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 achieved TRL-6 for the SILEX laser uranium enrichment technology in October 2025
In September 2026, GLE and Cameco executed an exclusive Offtake Agreement under which Cameco will buy all of the future production of GLE’s planned Paducah Laser Enrichment Facility (PLEF)

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.

In November 2024, GLE acquired an ~700-acre site strategically located adjacent to the USDOE’s former Paducah Gaseous Diffusion Plant (PGDP) for the planned Paducah Laser Enrichment Facility (PLEF).

GLE is the only company in the world to be operating large-scale, third-generation laser-based uranium enrichment technology under plant-like conditions (i.e., at TRL-6, with full independent validation of TRL-6 achievement provided by a leading Fortune 1000 technology provider in October 2025). GLE and Silex remain focused on the TRL-7 program, which will result in the detailed design and demonstration of the SILEX technology with full-scale production equipment capable of benchmarking commercial system performance.

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’ specifically involves GLE’s potential production of three different grades of nuclear fuel in the US, commencing with natural UF₆ production at the planned PLEF:

PLEF UF₆ Production: production of natural grade UF₆ (with U²³⁵ assays of 0.7%) via enrichment of depleted UF₆ tails (U²³⁵ assays of 0.25% to 0.5%) with the SILEX technology. Since the tails are already converted, this would also help to alleviate UF₆ conversion supply pressures;
PLEF Low-enriched Uranium (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 High-Assay, Low-enriched Uranium 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

GLE’s planned PLEF represents a unique single-site solution for US domestic production of natural grade uranium, conversion, and enrichment services with the flexibility to produce NUF₆, LEU, LEU+, and HALEU in the future.

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 UF₆ for 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.

GLE’s application for a licence to construct and operate the PLEF was accepted by the Nuclear Regulatory Commission (NRC) for review in August 2025. At the time of writing, the NRC’s review process is ongoing, including the preparation of the Environmental Impact Statement and Safety Evaluation Report, which, when combined, will form the basis of the final NRC licence for the planned PLEF. If, as is expected, GLE is granted the licence, it will be permitted to construct up to 8 million Separative Work Units (SWU) at the PLEF to produce NUF₆and then LEU and, potentially, LEU+.

The SILEX Technology Commercialisation and Licence Agreement with GLE

The Technology Commercialisation and Licence Agreement between Silex and GLE is an exclusive worldwide licence for exploitation of the SILEX technology for uranium enrichment. The Licence Agreement is independent of Silex’s 51% equity interest in GLE and related commercial benefits flowing from that equity interest. The Licence Agreement includes royalty revenues and milestone payments to Silex as follows:

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 milestone

_{SWU – Separative Work Unit is the unit of enrichment traded in the market}
_{TRL-6 achievement triggered a US$5m Milestone Payment from GLE to Silex, which was received in December 2025. The Licence Agreement provides for a further US$15m in Milestone Payments.}

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’}