium-137. So our carbon plant is which is expected to start producing carbon-14 prior to encountering feedstock delivery delays with our partners in North America. We started not being regulatory based delays which have now been resolved but there have been some feedstock concentration issues encountered which are now largely being resolved and our first full batch so that we can continue processing is expected to be in January 2026. We continue to expect to ship the first commercial batch in the first half of 2026. In the meantime we have been utilising the asset which has been commissioned since the middle of last year and have been reaching carbon-12 for our global gas company and we said to sample commercial carbon-12 and initial feedback has been positive and we expect to ship commercial products still in December.

我還想說，你看到鋇-137了。因此，我們的碳工廠預計將在與北美合作夥伴的原料交付延誤之前開始生產碳-14。我們最初遇到的並非監管方面的延誤，這些延誤現在已經解決，但我們遇到了一些原料濃度問題，這些問題現在也基本上得到解決，我們預計第一個完整的批次將於 2026 年 1 月完成，以便我們能夠繼續加工。我們仍預計在 2026 年上半年交付第一批商業產品。同時，我們一直在利用自去年年中投入使用的資產，為我們的全球天然氣公司生產碳-12，我們表示將對商業碳-12進行取樣，初步反饋是積極的，我們預計仍將在12月交付商業產品。

So otherwise on the nuclear medical updates in terms of PET Labs we have been investing the capital efficient banana into the growth of our South African radio pharmacy. The equipment that we've installed then in the cyclotron and PET CT scanners have been commissioned and are fully operational. This has led to the anticipated growth in volumes and doses sold and therefore revenues. We have also on the Commission on the received regulatory approval for our SPECT pharmacy which is now fully operational and the delivery of SPECT doses is increasing ahead of the scheduled uptick in the delivery that was predicted.

除此之外，在核子醫學方面，就 PET 實驗室而言，我們一直在高效利用資金，推動南非放射性藥物的發展。我們當時安裝在迴旋加速器和PET CT掃描儀中的設備已經調試完畢，並且全面投入運作。這導致了銷售和劑量預期成長，也帶來了收入成長。我們還向委員會報告了我們的 SPECT 藥房已獲得監管部門的批准，該藥房現已全面投入運營，SPECT 劑量的交付量正在提前於預期的交付量增長。

Of note also is the very exciting part of PET which is the therapeutic update where we ship the first of Lu-177 first in South Africa so we're very excited about that and expect a demand for that to grow. Otherwise on the global scale of PET Labs South Africa having been the proving ground and showing our ability to purchase, install, commission and get regulated the radio pharmaceutical equipment and start delivering doses. We've made our first purchase in the United States of America. We announced the purchase of East Coast nuclear in Florida and we will be growing that to radio pharmacy in more detail to follow. We also have a second radio pharmacy under term sheet which we expect to close in the very near future and we have a number of others in due diligence.

值得一提的是，PET 還有一個非常令人興奮的部分，那就是治療方面的更新，我們將首先在南非交付第一批 Lu-177，我們對此感到非常興奮，並預計對它的需求將會增長。否則，從全球範圍來看，PET Labs South Africa 已成為試驗場，證明了我們有能力購買、安裝、調試和獲得監管放射性藥物設備並開始交付劑量。我們在美國完成了首次採購。我們宣布收購了位於佛羅裡達州的東海岸核能公司，我們將進一步拓展其在放射性藥物領域的業務，詳情稍後公佈。我們還有第二家放射藥局正在洽談中，預計在不久的將來完成交易，此外，我們還有一些其他項目正在進行盡職調查。

So at this point I will pass over to Dr. Ryno Pretorius to talk about the opportunity and nuclear energy accordingly.

接下來，我將把麥克風交給 Ryno Pretorius 博士，讓他談談核能帶來的機會。

Thank you Robbie. I'd like to share some updates and progress at QLE. QLE is acquired 137 to commercialize the cutting-edge creepy unit technology that provides a modular system to address beta decay related nuclear waste treatment at the source of emission. QLE plans to convert hazardous celsium-137 to commercially viable barium-137 by reducing the 30.5-year half-life to mere minutes thus converting a liability into a revenue source leading to the semiconductor industry. Other beta emitters such as strontium-90 and carbon-19 from nuclear waste will be integrated into our nuclear medicine supply chain or tracer chemical vertical respectively.

謝謝你，羅比。我想和大家分享QLE的一些最新進展。QLE 被收購 137 是為了將尖端的爬行單元技術商業化，該技術提供了一個模組化系統，用於在排放源處處理與 β 衰變相關的核廢料。QLE計畫將危險的銫-137轉化為具有商業價值的鋇-137，方法是將30.5年的半衰期縮短至幾分鐘，從而將負債轉化為收入來源，進而推動半導體產業的發展。核廢料中的其他β發射體，如鍶-90和碳-19，將分別整合到我們的核子醫學供應鏈或示蹤化學品垂直領域。

QLE has made progress on our MOU with Fermi and is providing information to utilize the 11-gigawatt data center complex in Amarillo, Texas as a location for uranium enrichment to produce LEU+ handheld. The QLE technology is based on the foundational ASP Isotope stable isotope separation technology that is commercial operation today and depending on regulatory approval these technologies will be developed to produce isotopes vital to the nuclear supply chain. Progress has been made towards operation of the existing test features at next-up and a dollar to produce heavy for TerraPower. Early engagement with the UK Office for the UK Regulation or R&L shows progress towards UK operation.

QLE 在與 Fermi 簽署諒解備忘錄方面取得了進展，並正在提供信息，以利用位於德克薩斯州阿馬裡洛的 11 吉瓦數據中心綜合體作為鈾濃縮的地點，生產 LEU+ 手持式鈾濃縮裝置。QLE 技術基於目前已投入商業營運的 ASP 同位素穩定同位素分離技術，並且根據監管部門的批准，這些技術將被開發用於生產對核供應鏈至關重要的同位素。現有測試功能已取得進展，下一步將投入一美元用於為 TerraPower 生產重型設備。儘早與英國監管辦公室 (R&L) 接洽，顯示在英國開展業務方面取得了進展。

Along with recruiting our CFO Michael Cunniffe, QLE has raised $64.3 million via convertible notes bringing our pro former cash on hand to $85.6 million. QLE has also filed S1 documentation with the SEC highlighting our commitment to the states of ASP Isotopes goals of spinning out QLE in Port of Ford, 2025.

除了聘請財務長 Michael Cunniffe 之外，QLE 還透過可轉換債券籌集了 6,430 萬美元，使我們之前的現金儲備達到 8,560 萬美元。也向美國證券交易委員會提交了 S1 文件，強調了我們對 ASP Isotopes 各州目標的承諾，即 2025 年在福特港分拆 QLE。

Over to you, Michael.

