ASP Isotopes Inc. (ASPI) Earnings Call Transcript & Summary

Good afternoon to those of you here in London, and welcome to everyone joining us on the webcast. I'm Shveta Dighe Digi, the Head of Investor Relations at ASP isotopes. On behalf of the entire leadership team, it's my pleasure to welcome you to our inaugural Capital Markets Day. Before we begin, a reminder that participants today may make forward-looking statements with respect to the operations and financial targets of ASP isotopes. These are on current management expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements made today reflect the knowledge and information available at the time of this presentation and the company undertakes no obligation to update forward-looking statements. We encourage you to review the forward-looking statement disclosure in the slide deck accompanying this presentation. We'll hear from each of our businesses today, followed by a panel and audience Q&A, so please hold your questions until then. Let's begin with a short video about the company, our plants, our people and the breadth of what we do. [Presentation]

Joining me today, our Executive Chairman and Chief Executive Officer, Paul Mann.

Thanks, everyone, for coming today. It's great to see some people here, and thanks everyone for joining us online. It's great for your interest in the company. So it's actually our fifth birthday at the end of this week. We lobby and I started this company up 5 years ago, and it was just serves then now over 400 people operating in 3 different continents with multiple plants around the world. So it's been quite a journey we've come on over the last 5 years or so. As I look forward, the last 5 years has been about building a company, the next 5 years is about growing the company and really scaling it up now. to become one of the biggest suppliers of critical materials globally. And there's so many critical materials the world needs. But -- as I said on the slide, we've built sort of 4 enrichment slides, it plants or chemical plants in South Africa, and our goal is to achieve over $400 million in EBITDA in 2021. And we're going to take you through the path of how we get there over the next 5 years. We've built plants and facilities that will service industries where a structural shortages. These industries are growing at rates well above GDP and they're needed for the future of our life in terms of improving our life. If you think about nuclear medicine, we've treated tens of thousands of patients a year. We've got a number of drugs in development, and you'll see those today, some of them going to the clinic later on this year. We've now got 4 radio pharmacies servicing patients, and this is really kind of growing. And in the early innings of of a new therapeutic cycle where nuclear medicine is used to both diagnose and treat cancer patients, and it's exciting to be involved in that industry. Electronics industry, semiconductors have kind of exhausted the laws of physics now. New materials are going to be needed to make faster semiconductors, materials needed for quantum computing. And our goal is to be the supplier of those materials for next-generation semiconductor. The world is desperate for helium. You can't launch your luck about helium. You can't make a semiconductor about helium on an MRI scan about helium. And we're bringing on our helium to part exactly the time when the world needs more supply from a more diverse geographic ranger suppliers. And finally, nuclear fuels, if we want to power the earth in 2050, the world wants to triple the amount of nuclear power over the next 25 years or so, it's probably not going to manage that. But if it wants to double or just grow it, it needs a lot more nuclear fuel. And Ryan and his team at Quantum energy will explain what they're doing to try and solve that nuclear fuel supply chain. What we've done over the last 5 years is we've found some really unique assets that we've managed to acquire very attractive valuations to really drive shareholder returns. And so 5 years ago, we acquired our first assets, the isotope assets in South Africa, the team of scientists that are responsible for [ Sofia's ] nuclear program back in the '80s. We brought them out of retirement. We've kind of constructed a couple of plants there. and those plants are now operational. We acquired PET Labs as a springboard to grow into nuclear medicines. We're vertically integrated in the stable isotope to the radioisotope Pet Labs is now quite a sizable business. It's growing. It grew 50% year-on-year in the first half of this year. And that's going to provide fantastic returns to shareholders. And then finally, Renagel Noble Africa, we acquired that asset in January of this year. We've added a lot of headcount to that business. We've invested in it. We've changed -- made some management changes, supporting a lot of engineers and a lot of drillers and that plant started production during -- we started cooling down and commissioning during August. We just -- we actually hit the target temperature for Kelvin. And now we will start producing we should start producing commercial product by the end of September. So here are some pictures of our plants that we've built over the last 5 years. So you see the left is our first plant, the carbon 14 plant. That's currently producing carbon 12 and I'll give a full update on the exact operations later on in the presentation, but you see a picture there of a plant that we acquired acquiring pieces and we put it together to make a carbon 12 and carbon 14 plant, you see in the middle, a silicon 28 plant that is enriching silicon 28 today. There's been some delays in some start-up problems and we'll just address those later on, but that's our second plant, and that's currently enriching product exactly in line what we expect it to do. And the terbium 176, we first in [indiscernible] terbium, 176 about a year ago, and we spent the last year turning a small kind of a scientific vessel, a scientific production plant into what is commercially viable to produce large commercial quantities of a isotope that the world needs to treat patients with prostate cancer. So you'll see on the left here, you see Nobel Africa, our enogen site in South Africa, in Welcome, South Africa. And this is one of the most unique assets in the world, and we'll talk about it more later on today. But there really aren't many -- or gas fields we've seen like this in the world. It's an credible location, incredible product that comes out of it and I say, the world is desperate for a new supplier of helium. And PET labs in the middle is already generating good revenues. We treat over over 10,000 patients last year. This as one exception. We've added another cyclo tone to it, and it's growing fantastically. And we're very proud at PET Labs. We supply all of our doses to children under the of team, free of charge in South Africa, it's not appropriate for a child to suffer from cancer because the payment somtinsurance are kind of afforded to make sure the local youth population is looked after. And then finally, we've got 2 radio pharmacies in the U.S. Our goal is to expand PET labs globally over the next 5 years. And this is our spring board for the U.S. And I said the world needs to probably double or triple amount of radiopharmaceutical production over the next 5 or 10 years, and we intend to be one of the drivers of that growth. So this just summarizes what's producing revenues today, what to expect in terms of revenues in the near future. And it shows you some of our targets and says things are really starting to motor now. And it feels like the company is really at an inflection point where we really to start moving a lot faster. So -- next slide. So to summarize, these shortages the world has are structured and they're not going to resolve themselves we've built capacity and plants and technologies to solve them. Many of these are needed for technologies that the world needs to grow, have semiconductors, to have nuclear medicine to launch rockets. We've constructed now 3 isotope plants and a very large cryogenic plant. And they're all up and running and 3 of them are producing some of the producing revenues already I guess if the milestone for the second half of the year, if the first helium production should happen in September. And then the first commercial isotype shipments should happen for the second half of the year. And then in terms of corporate transactions, we've said we're going to list Noble Africa listing via reverse merger group with EndraicoNDRA and goal is to list QLE with a separate entity for the end of the year. So I'm going to hand over now to R&D and engineering. None of this will be possible about our R&D and engineering team. We put together a magnificent team in Africa to design these plants to build them to do research, and we're continuously researching to make up is better, more efficient, cheaper. So I hand over now to Dr. Ferreira and Dr. Puts.

Thank you, guys. Good afternoon, everyone. I am Ignatius Ferreira, I hold a PhD in Chemical Engineering and I am the Head of Research and Development at ASPI isotopes in South Africa, and I will be taking you through a quick overview of the capabilities and the functions within the R&D department. Before we start off, we first need to understand what is an isotope. So an Atom consists of protons, neutrons and electrons, where the number of protons define the element. But for a specific element, you can have a different count of neutrons and that is an isotope. So isotopes also occur naturally and depending on the element in a certain ratio. So for example, here, silicon is given. We have silicon '28, '29 and '30. So what is it what we do? Well, we can target when in silicon 28 specific isotope. We separate it and then we can concentrate it and that is our product. So now the question arises, why are we interested in a certain isotope. So certain isotope can have certain special chemical properties that we can exploit for certain applications. So how do we go about this? Well, we essentially have 2 enrichment platforms. The one being quantum enrichment. This involves lasers where we exploit the transition energies to ionize the isotope. We then separate this by means of an electric field. What makes this technology unique is that it enables us to enrich isotopes of metals. It's extremely capital light and has a very high selectivity. On the other hand, we have Aerodynamic separation prices. So this involves in principal gases to fusion, where we can enrich in particular, gases or light gases of the low mole-mass. So you can look there Silicon 28, carbon 12 and carbon 14. Extremely important with this technology is that it is scalable because it's a modular technology. I'll get into a bit more detail later on that. So if you have a look at the Quantum enrichment platform, every isotope absorbs light, it's a slightly different frequency. So by tuning lasers, we can then select an isotope to target it. and that's separated electrically. So electivity is extremely high, and that enables us to reach our enrichment in a single step. In principle, we can use this technology to separate most elements. Moving on to the ASP technology. So in essence, it consists of 2 stages. So 2 stages in 1 separator unit where the 1 -- the first stage is a stationary wall centrifuge compared to conventional technologies where you have many moving parts. So you have pressurized flow through the cylindrical wall, and it enables us to enrich lighter isotopes. The second stage involves flow directors. So for illustrative purposes, ischematic has shown of the backend nozzle for 2 reasons, obviously, we won't be showing our own highly engineered flow directors, but you have one unit consisting of 2 separation stages. What this boils down to, it is capital-light, modular and capacity, low energy costs, and we have a proven track record. So as mentioned earlier, it is modulus. So what this means is we can combine many modules or units to create a cascade, where you have enrichment across the stages. Just to mention here, I want to highlight, this is only for illustrative purposes, this does not reflect the number of stages we would typically need. But you will have enrichment in one direction of an isotope. And then by default, you will have enrichment in the other direction and dependent on the targeted isotope you can either have versus a product or that is a product depending on whether you're interested in the heavier or lighter isotope. How do we go about in the R&D department to develop the technology. Emphasis here, everything is done in-house, from theoretical apologies, from theoretical development all the way to hand over within our own operations. So from step 1 to step 5, it's quite an iterative process. So we start off with theoretical development, we designed the module or the unit, we simulate it, then we physically manufacture prototype, we have verified performance with our test ventures and then we move on to chemical analysis to validate the results that we've predicted. We iterate here until we finalize the design. Then we are able to upscale because it is modular, so we can create the same unit in over and over. each and every port is manufactured in-house and the same our data assembly team. So from there, we qualify the units, and we hand them over to our own operations. What this means is there's no licensing fees. The entire cost and shell is our own, and we are not dependent on external parties. So within the R&D team, how do we achieve all this, we've invested greatly within the R&D to. So we -- currently, the R&D team consists of about 30 individuals we consisting of chemical engineers, mechanical engineers, mathematicians, physicists, chemist support personnel and experienced technicians. And what does our diverse team enables us is to have a multidisciplinary look perspective on the technology to continuously improve. The R&D function is not stagnant, and we are continuously looking at improvement and looking at new technologies as well. So in essence, what it boils down to is that people who invented the separation technology is now also industrializing and commercializing it. I'm now going to hand over to Dr. Puts from the engineering department with whom we have a very, very close collaboration. Dr. Puts.

