Q1 2025 Westwater Resources Inc Earnings Call and Business Update
Yes.
[music].
Unknown Attendee: Thank you for standing by.
Speaker Change: Thank you for standing by this is the conference operator welcome to the best part every surface, Inc. First quarter 2025 business update conference call. As a reminder, all participants are in listen only mode and the conference is being recorded.
Operator: This is the Conference Operator. Welcome to the Westwater Resources, Inc. First Quarter 2025 Business Update Conference Call. As a reminder, all participants are in 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.
Speaker Change: After the presentation, there will be an opportunity to ask questions.
Speaker Change: He joined the question queue. You May Press Star then one on your telephone keypad do need assistance during the conference call you may signal, an operator by pressing star zero.
Frank Bakker: I would now like to turn the conference over to Frank Bakker, President and CEO. Please go ahead, sir.
Speaker Change: I would now like to turn the conference over to find Barclay President and CEO. Please go ahead Sir.
Frank Bakker: Thank you moderator and thanks to Joost joining us on this afternoon's business update call. With me today is Terence Cryan, our Executive Chairman of the Board and Steve Cates, our Chief Financial Officer. During this presentation, the forward-looking statements we made are based on management and judgment, including, but not limited to, future graphite demand and price forecasts, schedule and cost projections, and economic expectations related to the Kellington Graphite Plant, the Goosa Graphite Deposit, and capital rating activities, including the estimated timing of those activities.
Barclay: Thank you moderator.
Barclay: Joining us on the <unk> business update call.
Dave: Thank you Dave.
Speaker Change: As chairman of the board and he's our Chief Financial Officer.
Dave: Yes.
Dave: Yes.
Dave: Statements made are based on management's estimates, including but not limited to future demand forecast.
Dave: Your line cost projection.
Speaker Change: Economic expectations the latest go to Kevin.
Dave: The <unk> deposit.
Speaker Change: Capital raising activity.
Speaker Change: Including the estimated timing of those activities.
Frank Bakker: These and other similar statements are subject to certain risks and uncertainties, of which a description can be found in our 10-K 2024 and other SEC filings. Please review our cautionary statement available in our press release issued May 15, noting that actual results may differ materially from what's discussed today.
Speaker Change: These and other similar statements are subject to certain risks and uncertainties.
Speaker Change: This is a difference can be found in our 10-K 2024 and others.
Speaker Change: Please review our cautionary statement available in our press release issued by <unk>.
Speaker Change: Noting that actual results may differ materially from what is discussed today.
Frank Bakker: Our team started the year strong, with a focus on advancing and continuing to de-risk our project. Most recently, we successfully commissioned the qualification line at the Keleton Graphite Processing Plant, producing a CHPG sample of over 800 kilograms. The operation of the Keleton qualification line is a critical milestone. as we move through completing construction and commissioning of the plant. The line currently produces pre-production samples for our cell makers and OEM customers. and is providing invaluable experience for the operating team ahead of reaching full operation. Our qualification line is capable of processing approximately one metric ton of CFPG battery anode material each day and will inform operations of Calendars Mainline, which is expected to produce 12,500 metric tons per day upon Phase 1 completion.
Speaker Change: Our team started the year strong.
Speaker Change: <unk> advances continually to get installed.
Speaker Change: Most recently, we successfully commission qualification lie at the California those are split.
Speaker Change: We're seeing a.
Speaker Change: Oh 800 milligrams the operational development obligations.
Speaker Change: As a critical milestone.
Frank Bakker: As we move through completing construction and commissioning of the plant.
Speaker Change: The line currently produces preproduction samples for our cell makers and OEM customers.
Speaker Change: This is providing invaluable experience operating team has done.
Speaker Change: Reaching full operations.
Daniel: While the pace of large capable of processing approximately one metric ton of <unk>, Betsy I know Daniel each day.
Speaker Change: It really full operations.