接下來就交給你了，麥可。

Thanks, Ryno. QLE is more than just an enrichment company. Our mission is the stabilisation of a dysfunctional nuclear supply chain by providing novel technical solutions to key risk areas thus providing a pathway to a robust, domestic, secure nuclear fuel supply chain. We're starting strong with commercial momentum through partnerships with industry leaders for commercial supply and funding and also led by a strong executive leadership team supported by our fast-growing execution focus team. We have exclusive and continued access to ASP Isotopes team of 150 people in infrastructure and we're building our own team internationally. We will apply our scalable modular and demonstrated technology to enrichment of the critical materials required to support the nuclear fuel supply chain. Looking forward, we're going to continue to develop the foundational technology with support from ASP Isotopes while engaging with regulators and expanding our commercial product offerings.

謝謝，Ryno。QLE 不只是一家增值公司。我們的使命是透過為關鍵風險領域提供創新的技術解決方案來穩定功能失調的核子供應鏈，為建立強大、國內、安全的核燃料供應鏈鋪平道路。我們憑藉與行業領導者在商業供應和資金方面的合作，以及強大的執行領導團隊和快速發展的執行重點團隊的支持，在商業發展方面取得了強勁的開局。我們擁有獨家且持續使用 ASP Isotopes 150 人基礎設施團隊的權利，並且我們正在國際上組建我們自己的團隊。我們將應用我們可擴展的模組化和已驗證的技術，對支援核燃料供應鏈所需的關鍵材料進行濃縮。展望未來，我們將繼續在 ASP Isotopes 的支持下開發基礎技術，同時與監管機構合作並擴大我們的商業產品供應。

At Quantum Leap Energy, we aim to provide the world with future ready solutions. So we've assessed the current emerging and future need of the nuclear industry and identified several key chemicals in the form of high-priority isotopes required for stable operation. Current generation two and three reactors are dependent on adding you but also dependent on lithium-7 which was produced historically and is currently being consumed from stock power. There's only one producer of lithium-7 commercially in the world today and they set up outside of the western secure supply chain. It is therefore critical to start producing lithium-7 to ensure the continued operation of the approximately 80% of nuclear reactors worldwide requiring lithium-7 for page control but also looking forward to the massive uptake in demand required by molten salt reactors which will require kilotons of lithium-7 in the form of fly and fly knack to function and demonstrate the capability.

在量子飛躍能源公司，我們的目標是為世界提供面向未來的解決方案。因此，我們評估了核工業當前、新興和未來的需求，並確定了穩定運作所需的幾種關鍵化學品，即高優先同位素。目前第二代和第三代反應器不僅依賴您的投入，還依賴歷史上生產的鋰-7，而鋰-7目前正在從電力儲備中消耗。目前世界上只有一家鋰-7商業生產商，他們的生產基地位於西方安全供應鏈之外。因此，開始生產鋰-7至關重要，這不僅是為了確保全球約 80% 的核反應器能夠繼續運作（這些反應器需要鋰-7進行頁面控制），也是為了滿足熔鹽反應器對鋰-7的巨大需求（熔鹽反應器需要以飛鋰和飛鋰的形式運作和驗證其能力）。

As part of producing lithium-7, we will also produce high-priority lithium-6 isotopes that will feed into the growing demand by the fusion industry for lithium-6. Lithium-6 is used in fusion to produce tritium and by fusing tritium with deuterium, the fusion industry has now demonstrated double digits in seconds of continuous exothermic production of fusion power. We therefore believe that there will be a massive requirement for lithium-6 moving forward and we want to be the world's leading supplier of lithium-6.

作為生產鋰-7的一部分，我們還將生產高優先級的鋰-6同位素，以滿足聚變工業對鋰-6日益增長的需求。鋰-6用於聚變生產氚，透過將氚與氘聚變，聚變工業現在已經展示了兩秒鐘的連續放熱聚變發電。因此，我們相信未來對鋰-6的需求將非常大，我們希望成為世界領先的鋰-6供應商。

The emerging and future demands for nuclear fuel is an interesting use case, an opportunity for Keelley to feature in terms of how generation three reactors can be advanced generation three plus reactors by switching to LEU+. which is a high enriched form of LEU between five and 10% and by going to this high enriched fuel, these reactors can increase their energy output or energy density as well as decrease the time between refueling cycles. Currently there's no secure supply chain either domestically or worldwide for LEU+ and that is an opportunity for Keelley to feature in and that is a critical step towards our path to become the world's leading producer of Halo. As Haloley is between 10 and 20% in Richmond, which is of the end goal of Quantum Leap Energy to become the world's leading supplier of Halo fuel. Over to Michael.

核燃料的新興和未來需求是一個有趣的應用案例，也為基利提供了一個機會，讓他能夠展示如何透過改用 LEU+（一種濃度在 5% 到 10% 之間的高濃縮 LEU）將第三代反應器升級為先進的第三代增強型反應器。透過使用這種高濃縮燃料，這些反應器可以提高其能量輸出或能量密度，並縮短換料週期。目前，無論是在國內還是在全球範圍內，低濃縮鈾 (LEU+) 都沒有安全的供應鏈，這對 Keelley 來說是一個機會，也是我們成為世界領先的 Halo 生產商的關鍵一步。Haloley 在里士滿的比例為 10% 到 20%，而 Quantum Leap Energy 的最終目標是成為世界領先的 Halo 燃料供應商。接下來交給麥可。

Thanks, Ryno. So thinking about our future and our expected company development roadmap, we intend to start our engineering design work in South Africa with our first demonstration plans to be operational there focusing on lithium and uranium. Our plan is to have demonstration plans in the US and the UK that will follow soon after. Our global headquarters will be in Austin, Texas as home to our laser center of excellence with Amarillo, Texas targeted for commercial US operations for heavy production. We envisage that our UK plant will produce for the UK and European consumption as well. We think about our organization in three distinct stages. We will invest through 2025 and 2027 in multiple demonstration and commercial plans that will focus on lithium and uranium in Richmond. We then deliver through optimization to achieve name plate output of enriched lithium and uranium. Finally, we'll accelerate our business as our revenues associated from our various products are repurposed through the business enabling further rounds of capital investment and output production.

謝謝，Ryno。因此，考慮到我們的未來和預期的公司發展路線圖，我們打算在南非開始我們的工程設計工作，我們的第一個示範計劃將在那裡投入運營，重點是鋰和鈾。我們的計劃是在美國和英國開設展示範項目，隨後將很快跟進。我們的全球總部將設在德克薩斯州奧斯汀，作為我們雷射卓越中心的所在地，而德克薩斯州阿馬裡洛則是我們進行美國商業運營、大批量生產的目標地點。我們預計，我們位於英國的工廠也將為英國和歐洲市場生產產品。我們從三個不同的階段來思考我們的組織。我們將於 2025 年至 2027 年間投資多個示範和商業計劃，重點關注里士滿的鋰和鈾礦。然後，我們透過優化實現富集鋰和鈾的銘牌產量。最後，我們將加速業務發展，透過重新利用各種產品帶來的收入，為進一步的資本投資和產品生產創造條件。

Over to you, Paul.

