Westwater Resources Provides Company Update on COVID-19
March 23 2020 - 12:01PM
Business Wire
Westwater Resources, Inc. (Nasdaq: WWR), today issued the
following letter:
Dear Friends and Shareholders,
In view of the COVID-19 pandemic and turbulent financial
markets, I want to provide an update on our activities at Westwater
Resources.
Our sympathies are with anyone directly or indirectly affected
by COVID-19, whether they are a family member, friend, first
responder, or medical professional. We believe that the steps we
are taking as a country to contain this outbreak have consequences,
and we hope the best for you and your families.
Our business is largely unaffected at this time. Even though we
have closed our offices, our team is able to work remotely where
possible. Our continued focus on the health and safety of our
employees, the safety of our operations, and the safety of the
communities in which we live and work remains paramount.
To that end, we have eliminated unnecessary travel, instituted
health protocols for working together, and ensured that our
employees are permitted to take time off due to illness or the
illness of those around them without penalty. Where we can do so,
we have instituted remote working arrangements for our employees
using systems that we already had in place. As a result, our
business will continue on as before, without interruption.
Our graphite business plan continues without pause. We visited
our technical consulting partner, Dorfner Anzaplan, as well as
equipment manufacturers in January. They continue to produce
results that inform our pilot plant operations, which are presently
scheduled for the fourth quarter of this year. The Company expects
to issue press releases outlining the project’s progress. We remain
excited about the battery materials markets, the end markets for
those products, and the part we plan to play in supplying critical
materials to serve them.
These are turbulent times. We wish you and your families good
health and safety. Know that our employees are safe and we continue
working towards advancing our business to prepare for a time when
business, industry, and financial markets return to normalcy.
My Best,
Chris Jones President and CEO
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
developments and future production from the Coosa Project, the
performance of and market for the Company’s graphite products,
potential funding for a uranium reserve in the United States, and
the potential for partnering opportunities or project finance for
the Company’s projects, 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 domestic operations,
including the impact associated with 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;
(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/20200323005471/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: Michael Porter Porter, LeVay
and Rose Phone: 212.564.4700 Email: Westwater@plrinvest.com
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