Speaker Change: We can expect it to produce spelled out five metric tons per day.
Speaker Change: Phase one completion.
Frank Bakker: We envision the Kellington facility reaching 50,000 metric tons per year of CHPG battery anode production upon completion of Phase 1 and 2. We continue to estimate the total cost of Phase 1 at $245 million and today we have secured approximately 85% of the necessary equipment. While our capital estimates remain unchanged, the evolving tariff landscape may impact Phase 1 costs, and we are closely monitoring developments.
Speaker Change: We envision the gallon facility, reaching 50000 metric tons per year.
Speaker Change: <unk> battery anode production upon completion of phase one and two.
Speaker Change: We continue to estimate the total cost of stage, one $245 million and today, yes.
Speaker Change: Currently 85% of the nest.
Speaker Change: Yes.
Speaker Change: But our capital estimates remain unchanged evolve instead of landscape may invest phase one costs and we are closely monitoring developments.
Frank Bakker: With the Phase 1 financing closed this year, we anticipate commercial production at Callington to begin in 2026.
Speaker Change: The phase one financing closed this year, we anticipate commercial production at <unk> since the beginning of 2020.
Frank Bakker: So this morning we announced the successful completion of the U.S. Patent and Trade Mark Office review of our patent application. This is another important milestone for our business. Customer interest in Westwater's ability to supply domestically produced battery anode materials to the North American market remains strong. Their end assessment aligns with U.S. policy goals to ensure the sourcing and manufacturing of critical minerals, including graphite. As companies diversify and restructure supply chains to include raw materials from the U.S., Canada and allied nations, our skeleton project is well positioned to meet those needs. 100% of Phase 1 production capacity is already committed on the existing off-take agreements and we are seeing strong demand for Phase 2.
Speaker Change: This morning, we announced the successful completion of the U S patent and trade Mark Office review of our patent application.
Speaker Change: Another important milestone for our business plan.
Speaker Change: Customer interest in Westwater stability to supply a domestically produced Betsy.
Speaker Change: Deals to the North American market remained strong.
Speaker Change: Sure.
Speaker Change: If you have a policy goals to onshore the sourcing and then affecting our physical minerals, including graphite.
Speaker Change: As companies that first by a restructure supply chains to include raw materials from the U S, Canada and Allied nations.
Speaker Change: The project is well positioned to meet those needs.
Speaker Change: The percentage of phase one production capacity is already committed.
Speaker Change: Kicking off take agreements and we are seeing strong demand for phase two.
Frank Bakker: We are currently in discussions with multiple customers interested in our phase 2 output of 37,500 metric tons per year. In parallel with our financing and project development efforts, we are actively engaging with customers, hosting site visits, and fulfilling sample material requirements. Westwater is ideally positioned with domestic, de-risked, and high-quality projects supported by committed partners. We are making meaningful progress in helping meet the growing demand for sustainable and secure battery-grade ad-hoc materials in the U.S.
Speaker Change: We are currently in discussions with multiple customers.
Speaker Change: In our phase II output a food.
Speaker Change: Five metric tons per year.
Speaker Change: That along with our financing forget development efforts.
Speaker Change: Actively engaging with customers hosting site visit.
Speaker Change: So for example, my data.
Speaker Change: Cool.
Speaker Change: Westwater ideally position domestic D. It is.
Speaker Change: And high quality project supported by committed customers.
Speaker Change: We're making meaningful progress.
Speaker Change: <unk> meet the growing demand for sustainable.
Speaker Change: But did you guys I don't want J D O U S.
Frank Bakker: Our next critical milestone is the successful completion of Phase I financing for Calliton, which I will leave with our Chief Financial Officer, Steve Cates, to provide a detailed update. Steve, over to you. Thank you, Frank. As announced in our most recent 10-Q and press release, work continues on the syndication of a secured debt facility that is intended to cover the remaining costs of Phase 1 at Kelley For more information visit www.fema.gov Securing financing for this project is a strategic priority that reflects both the strength of our vision and the demand in the domestic market we serve.
