Noble Africa Merger Update: Helium Contracts Repriced Above $600/Mcf, Phase 1 Revenue Guidance Lifted to ~$20M

summarizeSummary

ASP Isotopes' Noble Africa merger presentation reveals helium contracts repriced from ~$200 to >$600/Mcf, raising Phase 1 revenue guidance to ~$20M and Phase 2 to ~$370M. Phase 1 startup is imminent (Q3 2026), and Phase 2 contracting is targeted by year-end amid a global helium supply crisis.

check_boxKey Events · M&A and Partnerships · ASPI

• Helium Contracts Repriced to >$600/Mcf

  Phase 1 helium offtake agreements, previously tied to historic Linde contracts at ~$200/Mcf, have been renegotiated to >$600/Mcf. 15% of Phase 1 is now contracted at this level, with the remainder expected to be locked in at similar pricing.

• Phase 1 Revenue Guidance Raised to ~$20M

  At $600/Mcf helium and $13-14/GJ LNG, Phase 1 is expected to generate ~$20M in revenue and ~$10-11M in cash gross profit (ex-D&A). Nameplate capacity is targeted for Q3 2026, with first customer shipments in September.

• Phase 2 Projected at ~$370M Revenue, ~$300M Cash Gross Profit

  Phase 2, a ~$1B capex project funded by ~$500M from the U.S. DFC and ~$250M from Standard Bank, is expected to produce ~$370M in revenue and ~$300M in cash gross profit at $600/Mcf helium and $14/GJ LNG. Construction starts 2028, commissioning 2030, first full year 2031.

• Phase 2 Contracting Strategy: 50-75% by Year-End 2026

  Management aims to contract 50-75% of Phase 2 helium output before the end of 2026 on 10-15 year take-or-pay agreements with annual price escalators tied to South African PPI (averaging >5%).

auto_awesomeAnalysis · ASPI · Industrial Applications And Services

This investor presentation materially updates the June 25 merger announcement with fresh financial details. Phase 1 helium offtake contracts have been repriced from ~$200/Mcf to >$600/Mcf, with 15% already contracted at the higher level. Phase 1 revenue guidance now stands at ~$20M, generating ~$10-11M in cash gross profit, while Phase 2 is projected to deliver ~$370M in revenue and ~$300M in cash gross profit. The company aims to contract 50-75% of Phase 2 before year-end 2026 on 10-15 year take-or-pay agreements. Phase 1 startup remains on track for Q3 2026, with first shipments in September. The merger is expected to close in Q4 2026 after an S-4 filing in early August. Against a backdrop of severe helium supply shortages—~20% of global supply offline for 3-4 years due to Qatar/Russia disruptions—Noble Africa's high-concentration, low-cost helium reserve positions it as a critical new supplier. The repricing alone transforms the project economics, and the urgency from semiconductor customers underscores the strategic value.