Slide 1: Investor Presentation 5 June 2025
Investor Presentation 5 June 2025 Silex Systems Limited (Silex) (ASX:SLX; OTCQX:SILXY) is pleased to provide the attached presentation to support upcoming Investor Relations activities. The presentation highlights recent developments in the commercialisation program for the third-generation laser-ba
Slide 2: About Silex and Forward Looking Statements
Authorised for release by the Silex Board of Directors Further information on the Company’s activities can be found on the Silex website: www.silex.com.au or by contacting: Michael Goldsworthy Julie Russell CEO/Managing Director CFO/Company Secretary T +61 2 9704 8888 T +61 2 9704 8888 E investor.re
Slide 3: Next-Generation Laser Enrichment Technology
Next-Generation Laser Enrichment For personal use only Technology Investor Briefing Presentation | 5 June 2025 Dr Michael Goldsworthy CEO/Managing Director Silex Systems Limited ASX: SLX OTCQX: SILXY www.silex.com.au 1
Slide 4: Forward Looking Statements and Risk Factors
Forward Looking Statements and Risk Factors About Silex Systems Limited (ASX: SLX) (OTCQX: SILXY) Silex Systems Limited ABN 69 003 372 067 (Silex or Company) is a technology commercialisation company, the primary asset of which is the SILEX laser enrichment technology (SILEX technology), originally
Slide 5: Agenda
Agenda Investment Overview 4 SILEX Uranium Enrichment Technology 10 For personal use only Uranium Sector and Nuclear Fuel 13 GLE’s Commercialisation Plan 22 Additional Growth Opportunities for Silex 31 www.silex.com.au 3
Slide 6: Investment Overview
For personal use only Investment Overview www.silex.com.au 4
Slide 7: Investment Highlights
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 Lever
Slide 8: Overview of GLE
Overview of 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 Kentu cky1 Paducah Laser Enrichment Facility (PLEF) G
Slide 9: The Paducah Laser Enrichment Facility (PLEF)
The Paducah Laser Enrichment Facility (PLEF) GLE’s path to market focused on its unique ability to address the ‘Triple Opportunity’ For personal use only PLEF UF6 PLEF LEU PLEF HALEU Product: Natural Grade Uranium Product: Low Enriched Uranium Product: High Assay LEU (as UF6) (LEU/LEU+) (HALEU) via
Slide 10: The GLE value proposition for Silex Shareholders
The GLE value proposition for Silex Shareholders1 1) GLE Equity – Minimum 25%: • Silex currently holds 51% – Cameco has a call Option to acquire an additional 26% at fair market value • Option window opened 1 February 2023 – closes 30 months after successful TRL-6 demonstration For personal use only
Slide 11: Recent and upcoming catalysts for GLE / Silex
Recent and upcoming catalysts for GLE / Silex Recent highlights: • GLE recently commenced the key technology de-risking large-scale demonstration tests (TRL-6) at its Wilmington, NC Test Loop facility – expected completion by end CY2025, subject to independent assessment by engineering contractor •
Slide 12: SILEX Uranium Enrichment Technology
For personal use only SILEX Uranium Enrichment Technology Unique Third Generation Laser Technology www.silex.com.au 10
Slide 13: Evolution of Uranium Enrichment Technology
Evolution of Uranium Enrichment Technology 1st Generation Technology 2nd Generation Technology 3rd Generation Technology For personal use only Gaseous Diffusion Centrifuge SILEX Laser Very low efficiency – tails legacy Modest efficiency Higher efficiency and throughput High cost Moderate cost Antici
Slide 14: GLE's potential PLEF Commercial Plant Opportunities
GLE’s potential PLEF Commercial Plant Opportunities1 GLE – PLEF Potential Commercial Plant (conceptual only) HALEU ~15 MTU For personal use only Potential future expansion LEU / LEU+ PLEF LEU 2MSWU and up to 6MSWU Source: GLE – PLEF Potential Commercial PLEF NUF6 Plant (conceptual only) DUF6: Deplet