Thank you, Ignatius. So as Ignatius mentioned, I am Kratos. I am the principal process engineer for ASP working in the engineering division. And the Engineering division has a very close collaboration with R&D now. isotope separation is a very niche industry. This is not oil and gas or automotive or any of these other industries that have been existing for quite some time. isotope separation, commercialize top separation, the way we're doing it has actually existed only for a very short period of time. So there are no EPCM houses you can go to and ask them, please design me an ASP plant to design me a laser separation plant. There are very limited suppliers that you can approach in order to get equipment for these kinds of plants. So for that reason, we have had to in-house our own EPCM capabilities also in order to protect the technology, which is a statutory requirement. So in our engineering team, we in-house, we have the entire EPCM function in-house. We have process engineers. We have mechanical engineers. We have our EC&I team, which is the electricians and the control team and we also have nuclear engineering, all of that under 1 roof. We also then have our own project management, our own project control, simply so that we can maintain control over the schedule and we can maintain control over the actual project and procurement and all of these time lines. But then because isotope separation is such a unique industry oftentimes, you find that whereas other industries can buy software that they can use to aid in the design or aid in the simulations, you could get a package, but then you have to go and modify it to meet your specific needs, or you couldn't even find software to begin with. So we've also in-sourced our own software development team to enable us to generate the necessary engineering tools in order to achieve our goals. So we have this full EPCM capability, and our head count has grown every year now. It's quite simple. The engineering scales ahead of the plants, not behind them. That's why you have the engineering team growing and increasing upfront. So some of the advantages of having an in-house engineering team is shown here and summarize very simply, when the market cannot supply it, we design it and we make it ourselves. So there are some examples of what we have designed. The first one over there is amolamass meter. So of course, in our plants, we've got gases flying around, and we need to measure the composition which we express as the mole mass of the gas. Now yes, you can find equipment commercially that can do this. But these pieces of equipment have very long lead times attached to them, sometimes 2 to 3 years, there's export control, all of these sorts of issues. So we have gone back to first principles, we have designed and we have constructed these Molamass meters from first principles. We have built them, we've commissioned them, we've put them in the plant and the process control is running off of these equipment. Another example of this is the power control valve there. So long technical story about what that is. It's commercially available. And when we approach the suppliers, they told us that lead time is 90 days plus. They weren't sure about the 90 days plus, but they -- the 90 days part, but they were very sure about the plus part -- so of course, you can't do business like that. So we just said that, okay, we're going to do this in-house. -- we went to first principles, and we designed this, we built the prototypes. We did the testing, and then we headed into commercial production for 160 units all within the space of 6 weeks as opposed to 90 days plus plus. The third item over there is the RFS flow meter. So isotopic separation requires you to have very tight control over your mass flow in your plant. And we went to the market and we evaluated all the technologies for mass flow measurement, and we came up short. There simply was not a solution available in the market to service our particular needs. So we had to go back to first principles, and we had to design an entire mass flow measurement system, of which the RFS plate flow meter there is the heart of it. It's a point of pride for us that we managed to get all of this done. We did the mathematical derivations ourselves, the design, the construction, the calibration, the commissioning. It's in our plants, and this is what our plants are running off of. The final item there which we highlight is our compressors. So the ASP technology has 2 critical components. The first one is, of course, you're separating elements that Ignatius spoke of. This is the core technology. But then besides that, you also need compressors. If you don't have compressors, you don't have an ASP plant. And the trouble with the compressors for ASP is that it has very specific requirements. Now when you go to the market for these specific requirements next to everyone, we'll tell you, sorry, we can't do it. We've actually been forced to go and do our own compressor development. And what you see there is an example. It's an oil-free diaphragm compressor. It was designed in-house, constructed in-house. It was commissioned in-house, and it's now sitting in the carbon plant and it's running. So within the engineering team, we then also have the manufacturing floor where we've got our own CNC machines, our own laser cutting capabilities. We've got our own experienced welders and highly technical welding teams -- we even have 3D printing for rapid prototyping. Now this is not your run-of-the-mill 3D printing that you can go buy at the corner store -- this is engineering plastics and engineering printing. We've actually printed prototypes that we've installed into the plant to go and test before we went to actual metal manufacturing. And then, of course, we also have the design and the programming and all the quality control that goes with that. What this enables us to do is it allows us to produce the separating elements, the cascade segments. It allows us to produce the cryogenic equipment. It allows us to produce instruments, valves, things like this fittings, R&D parts, all of that. Now why this matters is lead times from manufacturers can be measured in months, in quarters or in years whereas we are in control of the lead time. So our lead times is in days and weeks, not the lead times of the manufacturers. And we have also found that in the isotope separation industry, material of construction matters. Now if you go to a supplier, they will tell you this is the material we supply, and if you don't like it, go find someone else. So with the construction being in-house in the design and manufacturing being in-house, we have control over the material. We decide what we put in the plant, what's best for the plant. And then, of course, if you find that there's something on the plant that's not working 100% correct, you need to tweak it. supplier won't allow you to go and change their design. They won't go and change their design for you unless you decide to order 10 million units. Whereas with us, we build it in-house, we can just quickly change the design and have the machine and other unit for us so we can carry on with life. And then, of course, this allows us to support plant construction. It allows us to support maintenance. We've got everything that we need. We're not beholden on to anyone to get our work done. So some of the engineering examples, some of the engineering that we've worked on is the carbon 14 plant, as Paul mentioned, the Silicon 28 plant and the laser plant, which are all in Pretoria. They're all running. They're all producing isotopes, they are all enriching. Then we've got some future work, which is currently in progress. We have the actonites, so that's the uranium. And we are currently working on the processing the conversion of lock to UF6 as well as the designs for enrichment projects. the regulations, the regulator has been involved, and we're busy with the licensing, things like that. Then we, of course, have our own manufacturing and support, which we are continuously improving with new equipment, new instruments, 5-axis CNC machines, that sort of thing. And then the ultimate goal is to have a multi isotope facility in Iceland, where we're targeting the zinc, we're targeting an upscale of the silicon plant. We're targeting Xenon, molybdenum and of course, some others. And the basic engineering for this is already in progress. We have P&ID levels. We have CAD models, that sort of thing. So some pictures because everyone loves pictures. They are the pictures of the carbon 1 plant. So right up at the top, you'll see isometric drawing. So the way we work is that when you've done the process engineering and you've gotten to P&ID level, you go to the mechanical guys and you have them make a digital twin of the plant so that you can be sure placement and routing and all sorts of things like that. are in place before you go to construction. It's not often done in small companies. They prefer to go directly to construction and then they have trouble upon trouble, upon trouble. We don't do that. We do things properly the first time around. So picture 2 over there, come and ask me afterwards what the green is for. I'll explain that then it's a bit technically involved, but it's very interesting. So the silicon plant, which everyone is, of course, interested in. Again, we have our CAD model, so we plan before we construct. And then, of course, we have some pictures over there. The most salient 1 is picture #4, which shows the actual enrichment cascade. Those are the segments. Each individual bay there is a segment. And then we've got several stages per segment going on. So in summary to both the R&D and the engineering, why all this matters is its capability we own, not capability we buy. So separation to us is the barrier. Not procurement, not construction, not commissioning, not the engineering, its separation is the barrier, and we can clear that economically with our technology. We have a flexible technology base. So between the lasers and the ASP technology, we can tackle a wide variety of materials, a wide variety of elements to get whatever isotope we require from the market. And then, of course, we own the engineering. So the road map occurs at our pace, not someone else's space. We're in charge of when something happens, where something happens and how something happens, that's how we can support more effectively the actual commercial base. And then, of course, everything we do, every build compounds into the next every design you do, everything you construct, everything you operate. One thing feeds into the other, and it just makes us more and more effective, more and more efficient. We can get things done faster and more accurately with improved cost, which is the benefit, of course, to the company. So then with that, thank you very much. I'll hand over back to Paul.

