SILEX SYSTEMS LIMITED — AGM Information 2025

Oct 16, 2025

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Silex Systems Limited 2025 Annual General Meeting

17 October 2025

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Dr Michael Goldsworthy CEO/Managing Director Silex Systems Limited ASX: SLX OTCQX: SILXY

www.silex.com.au

1

Forward Looking Statements and Risk Factors

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About Silex Systems Limited (ASX: SLX) (OTCQX: SILXY)

Silex Systems Limited ABN 69 003 372 067 ( Silex or 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 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 TRL-6 pilot demonstration 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 also is conducting earlystage research activities in its Medical Isotope Separation Technology ( MIST ) Project, which also is subject to various risks and outcomes. The commercial future of the SILEX technology in application to uranium, silicon, medical, 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, medical and other isotope separation projects, and any associated commercial prospects, including TRL-6 achievement 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 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 pilot demonstration ( TRL-6 ) 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 MIST Project; the potential development of, or competition from, alternative technologies; the regulatory changes and evolving eligibility criteria under the US Inflation Reduction Act (2022) and the Nuclear Fuel Security Act (2023) 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.

The release of this Presentation was authorised by the Board.

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).

www.silex.com.au

2

Silex Investment Highlights

Progressing at pace towards commercialising Silex’s unique laser enrichment technology

1

2 3 4 5 6

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Unique, innovative third-generation laser-based SILEX[1] uranium enrichment technology for uranium and nuclear fuel production in the US, classified by the US and Australian Governments Leveraged to global nuclear tailwinds, including: nuclear energy growth and Net-Zero targets; US Government actions to revitalise the US nuclear industry; and energy security ambitions US-based nuclear fuel JV Global Laser Enrichment (GLE) – Silex (51%) and Cameco (49%) – with potential technology perpetual licence royalties from GLE to Silex in addition to any equity distributions Key large-scale technology demonstration (TRL-6) expected in CY2025 – de-risking pathway to commercialisation, along with potential US Government funding support – bids under assessment 2016 agreement between GLE and US DOE[2] – exclusive access to valuable uranium tails inventories – up to 30-years of feedstock for commercial operations – large ‘above-ground uranium mine’ in the US Additional growth opportunities – enriched silicon for quantum computing and medical isotope enrichment provide additional growth potential for Silex shareholders 1. SILEX: S eparation of I sotopes by L aser EX citation 2. DOE: US Department of Energy

www.silex.com.au

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Silex’s Strategy is Focused on Maximising Shareholder Value

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Two distinct value propositions for Silex shareholders when it comes to GLE[1]

Equity interest in GLE – currently at 51% Silex 1 ownership, minimum 25% interest

2

Perpetual royalty from GLE (under the exclusive SILEX technology licence agreement)

• Cameco option: Cameco, Silex’s GLE JV partner, has a call Option to acquire an additional 26% at fair market value

• Option window: opened 1 February 2023 – closes 30 months after successful TRL-6 demonstration

• Significance: Silex has a significant equity stake in GLE as a potential nuclear fuel supplier in either case (i.e., at 51% or 25%)

• Perpetual SILEX royalty: of 7% to 12% on GLE’s enrichment SWU[2] revenues (purely by way of example, for ~8

• MSWU of PLEF operations, royalties could potentially reach ~US$90m p.a. based on 7% minimum royalty rate and current price ~US$170/SWU)

• Classification: SILEX uranium enrichment technology classified by Australian and US Governments, with no patent disclosures permitted → no sunset on IP

• Silex Trade Secret: Technology kept under strictest security mandated by Australian and US governments

• GLE’s progress to commercialisation is dependent on several factors, including, but not limited to: technology demonstration outcomes, market conditions, licensing, industry and government support, PLEF feasibility assessment, and other factors, and may vary according to differing scenarios

• SWU: Separative Work Units, typically used as a standard measure of enrichment services provided

