Here is why Westwater Resources Inc (WWR) stock surged on Monday?

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Westwater Resources Inc. (WWR) shares surged 19.77% in after-hours on Monday, October 11, 2021, and closed the daily trading at $4.18. Even in the regular trading session, WWR’s stock gained 2.65%. WWR shares have fallen 56.37% over the last 12 months, and they have moved up 2.65% in the past week. Over the past three months, the stock has lost 20.68%, while over the past six months, it has declined 29.21%.

Let’s discuss its recent news and developments.


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Update about WWR Coosa Graphite Project

On October 11, 2021, the board of directors of Westwater Resources Inc. (WWR) approved expenditures of $202 million to execute the construction plan for Phase I of the Coosa Graphite Project located in Kellyton, Alabama. Construction activities are expected to begin before the end of 2021.

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The Board also approved the purchase of two buildings by its subsidiary, Alabama Graphite Products, LLC, that total 90,000 sq. ft. in size, to support the development of the Coosa Graphite Project.

WWR Coosa Graphite Project Feasibility

On October 11, 2021, Westwater Resources Inc (WWR) announced results from its Definitive Feasibility Study for its Coosa Graphite Project’s production facility that is planned for construction at a site located near Kellyton, Alabama.

WWR recent financial results

On August 12, 2021, Westwater Resources, Inc (WWR), announced its second-quarter financial results for the period ended June 30, 2021.

Q2 2021 financial highlights

  • General and administrative expenses were $2.2 million in Q2 2021 compared to $1.3 million in Q2 2020.
  • Total operating expenses were $4.70 million in Q2 2021 compared to $1.4 million in Q2 2020.
  • It suffered a net loss of 3.5 million, or $0.11 per share in Q2 2021 compared to a net loss of $2.5 million, or $0.43 per share, for the same 2020 period.

WWR new appointment

On August 2, 2021, Westwater Resources, Inc appointed Chad M. Potter, a metals industry executive with almost two decades’ experience, as the company’s new Chief Operating Officer.

WWR on Russell Microcap® Index

Westwater Resources, Inc. (WWR) joined the Russell Microcap® Index on June 28, 2021. The decision by Russell was first disclosed in a preliminary list of additions recently published.

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Conclusion

The recent update about Coosa Graphite Project was the reason behind its good performance on the first trading day of the week. We can expect it to further go up in the coming trading sessions.

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