Ann: Silex AGM Presentation - 2017, page-14

In no particular order:

1. Before end of cy17 SLX will have agreed to purchase the 76% of GLE. Think this will be announced sooner rather than later. Actual settlement could however take another 12 months, depending on several factors.
I wish I had asked why the “might acquire” change to “will acquire” did not warrant an announcement.
2. Several times the comment was made that the acquisition would not put pressure on the companies finances. But at the same time MG would not be drawn on price or funding. However an side to the effect that upfront cash would be very low and any other future payments contingent on milestones is a good indication I think of current thinking. Possible funding from other sources, but nothing concrete.
3.Paducah is the standout short term commercialisation goal. Wilmington is now a much more secondary goal.
4. Relationship with US DOE and US political powers seems to be very strong. Seems like a lot of goodwill. US loan guarantees or other funding are in the mix for Paducah.
5. 4 companies have done DD but not progressed. 2 blue chips are close to or doing DD. I get feeling that whilst SLX would have liked to announce a 3rd party deal, at end of day, GLE is more valuable to us than to another party. Also said that changing sentiment in underlying market could be very swift and that increased interest in GLE could be equally swift.
6. Seems very confident that IQE will complete acquistion of Translucent by making USD5m payment in March. I would be shocked if it did not proceed. Seems like a very close relationship.
7. Cameco still very supportive. Closure of MacArthur river but remaining a shareholder in GLE speaks volumes.
8.I think the terms of the acquisition will be ridiculously good if I am any judge of body language.

Not out of woods yet, but SP does not reflect near term positive news flow IMO. I hope turnout at next year’s AGM will be higher. I hope I’m not suffering from Stockholm syndrome

K