Tetra4 Proprietary Limited, a subsidiary of Renergen Limited and developer of the Virginia Gas Project in South Africa, has signed its first take-or-pay contract to supply liquid helium to an Asian industrial gases company, according to a statement from ASP Isotopes Inc. (NASDAQ: ASPI).

The five-year agreement is priced at more than $600 per thousand cubic feet (MCF) of contained helium and represents approximately 15% of the project's expected Phase 1 nameplate capacity of 70 MCF per day. Phase 1 is also expected to produce approximately 2,500 gigajoules per day of liquefied natural gas (LNG), with commercial production targeted for the third quarter of 2026.

ASP Isotopes said it is in discussions with additional potential customers for both LNG and helium offtake from Phase 1 and Phase 2, and expects to complete contracting for Phase 1 volumes during the third quarter of 2026.

The company said the Phase 1 drilling program achieved its required cumulative nameplate flow rate in March 2026, following the post-restart engagement of U.S.-based Kinley Exploration to support well design and drilling execution. Remaining activities to reach full capacity are described as primarily engineering-oriented.

Phase 2, which carries a 44-month build timeline after Phase 1 completion, is targeted to scale production to approximately 34,000 GJ per day of LNG and 900 MCF per day of liquid helium. Construction on Phase 2 is expected to begin in the second half of 2026. Tetra4 has received conditional approval for up to $750 million in senior debt financing, comprising up to $500 million from the U.S. International Development Finance Corporation and up to $250 million from Standard Bank.

The company noted that global helium supply has been affected by the closure of the Strait of Hormuz and reported damage to Qatar's Ras Laffan facility, as well as Russian export controls on helium introduced in April 2026. Qatar and Russia together account for roughly half of global helium supply, according to U.S. Geological Survey data.