Global Laser Enrichment

Global Laser Enrichment (GLE) is jointly owned by Silex Systems Limited (51%) and Cameco Corporation (49%)
GLE is the exclusive licensee of the SILEX technology for uranium enrichment
Technology commercialisation project being conducted at GLE’s Wilmington, North Carolina facility and at Silex’s Sydney facility

GLE – The commercialisation vehicle for the SILEX laser-based uranium enrichment technology

GLE is the exclusive licensee of the SILEX uranium enrichment technology. GLE is a jointly-controlled venture between Silex (51%) and global uranium and nuclear fuel provider, Cameco Corporation (49%). GLE’s exclusive worldwide licence to commercialise the SILEX technology for uranium enrichment is founded on the 2006 Technology Commercialisation and Licence Agreement, amended in 2021. The technology commercialisation project is being conducted jointly at GLE’s Wilmington, NC facility and at Silex’s Sydney facility.

GLE is the only company in the world to be operating large-scale, third-generation laser-based enrichment technology under plant-like conditions at TRL-6. GLE aims to complete the TRL-6 program by the end of CY2025, subject to assessment by an independent engineering contractor, which has been engaged by GLE on behalf of Silex and Cameco.

In November 2024, GLE Acquired an ~700-acre parcel of land for the planned Paducah Laser Enrichment Facility (PLEF).

PLEF Commercial Plant Opportunities

GLE’s path to market is focused on its ability to address the ‘Triple Opportunity’ for nuclear fuel production, which has emerged as a result of international developments that are driving a transformation of the global nuclear fuel supply chain:

the uptake of nuclear power globally – in response to heightened concerns about climate change and the need to establish emissions-free electrical energy systems;
rapidly increasing global demand for electricity, driven by electrification of transport and industry, and, more recently, large investments in Artificial Intelligence (AI), cloud computing, and data centres as evidenced by partnerships between hyperscalers (Amazon, Google, Microsoft, etc.) and nuclear power utilities;
the impact of geopolitical tensions on global energy security;
in the US, various pieces of nuclear industry-enabling legislation and executive orders.

The ‘Triple Opportunity’ could involve:

PLEF UF₆ Production: production of natural grade UF₆ (with U²³⁵ assays of 0.7%) via processing of depleted UF₆ tails (U²³⁵ assays of 0.25% to 0.5%) with the SILEX technology, which, being already converted, would also help alleviate UF₆ conversion supply pressures;
PLEF LEU Production: production of LEU (U²³⁵ assays up to 5%) and LEU+ (assays from 5% to 10%) achieved with additional SILEX enrichment capacity – to supply fuel for existing and future large-scale conventional and advanced reactors;
PLEF HALEU Production: production of HALEU (U²³⁵ assays up to ~20%) via enrichment with the SILEX technology – to supply fuel for next-generation advanced reactors, including SMRs.

The PLEF

The PLEF is the only potential single-site solution for US-based uranium, conversion, and enrichment production.

The PLEF commercial plant opportunities are underpinned by a 2016 agreement between GLE and the DOE, which, through the acquisition of over 200,000 metric tonnes of depleted tails owned by the DOE, provides the feedstock for the production of natural grade UF₆for up to 30 years. The output of the proposed plant would be sold into the global uranium market at an expected production rate equivalent to a uranium mine with an annual output of up to 5 million pounds of uranium oxide, which would rank in the top 10 of today’s uranium mines. Preliminary analysis by Silex of PLEF UF₆ Production indicates it could rank equal to a ‘Tier 1’ uranium project based on current estimates of longevity and low cost of production.

In July 2025, GLE submitted its full NRC licence application for the planned PLEF. On 4 August 2025, the NRC completed its acceptance review of GLE’s full licence application. The acceptance notice triggers commencement of NRC’s formal review, which is hoped to be completed expeditiously.

GLE is the first in line with the NRC to seek a licence for a new uranium enrichment facility in the US.

The SILEX Technology Commercialisation and Licence Agreement with GLE

Perpetual royalty of a minimum of 7%: payable to Silex on GLE’s enrichment (SWU¹) revenues from use of the SILEX technology
US$20 million in Milestone Payments: payable to Silex triggered by commercial development milestones

The Technology Commercialisation and License Agreement between Silex and GLE is an exclusive worldwide license for exploitation of the SILEX technology for uranium enrichment. The License Agreement, including the above-noted royalty revenues and milestone payments, is independent of Silex’s 51% equity interest in GLE and any commercial benefits flowing from that interest.

_{1. SWU – Separative Work Unit is the unit of enrichment traded in the market}

Payments to Silex triggered by Commercialisation Milestones

The Licence Agreement includes US$20 million in payments to Silex triggered by commercial development milestones:

Commercial pilot demonstration (TRL-6¹): US$5 million
Commencement of PLEF Engineering Procurement and Construction (EPC): US$5 million
PLEF commercial operations: US$10 million

The key value of the Licence Agreement is a perpetual royalty of 7% (min.) on revenues generated by GLE from the use of SILEX technology for the production of natural and enriched uranium. The actual value of the royalty payable is a function of the capital costs of revenue-generating facilities, which is the key commercial driver of the SILEX technology in comparison to centrifuge technology.

_{1. Technology Readiness Level 6 (TRL-6) as defined in DOE Technology Readiness Assessment Guide ‘DOE G 413.3-4A’}