接下來該你了，保羅。

Thanks. I'm now going to explain the acquisition of skyline builders and when this fits into the API border strategy. So during late August, we acquired a controlling stake in a Cayman's entity listed on NASDAQ called Skyline Builders. It's historically been a construction company. We consider those assets largely non-core. Obviously it's up to the board of directors of skyline builders but we'd likely view those as being the best of somebody in the future. And the goal of this entity is to secure supply chains of critical materials that are both essential to the United States and to ASPI and Quantum Leap Energy. Shortly after point of control, we raised about $41.7 million capital into the business to facilitate acquisitions and growth. I've become the executive chairman of the company and Kimberly has two board members out of three on the entity and expect to announce the CEO to the next two months already chosen the CEO. He's just finishing off duties from elsewhere.

謝謝。接下來，我將解釋收購 Skyline Builders 的原因，以及這在 API 邊界策略中的作用。因此，在 8 月下旬，我們收購了在納斯達克上市的開曼群島公司 Skyline Builders 的持股。它歷史上一直是一家建築公司。我們認為這些資產大多屬於非核心資產。顯然，這取決於天際線建設者的董事會，但我們可能會認為這些是未來最優秀的人才。該機構的目標是確保對美國、ASPI 和 Quantum Leap Energy 都至關重要的關鍵材料的供應鏈安全。在取得控制權後不久，我們向公司籌集了約 4,170 萬美元的資金，以促進收購和成長。我已成為公司的執行董事長，金伯利在公司三名董事會成員中擁有兩名席位，預計在未來兩個月內宣布執行長人選，目前已選定執行長。他只是在處理其他地方的事務。

We've made two acquisitions to date which we think are highly strategic to both the United States at large and also ASPI QLE. The first acquisition took place in October and we acquired a 20% stake in a privately held Delaware LLC that has essential critical materials in Asia. And these are extremely important to both the United States and ASPI and we expect to disclose exactly nature of these assets before the end of the year. We've had a lot of support from multiple governments to get this asset and we're extremely proud by what this asset can do and we're very excited by the future of this asset.

到目前為止，我們已經完成了兩項收購，我們認為這兩項收購對整個美國以及 ASPI QLE 都具有高度戰略意義。第一次收購發生在 10 月份，我們收購了一家在亞洲擁有重要關鍵材料的特拉華州私人有限責任公司 20% 的股份。這些資產對美國和ASPI都極為重要，我們預計將在年底前揭露這些資產的具體性質。我們得到了多個政府的大力支持才獲得了這項資產，我們對這項資產的功能感到無比自豪，也對這項資產的未來充滿期待。

More importantly we announced a couple of weeks ago that we proposed acquisition of a company called Super Critical. So Super Critical is a very unique US company, US technology developed by the DOE to extract uranium and other critical metals from seawater cost competitively and an industrial scale. Now it utilizes technology. It's been developed by the US government. US government spent about $20 million over 10 years developing this technology and we're very excited by what this can bring to our supply chain. Obviously you know this fits in with a number of executive orders that have been signed over the last several months and we're very excited about bringing this to market over the next several months or years.

更重要的是，幾週前我們宣布，我們提議收購一家名為 Super Critical 的公司。所以 Super Critical 是一家非常獨特的美國公司，它採用美國能源部開發的技術，以具有競爭力的成本和工業規模從海水中提取鈾和其他關鍵金屬。現在它運用了科技。它是由美國政府開發的。美國政府花費了約 2000 萬美元，歷時 10 年開發了這項技術，我們對這項技術能為我們的供應鏈帶來的益處感到非常興奮。顯然，您也知道這與過去幾個月簽署的多項行政命令相符，我們非常高興能在未來幾個月或幾年內將其推向市場。

I'm going to let the Super Critical CEO talk about this more in due course once the deal has been finalized. What this acquisition does for QLE is it means we become a soup to nuts nuclear fuel company. So Super Critical Technologies will focus on securing the feedstocks that our customers will need to make nuclear fuel. QLE will then plan to supply the conversion services also enrichment and deconversion. All of these are very much needed by Western world today.

等交易最終敲定後，我會讓 Super Critical 的 CEO 對此事做更多說明。這項收購對QLE的意義在於，它使我們成為一家從頭到尾的核燃料公司。因此，超臨界技術公司將專注於確保我們的客戶獲得製造核燃料所需的原料。QLE隨後計劃提供轉換服務以及增強和反轉換服務。這些都是當今西方世界非常需要的。

And then in addition to that QLE will supply lithium-7 and Lithium 6 that are used in more consult reactors and also for pH controlled and pressure water reactors. And finally the pre-be technology which money described earlier will help deal with cleaning up a lot of the nuclear waste that comes out of a nuclear reactor. And so I think it's pushed QLE in a really unique position to capitalize in every part of the nuclear fuel supply chain and really become a nuclear reactors company of choice or partner of choice to supply those fuels.

此外，QLE還將供應鋰-7和鋰-6，這些物質用於更多的控制反應器以及pH控制反應器和壓力水反應器。最後，Money 前面描述的預處理技術將有助於處理從核反應器產生的大量核廢料。因此，我認為這使 QLE 處於非常獨特的地位，可以充分利用核燃料供應鏈的每個環節，真正成為核反應器的首選公司或首選燃料供應商。

I want to hand back to Robert to talk about future milestones.

我想把麥克風交給羅伯特，讓他談談未來的里程碑。

Thanks very much, Paul. I'm now going to give an update on the milestones on the corporate events that we can expect now and during the course of next year. So in terms of the corporate transactional events that we have coming there too in number the first is in time will be the completion of the religion acquisition.

非常感謝，保羅。接下來，我將向大家報告我們現在以及明年可以期待的公司活動的里程碑進展。因此，就我們即將發生的企業交易事件而言，第一個事件將是宗教收購的完成。

As I explained earlier we are waiting off one further regulatory approval that we will then enact the scheme of arrangements and complete the acquisition. This is going to be an excellent investment. We're very pleased with it. We're very pleased with the progress that's being made and the products are going to add to the stable of critical material products that ASP's folks are able to offer in quite a unique fashion to the semiconductor market. Secondly is the IPO of Quantum Leap Energy. The subsidiary which you heard about earlier. So we will update the market on the detailed timing for this transaction but those of you following the stock will have noted that we confidentially file the S1 in preparation.

正如我之前解釋的那樣，我們正在等待另一項監管部門的批准，之後我們將實施該安排方案並完成收購。這將會是一筆非常划算的投資。我們對此非常滿意。我們對目前的進展非常滿意，這些產品將豐富 ASP 公司能夠以獨特方式向半導體市場提供的關鍵材料產品系列。其次是 Quantum Leap Energy 的首次公開發行 (IPO)。你之前聽過的那家子公司。因此，我們將向市場公佈此次交易的詳細時間安排，但關注該股票的各位應該已經注意到，我們正在秘密提交 S1 文件作為準備工作。

Other than that, the important job of work that we have in front of us is to complete the initial production runs of the operational plants that you've just heard about and across the three plants and fulfill the customer contracts that we have in front of us now. We also have had number discussions with our customers about their needs ongoing into the medium term that I think terms of quantum of the existing product mix and isotopes that they will be requiring in the future and will update the market in as much detail as we can when we can.

