ENCUF - Westwater Resources sells Texas New Mexico uranium assets to enCore Energy

Westwater Resources (WWR) sold all of its uranium assets located in New Mexico and Texas to enCore Energy (ENCUF) of Vancouver, British Columbia, Canada, a Toronto Venture Exchange-listed company for $1.8M in enCore shares, representing a 1.5% ownership of enCore, and two royalties from future production from the New Mexico uranium properties.Under the transaction, all performance bonds for the Texas uranium properties is transferred to enCore and release of $742,642 in restricted cash collateral to Westwater as a result of the transfer of the performance bonds.Westwater will retain its uranium interests in the Republic of Turkey, which are subject to an ongoing international arbitration proceeding.Separately, the company provides pilot operations updates: the company is conducting integrated pilot operations to focus on battery-grade graphite product business.The operations are expected to provide detailed design parameters for a full-scale production facility, construction expected to begin in late 2021, with commissioning and startup expected to follow in late 2022.Shares down 2.1% PM.

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Westwater Resources sells Texas, New Mexico uranium assets to enCore Energy