Share price, page-457

IMO rather than look at the up & down swings of the market far better way to analyses a stock is to use Warren Buffets approach and use DCF analysis - however it takes a lot more effort since you need to understand the company and it's assets. I have put in that affort and on that basis I value the company at A$6.24 for a 2030 PLEF start and A$7.04 for a 2027 PLEF start (this also takes into account ZS Si and a tiny amount from IQE).

I really think that most potential investors have no real grasp of the ground breaking (long term) potential for this company and the implications of the recent 49% ownership[ of Westinghouse by Cameco our partner in GLE. These are the facts (and some conjecture)

1. Cameco is the 2nd largest U₃O₈ uranium miner in the world (fact)
2. Cameco also has conversion (i.e U₃O₈ to UF₆) and fuel fabrication facilities in Canada and supplies the Canadian CANDU reactors with fuel clusters (fact)
3. Cameco is currently 49% owner of GLE (SLX 51% owner) in USA - the exclusive licensee of the SLX LIS technology with an option (exerciser able after 19th February 2023)/
4. Cameco has taken 49% of Westinghouse alongside Brookfield (51%) a Canadian superannuation fund who have little expertise in the nuclear fuel cycle. The BoD consists of 3 Cameco Directors and 3 Brookfield directors - a BoD decision needs an agreement by both parties or a SH vote (fact)
5. Westinghouse is the "father" of US nuclear reactors with 430 reactors supplied worldwide over 60 years based on Westinghouse designs - a major competitor is Russia's Rosatom with the VVER-440 fuel design - Westinghouse fabricates a "look alike" that can replace the VVER-330 fuel (fact)
6. Cameco is attempting to vertically integrate the front end fuel cycle (from U₃O₈ mining to fuel fabrication on a worldwide basis) (informed conjecture) - GLE will be their enrichment arm making up about 40% of the costs of the front end nuclear fuel cycle (fact)
7. The Silex LIS process is highly effective in "scavenging" .71% ²³⁵U natural uranium (as UF₆) and also tails to produce enriched fuel from about 15% to 20% less natural U₃O₈ feedstock (informed conjecture) - conclusion that a vertically integrated Cameco/Westinghouse/GLE consortium (run by Cameco) is attempting to "dominate" the front end nuclear fuel cycle worldwide (SLX will have 25% ownership (after dilution) of the enrichment element and a 7% to 12% royalty on the enrichment (40%) revenue) (fact).
8. The SLX technology will form enable of the USA's geopolitical goal to re-establish front end nuclear fuel cycle leadership and US nuclear fuel independence from Russia/China.
9. Due to SLX ability to get more nuclear fuel (including HALEU) from the same of natural uranium the need for dramatically more mined Uranium material will not be as large as anticipated (it will still be large) particularly including HALEU
10 The SLX laser technology may be used (in the future) to "strip" ²³⁶U from used nuclear fuels (should the US eventually embrace re-processing) to address the need to eventually (IMO many years hence) create new uranium mines by making the front end nuclear fuel cycle more efficient and re-using used fuel.

Maybe I am getting into an optimist but to me the future of SLX looks good and estimates of $2.50/share look to be history - blue sky may well be ahead.