Slides
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www.silex.com.au 1 Silex Systems Limited ASX: SLX OTCQX: SILXY Silex Systems Limited 2026 Annual General Meeting 16 October 2026 Dr Michael Goldsworthy CEO/Managing Director
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www.silex.com.au 2 Forward Looking Statements and Risk Factors About Silex Systems Limited (ASX: SLX) (OTCQX: SILXY) Silex Systems Limited ABN 69 003 372 067 (Silex or the Company) is a technology commercialisation company, the primary asset of which is the SILEX laser enrichment technology (SILEX technology), originally developed at the Company’s technology facility in Sydney, Australia. The SILEX technology has been under development for uranium enrichment jointly with 51% owned US-based exclusive licensee, Global Laser Enrichment LLC (GLE), for a number of years. Success of the SILEX uranium enrichment technology development program and the proposed Paducah commercial project remain subject to a number of factors, including the satisfactory completion of the SILEX technology maturation program, nuclear fuel market conditions, industry and government support, project feasibility, and commercial plant licensing, and, therefore, remains subject to associated risks. Silex also is at various stages of development of additional commercial applications of the SILEX technology, including the production of ‘Quantum Silicon’ (Q-Si) for the emerging technology of silicon-based quantum computing. The Q-Si Project remains dependent on the outcomes of the Project, as well as the successful development of silicon-based quantum computing technology by third parties, and is, therefore, subject to various risks. Silex is also conducting early- stage research activities in its Stable Isotope Project (SIP), which focuses on additional enriched isotopes required for semiconductor and medical applications and is also subject to various risks and outcomes. The commercial future of the SILEX technology in application to uranium, silicon, stable, and other isotopes therefore is uncertain, and any plans for commercial deployment are speculative. 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 regarding the future of the SILEX technology as applied to uranium enrichment, Q-Si production, stable and other isotope separation projects, and any associated commercial prospects, including technology maturation activities and other commercialisation milestones at GLE, are forward-looking and are subject to a number of variables, including, but not limited to, known and unknown risks, contingencies, and assumptions that may be beyond the control of Silex, its directors, and management. You should not place reliance on any forward-looking statements as actual results could be materially different from those expressed or implied by such forward-looking statements, as a result of various risk factors. Further, the forward-looking statements contained in this disclosure involve subjective judgement and analysis and, accordingly, are subject to: change at any time due to variations in the outlook for, and management of, Silex’s business activities (including project outcomes); changes in industry trends and government policies; and new or unforeseen circumstances. The Company’s management believes that there are reasonable grounds to make such statements as at the date of this disclosure. Silex does not intend, and is not obligated, to update the forward-looking statements except to the extent required by law or the ASX Listing Rules. None of Silex, its related companies, or any of their respective officers, directors, employees, affiliates, partners, representatives, consultants, agents, or advisers makes any representation or warranty as to the accuracy of any forward-looking statements contained in this Presentation. Except as required by law or regulation (including the ASX Listing Rules and OTCQX Rules for US Companies), Silex does not intend, and is not obligated, to update the forward-looking statements, and Silex disclaims any obligation or undertaking to update forward-looking statements in this Presentation to reflect any changes in expectations. No representation, warranty or assurance (express or implied) is given or made in relation to any forward-looking statement by any person (including the Company or any of its advisers). In particular, no representation, warranty or assurance (express or implied) is given that the occurrence of the events expressed or implied in any forward-looking statements in this Presentation will actually occur. Risk Factors Risk factors that could affect the future results and commercial prospects of Silex include, but are not limited to: ongoing economic and social uncertainty, including in relation to global economic stresses, such as interest rates; inflation; tariffs (including tariffs imposed by the United States); geopolitical risks, in particular, those relating to Russia’s invasion of Ukraine, the war between Iran and the US, and tensions between China and Taiwan, which may affect global supply chains and capital markets; uncertainties related to the effects of climate change and mitigation efforts; the results of the GLE/SILEX uranium enrichment technology maturation program; the market demand for natural uranium and enriched uranium; the outcome of the Q-Si Project for the production of enriched silicon for the emerging silicon-based quantum computing industry; the outcome of the SIP; the potential development of, or competition from, alternative technologies; the regulatory changes and uncertainties related to various US Government funding initiatives, the potential for third party claims against the Company’s ownership of Intellectual Property; the potential impact of prevailing laws or government regulations or policies in the US, Australia, or elsewhere; actions taken by the Company’s commercialisation partners and other stakeholders that could adversely affect the technology development programs and commercialisation strategies of Silex; and the outcomes of various strategies and projects undertaken by the Company. Cover page image accreditation: Prof. Michelle Simmons team at UNSW/CQC2T demonstrated the fastest 2 qubit gate in silicon using atom qubits. Nature 571, 371 (2019) (Illustration by Tony Melov). The release of this Presentation was authorised by the Board.
