WWR - Westwater shares surge pre-market as construction begins on new processing plant

Westwater Resources (NYSE:WWR) shares have popped 17% pre-market following Tuesday's announcement of breaking ground on a new graphite processing plant. The $202M plant will be built in Kellyton, Alabama and process raw graphite into refined, battery-grade graphite for electric vehicles, electronics and other products. The plant will enter into operation by the end of 2Q23. Once fully operational, the plant will be able to produce 7,500 metric tons of refined graphite annually. Refined graphite is used in lithium-ion batteries, with an average EV using about 175-200 lbs of graphite. There are currently no producers of natural-grade graphite in the US for these applications, and graphite is considered a critical strategic mineral by the US government. The plant is being built by Westwater subsidiary Alabama Graphite Products. Westwater is also looking to continue advanced exploration activities of a graphite deposit in the Alabama Graphite Belt and expects to begin mining operations by end-2028.

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Westwater shares surge pre-market as construction begins on new processing plant