Business
Westwater Resources Reports 2019 Results & Energy Materials Business Update
CENTENNIAL, Colo.--(BUSINESS WIRE)--Westwater Resources, Inc. (Nasdaq: WWR), an energy materials development company, announced its results for fiscal year 2019
About this update from Westwater Resources, Inc.
[{"type":"text","content":"CENTENNIAL, Colo.--(BUSINESS WIRE)--Westwater Resources, Inc. (Nasdaq: WWR), an energy materials development company, announced its results for fiscal year 2019, and provided an outlook on its battery graphite business development for 2020. Christopher M. Jones, President and Chief Executive Officer, said, “We believe that 2019 was a great year for Westwater, as we continued to make real progress in our advanced graphite battery products business. Back in June of 2018, we published our Optimized Business Plan for the Coosa Graphite Project and since then we have made several important improvements to bring forward cash flow to 2022. In 2019, we put into place a long-term purchase agreement to procure high-purity, natural flake graphite concentrate that allows battery graphite production far earlier than originally contemplated. Also in 2019, we partnered with Dorfner Anzaplan for the design of our Pilot Plant, which will enable us to put larger samples of battery graphite into the hands of various large-scale battery manufacturers. And in 2019 we received a request for a one metric tonne sample from a major, well-known battery manufacturer. We believe that these activities with other parties in the advanced graphite market illustrates the value of our Coosa business plan and they advance real and positive changes to the business plan in terms of time and cost. “We are certainly not satisfied with our share price today. I continue to believe that our best remedy is the execution of our Coosa business plan and in doing so to become a leading, American source of high-quality graphite battery materials. We have assembled a highly experienced team of tenured leaders in energy minerals development. We continue to manage our cash position prudently, monetizing non-core assets and securing financing sources with terms to keep our cost of capital low. We thank our shareholders for approving those financing terms last summer. “Also, an important recent development in the US uranium industry has provided a real-time opportunity for Westwater. The President’s budget, announced February 10, 2020, provides for a mechanism to build a strategic stockpile of uranium to secure our nation’s defensive needs. $150 million dollars has been requested for FY 2021 to create a uranium reserve for use in the event of a market disruption in the United Stat...