SILEX SYSTEMS LIMITED (SLX)
Share Price Analysis and Chart

08/05/2025

1

Buy, High Risk

$6.50

8.15%

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.

18/09/2025

1

Speculative Buy

$6.90

14.81%

Global Laser Enrichment (GLE), a company 51% owned by Silex Systems, has produced hundreds of kilos of low enriched uranium and is on track to achieve TRL6, meaning it could move beyond lab prototypes.

Canaccord Genuity notes the planned Paducah Laser Enrichment Facility is the only new US enrichment project under NRC licence review, backed by over US$550m investment to date.

GLE has bid into the US DOE’s Task Order 2, worth up to US$900m milestone-based funding to establish new domestic enrichment capacity by 2031.

The broker notes further upside could come from the Section 232 investigation into uranium imports and Cameco’s (49% owner of GLE) option to lift its GLE stake by 26% at fair market value.

Speculative Buy. Target rises to $6.90 from $6.64.

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.