Silex Systems Limited · ASX:SLX
Silex Systems — Investor Presentation (August 2025)
55 slides from Silex Systems's investor presentation, Aug 7, 2025
Slide 1: Commercialising Next-Generation Laser Enrichment Technology
Commercialising Next-Generation Laser Enrichment Technology Equity Raising Presentation | August 2025 Dr Michael Goldsworthy Julie Russell CEO/Managing Director CFO/Company Secretary Not for distribution or release in the United States Silex Systems Limited ASX: SLX OTCQX: SILXY www.silex.com.au 1
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer The following notice and disclaimer applies to this capital raising presentation (Presentation) and you are therefore advised to read this carefully before reading or making any other use of this Presentation or any information contained in this Presentation. By accep
Slide 3: Important Notice and Disclaimer
Important Notice and Disclaimer Market and Industry Data Certain market and industry data used in connection with this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. None of Silex, its representatives or a
Slide 4: Important Notice and Disclaimer
Important Notice and Disclaimer Forward Looking Statements The commercial potential of the abovementioned technologies and activities is currently unknown. Accordingly, no guarantees as to the future performance of these technologies can be made. The nature of the statements in this Presentation reg
Slide 5: Important Notice and Disclaimer
Important Notice and Disclaimer Disclaimer None of the Joint Lead Managers to the Placement, nor any of their respective advisers or any of their respective affiliates, related bodies corporate or shareholders, nor any of their respective directors, officers, partners, employees, representatives, co
Slide 6: Important Notice and Disclaimer
Important Notice and Disclaimer The distribution of this Presentation in the United States and elsewhere outside Australia may be restricted by law. Persons who come into possession of this Presentation should observe any such restrictions as any non- compliance could contravene applicable securitie
Slide 7: Equity Raising to Continue GLE Commercialisation Activities
Equity Raising to Continue GLE Commercialisation Activities • Summary • Silex represents unique leverage into the nuclear fuel supply chain, with significant potential value through equity ownership in GLE (currently 51%), in addition to potential perpetual royalty flows from GLE under the SILEX ura
Slide 8: Equity Raising Overview
Equity Raising Overview • Institutional placement to sophisticated, professional, and institutional investors of approximately 33.3 million ordinary shares1 to raise approximately $130 million2 (Placement) • In addition to the Placement, the Company intends to undertake a Share Purchase Plan (SPP) t
Slide 9: Use of Proceeds
Use of Proceeds Proceeds from the Offer, together with existing cash (~$69.6m1), will be used primarily to support Silex’s share of funding (51%) in GLE’s commercialisation of the SILEX uranium enrichment technology in the US, as well as other general corporate purposes Underpins Silex’s share (51%)
Slide 10: Silex Investment Highlights
Silex Investment Highlights Progressing at pace towards commercialising Silex’s unique laser enrichment technology Unique, innovative third-generation laser-based SILEX1 uranium enrichment technology for 1 uranium and nuclear fuel production in the US, classified by the US and Australian Governments
Slide 11: Highlights and upcoming catalysts for GLE / Silex
Highlights and upcoming catalysts for GLE / Silex RECENT HIGHLIGHTS EXPECTED UPCOMING CATALYSTS 1 TECHNOLOGY DEMONSTRATION TRL-6 PILOT DEMONSTRATION 1 • GLE commenced large-scale demonstration tests for TRL-6 in May 2025 • Completion expected by end of CY2025 subject to independent • Test Loop opera
Slide 12: Company and Investment Overview
Company and Investment Overview www.silex.com.au 12
Slide 13: Overview of Global Laser Enrichment (GLE)
Overview of Global Laser Enrichment (GLE) • GLE is a US-based JV between Silex (51%) and Cameco Corporation (49%), with ~100 employees and contractors • Focused on the commercialisation of the SILEX uranium enrichment technology in the US, with sites in North Carolina and Kentucky1 Paducah Laser Enr
