Westwater Resources Inc’s (NYSE-A:WWR) third quarter results showed further progress and solid execution according to analysts at Water Tower Research.
The company reported a reduction in third quarter net losses of $3.453 million compared to $4.568 million in the year-ago period, with modestly higher selling, general and administration expenses more than offset by lower product development costs.
Project investment continued apace with Water Tower estimating the group’s cash expenditures to date total $34.6 million relating to the Phase I Kellyton plant construction, whose total estimated cost remains at $202 million.
READ: Westwater Resources progresses construction of its Kellyton graphite plant in Alabama during 3Q
The company said it continued to make progress on site construction and remains on schedule and on budget to begin testing and commissioning Phase I in mid-2023, analysts wrote.
With $100.3 million of cash on hand and no debt, management continues to evaluate multiple options to secure the $70 million+ in capital it needs to complete the Phase I construction, the broker noted.
This would enable the company to make its first domestic commercial production of specialty graphite materials for the battery industry.
Water Tower said the company expects to complete this process in early 2023, well before exhausting its cash.
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