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www.silex.com.au 4

Highlights and upcoming catalysts for GLE / Silex

RECENT HIGHLIGHTS

EXPECTED UPCOMING CATALYSTS

TECHNOLOGY DEMONSTRATION

• 1 • GLE commenced large-scale demonstration tests for TRL-6 in May 2025

• • Focused on structured test and optimisation plan to improve performance in normal course of TRL-6 activities

TRL-6 PILOT DEMONSTRATION

• 1 • Completion expected by end of CY2025, subject to independent assessment by qualified engineering consultant

  • Large-scale TRL-6 demonstration is a key technology de-risking milestone

• Test Loop operating routinely as an integrated enrichment system

• Testing campaign completed as of 17 September 2025

• Positive enrichment results and throughputs measured

2

GOVERNMENT FUNDING OUTCOMES

• Q4 CY2025: Outcomes expected for DOE nuclear fuel incentive programs:

SITE ACQUISITION

2

• ~700-acre site acquired for planned PLEF in November 2024

LEGISLATION / GOVERNMENT POLICY

• 3 • Prohibiting Russian Uranium Imports Act passed in May 2024 (no waivers for any imports from 2028)

• Trump executive orders to re-establish US leadership in nuclear energy (May 2025) – including quadrupling US nuclear energy generation

GOVERNMENT FUNDING

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• GLE one of six awardees selected for US$3.4bn LEU Enrichment Acquisition RFP[1] (December 2024) – award process underway by DOE

• • Initial US$0.5m awarded under Task Order 1 (TO1) awarded April 2025

• • GLE submitted a bid for up to US$900m funding for LEU capacity under Task Order 2 (TO2) in September 2025

• LEU Enrichment Acquisition RFP: Total funding pool US$3.4bn

• TO2 award for up to US$900m expected to be announced in Q4 CY2025 – competitive bids under assessment

• Innovative Technology Fund: up to US$24m expected to be announced in Q4 CY2025

NRC[2] LICENCE PROGRESS

3

• Progress of the full licence application to the US NRC for the PLEF[3] commercial production plant planned for Paducah, KY (licence application accepted by NRC in August 2025)

OTHER COMMERCIALISATION MILESTONES

• 4 • •

• Industry and stakeholder engagement Continued technology maturation and manufacturing activities

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1. RFP: Request for Proposals 2. NRC: Nuclear Regulatory Commission 3. PLEF: Paducah Laser Enrichment Facility

www.silex.com.au

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Silex Corporate Snapshot

Silex Systems Limited (“Silex”) is an Australian technology company focused on the commercialisation of our innovative SILEX laser-based enrichment technology

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ASX:SLX OTCQX: SILXY

Market Capitalisation[1]

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~A$2bn

Share price (A$/share)

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A$7.47

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Uranium production and enrichment (nuclear power)

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Silicon enrichment (silicon quantum computing)

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Medical isotope enrichment (new cancer therapies)

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1. Market data as at 15 October 2025

Shares on issue

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~277m

Cash and term deposits[2]

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A$210m

Major shareholders

~35% Institutional Shareholders Institutional shareholders account for ~35% of register

Current strategic partners

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1. Balance as at 30 September 2025; no corporate-level debt

www.silex.com.au

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SILEX Uranium Enrichment Technology and GLE’s Commercialisation Plan

www.silex.com.au

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Evolution of Uranium Enrichment Technology

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1st Generation Technology

Gaseous Diffusion Very low efficiency – tails legacy High cost Obsolete

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2nd Generation Technology Centrifuge Modest efficiency

Moderate cost Current technology

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3rd Generation Technology SILEX Laser Higher efficiency and throughput Anticipated to be lower cost The future of uranium enrichment

SILEX laser process → higher separation efficiency and throughput vs centrifuge technology

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www.silex.com.au

Progressing Large-Scale Pilot Demonstration (TRL-6[1] ) and focusing on preliminary commercial plant activities

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• Standard Technology Readiness Levels (TRL) scale used to assess the stage of technology / system development of the SILEX technology