Slide 15: Uranium Sector and Nuclear Fuel
For personal use only Uranium Sector and Nuclear Fuel The renaissance of the global nuclear industry www.silex.com.au 13
Slide 16: Nuclear power is a leading source of carbon-free base load electricity
Nuclear power is a leading source of carbon-free base load electricity to achieve climate, energy, and national security objectives Clean energy supporting Net Zero 2050 targets Advanced Reactors in development, including SMRs For personal use only Low LCOE ~US$70/MWhr1 Nuclear Power Value Propositi
Slide 17: Significant nuclear power growth to achieve Net Zero by 2050
Significant nuclear power growth to achieve Net Zero by 2050 Growth in Primary Energy World Nuclear Power Reactor Population Renewables Hydro For personal use only Nuclear Coal Natural gas Current Trajectory to 2050 Net Zero to 2050 Oil * Other Proposed Reactors include 26 proposed in Poland, 8 in T
Slide 18: The US is the world's largest producer of Nuclear Power
The US is the world’s largest producer of Nuclear Power Conventional Large-Scale Operable Reactors Total Operable Reactor Units (Top 10) USA 94 (96,952 MWe) • 439 Operable Reactors Power For personal use only China 58 (56,888 MWe) Worldwide France 57 (63,000 MWe) • Nuclear supplies ~10% of Russia 36
Slide 19: GLE's PLEF may help address US uranium and enrichment vulnerability
GLE’s PLEF may help address US uranium and enrichment vulnerability Uranium purchased by owners and operators of U.S. civilian nuclear Enrichment purchased by owners and operators of U.S. civilian power reactors, 2013-2023 Million SWU nuclear power reactors, 2013-2023 60 16.0 14.0 50 12.0 For person
Slide 20: Emerging nuclear fuel supply opportunities for GLE
Emerging nuclear fuel supply opportunities for GLE For personal use only Uncovered US Demand Source: UxC Enrichment Market Outlook, Q1, 2025 Source: UxC Uranium Market Outlook, Q1, 2025 • Forecast uncovered US uranium demand from 2030 is in excess of ~25 million lbs annually Uncovered US SWU Require
Slide 21: Nuclear Fuel Supply Chain and Evolving Issues
Nuclear Fuel Supply Chain and Evolving Issues • The Nuclear Fuel Supply Chain For personal use only 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 ch
Slide 22: US and EU Nuclear Fuel Requirements Supplied by Russia
US and EU Nuclear Fuel Requirements Supplied by Russia Russian Share of Global EU Nuclear Fuel Supplied US Nuclear Fuel Supplied by Production Capacity1 by Russia2 Russia1,3 Uranium (U3O8) ~14% ~23% ~12% For personal use only Conversion ~22% ~27% ~18% Enrichment (SWU) ~44% ~38% ~27% • Major concerns
Slide 23: Favourable Nuclear Fuel Market Price Trends
Favourable Nuclear Fuel Market Price Trends Uranium Price Conversion Price Enrichment (SWU) Price US$/lb US$/kgU US$/SWU $120.00 $120.00 $220.00 Russia- U3O8 U3O8 LT Russia- NA NA Russia- SWU Spot SWU LT Ukraine Spot Ukraine Conv Spot Conv LT $200.00 Ukraine invasion invasion invasion $100.00 $100.0
Slide 24: GLE's Commercialisation Plan
For personal use only GLE’s Commercialisation Plan www.silex.com.au 22
Slide 25: GLE's Target Timeline for Commercialisation of SILEX technology
GLE’s 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 + Supply Chai
Slide 26: Technology Readiness Level (TRL) Framework
Technology Readiness Level (TRL) Framework Basic Laboratory Research to Prove Technology Technology System System Research Feasibility Development Demonstration Commissioning Operation For personal use only Preliminary Full-range operation of activities production system / underway Advanced stage –
Slide 27: Status of SILEX Technology Pilot Demonstration Project