Slide 14: The Paducah Laser Enrichment Facility (PLEF)
The Paducah Laser Enrichment Facility (PLEF) GLE’s economic potential based on its unique ability to address the ‘Triple Opportunity’ PLEF UF6 PLEF LEU PLEF HALEU Product: Natural Grade Uranium Product: Low Enriched Uranium Product: High Assay LEU (as UF6) (LEU/LEU+) (HALEU) GLE’s ‘above-ground uran
Slide 15: GLE Progressing Large-Scale Pilot Demonstration (TRL-6)
GLE Progressing Large-Scale Pilot Demonstration (TRL-6): focusing on preliminary commercial plant activities • Standard Technology Readiness Levels (TRL) 1 scale used to assess the stage of technology / system development of the SILEX technology • GLE progressing key large-scale technology demonstra
Slide 16: GLE’s Commercialisation of SILEX Technology: The Path to PLEF
GLE’s Commercialisation of SILEX Technology: The Path to PLEF GLE is transitioning from technology demonstration to early-stage activities for the planned PLEF commercial plant • GLE and Silex are progressing the large-scale pilot demonstration (TRL-6) – a key de-risking milestone Technology maturat
Slide 17: Silex’s Strategy is Focused on Maximising Shareholder Value
Silex’s Strategy is Focused on Maximising Shareholder Value Two distinct value proposition’s for Silex shareholders when it comes to GLE1 Equity interest in GLE – currently at 51% Silex Perpetual royalty from GLE (under the exclusive 1 ownership, minimum 25% interest 2 SILEX technology licence agree
Slide 18: Equity Raising
Equity Raising www.silex.com.au 18
Slide 19: Offer Summary
Offer Summary • Institutional Placement to sophisticated, professional, and institutional investors to raise approximately $130 million1 Placement Size • Approximately 33.3 million New Shares will be issued under the Placement utilising Silex’s placement capacity pursuant to ASX Listing Rule 7.1, wh
Slide 20: Indicative Timetable
Indicative Timetable Indicative Placement Timetable1 Event Date Silex entered Trading Halt Wednesday, 6 August 2025 Announcement of completion of the Placement Thursday, 7 August 2025 Trading Halt lifted and existing Silex shares resume trading Thursday, 7 August 2025 Settlement of New Shares issued
Slide 21: Additional Silex Information
Additional Silex Information www.silex.com.au 21
Slide 22: SILEX Uranium Enrichment Technology and Commercialisation Plan
SILEX Uranium Enrichment Technology and Commercialisation Plan www.silex.com.au 22
Slide 23: Evolution of Uranium Enrichment Technology
Evolution of Uranium Enrichment Technology 1st Generation Technology 2nd Generation Technology 3rd Generation Technology Gaseous Diffusion Centrifuge SILEX Laser Very low efficiency – tails legacy Modest efficiency Higher efficiency and throughput High cost Moderate cost Anticipated to be lower cost
Slide 24: GLE’s Potential PLEF Commercial Plant Opportunities
GLE’s Potential PLEF Commercial Plant Opportunities1 GLE – PLEF Potential Commercial Plant (conceptual only) HALEU ~15 MTU Potential future expansion LEU / LEU+ PLEF LEU 2MSWU and up to 6MSWU PLEF Source: GLE – PLEF Potential Commercial NUF6 Plant (conceptual only) DUF6: Depleted UF6 ~2,000 MTU DDUF
Slide 25: Nuclear Fuel Opportunities for GLE and the SILEX Technology
Nuclear Fuel Opportunities for GLE and the SILEX Technology DOE Tails Inventories PLEF Tails Enrichment PLEF Enrichment SILEX/GLE Opportunities Depleted UF6 PLEF Natural UF6 Includes: Expected U₃O₈ production of up to 5m lbs/year LT U₃O₈ price ~US$80/lb1 Conversion of up to 2m kgU/year LT NA price ~
Slide 26: PLEF UF6 Production Opportunity
PLEF UF6 Production Opportunity (Natural UF6 production from DOE tails – an ‘above ground uranium mine’) Akin to a ‘Tier 1’ Equivalent U3O8 Uranium Resource2 Aim to commence Production Based on the expected low initial commercial cost and longevity of Potential production of up to 5 operations by 20
Slide 27: GLE’s Indicative Target Timeline for Commercialisation of SILEX Technology