Speaker Change: It is a good milestone.
Speaker Change: The successful completion of phase one for.
Brook Ellison: Brook Ellison.
Speaker Change: I will leave you with our Chief Financial Officer, Steve case to provide a detailed update.
Steve Case: Over to you.
Steve Case: Thank you Frank as announced in our most recent 10-Q and press release work continues on the syndication of a secured debt facility that is intended to cover the remaining cost of phase one that Kelly to securing financing for this project is a strategic priority that reflects both the strength of our vision and the demand in the <unk>.
Steve Case: Mastic market we serve.
Steven Cates: We received investment committee approval from the lead lender at the end of 2024, and it remains in hand. We originally planned to complete the syndication with a single offshore institutional investor. Following the inauguration, the announcement of tariffs, and the resulting market uncertainty, this offshore institutional investor unexpectedly removed itself from the syndication process. As a result, we have pivoted to a syndicate that includes multiple Phase I lenders. and are currently working through the due diligence process with those potential lenders to complete Phase 1 financing. Securing a stable feedstock supply for Kellyton remains a key factor in advancing our financing efforts.
Steve Case: We received investment committee approval from the lead lender at the end of 2024 and it remains in hand, we originally planned to complete the syndication with a single offshore institutional investor.
Speaker Change: Following the inauguration the announcement of tariffs and the resulting market uncertainty this offshore institutional investor unexpectedly removed himself from the syndication process.
Speaker Change: As a result, we have pivoted to a syndicate that includes multiple phase one lenders and are currently working through the due diligence process with those potential lenders to complete phase one financing.
Speaker Change: Securing a stable feedstock supply for Kelly <unk> remains a key factor in advancing our financing efforts.
Steven Cates: While recent protests at our current feedstock supplier have temporarily slowed the syndication process, the supplier is expected to resume operations in June. longer term, Westwater remains committed to vertical integration through the development of the Coosa deposit. However, the recent protests and suspension of operations at our supplier have underscored the importance of diversifying our near-term supply chain. To that end, we have evaluated several non-Chinese feedstock sources and are now at an advanced stage in securing a backup feedstock supply to ensure continuity and mitigate future risks. With a clear roadmap to commercialization, strong customer interest, and favorable policy tailwinds, we remain confident in our ability to secure financing for Phase 1 of the Kellyton Plan.
Speaker Change: While recent protests at our current feedstock supplier have temporarily slowed the syndication process. The supplier is expected to resume operations in June.
Speaker Change: Longer term westwater remains committed to vertical integration through the development of the Coosa deposit.
Speaker Change: However, the recent protests a suspension of operations at our supplier have underscored the importance of diversifying our near term supply chain to that end, we have evaluated several non Chinese feedstock sources and are now at an advanced stage and securing it backup feedstock supply to ensure continuity and mitigate future.
Speaker Change: Your risk.
Speaker Change: With a clear roadmap to commercialization strong customer interest and favorable policy tailwind, we remain confident in our ability to secure financing for phase one of Kelly's implant financing is just one of several critical work streams underway as our team continues to advance key initiatives across the business. These include the successful completion.
Steven Cates: Financing is just one of several critical work streams underway as our team continues to advance key initiatives across the business. These include the successful completion and initial operation of the qualification line at Kellyton, active efforts to secure multiple feedstock sources for a stable graphite supply, ongoing advancement of the Coosa deposit, and engagement with potential offtake partners for phase two of Kellyton.
Speaker Change: <unk> and initial operation of the qualification line of Kelly 10 active efforts to secure multiple feedstock sources for a stable graphite supply.
Speaker Change: Ongoing advancement of the Coosa deposit and engagement with potential offtake partners for phase two of Kelton.
