1Q23 Update: Plant Construction on Track; SK On Deal Adds Credibility
Losses narrow on tight expense control. WWR provided its 1Q23 financial update, which included a modest 9% Y/Y increase in quarterly net cash used in operations and the growth of G&A expenses, as the company continues to build out its management and operating team. A net income loss of $2.4 million, or EPS of ($0.05), was an improvement compared with a net income loss of $2.9 million, or EPS of ($0.08), in 1Q22. Project funding update. As of the end of the quarter, WWR had $40 million of cash on hand, with no debt, having invested $90 million in the Kellyton plant's Phase 1 construction to date. Management is progressing on the previously announced $150 million private debt financing, which will provide sufficient capital to fund the $180 million remaining capex and allow WWR to get into production in 2024 without the need for additional external construction financing...Westwater Resources is an energy materials developer. The company is engaged in uranium, lithium exploration, and battery-ready graphite materials. The company holds battery-ready graphite development properties in Alabama, exploration properties with lithium exploration potential in Nevada and Utah, two idled uranium production properties in Texas and several uranium properties in Texas and New Mexico.
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