Q3 2021 Westwater Resources Inc Earnings Call
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Thank you for standing by this is the conference operator, welcome to the Westwater Resources, Inc. Q3, 2021 results and business update conference call.
As a reminder, all participants are in a listen only mode and the conference is being recorded.
After the presentation, there will be an opportunity to ask questions.
To join the question queue. You May Press Star then one on your telephone keypad should you need assistance during the conference call you may signal, an operator by pressing star and zero.
I would now like to turn the conference over to Chris Jones, President and C E O.
Please go ahead Sir.
Thank you Shari and thank you everyone for taking time this morning to listen to our Q2 results presentation.
The offer up your questions, we really appreciate it but before we get started.
A quick safety message and turning to slide three.
To ensure the health and safety of our employees and the communities, where we work we continue to ensure that our employees are permitted and.
I'd encourage to take time off due to illness or the almost of those around them without penalty.
On to slide four.
We continue to maintain our advanced battery graphite product development schedule.
They've completed the definitive.
<unk> study for our graphite processing facility and approved construction of phase one.
We have secured the site for our agenda processing plant and her colleagues at Alabama, together with financial incentives from the State County Industrial development boards.
And we have purchased two buildings adjacent to our intelligent site totaling 90000 square feet to accelerate our construction schedule.
And we continue to work to ensure adequate financial liquidity to support our key operations and business activities.
We have a cash balance of $119 million as of September 30th.
With that I'd like to turn it to Jeff.
Yeah.
Thank you Chris.
Good morning, everyone.
First let's take a look at our capital position on slide five.
The closing price on Monday November 9th was $3.74.
With approximately $34 6 million shares outstanding at September 30, our market capitalization stands at approximately $129 million.
The share price again in the third quarter at $4.74 and ended the second quarter.
At $3.58.
Average daily trading volume over the past three months is approximately 767000 shares per day.
During the third quarter of 2021.
Can they use that equity line with Lincoln Park capital to raise approximately $4 $1 million from stock sales.
We continue to take advantage of this opportunity is a raised cash at a low cost of capital.
Semi is currently in a fundamentally strong position to execute its business plan through 2022.
And to fund a substantial initial investment in the commercial graphic processing, Sylvain Coosa County, Alabama.
During the remainder of 2021 and through 2022.
Yeah.
Turning to slide six.
Provided financial summary for the period ended September 32021.
For the nine months ended September 32021.
Net cash.
Do you use in all operating activities was $13 million as compared to $10 1 million for the same period in 2020.
It was 2.2 excuse me the $2 9 million increase.
Cash was used primarily.
Due to increased product development expenses exploration general administrative past, an arbitration costs in 2021.
Net loss from continuing operations was $4 6 million and $3 4 million for the three months ended September 32021, and 2020, respectively.
The 1.2 million dollar increase compared to 2020 was largely the result of an increase in product development.
Exploration general administrative costs in 2021.
Partially by an unrealized gain related to the encore common stock.
On September 32021, as Chris mentioned, the cash balances were approximately $119 million.
The company had a working capital balance of approximately $117 million.
In October.
The company liquidated this holdings of noncore energy common stock for net proceeds of approximately $3.6 million.
Realizing a gain of nearly 100% from the value of the stock when you see them in December.
In 2020 at.
At the time the company sold its uranium business.
Yeah, and these cash resources will be used to fund the ongoing operations.
And development of our graphite business plan and allow for a substantial initial investment in commercial graphite processing facility.
With that I'll turn it back to you Chris.
Thanks, Jeff and on to slide seven.
Yeah.
Our core values are based on continuous improvement in safety.
And that's the safety of each other.
Our environment our assets. Thank you.
Entities, where we work and our reputation.
Cost.
Meaning effective and efficient use of our shareholders' assets and a focus on first quartile cost performance.
And integrity.
The highest level of performance every day.
Improving our processes and conservative promises well kept.
On to slide eight.
We are executing our business plan the feasibility study is complete.
Construction of Phase one is approved by the board slow showed you showed here on our slide our photographs from our pilot plant, where we produce more than 13000 kilograms of products.
We're testing by us and by prospective customers as we go along.
Polls are now in perspective customers hands as we speak.
On to slide nine.
