Ann: Silex AGM Presentation - 2022, page-31

Moosey - as always I follow the company's advice (i.e I do not spruik over optimistic timescales). The company is currently saying that the PLEF FEED study (if supported by the DoE or otherwise (e.g a consortium with Duke Energy and/or Constellation and/or Cameco)) could start prior to the conclusion of the lead cascade demo in 2025. This means that the PLEF could be in operation during 2027, At the AGM MG even indicated that HALEU (PLEF 3) could be first off the block (I guess with DoE funding).

I'm happy to take on a wager with you for operation of the PLEF (or for that matter elsewhere but for commercial operation NOT pilot samples) prior to 2027 which if a PLEF FEED study (opportunity PLEF 1 ,2, or 3) is started soon (i.e next 6months) that a commercial operation will not be in operation prior to 2027.

Like you I (and also MG) am hopeful that the Ukraine war has focused the US government and nuclear industry attention to the current precarious situation of reliance on Russia for HALEU and the GLE has an excellent chance of largess to speed operation of the PLEF by overlapping the FEED study with the 2025 demo - that's NOT a negative comment (I feel I am optimistic but also realistic) but also NOT spruiking - it's what the company is saying (not me) - you really don't have to trust me (I really don't care) but listen to the company., they have a legal obligation to continuous disclosure and hopefully know what they are talking about. I have confidence in the company (i.e not you) or me) for realistic timescales.