Frank Bakker: This concludes our prepared remarks. We appreciate your time today and your continued interest in Westwater. We remain focused on executing our strategy, delivering value to shareholders and navigating the opportunities and challenges in the quarters ahead. As always, we're committed to transparency and operational discipline. and we look forward to updating you on the progress related to project advancement and financing in the next quarter.
Speaker Change: This concludes our prepared remarks, we appreciate your time today and your continued interest in Westwater.
Speaker Change: We remain focused on executing our strategy delivering value to shareholders and navigating the opportunities and challenges in the quarters ahead.
Speaker Change: As always we're committed to transparency and operational discipline and we look forward to updating you on our progress related to project advancement and financing in the next quarter.
Unknown Attendee: Operator, over to you. Thank you.
Speaker Change: Operator over to you.
Speaker Change: Yeah.
Speaker Change: Thank you well now begin the question and answer session joined the question queue. You May Press Star then one on your telephone keypad. He was head of talent acknowledging your request.
Operator: We will now begin the question and answer session. To join the question queue, you may press star, then 1 on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star, then 2. We will pause the moment as callers join the queue.
Speaker Change: They are using a speakerphone please pick up your handset before pressing any key.
Speaker Change: To withdraw your question. Please press Star then two.
Speaker Change: We will pause a moment of callers join the queue.
Unknown Attendee: The first question comes from...
Speaker Change: The first question comes from.
Heiko Iwe: The first question comes from Heiko Iwe with AC Wainwright, please go ahead. Hey there, thanks for taking my question. I assume you can hear me okay. I'm at an airport, so it's a little loud in the background. Yeah, can hear you well.
Speaker Change: The first question comes from Heiko Ihle with H C. Wainwright. Please go ahead.
Heiko Ihle: Hey, there. Thanks for taking my question I assume you can hear me, Okay I'm at an airport. So it's a little loud in the background.
Speaker Change: Yes can hear you well.
Speaker Change: Perfect.
Frank Bakker: You were talking about first production earlier, you want to maybe provide a little bit of color, what components of, you know, entering production could go right could go wrong with maybe gives you the biggest headache, obviously, geopolitically, the world's not exactly how it was 12 months ago. Maybe just, you know, provide some stepping stones of things for folks like me to focus on in regards to seeing you enter production, please. So yeah, that's a good question. Thank you for that. So related to production, I think key milestone is that we have our qualification line up and running.
Speaker Change: Talk about first production earlier, you want us to maybe provide a little bit of color of.
Speaker Change: What components.
Speaker Change: Entering production could go right could go wrong with maybe gives you the biggest headache, obviously geopolitically the world is not exactly how it was 12 months ago maybe.
Speaker Change: Maybe just provide some stepping stones are things for folks like me to focus on in regards to see U S production. Please.
Speaker Change: So yeah. That's a good question. Thank you for that so related to production I think key milestone is that we have our qualification line up and running.
Frank Bakker: The qualification line is using the same equipment as we have for the main production line. So we are running that line and our operators are gaining experience. and that will be very helpful when we start commissioning and startup of the plan. So I think this qualification line, that's really a game changer for us. But like I mentioned, it's literally the same equipment that we use. That makes sense.
Speaker Change: And the qualification line is using the same equipment for the main production line.
Speaker Change: So via running deadline and all operators are gaining experience.
Speaker Change: And that will be very helpful.
Speaker Change: When we start commissioning and startup of the plant.
Speaker Change: Disqualification line, that's really it.
Speaker Change: Game changer for us it was like I mentioned, it's literally the same equipment that you use.
Speaker Change: That makes sense.
Frank Bakker: And in regards to pricing, what are you seeing versus what you would have expected maybe, what was it, 12 months ago? Mike, how's that in regards to anode material or... construction costs and equipment. Instruction costs and equipment Well, I think what we're seeing is, you know, there is obviously a lot of back and forth on tariffs. It's kind of an evolving landscape right now. But we have 85% of our equipment already purchased and on hand. And of that amount, that we still have to order, roughly about half of that comes from outside the US. And so it's, we really believe that we're fairly isolated right now from the tariffs.