Thanks, Dr. Puts. I'll just give you a quick update now on our stabilized top operations and exactly what we're doing in each plant. And so this slide here just shows how we enrich something like Silicon 28. So you will see that we're rich in campaigns. Each campaign takes it to a great level of eminent. And we can do as many campaigns as we want to or need to achieve the desired enrichment. So if you look at the left-hand side, that's 104 Cascade enrichment plant. So we compound each individual separator over 104 stages. And you'll see in the first campaign, we increased some natural colonic was 92.2%, up to 98.4%. That becomes a feedstock then for the next campaign, which goes up to GBP 99.6 million that's the feedstock for the next campaign, which goes to 99.9%, and so on. And finally, we get to the desired enrichment of 99.995%. Now right now, we've had problems with the Silicon 28 in terms of the compressors. You never expect to buy an OEM compressor and finally don't meet the specifications and don't work. And so we're having to replace all of the -- a lot of other components within the compressor because the OEM manufacturer, so we didn't provide them to specs. We've only got 42 investment stages working today. And as you'll see, when we have 42 initial stages, we can get to 99.1% enriched. And so our first campaign goes from 92.2% to 95.7% and so on. So what we're actually seeing in the plant is we're achieving 95.706%. That's been measured by an analytical lab. So the theatrical number should be 95.703 we're coming out at 95.7%. And so we're very happy that actually the emergent is happening exactly as we expected to, per the mathematical calculation and theoretical formulas that it should go to. The problem we have is with reliability and compressors. And so if you look in May, the plant had 58% uptime. So almost half the time the plant wasn't operational. We improved that to 80% in June. -- and 90% in July. And of the downtime, 97% of it was due to compressors, either mechanical failure or EC&I failure. And so we're getting better but we're actually having -- have really struggling with the compressors here. And these are just OEM supplied compressors that just don't meet the spec. So how are we solving that problem? And as Dr. Pertz alluded to, we find when we make our own components, we do it better than the most OEM suppliers do. So we've actually designed a new compressor for the ASP process. It's thematically sales, so it's helium tight. It has -- it's made out of tubulars is pretty special and don't corrode with gases and don't commit gases that we use. And what we're seeing is substantially better flow rates, substantially better pressure ratio and this will translate to a significant reduction in energy consumption. And this will be used in our future plans. In terms of quantum enrichment, as you can see, we enriched Juterbium successfully last summer. You can see on the left is the feedstock with turbine 176, about 13%. And after passing through our Michman chamber, we got to 94%. So a significant amount of investment in a single step is extremely powerful. This laser mishment. And now we have to scale that up. Our current vessel on the vessel we used to have could enrich for 3 hours at a time, 3 days a week. We have to heat it up call it down, open the vessel, put new product in, pull the vacuum again, heat process and so forth. What we spent the last year doing is making a continuous processing vessel that can process for 24 hours a day, 7 days a week for multiple months out of time. And we think that will allow us to process over 50 milligrams an hour. And that should allow us to do about 350 grams per vessel and free vessels in parallel should then allow us to get to about a kilogram a year. And so we've just finished the construction of the continuous processing vessel. It's being commissioned right now. We expect to have some news and some data on that during the next sort of several weeks or so forth. So I think what this shows is that the technology works. The technology is enriching as we would like it to. Scaling this up to commercial process, and they've proved a lot more challenging than we expected them to. And we had to fight our way through those, get them done. But what we see is a continuous improvement in our plants, continuous improvement in our technologies and that should translate into being able to build bigger, better plants over the years. So I'm going to hand over now and pass it over to Robbie, our Chief Operating Officer, who's going to talk about the legislative environment and IP. Thank you Robbie.

Hi, everyone. So a quick comment on intellectual and the nuclear regulatory environment that we operate under these become more important as we go into our expansive phase as the engineering team have pointed out. I'm going to raise through it. So I'm restricted to 5 minutes, so bear with me. Good. So over the last 5 years, we've created a large pool of intellectual property. As many of you will know, intellectual property exists in unregistered and registered format. Our unregistered IP consists of know-how and trade secrets. We record this know-how and trade secrets internally in registers, internal registers, which are managed and monitored by our specialist intellectual property Council, and we maintain that and build that base of knowledge over time. Certain amounts, certain parts of that in sexual property, which are not covered by nuclear regulation, which I'll come on to next, are capable of being registered and we have an active strategy to protect that, certainly in the engineering department, the R&D department and in our Nuclear medical subsidiary. We have an active strategy to take an advice on what we should patent. The importance of the strategy for intellectual property is where you position it. And the note to put there is a location to own the location to use. -- that will become apparent in the next slide when the cost of nuclear regulation comes to be. So when you operate with nuclear materials, you are coming to the ambit of the International Topic Energy Agency in Vienna, and they police the nonproliferation treaty for nuclear weapons. Most countries in the world have signed up to the NPT, a few notable exceptions, which you could probably guess. The main issue with being regulated by the IAs, you submit yourself to inspection. Our plants in South Africa are inspected twice a year, both types of laser plants and ASP plants are examined and what they're looking for, the inspectors when they come down is their swapping for uranium. Both of our technology platforms have been used to enrich uranium, everyone knows they can enrich uranium -- and therefore, they are not only control technology, which means it's technology, you are not allowed to transfer across borders. That's the essence of nonproliferation without special into government agreements sign off by the IAEA such as we're doing in the process of doing an ICA very successfully. The other issue with managing control technologies, you have to maintain safeguards. Safeguards are prescribed in the nonproliferation treaty, and various other documentation issued by the IAEA. We've invested heavily in our asset protection department, which manages our compliance with the nonproliferation treaty, and overreaches the safeguard that I prescribed therein. A subgroup of controlled technology is the dual use technology. Dual-use technologies only technology where it has a civilian use, but can be retasked for weapons and both our Century Vogl ASP technology and the laser-based Qantarichment technology for slap-bang into the middle of that profile. So that means we have to in-country apply extra comprehensive safeguards. And we are very careful about where we do our research and generate our IP, record our IP, maintain our registers for different types of isotopes and different types of projects. so that we are able to utilize the technology that we develop intellectual property that we create in the places where we want to -- that was a bit of a quick run through within time. So anybody who'd like to know any more about it, then please just catch me afterwards. Thank you.

So we're going to have a review now of the major markets that we operate in. And 1 of the most exciting I find is nuclear medicine, and we're right in the early innings of a new therapeutic product cycle. And when you think about cancer 20, 30 years ago, we often you something like chemotherapy to treat the patient. And chemotherapy is very good at killing cells at [indiscernible] and the goal of chemotherapies to kill the cancer before you kill the patient is a pretty horrible drug to use. A typical patient who would be diagnosed with cancer would first of all, have a biopsy, which is years ago, we have a biopsy, which is an invasive procedure, then the doctor would choose from a treatment to treat the patient with maybe 6 weeks later, they do liver biopsy and C is the drug working or not. So that's a 6 weeks between first diagnosis and an analysis of whether or not the drug is working. That's a long time to wait when you've got cancer. So what we can do nowadays with radio therapeutics and radio theranostics is that we can -- we've actually diagnosed the patient in a day with an invasive procedure. We can perform a radio scan on the patient and diagnose a particular type of tumor, but then treat the patient almost immediately with a targeted agent that just targets the tumor and doesn't affect the rest of the body. And a couple of days later, we can do another scan and see is that drive working. So you can have real-time feedback and real-time evidence as to where or not the treatment they're using is working. That's led to substantial improvements in patient outcomes, which is obviously a good thing. And we're really only very, very early innings of this. There's a couple of drugs approved and it's very much in its infancy. We have remodiopharmacies around the world. So 4 ranafarmacies around the world. We produced over 10,000 doses of drugs a year. And we expect over $14 million in revenue this year. And this slide just shows the symbiotic relationship between ASP isotopes and Pet labs. And why -- when Rob and I formed the company, we were so keen to have a company like Pet labs within our portfolio because the ASPI, we should be able to produce stabilize topes so Zinc68 or nickel 64. And a radiopharmacy converts that stabilize into a radioisotope using either a proton and electron or neutron and that radio is a decay is giving off radiation and energy, and we use that radiation to treat the patient. Now most radiopharmacies buying their stabilizer topes from Russia. Russia supply is about 85% of stabilizer isotopes and the supply has been for problems over the last 20 years. And so our goal is to solve that by having a vertically integrated radiopharmacy. I'll hand over now to Dr. Van Tonder to talk about PET labs and exactly what PET labs does.

