Benzinga | Nov 17, 2021 06:05PM EST

Westwater Resources Announces Letter Of Intent For Sale Of Battery Graphite; Says 125-250 Metric Tons CSPG Expected To Be Delivered In 2023

Westwater Resources, Inc. (NYSE:AMERICAN) ("Westwater Resources" or the "Company"), a battery-grade, natural graphite development company, today announced it has signed a letter of intent to sell 125-250 metric tons of Coated Spherical Purified Graphite (CSPG) for lithium-ion batteries in 2023 with an option on an additional 16,000 metric tons for delivery in 2025 , all subject to customary conditions and quality and packaging specifications, which can be expected to be included in a future definitive agreement. These deliveries are expected to be made from Westwater's planned Coosa Graphite Project and are subject to the execution of definitive agreements that are expected to be negotiated over the coming months.

"The Company continues to make rapid headway on our Coosa Graphite Project. This letter of intent to sell CSPG into the market is a validation of the demand for battery graphite from our Project," said Chris Jones, President and CEO of Westwater Resources. "Once we completed our pilot program in 2021, samples of our product were sent to several customers for evaluation, and we continue to engage with various battery manufacturers, OEMs and battery developers. Our team is fully engaged in the work of planning the construction of our production facility in Kellyton, Alabama. With the acquisition of existing buildings and land previously announced, we are targeting plant operations in the first half of 2023. "