Speaker Change: In regards to pricing what are you seeing versus what you would've expected maybe what was it was.
Speaker Change: 12 months ago.
Heiko: Heiko is that in regards to.
Heiko: And it would material or.
Speaker Change: Construction costs and equipment.
Speaker Change: Construction costs equipment.
Speaker Change: Well I think what we're seeing is you know there is obviously a lot of.
Speaker Change: Back and forth on tariffs is kind of an evolving landscape right now.
Speaker Change: We have 85% of our equipment already purchased and on hand and of that amount that we still have to order roughly about half of that comes from outside the U S.
Speaker Change: And so it's we really believe that we're fairly isolated right now from the tariffs and as we've been running our analysis of what it looks like tariffs are currently at where within our 245 million dollar construction budget and so we feel comfortable holding that guidance right now and we will continue to monitor it as it changes but.
Frank Bakker: And as we've been running our analysis of what it looks like tariffs are currently at, we're within our $245 million construction budget. And so we feel comfortable holding that guidance right now. And we'll continue to monitor it as it changes, but very, very pleased that we have 85% of our equipment on hand. And so we're somewhat shielded from inflation, especially compared to other projects that are at a much earlier stage. That's a very fair answer.
Speaker Change: Very very pleased that we have 85% of our equipment on hand, and so were somewhat shielded from inflation, especially compared to other projects that are at a much earlier stage.
Speaker Change: That's a very fair answer I'll get back in queue.
Heiko Iwe: I'll get back in queue and I've got to jump on my plane. Sorry for the background noise one more time. Take care.
Speaker Change: Oh, sorry for the background most of them more time take care.
Speaker Change: Thanks.
Peter Gastrike: The next question comes from Peter Gastrike with Water Tower Research. Please go ahead. Thanks very much for the update and the presentation today. Just a quick question about the backup supply. You mentioned potential for the non-Chinese supplier. Are you able to provide any more color on that for an overseas contract? Thank you.
Speaker Change: The next question comes from Peter That's right right what Italo Research. Please go ahead.
Speaker Change: Yes, thanks very much for the update in the presentation today, just a quick question about the backup supply you mentioned.
Speaker Change: Potential for non the non Chinese supplier or are you able to provide any more color on that for our overseas contracts. Thank you.
Steven Cates: Yeah, so not at this moment because we are under NDA, so the status is as what we mentioned on the call. So we're getting really close to getting a backup supply agreement. Okay, thank you.
Speaker Change: Yeah, so not additional because we are under NDA. So the status is as we mentioned on the call silver.
Speaker Change: So we're getting really close to getting a.
Speaker Change: Backup supply agreement.
Speaker Change: Okay. Thank you.
Speaker Change: Yeah.
Speaker Change: Youre welcome.
Operator: Once again, if you have a question, please press star, then 1.
Speaker Change: Once again, if you have a question. Please press Star then one the next question comes from Randy Baron with Pinnacle Associates. Please go ahead.
Randy Barron: The next question comes from Randy Barron with Pinnacle Associates. Please go ahead. Hi, guys. Can you hear me? Yes. Hi. I have two questions. One is about the loan and the timing. Obviously, it was disappointing that the anchor dropped out, but can you just give a little more color on the timing of the loan? like where the new due diligence is in that process. Does this seem like it's something you hope to have done by kind of the first half of the year or is it now pushed back to the fall? Just help us think a little bit more about kind of is it early stages or late stages just to get our hands around that.
Randy Baron: Hi, guys can you hear me.
Randy Baron: Yes, Hi, I have two questions. One is about the the loan and the timing obviously it was disappointing that the anchor dropped out but can you just give a little more color on.
