Westwater Resources Provides Update on Coosa Graphite Deposit Permitting Process
Permitting Process Update: Westwater Resources is advancing the permitting process for the Coosa Graphite Deposit in Alabama, engaging a third-party engineering firm to lead the efforts and coordinate with various regulatory bodies.
Environmental Studies and Applications: The permitting will involve preparing essential environmental studies and applications for federal and state permits, including those related to water discharge, wetlands, and air quality.
Drilling and Resource Expansion: Alongside the permitting activities, Westwater plans to conduct additional drilling to further delineate and expand the resource base at Coosa, which will aid in mine planning and design.
Focus on Responsible Production: The company is committed to optimizing the project for efficient and responsible production of natural graphite as it progresses through the permitting and development phases.
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- Significant Stock Surge: Heritage Global Inc's shares rose 19.1% to $1.62 in pre-market trading, reflecting strong market confidence in the company's growth potential following the acquisition announcement.
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Termination of Agreement: Westwater Resources (WWR) shares fell 9.7% after Stellantis subsidiary FCA US unexpectedly terminated its offtake agreement, leading WWR to pause a related debt syndication.
Focus on Optimization: WWR is now concentrating on optimizing its Kellyton graphite plant in Alabama to fulfill existing commitments, with plans to adjust processing capacity and complete evaluations by the end of 2025.
Financial Position: The company raised $55 million through its at-the-market program as of June 30, maintaining a cash balance of $53 million, which it plans to use for the optimization phase of the Kellyton plant.
Ongoing Engagements: WWR continues to engage with the U.S. Export-Import Bank and other agencies for financing opportunities, while existing offtake agreements with SK On and Hiller Carbon remain intact.
