SILEX SYSTEMS LIMITED (SLX)
Share Price Analysis and Chart

08/05/2025

1

Buy, High Risk

$6.50

120.34%

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 FY25 dividend of 0.00 cents and EPS of minus -13.10 cents.
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -14.40 cents.

12/05/2025

1

Speculative Buy

$6.46

118.98%

Silex Systems' TRL-6 commercial-scale pilot demonstration testing is now expected to be completed by the end of 2025 vs mid-2025 targeted before.

Additionally, Canaccord Genuity notes, Global Laser Enrichment (50% Silex) received initial US$0.5m funding from the US Department of Energy (DOE) under the low-enriched uranium program.

The analyst flagged there's potential to get an additional US$24m under another DOE program, the outcome of which is expected in the coming months.

Apart from funding, commentary suggests the focus in the next few months will be on optimising TRL-6 performance, additional modifications and accumulating data to fulfill its validation.

Speculative Buy. Target unchanged at $6.46.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 4.15 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.92 cents.