Westwater Resources, Inc. (WWR), an energy materials developer, has soared 19.77% in the aftermarket trading session. As a result, WWR stock is changing hands at $4.18 at the time of this writing. The increase has come after Westwater approved the construction of phase-1 of the Coosa graphite project. On Monday, WWR stock closed the day at $3.49 after increasing 2.65% in the mid-day session.
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WWR approval of construction on Coosa project
WWR announced on Monday that its Board of Directors had approved the expenditure of $202 million for the execution of the construction plan for phase-1 of the Coosa graphite project, Kellyton, Alabama. The company said that the construction activities are expected to begin before the end of 2021. Apart from that, the company’s Board of Directors also approved the purchase of two buildings by its subsidiary, namely Alabama Graphite Products, LLC. The buildings total 90,000 sq. ft. in size for the development of the Coosa project. The buildings would be used for administrative purposes, laboratory, and warehouse. Commenting on the development, Chris Jones, President, and CEO of Westwater said that the company is delighted to bring this gigantic business plan a step closer to reality.
Q2 2021 financial results
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On 12th August, WWR reported the financial results for the second quarter of the fiscal year 2021, which ended on 30th June. The company had cash and cash equivalents of $119.13 million on 30th June. The total assets in possession of the company were $131.93 million, while total liabilities were $5.32 million. The total operating expenses for the three-month period were $4.70 million against $1.43 million for the same period of 2020. The net loss suffered by the company during three month period was $3.48 million against the net loss of $2.46 million for the same period of fiscal 2020. The net loss per basic and diluted share for the quarter stood at $0.11 against $0.25 for the same period of 2020. Commenting on the results, Chris Jones said that the quarter proved to be extremely successful for the company as it reached a number of key goals.
What’s ahead for WWR?
During the last three months, WWR stock is continuously dipping. It has declined more than 20% during the period. But analysts believe that a strong financial performance during the second quarter and the construction along the Coosa graphite project are the development that could pave the way for a successful future for the company. So, potential investors should keep a close eye on performance and news related to WWR stock in months to come.