Thank you, Paul. Good afternoon, everybody. Welcome. So the examples that Paul showed those include isotopes that allow for diagnosis and treatment. So it is important to realize that you need the radioactive DK property of those isotopes for both of those technologies to actually work. So that is very important to remember. And then modern developments in advanced and advanced molecules have created a synergy between the diagnosis and the treatment. So that synergy is called Theranostics, so -- which is what we have on this slide. So the concept of Theranostics is about 80 years old. So it started with I-131 but was limited at that time by access to advanced molecules. So the terms that agnostics was coined significantly later -- and it only became a commercially significant segment of the market about 8 years ago following the approval of Novartis's Lutathera and Bravecto products. So when you consider -- apologies, when you consider the PET and the spec agents, you use those to visualize the body based on either perfusion or metabolism depending on the vector that you utilize. So the vector actually targets the area of interest. And that allows you to, for instance, confirm overexpression of a receptor for primary or metastatic lesions. So -- this is also where advanced molecules come into play. And when you combine that with your quantifiable properties from your radio nuclei -- that is where you can actually then look into the patient and screen out nonresponsive tissue prior to drug delivery, and you can also monitor your treatment efficacy. So with the advanced molecules, this targeted approach can be extended towards treatment as well, where you just swap out your radio nucleide, while retaining the same type of vector. So an additional advantage for the advanced molecules is then obviously your improved selectivity, which will give you a better quality diagnosis, which will lead to earlier detection and then improve treatment as well. So in both of those work together toward personalized therapy. So at the end of the day, you have a precision strike with localized titer toxicity and it can be repeated in successive cycles to actually achieve systemic tumor clearance. So the role of the radio pharmacies to actually manufacture these agents, so commonly referred to as your radio tracers. First off, you need to obtain your radioisotope. So for your therapeutic isotopes, those are generally nuclear reactor products, but you can generate some of them using a cyclotron. The cyclotron is also a critical tool for PET manufacturing for PET radiotracers. And the cyclotron in essence is a particle accelerator that actually is fitted with a target at the end that you can load up with a target material. So if you consider the cyclotron to be a rifle, your particles would be the bullet that then bombards the target material. And that is done with sufficient energy to actually change the element of the target material into your radio isotope. So different combinations of bullets and target material then generate different radio isotopes. So -- following your bombardment, you have you already isotope and that is then transferred usually pneumatically to a designated area for chemical transformation, which is then where you produce your radio trace a product. And this is then where your shelf life product sorry, your shelf life clock starts. So that depends heavily on the rate of decay of your radioisotope, which is the half-life. So for example, if you have fluorine 18, you have a half-life of about 110 minutes, which means 4 hours later, you have just over 20% left of whatever you manufacture it. So that makes daily logistics a critical factor in our operations. So the product is then shipped to the designated clinic, physicians office, wherever it might be, where it gets administered to the patient. And after a brief waiting period, the patient is then subjected to a scan. So the scanner detects the gamma rays that are actually produced during the radioactive DK process. So and that allows the instrument to render a 3-dimensional image, which is then interpreted by the physician. So PET labs operates in a global nuclear medicine market of about $33 billion, of which your radio pharmaceuticals make up about GBP 13.5 billion. So of that, your commercial segment is about 5.8% and 85% of that is as a result of direct sales of your pet and spec agents. So your advanced molecules come into play where you can see that the contribution at the moment is very small. And that is exactly where PET Labs wants to be involved. So we want to be at the lead running your clinical lead molecules, doing your research on that. So we want to manufacture those to generate data and then assist in pushing new molecules to market. So when you consider the introduction of Theranostics and the aging populations worldwide, we expect an overall demand increase for these type of agents or your theranostic agents and advanced molecules with compound annual growth rates in excess of 20% for both your pet and your therapeutic agents. So with increased accessibility, this is expected to further drive demand. And then also what must be considered as the unbundling of the U.S. reimbursement model. So that is where you're more advanced and more expensive molecules are now reimbursed in addition to the actual medical procedure. So most significant with respect to the regions are the regions containing your developing markets such as Asia Pacific, Latin America, Middle East and Africa, all showing a compound annual growth rate in excess of 10%. So for us to capitalize on this -- sorry, to capitalize on this opportunity. The challenges include your radioisotope availability and then also competent manufacturing staff and then obviously, your local infrastructure. So Pet lab's strategy to address these challenges include global expansion. So that would be into the fast-growing regions. -- and then also partnering with established businesses. So we have expanded into the U.S. by procuring 2 operational nuclear pharmacies. We plan to add about 8 more over the next 5 years. And with compound growth, we expect have at least 30 facilities within the next 10 years, right? So Peta's plans to achieve that by specializing in the fastest-growing segment, which is then actually the manufacturing of the advanced molecules for both your pets and your therapeutic agents. Thank you. I'll hand back to Paul.

Thanks Johannes. So on the other side of the treatment, you've got diagnosis and then you've got treatment. So I'm going to hand over now to Martin Magwaza who's going to talk about our peers. And this is a division or company that we've been incubating for a couple of years inside we haven't spoken much about it ever. This is the first time I think we've really presented what the company looks like and what we've been working on if 1 of the most exciting parts of the company, I think, so Martin. Over to you, please.

Thank you very much, Paul. Hi, everyone. My name is Martin Magwaza. I'm the President of Albatrostics. And I will take you on the journey of why ASP chose to enter the space. What was our amortization? What is our game plan and how do we envisage to win in this exciting market. Let's start by giving a bit of context -- the global oncology market by the end of this quarter of this decade, so it would have hit about $400 billion in global sales. In estimates that at current growth rates, would have reached about $600 billion by 2025. That presents a tremendous opportunity. But we'll take you to a reason why we've looked at this market beyond the narrow definition of theranostic space and looked at it as a more holistic opportunity for ourselves. Perhaps we should start with what our game plan is at Alba theranostics. We rely a lot on the wonderful biology of Alpacas, and use as many of you would know, camelids have this incredible ability to produce very unique heavy-chain-only antibodies, which are different to those that are produced by mice, other memos and humans. So we take advantage of this to develop targeted diagnostics, which can be used for both imaging via PET and spec as well as therapy. There's 4 numbers that you need to know. First of all, it's a format size. The antibodies are 1/10 of the size of IgG antibodies. There are 15-kilo dates in size as opposed to 150 kilodaltons. Secondly, at alpha theranostics, we are looking at 5 tumor targets. We're developing targets with them. therapeutic targets assets for those, which means for each of the 5 tumor types, we have 2 entities, an imaging part as well as the therapy part. In the next 12 months, we'll be delivering our first in human data on what we've done in these 5 cancers. The last number to note is over the last 2 years, we've seen an excess of $9 billion in M&A activity. That tells us something about what Big Pharma is seeing in this industry of ours. And secondly, I want to take you through why we think this is the right market for us to enter. What we've seen with Lutathera and Pavecto from Novartis is that there's no longer a question about where the radio-ligand therapy is a valid modality for treating difficult cancers. Prostate cancer, neuroendocrine tumors have demonstrated a tremendous amount of commercial opportunity for Novartis that's already in the billions. However, we're seeing that there's still quite a bit of a ceiling in terms of targets. How much more could be achieved if we could unlock this by finding the right kind of models to target these additional cancers. So what we see is that in addition to the validated targets of PSMA and SSTR, there's only a few other companies that are looking at targets beyond these 2. What is got interesting is that in the top 10 tumors globally, it's actually essentially only PSMA that has -- or prostate cancer and has a ready ligand therapy that is approved. For that area, the curve presents to us a tremendous amount of opportunity. The other imputation is that inasmuch as the IgG antibodies have delivered a lot of value in terms of improving treatment outcomes. They are formatting for radical therapy, still suboptimal. They are simply too large, they are not flexible and not able to reach some of these difficult to reach targets in the difficult-to-treat cancers. And additionally, a model that is based on large IgG antibodies is very slow, very expensive. The steel tank infrastructure required is quite heavy. And in the development process, what we find is what by the time that you realize that there's a likelihood of capability failures is usually too late. And that affects the likelihood of the company is delivering quality CMCs, which are required for further development of these drugs. The other area that is of huge concern when it comes to IgG antibodies. Tumors, which have what we call the desmoplastic barrier where the sterile involvement, they simply cannot penetrate and that leaves a huge chunk of difficult-to-treat cancers without any treatment options that are actually are viable for the patients. Some of the examples are the triple-negative breast cancer, which we know is a killer of young women, the other one is, of course, small cell lung cancer, non-small cell lung cancer, PDAC, which are difficult to treat with IgG antibodies. And these are exactly the type of tumors that we know we can deliver a killing strike to them. I'm now going to take you through just the top line methodology of what we do. So in the farm in South Africa, these are actual pockets, by the way, this is not stock imaging. They have names. I just can't remember. So we have these pockets, which we immunized with a target antigen. And over a period of 42 to 89 days to start expressing antibodies against the targets. So we do draw blood in a very safe and ethical manner, and we start panning and analyzing the sequences of these VHH antibodies. If we are not happy with the start of antibodies, for example, if they have certain liabilities, whether it's the charge on the surface of the antibody itself, maybe there's some immunogenicity, which we feel might be a risk especially in cases where patients need to be treated repeatedly. We use our advanced and proprietary computational power, which allows us to correct any of those liabilities to ensure that we can further develop the antibodies. And once we've done our work on the discovery and the refinement parts via computation means, we then have the agnostic pair, which is combined of VHH antibody for imaging, which unlike just the IHC and biopsies tells us a lot more about tumor location. Its extent, and that informs the treatment strategy that the doctor can engage in. That, therefore, allows the doctor to tailor the treatment plan using any of the other isotopes, which have been described by our colleagues such as the betameters, Alphas, the ages, in centistances, the conversion electrons. I'm going to roll back a little bit just to tell you a little bit more about why this format is so exciting. And I must add -- this is not new. This is not VHH antibodies are not you or exotic science. This has been 30 years in the works. And as a matter of fact, a company calls of Aventis a few years ago, acquired Ablynx, which has developed quite a number of VHH antibodies for a few cancers in the ADC format, as always treatments for some difficult-to-treat ocular disorders. But we have chosen to take this amazing format and apply it in the radioligand in the diagnostic space. As I've said, the size is an advantage. It allows us to hit targets that IgG antibodies do not reach. And this is a function of how the CDR3 loop of the VHH antibody is structured. It acts as some sort of a wedge, it's able to reach nooks and currencies of cancer targets that the larger and bulk IgG antibodies are not able to reach. And this allows us to -- not to get too technical, even in cases where a patient has been treated, for example, with a trastuzumab or pertuzumab. We are able to raise antibodies that can identify other epitopes in the tumor type that are not subject to the resistant patterns that the tumor may have developed. And of course, it acts as a single entity. This is the entire therapeutic units at the stand, which allows us flexibility to read a label. And if we want to combine them and bring about other formats, we can do that depending on the need. And what is also important due to the lack of, what we call sequence homology between our immune system and that of camelids. We find that there's very little immunogenicity that merges with the pocket derived VHH antibodies. However, as I said, in the case where there is some level of immunogenicity, we can correct this quite easily with our computational models. And this allows us to have drugs that can be used routinely on a chronic basis through the patients require. And just another view. This is just by comparison, for example, what we know from the world of ADCs versus the VHH area. So the beauty of the VHH bodies is we've seen this in our preclinical model. There's a lot of deep tumor penetration even in areas where IgG antibodies cannot reach. The half-life is also built for the short half-life nature of some of the isotopes that we're using. So you don't have, like in the case of some of the IgG antibodies long circulation time of an antibody with a radioactive payload radiating blinds and a lot of the other sites that are not the target of the treatment intervention. Then, of course, the other exciting development, which you -- many of you may know about, even though they are larger than the 400,000 limit of diffusion or free fusion, in the blood barrier, we've seen that they are able to translate the plant be with a little bit of engineering. And then, of course, for us in the space of oncology, that means a lot, especially in cases where cancers of spread to the brain or in some cases, when a patient is diagnosed with the glioma and that requires more aggressive treatment, which has a radioactive payload. So this allows us that kind of flexibility. And if we look at why a big pharma -- what big pharma has been doing in this space. And as I mentioned in my opening, it's been quite exciting to see the level of activity happening here. And what is more interesting is that the deal sizes here will be between $1 billion to $4 billion. I mean, I can give some example, BMS and RasiBio, the likes of FastaZenca acquiring Fusion of course, Lilly acquiring point in Novartis back again after a long list of other acquisitions in the RLD space since 2018 around about by the -- through the acquisition of Mariana and what is interesting is a lot of these deals were struck when the companies, which were targeted had only demonstrated a proof point or data readout from Phase I as well as Phase I -- they don't even wait until there's a Phase III data readout because they understand they're chasing a far larger market share, which is oncology. And of course, what will it hit for us to win in this space -- we feel very strongly about the need for us to break the target ceiling. The VHH antibodies allow us to target more tumor types, even in difficult-to-treat cancers. They allow us to win in the therapeutic index because we can penetrate tumors in a tumor microenvironment where other formats are not able to reach. And then, of course, the other big win here what we've seen, if we are able to treat these cancers effectively with this format, we might start seeing a greater migration from third line, second line to first line. And of course, we've seen this with Bevco where for the first time a ready ligan therapy has a definitive Phase first-line therapy. So that -- this, of course, allows us to moved beyond just being a treatment of last resort to being a treatment that can be considered much earlier in the citim continuum. And that, of course, speaks to the tremendous amount of value that could be harvested in the broader oncology market. And of course, the other important thing is the format allows us to combine it with other interventions, whether it's immunotherapy or other treatment options to ensure that there's a 5 greater cancer killing effect to improve patient outcomes. And of course, my colleagues have spoken a bit on this, the ability to own the value chain by having in-house isotope production, especially in the world where there's just not enough steel there's not enough avatar production. So this is going to be quite crucial, and we believe with the structure of ASP and the companies underneath it will allow us to play in this scale. And the most exciting news for us is, as Paul said in his introduction, we've been doing quite a bit of work of work in this area. We have quite a number of assets that are in preclinical setting. And a lot of this work is being done in a site called Numera Pretoria. It's renowned for this kind of work. I mean, relying on South Africa decades of nuclear sciences expertise. We work with the renowned Professor [ Mike Steve, ] who has published more than 500 articles in this space. And our first target is, of course, the lead program in triple-negative breast cancer, which is quite a serious underserved need and head to positive breast cancer, especially in the metastatic setting where the tumor may have even spread to the brain. And then of course, for the pediatrics, where very little work is done in the likes of autosacoma. We have some targets which we will bring something really meaningful in this indication, which the FDA and EMA defined as an orphan disease. And then, of course, colorectal cancer amongst the top 10 neoplasms that still does not have highly effective therapies. And then a nice technical challenge for us in the cleamaspace where there's an absolute need for crossing the blood brain barrier. Of course, these VHH antibodies that we're developing in this area will have, as I said, the imaging component for PET or SPECT, and they will be paid depending on the physician's choice with either a beta meter and Alpha, Osama, in some cases, conversion electrons. Second last slide. And this is a schematic view of where we are. We've been doing quite a bit of work in South Africa in preparation for our first in man -- and the game plan here is very simple. We want to go to file the U.S. IND within the next year or so, already having meaningful data set from humans. So we rely on South Africa's large disease bedding, largely untreated patients who present with advanced disease in partnership with the government. And we'll present these results and compile data for us to be able to file a robust IND with the U.S. FDA to allow us to prepare for a global trials. And of course, what happens after the first 5 assets taken to tested man. We have a pipeline of quite a number of other targets that we believe equally is difficult and will be quite a pleasure for us to target with our VHH antibody program. And then lastly, we have a validated modality. We're not experimenting with the unknown a proprietary discovery engine that ensures that we derisk our assets upfront and have a greater chance and the likelihood of success. We're leveraging our computational power to break the targets in format ceiling, which has been holding the field back. And then, of course, our claim to fame is where we target those underserved tumor tasks, which the patients desperately need interventions for. And of course, for the investors, I mean, I've demonstrated this is a highly exitable, field based on the numbers that we have seen. So what comes that is just we'll be going through the next round of prioritization for our pipeline. And then of course, there was amazing infrastructure, both at Petlabs and in Nomar for radio labeling to do some tax work and then, of course, prepare for IND. And of course, Numeris getting ready to assist us with our first in human diagnostic study. And of course, since VHH antibodies are expressed in East, our infrastructure, which is GMP, we're in partnership with a European company is ready for us to be able to scale up this work. I'll end note, I'd like to thank you. And I'll hand it to you -- over to you, Paul.

