Silicon-28 Enrichment Facility Restarts, Commercial Shipments Expected in 3Q26. Reit OW, $13 PT.

Research evidence excerpt

Silicon-28 Enrichment Facility Restarts, Commercial Shipments Expected in 3Q26. Reit OW, $13 PT.

May 26, 2026

performance and reliability. We continue to view ASPI as one of the few

scaled Western suppliers of high-purity Silicon-28 isotopes, which positions

the company favorably, in our opinion, as both end-markets grow through

2027 and beyond.

Reinforces our broader thesis on ASPI's commercial pipeline. Silicon-28

is one of several commercial milestones we are tracking for ASPI in 2026,

alongside Ytterbium-176 first shipments, Carbon-14 contract execution,

and Phase 1 completion at the Virginia Gas Project for helium and LNG

production. Today's update reinforces our view that the company is

executing across multiple isotope programs in parallel, which supports the

long-term EBITDA trajectory toward management's $300M target by 2031.

We maintain our Overweight rating and $13 price target.

Investment Thesis

We view ASPI as the beneficiary of multiple secular growth trends as a supplier of critical

isotopes for semiconductors, healthcare, and nuclear energy. The company pioneered the

isotope-enrichment technology (aerodynamic separation + quantum laser enrichment)

that enables the production of high-value nuclear fuel (HALEU), medical isotopes (used in

cancer treatment), and silicon-28 (holy grail material for semiconductors), among others.

In addition, ASPI owns the world's largest and highest concentration helium deposit

(Renergen), which is crucial for semiconductor manufacturing and, according to the

company, can supply ~12% of the world's helium from just 4% of the reserve. As ASPI

progresses towards commercial scale production, we continue to monitor the spin out its

quantum laser enrichment technology, which we believe creates a significant near-term