除此之外，我們面前最重要的工作是完成你們剛才聽到的這三家工廠的初期生產運行，並履行我們現在面臨的客戶合約。我們也與客戶就他們的中期需求進行了多次討論，我認為就現有產品組合和同位素的數量而言，他們未來需要哪些方面，我們將盡可能詳細地向市場更新資訊。

In terms of the construction of new plants we will be during the course of 2026 a commanding construction of a number of plants in a number of locations namely we have certain lease on isotope super center as we call it in Iceland on the location there and we expect to break down on that for AFP technology based of plants during 2026. We also expect to begin plants and facilities in the US and the UK with the goal to enriching isotopes during the course of 2026.

就新工廠的建設而言，我們將在 2026 年期間在多個地點大規模建設多個工廠，具體來說，我們在冰島的某個地點租用了同位素超級中心，我們預計在 2026 年期間，該中心將用於建造基於 AFP 技術的工廠。我們還計劃於 2026 年在美國和英國開工建設工廠和設施，目標是在 2026 年期間進行同位素富集。

In terms of quantum enrichment laser based isotope enrichment plants we would like to begin construction parts during 2026 for plants which will deliver ZR again in the opening core and zinc isotope products for which we have demand from customers. We will also continue the expansion of our radiopharmaceutical footprint through our subsidiary pet labs global. For me this is a very exciting business where there's a lot of growth that's later and tend to deliver a thorough update to the market in the near future of the steps that we've taken to realize this and build a far very successful base case in South Africa where it's demonstrated our ability to commission and regulate and serve this radiopharmaceutical equipment and deliver dose to patients ultimately. So look out for more details about in due course.

就基於量子濃縮雷射的同位素濃縮工廠而言，我們希望在 2026 年開始建造工廠的部分零件，這些工廠將再次在開工階段提供 ZR 以及客戶所需的鋅同位素產品。我們將繼續透過旗下子公司 Pet Labs Global 擴大放射性藥物業務版圖。對我來說，這是一個非常令人興奮的產業，未來還有很多成長空間。我們將在不久的將來向市場全面介紹我們為實現這一目標所採取的步驟，並在南非建立了一個非常成功的基礎案例，證明了我們有能力調試、監管和維護這些放射性藥物設備，並最終為患者提供劑量。請關注後續的更多詳情。

At this point, I will hand over to you that it gives you the Chief Financial Officer for the financial updates.

接下來，我將把財務更新工作交給財務長。

Thank you Robbie. Good morning everyone. I'm delighted to introduce myself. I am Heather Kiessling, CFO of ASP Isotopes. I will be presenting key operation metrics for the period ending September 2025. Starting with revenue, revenues include sales from our radiopharmaceutical operations in South Africa and beginning in September 2025 it also includes the revenues from Skyline. Excluding the Skyline revenues of $3.6 million results in total radiopharmaceutical revenues of $1.3 million in the third quarter of 2025 or an 18% increase versus the third quarter of 2024 and total radiopharmaceutical revenues of $3.6 million per year to date 2025 or a 24% increase versus 2024 due to both an increase in dose is produced driven by additional capacity and an increase in pricing.

謝謝你，羅比。大家早安。很高興向大家介紹一下我自己。我是 Heather Kiessling，ASP Isotopes 的財務長。我將介紹截至 2025 年 9 月的關鍵營運指標。首先是收入，收入包括我們在南非的放射性藥物業務的銷售額，從 2025 年 9 月起，還包括 Skyline 的收入。若不計 Skyline 的 360 萬美元收入，2025 年第三季放射性藥物總收入為 130 萬美元，比 2024 年第三季增長 18%；2025 年至今放射性藥物年總收入為 360 萬美元，比 2024 年增長 24%，這既是由於產能增加，也是由於價格上漲。

Next is operating expenses. Year to date total operating expenses increased by $16.5 million or 84% from $19.7 million in 2024 to $36.2 million in 2025. Non-cash stock compensation makes up approximately 30% public total operating expenses and the increase. Significant drivers of the increases are from the approximately 66% increase in headcount during 2025 supporting our research development plant activity and general operations as well as the significant increase in professional fees.

其次是營運費用。截至目前，2025 年的總營運支出從 2024 年的 1,970 萬美元增加到 3,620 萬美元，增幅達 1,650 萬美元，即 84%。非現金股票補償約佔上市公司總營運支出的 30%，且有所成長。推動成長的主要因素是：到 2025 年，為支持我們的研發工廠活動和一般運營，員工人數將增加約 66%；此外，專業費用也將大幅增加。

Next we have net loss from operations. Net loss from operations is $34.9 million for year to date 2025 versus $18.7 million for the same period in 2024 due to the relative low volume of radiopharmaceutical revenue and low margin of skyline revenue the effect on net loss from operations is directly impacted by the operating expenses activity just mentioned.

接下來是營業淨虧損。截至 2025 年 1 月 31 日，營業淨虧損為 3,490 萬美元，而 2024 年同期為 1,870 萬美元。這是由於放射性藥物收入相對較低，以及天際線收入利潤率較低，營業淨虧損直接受到上述營運費用活動的影響。

Next we have net loss before non-controlling interest from our non-wholly owned subsidiaries which is $96.5 million for year-to-date 2025 versus $23.2 million for year-to-date 2024 which reflects our other income and expense items on the statement of operations. The two largest contributors of this other income and expense activity is the over 300% increase in interest income in 2025 versus 2024 mainly due to investing our funds received from stock issuances over the last year and the impact of GAAP accounting for the fair value of the convertible notes guidance and activity of the fair value accounting of these convertible notes is further explained in the footnotes to our condensed consolidated financial statements included in our recently final ten queue.

接下來是扣除非控制權益後的淨虧損，2025 年至今為 9,650 萬美元，而 2024 年至今為 2,320 萬美元，這反映了我們在經營報表中的其他收入和支出項目。其他收入和支出活動的兩個最大貢獻因素是：2025 年利息收入比 2024 年增長超過 300%，這主要是由於我們投資了去年透過股票發行獲得的資金；以及 GAAP 會計準則對可轉換票據公允價值的影響。這些可轉換票據公允價值會計準則的指導和活動在我們最近發布的十項最終報告中的簡明合併財務報表的腳註中得到了進一步解釋。

Year to date cash used in operations increased by $6.5 million or 50% from $12.9 million in 2024 to $19.4 million in 2025 mainly due to increases in research and development pertaining to next generation production technology for our current plants and future isotope production. The 66% increase in personnel in 2025 due to initiating commercial production increased R&D and business development and global operations and professional fees as we increase corporate activities. Further analysis is provided in the portion of our recent Form 10-Q.

