Silex's agreement with GLE is an exclusive worldwide commercialisation and licensing agreement for the SILEX technology (the Amended and Restated Technology Commercialisation and License Agreement). The underlying value in the agreement with GLE is a perpetual royalty of up to 12 per cent payable to Silex if the SILEX technology is commercialised by GLE. The perpetual royalty is structured as follows:
  • A base royalty of 7 percent of revenues generated from enrichment services using the SILEX technology; and
  • An additional royalty of up to 5 percent based on the total cost of deployment whereby the lower the cost of deployment per unit production, the higher the royalty. 
Additionally, under the commercialisation and license agreement there are potentially two further milestone payments payable:
  • US$5 million - on commencement of construction of the initial commercial plant; and
  • US$15 million - upon verification by the US Nuclear Regulatory Commission of construction compliance and operational readiness of the initial commercial plant.
These milestone payments follow the US$15 million milestone payment that was received by Silex in July 2013, triggered by the successful completion of the Test Loop Phase 1 Program Milestone: Technology Demonstration and Validation.

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