ASP ISOTOPES INC - ASP Isotopes completes well drilling required for phase 1 of Renergen helium project four months ahead of schedule

ASP Isotopes completes well drilling required for phase 1 of Renergen helium project four months ahead of schedule

ASP ISOTOPES INC.
(Incorporated in the State of Delaware,
United States of America)
(Delaware file number 6228898)
Ticker Symbol: NASDAQ: ASPI
ISIN: US00218A1051
LEI: 6488WHV94BZ496OZ3219
JSE Share Code: ISO
("ASPI" or "the Company")


ASP ISOTOPES COMPLETES WELL DRILLING REQUIRED FOR PHASE 1 OF RENERGEN HELIUM
PROJECT FOUR MONTHS AHEAD OF SCHEDULE


DALLAS, March 23, 2026 (GLOBE NEWSWIRE) - ASP Isotopes Inc. (NASDAQ: ASPI) ("ASP Isotopes" or
the "Company"), an advanced materials company focused on developing technologies and processes for
the production of critical materials used in multiple industries, today announced that the Company has
completed the drilling of the wells required for Phase 1 of the Renergen Helium Project approximately four
months ahead of schedule.

"This marks a watershed moment for our plans for helium production at the Virginia Gas Project. Drilling
results from the Phase 1C exploration campaign indicate that the reservoir system is capable of delivering
gas flow rates that meet or exceed previously estimated type curves — directly addressing the flow
constraints that have historically limited plant utilisation and helium production. This result, together with
the cumulative flow data from the broader campaign, demonstrate that the field is capable of sustaining the
gas volumes required to operate the helium plant at efficient capacity once wells are tied into the plant."
said Paul Mann, Executive Chairman and CEO of ASP Isotopes.

Phase 1 Drilling: Ahead of Schedule

Since restarting operations in April 2025, following bridge loan funding provided by ASP Isotopes prior to
the completion of the Renergen acquisition, the project has advanced materially across drilling execution,
gas production, and plant readiness. The drilling program for Phase 1 of the Renergen Helium Project has
now achieved the required cumulative nameplate flow rate, and this milestone substantially reduces
execution risk for Phase 1, as the remaining activities to ramp up production to full capacity are now
primarily engineering-oriented tasks with considerably fewer uncertainties.

The recent drilling success is primarily due to the post-restart engagement of a U.S.-based company with
expertise in independent exploration, well design, drilling and reservoir modelling specialist, to support
seismic interpretation, reservoir modelling, well placement, well design and drilling execution. This
represents a departure from prior drilling approaches and has directly informed improved target selection
and well design. Recent drilling successes have seen gas flow rates up to 16 times that achieved in some
of the earlier wells.

During the next few months, the team plans to tie in these new wells with the processing plant. Once all the
wells have been completed and made production ready with tie-in to the gas network, the total flow is
expected to meet or exceed Phase 1's nameplate capacity. Production is expected to be increased to match
our customers' demand and ability to off-take the product. The Company is working actively with customers
to align delivery timelines.

Helium Market: A Critical Supply Disruption

Following the acquisition of Renergen, the Company is focused on the long-term development of helium
production at the Virginia Gas Project in the Free State, South Africa. With the targeted completion of
Phase 1 of the Virginia Gas Project during 2026 and the commencement of Phase 2 thereafter, the
Company plans to emerge as a significant producer of liquid helium, and a vital contributor to diversifying
worldwide helium supply.

The helium market is characterized by a concentrated group of producers, many of which are located in
geopolitically sensitive areas, such as Qatar and Russia, making it vulnerable to supply disruptions. Qatar
is responsible for more than 25% of the world's liquid helium production. The recent closure of the Strait of
Hormuz has put immediate and considerable pressure on the supply of this unique critical material. Reports
from local press in Qatar indicate that Ras Laffan, Qatar's primary LNG and liquid helium facility, has
sustained damage from drone and missile strikes. The duration of this supply restriction remains uncertain.
Early indications are that repairs may take anywhere from several weeks to several months, but until the
full extent of the damage has been assessed, helium markets are likely to remain squeezed.

According to the USGS, in 2025 Qatar supplied approximately 2.3bn scf of helium, which is almost a third
of global supply. Whilst the straight of Hormuz remains closed or restricted, the annual deficit of helium
supply to the world is expected to increase and result in upward pressure on pricing. According to media
reports, around 17% of total LNG export capacity from Qatar has been affected with repairs expected for
around three to five years, which is likely to translate to a similar reduction in long term helium supply from
the nation. The availability of iso-containers, which are used to transport the helium, is likely to be
constrained as they are held up within the Persian Gulf, which may significantly impact supply chains in
other jurisdictions due to the reduction in the number of helium iso-containers in circulation.

The world has experienced several previous helium supply crises during the past 20 years, during which
market prices have reached in excess of $1,000 per mcf. The Virginia Gas Project has historically assumed
an average selling price significantly below such levels in its planning, based on a mix of long-term contracts
and spot sales, with spot sales generally trading at a substantial premium to contracted rates. South Africa
remains geopolitically neutral, hence the funding support from the U.S. International Development Finance
Corporation (U.S. DFC), which makes the Company's Virginia Gas Project one of the leading candidates
for key industries to diversify their critical helium supplies.

