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Get filing alertsASPI subsidiary signs first helium take-or-pay contract at >$600/MCF, Phase 1 on track for Q3 2026
Filed June 23, 2026 · Period ending June 23, 2026 · ~1 min read
Key Changes
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Tetra4 secured a five-year take-or-pay helium contract at >$600/MCF (plant-gate basis), covering ~15% of Phase 1's 70 MCF/day capacity, with commercial production targeted for Q3 2026.
Exhibit 99.1 view on EDGAR → -
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Phase 1 drilling hit required flow rates in March 2026, with recent wells achieving up to 16x higher flow than earlier wells after engaging U.S. drilling specialist Kinley Exploration.
Exhibit 99.1 view on EDGAR → -
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Phase 2 construction expected to start 2H 2026, scaling output 13x to 900 MCF/day helium and 34,000 GJ/day LNG, backed by conditional approval for up to $750M senior debt (up to $500M DFC, up to $250M Standard Bank).
Exhibit 99.1 view on EDGAR → -
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Global helium supply disrupted by Strait of Hormuz closure (damaging Qatar's Ras Laffan facility, ~33% of global supply) and Russia's April 2026 export controls (~20% global share), supporting pricing.
Exhibit 99.1 view on EDGAR →
Summary
ASP Isotopes disclosed that its Tetra4 subsidiary (acquired via Renergen) has signed its first helium sales contract—a five-year take-or-pay agreement with an Asian industrial gases company at a base price above $600 per thousand cubic feet. The contract covers roughly 15% of the Virginia Gas Project's Phase 1 capacity (70 MCF/day helium, 2,500 GJ/day LNG), with commercial production targeted for Q3 2026.
Phase 1 drilling achieved required flow rates in March 2026, with recent wells delivering up to 16 times the flow of earlier wells after the company engaged U.S. drilling specialist Kinley Exploration following an April 2025 operational restart funded by ASPI.
The company expects to begin Phase 2 construction in the second half of 2026, scaling output roughly 13-fold to 900 MCF/day helium and 34,000 GJ/day LNG over a 44-month build. Phase 2 has conditional approval for up to $750 million in senior debt financing from the U.S. Development Finance Corporation and Standard Bank. For ASPI holders, the first contracted revenue stream and the Phase 1 production timeline are key de-risking milestones; Phase 2 financing and the pace of additional Phase 1 contract signings (targeted for Q3 2026) will be important to watch.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
ASPI disclosed a helium sale agreement between Tetra4 (Renergen subsidiary) and an Asian industrial gases company for Virginia Gas Project supply.
Added in current filing · verify on EDGAR →
ASP Isotopes Inc. (the “Company”) issued a press release regarding a helium sale and purchase agreement entered into between Tetra4 Proprietary Limited (a subsidiary of Renergen Limited) and an Asian industrial gases company for the supply of contained helium to be produced at the Virginia Gas Project in South Africa
The company disclosed a helium supply agreement between Tetra4 (a Renergen subsidiary) and an unnamed Asian industrial gases company. The helium will be produced at the Virginia Gas Project in South Africa. This appears to be a Regulation FD disclosure about a commercial agreement involving entities related to the company's business operations.
Event · Exhibit 99.1
Added in current filing · view on EDGAR → · paraphrased
The drilling program for Phase 1 of the Virginia Gas Project achieved its required cumulative nameplate flow rate in March 2026. ... Recent drilling successes have seen gas flow rates up to 16 times that achieved in some of the earlier wells. ... Phase 1 is expected to produce approximately 2,500 GJ/day of liquefied natural gas (LNG) and approximately 70 MCF/day of liquid helium, with commercial production expected to commence during the third quarter of 2026.
The Virginia Gas Project's Phase 1 drilling program hit its required cumulative flow rate in March 2026, with recent wells achieving gas flow rates up to 16 times higher than earlier wells. Phase 1 is expected to produce about 2,500 gigajoules per day of LNG and 70 MCF/day of liquid helium, with commercial production targeted for Q3 2026. The drilling improvements followed engagement of Kinley Exploration, a U.S. firm specializing in well design and reservoir modeling, after operations restarted in April 2025 with bridge funding from ASPI.
Added in current filing · view on EDGAR →
The recent closure of the Strait of Hormuz has put immediate and considerable pressure on the supply of this unique critical material. Reports from local press in Qatar indicate that Ras Laffan, Qatar's primary LNG and liquid helium facility, has sustained damage from drone and missile strikes. ... According to the U.S. Geological Survey, in 2025 Qatar supplied approximately 2.3bn scf of helium, which is almost a third of global supply. ... In April 2026, Russia introduced export controls on helium to maintain a stable supply to its domestic market and certain Asian economic partners. Russia is the world’s third-largest helium producer behind Qatar and the United States, with an approximate 20% global market share, according to 2025 U.S. Geological Survey data.
The filing describes major helium supply disruptions: the Strait of Hormuz closure has damaged Qatar's Ras Laffan facility (which supplied roughly one-third of global helium in 2025, about 2.3 billion standard cubic feet), and Russia (the third-largest producer with ~20% global share) imposed export controls in April 2026. These events are expected to tighten global helium supply and support pricing. The company notes that past helium crises have driven prices above $1,000/MCF, well above the >$600/MCF contract price disclosed here, and that South Africa's geopolitical neutrality positions the Virginia project as a diversification source for customers.
Added in current filing · view on EDGAR →
Since restarting operations in April 2025 — following bridge loan funding provided by ASP Isotopes prior to the completion of the Renergen acquisition — the project has advanced materially across drilling execution, gas production and plant readiness. ... The recent drilling success is primarily attributable to the post-restart engagement of Kinley Exploration, a U.S.-based company with expertise in independent exploration, well design, drilling and reservoir modelling, to support seismic interpretation, reservoir modelling, well placement, well design and drilling execution.
Operations at the Virginia Gas Project restarted in April 2025 after ASPI provided bridge loan funding ahead of completing the Renergen acquisition. The project has since made material progress in drilling, gas production, and plant readiness. Drilling success improved significantly after engaging Kinley Exploration, a U.S. firm that optimized well design, reservoir modeling, and drilling execution, contributing to the flow-rate achievements and the 16-fold improvement in some recent wells.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 23, 2026 · How we verify