Business
Idaho Strategic Resources Sends Letter to the Board of Westwater Resources Regarding Its Value-Enhancing Business Combination Proposal
Combination Would Create One of the First Companies with United States-Sourced Graphite, Key Rare Earth Elements and Established Growing Gold Production in a Wo
About this update from Idaho Strategic Resources, Inc.
[{"type":"text","content":" Combination Would Create One of the First Companies with United States-Sourced Graphite, Key Rare Earth Elements and Established Growing Gold Production in a World-Class Mining Jurisdiction Proposal Represents an Attractive Premium of Approximately 73% And Will Deliver Immediate Value to All Westwater Shareholders WWR Shareholders Should Be Given the Choice – A Combined Company With a Best-In-Class Leadership Team or the Status Quo Led by a Westwater Team That Has Overseen Significant Share Dilution and More Than 95% Stock Decline in Five Years WWR Has Zero Revenue, Zero Production and an Underfunded High CapEx/Low IRR Plan Idaho Strategic Encourages the WWR Board to Conduct Due Diligence and Review the Benefits of a Combined Company COEUR D'ALENE, Idaho / Jan 25, 2023 / Business Wire / Idaho Strategic Resources (NYSE American: IDR) (“Idaho Strategic” or “we”) today sent the following letter to the Board of Directors (the “Board”) of Westwater Resources, Inc. (NYSE American: WWR) (“WWR” or “Westwater”) regarding its preliminary business combination proposal to acquire all outstanding shares of Westwater at approximately $1.36 per share in IDR stock. Terence J. Cryan Executive Chairman 6950 S. Potomac Street, Suite 300 Centennial, Colorado 80112 January 25, 2023 Dear Terence and the other members of the WWR Board of Directors, As you know, on December 15, 2022, we delivered a compelling proposal for Idaho Strategic to combine with WWR to create a unique critical minerals company within the U.S. mining industry. We have since reiterated that proposal in numerous private attempts at engagement – unfortunately, without any meaningful or constructive responses from you. Importantly, we do not believe that yet another of WWR’s recent executive changes should interfere with the Board’s further consideration of our offer or engagement with us. We continue to believe the combined company would possess the operating team and diversified asset potential to appeal to larger entities and gain government funding. In our view, the significant upside potential of a combined company is incredibly clear – so we, and we believe your shareholders, are understandably disappointed by your quick dismissal of our proposal. While we would prefer to have private discussions and have proposed reasonable terms under your non-disclosure agreement, we have ...