I think dividends are a number of years away. The only thing I...

I think dividends are a number of years away. The only thing I can see generating a possible dividend is if Cameco make a substantial payment for the last 26% of GLE, so much that it will be hard to reinvest all the money in the short term. That's not to say we won't generate earnings over the last half of this decade, but Silex is still in it's developmental stage and will be for the next few years, and therefore will continue to spend money on these emerging technologies.
Earnings are good, and are a measure of a companies value even if it doesn't pay dividends. I believe dividends should really only be paid when companies when they have nowhere left to spend their money. I have been running a small business for 27 years and I have never paid myself a dividend. I do pay myself a wage and maximum superannuation contributions, but every cent of profit has been reinvested into the business to help expand and improve it's operations or reduce debt.