We selected Kelly to in Alabama, So our graphite processing facility site.
This was important and on June 22 community leaders from the state of Alabama, Coosa County, Alexander City, and Lake Martin Industrial Development Board celebrated the unveiling of our project with us.
And a group of local officials.
On slide 10, a quick.
Nick.
A quick photograph and a quick description of how our sideways here.
The original Kelly to insight footprint is that the state and the local industrial board has supported us on awarding us at no cost.
Building a shown on the left of that is one of the two facilities, we've acquired and we intend that to be Arts administration building once you reset it.
Building B 60000 square foot warehouse will be for product storage and.
Spares warehousing et cetera, we are presently utilizing offices and building b as we reset and begin to reset.
We're pretty excited about our now 100 acre footprint and their colleagues at Alabama.
On slide 11.
Key attributes for our products our project rather include proprietary technology.
Hi, Dirty conversion, our graphite concentrate at some 95% or so to 90, 995% or greater purity.
It's a simple and a robust process.
The cost advantage. This is U S manufactured battery graphite.
The navy them at our deposit potentially improves our project economics and the drilling program. We are executing right now is expected to further our knowledge along the lines of graphite resource, but that vanadium resources as well.
So yes it is.
And sustainability.
We have an environmentally sustainable and sound process.
Yeah.
On slide 12.
A little bit about our battery markets.
We expect that your transportation segment of our market and by that we mean electric vehicles.
It's going to grow at a compounded annual growth rate of around 23% per year, we see that in the adoption rates for electric cars everywhere. You work everywhere you loved everywhere you drive you see more electric cars every day.
In the U S government and automakers are jointly announced a goal of 50% of all auto sold here in United States will be electric.
By 2015.
Our second segment energy storage systems and by this we really mean and grid energy storage systems, we expect an 11% growth rate over the next 10 years qualification cycles tend to be a little shorter than me.
EV market and these are the enabling technologies for wind and solar power. So that you can provide electricity when windows not blow and the Sun does not shine.
Large markets like consumer electronics are still growing at 3% a year.
And it's a well established value chain.
Consumer electronics like the phone he may be using right now are the laptop on your desk.
Qualification cycles tend to be shorter as well.
Then the automobile markets large market some growth rate.
In specialties like defense Aerospace and medical with major players here in the United States.
And there is government and major contract based business for us to bid on as we develop our products.
On to slide 13.
No that graphite is a major component of all batteries.
That includes the lead acid battery and most vehicles on the road today.
Oakland power sounds like those are rubbing your smoke alarms and flashlights at home and Nonreturnable lithium cells like those coin sales you have them about some other things.
Coded purified spherical graphite, which is C. S did you.
As a critical component in lithium ion batteries. These are the batteries to power electric cars.
In the United States government has defined graphite as quote critical to the nation's security and prosperity in presidential executive orders ask U S government agencies to act with Alacrity.
On to slide 14.
The Coosa graphite project as a near term source of domestic U S battery grade graphite.
Samples are under evaluation of potential customers as we speak.
Westwater as graphite will be produced using environmentally sustainable processes here in the United States.
And westwater as graphite products serve important battery markets.
And again, let's see.
Waterstone Avium discovery, because it could contribute revenues exploration is underway.
Slide 15.
Yeah.
We developed a new technology for graphite purification, one that does not use hydrofluoric acid or our elevated leverage levels of energy to produce aircraft side, it's a chemical process with lower temperature bags.
That produces graphite with more than 90, 995% purity.
Our process also allows for flexible feedstock with consistent performance.
This purification technology.
As a more sustainable footprint that was currently used in China.
Our environmental damage damaging inexpensive to manage hydrochloric acid issues.
On to slide 16.
Our project plan simply.
Is this westwater feasibility studies led by Samuel engine areas is complete phase one construction is approved.
Expected completion.
Is in the latter part of Q1 of 2023.
We increased the amount of C. S. P. G stuff that goes in lithium ion batteries.
In order to accommodate market demand and and and and.
In doing so delayed our D. S. S. By just a couple of months, which put our production time line one quarter.
Later than originally planned but with greater production.
Exploration drilling has begun to further define the Coosa project.
We expect to be complete this quarter with our drilling activities in the geologic model is expected in 2020 to.
Following that we began.
