ASP Isotopes Inc. filed a Rule 425 communication on November 6, 2026, containing a transcript of a November 4, 2026 webinar in which Paul Mann, Chairman and CEO, discussed the proposed merger involving Noble Africa LLC, Renergen Limited, and ENDRA Life Sciences Inc.

Key Highlights

  • Proposed merger parties: The filing involves Renergen Limited and Noble Africa LLC, both wholly owned subsidiaries of ASP Isotopes Inc., and ENDRA Life Sciences Inc. as the subject company (Commission File No. 001-37969).
  • Phase 1 production status: According to the filing, drilling was completed in May, the plant was complete over the summer, production began in August, and the plant is now producing stable quantities of helium.
  • Phase 1 nameplate capacity: The filing states nameplate capacity is 70 MCF per day of helium and 2,500 gigajoules per day of LNG, with a ramp-up target by year-end.
  • Phase 1 revenue and gross profit estimates: At $600 per MCF helium and $14 per gigajoule LNG, the filing states the plant should produce approximately $28 million in annualized revenue and about $8 million in gross profit; at $800 per MCF, approximately $33 million in revenue and about $13 million in gross profit.
  • Contracts signed to date: The filing states three-quarters of LNG and approximately 15% of helium have been contracted on 5- to 15-year take-or-pay contracts with inflation-linked pricing escalators.
  • Phase 2 scale and financing: Phase 2 is described as approximately 13 times the size of Phase 1, targeting 900 MCF per day of helium and 34,000 gigajoules per day of LNG, with anticipated financing of $500 million from the U.S. government's DFC and $250 million from Standard Bank.
  • Helium price environment: The filing states long-term contract helium prices have increased by approximately 50% and spot prices by "2-300%" since the onset of Middle East conflict and a Russian self-imposed export ban.

Noble Africa and Renergen: Merger Context and Operational Update

The Rule 425 filing, submitted by ASP Isotopes Inc. and deemed filed pursuant to Rule 14a-12, relates to a proposed merger and related transactions involving Noble Africa LLC and Renergen Limited, both wholly owned subsidiaries of ASP Isotopes, and ENDRA Life Sciences Inc. as the subject company. The transcript originates from a November 4, 2026 webinar hosted by RedChip Companies Inc. and was published on the internet on November 5, 2026.

During the presentation, Paul Mann described Renergen's South African natural gas asset as producing approximately 3% helium concentration per drill, which he characterized as "10, 10 plus more times what we see in other regions around the world" compared with the United States at approximately 0.4% and Qatar at approximately 0.04%. He stated that the U.S. government has already placed $40 million into Phase 1 and that Phase 2 is expected to benefit from approximately $750 million in total funding. The filing notes the Phase 1 plant is currently filling internal inventory before shipping containers of helium can be dispatched, with shipments expected "in the next few weeks" and nameplate capacity targeted by the end of the year.

Regarding Phase 2, the filing states it is a 42-to-44-month plant build, with wells taking approximately 18 months to drill. At $600 per MCF for helium and $14 per gigajoule for LNG, the filing indicates Phase 2 would produce approximately $300 million in gross profit. The presentation also includes forward-looking statements and directs listeners to ASP Isotopes' 10-K, 10-Qs, and other disclosures for associated risk factors.

What Was Disclosed

ASP Isotopes Inc. filed a Rule 425 communication disclosing a webinar transcript in which CEO Paul Mann described the operational status of Renergen's Phase 1 helium and LNG project, Phase 2 financing plans, existing customer contracts, and the context of the proposed merger with ENDRA Life Sciences Inc.