William - I understand you point but I thought (after due...

William - I understand you point but I thought (after due consideration) you now accepted that your facts were incorrect in regard to the progress of the Silex uranium enrichment development. The fact is that in 2006 SLX EXCLUSIVELY licenced their technology to GEH (who at that stage (2006) wholly owned GLE (Cameco came in later with 24% in 2008). At that stage TOTAL control of uranium enrichment development/commercialization passed to GEH - that position existed right up to January 2021. SLX was a subcontractor to GEH and was (until July 2014) paid for development work both in Wilmington and Lucas heights In July 2014 GEH decided to "slow" development which included terminating the SLX consultancy work (GEH still had exclusive rights) and GEH eventually came to a term sheet arrangement with SLX but any further uranium enrcichment development by SLX was not paid by GEH but did continue (after about a years fiasco) in Lucas Heights at SLX expense (some work - considerabley cut back - also continued at GEH expense in Wilmington. In settlement there was then an agreement between GEH and SLX that under the term sheet SLX would rent space in Wilmington (for the test loop) and what was really just "care and maintenance of the test loop. In about 2017 GEH (and SLX) could not find a buyer (buyers felt the laser was too high risk) and eventaully (in about 2018 when SLX/Cameco threatened to stop all work - GEH agreed to sell GLE to SLX/Cameco which needed US government approval which was only consummated in early 2021. Comeco continued its 24% support of SLX up until 2019 and then upped their support to 49% of costs in 2019.

I thought that you accepted this history and that as such (or at least until the term sheet was agreed) SLX for the period 2006 to 2014 (and for 2015 in transit) were not in control of uranium enrichment development. I simply do not understand how you can criticis SLX for "not focusing" when they did not have that responsibility (it had been sold to GEH and they were a subcontractor obeying the instructions of their prime - GEH).

I have to agree that in retrospect the money SLX raised for solar, data logging & translucent was unsuccessful but at the time (2010 - 2015) SLX thought they had to develop an income to meeting cash flow needs (until about 2020) when they felt that licence income from GLE may be forthcoming. In the event the sale of these assets (and rtain cash) and Cameco's contribution to GLE is what allowed SLX to survive the period when the share price was around 20c without a Capital raising (which would have been a disastrous dilution) until 2021 when the nuclear market was turning up and they did a limited raise at A$1.34) .

In conclusion we were lucky during the last decade and the company could not have done more to "focus" uranium development in the 2006 to 2015 period (and also to 2021) since SLX was just a sub-contractor and such development up to 2015 was outside their control. Whatever cash (or focus) SLX had during that 2006'14 period could not have been used to develop uranium enrichment. After 2014 the company then rapidly liquidated its resources (as you say in retrospect these were bad investments) to keep the core team together and eventually (and with a lot of luck) survive until 2021 - we were lucky the Cameco stuck with us during that period. Cameco's loyalty during the wilderness year also proves for a good future working relationship (trust must have been built during that period) and also allow us to retain the DoE Paducah tails contract which is a major differentiator from our laser competitors.and an application where laser enrichment reigns supreme over centrifuge and (with potential overfeeding) will be a major feedstock (not just from DoE) for nuclear fuels.as will be the improve product yield (i.e more fuel from the same feedstock) in the future.