Permitting process for our mine located in Western Krewson Kelly.
And we expect to be operating that mine in 2028.
Slide 17.
Really a graphic of.
Our project plan.
Noting the feasibility study is indeed complete at the end of Q3.
Of 2021.
Partial production starting in Q1 of 2023 phase two of our plant is anticipated to be built and operational.
2025 sometime.
Subject to another feasibility study.
Based on the increased production.
Until then we'll be using an alternative source for graphite not sourced from China, but from somewhere else or supplier.
Asks that we keep that confidential.
And then we will transition to U S based feedstock expected in 2020.
Yeah.
On slide 18.
Our team is growing.
These are tenured leaders in energy minerals development.
Certainly you've heard from Chris or from Jakafi over the years.
So you know we've each got over 40 years of experience in the energy space recently, we added Chad pod to our.
Organization and its 25 years of operational and executive experience in the metals business.
We added Steve Gates, he joined US in May of 'twenty, one nearly 20 years of financial experience in mining and oil and gas and public again.
Dain Mccoig.
Our longest serving employee at this company joined US in 2000 and for not only is he experienced in all phases of ISR uranium development, but he has been one of the leaders of our developmental effort with our feasibility study for phase one.
Jabbar or.
Our VP Tech services more than 30 years of experience and the technical leader of our team to develop this process.
And this business as we go along.
Dan Lawrence <unk> been with Us since 2012, our general counsel a.
35 years in law in licensing across the nuclear fuel cycle in mining operations, and J <unk>, who joined us in 'twenty 'twenty, our VP of sales.
All this team as the kind of leadership this company needs to make its promises.
Real.
On slide 19.
Energy minerals exploration and development requires discipline and diligent capital stewardship, we restructured and capitalize the company positioning water Westwater as a green energy materials company, the laser focus on battery grade graphite materials.
And we have an experienced management team with a demonstrated history in finance from Green energy developments from concept to production.
And why Westwater isn't investment turning to slide 20.
We have a battery grade graphite development business with strong upside potential we have the largest graphite property in a contiguous United States.
<unk> has been designated a critical mineral by the United States government.
Our sales and marketing team have engaged with a number of potential battery supply chain customers.
And we have a proven team with experience in energy minerals development and financial management.
And you should anticipate catalysts for the remainder of 'twenty, one and 'twenty two.
Long.
The lines of Coosa exploration and geologic model results in construction milestone achievement.
And with that I'd like to open it up for questions.
Yeah.
Thank you we will now begin the question answer session.
To join the question queue. You May Press Star then one on your telephone keypad, you'll hear a tone acknowledging your request.
People are using a speakerphone please pick up your handset before pressing any keys.
To withdraw your question. Please press Star then two.
We will pause for a moment as callers join the queue.
The first question comes from Debra <unk> with Crystal equity research.
Please go ahead.
Thank you and thank you for taking my questions.
Particularly on this very auspicious day, where we honor our veterans.
I have a couple of house keeping questions and then and several others. Afterwards, so whenever you get tired of answering my questions. You can just cut me off.
First I wanted to just ask one of those housekeeping questions in regard to the arbitration action with Turkey.
Your.
Filing suggests that you spent a $2 million and some change on legal expenses in 2000.
21, and I wondered if those expenses that are that are being currently incurred can can still be included and what you're asking Turkey to compensate you for and then also if you could just maybe give some guidance on what additional expenses you think you might.
Incur in this final quarter of 221, and then on into two 'twenty two as you await the panel's decision.
On the action.
First Deborah Thank you for calling in and we never tire of answering your questions.
The.
The arbitration itself.
So the final hearing.
For witnesses occurred in the latter part of September.
And.
We expect that the panel will deliberate over the next 12 months there was a little paperwork.
Between now and then at the end of this quarter and possibly in January but the case.
The case other than questions from the panel after that as is finished so we expect expenditures.
The arbitration.
To to idle down to a very low level.
Until the decision is rendered.
11 months now.
Okay. Thank you and our art is any communication allowed between Westwater resources as a complainant and Turkey as the respondent can you pass some love notes back and forth to each other or are you prohibited from engaging in any any.
Discussions.
We're certainly permitted to communicate with the counterparty.
And.
And would do so.
Uh huh.
