Westwater Resources Files Q2 2024 10-Q

Ticker: WWR · Form: 10-Q · Filed: 2024-08-14T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, stock-offering, mining

TL;DR

WWR Q2 10-Q filed. Financials and stock activity detailed.

AI Summary

Westwater Resources, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported on its financial performance and ongoing activities, including details related to its stock purchase agreements and at-the-market (ATM) offering programs. Specific financial figures and operational updates are detailed within the filing.

Why It Matters

This filing provides investors with an update on Westwater Resources' financial health and operational status for the second quarter of 2024, crucial for understanding the company's trajectory in the resource sector.

Risk Assessment

Risk Level: medium — As a resource company, Westwater Resources is subject to market volatility, regulatory changes, and operational risks inherent in the mining and extraction industry.

Key Numbers

Key Players & Entities

FAQ

What were the key financial highlights for Westwater Resources in Q2 2024?

The filing details financial performance for the quarter ending June 30, 2024, including information on stock purchase agreements and ATM offerings, but specific revenue or net income figures are not provided in this header data.

What is the significance of the 'wwr:LincolnParkCapitalFundLlcMember' and 'wwr:StockPurchaseAgreementMember' entries?

These entries indicate a relationship with Lincoln Park Capital Fund, LLC, and a stock purchase agreement, with a specific mention of December 4, 2020, suggesting past or ongoing financing arrangements.

What does 'wwr:AtmOfferingMember' refer to in the filing?

This refers to an At-the-Market (ATM) offering, a method of selling equity securities directly into the market, with specific dates like April 14, 2017, and periods like January 1, 2024, to June 30, 2024, noted.

What is the company's primary industry based on the SIC code?

The Standard Industrial Classification (SIC) code provided is METAL MINING [1000], indicating the company operates in the metal mining sector.

When was Westwater Resources, Inc. previously known by another name?

The company was formerly known as URANIUM RESOURCES INC /DE/, with a date of name change on July 3, 1992.

Filing Stats: 4,538 words · 18 min read · ~15 pages · Grade level 14.2 · Accepted 2024-08-14 16:15:25

Key Financial Figures

Filing Documents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION 5

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 5

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 17

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 24

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 24

- OTHER INFORMATION

PART II - OTHER INFORMATION 25

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 25

RISK FACTORS

ITEM 1A. RISK FACTORS 25

UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS AND ISSUER PURCHASES OF EQUITY SECURITIES 25

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 25

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 25

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 25

EXHIBITS

ITEM 6. EXHIBITS 26

SIGNATURES

SIGNATURES 27 2 Table of Contents DEFINITIONS When used in this Form 10-Q, the following terms have the meaning indicated. T erm M eaning AGP Alabama Graphite Products, LLC, an Alabama limited liability company and wholly owned subsidiary of Westwater Resources. Alabama Graphite Alabama Graphite Company, Inc., an Alabama corporation and wholly owned subsidiary of Westwater Resources. Annual Report Westwater Resources, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2023. ASC FASB Accounting Standards Codification. ASU FASB Accounting Standards Update. ATM Offering Agreement Controlled Equity Offering Sale Agreement between Westwater Resources and Cantor Fitzgerald & Co. dated April 14, 2017. Board The Board of Directors of Westwater Resources, Inc. Cantor Cantor Fitzgerald & Co. Coosa Graphite Deposit The Company's graphite mineral deposit located near Rockford, Alabama. CSPG Coated spherical purified graphite. EU Critical Raw Minerals List The list of raw materials that are crucial to the economy of the European Union published by the European Commission. FASB The Financial Accounting Standards Board. FASB Concepts Statements FASB Concepts Statements set the objectives, qualitative characteristics, and other concepts that guide selection of economic phenomena to be recognized and measured for financial reporting and their display in financial statements or related means of communicating information. FCA FCA US LLC, an electric vehicle manufacturer and part of the Stellantis group of companies. Stellantis designs, manufactures, and sells automobiles under its 14 brands: Abarth, Alfa Romeo, Chrysler, Citron, Dodge, DS, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram, and Vauxhall. graphite A naturally occurring carbon material with electrical properties that enhance the performance of electrical storage batteries, listed on the U.S. Critical Minerals List and the EU Critical Raw Materials List. gross acre

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS WESTWATER RESOURCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (expressed in thousands of dollars, except share amounts) (unaudited) June 30, December 31, 2024 2023 ASSETS Current Assets: Cash and cash equivalents $ 3,164 $ 10,852 Prepaid and other current assets 4,549 762 Total Current Assets 7,713 11,614 Property, plant and equipment, at cost: Property, plant and equipment 135,029 132,870 Less: Accumulated depreciation ( 591 ) ( 470 ) Net property, plant and equipment 134,438 132,400 Operating lease right-of-use assets 278 336 Finance lease right-of-use assets 17 20 Other long-term assets 1,833 5,461 Total Assets $ 144,279 $ 149,831 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 6,482 $ 5,957 Accrued liabilities 1,204 1,696 Operating lease liability, current 125 117 Finance lease liability, current 6 5 Total Current Liabilities 7,817 7,775 Operating lease liability, net of current 155 220 Finance lease liability, net of current 12 15 Other long-term liabilities 1,378 1,378 Total Liabilities 9,362 9,388 Commitments and Contingencies (see note 10) Stockholders' Equity: Common stock, 200,000,000 shares authorized, $ 0.001 par value Issued shares - 57,842,023 and 55,387,794 , respectively Outstanding shares - 57,841,862 and 55,387,633 , respectively 58 55 Paid-in capital 502,863 501,675 Accumulated deficit ( 367,746 ) ( 361,029 ) Less: Treasury stock ( 161 shares), at cost ( 258 ) ( 258 ) Total Stockholders' Equity 134,917 140,443 Total Liabilities and Stockholders' Equity $ 144,279 $ 149,831 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 Table of Contents WESTWATER RESOURCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (expressed in thousands of dollars, except share and per share

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