Thanks, Martin. So one of the most exciting parts of our business, I think, in terms of addressing unmet medical needs in treating patients of the future. So -- and we're talking now about helium and LNG and Virginia gas projects. And unfortunately, Nick isn't able to be here today at travel problems. So I'll do the whole presentation. But normally, Nick would do of this with me. So first of all, this is a world-class, very unique asset. We believe it's 1 of the highest concentrations of helium found on Pie Earth. We believe we see about 3% helium across our gas field. That compares to United States, where typically see about 0.4%. And in Qatar, Middle East, you see about 0.04%. So we had a lot more helium than you would normally get in marine gas -- we have a first-mover advantage here. We've got the only onshore petroleum production in South Africa. It's a country that's desperate for more hydrocarbons. This has been designated a strategic asset by both African government and the United States government. Helium has classified as a critical mineral in most countries around the world. And we've got a lot of funding from external parties. We expect to get $0.5 billion of capital from the U.S. DFC, billion from a commercial bank. So so that's going to help us as well. So this is an incredible asset. Let's talk a bit now about what Helium is used for. So helium is a very, very unique commodity chemicals. It's a commodity chemical. It's one of the few chemicals that you can't replace is a finite mountain player earth, and we're using it up of increasing rates. It's chemically and electrically inert, and that makes it really useful for certain manufacturing processes like semiconductors. It has a very low density and being in Ercan low density means you can use it for lifting certain things in balloons and buoyancy. It's got a very low boiling point. It doesn't form a solid, which is, again, very unique. And it becomes a super fluid in our liquids. So it has 0 viscosity. And so it flows about the akinetic energy, and that's also a very unique feature of it. And as I said, it's but a critical mineral for most countries. So in terms of the markets that we are most interesting, I mean, MRI is clearly growing at a GDP-type rate, but you can't do an MRI about liquid helium. It's interesting that India right now has canceled all nonessential MRs because of the lack of helium in the country. Semiconductor is also growing dramatically. You can't make a semiconductor about helium. It's used in multiple steps of the production process. But if fab hasn't got helium has to shut down, it will lose more profit in that day and it spends the entire year on helium. And so it has an incredible ability to pay whatever price it needs to pay to have helium. And if you recall, during COVID, there was a shortage of cars in the U.S. or trucks and cars, and they blend the semiconductor industry, that was actually because of a lack of helium and not being able to make semiconductor for the cars. So it's used in so many end market industries which are reliant upon things that use helium. And finally, Rocket, you can't relaunch a rocket without helium. It's used as the propellant to force the fuel through the combustion engine. And it's interesting that the U.S. government has just signed in order to triple the amount of rocket launches between now and 2030. I think that's going to be a struggle simply because of the lack of helium. And I know Elon Musk wants to launch a star ship a day well, every time I start ship launches, it uses entire days supply of global helium -- so that also looks like a challenging ambition. But it's an incredible market. And I say, it's irreplaceable in most industries. So this slide here just talks about how the market has evolved over the last 15 years. And you'll see the U.S. strategic reserve, the BLM used to be about 1/3 of global production. That's now miniscule. It's basically been depleted. So the U.S. has exhausted a strategic reserve. And that reduction in strategic reserve, which became the supplier of last resort has resulted in prices going from, call it, $20 per Mcf to above $500 per Mcf. And so we've seen significant price inflation as -- and customers don't repeat how a problem paying these prices for the product -- so in terms of supply/demand, you'll notice that the U.S. or the Americas is broadly balanced in terms of supply and demand. You'll notice that Asia and Europe are not -- and actually recently, Musante team who made a trip to Asia, and there are some very nervous semiconductor companies out there who are don't know where they're going to get their helium from in the second half of the year. The portent perspective, I'm told 60% of Taiwan GDP is indirectly linked to semiconductor production. Singapore is close to 15%. It's a major problem for regions. There's a lot of very nervous customers there. What's caused that nervousness let's call that nervousness. It feels like we're entering the fifth supply-side crisis for helium. -- earlier on this year, the Qatar processing facilities, which produce about 1/3 of the world's helium were as part of the conflict in the Middle East. Some of that capacity is offline apparently or for an extended period of time. Some of it will come back as and when Qatar can return to producing LNG. Russia has introduced an export ban on helium. And so the world is essentially short about 50% helium right now. And that's why these companies are so nervous about where they're going to get their helium from -- if Orion wants to start up its LNG plant, you don't just turn it on overnight. It takes a number of weeks, months to call that plant down to minus 4 to 4 Calvin and then you can start producing. So even if the war stops today, and Katarstarted to get comfortable it can produce LNG today, you're probably talking sort of 3 over months before we see any product in the market. So we're also producing a very unique location. -- shipping time matters for helium. Every day you ship helium, you use about 1% by boiloff -- and so you'll see when you ship from Qatar, the distances are very long. It takes a long time to ship to China and to Houston. Cape of -- good Hope is the only location in Plate you can ship to all 4 corners of the earth in less than 20 days. And that means we have less boiloff -- and so when the product arrives with the customer, there's more on it. And the customers value that quite greatly. So we also get LNG with helium. And this is -- I've looked I was going to say hundreds here probably tens of helium assets around the world over the last 10 years. And most of them I couldn't get to make financial sense and to generate economic return across the cycle. What really benefits this project is, first of all, the concentration of helium you have is truly unique. And secondly, we produce LNG in a country which is desperate for energy and desperate for hydrocarbons. Much of the hydrocarbons entering South Africa are due to stop in the next 24 months or so. They're going to try and fill that hole by doing coal to gas. And then at the end of the decade, companies are hoping to build LNG ports on the coast and bring more engine. But what it means is that we have a very valuable byproduct -- and that makes our plan even more profitable. So this is our deserve. How did the gas get here? Well, this reserve was formed about 2 billion years ago. And it's quite unique in that 2 Astors hit Planet Earth, exactly the same spot, 3 billion years ago and 2 billion years ago. And these astros created a lot of the geology you see on the African continent in terms of mineral availability. But the second strong at a uranium folium core. And that material is now about 5 miles belief or the surface. It's not minable. It's poems concentrated source of uranium on earth, but it's not really minable given its debt for economic at current prices. But it does -- it goes under the radioactive decay producing helium and that then gets trapped in the care and the Vit layer. And we were able to then drill fairly shallow wells and remove that helium and natural gas together. Our Phase I and Phase II is about half of that polygon you see in the middle of of that area. Arvinas total are black outline marks our production rights. And our Phase I and Phase II uses about half that yellow polygons. There's plenty of capacity to build a Phase III, a Phase I, a Phase 5 and so on. And this kind of just demonstrates the size of our reserves, our 1P helium reserves about the same size as the U.S. federal helium system. So it's the vast reserve. It's a generational asset. There's generations of production potential here. So we have one asset to products and 4 markets. So we drill well heads out in the field. We connect those wellheads via a gathering system to an LNG and helium processing plant. And then we sell hydrocarbons for gas to power, industrial or transport industry. Then Helium is predominantly used for the export market. There will be some domestic production. So Phase 1 should hit nameplate capacity during the second half of this year. We started the plant about 2 a few weeks ago. We've just hit the temperature we wanted about 4 Kelvin. We expect our first product to go before the end of September. That should produce about 70 Mcf a day of liquid helium and about 2,500 gigajoules a day of LNG. And for those in the United States, a giga jewels approximately equal an MMBtu. So what does that mean in terms of revenues and profits? Because I know analysts like to turn things into revenues and profits. So full production for the year, that's at kind of current prices. And again, I don't have a crystal ball. I can't tell you where prices are going to be in the future. But the current kind of prices we're contracting out, that's probably $25 million to $30 million in revenue, probably $5 million to $10 million in gross profit. We're signing contracts right now. contracts are between 5 and 15 years, take-or-pay contracts. And they've got inflation escalators at PPI included within them. So -- so it's very -- and we've sold or sold out about 75% of the LNG and 15% of the helium. We'd expect to contract the balance of Phase 1 for the and helium between now and the end of September. LNG, we look to contract 100% of the LNG, and we'll look to contract between 50% and 75% of the helium and we sell the balance of the helium that spot. Phase 2 is 13x the size. We'll start construction of that during the second half of the year, 900 Mcf a day of liquid helium, 34,000 gigajoules a day of LNG. It's truly a monster. When operational, this plant should be capable of generating over $300 million in revenue and they were $250 million in gross profit. And again, we're looking to contract most of that this year. So we aim to have half of that fully contracted by the end of this year. Phase 2 benefits from $0.5 billion of capital or should benefit $5.5 billion of capital coming from the U.S. government, the DFC and $4 billion from a commercial bank standard bank. And it should take about 44 months to build. Now 1 of my jobs is to manage the risk of this project. I've seen many billion projects, turning to $5 billion projects and 4-year production -- 4-year construction time 10 to 10-year construction times. And so how do we manage that risk? Well, we're actually getting kind of a turnkey contract from 1 of the world's most experienced and best cryogenic facility builder. And so they will give us a contract to build the plant at a fixed price on a fixed duration. And this is all they really do. So we're very confident in their ability to get that plant done on time. Other risks are obviously financial risks and market risks, financial risks is that we will -- we've got 2 very very supportive funders in terms of the U.S. government and Standard Bank -- and in terms of managing market risk by contracting a large proportion of the plant on 5- to 15-year contracts with price escalators related to -- we're doing our best here to lock in the economic returns of this project before we even start to build it. So that's an exciting project to come. And then it's just comes how we get from Phase I to Phase II. We should expect Phase II to start production in the 2030 time frame of 2031 being the first full year of production. Just to summarize, this is a very, very unique opportunity. There's nonsubstitutable demand for this product. Customers will pay whatever they have to pay to get it given where we're seeing prices go right now, many investors ask me, how is the market going to respond to it, but it's going to be pretty simple and that some industries will probably cease to exist in the next 6, 12 months as the market runs out of Helium. So for example, helium balloons, scuba diving, welding, we have to find alternatives because they simply won't be able to afford the price they have to pay in order to keep going. So we're scaling up right now, and this is a long-duration asset with years of growth ahead of it. So that leads me now to hand over to Natalie who's going to talk about the electronics side of our business. Obviously, Helium is a large part of our electronics business. So Natalie, ever. Thank you very much.