Have we seen a reason to do that and likewise, Turkey has that opportunity as well.
For now the communications.
Have been limited to the arbitration proceedings.
And we're happy with that for now.
Okay very good and then maybe shifting down to something else. It was in your quarter filing and and that is with regard to capital spending and I know you've given us an aggregate budget for the construction of the processing the graphite processing facility, but there was a suggestion in your filing that there will be some significant capital spending in the fourth.
That's to be understood of course, but I was hoping you might give us some guidance on what your capital spending might be in this quarter and then maybe Jeff could give us some idea of when we might be able to see yes, that's going on to the balance sheet when we see it.
In the fourth quarter.
Something like a construction in progress etcetera or something like that.
That will begin to reflect what value you're creating in the assets at that site.
Ken Killington.
Jeff Why don't you go ahead.
Okay very good.
Thank you Debra yeah.
During the.
Fourth quarter and our expectations for expenditures in the near term was mostly we've revolves around long lead items.
And so those would be.
Deposits, if they do occur and and certainly in that case those deposits would go on the balance sheet.
At such time as we do start them.
Actual construction activities relative to the project and then what you would what we'd expect to do and for investors to see is that certainly our construction in progress account.
And.
We will accumulate the capital cost in that account until the until those assets are put into service men and then obviously there'll be transferred into their respective fixed asset categories, you know with appropriate depreciation schedules and so forth.
I wouldn't expect there to be much and there's potential for some significant expenditures, but there'll be treated as deposits initially to answer your question.
Okay excellent. Thank you that helps a great deal and then maybe if the either one of you or both of you could talk a little bit about what the four Q activities kind of look like.
You've shown us the illustrations are in the presentation that was helpful.
Is there is there any activity going on at this time modifications to the X you know the existing buildings or is there any kind of site preparation like land clearance or where utilities work that's already underway at the site.
We are anticipating.
Anticipating a construction start before the end of the year.
We anticipate that that is a building.
Building and.
And building out the offices, we got home for the employees, we need to hire.
The.
Or a cost perspective, and a capital equipment perspective to build a little bit on.
Jeff's answer to your question we'll.
We'll be laying down deposits for long lead items.
And they basically come in you know some half a dozen categories. These long lead items are required deposits ahead of time for delivery at the end of next year. So that we can continue to.
Maintain our schedule, we are in Germany with four of our vendors last week.
And we have assurances from each of those four vendors that they could meet our schedules if we order.
Yeah Yeah.
You know some efficiency in haste.
Yeah.
If that helps a little bit typically a project like this follows.
An S curve.
For expenditures they tend to be a little heavy at the front.
And they tend to attenuate as product as the project is beginning to become chin.
<unk>.
Okay, Great I also wanted to.
Take your attention back to your slide number eight in your presentation is very helpful that you've given us the two images of.
The.
The equipment that was used.
To create.
The 13th kilograms of a product.
Could you maybe identify what we're looking at what the names of the pieces of equipment are and then give US an idea of where if we were we were gonna come to visit and a couple of years and see the finished building where would we see this equipment in in your site.
The that gets a great question for everybody on slide eight the photograph at the lower left.
As a result of a filter press when our product.
It comes out of the.
The leaching process, where we leach with caustic and the Ah <unk>.
Wayne with asset.
It's wet and we need to drive that cake.
Through a filter press, it's basically a.
Horace belt.
It conveys the materials from one end to the device to the other and presses.
Much like you would press a biscuit.
We're making it.
But the result of this particular kras is that you would.
Do you water it D D fluidized bed that way when it goes to the baking cycle of the.
Thermal finished process.
You're not drawing out water to the extent that you can possibly yours.
Device on the upper right is it killed.
As part of making our coated spherical graphite.
Product.
We shape it.
And we size. It then we coat it with hard carbon.
That process requires a baking step to Cal side.
Carbon onto the.
Steroids are graphite so whats youre looking at right. There is the count that we used in the pilot plant for doing that.
Excellent. Thank you and where would we ultimately see these or not perhaps these exact pieces, but the items that cause the corresponding items, where would we ultimately see these.
At your site and Kelly can win.
When everything is constructed.
There's two or three new buildings that go up.
In that Red circled area for.
For the original.
Acquisition of.