• GLE progressing key large-scale technology demonstration (TRL-6) – expected completion by end of CY2025, absent unforeseen delays

• Increasing focus on establishing in-house manufacturing capability and US-based supply chain development for balance of plant (MRL-7)[2]

Basic Laboratory Research to Prove Technology Technology System System Research Feasibility Development Demonstration Commissioning Operation Preliminary Full-range operation of activities production system / underway Advanced stage – Qualified Commercial Full-scale expected production system Operations demonstration in completion end via demonstration  relevant CY2025[3] environment TRL-9  Pilot scale system Integrated TRL-8 validation system Component validation TRL-7  validation in lab environment TRL-6  Lab-scale proof of concept TRL-5 Technology  concept formulated TRL-4 Basic principles observed TRL-3 Feasibility study for PLEF[4] TRL-2 leading to Final Investment TRL-1 Decision (FID) – required prior to PLEF construction

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1. Technology Readiness Level 6 (TRL-6), 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

2. PLEF: Paducah Laser Enrichment Facility

www.silex.com.au

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Overview of Global Laser Enrichment (GLE)

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• GLE is a US-based JV between Silex (51%) and Cameco Corporation (49%), with ~110 employees and contractors

• Focused on the commercialisation of the SILEX uranium enrichment technology in the US[1] , with sites in North Carolina and Kentucky

• Paducah Laser Enrichment Facility (PLEF)

PLEF

• ~700-acre site strategically located adjacent to the US DOE’s former Paducah Gaseous Diffusion Plant (PGDP)

• ‘

• • Tails processing project equivalent to an aboveground uranium mine’ , with potential production of up to 5 million lbs p.a. for up to 30 years (as UF6) and 2 million kgs p.a. conversion capacity

’ – – GLE’s commercial strategy the ‘Triple Opportunity enables potential production of all three grades of nuclear fuel at the PLEF

Strong tailwinds from US Government legislation and funding programs – well-positioned as a US-based, nextgeneration uranium enrichment provider

Paducah, KY

GLE HQ and Test

Loop

Wilmington, NC

GLE Headquarters and Test Loop Demonstration Facility

• Currently operating in Wilmington, NC

• Large-scale enrichment demonstration underway – key technology de-risking milestone (TRL-6)[2]

• • Wilmington classified manufacturing facility

GLE’s ‘above-ground uranium mine’ – 2016 DOE agreement provides 200,000 tonnes of depleted tails inventories – feedstock for the planned PLEF natural UF 6 production project

~US$600m invested in GLE over 20 years to progress the SILEX technology to TRL-6

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1. GLE’s commercialisation path is dependent on many factors, including, but not limited to: technology demonstration outcomes, market conditions, licensing, industry and government support, PLEF feasibility assessment, and other risk factors – and may vary or change at any time

2. Technology Readiness Level 6 (TRL-6), as defined by DOE Technology Readiness Assessment Guide (G 413.3-4A)

www.silex.com.au

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The Paducah Laser Enrichment Facility (PLEF) GLE’s economic potential based on its unique ability to address the ‘Triple Opportunity’

PLEF HALEU

PLEF UF 6

PLEF LEU

Product: High Assay LEU (HALEU)

Product: Natural Grade Uranium (as UF6)

Product: Low Enriched Uranium (LEU/LEU+)

fuel for next-generation advanced reactors , including small modular reactors (SMRs) HALEU includes U[235] assays up to 20%

GLE’s ‘above-ground uranium mine’ – with enrichment of DOE depleted tails inventories to produce natural UF6 with U[235] assay ~0.7%

for conventional nuclear power reactors LEU includes U[235] assays of 3% to 5% LEU+ includes U[235] assays of 5% to 10%

Revenue potential

Revenue potential

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 ~$170/SWU, potential revenue of up to ~US$340m/yr

• Future HALEU market size and timing difficult to quantify until SMR market evolves

