Westwater Resources says recent US Department of Energy announcement good news for company
(NewsDirect)
Westwater Resources CCO Jon Jacobs joined Steve Darling from Proactive to delve into the recent guidance issued by the Department of Energy regarding Foreign Entities of Concern, and how this development relates to the Inflation Reduction Act and the electric vehicle (EV) tax credit. Jacobs shed light on the significance of this announcement, which signals the U.S. government's proactive stance in bolstering the growth of a domestic industry.
One of the key takeaways from this guidance is the government's recognition of the importance of providing domestic companies access to capital while simultaneously creating incentives for these companies to shift their supply chains away from China. Jacobs highlighted how this aligns with Westwater Resources' strategic goals and its advancements in the battery graphite business, particularly in Alabama, where the company is focused on producing high-quality battery graphite products.
In addition to discussing the Department of Energy's guidance, Jacobs provided insights into the results of an Initial Assessment for the Coosa Graphite Deposit in Alabama. Remarkably, these positive figures were derived from drilling data covering less than 10% of the Coosa Deposit acreage, and they did not account for any potential benefits from previously discovered vanadium resources.
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