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www.silex.com.au 3 Silex is focused on the commercialisation of its innovative SILEX laser-based enrichment technology for application to three key global markets Uranium production and enrichment (nuclear power) Silicon enrichment (silicon quantum computing) Stable isotope enrichment (including medical isotope enrichment) Our strategy is focused on extracting maximum value from our core SILEX technology and expertise www.silex.com.au 3
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www.silex.com.au 4 Silex Investment Highlights Progressing at pace towards commercialising Silex’s laser enrichment technology Unique third-generation laser-based SILEX1 enrichment technology for uranium and nuclear fuel production in the US, classified by the US and Australian Governments Leveraged to global tailwinds, including: nuclear energy growth (AI, electrification, hyperscalers); Net- Zero emissions targets; revitalisation of the US nuclear industry US-based JV Global Laser Enrichment (GLE) – Silex (51%) and Cameco (49%) – perpetual technology licence with royalties from GLE to Silex in addition to any equity distributions Key technology demonstration (TRL-6)2 completed in October 2025 – de-risking pathway to commercialisation with TRL-72 (full-scale demonstration in plant-like environment) underway DOE3 Agreement – providing GLE with exclusive access to valuable uranium tails inventories – up to 30 years of feedstock for commercial operations – largest ‘above-ground uranium mine’ in the world Offtake Agreement for all of GLE’s future production executed by GLE and Cameco in September 2026 – GLE’s products purchased by Cameco at market pricing, underpinning future FID 4 1 2 3 4 5 6 1. SILEX: Separation of Isotopes by Laser EXcitation 2. TRL-6/7: Technology Readiness Level 6/7 (refer to slide 16 for reference) 3. DOE: US Department of Energy 4. FID: Final Investment Decision
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www.silex.com.au 5 1. GLE’s progress to commercialisation is dependent on several factors, including, but not limited to: technology maturation outcomes, market conditions, licensing, industry and government support, PLEF feasibility assessment, and other factors, and may vary according to differing scenarios or outcomes 2. SWU: Separative Work Units, typically used as a standard measure of enrichment services provided Silex’s unique advantage for maximising shareholder value1 • Equity position: Silex has a significant equity stake in GLE as a potential nuclear fuel supplier, currently at 51% • Cameco option: Agreement between Silex and Cameco on call option for Cameco to acquire an additional 26% at fair market value • Option window: open until April 2028 Two distinct value propositions for Silex shareholders when it comes to GLE: Equity interest in GLE – currently at 51% Silex ownership Perpetual royalty from GLE (under the exclusive SILEX technology licence agreement) • Perpetual SILEX royalty: 7% to 12% on GLE’s enrichment SWU2 revenues (purely by way of example, for ~8 MSWU of PLEF operations, royalties could potentially reach ~US$100m p.a. based on 7% minimum royalty rate and current price ~US$180/SWU) • Classification: SILEX uranium enrichment technology classified by Australian and US Governments, with no patent disclosures permitted → no sunset on IP • Trade Secret Protection: Technology kept under strictest security mandated by Australian and US governments 1 2
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www.silex.com.au 6 Highlights and upcoming catalysts for GLE / Silex 1. PLEF: Paducah Laser Enrichment Facility 2. MRL-7: Manufacturing Readiness Level 7 (refer slide 16 for reference) 3. NRC: Nuclear Regulatory Commission 4. FID: Final Investment Decision 5. EPC: Engineering, Procurement, and Construction Key Technology Demonstration Completed • Key large-scale technology demonstration (TRL-6) successfully completed in October 2025 at GLE’s Test Loop pilot plant facility • Independent assessor’s report confirmed completion of TRL-6 and endorsed GLE’s plans to proceed to detailed design with confidence 1 Site Acquisition • 700-acre site acquired for planned PLEF1 in November 2024 • Initial site clearing and other preliminary site works 2 3 Government Funding • GLE awarded US$28.5m by US DOE to continue to advance next generation laser-based uranium enrichment technology (January 2026) • US$98.9m performance-based incentive package from the Commonwealth of Kentucky and McCracken County for the PLEF (March 2026) 4 Finalisation of Technology Maturation • TRL-7 