• Production of up to 5 million pounds natural grade uranium (as UF6) annually for up to 30 years

• HALEU is likely to be traded as kilograms HALEU – market price yet to be established, but potentially a high value fuel

• Revenue will include value of uranium and conversion

• • At today’s long-term uranium price of ~US$80/lb, up to ~US$400m/yr potential revenues for 5 millions lbs

• • Plus 2 million kilograms conversion/yr – at today’s long-term conversion price of ~US$50/kgU, up to ~US$100m/yr potential revenues

• LEU/LEU+ capacity expandable if market demand grows – potentially up to 6MSWU/yr or more if global use of nuclear energy gathers pace

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• All estimates are subject to technology demonstration 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

www.silex.com.au

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PLEF Nuclear Fuel Opportunities for GLE and the SILEX Technology

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DOE Tails Inventories
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PLEF Tails Enrichment
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PLEF Enrichment
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SILEX/GLE Opportunities
Depleted UF6 PLEF Natural UF6
Includes:
Expected U ₃ O ₈ production of up to 5m lbs/year
LT U ₃ O ₈ price ~US$80/lb [1]
Conversion of up to 2m kgU/year
LT NA price ~US$50/kgU [1] PLEF LEU/LEU+
Includes:
SWU production for LEU/LEU+
LT SWU price ~US$170/SWU [1]
PLEF HALEU
Future market potential currently
difficult to quantify
Nuclear Power Plants
LEU, LEU+
Zero-Emissions Conventional Reactors z U235 Assay Levels:
Electricity Depleted: 0.25% to ~ 0.45%
Natural: ~0.7%
LEU: up to 5%
Fuel Fabrication
LEU+: 5% to 10%
HALEU: 10% to 20%
HALEU
Small Modular Reactors
1. UxC, September 2025
www.silex.com.au
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GLE’s Potential PLEF Commercial Plant Opportunities[1]

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GLE – PLEF Potential Commercial Plant (conceptual only)

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HALEU
~15 MTU
Potential
future
expansion
LEU /
LEU+
PLEF LEU
2MSWU
and up to
6MSWU
PLEF
NUF
6
Source: GLE – PLEF Potential Commercial Plant (conceptual only)
~2,000
MTU
as NUF
6
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DUF6: Depleted UF6 DDUF6: Double Depleted UF6

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1. Dependent on various factors, including, but not limited to: technology demonstration 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

www.silex.com.au

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PLEF UF6 Production Opportunity (Natural UF6 production from DOE tails – an ‘above ground uranium mine’)

Aim to commence initial commercial operations by 2030[1]

Akin to a ‘Tier 1’ Uranium Resource[2]

Based on the expected low cost and longevity of production (Silex estimate of all-in cost currently <US$30/lb)

Equivalent U3O8 Production

Potential production of up to 5 million lbs p.a. for up to 30 years (~150m lb contained resource)

Potential UF 6 production allows GLE to capture Conversion value in revenue

Feed and Product is UF 6 (current term conversion value ~US$50/kg) (with potential production of up to 2 million kgU p.a.)

Potential to enrich further From natural grade (0.7%): – to LEU (up to 5%) – to LEU+ (up to 10%) – to HALEU (up to 20%)

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1. All target dates are subject to technology demonstration 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

www.silex.com.au

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[[1]]
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GLE’s Indicative Target Timeline for Commercialisation of SILEX Technology[[1]]

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2025 2026 2027 2028 2029 2030
TRL-6 [2]
PRODUCTION TECHNOLOGY FINALISATION: TRL-7, 8, and MRL-7, 8, 9 [3]
Large-scale Pilot Demonstration Full-scale production systems in Lead Cascade + Supply Chain + Manufacturing
US NRC [4 ] PLANT LICENCE FOR PLEF [5]
Application NRC licence assessment
PLEF FEASIBILITY
PLEF EPC [7]
ASSESSMENT / FID [6]
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PLEF COMMERCIAL
OPERATIONS
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1. Indicative target timeline subject to schedule risks, such as technology demonstration 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

