JSE- and Nasdaq-listed advanced materials company ASP Isotopes expects to dispatch the first commercial shipments of silicon-28 (Si-28), used to produce advanced electronics, and ytterbium-176 (Yb-176), which is used in nuclear medicine procedures, and carbon-14, which is used in chemical and biological research, during this year.

Further, it expects to achieve Phase 1 nameplate production from the Virginia gas project in the third quarter of this year of 58 000 cubic feet a day of liquid helium and 2 500 GJ a day of liquefied natural gas (LNG).

ASP Isotopes acquired onshore natural gas company Renergen in January.

Phase 2 of the Virginia project is expected to produce 34 000 GJ a day of LNG and 895 000 cubic feet a day of liquid helium. Construction is expected to take 44 months after completion of Phase 1.

The company is in active discussions with potential customers regarding offtake arrangements for both phases, it adds.

“2026 is the year we expect to showcase our technology at scale. We believe our isotope enrichment plants are positioned for first commercial shipments across silicon-28, carbon-14 and ytterbium-176,” says ASP Isotopes executive chairperson and CEO Paul Mann.

“Revenue from our radiopharmaceutical operations is growing, and we have expanded internationally with the acquisition of two radiopharmacies in the US.

“We completed Phase 1 drilling at the Virginia project ahead of schedule and expect to obtain nameplate capacity for helium in the third quarter of 2026. Our singular focus in 2026 is execution,” he says.

ISOTOPES
Yb-176 is a stable isotope of ytterbium that is commonly used to produce lutetium-177, which is a medical isotope used in targeted radionuclide therapy for treating neuroendocrine tumours and prostate cancer.

ASP Isotopes shipped the first enriched Yb-176 sample to a prospective customer in August 2025. It is targeting initial commercial shipments of enriched Yb-176 around mid-year or the third quarter.

The company also entered into a multi-year supply agreement in June 2023 with a Canadian customer for the supply of enriched carbon-14, with a take-or-pay amount of approximately $2.5-million a year.

Under the terms of the agreement, it will supply carbon-dioxide gas as feedstock for carbon-14 production.

ASP Isotopes' carbon-14 enrichment facility has been operational for over two years. During this period, the plant has been enriching carbon-12, building process stability and operational confidence while awaiting the final batch of feedstock from the customer.

“The final feedstock delivery from the supplier is expected imminently. We anticipate initial carbon-14 commercial shipments around mid-year, contingent on the timely receipt of feedstock from the Canadian supplier,” says Mann.

Further, PET Labs Pharmaceuticals is a 51%-owned South African radiopharmaceutical subsidiary of ASP Isotopes.

PET Labs manufactures and distributes nuclear medicine doses for positron emission tomography (PET) and single-photon emission computerised tomography (SPECT) scanning across South Africa.

It continues to deliver strong operational progress. The second cyclotron became operational in 2025, and the first cyclotron is now operating at peak use to meet record levels of customer demand.

ASP Isotopes also acquired an independent radiopharmacy in Florida, in the US, in October 2025, which represents its first expansion outside South Africa. The Florida facility currently offers SPECT doses, with PET capability expected to be added in 2027.

ASP Isotopes subsequently acquired a second independent radiopharmacy in South Carolina, which is currently delivering SPECT doses, with PET capability expected to be added in 2028.

It is targeting revenues of $10-million or more from radiopharmacies this year, or about double the revenue reported for 2025.

ASP Isotopes is building a fully integrated electronic gases platform spanning silicon-28, helium and fluorinated gases, with the goal to serve semiconductor fabrication facilities globally.

Si-28 is a stable, spin-free isotope of silicon that is believed to enable quantum computing and improve the performance of next-generation semiconductors for data centres and AI applications.

ASP Isotopes has signed three purchase agreements for highly enriched Si-28, including with a major US semiconductor company, a large global industrial gases company, and a large US buyer.

It shipped its first enriched Si-28 samples to a customer in August 2025, and independent analysis confirmed that enrichment levels tracked in line with theoretical calculations.

Further, two customers visited the plant between October and November 2025 and, in close collaboration with the ASP Isotopes team, jointly agreed to improve safety, operational efficiency, and long-term plant robustness.

ASP Isotopes is targeting the first enriched Si-28 product to ship in the second quarter.

In terms of its nuclear fuel subsidiary, Quantum Leap Energy in March entered into an agreement with a large US energy company to collaborate on advancing a domestic enriched uranium fuel supply chain.

In terms of its long-term outlook, the company's long-term earnings before interest, taxation, depreciation and amortisation target is to reach more than $300-million in 2031.