GLE’s Indicative Target Timeline for Commercialisation of SILEX Technology1 2025 2026 2027 2028 2029 2030 TRL-62 TECHNOLOGY MATURATION TRL-7,8 PRODUCTION TECHNOLOGY FINALISATION: TRL-7, 8 and MRL-7, 8, 93 3 Large-scale Pilot Demonstration Full-scaleAND MRL-7,8,9 production systems in Lead Cascade +
Slide 28: Uranium Sector and Nuclear Fuel
Uranium Sector and Nuclear Fuel The renaissance of the global nuclear industry www.silex.com.au 28
Slide 29: Nuclear Fuel Supply Chain and Evolving Issues
Nuclear Fuel Supply Chain and Evolving Issues • The Nuclear Fuel Supply Chain SILEX/GLE Opportunities Issues facing the Global Nuclear Fuel Supply Chain: • Western supply chain recent history – curtailments and under-investment in resources and production capability • Supply chain risks have been ex
Slide 30: Emerging Nuclear Fuel Supply Opportunities for GLE
Emerging Nuclear Fuel Supply Opportunities for GLE Million lbs U3o8 Uncovered Uranium Base Case Demand © UxC Million SWU Uncovered SWU Base Case Demand © UxC 325 100 300 90 275 250 80 225 70 200 60 175 50 150 Non-US Utilities Non-US Utilities 125 40 United States United States 100 30 Total Requireme
Slide 31: Favourable Nuclear Fuel Market Price Trends
Favourable Nuclear Fuel Market Price Trends Russia- Russia- Russia- Ukraine Ukraine Ukraine invasion invasion invasion (Feb 2022) (Feb 2022) (Feb 2022) • Global nuclear fuel markets tightening and bifurcating in response to Russia’s invasion of Ukraine and nuclear fuel sanctions and prohibitions • U
Slide 32: Emerging Enrichment Competitors
Emerging Enrichment Competitors Country of NRC Licence Commercial US Government Commercial Company Technology TRL Primary Focus Operations (full application) Production target Support Eligibility Developments 2016 DOE Sales Application submitted Agreement; Kentucky Uranium, Conversion, GLE TRL-6 by
Slide 33: Key Investment Risks
Key Investment Risks www.silex.com.au 33
Slide 34: Key Investment Risks
Key Investment Risks Introduction This section describes the key risks of investing in Silex Systems Limited (Silex, the Company) and the risks relating to participation in the Equity Raise. The risks identified in this section are not an exhaustive list of risks faced by Silex or by investors of Si
Slide 35: Key Investment Risks
Key Investment Risks 1. General Business Risks The Company’s principal focus is the commercialisation of the SILEX laser-based uranium enrichment technology in conjunction with Global Laser Enrichment LLC (GLE), the exclusive world- wide licensee of the SILEX technology for uranium enrichment. In ad
Slide 36: Key Investment Risks
Key Investment Risks • changes in legislation, regulatory frameworks, or government policy, whether in relation to energy markets, technology, intellectual property, foreign investment, or trade, may materially affect the Company’s operations, strategic direction, and financial performance • the out
Slide 37: Key Investment Risks
Key Investment Risks b) Silex’s technologies may not perform well at full-scale or be sufficiently economic The SILEX uranium enrichment technology has previously been demonstrated and proven to work at prototypical scale (TRL-5). GLE is currently conducting a large-scale pilot demonstration (TRL-6)
Slide 38: Key Investment Risks
Key Investment Risks 3. Nuclear Industry Risks – SILEX Technology for Uranium Enrichment a) Changes in market prices or decreasing demand Changes in the market price or demand for uranium (measured in pounds of uranium oxide (U3O8) or ‘yellowcake’), conversion (measured in kilograms uranium of UF6),
Slide 39: Key Investment Risks
Key Investment Risks In January 2021, a restructure of GLE was completed resulting in Silex acquiring a 51% ownership interest in GLE and Cameco increasing its ownership interest from 24% to 49%. As a result of GLE becoming wholly foreign owned, Silex and Cameco are subject to certain regulations an
Slide 40: Key Investment Risks
Key Investment Risks Silex is reliant on these various agreements, partners, and stakeholders for the successful commercialisation of the SILEX uranium enrichment technology. Problems arising or caused through these contracts or agreements, or by or with the counterparties and other contracted parti
Slide 41: Key Investment Risks
