SILEX SYSTEMS LIMITED (SLX)
Share Price Analysis and Chart

19/02/2026

1

Buy, High Risk

$12.80

82.60%

Shaw and Partners upgrades its uranium price forecasts to US$175/lb in 2027 from US$150/lb and to US$200/lb in 2028 from US$150/lb. The long-term price assumption is raised to US$120/lb from US$90/lb from 2032.

These changes are largely behind the broker's new target for Silex Systems of $12.80, up from $11.20. The target price rise is partially offset by the removal of a risked US government US$900m grant from the analysts' valuation, previously $1.26 per share.

It's noted this does not fundamentally change the outlook for the GLE joint venture with Cameco, which remains focused on its Paducah tails re-processing opportunity.

Buy, High Risk rating retained.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -8.00 cents.
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -6.50 cents.

16/02/2026

1

Speculative Buy

$10.48

49.50%

Canaccord Genuity raises its target price to $10.48 from $9.42 and retains a Speculative Buy rating on Silex Systems post a change in the broker's outlook for demand and supply on uranium prices.

The broker argues a step change in energy demand is emerging for the first time since the early 2000s, with sentiment now strongly supportive of nuclear across both public and private markets.

Despite rising demand, the broker notes uranium supply concerns remain unresolved with tightening conditions beginning to show through in the long term market.

Canaccord Genuity lifts the long term uranium price assumption to US$110/lb from 2030.