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CENTENNIAL, Colo. — Westwater Resources, Inc. (NYSE American: WWR)energy technology company and the development of battery-grade natural graphite, announced today that it has executed a term sheet and agreed exclusivity with a global financial institution for a secured loan facility of $150 million, which will be used to complete the construction of Phase I. of the Kellyton Plant.
“Following the announcement of the second offtake agreement in July, Westwater has reached another important milestone by entering into exclusivity with a global financial institution for a debt facility that is expected to provide the necessary capital to complete construction at the Kellyton Plant,” said Terence. J. Cryan, Chief Executive of Westwater. “We look forward to a busy and active fall as we work hard, document the loan, and target closing in the fourth quarter of this year.”
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To support the closing of the debt financing, Westwater has engaged McDermott Will & Emery as advisor and Cantor Fitzgerald as investment banker.
Progress from the signature of the terms sheet to the closing of the loan is subject to a general agreement on the final terms, trial, and conditions of the loan.
Investor Presentation
Westwater announced in its second quarter press release that it plans to provide an update to investors after Labor Day. Westwater provided this update by presenting at the 2024 Annual Gateway Conference on Wednesday, September 4 at 12:30 pm Pacific Time (PT).
The presentation will be accessible to investors via live webcast and is available for replay at the link below. Mr. Cryan and Steve Cates, Chief Financial Officer, will present at the conference and be available for one-on-one meetings throughout the conference.
Information about the company Westwater Resources, Inc.
Westwater Resources focuses on developing battery grade natural graphite products. The Company’s major project is the Kellyton Graphite Plant under construction in east-central Alabama. In addition, the Company’s Coosa graphite deposit is the largest and most developed natural flake graphite deposit in the contiguous United States, located on 41,965 hectares (~17,000 acres) in Coosa County, Alabama. For more information, visit www.westwaterresources.net.
Cautionary Statement Regarding Forward-Looking Statements
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 “anticipate,” “expect,” “plan .” ,” “target,” “will,” “update,” and other similar words. Forward-looking statements include, among other things, statements about: off-going agreements with customers; Sales of CSPG Westwater products to customers, including the amount, timing, and type products included in the sale; potential debt financing facilities including the anticipated annual production of the Kellyton Graphite Plan and the qualifying line; The Company’s Coosa Graphite deposits and related cost, production and economic projections caution that actual results may differ materially from those presented. Readers are cautioned not to place undue reliance on such information these expectations, which do not guarantee future performance and are subject to a number of uncertainties and other factors, many of which are outside the Company’s control; accordingly, there is no guarantee that the recommended results will be realized. The following factors, in addition to those discussed in Westwater’s Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent securities filings, may cause actual results to differ from management’s expectations as suggested by such forward-looking information. : (a) spot prices and long-term contract prices of graphite (both flake graphite raw materials and refined graphite products) and vanadium, and worldwide supply and demand for graphite and vanadium; (b) the effect, extent and timing of additional competitive entry in the markets in which we operate; (c) the ability to obtain and manage contracts or other agreements with customers; (d) sources and transportation of available graphite raw materials; (e) the ability to control costs and avoid cost and schedule overruns during the development, construction and operation of the Kellyton Graphite Plant; (f) the ability to construct and operate the Kellyton Graphite Plant in accordance with permit and license requirements and the requirements of tax credits and other incentives; (g) the effects of inflation, including labor shortages and supply chain disruptions; (h) interest rate increases and related impacts on the availability and cost of funding sources; (i) the availability and supply of equipment and materials necessary to construct the Kellyton Graphite Plant; (j) stock price volatility; (k) government regulations regarding the mining and manufacturing industries of the United States; (l) geological, processing, regulatory and legal or other unforeseen problems we may encounter; (m) the results of our exploration activities in the Coosa Graphite Deposit, and the possibility that future exploration results may be materially less promising than initial exploration results; (n) the discovery of any graphite or vanadium in the Coosa Graphite Deposit that is not present in sufficiently high concentrations to make it economical to extract the mineral; (o) our ability to finance our growth plans; (p) the ability to obtain and maintain ownership rights or access to mining properties; (q) currently pending or new litigation or arbitration; (r) our ability to maintain and receive timely mining, manufacturing and other permits from regulatory agencies; and (s) other factors described more fully in our Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other filings with the SEC.
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Westwater Resources, Inc.
Email: Info@WestwaterResources.net
Investor Relations
Email: Investorrelations@westwaterresources.net
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