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www.silex.com.au

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GLE’s Commercialisation Activities for the SILEX technology

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: Paducah, KY, site acquisition and commercial plant licensing activities[1]

• GLE acquired a ~700-acre site for the planned PLEF in November 2024

• Site is strategically located adjacent the US DOE’s former first-generation PGDP

• Site provides access to the PGDP cylinder yards where the tails inventories are stored for future processing at the PLEF

• NRC completed its acceptance review of GLE’s licence application for the PLEF in August 2025. GLE is hopeful of a timely review, with current expectations ~18 months (early CY2027)

• Activities on the PLEF site continue, including initial site clearing and other preliminary site works

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PLEF site, Paducah, KY

1. GLE’s progress to commercialisation is dependent on several factors, including, but not limited to: technology demonstration outcomes, market conditions, licensing, industry and government support, PLEF feasibility assessment, and other factors, and may vary according to differing scenarios

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www.silex.com.au

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GLE’s Commercialisation Activities for the SILEX technology

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GLE HQ and classified manufacturing facility in Wilmington, NC:

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GLE HQ and Classified Manufacturing Facility – Wilmington, NC

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www.silex.com.au

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Summary – Status of GLE’s Commercialisation Activities:

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GLE is transitioning from technology demonstration to early-stage activities for the planned PLEF commercial plant

• GLE and Silex are progressing the large-scale pilot demonstration (TRL-6) – key technology de-risking milestone Technology maturation • Parallel technology maturation (TRL-7 and MRL-7) advancing towards manufacturing of commercial plant systems • GLE has acquired a strategically located site in Paducah, KY, for the planned PLEF (~700-acre site) PLEF plant site secured • Provides direct access to up to 30 years of feedstock for PLEF operations to produce uranium and conversion • US market access GLE’s multi-purpose PLEF project could become a key supplier of nuclear fuels (including natural UF6, LEU, LEU+, and HALEU) to the US nuclear industry, the largest nuclear fuel market in the world • The PLEF NRC licence application was submitted in July 2025 (first-in-line for assessment) Regulatory and permitting • Now under review on an expedited timeframe (shortened from ~30 months to ~18 months) – expected early CY2027 • In-house classified manufacturing facility expansion and on-shoring of supply chain (MRL-7) will provide increased control of time, Supply chain assurance cost, and quality, as well as greater IP protection • GLE has strong support from utilities (including four Letters of Intent signed with large nuclear utilities) and industry, as well as Stakeholder support community and state business groups across Kentucky and North Carolina • Meaningful US Government funding programs to potentially support GLE’s single-site solution for uranium, conversion, and Government support enrichment, with (6) competitive bids currently being assessed for up to US$900m in funding support • Silex: inventor and developer of SILEX laser enrichment – technology lead for GLE JV Pioneering owners • Cameco: large Western nuclear fuel cycle company with vertically integrated nuclear business (including Westinghouse JV) • GLE provides a ‘clean-up to clean-energy solution’ – converting legacy depleted tails waste into fuel for zero-emissions, low-cost Environmental benefits nuclear energy across the US and elsewhere

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www.silex.com.au

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Uranium Sector and Nuclear Fuel The renaissance of the global nuclear industry

www.silex.com.au

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Nuclear power is a leading source of carbon-free base load electricity to achieve climate, energy, and national security objectives

Clean energy supporting Net-Zero 2050 targets

Nuclear Power Value Proposition

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Advanced reactors in development, including SMRs

Low LCOE ~US$70/MWhr[1]

24/7 reliability and base load stability

Highest capacity factor (> 93% in the US)

Supporting data centres, AI, Crypto, EVs, and hydrogen production

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1. LCOE ~US$70/MWhr, IEA Projected Costs of Generating Electricity, 2020 (LCOE = Levelised Cost of Electricity on an all-in costs basis)

www.silex.com.au

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Nuclear Fuel Supply Chain and Evolving Issues