The first of the buildings are in the process is the purification building and you would see the filter press and you would see some thermal drivers like that kiln.
Resembling that killed in that particular process is as we are baked that material.
The next building after that.
<unk> is then utilized almost entirely by the coding.
The.
Our material hard carbon going on to these small suraj who graduate.
That'll be other buildings associated with water purification and.
And clean up so that or affluence is limited.
Two high quality water that can enter a normal domestic sources.
Excellent. Thank you that's very helpful now and both those images on slide eight and I have to tell you they look expensive.
So I wanted to turn to the topic of capital and the availability of capital we have to.
Existing agreements in place a an equity agreement with Lincoln Park, and an ATM with Cantor Fitzgerald and I believe correct me if I'm wrong on this Jeff you have approximately about $80 million worth of of value available to yet through those two agreements.
Are either of them subject to any kind of exploration or deadline.
Or will they be available to us through 2022.
Yeah. Those are both those facilities available to us too.
2022 and beyond.
They also I would I'd also point out that it's more like about $120 million of availability on those lines and those two facilities.
And and so just wanted to clarify that as well.
Excellent and can you break that down between the two of them. That's total right between the two of them.
Yeah, it's about.
$70 million and.
And $50 million.
Yeah.
With Lincoln being in the 70.
Correct.
Okay. Thank you very much for that clarification and I I was off by quite a bit. So I appreciate that and then the last question that I wanted to ask is in regard to the continued maybe internal testing if you will that youre doing sampling and.
You know new new product development kind of activities. If you could maybe give us a little bit of of a an update on that I know in your prepared remarks, you mentioned that you anticipate the exploration of.
The graphite deposit to be completed.
It was soon in the next.
A few months would there be any more vanadium sampling taking place and then also to extend that onto.
Questions about testing.
You know the developed product and what work that you might be continuing to do to protect your process or protect the final graphite product.
And and something of a reverse order of the vanadium testing has been ongoing as part of our graphite exploration effort. So so that Oh, that's the simple answer is yes.
We're doing the testing.
Yes.
In terms of product testing.
We have an ongoing product testing.
Matrix. If you will one one mine is we're testing internally the products that we have made through our various vendors that give us something of a.
Good housekeeping seal of approval on the work we've done independently, but for us so that we know what we're sending to our prospective customers.
Addition, our perspective customers are testing our material and then I'll turn the iterative process on on some of these customers.
We have the ability.
To provide samples of products with.
Enhanced characteristics in some cases for individual customers and so that process is ongoing.
As well.
And then finally.
No company.
In our business.
Would.
Would be okay without a strong R&D effort on new product development.
And we're pretty proud of the labs, the organization and the technical folks we have on board that are directing that R&D.
R&D effort. So that we can continue to upgrade these products and make them ever better and better for the battery business.
Excellent. Thank you I appreciate your graciousness and answering all those questions, but I'll stand on now.
Deborah my pleasure and thank you.
Once again, if you have a question. Please press Star then one.
The next question comes from Dan Hubert with basis group.
Please go ahead.
Thank you.
Correct, John the pronunciation.
Canadian from.
Quite a while ago, but it's a better and a cup of coffee.
Fashion, but thank you for taking my questions just a couple of observations first.
I'm involved in energy storage and I've.
Work directly my company works directly with a number of large grid power utility companies and I would say that your estimates on the.
11%.
Yeah, that's a good growth rate for energy storage, 11% the message right. The 23% is that needs to be adjusted and all the power utility companies are terrified right now because they do not have the capacity to meet the peak demand for recharging.
The vehicles as they become more and more a larger percentage of the automotive or just vehicle.
And so they are rapidly pressing hard on their integrated resource planning.
Initiatives to include tremendous amounts into the terawatts across the U S for energy storage. So that they can offload the peak demands for charging electric vehicles and in fact, they say the greatest threat to the adoption of high rates of electric vehicles.
The grids ability to recharge stuff and we're not talking about just along interstate but at the residential level. So they're also talking about how they bring in energy storage behind the meter at the individual residences to help offload some of that peak demand now what does that have to do with the wastewater resources well we know.
So that the only basic commercial grade graphite belt and in the U S is there in the tusa.
The belt, where you have your operations set up there is some new energy storage technologies that are almost 100% base.
