ASP Isotopes expects first commercial shipments across several isotope products in 2026, as the enlarged group works to integrate its South African helium and LNG assets after its acquisition of Renergen.
In a business update on Monday, the Nasdaq and JSE-listed advanced materials company said 2026 would be a “key execution year”, with multiple projects moving from development into early-stage commercial production across its nuclear medicine, semiconductor and energy businesses.
The update is the first detailed operational outlook since ASP Isotopes completed its acquisition of Renergen, giving it control of the Virginia Gas Project in South Africa.
CEO Paul Mann said the company expects to begin “technology at scale” in 2026, with first shipments planned across its main isotope products.
The company said the Virginia Gas Project remains ASP Isotopes’ main South African asset, but it is still in the final stages of development before production begins.
Phase 1 drilling was completed ahead of schedule. Despite this, the company said the project has only reached expected output levels during drilling and further work is still required to connect the wells to processing infrastructure before production can begin.
“Phase 1 helium capacity is expected in the third quarter of 2026 and will comprise 2,500 gigajoules per day of liquified natural gas and 58 thousand cubic feet per day of liquid helium,” the company said.
The company said it is also in discussions with potential buyers for offtake agreements.
Phase 2 expansion remains at an early stage, with a longer development timeline.
For the year ended December, the group reported $333m in cash and other readily available funds after raising more than $345m during the year through equity and convertible instruments.
Revenue increased 46% to $5.7m, largely driven by radiopharmaceutical operations. However, net loss increased to $175.1m from $32.3m a year earlier, with the company citing “continued investment in scaling multiple early-stage projects”.
The company’s share price was up 1.58% to R74.10.
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