Key Investment Risks • any reversal or decline in the need for additional power generating capacity • consolidation within the electric power industry resulting in the marginalisation of nuclear power • recent executive actions under the US administration, which have introduced sweeping tariffs on i
Slide 42: Key Investment Risks
Key Investment Risks 4. Quantum Computing Risks – SILEX Technology for Quantum Silicon The application of the SILEX Laser Isotope Separation technology to the enrichment of silicon for the production of Q-Si is being commercialised through the Q-Si Production Project, which commenced in August 2023
Slide 43: Key Investment Risks
Key Investment Risks b) Ability to produce sufficiently pure Q-Si economically and at affordable pricing Silex has already demonstrated the ability of the SILEX technology to produce small quantities of enriched silicon at around 99.998 enrichment of silicon-28, and this level of purity is known to
Slide 44: Key Investment Risks
Key Investment Risks 5. General and Miscellaneous Risks a) Reliance on key staff Several long serving executives and technology subject matter experts remain fundamental to the success of Silex. Silex may be adversely affected if any of these employees were to be unable to remain actively involved i
Slide 45: Key Investment Risks
Key Investment Risks f) Exposure to ESG-related risks Silex’s and GLE’s operations are subject to extensive Federal, State, and local laws and regulations in both Australia and the US for environmental, social, and governance (ESG) matters. These laws and regulations set various standards regulating
Slide 46: Key Investment Risks
Key Investment Risks i) General market risks There are business and market risks inherent in any listed security, which could materially affect Silex’s earnings and the pricing of its shares, including: • changes in law and regulation affecting Silex and its operations, including taxation laws / tar
Slide 47: Foreign Selling Restrictions
Foreign Selling Restrictions www.silex.com.au 47
Slide 48: Foreign Selling Restrictions
Foreign Selling Restrictions This document does not constitute an offer of New Shares under the Placement in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares under the Placement may not be offered or sold, in any co
Slide 49: Foreign Selling Restrictions
Foreign Selling Restrictions There may be on-sale restrictions in Singapore that may be applicable to investors who acquire the New Shares. As such, investors are advised to acquaint themselves with the SFA provisions relating to resale restrictions in Singapore and comply accordingly. United Kingdo
Slide 50: Foreign Selling Restrictions
Foreign Selling Restrictions No advertisement, invitation, or document relating to the New Shares has been or will be issued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely to be acce
Slide 51: Foreign Selling Restrictions
Foreign Selling Restrictions Any financial information contained in this document has been prepared in accordance with Australian Accounting Standards and also comply with International Financial Reporting Standards and interpretations issued by the International Accounting Standards Board. Unless s
Slide 52: Foreign Selling Restrictions
Foreign Selling Restrictions • if the purchaser exercises its right of rescission, it shall cease to have a right of action for damages as against the Company and the selling security holders, if any; • the Company and the selling security holders, if any, will not be liable if they prove that the p
Slide 53: Foreign Selling Restrictions
Foreign Selling Restrictions European Union This document has not been, and will not be, registered with or approved by any securities regulator in the European Union. Accordingly, this document may not be made available, nor may the New Shares under the Placement be offered for sale, in the Europea
Slide 54: Foreign Selling Restrictions
Foreign Selling Restrictions Switzerland The New Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange or on any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating
Slide 55: Thank you
Thank you www.silex.com.au 55