As previously announced, following the planned completion of Phase 1 during 2026, the Company expects
Renergen to produce 2,500 GJ per day of LNG and 58 MCF per day of liquid helium. Following the planned
completion of Phase 2, which carries an anticipated 44-month project timeline after completion of Phase 1,
the Company expects Renergen to produce 34,000 GJ per day of LNG and 895 MCF per day of liquid
helium. The Company is currently in active discussions with potential customers regarding offtakes of LNG
and liquid helium from both phases.

About ASP Isotopes Inc.

ASP Isotopes is developing a differentiated isotope enrichment platform to strengthen global supply chain
access to critical materials used in nuclear medicine, next-generation semiconductors, and nuclear energy.
The Company's proprietary technologies, the Aerodynamic Separation Process ("ASP technology") and
Quantum Enrichment ("QE technology"), are designed to enable the production of isotopes for a range of
industrial and advanced technology applications. ASP Isotopes operates isotope enrichment facilities in
Pretoria, South Africa, focused on the enrichment of low atomic mass elements, or light isotopes. For more
information, please visit www.aspisotopes.com.

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions
of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither
historical facts nor assurances of future performance. Instead, they are based only on our current beliefs,
expectations, and assumptions regarding the future of our business, future plans and strategies,
projections, anticipated events and trends, the economy, and other future conditions. Forward-looking
statements can be identified by words such as "believes," "plans," "anticipates," "expects," "estimates,"
"projects," "will," "may," "might," and words of a similar nature. Examples of forward-looking statements
include, among others but are not limited to, the impact of the conflict in the Middle East and the closure of
the Strait of Hormuz on the helium market, the anticipated progress and timing for completion of Phase 1
and 2 of the Renergen helium project, the ability to fund completion of the development of the Renergen
helium project, anticipated production quantities and supply of helium and LNG upon completion of Phase
1 and 2 of the Renergen helium project, and statements we make regarding expected operating results,
such as future revenues and prospects from the potential commercialization of helium and LNG, future
performance under contracts, and our strategies for Renergen Helium Project development, engaging with
potential customers, market position, and financial results. Because forward-looking statements relate to
the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult
to predict, many of which are outside our control. Our actual results, financial condition, and events may
differ materially from those indicated in the forward-looking statements based upon a number of factors.
Forward-looking statements are not a guarantee of future performance or developments. You are strongly
cautioned that reliance on any forward-looking statements involves known and unknown risks and
uncertainties. Therefore, you should not rely on any of these forward-looking statements. There are many
important factors that could cause our actual results and financial condition to differ materially from those
indicated in the forward-looking statements, including, but not limited to: the outcomes of various strategies
and projects undertaken by the Company; the potential impact of laws or government regulations or policies
in South Africa, the United Kingdom or elsewhere; our future capital requirements and sources and uses of
cash; our ability to obtain funding for our operations and future growth; our reliance on the efforts of third
parties; our ability to complete the construction and commissioning of our enrichment plants or to
commercialize isotopes using the ASP technology or the Quantum Enrichment Process; our ability to obtain
regulatory approvals for the production and distribution of isotopes; the financial terms of any current and
future commercial arrangements; our ability to complete certain transactions and realize anticipated
benefits from acquisitions and contracts; dependence on our Intellectual Property (IP) rights, certain IP
rights of third parties; the competitive nature of our industry; and the factors disclosed in Part I, Item 1A.
"Risk Factors" of the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024
and any amendments thereto and in the company's subsequent reports and filings with the U.S. Securities
and Exchange Commission. Any forward-looking statement made by us in this press release is based only
on information currently available to us and speaks only as of the date on which it is made. We undertake
no obligation to publicly update any forward-looking statement, whether as a result of new information,
future developments or otherwise. This press release includes market and industry data and forecasts that
we obtained from internal research, publicly available information and industry publications and surveys.
Industry publications and surveys generally state that the information contained therein has been obtained
from sources believed to be reliable. Unless otherwise noted, statements as to our potential market position
relative to other companies are approximated and based on third-party data and internal analysis and
estimates as of the date of this press release. We have not independently verified this information, and it
could prove inaccurate. Industry and market data could be wrong because of the method by which sources
obtained their data and because information cannot always be verified with certainty due to the limits on
the availability and reliability of raw data, the voluntary nature of the data-gathering process and other
limitations and uncertainties. In addition, we do not know all of the assumptions regarding general economic
conditions or growth that were used in preparing the information and forecasts from sources cited herein.
No information in this press release should be interpreted as an indication of future success, revenues,
results of operation, or stock price. All forward-looking statements herein are qualified by reference to the
cautionary statements set forth herein and should not be relied upon.

Contact
IR@ASPIsotopes.com


The Company has a primary listing on the Nasdaq and a secondary listing on the Main Board of the JSE.


23 March 2026


Sponsor
Valeo Capital Proprietary Limited

Date: 23-03-2026 01:30:00
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