activities underway, focusing on technology maturation and final designs for full-scale commercial plant equipment • MRL-72 activities underway, focusing on in-house and external manufacturing, and supply chain development for commercial plant 1 NRC3 Licence for PLEF • Progress of the full licence application to the US NRC for the PLEF commercial production plant planned for Paducah, KY • Final approval of Licence expected in early CY2027 3 Marketing and Feasibility Activities • Customer engagement by Offtake partner Cameco • Preparations for feasibility assessment activities 2 Other Commercialisation Activities • Industry, government, and stakeholder engagement • PLEF preliminary site works – clearing, utilities etc • PLEF Feasibility / FID4, PLEF planning and EPC5 contractor engagement 4 RECENT HIGHLIGHTS EXPECTED UPCOMING CATALYSTS Full Production Offtake Agreement Executed • Execution of Offtake Agreement for GLE production September 2026 • Agreement means Cameco will purchase all of GLE’s products • GLE will benefit from Cameco’s future contracting efforts and avoid significant sales and marketing costs
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www.silex.com.au 7 SILEX Uranium Enrichment Technology and GLE’s Commercialisation Plan
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www.silex.com.au 8 Evolution of Uranium Enrichment Technology 1st Generation Technology 3rd Generation Technology Gaseous Diffusion High cost Obsolete Centrifuge Moderate cost Current technology SILEX Laser Anticipated to be lower cost The future of uranium enrichment 2nd Generation Technology Modest efficiency Higher efficiency and throughputVery low efficiency – tails legacy SILEX laser process → higher separation efficiency and throughput vs centrifuge technology
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www.silex.com.au 9 Nuclear Fuel Supply Chain and Evolving Issues • 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 exposed by over-dependence on Russian-sourced nuclear fuel • Conversion services – only three Western suppliers (Cameco, Orano, Converdyn), excluding Russia • Enrichment services – only two Western suppliers (Urenco, Orano), excluding Russia • HALEU fuel for advanced reactors (including SMRs) – technology reactor developers were relying on Russian HALEU (LEU/LEU+ and HALEU)
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www.silex.com.au 10 GLE’s plans for the World’s Largest ‘Above-ground Uranium Mine’ GLE’s first commercial opportunity, to produce natural grade uranium from legacy depleted tails, is effectively the world’s largest ‘above -ground uranium mine’ • Currently operating in Wilmington, NC • Large-scale enrichment demonstration completed – key technology de -risking milestone ( TRL-6) • TRL-7 activities underway, focusing on technology maturation and final designs for full-scale commercial plant equipment • Wilmington classified manufacturing facility • ~700-acre site strategically located adjacent to the US DOE’s former Paducah Gaseous Diffusion Plant (PGDP) • Tails processing project equivalent to an ‘above-ground uranium mine’ , with potential production of up to 5 million lbs p.a. for up to 30 years (as UF 6) and 2 million kgs p.a. conversion capacity • PLEF is a potential single -site solution for US uranium, conversion, and enrichment services PLEF Paducah, KY GLE HQ and Test Loop Wilmington, NC Paducah Laser Enrichment Facility (PLEF) GLE Headquarters and Test Loop Facility ~US$600m invested in GLE over 20 years to progress the SILEX technology to TRL -6 GLE’s ‘above -ground uranium mine’ – DOE agreement provides 200,000 metric tonnes of high -assay tails inventories – feedstock for the planned PLEF to produce natural grade UF 6 Strong tailwinds for clean, low -emissions nuclear power – GLE is w ell-positioned as a US -based, next -generation uranium enrichment provider GLE’s commercial strategy based on unique single -site solution to address the ‘Triple Opportunity ’ – enables potential production of all three grades of nuclear fuel at the PLEF
