Company Will Discuss the Coosa Graphite Project as
U.S. Source of Natural Graphite
Management Will Explain Recent Federal Ruling Regarding Graphite
Pilot Plant under Construction in Germany and the USA
CENTENNIAL, Colo. November 6, 2020 - Westwater Resources, Inc. (Nasdaq: WWR), an energy materials development company, will hold a conference call to discuss its financial results for the third quarter ended September 30, 2020, and the business outlook for the remainder of the year. The conference call will be held on Thursday, November 12, 2020 at 11:00 am Eastern time (9:00 am Mountain Time).
1-800-319-4610 (US and Canada)
Conference ID: Westwater Resources Conference Call
Hosting the call will be Christopher M. Jones, President and Chief Executive Officer of Westwater Resources, who will be joined by Jeffrey L. Vigil, Vice President-Finance and Chief Financial Officer, and Dain McCoig, Vice President of Operations. Mr. Jones will present an overview of the Company’s business position, including the pending sale of its uranium properties, an update on the Coosa Graphite Project, including the status of the construction of its pilot plant, and the U.S. Government's recent ruling on graphite. Mr. Vigil will review the financial results and the financial condition of the Company and Mr. McCoig will be available for questions as part of the call.
The conference call and presentation will also be available via a live webcast through the Company’s website, www.westwaterresources.net.
As an integral step in the Company’s new commitment to graphite, on September 8, 2020, Westwater announced a binding letter of intent to sell its uranium assets located in New Mexico and Texas to enCore Energy Corp. (“enCore”) of Vancouver, British Columbia, Canada. Total compensation accruing to Westwater as part of the deal is expected to be in excess of US$1.95 million in enCore common shares and in retained royalties from future production from the New Mexico uranium properties. All remaining reclamation liabilities and bonding obligations for the Company’s uranium properties in Texas will be transferred to enCore at the time of sale, with the transaction expected to close on or before December 31, 2020.
On August 20, 2020, Westwater announced the commencement of its graphite pilot plant program. The pilot plant is currently under construction at Dorfner Anzaplan’s facility near Amberg, Germany, supported by other facilities in Frankfurt, Germany, Chicago, IL and Buffalo, NY. This combined effort is expected to produce a total of more than 10 metric tonnes of three trademarked battery graphite products: ULTRA-PMGTM, ULTRA-CSPGTM and ULTRA-DEXDGTM.
“We are delighted with the progress made in the third quarter, which has continued into the current quarter,” said Mr. Jones. “In October, President Trump declared the USA's heavy reliance on foreign nations for critical minerals as a national emergency. The declaration highlights the importance of Westwater’s plans to develop the Coosa Graphite Deposit in east-central Alabama. Westwater’s business plan for the Coosa Graphite Project over the next two and a half years is to develop a U.S. domestic supply for natural graphite, which should help abate the country’s current reliance on foreign graphite.”
“We are also making great progress with our pilot plant,” Mr. Jones added. “On October 9, 2020, we announced delivery of 30 metric tonnes of natural flake graphite concentrate at Dorfner’s facility in Germany.
“We continue to execute our business plan, and we are looking forward to announcing additional positive news as we approach year-end,” said Mr. Vigil. “Selling our uranium business will be an accretive step, one that enables us to drive our Coosa Graphite Project forward and to produce and market our trademarked graphite products. We are pleased to be able to deliver such good news to our shareholders.”
A replay of the call will be available on the company’s website for a limited time and by phone using the details below:
+1 (855) 669-9658 (U.S. and Canada)
+1 (412) 317-0088 (International)
Replay Access Code 5521
About Westwater Resources
Westwater Resources (NASDAQ: WWR) is focused on developing energy-related materials. The Company’s battery-materials projects include the Coosa Graphite Project — the most advanced natural flake graphite project in the contiguous United States — and the associated Coosa Graphite Mine located across 41,900 acres (~17,000 hectares) in east-central Alabama. Westwater’s uranium projects, located in Texas and New Mexico, are the subject of a pending sale to enCore Energy Corp. Also included in the sale are an extensive uranium information database of historic drill hole logs, assay certificates, maps, and technical reports for the western United States. For more information, visit www.westwaterresources.net.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "expects," "estimates," "projects," "anticipates," "believes," "could," and other similar words. All statements addressing events or developments that WWR expects or anticipates will occur in the future, including but not limited to the closing of the transaction with enCore Energy Corp., future demand for and price of graphite, the Company’s growth, developments at the Company’s projects and the output expected therefrom, including relating to the proposed pilot plant and production of battery graphite products, and the Company’s liquidity and cash demands, including future capital markets financing and disposition activities, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties include, but are not limited to, (a) the Company’s ability to successfully integrate Alabama Graphite Corporation’s business into its own, and the risk that additional analysis of the Coosa Graphite Project may result in revisions to the findings of WWR’s initial optimization study; (b) the Company’s ability to raise additional capital in the future; (c) spot price and long-term contract price of graphite and vanadium; (d) risks associated with our operations and the operations of our partners such as Dorfner Anzaplan, including the impact of COVID-19; (e) operating conditions at the Company’s projects; (f) government and tribal regulation of the graphite industry and the vanadium industry; (g) world-wide graphite and vanadium supply and demand; (h) maintaining sufficient financial assurance in the form of sufficiently collateralized surety instruments; (i) unanticipated geological, processing, regulatory and legal or other problems the Company may encounter in the jurisdictions where the Company operates or intends to operate, including Alabama; (j) the ability of the Company to enter into and successfully close acquisitions or other material transactions; (k) any graphite or vanadium discoveries not being in high-enough concentration to make it economic to extract the metals; (l) currently pending or new litigation or arbitration; and (m) other factors which are more fully described in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize or should any of the Company’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on the Company’s forward-looking statements. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.
Westwater Resources Contact:
Christopher M. Jones, President & CEO
Jeff Vigil, VP Finance & CFO
Investor Relations Contact:
Porter, LeVay & Rose