Silex Systems (SLX) investor relations material

Technology and commercialisation progress

• Large-scale technology demonstration (TRL-6) completed in October 2025, de-risking the path to commercialisation and enabling progression to detailed plant design and manufacturing readiness (MRL-7).

• GLE acquired a 700-acre site in Paducah, KY, for the planned Paducah Laser Enrichment Facility (PLEF), with NRC licence application accepted in August 2025 and under expedited review.

• GLE is one of six awardees for the US $3.4bn DOE LEU Enrichment Acquisition RFP, with a bid for up to US $900m in funding support submitted in September 2025.

• PLEF project targets initial commercial operations by 2030, leveraging exclusive access to DOE's depleted uranium tails for up to 30 years of feedstock.

• SILEX technology classified by US and Australian governments, with strict security and no patent disclosures permitted.

Market positioning and financial opportunities

• SILEX laser enrichment technology offers higher efficiency and anticipated lower costs compared to centrifuge technology, positioning it as the future of uranium enrichment.

• GLE's 'Triple Opportunity' at PLEF includes production of natural UF6, LEU/LEU+, and HALEU, with potential annual revenues of up to US $400m (natural UF6), US $340m (LEU), and additional high-value HALEU as the market develops.

• Silex holds a 51% equity stake in GLE, with a perpetual royalty of 7–12% on GLE's enrichment SWU revenues.

• As of September 2025, Silex had $210m in cash and term deposits, with no corporate debt following an August 2025 equity raise.

• Strong global tailwinds include nuclear energy growth, net-zero targets, and US government actions to revitalize the domestic nuclear industry.

Industry context and supply chain

• Global nuclear power is expanding, with 438 operable reactors and significant growth expected, including new countries adopting nuclear energy and increased demand from AI and data centers.

• The US is the largest nuclear power producer, with 94 reactors and a government goal to quadruple the nuclear fleet by 2050.

• Western nuclear fuel supply chains face risks from over-dependence on Russian fuel, with only a few Western suppliers for conversion and enrichment services.

• US currently imports ~95% of its uranium and ~80% of its enriched uranium; GLE's PLEF project could help address this vulnerability by utilizing DOE's depleted tails.

• Market prices for uranium, conversion, and enrichment have risen sharply since 2022 due to geopolitical tensions and supply shortfalls.