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www.silex.com.au 11 The Paducah Laser Enrichment Facility (PLEF) GLE’s economic potential based on its unique single-site solution to address the ‘Triple Opportunity’ PLEF UF6 Product: Natural Grade Uranium (as UF6) GLE’s ‘above-ground uranium mine’ – with enrichment of DOE depleted tails inventories to produce natural UF6 with U235 assay ~0.7% Revenue potential • Production of up to 5 million pounds natural grade uranium (as UF6) annually for up to 30 years • Revenue will include value of uranium and conversion • At today’s long-term uranium price of ~US$95/lb, up to ~US$500m/yr potential revenue for 5 million lbs • Plus 2 million kilograms conversion/yr – at today’s long-term conversion price of ~US$55/kgU, up to ~US$110m/yr potential revenue PLEF LEU Product: Low Enriched Uranium (LEU/LEU+) for conventional nuclear power reactors LEU includes U235 assays of 3% to 5% LEU+ includes U235 assays of 5% to 10% Revenue potential • Potential initial LEU production of 2 million enrichment units (SWU) per year (to process DOE material) • At today’s long-term SWU price of US ~$180/SWU, potential revenue of up to ~US$360m/yr • LEU/LEU+ capacity expandable if market demand grows – potentially up to 6MSWU/yr or more if global use of nuclear energy gathers pace PLEF HALEU Product: High Assay LEU (HALEU) fuel for next-generation advanced reactors, including small modular reactors (SMRs) HALEU includes U235 assays up to 20% Revenue potential • Future HALEU market size and timing difficult to quantify until SMR market evolves • HALEU is likely to be traded as kilograms HALEU – market price yet to be established, but potentially a high-value fuel • All estimates are subject to technology maturation outcomes, market conditions including market pricing, licensing, industry and government support, PLEF feasibility assessment, and other factors, and may vary according to differing scenarios • All production estimates are based on preliminary modelling by Silex of project economics and longevity. Actual production output will depend on prevailing nuclear fuel market conditions and other factors
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www.silex.com.au Technology Demonstration Completed in October 2025 Basic Laboratory Research Research to Prove Feasibility Technology Development Technology Demonstration Full-scale System Demonstration System Operation TRL-1 TRL-2 TRL-3 TRL-4 TRL-5 TRL-8 TRL-9 Completed October 2025 Basic principles observed Technology concept formulated Lab-scale proof of concept Component validation in lab environment Integrated system validation Full-scale demonstration in relevant environment Qualified production system via demonstration Full-range operation of production system / Commercial Operations Activities advancing3 TRL-6 TRL-7 Pilot-scale system validation Feasibility assessment for PLEF4 leading to Final Investment Decision (FID) – required prior to PLEF construction GLE completed key large -scale technology demonstration (TRL 1-6) in October 2025 • Standard Technology Readiness Level (TRL) scale used to assess the stage of technology / system development of the SILEX tech nology • Increasing focus on establishing in -house manufacturing capability and US -based supply chain development for balance -of-plant (M RL2-7) 1. Technology Readiness Level (TRL), as defined by DOE Technology Readiness Assessment Guide (G413.3-4A) 2. MRL: Manufacturing Readiness Level (DOD Guide at dodmrl.com/MRL_Definitions_2010.pdf) 3. All scheduling estimates shown are tentative and subject to change and/or unforeseen delays 4. PLEF: Paducah Laser Enrichment Facility 12
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www.silex.com.au 13 DOE’s 60-year Legacy of Producing Depleted Uranium Tails in KY PGDP Operations US DOE Paducah Gas Diffusion Plant (PGDP) 1952 to 2013 Tails Assays today ~ 0.2% First generation inefficient and costly technology • 2016 Agreement between the DOE and GLE provides GLE with access to over 200,000 metric tonnes (MT) of high-assay depleted tails stored above ground at the DOE’s Paducah site in approximately 25,000 cylinders – to be used as feed for processing at the PLEF • Using efficient SILEX laser enrichment technology, GLE plans to produce ~2,000 MT of natural grade UF6 per year for up to 30 years Source: US DOE Office of Environmental Management, 2026 Feed – Nat UF6 Assay 0.7% LEU Product Assay 3% - 5% High Assay Depleted Tails Assay 0.25% - 0.45%
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www.silex.com.au 14 GLE’s Potential PLEF Commercial Plant Opportunities1 Source: GLE – PLEF Potential Commercial Plant (conceptual only) 1. Dependent on various factors, including, but not limited to: technology maturation outcomes, market conditions, licensing, industry and government support, PLEF feasibility assessment, and other factors, and may vary according to differing scenarios. Actual production capacity and output will depend on prevailing nuclear fuel market conditions and other factors PLEF LEU 2MSWU and up to 6MSWU PLEF NUF6 ~2,000 MTU as NUF6 DUF6: Depleted UF6 DDUF6: Double Depleted UF6 HALEU ~15 MTU Potential future expansion LEU / LEU+ GLE – PLEF Potential Commercial Plant (conceptual only)
