SLX –5.93% released its 1H25 result (net loss of $18.1m) however more importantly, we were expecting results from the uranium enrichment trials at a Test Loop pilot facility in the US. The company running this is Global Laser Enrichment (GLE), which is a joint venture comprising Silex (51%) and Cameco (49%). They now say the Technology Readiness Level 6 (TRL-6) is expected to be completed in 2H25 which pushes back likely production into 2030 – not a great outcome.
While Silex is well funded with cash and cash equivalents of $93.1m at 31-Dec-24 and no debt (tipped to spend ~US9.7mn in 1Q25), it’s a frustrating delay.
- We are reassessing our holding in the Emerging Companies Portfolio
MM is now neutral on SLX
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