SILEX SYSTEMS LIMITED — AGM Information 2025

Oct 16, 2025

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2025 Annual General Meeting | Chair’s Address

17 October 2025

Good morning and welcome to Silex Systems Limited’s 2025 Annual General Meeting.

The past 12 months have comprised another positive year for Silex. We have made a number of important strides in continuing to build this unique company. I am very proud of the efforts of our Silex team, the progress with the SILEX uranium enrichment technology, and the progress made by our US-based exclusive licensee, Global Laser Enrichment LLC. You’ll all no doubt recall that we partner with Cameco Corporation in our US-based JV – Global Laser Enrichment, or GLE. Today, Silex owns 51% and Cameco owns 49% of GLE. Needless to say, we have a great partner in Cameco – one of the largest global providers of uranium and nuclear fuel, and a 49% owner of Westinghouse Electric Company, another leading supplier of nuclear fuel and nuclear power reactors.

Against the backdrop of the most positive tailwinds for the global nuclear industry that we have seen for decades, we are hyper focused on building out the full commercial potential of our SILEX uranium enrichment technology. These tailwinds have set the industry on a path toward the greatest expansion of nuclear energy capacity the world has ever witnessed, and we are positioning your Company to take full advantage of this expansion.

The global nuclear renaissance is gathering momentum, as evidenced in the granting of life extensions for existing reactors, the planned return to service of idled reactors, including restarts announced in response to surging electricity demand from AI and hyperscalers, and construction of, and planning for, hundreds of new nuclear power units around the world. Additionally, a significant proportion of the expansion in nuclear capacity may be provided by next-generation advanced reactors, including small modular reactors (SMRs), which could provide more flexibility and significantly lower costs – and new demand for nuclear fuel.

Let me now highlight progress on key activities contributing towards GLE’s commercialisation of the SILEX uranium enrichment technology.

The progress towards commercialisation is evident:

• completion of the TRL-6 technology demonstration testing program at GLE’s Test Loop facility in Wilmington, NC in September. This is a significant technology milestone, while noting that the TRL-6 demonstration program remains subject to independent assessment;

• significant activities related to the planned Paducah Laser Enrichment Facility (PLEF) over the past year, including securing the Paducah, KY site, submission and acceptance of the US Nuclear Regulatory Commission (NRC) licence application, which is now undergoing formal review by the NRC; and

Silex Systems Limited | ABN 69 003 372 067 LHSTC, New Illawarra Road, Lucas Heights NSW 2234 Telephone: +61 2 9704 8888 | Facsimile: +61 2 9704 8851 | Website: www.silex.com.au

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• positioning GLE to be a potential beneficiary of substantial funding under the US Department of Energy’s LEU Enrichment Acquisition Request for Proposals program, and other potential US Government funding initiatives. The outcome of GLE’s bid for LEU funding is expected to be known shortly.

We are on the precipice of doing something others never thought was possible, and should GLE achieve a positive outcome in the TRL-6 demonstration program, the SILEX technology will become the first laser enrichment technology in the world to be validated at large-scale pilot plant level. This will be a pivotal moment in your Company’s history, differentiating us from all other enrichment technology and potentially providing GLE with a competitive advantage in establishing new enrichment capacity in the US. Independent validation of TRL6, based on over two decades of world-class research, development, and engineering will potentially culminate in our cutting-edge technology being largely de-risked and set on a path for commercial deployment at the planned PLEF in Kentucky by no later than 2030.

Quantum Silicon (Q-Si) Production Project

During the year, Silex also continued to make substantial progress on the construction of the Q-Si production module, including in-house laser and plant component manufacture, at its Lucas Heights facility. In addition, Silex continued to engage with silicon-based quantum computing developers and other potential industrial users of Q-Si to develop a customer base for the Company’s products and we remain excited about the potential for our Q-Si Production Project.

Our Outlook

Stepping back for a moment, we are set to operate in the nuclear industry, a sector with strong tailwinds that are set to be with us for a long, long time as clean energy demand continues to grow and the world inevitably transitions towards net-zero. This megatrend is not dissipating and we are a potential beneficiary of the trend. At the Company level, we are working with GLE towards deployment of a globally unique enrichment technology that potentially offers significant benefits to the rebuilding of the US nuclear fuel supply industry now underway, which, if successful, will bring great value to Silex shareholders.

Our growth and opportunities are made possible by the utility of the SILEX technology and our strategic investment in GLE. Under this framework, our progress towards commercialisation has been building significant momentum due to the exceptionally talented Silex and GLE team members, which are at the core of our activities and achievements, and who work tirelessly to maximise value from the opportunities available to us today.

We also continue to invest in our path forward, with our balance sheet replenished after the successful equity raise in August this year. Gross proceeds of ~$150m were raised from a heavily oversubscribed institutional placement and Share Purchase Plan. Based on current forecasts, the Company currently expects to remain fully-funded through to the end of FY2028.

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Governance

Your Company is led by a highly committed and focused Board, and we work to ensure that we continually improve our governance and have the right breadth of competencies and skills, including having the expertise to ensure we continually evaluate and respond to risk.

Susie Corlett joined our Board as a Non-executive Director at last year’s AGM and with her long executive career in global mining finance, project development, and operations, and now in governance and risk management, Susie has brought a new dimension to our Board.

In accordance with the Notice of Meeting, Chris Wilks is standing today for re-election with the full support of the Board. Chris is our longest serving director and remains a major contributor to the Board. Chris has a long history with the Company and is a well-respected leader in the Australian business community. He adds significant value to the Board, and we firmly believe his reappointment is in the Company’s best interests.

We believe we have the right mix of skills on our Board, which aids in the navigation of our Company’s core priority of commercialising a classified technology in complex, cross-border, and highly-regulated environments.

I’d like to thank my fellow directors for their contributions over the past year – it has been a busy year and much has been achieved. I’d also like to recognise the leadership, commitment and resolve of our executive KMP, CEO, Michael Goldsworthy and CFO, Julie Russell, who worked tirelessly during yet another busy year. Michael and Julie, together with our hardworking Silex and GLE teams, continue to deliver on our strategy day in, day out.

Thank you all again for your support of Silex. I’ll now hand over to Michael.

Authorised for release by the Silex Board of Directors.

Further information on the Company’s activities can be found on the Silex website: www.silex.com.au or by contacting:

Michael Goldsworthy Julie Russell CEO/Managing Director CFO/Company Secretary T +61 2 9704 8888 T +61 2 9704 8888 E investor.relations@silex.com.au E investor.relations@silex.com.au

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Important Information:

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 Announcement 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 Announcement.

Not Advice

Information in this Announcement, including forecast financial information, should not be considered as investment, legal, tax, or other advice. You should make your own assessment and seek independent professional advice in connection with any investment decision.

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.

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