Westwater Resources announces that it has entered into a definitive agreement to acquire Alabama Graphite Corp.
Upon completion of the Acquisition, the two companies will be combined to create a larger, more diversified American energy minerals development and exploration business, with the aim of becoming a low-cost producer in the United States of specialized graphite for use in batteries worldwide. The Acquisition is expected to provide significant benefits for both of AGC’s and WWR’s shareholders, including operational efficiencies and improved access to capital.
As a result of this combination, Westwater increases its ability to participate in the value chain of critical materials for the high growth battery market with:
- The Coosa Graphite Project (“Coosa Project”) – a near term, high value planned producer of battery materials in Alabama that can serve fast growing markets for electrical power storage.
- Westwater’s existing lithium exploration projects in Nevada and Utah.
Westwater retains its leverage to the anticipated increase in pricing and demand for uranium with its diversified portfolio of conventional and in-situ recovery uranium projects in the United States and the Republic of Turkey. Following recently announced production cuts by two major producers, the uranium price has risen significantly since the first week of November due to the perceived improvement in supply/demand fundamentals within the sector.