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www.silex.com.au 15 PLEF UF6 Production Opportunity Natural grade UF6 production from DOE tails – world’s largest ‘above-ground uranium mine’ 1. All target dates are subject to technology maturation outcomes, market conditions, licensing, industry and government support, PLEF feasibility assessment, and other factors, and may vary according to differing scenarios 2. All production estimates are based on preliminary modelling by Silex of project economics and longevity. Actual production output will depend on prevailing uranium market conditions and other factors Akin to a ‘Tier 1’ Uranium Resource2 Based on the expected low cost and longevity of production (Silex estimate of all-in cost currently <US$30/lb) Potential UF6 production allows GLE to capture conversion value in revenue Feed and Product is UF6 (current term conversion value ~US$55/kg) (with potential production of up to 2 million kgU p.a.) Aim to commence initial commercial operations by 20301 Initial production utilising lead production cascade, followed by parallel cascade expansion to full capacity Potential to enrich further From natural grade (0.7%): – to LEU (up to 5%) – to LEU+ (up to 10%) – to HALEU (up to 20%) Equivalent U3O8 Production Potential production of up to 5 million lbs p.a. for up to 30 years (~150m lb contained resource) Offtake Agreement GLE’s products to be purchased by Cameco: – pricing determined by average realised price (excluding legacy contracts) – underpins future FID
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www.silex.com.au 16 1. Indicative target timeline subject to schedule risks, such as technology maturation outcomes, market conditions, licensing, industry and government support, PLEF feasibility assessment, unforeseen delays, and other factors, and may vary according to changing circumstances and differing scenarios 2. Technology Readiness Level 6 (TRL-6), as defined by DOE Technology Readiness Assessment Guide (G413.3-4A) 3. MRL: Manufacturing Readiness Level (DOD Guide at dodmrl.com/MRL_Definitions_2010.pdf) 4. NRC: Nuclear Regulatory Commission 5. PLEF: Paducah Laser Enrichment Facility 6. FID: Final Investment Decision 7. EPC: Engineering, Procurement, and Construction of commercial plant PLEF COMMERCIAL OPERATIONS GLE’s Indicative Target Timeline for Commercialisation of SILEX Technology1 US NRC4 Plant Licence for PLEF5 – application accepted by US NRC, August 2025 PRODUCTION TECHNOLOGY FINALISATION: TRL-7, 8, and MRL-7, 8, 93 Full-scale production systems in Lead Cascade + Supply Chain + Manufacturing PLEF FEASIBILITY ASSESSMENT / FID6 NRC PLEF LICENCE NRC Operating Licence TRL-62 Large-scale Pilot Demonstration – completed in October 2025 GLE/Cameco exclusive Offtake Agreement executed in September 2026 PLEF site acquired, November 2024 (~700-acres) 2026 2027 2028 2029 2030RECENT ACHIEVEMENTS 2026 – Government funding arrangements – US$28.5m US DOE and US$98.9m KY PLEF EPC7
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www.silex.com.au 17 GLE’s Commercialisation Activities for the SILEX Technology The PLEF commercial plant site and licensing activities1: 1. GLE’s progress to commercialisation is dependent on several factors, including, but not limited to: technology maturation outcomes, market conditions, licensing, industry and government support, PLEF feasibility assessment, and other factors, and may vary according to differing scenarios • GLE acquired a ~700-acre site for the planned PLEF in November 2024 • Site is strategically located adjacent to the US DOE’s former first-generation Paducah Gas Diffusion Plant (PGDP) • Site provides access to the PGDP cylinder yards, where the tails inventories are stored for future processing at the PLEF • GLE continues to work with NRC to secure its construction and operating licence for the planned PLEF as early as CY2027 • A potential unique single-site solution for US uranium, conversion, and enrichment services • PLEF site activities, including initial site clearing and other preliminary site works PLEF site, Paducah, KY
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www.silex.com.au 18 GLE’s Commercialisation Activities for the SILEX Technology Paducah, KY, preliminary PLEF site activities1: 1. GLE’s progress to commercialisation is dependent on several factors, including, but not limited to: technology maturation outcomes, market conditions, licensing, industry and government support, PLEF feasibility assessment, and other factors, and may vary according to differing scenarios PLEF site, Paducah, KY