截至目前，2025 年營運中使用的現金從 2024 年的 1,290 萬美元增加到 1,940 萬美元，增幅達 650 萬美元或 50%，主要原因是與我們現有工廠的下一代生產技術以及未來的同位素生產相關的研發投入增加。由於啟動商業化生產，到 2025 年人員增加了 66%，研發和業務發展、全球營運以及專業費用也隨之增加，因為我們增加了公司活動。更多分析請參閱我們最近提交的 10-Q 表格的相關部分。

We have cash of $113.9 million as of September 30, 2025. This balance reflects the net proceeds of approximately $56 million received during the third quarter of 2025 from the issuance of common stock in the $108 million year to date 2025 which was from the issuance of common stock and the exercise of warrants. Subsequent to September 30 2025 we have received net proceeds of approximately $200 million from the issuance of common stock. Quantum Leap Energy issued convertible notes in November 2025 totaling $72.2 million of which $30 million is from ASP Isotopes.

截至2025年9月30日，我們擁有現金1.139億美元。該餘額反映了 2025 年第三季透過發行普通股獲得的約 5,600 萬美元淨收益，而 2025 年迄今的收益為 1.08 億美元，其中包括發行普通股和行使認股權證所得款項。截至 2025 年 9 月 30 日，我們已透過發行普通股獲得約 2 億美元的淨收益。Quantum Leap Energy 於 2025 年 11 月發行了總額為 7,220 萬美元的可轉換票據，其中 3,000 萬美元來自 ASP Isotopes。

And lastly, property and equipment should grow from approximately $23 million as of December 31, 2024, to $33 million as of September 30, 2025, mainly due to our plant construction which has taken place in South Africa. We expect our cash burn from operations and continued growth of our plant plant and global radiopharmaceutical operations to increase as we bring more isotope enrichment plants online and acquire and expand our radiopharmaceutical targets. Further details will be made available in due course.

最後，由於我們在南非的工廠建設，公司財產和設備將從 2024 年 12 月 31 日的約 2,300 萬美元增加到 2025 年 9 月 30 日的 3,300 萬美元。我們預計，隨著更多同位素濃縮工廠上線以及我們收購和擴大放射性藥物目標，我們的營運現金消耗以及工廠和全球放射性藥物業務的持續成長將會增加。更多詳情將在適當時候公佈。

Operator, this concludes our presentation of our third quarter update call and we are now accepting questions from our attendees.

接線員，我們的第三季業績報告電話會議到此結束，現在開始接受與會者的提問。

(Operator Instructions) Your first submitted question is as follows. Can you talk about the delays in shipping silicon-28?

（操作說明）您提交的第一個問題如下。您能談談矽-28的交貨延誤情況嗎？

Yeah, Robert Ainscow here again. So the delays refers to our previous needs of announced anticipated shipping dates. So this has to be seen within the context of the starting up and first production run of a nuclear engineering plant isotope enrichment plant which is an extremely complex chemical procedure and an extremely complex physical procedure. So the first production run has taken longer than we will have anticipated when we made those estimations previously.

沒錯，我是羅伯特‧安斯科。所以，延誤指的是我們之前公佈的預計出貨日期。因此，必須從核子工程工廠同位素濃縮廠的啟動和首次生產運作的角度來看待這個問題，這是一個極其複雜的化學過程和極其複雜的物理過程。因此，第一批產品的生產週期比我們之前預估的要長。

The big change that has happened for me this course was the visit that I previously mentioned from our issue to customers for silicon-28. I can't emphasize how incredibly positive that was really change in dynamic of the customer supplier relationship we want a lot of collaboration in terms of the modifications that I discussed and for us to be able to better gauge the demand that we can expect from those customers in the future around there and they're on the rise of total requirements. So the modifications and the general complexity involved in starting up with this nation. The current operations are going very well, I'm hoping to tell them. So I'm very happy with it. I'm continuously amazed by the capabilities of our engineering staff and they're more importantly our customers are very happy with the way we're doing things. So I'm very pleased about that and for those of you who of course would like to be answering the question.

這門課程對我來說最大的改變是我之前提到的關於矽-28 的問題的拜訪。我無法強調這有多麼積極，這確實改變了客戶供應商關係的動態，我們希望在我討論過的修改方面進行大量合作，以便我們能夠更好地評估未來這些客戶的需求，而他們的總體需求正在不斷增長。因此，在這個國家起步需要進行一些調整，而且整體上也比較複雜。我希望告訴他們，目前的行動進展非常順利。所以我非常滿意。我對我們工程人員的能力感到非常驚訝，更重要的是，我們的客戶對我們的工作方式非常滿意。所以我很開心，當然也歡迎你們來回答這個問題。

Next question, please.

下一個問題。

Your next submitted question. When do you expect to achieve operational de-risking in respect of Rennergen? What are the major milestones for the next six months?

您提交的下一個問題。您預計何時能夠降低 Rennergen 的營運風險？未來六個月的主要里程碑有哪些？

Yeah, thank you. So again, de-risking end of the first quarter is the simple answer to that question and what that involves is the completion of Phase 1c which I referred to earlier and that's defined as the bringing of the initial chemical plant that's currently already operational and producing both energy and helium that's in smaller quantities than that is required by the name of Phase 1c and that will be completed during current rate of progress by the end of the first quarter. At that point, I will consider the project de-risked.

是啊，謝謝。所以，再次強調，第一季末降低風險是這個問題的簡單答案。這涉及到完成我之前提到的 1c 階段，其定義為將目前已投入運作並生產能源和氦氣的初始化工廠投入使用，其產量小於 1c 階段所需的產量。按照目前的進度，該化工廠將在第一季末完成。到那時，我會認為該專案風險已降低。

There are discussions about what the arrangements for Phase 2 and work is going on in front of that for me with my Chief Operating Officer hat on. My manager is Phase 1c, Phase 1c, Phase 1c, nothing else matters. So I'll make sure everybody is very focused on that to achieve promise of the plant and I'm de-risking that you're asking about. So that's the focus for me and I'll make sure that's the focus for people on the ground. So the amazing milestone in the next six months is two. It's very simple. It's completion of the transaction so that we perform the share slot over the company and that's how the aforementioned completion of Phase 1c. Those are the two things of a key focus.

目前正在進行關於第二階段安排的討論，而我作為首席營運官，正在為此開展工作。我的經理是 Phase 1c，Phase 1c，Phase 1c，其他都不重要。所以我會確保每個人都非常專注於此，以實現工廠的承諾，並且我會降低您所問的風險。所以這就是我的工作重點，我也會確保第一線人員的工作重點也放在這一點上。所以，未來六個月的驚人里程碑是2。很簡單。交易完成，我們得以對公司進行股份分配，這就是上述 1c 階段完成的方式。這是我們需要重點關注的兩件事。

Next question, please.

