SILEX SYSTEMS LIMITED (SLX)
Share Price Analysis and Chart

08/05/2025

1

Buy, High Risk

$6.50

58.92%

Uranium enrichment trials at Silex Systems' Wilmington, North Carolina pilot plant have been delayed by three months due to facility modifications. Shaw and Partners believes the recent -13% share price drop (largely recovered yesterday) is an overreaction.

Successful trials would materially de-risk the SILEX laser enrichment technology, in the broker's opinion, and could trigger Cameco’s option to raise its GLE joint venture stake to 75% from 49%.

Silex is progressing with commercialisation, including a full-scale module at Paducah and expanded manufacturing capability.

The company is well funded with $93.1m cash and recently received an initial $0.5m from the US Department of Energy as part of a potential US$3.4bn LEU enrichment program, observe the analysts.

Shaw expects uranium prices to rise through 2025 and continues to view Silex as a high-conviction exposure to the nuclear fuel cycle.

Buy, High risk rating and $6.50 target maintained.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -14.40 cents.

02/09/2025

1

Speculative Buy

$6.64

62.35%

After a period of research restriction, Canaccord Genuity has a Speculative Buy rating on Silex Systems and a target price of $6.64.

The broker notes the company remains on track to achieve TRL-6 by year-end (a key technical milestone) and has been invited to bid for up to US$900m in DOE Task Order 2 (TO2) funding under the US Low-Enriched Uranium program.

The company is strategically well-positioned with a strong balance sheet of $210m cash following recent capital raising amid increasing urgency from the US to secure domestic nuclear fuel supply chains.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -2.17 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -4.50 cents.