Ann: ZS-Si Project Completes Construction of Prototype Facility, page-16

Hey D, the wait for a significant royalty stream/dividend from Silex may be several years off, if it comes at all, you are right. Maybe 10 years, as the iqe and silicon earnings may just go towards operating cost for the uranium project. Of course the share price reflects the time and risk which is difficult to judge.

I think medium term (next five years) is not just stagnant time for the share value though. Silex has an agreement to sell 25% of GLE at "Market value" from 2023.
The amended agreement with the doe on Paducah, pilot plant build, foreign ownership approval, pursuing haleu etc is about building value into GLE as well as getting a plant up.
The sale of the 25% and the derisking of the Paducah deal will be the earnings to silex over the medium term. With a successful pilot plant program and a decent u price probably a significant amount. Without one or both, probably not much.
The discount for time taken is easy enough. Judging the changing levels of risk and converting that to an appropriate share price is tricky and will differ from person to person.