Westwater Resources Begins Definitive Feasibility Study on the Coosa Graphite Project
February 08 2021 - 7:00AM
Business Wire
Samuel Engineering Selected to Lead
Study
Westwater Resources, Inc. (Nasdaq: WWR), a battery
graphite development company, is pleased to announce the
commencement of the Definitive Feasibility Study (DFS) on Coosa
Graphite Project located in Alabama. Westwater has awarded the
preparation of the DFS to a team of experienced and reputable
engineering and consulting companies led by Samuel Engineering. The
companies include:
- Samuel Engineering, Inc.:
Samuel Engineering is a full service, multi-discipline, project
development and execution company located in Denver, Colorado. They
will serve as the lead company for the DFS bringing together the
overall report, the economic model and integrated process design
and layouts.
- Dorfner Anzaplan mbH:
Dorfner Anzaplan specializes in process design and engineering
services for advanced graphite beneficiation projects. Dorfner
Anzaplan is currently operating Westwater’s pilot plant in Germany
to purify graphite and produce battery graphite products for
Westwater.
- Harper International,
Corp.: Harper International specializes in the design of
complete thermal processing solutions and technical services
essential for the production of advanced materials. Westwater
recently utilized Harper International to test thermal purification
of graphite in a high temperature vertical furnace system.
- Thompson Engineering, Inc.:
Thompson Engineering is an Alabama-based engineering, environmental
and geotechnical company.
- Benchmark Minerals
Intelligence: Benchmark Minerals is a well-known
graphite market research company.
Since August 2020, Westwater has been designing, constructing
and operating a pilot program to produce advanced battery-grade
graphite products. The data generated and the experience gained
from its operation is being utilized to inform the DFS and to
provide a +/- 15% cost estimate for Phases I and II of our
commercial-scale graphite processing plant.
- Phase I will build and operate a full-scale 7,500 metric tonne
per year battery graphite processing plant producing our three
products, ULTRA-PMG™, ULTRA-CSPG™, and ULTRA-DEXDG™
- In the Phase II, the capacity will be increased to produce
15,000 metric tonnes per year. The DFS will address both Phase I
and Phase II of the commercial-scale plant.
Westwater’s Definitive Feasibility Study will also identify
long-lead items and provide detailed specifications for these items
to be ordered, as well as prepare designs and drawings for the
detailed engineering phase prior to construction. The DFS is
scheduled to be completed by the end of the second quarter of
FY2021. Westwater plans to utilize the Definitive Feasibility Study
as a basis for engaging financial institutions and to start the
construction of the plant, which is anticipated for the end of
2021. Completion of Phase I is planned for the end of 2022, with
production anticipated in 2023.
Christopher M. Jones, President and Chief Executive Officer,
said, “This is another major step for Westwater as we plan for
battery graphite production in 2023. We anticipate that the ongoing
growth of the electric vehicle, consumer electronics and grid
energy storage markets will support the demand for our battery
graphite products. The technical team we have on board, including
Samuel Engineering, Dorfner Anzaplan, Harper International,
Thompson Engineering and Benchmark Intelligence promises great work
on this important study.”
Westwater Resources will hold a conference call to discuss its
financial results for the year ended December 31, 2020, and the
business outlook for the 2021 year. The conference call will be
held on Tuesday, February 16, 2021 at 11:00 am Eastern time (9:00
am Mountain Time).
About Westwater Resources
Westwater Resources (NASDAQ: WWR) is focused on developing
battery-grade graphite products. 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 Deposit located across 41,900
acres (~17,000 hectares) in east-central Alabama. 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 the continuation of operations
at the graphite pilot plant, completion and content of the
Definitive Feasibility Study, construction and operation of a
commercial-scale graphite processing plant, developments at the
Company’s projects and the output expected therefrom, including
relating to the pilot plant and production of battery-grade
graphite products, and the Company’s liquidity and cash demands,
including future capital markets financing, 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 operate a pilot plant
capable of producing battery-grade materials in quantities and on
schedules consistent with the Coosa Graphite Project business plan;
(b) the Company’s ability to raise additional capital in the future
including the ability to utilize existing financing facilities; (c)
spot price and long-term contract price of graphite and vanadium;
(d) risks associated with our operations and the operations of our
partners such as Samuel Engineering and Dorfner Anzaplan, including
the impact of COVID-19 and its potential impacts to the capital
markets; (e) government regulation of the graphite industry and the
vanadium industry; (f) world-wide graphite and vanadium supply and
demand; (g) 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 Alabama and Colorado; (h) any graphite or vanadium
discoveries not being in high-enough concentration to make it
economic to extract the metals; (i) currently pending or new
litigation or arbitration; and (j) 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210208005255/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 Phone: 212.564.4700 Email:
Westwater@plrinvest.com
Westwater Resources (NASDAQ:WWR)
Historical Stock Chart
From Apr 2024 to May 2024
Westwater Resources (NASDAQ:WWR)
Historical Stock Chart
From May 2023 to May 2024