下一個問題。

Your next submitted question, when will the company begin to recognize revenue in its isotopes enrichment segment?

您提交的下一個問題是：公司何時開始確認同位素濃縮業務的收入？

So revenue recognition, I think it's an accounting, so I think the purpose of the question is to us what we're going to be doing to deliver commercial bachelor custody to the table. First of all, we come on by my manager. I've been expected to ship that still before the annual December. So when the bill gets paid and the revenue is recognized, that would be a subsidiary question for her that we should be able to do. And then in terms of civic among you, as I said, during the first half, first quarter and first half of next year, that goes to be the initial revenue, but we need to be supplying current with just the current. So we have in terms of what we supply during the course of 2026. So to talk to the question, end of the year for the first written year. Next question.

所以，我認為收入確認是一種會計問題，因此我認為這個問題的目的是讓我們了解我們將如何為市場提供商業單身監護服務。首先，我們先去見我的經理。我一直被要求在每年的12月之前把那件東西寄出去。所以，當帳單支付完畢且收入確認後，這將是她需要回答的一個附屬問題，而我們應該能夠回答這個問題。至於你們的公民事務，正如我所說，在明年上半年、第一季和下半年，這將是最初的收入，但我們需要用現有的資金來維持運作。所以，就我們在 2026 年的供應情況而言，我們有以下幾點。所以，回到這個問題，這是第一年書面學習的年末。下一個問題。

Your next written question, what did the customers say about our samples of both interbium and silicon?

你的下一個書面問題是：客戶對我們的銦和矽樣品有何評價？

Yeah, I think you got a lot of questions of its nature and I think it might be in some confusion of people. People seem to be hanging on commercial samples that say there's a technology work or not. So for those people who will be able to produce products or is it will be not the sample so indicate that. So if people are in that position, let me just make it clear that the technology does work as a total team already being enriched haven't been across the three parts. We've been testing with our own analytical facilities and then they've been as we've announced tested independently by customs account parties. We don't have also a lot to see if we have to be must in customers for the same time. All of them at some stage will require or have required samples. We do not intend to announce every time. We send a sample to a customer, it's just in the process. But when we ship the first samples we were invited, that's a material event that we made that's announced. In terms of the products that we make, there are two key features that are important to the products. Is it so the enrichment and the chemical purity, those are simply put the two requirements that our customers have. In terms of isotopic enrichment, there is between the two technologies that we use. But basically it's simple, you keep going until the enrichment that we require is reached.

是的，我認為人們對它的性質有很多疑問，而且我認為它可能造成了一些困惑。人們似乎很重視商業樣品，認為它們無法說明某項技術是否有效。所以，對於那些能夠生產產品的人，或者那些無法提供樣品的人，請指出這一點。所以如果有人處於那種境地，我想明確指出，這項技術確實有效，因為整個團隊已經得到了豐富，但他們還沒有跨越這三個部分。我們一直在使用我們自己的分析設施進行測試，然後正如我們宣布的那樣，這些測試結果也由海關相關方進行了獨立測試。我們也沒有什麼好看的，是否必須同時滿足客戶的需求。它們在某個階段都需要或曾經需要樣品。我們並不打算每次都發佈公告。我們正在向客戶寄送樣品，目前仍在處理中。但是，當我們發出第一批受邀樣品時，那是一件我們隆重宣布的重大事件。就我們生產的產品而言，有兩個關鍵特性對產品至關重要。確實如此，富集度和化學純度，簡而言之，就是我們客戶提出的兩個要求。就同​​源素富集而言，我們使用的兩種技術之間存在差異。但其實很簡單，就是不斷進行，直到達到我們所需的富集程度。

In terms of ASP, for example, it's you're using the force of gravity in the form of centrifugal force. So that remains active on the gas that goes through the plants and we keep enriched until the enrichment level is achieved. Some of the modifications, as I said earlier, in the thing I've designed to increase the rate of enrichment, those are that have been getting too technical. There are replacements of one type of valve with another. One, the diameter of pipe with another, to control by the speed of gas through the S.T. part. And that optimizes, if you like, the operating philosophy of the plant, that is now being as big brought into service in this city with the first of the price. It's an ongoing initiative process, seeking to achieve perfection. So in terms of the samples, our customers are analyzing samples. They are, they use the phrase timeout in terms of isotopic enrichment, chemical purity. I'm told by engineers and analysts that it's not the right phrase, but this one I know. So the customers are very happy with the results, which is the most important thing. And so on, we're not expected to repeat this. We're not expected to be making a mouse every time we ship the sample to a customer. It's an ongoing initiative process, a very specialized product. There's a strong working relationship between the SPI and our customers for the different isotopes by the nature of the isotopes. Next question, please.

例如，就 ASP 而言，它是利用重力以離心力的形式發揮作用。因此，它對流經工廠的氣體保持活性，我們不斷進行富集，直到達到富集水平。正如我之前所說，我設計的提高濃縮率的裝置中的一些改進，已經變得過於技術化了。有一種閥門可以替換成另一種閥門。一是管道直徑，二是氣體透過 S.T. 部分的速度進行控制。這樣一來，如果你願意的話，就能優化工廠的營運理念，而現在，這座規模龐大的工廠正以首個價格投入這座城市的運作。這是一個持續進行的專案過程，旨在追求完美。所以就樣品而言，我們的客戶正在分析樣品。他們確實使用了「超時」這個詞來描述同位素富集、化學純度。工程師和分析師告訴我，這不是正確的說法，但我知道這個說法。所以客戶對結果非常滿意，這才是最重要的。諸如此類的事情，我們不需要重複發生。我們不需要每次寄給客戶樣品時都製造出一隻老鼠。這是一個持續進行的項目，也是一款非常專業的產品。由於同位素的特性，SPI 與我們的客戶之間就不同同位素建立了牢固的工作關係。下一個問題。

George Gianarikas, Cannacord.

喬治·吉亞納里卡斯，Cannacord。

Good morning, everyone. Good afternoon. Thank you so much for taking my questions. And thanks for this incredibly robust update. I appreciate it. So I have several questions. Maybe to start, you've sort of talked about and quantified a $50 million to $70 million revenue opportunity in '26 and '27 around the ytterbium-176 and silicon-28. Is that still a number we should think about and sort of a model for the next few years?

各位早安。午安.非常感謝您回答我的問題。感謝您提供的這次功能非常強大的更新。謝謝。我有幾個問題。或許可以先從討論和量化 2026 年和 2027 年圍繞鐿-176 和矽-28 的 5000 萬至 7000 萬美元的收入機會開始。這個數字我們是否仍然應該考慮，並作為未來幾年的參考模型？

So hi, George, first of all, thank you very much for asking the question. So we're not this stage changing guidance that we've given before. I'm very aware that the market is keen to help the guidance and also a detailed explanation of the bridging to the 2013 revenue as specifically done. We are, as we said, things are taken slightly longer than our initial estimations to bring into service and so on, which is not a big issue for us from an operational point of view. But what it doesn't mean is that we're not in a position to each other think effects or amend our forecasts or the revenue indications that have been given yet.

