Westwater Resources Applauds Nuclear Fuel Working Group Report Recommendations
April 27 2020 - 10:30AM
Business Wire
Establishing a Uranium Reserve Supports U.S.
Uranium Mining and Restores Viability of the Nuclear Fuel
Cycle
Westwater Resources, Inc. (Nasdaq: WWR), an energy materials
development company, commented on last week’s report from the
Nuclear Fuel Working Group (NFWG): Restoring America’s Competitive
Nuclear Advantage: A Strategy to Assure U.S. National Security. The
NFWG was formed in July 2019 by President Trump as a response to a
Section 232 investigation from the U.S. Department of Commerce into
the effect of imports of uranium on the national security of the
United States.
The NFWG agreed with the need to mitigate the near-term risks of
losing American uranium production capacity due to market factors,
while considering actions that would support the entire front-end
of the nuclear fuel cycle. This approach recommended is a
multi-year effort (10-year timeline), which would include a
commitment by the Federal Government to provide funding for a
competitive procurement for U.S. uranium mining. This would provide
assurance of availability of uranium in the event of a market
disruption and support strategic U.S. fuel cycle capabilities.
Christopher M. Jones, President and Chief Executive Officer,
commented, “The policies contained within the Nuclear Fuel Working
Group report make sense for America’s energy security, while
leveling the playing field for American uranium companies.
Westwater owns two licensed uranium processing facilities in Texas,
along with 199,700 acres of uranium mineral rights in New Mexico
and Texas. The Federal Government’s support for domestic uranium
production would enable Westwater to better compete in these
markets, creating American jobs and supporting local
communities.”
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. In addition, the Company
maintains lithium mineral properties in prospective lithium brine
basins in Nevada and Utah. Westwater’s uranium projects are located
in Texas and New Mexico. In Texas, the Company has two licensed and
currently idled uranium processing facilities and approximately
11,000 acres (~4,400 hectares) of prospective in-situ recovery
uranium projects. In New Mexico, the Company controls mineral
rights encompassing approximately 188,700 acres (~76,000 hectares)
in the prolific Grants Mineral Belt, which is one of the largest
concentrations of sandstone-hosted uranium deposits in the world.
Incorporated in 1977 as Uranium Resources, Inc., Westwater also
owns 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.
Cautionary Statement
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 statements relating to
development and future production from the Company’s uranium
portfolio, the future price of uranium, and the ultimate
implementation of the recommendations contained within the NFWG
report, including without limitation the adoption of funds for the
Uranium Reserve, 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, lithium, vanadium and
uranium; (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, the lithium industry, the vanadium industry, the uranium
industry, and the power industry, and government support for
domestic uranium production and nuclear power; (g) world-wide
graphite, lithium, vanadium and uranium supply and demand,
including the supply and demand for lithium-based batteries; (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 in Alabama, Texas, New
Mexico, Utah, and Nevada; (j) the ability of the Company to enter
into and successfully close acquisitions or other material
transactions; (k) the results of the Company’s lithium brine
exploration activities at the Columbus Basin and Sal Rica projects,
and the possibility that future exploration results may be
materially less promising than initial exploration result; (i) any
graphite, lithium, vanadium or uranium discoveries not being in
high-enough concentration to make it economic to extract the
metals; (m) currently pending or new litigation or arbitration; and
(n) 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200427005484/en/
Westwater Resources Contact: Christopher M. Jones, President
& CEO Phone: 303.531.0480 Jeff Vigil, VP Finance & CFO
Phone: 303.531.0481 Email: Info@WestwaterResources.net
Investor Relations Contact: Porter, LeVay & Rose Michael
Porter Matthew Abenante Phone: 212.564.4700 Email:
Westwater@plrinvest.com
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