GLE Appoints President and Chief Commercial Officer - Seite 2

“GLE is the exclusive licensee of next-generation SILEX laser uranium enrichment technology that we believe has a bright future,” Mr. Gitzel said. “The ambitious climate commitments being made by countries and companies around the world confirms that zero-carbon nuclear energy is on an upward trajectory. Should this technology successfully proceed through development and into commercialization, we feel we have the right person in place to help it establish a strong foundation within that growing market.”

“I’m excited to be stepping into this role with GLE, a company leading the development of an extraordinary technology that I feel is just beginning to scratch the surface of its tremendous potential,” said James Dobchuk, GLE’s President and Chief Commercial Officer. “I’m proud to be part of such an innovative, world-class team that is committed to moving this company forward, and I’m very keen to get to work.”

About Global Laser Enrichment

The successful completion of the GLE restructure occurred on January 31, 2021 following the conclusion of the US government approval process. The transaction involved the joint purchase of GE-Hitachi’s (GEH) 76% interest in GLE by Silex and Cameco. Closing of the agreement resulted in Silex acquiring a 51% interest in GLE and Cameco increasing its share from 24% to 49%, with the option to attain a majority interest of 75% ownership.

The transaction included a site lease between GLE and GEH, which will enable GLE to complete the SILEX technology commercialization program at the test loop facility in Wilmington, North Carolina. This program is expected to culminate with the full-scale demonstration of the SILEX uranium enrichment technology at the Wilmington site.

The Paducah Uranium Production Project (Paducah project)

Underpinning the Paducah project is the sales agreement between GLE and the US Department of Energy (DOE), which provides GLE with access to large stockpiles of depleted uranium tails inventories owned by DOE and located in Paducah, Kentucky. Subject to successful commercialization of the SILEX technology, the Paducah project represents an ideal path to market.

This opportunity is expected to involve GLE constructing the proposed Paducah Laser Enrichment Facility (PLEF), utilizing the SILEX technology to enrich the DOE tails inventories, which have been stored in the form of depleted uranium hexafluoride. The potential for second stage processing of PLEF output, involving enrichment from natural-grade uranium to low-enriched uranium for today’s conventional nuclear reactor fleet and an additional stage for production of HALEU fuel for the next-generation advanced reactor and small modular reactor markets, are currently being assessed.