Thanks, Paul. Welcome, everybody. Very happy to be here today. So I'm Natalie Grancharov Camacho. I joined ASP recently earlier this year. Prior to that, I've been in the semiconductor industry for about 25 years and most recently, I was at Intel actually for 22 years, and my team delivered the 18 technology node before I left was very exciting for us. Okay. So let's nerd out a little bit on chips here. So this -- speaking of Intel, this is the Intel Xeon server chip. So -- if you guys have never taken apart your computer or built one, this is what it would look like inside. If this is a quantum tip, it would look almost identical, very similar size and packaging right now. I'd love to be holding a quantum chip that is supported by Cubitt -- the reality is it's really materials. That's one of the hard stops for us getting commercial quantum computing. And so one of the key bits for that is silicon 28, which I'll get into a little bit, but when we look at engineering and where we are, especially with the semiconductor industry, we're not as bound anymore by the engineering piece, right? We have machine learning. We have very strong AI. We can virtually model anything. But when it comes to actually having the materials and then being able to physically produce something, this is where it gets -- it gets a little tricky. So -- the gaps that I'll speak to today are really the choke point. So isotopically pure silicon in the form of silane, which is EdgeH4, which is what ASP produces. This is what quantum computing companies -- they want it in the form of silent, which is SI H4. Really, the only availability in the world right now is in the form of -- there's countries in Asia that produce these kind of sticky supply chains. But ultimately, when you remove the flooring out of that, you no longer have the purity that you need to support the Cubic and I'll get into that a little bit -- and then Paul spoke a little bit at the helium, obviously, supply chain was heavily disrupted this year and so were some of the electronic gases like tungsten hexafluoride as well. So -- the good news for us in the electronic side is we already own a lot of these pieces for the supply chain, right? We have the enrichment technology at commercial scale -- we have a good feedstock in Africa, and we have our own gas field, right? So we're listening to what our customers want. So let's go forward. So talking about Silicon 28, so -- why is it important for Quanta computing specifically? So Quantum chips don't use 1s and 0s like a traditional transistor, -- they're what we call spines, and they are in the state of 1 MZRat the same time simultaneously. This is called superposition. This is what makes quantum computing so powerful, right? I know if you guys have heard I saw a recent article that said, like Quantum computers could break bitcoin essentially 9 minutes. And that's because they're not switching back and forth. They're actually in a state of a 1 or 0 constantly. But in order to stay in these states, they need to be in a perfectly good environment that essentially has no noise, right? So we call it magnetic noise from non-zero spins, which is not isotopically pure materials or anything else. This causes de coherence. -- and the cubic is no longer a function. And this is why in the industry, quantum computers, the cubics function for about 200 milliseconds, then they get de coherence and they no longer function appropriately. So this is why our customers are very interested in our isotopicPure Silicon 28 for this. And then -- so that's our road map for us. But looking at the path finding, right, what else could be on the road map for us. So our isotope pure carbon 12 is very powerful for power electronics actually. So Diamond has always been a very good material -- and you've probably heard of CNTs or carbon nanotubes as well. But looking at power electronics, right, they have a very high thermal connectivity, a wide band gap. And what this means is for devices that are using a lot of power, such as electric vehicles that have DC motors that switch from DC to AC in order to drive. These are those materials where we want the most thermal efficiency. The other piece we're looking at is carbon 12 for thermal insulation materials. So when we look at a chip, we want to -- when it's operating, right, it gets hot. We want to draw that heat away from it as efficiently as possible. So the industry is looking at a lot of different materials for that. And one of the materials is a thermal interface materials. So looking at some collaborations to see if our carbon 12 could be a viable option for Tim materials and advanced packaging. So again, this is just pathfinding, but some exciting, I think, opportunities are ahead of us, too. And then let's talk a little bit about the bridge to modern fab processing. So this is, of course, the near and dear part for me being in the fab for so long. So this is purely just for our own entertain, which this is a 200-millimeter wafer. But our customers are seeking our Silicon 28 as I saw, and they're using it in quantum computing in the form of cubits, -- we also have customers that actually make wafers and they're wanting it in the form of silane also to make silicon on insulator wafers. The cool thing about this is these SOI wafers, silicon and isolated wafers, are produced in 300-millimeter fabs by foundries that already exist and are already producing the leading technology nodes. So the silent guests that we use can be used in any standard epi deposition tool or a thermal processing tool that would deposit silicon on its own. So this is a good news for us on our customers. So I'll talk just briefly a little bit more on the Helium and Florida gas and some of the other things for the -- I think the core business for rehab and then some of the foundations we want to grow on. So Paul did a great job of talking about Helium for us, and I mean I cannot underscore how important it is for the semi industry, and he gave some very good examples for that. I think that semi industry worldwide use this maybe 20% to 25% of all of the world's helium. It's a massive quantity. There's really no substitute for helium. There's really no other inert gas that can function the way helium does for the industry. So if we don't have it, it's a huge burden. And so again, the great part and what our customers are very pleased with at this point with Helium is that we have our own helium fields and we can ship directly to the customers, as you guys saw earlier as far as the pathways. And then Florida ed gases -- this is a cool 1 because our customers, they like our helium and they said, "Hey, can you supply us with other gases? What about fluorinated gases? And so this is an exciting project for us because ASP actually has quite a few individuals on our team that are Floor Nation experts. They've studied it. They've built these plants, they have PhDs in it as well. And so for Florida and gases for semiconductor industry, so tungsten hexafluoride, this one is used to, as a precursor gas to make tungsten interconnects and most recently, this summer, actually, about 1/3 of the supply to the industry was disrupted when Japan stopped producing. Actually, they stopped producing, I believe, in 2 of their clients in July. There were some feedstock issues because they got some of their feedstock from China and then some other environmental issues. But this was just the semi industry, they knew some of this was coming, but it's still quite a shock for the industry, and there's still some scramble to be able to get that going. And then also Germanium, Tetra Florida is another one. And Antamina pentafluoride also is another one that our customers have asked for. So we're -- the goal here is to be able to build these bespoke fluorination plans, almost at point of use for our customers so that we can fulfill the demand that they need and also close a big gap that I believe is in the supply chain here not pricing it hard enough. Okay. So all the markets that we're selling into are growing. I think you guys are probably well familiar with the semiconductor industry, which if you heard anything about like AI and all of this, this is what this industry is. And I think we've heard trillion industry by 2030. I don't doubt that, that might happen. And we've heard Elon actually is building Terrafab because he said fundamentally, TSMC and some of these companies, they can't really even supply the number of chips that we need. So I'm going to build an additional factory rate in Texas as well. So -- we see the growth there and complementary to that are the semiconductor gases. Now I talked about tungsten hexafluoride -- if the industry went away from that gas and used another material like molybdenum for that purpose, that would still need to be in a gassiest form. So either way, we're in a win position supporting like especially fluorinated gases the helium market, I don't think I need to tell you guys anymore on that. And then the quantum computing market, I mean, again, these are estimates, but I think the quantic muting market, especially if you look for a lot of countries, it's actually a matter of natural -- national interest, right? Countries want to be able to get a functioning quantum computer before other countries do, right? Again, we talked about how it can like break the Internet essentially very quickly. And what we're also seeing, too, is companies like Dell are doing collaborations with Quantum Labs, right, to look at capabilities for rack-mounted quantum servers. So you would have a traditional server that would have, for example, your Xeon processors, but it would also have a few quantum chips in there. So when you have very complex processing needs, you would switch over to your quantum chip, -- and for those lesser, you would go back to your normal functioning chips. And then we also see like Qualcomm is I think -- and Honeywell also did some joint ventures and some investment in quantum companies. So I think we see that this is where the industry is interested, right? They're putting money into it. They're looking at the growth there. And I think with the AI boom, we keep hearing of it stands to good reason that we're going to see more growth there, too. Okay. So in closing, we have some exciting demand for our Silicon 28 from our customers and also some other materials. We have a great road map and some really interesting collaborations that we're working on. So I'm looking forward to seeing where those growth. So thank you.

