Just days after we covered the story on Quantum Leap Energy’s non-binding MOU with a major U.S. nuclear utility, Canaccord Genuity analyst George Gianarikas reiterated his buy rating on the beaten down ASP Isotopes, with an $11 price target citing “material progress” toward commercial uranium enrichment on two continents.

On February 23, QLE inked a Pre-Implementation Services Contract with South Africa’s Necsa to site, design, build, and operate an enrichment facility at the Pelindaba complex. The deal gives QLE access to existing nuclear infrastructure, utilities, and a joint oversight committee. Gianarikas says it’s the clearest signal yet that licensed HALEU production in South Africa is moving from lab to market readiness.

The March 6 MOU we highlighted last week adds the U.S. piece: the unnamed utility will potentially help stand up domestic HALEU and LEU+ enrichment, conversion, and deconversion capacity while discussing offtake and financing. That’s critical ahead of the 2028 Russian uranium import ban we’ve repeatedly flagged as the biggest catalyst for non-adversarial supply chains.

The report also spotlights accelerating LEU+ adoption by conventional fleets. Westinghouse loaded the first ~6% LEU+ test assemblies at Southern Company’s Vogtle Unit 2 last April. Urenco secured NRC approval to enrich to 10% and produced its first commercial batch in December. Framatome is upgrading its Richland plant and just filed for an 8% enrichment limit. Partners include Constellation (23% of U.S. nuclear output), Duke, Entergy, and Vistra.

As we first detailed after the Silicon-28 mega-contract and US radiopharmacy buy, then again when Trump Jr. and Eric Trump-backed funds poured in and when Renergen cleared regulatory hurdles, Canaccord is framing ASPI is one of the few names positioned across HALEU, medical isotopes, and quantum materials: a veritable cornucopia of next gen energy buzzwords. The South Africa and U.S. milestones now de-risk the commercial ramp in exactly the way we’ve been tracking.

Canaccord flags the usual risks including regulatory approvals, South African political noise, and balance-sheet needs, but ASPI is attempting to fill the HALEU gap that TerraPower, Oklo, and the entire advanced-reactor wave need. With the 2028 ban looming and AI data centers screaming for carbon-free baseload, the window for first-mover domestic enrichment is closing fast.

ASPI stock has been beaten down in recent months, although as its story continues to spread, expect more sellside coverage. As of today, just three banks (Canaccord, Cantor, and Lucid) cover the stock with a $13 average price target.