June 6, 2023 (AEST): Silex Systems Limited (Silex) (ASX: SLX) (OTCQX: SILXY) is pleased to provide the following update in relation to the US Department of Energy’s (DOE) HALEU Availability Program.
The DOE has released the draft Request for Proposal (RFP) for the Purchase of High Assay Low Enriched Uranium (HALEU). The initiative comes under the HALEU Availability Program set out in the Inflation Reduction Act, under which US$700 million of funding support has been allocated. The Act passed through Congress and was signed into law in August 2022. In its cover letter to Prospective Offerors (GLE being one), the DOE said:
“The issuance of this Draft Request for Proposal (RFP) is intended to allow interested parties to provide feedback to DOE prior to the release of the final RFP. The feedback received will be considered for implementation in the final RFP, which will solicit proposals for potential award.”
Submissions in response to the draft RFP are due by 6 July 2023. GLE’s commercial team, led by Chief Commercial Officer and President, James Dobchuk, will be working on GLE’s response over the coming weeks. A further update will be provided in due course.
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 investor.relations@silex.com.au
Forward Looking Statements and Risk Factors:
About Silex Systems Limited (ASX: SLX) (OTCQX: SILXY)
Silex Systems Limited ABN 69 003 372 067 (Silex) is a technology commercialisation company whose primary asset is the SILEX laser enrichment 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 engineering scale-up program and nuclear fuel market conditions and therefore remains subject to associated risks.
Silex is also at various stages of development of additional commercial applications of the SILEX technology, including the production of ‘Zero-Spin Silicon’ for the emerging technology of silicon-based quantum computing. The ‘Zero-Spin Silicon’ project remains dependent on the outcomes of the project and the viability of silicon quantum computing and is therefore subject to various risks. The commercial future of the SILEX technology in application to uranium, silicon, medical and other isotopes is therefore uncertain and any plans for commercial deployment are speculative.
Additionally, Silex has an interest in a unique semiconductor technology known as ‘cREO®’ through its 100% ownership of subsidiary Translucent Inc. The cREO® technology developed by Translucent has been acquired by IQE Plc based in the UK. IQE has paused the development of the cREO® technology until a commercial opportunity arises. The future of IQE’s development program for cREO® is very uncertain and remains subject to various technology and market risks.
Forward Looking Statements
The commercial potential of these technologies 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, Zero-Spin Silicon production, medical and other isotope separation projects, the cREO® technology and any associated commercial prospects are forward-looking and are subject to a number of variables, including but not limited to, unknown risks, contingencies and assumptions which 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 Report involve subjective judgement and analysis and are subject to change due to management’s analysis of Silex’s business, changes in industry trends, government policies and any new or unforeseen circumstances. The Company’s management believes that there are reasonable grounds to make such statements as at the date of this Report. 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.
Risk Factors
Risk factors that could affect future results and commercial prospects of Silex include, but are not limited to: ongoing economic and social uncertainty, including in relation to the impacts of the COVID-19 pandemic; geopolitical risks, in particular relating to Russia’s invasion of Ukraine and tensions between China and Taiwan which may impact global supply chains among other risks; uncertainties related to the effects of climate change and mitigation efforts; the results of the GLE/SILEX uranium enrichment engineering development program; the market demand for natural uranium and enriched uranium; the outcome of the project for the production of ‘Zero-Spin Silicon’ for the emerging technology of silicon-based quantum computing; the outcome of the Medical Isotope Separation Technology program; the potential development of, or competition from alternative technologies 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 USA, Australia or elsewhere; whether IQE’s commercialisation program for cREO® is resumed, the results from the program and the market opportunities for cREO® products; actions taken by the Company’s commercialisation partners and other stakeholders that could adversely affect the technology development programs and commercialisation strategies; and the outcomes of various strategies and projects undertaken by the Company.
Contact Details
Silex Systems Limited
Michael Goldsworthy
+61 2 9704 8888
investor.relations@silex.com.au
Silex Systems Limited
Julie Russell
+61 2 9704 8888
investor.relations@silex.com.au