Thanks. So with that, we'll now pass over to Dr. Ryno Pretorius and Michael Cunniffe who's going to talk about quantum iEnergy on nuclear fuel subsidiary. And the goals are spinning this out as soon as possible. We've been going through a process for quite some time now. It feels like we're getting to the end of it. And obviously, we'll announce more to the market as and when we are able to, but Ryno, over to yourself and Michael. Thank you.

Thank you, Paul. Thanks, everyone, for coming. I'm Dr. Ryno Pretorius. I've spent the last 20 years working in every part of the nuclear fuel cycle to make sure we can achieve the success we aim to achieve with Quantum epenergy.

Hi everyone, I'm Michael Connor. I'm Chief Financial Officer. I joined late last year to help Reno build this incredible business and help take us out.

All right. So the nuclear fuel cycle, quite complex. I think everybody is familiar with the beginning and the end, mining uranium and generating power. Unfortunately, you can't just throw uranium into a furnace and generate electricity. We've got to do some very, very complex chemistry and physics. -- to get the best source of power in the universe. So this is really the conversion enrichment deconversion is really where this takes part. So a chemical process to turn your ending into a gas do enrichment where you separate the isotopes and then deconversion to produce it in a chemical form that you need. This is where the supply chain struggles, and that's where we will feature as quantum energy. -- without nuclear fuel, there's no nuclear power without nuclear power, higher energy cost for everybody, data centers will sucking all up. And it's becoming more precarious geopolitically due to Russia controlling much of the market. The U.S. imports over 20% of its nuclear fuel from Russia and that's a band. It will kick in on that in the end of 2027. So we really have to move as fast as we possibly can.

And this struggle has real economic consequences as we can see here. What we're seeing translated to in all of the early stages of the nuclear supply chain is dysfunctional economics and increased pricing. This problem has been compounded by concentration of supply in non-NATO countries who are leveraging this to their commercial advantage, but also redirecting supply to their domestic programs at the expense of our own. All of this is quite compelling, but there's been a lack of supply side intervention in our domestic supply chains, which is why Kleis focused on delivering domestic capacity and conversion, enrichment and deconversion.

All right. So what is Quantum Deep Energy at a glance, we have 2 enrichment technologies proven by our parent company I won't go into it other I think that was covered very well by Dr. Ignis. We have some very great commercial partnerships that we'll talk about in detail a little bit later. Most importantly, supplying Terra Power with the Haley fuel demand in the future from our Nexa facility, working with FermiAmerica to establish ourselves as a U.S. enricher for large public utilities or energy companies. like we've partnered with recently. Our focus is on 2 isotopes, lithium and uranium. For uranium, we want to get to Haley and LUPs as well as the chemical form of for uranium. In lithium, we're looking at 2 isotopes, lithium 6 and lithium 7.

The commercial market for enriched uranium is a compelling one, but it's currently focused around a commodity product enriched at around 4.8% focused on LEU. But this market is changing significantly as customers are requiring a broader range of as a product of enrichment levels between 5% and 19.75%. Broadly, these are getting grouped into 2 categories called LEU Plus and Halo, and we're seeing increasing and strong demand signals for these products coming through. EU has been driven by the existing reactor fleet shifting to higher enriched materials to advance its life extension programs, but we're also seeing small modular reactor deployment at scale, which is bypassing LOU and jumping straight to LUPs. A number of advanced reactor programs bypassing this as well and jumping straight to helium, which is an even higher market. And we're seeing commercial signals come through for all of these at the moment. While a lot of this demand pipeline is quite compelling for the future, it's also time sensitive now. So all of these participants in the market need confirmation that they have supply of the materials they need so they can move forward with their development and deployment programs with confidence.

Okay. So what can all do about this? We can look at legacy technologies. We can go back in time and look at calutrons or gas diffusion, but the real best option in the world right now is an incoming technology, centrifuges center fees are great at producing LEU. They struggle when it comes to high enrichment levels. You've got a relatively low alpha and there's not much you can do about it. You can try to make consenting cheaper, but you still need a lot of them. which means it's an enormous capital investment to build these plants. It's a very, very large-scale project that takes a very long time. And these plants are very rigid. So once you've designed it to produce a very specific level of enrichment, you can't really change that. And we're looking at what that means for Haley. It means you need an enormous capital investment of billions, roughly 3x more than we need for NAU to construct a commercial facility at a decade or 1.5 decades time lines conservatively of what it would take to build these plants. That's not fast enough. The world needs advanced fuels very, very soon. We're talking 2035. These reactors need to be up and running. -- and without advanced fields, none of the new reactive confunction.

And so that's why we believe our technology approach is the best way to get there. We're deploying -- we're commercializing 2 technologies aerodynamic separation process and Quantum and Richmond. I won't do a deep dive into these because it was covered off earlier in the presentation. But what gives us confidence about these technologies as they apply to uranium and lithium is that we've seen them demonstrated on other isotopic forms in particular, what we anticipate is to see higher alpha selectivity, which will translate into more material over fewer stages of enrichment. In conjunction with this, we're also anticipating lower economic production costs and also higher throughput, which means we'll have more of the materials that people need at a lower economic price point. In addition to this, the capital deployment will be more efficient through a scalable and modular deployment approach also faster due to the way we approach this with a smaller factory footprint.

All right. So how is Quantum Leap Energy doing this? All right. So we stand on the shoulders of giants. In ASPI, the CTO, Dr. Erik Straton. I do PhD on the separation of lithium isotopes to separate them 6 and 7. On the left, you can see the graph where lithium 6 was increased to a 90% enrichment factor as Paul covered earlier, YouTube 176 is in production right now. It's an interesting and very, very, very challenging element to do isotopic enrichment on because once in 176 sits in the middle of several other isotopes and getting it out is quite difficult, especially given the temperatures that you need to work at. But that was successfully done. So if you now apply this to what we want to do with QOE, we've got a 2 isotope system in lithium, and we've got a complex high-temperature system with Deterbium. We'll take the knowledge that we've gained about how to do that and apply that to how to do uranium enrichment. Likely for us, we only have to go to a 19.75% in richmouronium, which means we can expect much higher throughputs for uranium production. What's also important about quantum enrichment is that it is flexible -- it is not a rigid system. So we can tune these enrichment systems that can expand modularly. We can tune them to produce any range of enrichment for uranium. So everything from 0.72 all the way up to -- and that's really what makes this technology so special and why we think it's the future of uranium Richmond to solve this bottleneck for energy security.