Graphene.
There's the top three largest energy storage systems in the world what is the Tesla Mega pack in South Australia, the largest one anywhere in Moss landing in Northern California, and then another one was Arizona public service and near the Phoenix area at all three of them.
Had massive fires and explosions due to lithium and so there's a there's the panic that lithium is not only a sustainable resource if the dangerous resource and it has a long term environmental impact, whereas graphene is although it has some.
Environmental impact and its manufacturing it does not represent a long term environmental hazard in the same way lithium does.
In fact, they anticipate just to build out the lithium recycling infrastructure is a 700 billion dollar endeavor.
All of that goes away with graphene based Super capacitors base yet.
Storage systems, So having said that though my question is.
I think you're well positioned to meet I think your demand is going to be greater than you anticipate.
I think you are in a good position for that and then the last part was when do you anticipate being into full production and then do you also have any designs.
In graphene manufacturing.
Uh huh.
To answer your question.
I would.
Direct you to one of our basic three principles here at Westwater resources, one is <unk>.
Inserted promises woke up.
We tend to be conservative in our estimates we know our business works.
At those growth rates and our AR and we.
Japan like you do that.
They may well be conservative in nature, they may be lower than we expect.
But at these lower growth rates, we have a terrific business secondly.
We don't share.
Some of your thoughts there.
With regard to the lithium.
Mining cycle and that's strictly an opinion piece on my part I'm happy to engage our offline you no longer discussion.
Sure, but part three with regard to graphene.
As luck would have it.
Our final product.
From our C. S P G manufacturing.
Is also 90, 995% or better pure.
And we are in discussions.
With some graphene manufacturers for utilization of that product on their part.
Of course, these names would be confidential.
Excited about the graphene business.
We are building our business based on batteries, because we are very confident.
Of the maturity of C. S. P G.
And its usage in and rechargeable batteries.
But as a as we answered them.
Previous questions.
We have a robust R&D effort to make sure that our products you can go to the right markets without without regard for what they might be but I. Appreciate your comments.
Thanks back to your stories.
Thank you. The next question comes from Michael Porter, with Porter Levay and rose.
Please go ahead.
Good morning, Chris two quick questions.
One are you seeing any negative things going on from the supply chain, you're getting your equipment and so forth intact Bama and the second question is could you briefly discuss the difference between graphene in graphite and how it works and so forth and so on.
Yeah and in reverse order.
Put.
I'd.
Graphite flakes.
Tend to be.
Hundreds of layers there.
At the atomic level.
And.
When you roll them up into C. S. P. G. They tend to remain in that.
That state and that's what makes them.
Pretty good for rechargeable batteries using a normal electronics.
Graphene.
Is really a graph at the atomic layer level. So.
P in its purest sense graphene as a single atom.
And many many atoms wide.
The properties of graphene are.
Our significantly enhanced over graphite.
Balanced by a little bit of difficulty to handle.
And and some difficulty and manufacturer.
So we're embracing this technology as an R&D effort right now.
To provide our bar graph light.
So those guys out there in a business that are a far.
Far more adept right now and.
Making those atomic.
Layer.
A single layer molecules.
With regard to supply chain.
<unk>.
That was precisely why.
Our VP Tech services without error and myself traveled to Europe last week.
Was to work eyeball to eyeball with our major suppliers to make sure that we understood their supply chain constructions and they exist certainly.
And how best to manage them. So we still get our equipment at a time and as I said.
But we received assurances.
That if we act with alacrity and efficiency in getting these machines ordered there'll be there in time for restaurant installed them in the plant.
So yeah, there are supply chain issues I think everybody in the world feels it one way or another.
But we were out there mitigating those supply issues for that subset of four.
Four different sets of machines last week.
And we're confident at this point, but.
But they will not unduly delay the construction of that machine.
Thank you very much.
Thank you Mike.
This concludes the question answer session I would like to turn the conference back over to Chris Jones for any closing remarks.
Thank you Sherry.
And thank you all for attending our conference call for this quarter, it's an exciting time.
For our business and we're happy to share it with you.
They tuned and there will be more bulletins as we go along and please.
Safe and productive day good day.
This concludes today's conference call you may disconnect your lines.
For participating and have a pleasant day.
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