Status of SILEX Technology Pilot Demonstration Project Key large-scale technology de-risking demonstration expected to be completed by end of CY20251: • Pilot Demonstration Facility operational in Q3 2024 after US NRC SILEX Technology Process Diagram completed inspection of Test Loop facility and op
Slide 28: GLE's Commercialisation Activities for the SILEX technology
GLE’s Commercialisation Activities for the SILEX technology Paducah, KY site acquisition and commercial plant licensing activities1: • GLE acquired a 665-acre site for the planned PLEF in November 2024 • Site is strategically located adjacent the US DOE’s former first-generation PGDP For personal us
Slide 29: GLE HQ and classified manufacturing facility in Wilmington, NC
GLE’s Commercialisation Activities for the SILEX technology GLE HQ and classified manufacturing facility in Wilmington, NC: For personal use only GLE HQ and Classified Manufacturing Facility – Wilmington, NC www.silex.com.au 27
Slide 30: US support for GLE's commercialisation activities
US support for GLE’s commercialisation activities • Key US legislation supports nuclear power as a critical energy source: Inflation Reduction Nuclear Fuel Security Prohibiting Russian ADVANCE Act Act Uranium Imports Act Act (2022) (2023) (2024) (2024) For personal use only • US$700m in support for
Slide 31: 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 For personal use only LT U₃O₈ price ~US$80/lb1 Conversion of up to 2m
Slide 32: PLEF UF6 Production Opportunity
PLEF UF6 Production Opportunity (Natural UF6 production from DOE tails) Akin to a ‘Tier 1’ Equivalent U3O8 Aim to commence Uranium Resource2 Production initial commercial Based on the expected low Potential production of up to 5 For personal use only cost and longevity of operations ahead of million
Slide 33: Additional Growth Opportunities for Silex
For personal use only Additional Growth Opportunities for Silex www.silex.com.au 31
Slide 34: Quantum Silicon for Quantum Computing
For personal use only Quantum Silicon for Quantum Computing Additional growth opportunity transitioning to commercial production www.silex.com.au 32
Slide 35: Quantum Computing, Artificial Intelligence, and Quantum Silicon
Quantum Computing, Artificial Intelligence, and Quantum Silicon Global race to develop the world’s first Quantum Computers: • Quantum Computing (QC) will be many times more powerful than today’s conventional computers and will support the emerging world of Artificial Intelligence (AI) • QC and AI wi
Slide 36: Quantum Silicon (Q-Si) for Quantum Computing
Quantum Silicon (Q-Si) for Quantum Computing Q-Si Production Project For personal use only Front-end process SILEX silicon enrichment Back-end process Raw Silicon SILEX Enrichment Pure Q-Si Q-Si Quantum Chips www.silex.com.au 34
Slide 37: Silex Q-Si Production Project
Silex Q-Si Production Project • Quantum Silicon (Q-Si) Production Project announced in August 2023 is being undertaken with partners, Silicon Quantum Computing Pty Ltd (SQC) and UNSW Sydney (UNSW) to establish the first commercial Q-Si Production Plant module • Project leverages the successful pilot
Slide 38: Medical Isotope Separation Technology (MIST) Project
For personal use only Medical Isotope Separation Technology (MIST) Project www.silex.com.au 36
Slide 39: MIST Project
MIST Project MIST Project aiming to develop a process to enrich ytterbium-176 (Yb-176) for production of lutetium-177 (Lu-177): • Lu-177-based radiotherapy represents a breakthrough development for the diagnosis and treatment of some aggressive metastatic cancers (initially approved for prostate can
Slide 40: Summary
For personal use only Summary www.silex.com.au 38
Slide 41: Summary
Summary ••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 under the SILEX uranium enrichment technology licence • GLE’s path to market is un
Slide 42: Thank you
For personal use only Thank you www.silex.com.au 40