Welcome to our dedicated page for Westwater Resources news (Ticker: WWR), a resource for investors and traders seeking the latest updates and insights on Westwater Resources stock.
Westwater Resources, Inc. (WWR) is a diversified energy materials development company with a focus on exploring and developing a range of critical materials including lithium, graphite, uranium, and vanadium. The company’s primary project, the Coosa Graphite Project, spans approximately 41,965 acres in east-central Alabama, dedicated to the mining and production of high-purity natural graphite key for battery applications.
Westwater Resources also manages significant lithium projects such as the Columbus Basin Project covering around 14,200 acres in western Nevada and the Sal Rica Project covering approximately 13,260 acres in northwestern Utah. Apart from these, the company holds interests in various uranium projects, including extensive properties in New Mexico and Texas.
The company initially started as Uranium Resources, Inc., focusing primarily on uranium exploration and development. In August 2017, it rebranded to Westwater Resources, Inc. to better reflect its expanded scope into other energy materials.
Based in Centennial, Colorado, Westwater Resources is poised at the forefront of the evolving energy materials sector, especially with the growing demand for battery-grade materials driven by the electric vehicle and renewable energy markets. The company is committed to advancing its projects responsibly, ensuring sustainability and environmental stewardship in its operations.
Recent achievements include substantial progress in the Coosa Graphite Project, advancements in lithium extraction technologies, and strategic partnerships aimed at enhancing resource development and market reach. The company continues to explore new opportunities and remains focused on delivering long-term value to its shareholders.
Westwater Resources, Inc. (NYSE American: WWR) has announced its Annual General Meeting of Shareholders scheduled for May 10, 2023, at 9:00 am CDT. Shareholders eligible for voting will be determined as of March 13, 2023, and related materials are expected to be sent by March 20, 2023. The company highlights that its audited financial statements for 2022 included a going concern qualification, indicating potential financial distress. Westwater is focused on developing its Kellyton graphite processing plant in Alabama and the Coosa graphite deposit, marking its position in the battery-grade graphite sector.
Westwater Resources (NYSE American: WWR) announced significant developments, including an agreement with a Tier 1 electric vehicle battery manufacturer to supply Coated Spherical Purified Graphite (CSPG) from the Kellyton Graphite Processing Plant. This partnership is aimed at securing North American anode material following the Inflation Reduction Act. Additionally, an optimized Definitive Feasibility Study (DFS) has more than doubled the expected CSPG production to 7,500 metric tons annually, enhancing project economics with a pre-tax NPV of $417 million. The company reports a year-end cash balance of $75.2 million and a non-binding $150 million term sheet for private debt funding.
Westwater Resources, Inc. (NYSE American: WWR) has announced a conference call on March 7, 2023, at 9:30 AM EST, to discuss its financial results for the year ending December 31, 2022, and to provide updates on the construction progress at its Kellyton graphite plant.
CEO Frank Bakker, CFO Steven M. Cates, and Executive Chairman Terence J. Cryan will lead the call, addressing financial results and ongoing projects. The Kellyton facility is pivotal for Westwater's goal to become a key supplier of battery-grade natural graphite.
Idaho Strategic Resources (IDR) has withdrawn its acquisition proposal for Westwater Resources (WWR) at $1.36 per share, citing WWR's Board's refusal to engage in discussions. The proposal represented a 73% premium to WWR's last trading day before the announcement on December 22, 2022. IDR's President John Swallow expressed disappointment over the lack of constructive dialogue, emphasizing the potential for value creation in a new domestic critical minerals supply chain. IDR plans to refocus on its production strategy while monitoring Westwater's situation, aiming to build long-term value and maintain discipline in mergers and acquisitions.
Idaho Strategic Resources (IDR) has proposed a merger with Westwater Resources (WWR) at an attractive premium of approximately 73%, valuing WWR at $1.36 per share. This merger aims to create a leading critical minerals company in the U.S., focusing on graphite, rare earth elements, and gold. Despite WWR's ongoing zero revenue and past 95% stock decline, Idaho Strategic claims that their leadership team has significant industry experience. They urge WWR's board to seriously consider the offer while highlighting that shareholders deserve better than the current management's track record of stock dilution.
Westwater Resources, Inc. (NYSE American: WWR) has appointed Frank Bakker as its new President and CEO, effective immediately. Bakker, previously the Vice President and General Manager of Alabama Graphite Products, brings extensive experience in engineering and plant management. Terence J. Cryan, Executive Chairman, highlighted Bakker's role in managing the construction of the Kellyton Graphite Processing Plant and his new responsibilities across corporate operations. The Board also promoted other executives, enhancing the management team's capabilities as Westwater focuses on developing battery-grade natural graphite and advancing the Coosa Graphite Deposit.
Westwater Resources, Inc. (NYSE American: WWR) has announced its participation in a Fireside Chat with Water Tower Research on January 19, 2023, at 2:00 pm EST. CFO Steve Cates will discuss the evolving graphite market and the increasing demand for domestic supplies of critical metals. Interested investors can register for the event, which will also be available for replay afterward. Westwater is focused on developing battery-grade natural graphite, with key projects like the Kellyton Graphite Processing Plant in Alabama.
Westwater Resources, Inc. (NYSE American: WWR) announced the signing of its first letter of intent (LOI) to sell Ultra-Purified Micronized Graphite (Ultra-PMG™) from its Kellyton Graphite Processing Plant under construction in Alabama. This LOI covers over 25% of the expected annual production of Ultra-PMG™, which represents half of the plant's output. The company aims to leverage its products in a variety of industrial applications and for lithium-ion batteries, particularly in the wake of the Inflation Reduction Act.
Westwater Resources, Inc. (NYSE American: WWR) has received an unsolicited proposal from Idaho Strategic Resources (NYSE American: IDR) on December 15, 2022. IDR's proposal, disclosed on December 22, lacked critical financial details and raised concerns regarding IDR's capability to fund its business plans. Westwater has determined that pursuing IDR's proposal is not in its best interest, citing IDR's insufficient resources and lack of expertise in graphite production. Westwater is committed to the construction and commissioning of its Kellyton Plant, estimated at $202 million.
Westwater Resources, Inc. (NYSE American: WWR) announced the completion of an Initial Assessment for its Coosa graphite deposit in Alabama. The technical report summary (TRS) indicates indicated mineral resources of 26 million short tons at an average grade of 2.89% graphitic carbon, totaling 754,000 short tons of contained graphite. Inferred resources are estimated at 97 million short tons at 3.08% grade. The Coosa Deposit, situated on 41,965 acres, aims to supply graphite concentrate for the Kellyton Graphite Processing Plant. The potential for further drilling is noted to enhance resource conversion.
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