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www.silex.com.au 19 GLE’s Commercialisation Activities for the SILEX technology GLE HQ and classified manufacturing facility in Wilmington, NC – establishing an advanced US domestic manufacturing base and supply chain: GLE HQ and Classified Manufacturing Facility – Wilmington, NC
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www.silex.com.au 20 Uranium Sector and Nuclear Fuel The renaissance of the global nuclear industry
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www.silex.com.au 21 Clean energy supporting Net-Zero 2050 targets Advanced reactors in development, including SMRs Low LCOE ~US$78/MWhr1 24/7 reliability and base load stability Highest capacity factor (> 90% in the US) Supporting data centres, AI, Crypto, EVs, and hydrogen production Nuclear power is a leading source of carbon-free base load electricity to achieve climate, energy, and national security objectives Nuclear Power Value Proposition 1. Source: OECD-NEA The Cost of Generating Electricity, 2025 LCOE: Levelised Cost of Electricity on an all-in cost basis Nth –of-a-kind (NOAK) Gen III+, Mean LCOE US$78/MWhr Long-term Operation (LTO) Existing Plants, Mean LCOE US$48/MWhr
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www.silex.com.au www.silex.com.au 22 Significant Nuclear Power Growth Expected • 441 Operable Power Reactors Worldwide • Nuclear supplies ~10% of global electricity • Strong nuclear energy growth projected – Net-Zero targets, electrification, and energy security priorities • AI and global data centre electricity demand projected to double by 2030 • Other additions to world nuclear reactor population expected as SMRs progress – various designs advancing needing LEU, LEU+, or HALEU • Reactor restarts, licence extensions, and new conventional reactors and SMRs – all contributing to solid demand growth for nuclear fuel Source: World Nuclear Association, September 2026 World Nuclear Power Reactor Population 441 81 122 336 980 Operable Under Construction Planned Proposed Total Potential Reactors in 31 countries in 17 countries in 18 countries in 27 countries
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www.silex.com.au 23 GLE’s PLEF – a potential single-site solution for US uranium, conversion, and enrichment services Sources: US Energy Information Administration, August and September 2025; World Nuclear Association, World Nuclear Fuel Report, 2025 The current US fleet of 94 reactors is largely dependent on imports for uranium, conversion, and enrichment requirements GLE’s PLEF is uniquely positioned to play a pivotal role in rebuilding and strengthening the US domestic supply chain for uranium, conversion, and enrichment services 1% 99% Uranium (Mlbs U308) US production Non-US sourced Total US requirement 49 Mlbs 33% 67% Conversion (MkgU) US production Non-US sourced Total US requirement 19 MkgU 31% 69% Enrichment (MSWU) US production Non-US sourced Total US requirement 15 MSWU
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www.silex.com.au 24 Nuclear Fuel Supply Opportunities for GLE Source: UxC Uranium Market Outlook, Q3, 2026 and UxC Enrichment Market Outlook, Q3, 2026 Forecast uncovered US uranium demand from early 2030s is in excess of 25 million lbs annually Significant nuclear fuel opportunities for GLE extend from 2030 – GLE’s target initial commercial operation date, particularly in the absence of Russian-sourced fuel Forecast uncovered US SWU demand from early 2030s is ~5 million SWU, rising to ~10 million SWU annually by mid 2030s 0 25 50 75 100 125 150 175 200 225 250 275 300 325 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Uncovered Uranium Base Case Demand Non-U.S. Utilities United States Total Requirements © UxC Uncovered US Demand 0 10 20 30 40 50 60 70 80 90 100 110 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Uncovered SWU Base Case Demand Non-U.S. Utilities United States Total Requirements Uncovered US Demand Million SWU Million lbs U3o8
