Order Pad | The Nuclear Bottleneck Trade the Market Is Missing | Uranium, Enrichment & Energy Security | Silex Systems (SLX.ASX)

In this Order Pad episode of Talk Money To Me, Felicity revisits one of her highest-conviction ideas Silex Systems (ASX: SLX) and explains why this is no longer just a uranium story, but a strategic enrichment and energy security opportunity that the market may still be underpricing.

This episode breaks down:

Why uranium is only part of the story and why enrichment is the real bottleneck How Silex’s laser enrichment technology is progressing towards commercialisation The significance of TRL-6 milestone achievement and what it unlocks The Paducah opportunity and why “tails re-enrichment” could be a game-changer The growing role of US policy and funding in nuclear fuel security Why a cooling uranium price (~US$84–85/lb) actually strengthens the investment case Valuation insights, broker targets, and what needs to happen next The key risks, timelines, and milestone-driven upside potential

This is not a broad market update it’s a deep dive into one high-conviction idea, how it fits within a portfolio, and why sometimes the best investments are the ones worth revisiting as the thesis strengthens.

As Felicity outlines, Silex sits at the intersection of:

Nuclear energy’s long-term structural growth Western energy security and fuel independence A critical, underappreciated choke point in the fuel cycle

🎯 A must-listen for investors looking to understand where the real scarcity and opportunity sits in the nuclear value chain.

⚖️ Disclaimer This podcast is prepared by Felicity Thomas a Financial Adviser at Shaw and Partners Limited (AFSL 236048). The information discussed is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether the information is appropriate for you and seek professional advice before making any investment decisions. Past performance is not a reliable indicator of future performance. Markets can and do move both up and down, and all investments carry risk.

All views are based on information available as at the time of recording (7 April 2026) and may change without notice.

SLX.ASX is trading around $5.20 - $5.30 at the time of this recording.

📩 Contact Us If you’d like to discuss how this investment idea or broader portfolio positioning may apply to your personal situation, please reach out: Shaw and Partners

📧 [email protected]

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