And to speak a little bit about why we're focused on the right products, firstly, to cover of uranium. As we mentioned, the LEU plus market is compelling as the existing reactor fleet moves towards higher enrichment of materials, but it also supports the small modular deployment that we see ongoing now. Having access to Halo will allow us to support the advanced reactors that are coming online. And again, we're seeing strong demand signals coming through for all of these technologies. Focusing on lithium, however, there's a current market demand for lithium 7, which is used in the existing light water reactor for pH control and regulation and supply of that material is dominated by Russia and China. So we need a domestic solution for that. This material lithium 7 is also used in FLY and FNAC, which is pursued by Molten Salt Reactor development, and they will require significant quantities in order to advance their programs. Fusion is focused on lithium 6, which is using it as a feedstock material as the breeding material for Tritium. And as the fusion technology advances around us, we expect a commercial supply chain to build around the M6 as well. All of this is -- while the demand is coming in the future, all of this is, again, focusing on why we need a supply chain solution today so that all of these people have to supply the materials they need going forward. This is also coming through in our commercial partnerships, and we're seeing these demand signals translate into meaningful relationships. -- focusing first on Terra Power, which is our partnership to supply them with Helio, not only for their reactor deployment but also for the development of that program as well. We're doing this in partnership with Nexa at the Pellandaba site in South Africa, which is an IEA-ompliant. -- site, and we believe it's 1 of the fastest pathways to hear you on the planet. This partnership combines a milestone development, which we've been recognized recently in our 10-Q filing and also loan facilities to support our commercial scale out of the plant that closer to our home in Austin, Texas. We're partnering with Fermi America and helping them looking at that site, not just as a tenant relationship, but also as a strategic partner to help them with their new field deployment as they target 17 gigawatts of power. This site is unique in the U.S. It has a long, long history of nuclear operations, and we believe that data set will support how a nuclear regulatory permits that we start to see. In addition to that, a large U.S. publicly listed energy company is working with us to provide not only Haley, but LEU plus. So it's moving it to existing reactor fleet over to life extension programs but it's also working on an advanced reactor program, and that's why it needs to tell you. We can't name them because if we talked about that program, we'd be revealing it for them on their behalf. So we can't do that today. But all of this, I think, speaks to why the commercial market are responding now because they recognize that they need these materials, and they need to find partners in the supply chain who can deliver to their time lines.

Okay. So it's been about a year for QOE trying to address this supply chain problem. What have we done in a year. I think very proud to announce that we fully funded the Liu Haley production facility via Test venture at NEXA as well as in the U.S. our long-lead items are on the way. And as we speak, our engineers and technicians are working on site to facilitate in Richmond. We've got all the paperwork in place to run the equipment to handle the radioactive material and anything that comes off of these materials as well as the relevant containers that we need to transport this in West uranium globally. As I mentioned, we've fully outfitted our crews or fully filled out our crews in South Africa to do this. and Terra Power has been incredibly supportive because they need our Haley for their nature and reactors to be successful. In the United States, we've identified fast track methodologies to enable uranium enrichment in the United States. We're looking at potentially 2 sites in Texas. This includes the Fermi site. We have -- we're doing -- we're making great progress on these designs. We've actually hired some excellent people. The people in charge of doing running Richmond in the United States is led by our CTO, Dr. Natal Peter, who was key in designing a lot of the modern SNAs that are leading the way in terms of supplying power in the future. And he's hired some excellent people to help support that effort. We actually have hired some people that have been rich uranium with lasers before. So we're very excited to start producing enrichened States. We're making sure that we've got all the appropriate raw materials in place and making sure that we've got all the boxes ticked for uranium enrichment in the United States. Obviously, this is a very powerful technology. So we need to make sure that we follow all the correct rules to apply this and apply this safely. The United Kingdom is not far behind. We have 2 potential sites identified for enrichment in the United Kingdom. We have partially funded these plants -- and we've got a great collaboration with the University of Bristol, who are experts in the handling of uranium and the reaction of uranium with different -- in different chemical forms. And we've got some MOUs in development with large power off-takers or utility off-takers globally as well as some SMR companies in Europe and the United Kingdom. Lithium should not be underestimated. Lithium is not just an interesting isotope, but it is -- it is actually one of the most important its for nuclear power. We've heard about how it can be used, but I think that what is still unsure in people's minds is the market potential for lithium. We've seen some massive demand signals for lithium, both in terms of lithium 6 and lithium 7. multiculture actors require tons of these material -- of this material, tonnes at lithium and they require it in a special chemical form, a fluorinated form. And the same thing we said for lithium 6. Fusion seems to be moving a lot faster than anybody expected. Let's hope it happens this decade. Let's hold our thumbs for that one. But it looks like they need to start stockpiling. So the demand signals we're getting from the market is they need hundreds of tonnes of lithium stockpiled soon. And they need to start testing very quickly and they're willing to support us in multiple ways to do that. So I think in summary on this, we're not really betting on a horse here. I think everybody when it comes to nuclear is betting on a specific course, we're bidding on the race. No matter which form of nuclear power wins or the nuclear supply chain which part wins, we win as QOE, so I think that's a very important point to make. And we've got all the components here highlighted by our 7 Cs of how we're going to achieve that. Now you've heard the term fluorine and fluorination a couple of times in this presentation. Why is that so important? Well, it can turn one of the heaviest elements on earth into a gas, which is uranium. It also happens to be once you've got flooring stuck on something, it's very difficult to get it off, which makes it a perfect salt for molten salt cooling, and it's critical for the semiconductor industry. But for you to be able to enrich uranium with lasers or with fixed for entries like the ASP technology or even traditional central futures, you need to do conversion. -- which is fluorination of this uranium material. There's a 15,000 tonne per annum deficit today in the United States, and that's set to grow to 60,000 tonnes per annum in the next couple of years. So we've gotten to that early. We've completed our FEL 1 study. We're working on a FEL-2 study for a 15,000 tonne per annum UF6 as you -- uranium UF 6 facility provisionally in Texas. And we've also looked a little bit further abroad, but also closer to home. So Namibia is the fourth biggest exporter of uranium. Fourth biggest producer in the world. And currently, all of that is going out as yellow cake to countries like China. We are looking to assist the Namibian government and establish ourselves as a converter in Namibia to export UF6 from Namibia to the rest of the world. And we are in talks with a Fortune 500 company for take off for year 6 from both of these locations. Very importantly, we've identified a site had great support from the Namibian government. And we should start construction on the Namibian enrichment plant quite quickly. and imminently sometime soon, and we've got all the crew to do that. I myself have done -- have built several chlorination plants and my lifetime operated then. And myself and [indiscernible] as well as Immonet Govender, who is our Head of Engineering and South Africa or one of the few PhDs on earth with furnation experience and practical application of this very, very important technology. So now is really the time to solve this bottleneck beyond the bottleneck, and we're well equipped to do it.

And so all of this brought together is the reason why we believe Quantum is the company in the best position to solve this nuclear supply chain cap. As we highlighted, it's an incredibly attractive market, both plus and ALU. It is a difficult market to enter because of the proprietary nature of the technology. And the -- there's almost no one supplying this cap at the market. And so that's where CLE wants to be placed, and we're making rapid progress to get there, as you saw -- we believe our technologies are the right technologies to get there, and we have multiple shots at goal. We've seen them demonstrated on other isotopes of interest, which gives us high confidence for how they can be deployed for lithium and uranium. They're modular and scalable with smaller footprints in the incumbent technology. And so we believe there will be less capital intense than what we see being deployed using incumbent technologies. We also believe they'll be faster to market than what we're seeing there. This is all being validated by commercial partnerships with people who are coming to us early because they want to get access to the materials that we're going to produce, and they're working collaboratively with us to make sure that this happens. All of this, as you can see, is still moving ahead, and there's work to be done, but we're doing that with a sense of focus and speed because this urgency is real. -- without nuclear power, we're not going to be able to drive our economies further without the energy that we need. We're not going to meet the demands of the AI economy that's emerging now, and we won't also be able to support the electrification of the economies that will release the new range of economics that we'll see coming.

Yes. And I think it's a closing remark. We are supported by SBI, as everybody knows. That combined with our unique knowledge and specialization in fluorination. Combined with a good technical engineering approach to building plants and building them fast gives us an unassailable moat. So I think we stand a very, very competitive chance, especially against the new players in the market. as well as the incumbent players who are hesitant to adopt new technologies and adapt to the market. Thank you.

Thanks, Ryno and Michael. So now I'm going to hand over to Heather, who is going to give you the financial outlook for the group. And Heather. Thank you very much.

Thank you, Paul, good afternoon. I'm Heather Keating, I'm the Chief Financial Officer of ASPI. With all of this great progress and future plans comes the need for financial resources and discipline. We ended the second quarter with $255 million in cash and cash equivalents. This reflects historical fundraising and also the insignificant investment in plants, acquisition, systems and personnel, which I think you can all see reflected here today. In order to action, the planned future expenditures, additional funds will be needed, and we plan to do that by using non-dilutive project financing, asset-backed vendor finance and also customer arrangements. New projects will be evaluated based on their economical contributions and upon receiving an understanding of the detailed analysis of environmental and regulatory environments and their impact. Our EBITDA target for 2031, ranges from a low of approximately $300 million, all the way up to $700 million. You can see from the contributions from each of these product categories that each of them are significant -- and how do we -- how do we get there? As mentioned earlier, we are currently planning on seeing the sale of helium before the end of the month. And before the end of the year, the contributions from our first commercial shipments of silicon and terbium and our expected revenues from our existing radio pharmacies of approximately $14 million. The major future contributors to reaching that target in 2031 and includes deployment of additional cyclotrons on a global basis, increasing the expansion of dose production. It also includes building of additional isotope in Richmond plants and expanding into Iceland and of course, the completion of the Phase II Virginia gas project. These are all exciting times in our future, and I look forward to reporting them. on our progress. Thank you.

So now we're going to move on to Q&A. And I'm going to ask Viktor Petcoff, who's our Chief Commercial Officer, to moderate Q&A with, I guess, some questions from the some questions online, but I'll let hand over to Viktor to manage that process.