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www.silex.com.au 25 Favourable Nuclear Fuel Market Price Trends • Global nuclear fuel markets tightening and bifurcating in response to Russia’s invasion of Ukraine and nuclear fuel sanctions and prohibitions • Uranium term price rises (~120%) since February 2022 reflect the significant concerns over looming supply shortfalls in the open market as Russian-sourced nuclear fuel is excluded • Conversion term prices have increased over ~200% since the Russian invasion of Ukraine in February 2022 • Enrichment (SWU) term prices have increased ~200% since February 2022, reflecting concerns of open market enrichment shortfall without Russian supply Source: UxC Russia-Ukraine Invasion (Feb 2022) $89.50 $96.00 $0.00 $20.00 $40.00 $60.00 $80.00 $100.00 $120.00 Uranium Price U3O8 Spot U3O8 LT US$/lb Russia-Ukraine Invasion (Feb 2022) $60.00 $53.00 $0.00 $20.00 $40.00 $60.00 $80.00 $100.00 $120.00 Conversion Price NA Conv Spot NA Conv LT US$/kgU Russia-Ukraine Invasion (Feb 2022) $215.00 $181.00 $0.00 $20.00 $40.00 $60.00 $80.00 $100.00 $120.00 $140.00 $160.00 $180.00 $200.00 $220.00 Enrichment (SWU) Price SWU Spot SWU LT US$/SWU
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www.silex.com.au 26 Additional Growth Opportunities for Silex
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www.silex.com.au 27 Silex Q-Si Production Project for Quantum Computing • Construction of the world’s first laser-based silicon enrichment plant completed in June 2026, with final plant commissioning activities underway • Project leverages the successful pilot demonstration of ‘Zero-Spin Silicon’ production – up to ~99.998% enriched silicon-28 (Si-28) • First full-scale production plant is expected to produce up to 20kg of highly enriched silicon-28 (Quantum Silicon (Q-Si)) annually, which will be converted to multiple product forms of Q-Si for potential customers in the global quantum computing industry, including: 1. Quantum Silicon gas – for chemical vapour deposition (CVD) – the primary process used for quantum chip fabrication 2. Quantum Silicon solid – for molecular beam epitaxy (MBE) – the alternative process used for quantum chip fabrication • 3.5-year Project (total ~$16m) awarded $5.1m funding from the Defence Trailblazer Program (partnership between The University of Adelaide and UNSW Sydney) supported by the Australian Government, and $4.35m from initial offtake partner, Silicon Quantum Computing Pty Ltd (SQC) • A new emerging opportunity also is being explored – using enriched Si-28 in advanced conventional silicon chips – potential to overcome power density and thermal overload issues, with Si-28-based nano-wires (‘heat pipes’) being developed by designers and nano-fabricators of hyperscale chips being deployed for AI, cloud computing, and data centre applications
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www.silex.com.au Silex Q-Si Production Project for Quantum Computing 28Silex Q-Si Production Module – Lucas Heights, Sydney, NSW
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www.silex.com.au 29 Summary
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www.silex.com.au 30 Summary •Summary• Silex provides unique leverage into the nuclear fuel supply chain, with significant potential value through equity ownership in GLE (currently 51%), in addition to perpetual royalty flows under the SILEX uranium enrichment technology licence • GLE’s path to market is underpinned by the PLEF Project for cost effective production of natural grade uranium (in the form of UF6) and the significant value of conversion contained in the feedstock (DOE’s legacy depleted UF6 tails inventories) • The ‘Triple Opportunity’ includes potential to add SILEX production capacity to produce LEU, LEU+, and HALEU at the PLEF, helping to alleviate Western dependence on Russian-sourced nuclear fuel • Key de-risking milestone – TRL-6 Pilot Demonstration – successfully completed in October 2025, and independently validated • Offtake Agreement for all GLE’s future production signed by GLE and Cameco in September 2026 – pivotal commercial outcome providing a home for all GLE’s products, underpinning feasibility and FID, and saving GLE significant sales and marketing costs Significant Additional Opportunities – Summary • Quantum Silicon (Q-Si) Production Project – construction of the world’s first laser-based silicon enrichment plant recently completed, with final plant commissioning activities underway • Q-Si Project will result in a sovereign capability and secure supply chain to produce highly enriched silicon in support of the emerging global quantum computing industry – initially producing up to 20kg high purity Q-Si (historically traded at ~US$0.5m per kg) • Stable Isotope Project – focused on process validation for potential enrichment of several additional isotopes of interest in the semiconductor and medical industries – currently at an early stage As at 30 June 2026, the Company had cash and term deposit holdings of ~$180.7m and no corporate debt
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www.silex.com.au 31 Thank you