嗨，喬治，首先非常感謝你提出這個問題。所以，我們這次給的指導意見與之前不同，不再是階段性改變的指導意見。我非常清楚市場渴望得到指引，也希望得到如何具體銜接 2013 年收入的詳細解釋。正如我們所說，很多事情的進展都比我們最初的預估要慢一些，從投入使用到最終交付等等，從營運角度來看，這對我們來說並不是一個大問題。但這並不意味著我們不能互相思考影響，或修改我們目前給出的預測或收入指標。

As I repeat, I'm very, very aware that markets are requires that is looking for that. And I can promise that we'll do our best to give the information that we can as soon as certain things are included. So we have a sort of confidence to give that updated projections and be best to be held to them. I do have, I just want to say this point, I've got a lot of sympathy for investors and for analysts. It is a pretty opaque business. So not only do we have the financial regulations, which everyone's sort of familiar with, which governs our day-to-day. In our industry, we also governs, because we deal with the Trump technology with the global and national nuclear regulators, who are extremely keen to understand and let's what's being planned to tell people about our operations. Once you've got those three parts, those two things, you've been in our customs.

我再次重申，我非常清楚市場需要的就是這種東西。我可以保證，一旦某些事項得到解決，我們將盡最大努力盡快提供相關資訊。因此，我們有信心給予更新後的預測，並且相信這些預測能夠奏效。我的確有一點想說，我非常同情投資人和分析師。這是一個相當不透明的行業。因此，我們不隻大家都比較熟悉的、規範我們日常運作的金融法規。在我們的行業中，我們也參與監管，因為我們與全球和國家核監管機構打交道，處理川普的技術問題，而這些監管機構非常渴望了解並讓人們知道我們正在計劃做什麼，以便向人們介紹我們的營運情況。一旦你擁有了這三樣東西，這兩樣東西，你就已經融入了我們的習俗。

And the customs, I would love to be shouting from the rooftops as to who our customers are across the spectrum of the state in which it's verticals. And I'd love to be able to explain the detail about our relationships. But in the agreements that we have with them, it's right up at the top of them, that confidentiality is key. They don't want their competitors knowing where they're buying their isotopic products from, what enrichment levels they are, what they're paying for them. So it does make it difficult to give some of the kind of data that I know that investors analysts might do to feed their objective models. So you have my sympathy. But 16 to ask you a question, George, is that I'm not making any pressure alterations to the prior education state, but as we get to high level of clarity, internally we will seek to provide for guidance on projections as soon as we possibly can.

至於海關方面，我非常樂意大聲宣布我們的客戶遍布全州各個垂直領域。我很想詳細解釋一下我們之間的關係。但在我們與他們達成的協議中，保密性被放在首位，是至關重要的。他們不希望競爭對手知道他們從哪裡購買同位素產品，這些產品的富集程度是多少，以及他們為此支付了多少錢。因此，要提供一些我知道投資人分析師可能會用來充實其客觀模型的數據，確實很困難。所以我很同情你。但是，喬治，我想問你一個問題，那就是我不會對之前的教育狀態施加任何壓力，但是隨著我們對情況的了解越來越清晰，我們將盡快在內部尋求提供預測方面的指導。

I do have a couple more and they're about numbers. So on slide 20, you have a list here of five, the four or five, four isotopes, excuse me, where you plan to not only build facilities by the end 26, but also I'm assuming begin shipments probably the year following. So can you help us number one, understand the capital commitment in 26, like how much money you need to build those facilities? And second, what the revenue opportunity and revenue and even the opportunity to look like for those four, just so we can understand sort of a turn on invested capital. Thank you.

我還有幾篇，都是關於數字的。所以在第 20 張投影片上，你列出了五種同位素，抱歉，應該是四種，你不僅計劃在 2026 年底前建造設施，而且我假設你還會在隔年開始出貨。首先，你能幫我們了解 26 年的資本投入嗎？例如，建造這些設施需要多少錢？其次，這四家公司的收入機會和收益前景如何，以便我們了解投資資本的某種轉變。謝謝。

George, I'm going to have to disappoint you. I'm sorry. We are going to give a full update to the market, but we're not in a position to give that detail breakdown against what we've already sort of disclosed to the markets on this call. But we will be having an answer to supply those details as soon as we possibly can.

喬治，恐怕我要讓你失望了。對不起。我們將向市場提供全面的最新信息，但鑑於我們在本次電話會議上已經向市場披露了一些信息，我們目前還無法提供更詳細的分析。但我們會盡快提供這些細節以供參考。

Fair enough. So I'll just switch gears. There's just a couple more here before I pass the mic. For QLE, you did mention, I think if I heard this correctly, an opportunity for LEU+, I think that's new. Can you sort of talk about maybe this interest, what appears to be a shift in strategy, if we heard that correctly, and what sort of mechanics we should expect to bring capacity for LEU+ up and running.

很公平。那我換個話題吧。在我把麥克風遞給別人之前，這裡還有幾個問題想問。對於 QLE，您確實提到了 LEU+ 的機會，如果我沒聽錯的話，這應該是新的。您能否談談這種興趣，這似乎是一種策略轉變（如果我們理解正確的話），以及我們應該期待什麼樣的機制才能讓低濃縮鈾產能投入營運？

I think you probably rather hear from Dr. Ryno who you'll get a much better answer. Thank you. Dr. Ryno, are you on the line?

我認為你可能更願意聽聽雷諾博士的意見，他會給你更好的答案。謝謝。雷諾醫生，您在電話那頭嗎？

Yeah, it's all right. So LEU+, great question. I think depending on who you speak to, they'll say LEU+ is just Haiti. So we try to classify LEU+ as a special subcategory of Haiti, and within that subcategory, it is between 5% and 10% in Richmond. And the reason that we're actually looking at LEU+ was due to customer inquiry. So we contribute a little more about who that customer is or what they want at LEU+ for. But I think I've stated in the presentation that it increases the power density of a power plant. It can be retrofitted without matching technical modifications into an existing nuclear power plant of generation 3 to make a generation 3 plus. And it increases the time between refueling. In other words, it extends the life of these power plants. So they can provide power for much longer. It means we don't have to replace them. So it is an important shift in modernizing the existing nuclear fleet.

