Business
Westwater Resources Reports Second Quarter 2019 Operating Results
CENTENNIAL, Colo.--(BUSINESS WIRE)--Westwater Resources, Inc. (Nasdaq: WWR), an energy materials development company, announced today its results for the second
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 today its results for the second quarter of fiscal year 2019, and discussed its business outlook and its energy materials business development for the remainder of 2019. Christopher M. Jones, President and Chief Executive Officer, said, “In the first half of 2019 we sought to optimize our present asset portfolio and maintain the right options for the future, with the goal of ensuring significant shareholder value. We believe we have been successful on many fronts. We have made progress with our battery-grade products. All three of our battery-grade products performed as we anticipated from long-term cycling data, demonstrating the commercial potential of the Coosa Graphite Project. We announced a new drilling and sampling exploration plan to explore our vanadium resources in five target areas of our Coosa Graphite Project, after independent testing verified it to be a significant find. “We have also secured financing at a low cost of capital that will enable us to continue our progress in starting-up our pilot plant at the Coosa Graphite Project, which brings revenues and cash flows forward into 2020. At the same time, we have made meaningful progress on reducing our costs and we continue to divest our non-core uranium holdings for near-term cash consideration. “We are off to a strong start in 2019, as we have already executed on a variety of business successes. We believe that our continued efforts will begin to deliver consistent and reliable performance that will enable us to create long-term dependable value. I wish to thank our loyal shareholders for their continued support,” concluded Mr. Jones. Highlights for 2Q-2019 and to Date VANADIUM DISCOVERY: On February 19, 2019, Westwater announced that it has received independent lab results that demonstrated a wide-spread distribution of vanadium mineralization throughout the central portion of the Company’s mineral holdings within the Coosa Graphite Project in Alabama. On April 9, 2019, the Company announced a new drilling and sampling exploration plan to explore for and define vanadium resources, and to further quantify the graphite deposit, on five target areas at the Coosa Graphite Project in Alabama. The Company believes that this explora...