Title: Frodsham2866's readout of a Red Chip small-group call with ASP Isotopes CEO Paul Mann and Renergen COO Nick Mitchell
Show: Uranium Discord — #general channel (member post; Frodsham2866 relaying his own meeting notes)
Author: Frodsham2866 (community member, UK-based; attended the call with a colleague). Reply by Exodus343.
Date: 2026-08-20
URL: https://discord.com/channels/899395617510555698/899395940429996122/1540076114180050974
Note: Written Discord post — no video, no timestamps. Messages reproduced verbatim as posted (typos as written);
      message headers kept as "<user> — <date>, <time>" lines.

Frodsham2866 — 8/20/26, 12:55 PM
Had a very good meeting with Paul Mann this afternoon.  I'll post the salient points later on when I've organised my notes.

Exodus343 — 8/20/26, 1:22 PM
Any remarks about the stock price?

Frodsham2866 — 8/20/26, 2:27 PM
No nothing.  Doesn't discuss that or valuation.  Says it's an investor's job to evaluate that.  No one even raised it.

Frodsham2866 — 8/20/26, 3:08 PM
The call was essentially about Renergen for a small group of about 10 people organised by Red Chip.  Myself and my colleague from our company, 3 private office guys, an ex Morgan Stanley guy and a few others I'd not met before.  On there side was Paul Mann and Nick Mitchell the Renergen COO.
They are currently commissioning the plant and ramping up production.  Expect to have this completed by early next month and make first shipments then.   In the process of contracting out their production and expect to have completed 3/4 of stage 1 by the end of next month and half of stage 2 by the end of the year.  Pricing is very strong, first deal was done at $600mcf for helium and now seeing prices higher than that potentially up to $1,000.  These are all take or pay 5 to 15 year contracts.  LNG selling for between $15 - $20.

Frodsham2866 — 8/20/26, 3:17 PM
Funding of $500m from DFC and $250m from Standard Bank is predicated on:
Phase 1 being in full production - hitting name plate.
Have to have contracted out 50% of stage 2 production.
Not permitted to sell to China, North Korea, Iran and Russia.
Then need to raise $250m in additional to complete funding.  Expects this to be straightforward as already had offers from a number of potential customers and institutions.  Noble Africa will be the only listed helium company on Nasdaq any dilution should fall on it.  ASPI to retain 89% ownership.  Not sure how that works with the dilution though they do have plenty of cash for that purpose.
Silicon 28 nearly there. Can already enrich to 99.5% but not quite to 99.9995% as required for quantum computing.  The latter is quite a small market at the moment, just a few kgs a year.  The market for 99% is quite vast by comparison so will look to attack that as well.  Capacity is for 80 kgs per year for 99.995% and half a metric ton for 99%.  Ytterbium expected to go into continuous process next month so should be in a position to ship product then.  We did have a discussion around valuation and at 15x which would be comparable with other helium/gas companies market cap should be circa $4.5 to $5bn by 2031.

Frodsham2866 — 8/20/26, 3:26 PM
Pet Labs growing very rapidly now and thinks they will get to $150m in nuclear medicine revenue by the end of the decade.  That includes YT I think.  I then asked him about Skyline Builders and the gold purchases this week.  Essentially what has happened here is that when they sell the Hong Kong building company which seems reasonably imminent, in order to remain a trading company for tax purposes, they must have an actual business.  These two properties will be most likely sold on once the deal with Cove Kaz Capital completes.
What has been holding it up is the difficulty in getting an auditor for the asset In Kazakhstan.  Once that is complete the deal should close.  Probably much sooner than the end of the year but he wouldn't be drawn on timing.  It is a world class asset.  I then asked him for an update on the QLE spin out.  This will not take place before 13 September as that is the anniversary of the initial IPO in 2021.  This is apparently for tax reasons and to do with capital gains.  Presumably some US law which I am not familiar with and something we don't have in the UK.  I suspect this is more to do with  Paul's own tax position than anything else.  Could happen quite quickly after this point. Current ASPI shareholders will receive QLE shares though not in a one for one basis.  He wouldn't be drawn on the ratio though it has already been decided.  Finally, an actual contractual deal with Fermi is very close.  They just need a couple more tenants at the Texas plant which should happen fairly quickly.  Once that has been released the deal with QLE should be made public.  That was it as we hit the hour mark.

Frodsham2866 — 8/20/26, 3:37 PM
The situation today with it reminds me forcibly with one I had with another company called GB Group about 22 years ago now.  That was a small ID software company in the UK.  I had a very big position in it personally at 33p along with quite a few colleagues in our Liverpool company.  Together we owned just over 5% of it.  Anyway, it took seemingly ages to get going, stuff going wrong, delays, profit warnings etc. went up to 50p then down to 15p and back to 33p all in the space of nearly 4 years.  Investors were getting seriously pissed off with it.  Constant moaning about management and how they disappointed all the time and how everything was taking forever to happen and the revenues were tiny etc etc.
Eventually, after nearly 4 years I sold it after the second profit warning and moved on.  Well it subsequently went to nearly 1000p over the next 3 years so.  I had all the shares in a tax free account and 600,000 of them.  In the end I made about £2,500 when I sold, instead of the nearly £6m I would have had if I had only had more patience.

Frodsham2866 — 8/20/26, 3:45 PM
Now before anyone jumps down my throat and a certain individual comes out of the woodwork again and accuses me of ramping it, I'm not saying this is going to do the same, I don't know how it ends up.  However, the constant moaning I see on X and people slagging off the management all the time does seem awfully familiar.  In the end you have to do your own work on it or any other company you own and make your own mind up on it one way or another.  I just share the content of the meeting and the information.  It's up to others to interpret it one way or the other.