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The Nuclear Fuel Supply Chain

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SILEX/GLE
Opportunities
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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 (incl. SMRs) – technology reactor developers were relying on Russian HALEU

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www.silex.com.au

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Significant Nuclear Power Growth Expected

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World Nuclear Power Reactor Population

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• 439 Operable Power Reactors Worldwide

• Nuclear supplies ~10% of global electricity

• Strong nuclear energy growth projected – NetZero 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

Sources: World Nuclear Association, September 2025; IEA, Energy and AI, April 2025

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www.silex.com.au

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The US is the world’s largest producer of Nuclear Power

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Conventional Large-Scale Operable Reactors

Operable Reactor Units (Top 10)

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US 94 (96,952 MWe)
China 58 (56,930 MWe)
France 57 (63,000 MWe)
Russia 36 (26,802 MWe)
Japan 33 (31,679 MWe)
South Korea 26 (25,609 MWe)
India 24 (7,943 MWe)
Canada 17 (12,714 MWe)
Ukraine 15 (13,107 MWe)
United Kingdom 9 (5,883 MWe)
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• Of 439 Operable Reactors Power Worldwide – 94 in US (21%)

• US witnessing a nuclear renaissance, with significant private and public sector support

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Source: World Nuclear Association, September 2025

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GLE’s PLEF may help address US uranium and enrichment vulnerability

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Uranium purchased by owners and operators of U.S. civilian nuclear power reactors, 2014-2024

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60
50
40
30
20
10
-
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
U.S.-origin uranium Foreign-origin uranium Total purchased
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Enrichment purchased by owners and operators of U.S. civilian nuclear power reactors, 2014-2024

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Million SWU
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
U.S.-origin enrichment Foreign-origin enrichment Total purchased
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Source: US EIA Report – 2024 Uranium Marketing Annual Report , September 2025

• US currently imports ~95% of its uranium and ~80% of its enriched uranium requirements

• GLE has exclusive access to the largest uranium resource in the US – approximately 150 million pounds contained in depleted tails inventories contracted with the DOE

• PLEF UF6 production utilising the DOE tails is expected to produce up to 5 million pounds per year of U3O8 equivalent and 2 million kilograms of conversion capacity per year

• PLEF UF6 production project is expected to be the world’s only ‘ above ground uranium mine ’ – ranking in the top 10 of today’s global uranium projects

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Emerging Nuclear Fuel Supply Opportunities for GLE

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Million lbs U3o8

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© UxC
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Uncovered Uranium Base Case Demand

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325
300
275
250
225
200
175
150
Non-U.S. Utilities
125
United States
100
Total Requirements
75
50
25 Uncovered US Demand
0
25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45
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Source: UxC Uranium Market Outlook , Q3, 2025

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Million SWU Uncovered SWU Base Case Demand © UxC
100
90
80
70
60
50
Non-U.S. Utilities
40
United States
30
Total Requirements
20
Uncovered US Demand
10 Uncovered US Demand
0
25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45
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Source: UxC Enrichment Market Outlook , Q3, 2025

• Forecast uncovered US uranium demand from 2030 is in excess of ~25 million lbs annually Requirements

• • Forecast uncovered US SWU demand in 2028 is ~3 million SWU, rising to ~14 million SWU by 2035

  • Uncovered US Uranium Requirements

• Significant nuclear fuel opportunities for GLE extend from 2030 – GLE’s target commercial Uncovered US

• operation date – particularly in the absence of Russian-sourced fuel

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Favourable Nuclear Fuel Market Price Trends

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Uranium Price Conversion Price
US$/lb US$/kgU
$120.00 $120.00
Russia- U3O8 U3O8 LT Russia-
NA NA
Ukraine Spot Ukraine
Conv Spot Conv LT
invasion
$100.00 invasion $100.00
(Feb 2022)
(Feb 2022)
$82.00
$80.00 $80.00
$82.00
$60.00 $60.00
$63.00
$40.00 $40.00 $52.00
$20.00 $20.00
$0.00 $0.00
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Enrichment (SWU) Price

