
"My base case assumes a $1.25 RD Index Margin, a $1.50 SAF premium, and 210mm gallons of MRL production composed of 150mm gallons of SAF, 25mm gallons of RD and 14mm gallons of RN. This implies $250mm+ EBITDA for CLMT’s 87% stake in MRL and total EBITDA of $535mm for CLMT (assuming $285mm cyclically adjusted EBITDA for SPS/PB). At a 8x multiple, this should push CLMT stock near $30, representing a 56% return from today."
ASP Isotopes ($ASPI) There have been a number of interesting developments with ASPI since my last update in early August. The company signed an MOU with Fermi America for the development of a HALEU enrichment research and commercial production facility. Fermi was founded by former US Energy Secretary and Texas Governor, Rick Perry; the company aims to be one of the world’s largest energy and data infrastructure campus, providing 11GW of power on land leased from Texas Tech University. Impo
Updates on $ASPI and $CLMT
The Pale Blue Dot
November 9, 2025
idea