ASP Isotopes Inc. NASDAQ: ASPI ("ASPI," or the "Company"), an advanced materials company dedicated to the development of technology and processes designed to produce isotopes used in multiple industries, today released the following letter to stockholders from its Chairman and CEO, Paul Mann.

Dear Fellow Stockholder,

In light of the considerable progress made since my last shareholder letter approximately six months ago, and with our Annual Report on Form 10K for 2023 having just been filed, I wanted to personally communicate with you today to highlight some of our recent key milestones and discuss our future goals.

• Annual Report on Form 10-K was filed with 2023 annual results largely in line with expectations
• Current balance sheet and available cash are at their strongest since the inception of the Company
• The Company's first commercial isotopes plant started processing raw materials for the anticipated production of enriched isotopes around mid-year
• The Company signed a purchase agreement for the supply of highly enriched silicon-28, for use in next-generation semiconductors capable of enabling quantum computing and artificial intelligence
• The Company signed a contract with a U.S.-based SMR (Small Modular Reactor) company, pursuant to which the Company will engage in certain activities related to preliminary engineering design and planning for an enrichment facility for the production of nuclear fuels that are expected to be used in next-generation nuclear reactors
• Construction underway of first quantum enrichment facility, focused on producing Ytterbium-176, an important feedstock used in the production of Lutetium 177 which is the active component of Novartis' potential blockbuster for the treatment of prostate cancer Pluvicto.
• PET Labs FDG production grew 32% year on year in 2023 over 2022.

Tight control on operating expenses and strengthened balance sheet on heels of recent capital raises.

During 2023 we had $(4.7) million in operating free cash flow, slightly lower expense than the $(5) million that we had been targeting. We will continue to maintain a tight control on all expenses.

We finished the year with cash on the balance sheet of $7.9 million. In February 2024, our wholly owned subsidiary – Quantum Leap Energy LLC – raised over $20 million via a convertible note offering, with Ocean Wall Limited acting as Placement Agent. In addition, this week we received approximately $5.5 million in gross proceeds from the exercise of warrants held by an institutional investor. Thus, our current cash balance is very strong, enabling focused accelerated development of new technologies.

We have a large backlog of interest from customers for many different isotopes and we expect to fund future isotope enrichment facilities using primarily funding provided by those customers combined with additional debt. With proof of concept for the ASP process now demonstrated and revenue generation from the sale of enriched isotopes anticipated this year, we have begun discussions with multiple potential debt providers.