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US$/SWU
$220.00
Russia-
SWU Spot SWU LT
$200.00 Ukraine
invasion
$180.00 $190.00
(Feb 2022)
$160.00
$171.00
$140.00
$120.00
$100.00
$80.00
$60.00
$40.00
$20.00
$0.00
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• 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 (~100%) reflect the significant concerns over looming supply shortfalls in the open market as Russian-sourced nuclear fuel is excluded

• Conversion term prices have steadily increased by over 180% since the Russian invasion of Ukraine in February 2022

• Enrichment (SWU) term prices have also increased by over 150% since February 2022, reflecting a potential global enrichment shortfall without Russian supply

Source: UxC

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Additional Growth Opportunities for Silex

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Silex Q-Si Production Project for Quantum Computing

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• Quantum Silicon (Q-Si) Production Project announced in August 2023 is being undertaken with partners, Silicon Quantum Computing Pty Ltd (SQC) and UNSW Sydney (UNSW) to establish the first commercial Q-Si Production Plant module

• Project leverages the successful pilot demonstration of ‘Zero-Spin Silicon’ production – up to ~99.998% enriched silicon-28 (Si-28)

• 3.5-year Project (total ~$16m) awarded $5.1m funding from the Defence Trailblazer Program (partnership between The University of Adelaide and UNSW) supported by the Australian Government, and $4.35m from initial offtake partner, SQC

• First production module anticipated to be commissioned in mid-2026 – may produce up to 20kg of enriched Si-28 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

• 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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Silex Q-Si Production Project for Quantum Computing

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Silex Q-Si Production Module – Lucas Heights, NSW

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MIST Project for Medical Isotopes

MIST Project aiming to develop a process to enrich ytterbium-176 (Yb-176) for production of lutetium-177 (Lu-177):

• Lu-177-based radiotherapy represents a breakthrough development for the diagnosis and treatment of some aggressive metastatic cancers (initially approved for prostate cancer therapy in the US, UK, and EU)

• Known as targeted beta therapy, the Lu-177 radiopharmaceutical seeks out and selectively destroys cancer cells throughout the human body with little collateral tissue damage

MIST Project:

• MIST Project commenced in 2023 to develop SILEX technology to enrich Yb-176 to high purity – helping to replace the now disrupted supply chain (Yb-176 previously sourced from Russia)

• Stage 1 – Proof-of-Concept – was successfully completed in December 2023

• Stage 2 – Technology Validation – continues and aims to validate the enrichment process at prototype scale

• Potential to apply MIST to other medical isotopes and radiopharmaceuticals currently undergoing clinical trials and in development around the world

• MIST Project may provide further diversification of the SILEX technology across multiple markets, subject to technology development program outcomes, market conditions, and other factors

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Summary

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Summary

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• • Summary

• Silex represents unique leverage into the nuclear fuel supply chain, with significant potential value through equity ownership in GLE (currently 51%), in addition to potential 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 uranium (in the form of UF6) and the significant value of conversion contained in 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

• Silex and GLE stand to benefit from significant global tailwinds spurring the nuclear renaissance, and strong US Government support

• TRL-6 Pilot Demonstration Project expected to be completed by the end of CY2025, subject to independent assessment finalisation

Significant Additional Opportunities – Summary

• Q-Si Production Project progressing with construction of the first Q-Si production module – establishing a sovereign capability and secure supply chain in support of the emerging global silicon quantum computing industry

• MIST Project focused on process validation, initially for enrichment of Yb-176, used to produce Lu-177 – a breakthrough in nuclear

• medicine cancer treatment – Project remains at early stage

  • As at 30 September 2025, the Company had cash and term deposit holdings of ~$210m and no corporate debt (following August 2025 equity raise)

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Thank you

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