是的，沒關係。LEU+，問得好。我認為這取決於你問誰，他們會說 LEU+ 就是海地。因此，我們嘗試將 LEU+ 歸類為海地的一個特殊子類別，在該子類別中，里士滿的 LEU+ 比例在 5% 到 10% 之間。我們之所以關注 LEU+，是因為客戶提出了詢問。因此，我們會更多地介紹客戶是誰，或者他們在 LEU+ 想要什麼。但我認為我在報告中已經提到過，它可以提高發電廠的功率密度。無需進行相應的技術改造，即可對現有的第三代核電廠進行改造，使其成為第三代增強型核電廠。這會延長兩次加油之間的間隔時間。換句話說，它延長了這些發電廠的使用壽命。因此，它們可以更長時間地供電。這意味著我們不需要更換它們。因此，這是現有核動力艦隊現代化過程中的重要轉變。

I wouldn't call LEU+ a modification or a shift in what we plan to do. It is on the way towards LEU production. And some would even say it is, or it is Haiti production. So for us to get to Haiti, which is provisionally up to 19.75% Uranium 235 in Richmond, LEU+ would be 5% to 10%. So as we progress from natural Uranium with our enrichment technology at 0.7% Uranium 235 will go incrementally through the LEU space, which is 0.725% in Richmond, nominally 4.8%. And then as we progress to Haiti, which is 19.75 will go through the LEU+ space, which is 5% to 10%. And we can then provide clients with products that they can use that they're willing to pay for, that there's no secure supply chain for. And we will be one of the only producers of LEU+ in the world on the way to get to home, generating revenue early as we de-risk and scale our technology. I hope that answers the question.

我不會把 LEU+ 稱為我們計劃的修改或轉變。它正朝著低濃縮鈾生產的方向發展。甚至有人會說它是海地生產的。因此，對海地來說，里士滿的鈾 235 含量暫定高達 19.75%，低濃縮鈾+含量為 5% 至 10%。因此，隨著我們從天然鈾發展到濃縮鈾含量為 0.7% 的鈾 235，鈾 235 將逐步進入低濃縮鈾領域，里士滿的低濃縮鈾含量為 0.725%，名義上為 4.8%。然後，當我們進入海地時，19.75 將進入低能量鈾+領域，即 5% 到 10%。這樣我們就可以為客戶提供他們願意付費使用的產品，而這些產品目前還沒有可靠的供應鏈。我們將成為世界上為數不多的低濃縮鈾生產商之一，在實現目標的過程中，隨著我們降低風險和擴大技術規模，我們將儘早產生收入。希望這能解答你的疑問。

Thank you so much. And maybe, is it fair to say that this customer is this in addition to the customer, with whom you've already revealed at MOU or is it the same?

太感謝了。那麼，是否可以這樣說，這位客戶是您在諒解備忘錄中已經透露的客戶之外的另一位客戶，還是同一位客戶？

Yes. So I can say that it's not TerraPower. We stand firmly committed to our ongoing regulation with TerraPower to produce Haiti in South Africa. We're still looking at meeting the timelines made public. And this is other customers driving forward.

是的。所以我可以肯定地說，它不是TerraPower。我們堅定地致力於與 TerraPower 繼續合作，在南非生產海地電力。我們仍在努力按時完成已公佈的時間表。這是其他客戶推動發展的結果。

Is this US or South Africa, Dr. Ryno?

雷諾博士，這裡是美國還是南非？

I can't provide more information on that. We'll update in future.

我無法提供更多相關資訊。我們會在未來進行更新。

And last question, I'm sorry to ask so many, but you did have a pretty significant revenue recognition item in the third quarter from Skyline Builders. Is that something we should model going forward? And how should we think about this $3 million plus in revenue?

最後一個問題，很抱歉問了這麼多問題，但你們第三季確實有一筆來自 Skyline Builders 的相當可觀的收入確認項目。我們以後是否應該效法這種做法？我們該如何看待這超過300萬美元的收入？

Yes. So I think Paul answered that question pretty well, but I'll reiterate some of the important talking points there. The goal of KL is to secure a nuclear supply chain, which is pretty dysfunctional right now. And Skyline Builders is an acquisition that will secure the supply chain in terms of raw material, critical raw materials. So even though there is construction in this construction business at this moment, we don't foresee that moving forward.

是的。所以我覺得保羅對這個問題回答得很好，但我還是要重申一些重要的重點。KL的目標是確保核能供應鏈的安全，而目前的核能供應鏈相當混亂。收購 Skyline Builders 將確保關鍵原料的供應鏈安全。所以，儘管目前建築業正在蓬勃發展，但我們預計未來不會如此。

Okay. So that $3 million should basically go away for the future.

好的。所以這300萬美元基本上以後就不會再出現了。

Yes, we'll reveal more in the future, but that is our stated goal.

是的，未來我們會公佈更多信息，但這是我們既定的目標。

Okay. Thanks so much for all the questions, all the answers to my questions, excuse me, and for the robust update. Have a good day.

好的。非常感謝大家提出的所有問題，也感謝大家對我的所有問題的回答，抱歉打擾了，以及提供的詳盡更新。祝你有美好的一天。

And that is all the time we have for our question and answer sessions. I will now turn the call back over to Robert Ainscow for closing remarks.

我們的問答環節時間就到此結束了。現在我將把電話轉回給羅伯特·安斯科，請他作總結發言。

Thank you very much, Peter. I just want to thank everybody for joining and for interested in the company. This year of 2025 has been a phenomenal year, having brought three plants that we've been working on into operation. We've posted a lot of investors and IMSs to access events, a lot of customers, a lot of accounting parties. Everybody who comes to this, it's an enlightening experience for them. Anybody who can as we announce more investor access events, and those people that they can come, it gives you opportunity to really quantify something and take away some of the mysticism about what sort of ASPI's movement which is and what ASPI's is actually doing.

非常感謝你，彼得。我只想感謝大家的加入以及對公司的關注。2025 年是意義非凡的一年，我們一直在籌建的三座工廠都已投入營運。我們已經向很多投資者和投資管理服務商、很多客戶、很多會計機構發布了活動資訊。來到這裡的每一個人，都會獲得一次啟發性的經驗。隨著我們宣布更多投資者見面會，任何能夠參加的人，都將有機會真正量化某些事情，並消除一些關於ASPI運動性質以及ASPI實際所做的事情的神秘感。

And we're looking forward to diversifying a broader way from just operational assets in South Africa, might make it easier for other people to or more people to visit as those come online. But seeing advance really gives an easy way to visualize how the company can grow in terms of its operations and hence its revenue. And that's what a lot of people get out of to those visits. 2026 promises to be adjusted as exciting and fast paced a year. So we are looking forward to getting stuck into that and forward to updating everyone. Past year end. Thanks very much indeed.

我們期待以更廣泛的方式實現多元化，而不僅限於南非的營運資產，隨著這些資產上線，可能會讓其他人或更多的人更容易獲得。但看到進展確實能讓人很容易直觀地了解公司在營運和收入方面可以如何成長。很多人正是從這些訪問中獲得這種體驗。 2026年可望成為令人興奮、節奏快速的一年。所以，我們很期待投入這項工作中，並期待向大家報告最新進展。已過年末。非常感謝。

And this concludes today's conference call. Thank you for your participation and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。