Randy Baron: Like where the new due diligence isn't that process does this seem like it's something you hope to have done by kind of the first half of the year or is that now pushed back to the fall just help us think a little bit more about.
Speaker Change: Is it early stages or late stages, just to get our hands around that and then <unk>.
Randy Barron: And then secondarily, I don't think you mentioned the script, but you had a release out earlier about the Export-Import Bank. I'm just curious more in layman's terms what that letter said, how big an opportunity this could be and are there any other opportunities like that that may also be coming out? Thanks so much.
Speaker Change: Secondarily.
Speaker Change: I don't think you mentioned in the script, but you had a release out earlier about the export import bank I'm just curious more in layman's terms, what that letter said, how big an opportunity. This could be and are there any other opportunities like that that may also be coming out. Thanks. So much.
Speaker Change: Yeah.
Steven Cates: Thanks, Randy, for the question. First, regarding the loan, this process has obviously taken longer than any of us had originally imagined. The uncertainty in the market and kind of the unexpected turn and pivot we had to make was frustrating for us as well. I think the one benefit of having the lead lender through their Investment Committee approvals, we have gotten a bank through their Investment Committee, we have a full diligence package, we've got loan documentation, and so we're getting these additional members in the syndicate up to speed pretty quickly. I like the syndicate that is in it right now.
Speaker Change: Thanks, Randy for the question first regarding the loan. This is process has obviously taken longer than any of us had originally imagined.
Speaker Change: The uncertainty in the markets and kind of the unexpected turn into that we had to make was was frustrating for us as well I think the one benefit of having the lead lender through their investment committee approvals, we have gotten a bank through their investment committee, we have a full diligence package, we've got loan documentation and so we're getting there.
Speaker Change: Additional members of the syndicate up to speed pretty quickly.
Steven Cates: I liked the syndicate is in it right now some of the members one of them specifically has looked at.
Steven Cates: Some of the members, one of them specifically has looked at other battery, metal, critical mineral manufacturing plants in different parts of the country and the world that, you know, this space is dominated by China. So they're very familiar with the challenges of starting up a new operation and on-shoring something that's been dominated by China for so many years. So I'm really glad they're in the syndication and looking at it. As far as timing, they all have a little bit of a different process as far as they all have an Investment Committee, some of them have multiple, and trying to sync them up and working through their various ones takes some time.
Speaker Change: Other battery metal critical minerals manufacturing plants.
Speaker Change: In different parts of the country in the World that you know this space is dominated by China, and so they're very they're very familiar with the.
Speaker Change: The challenges of starting up a new operation and onshoring something that's been dominated by China for so many years, so I'm really glad they're in the syndication and looking at it as far as timing. They all have a little bit of a different process as far as they all have an investment committee some of them have multiple and trying to sync them up and working through their various ones.
Speaker Change: It takes some time and so.
Speaker Change: <unk>.
Steven Cates: I'm highly confident in this team's ability to close a financing, but given kind of the unexpected nature of what happened earlier in the year, I'm not in a position right now to comment on a specific date of when I expect the loan to close. But we are working as fast as we can and pushing as hard as we can.
Speaker Change: I'm highly confident in this team's ability to close a financing.
Speaker Change: But given kind of the unexpected nature of what happened earlier in the year I'm not at a in a position right now to comment on a specific date of when I.
Speaker Change: Expect the loan to close but we are working as fast as we can and pushing as hard as we can regarding the X and letter of interest that we received that's kind of the first stage of presenting some of our project and I think we don't need X M. Right now to finish phase one financing this could just be an additional source of.
Steven Cates: Regarding the XM letter of interest that we received, that's kind of the first stage of presenting some of our project, and I think we don't need XM right now to finish phase one financing. This could just be an additional source of funding for us to advance our business. It requires an application process. They tend to work a little bit longer than what you would see kind of in the private debt capital markets. And so, you know, this is just something else that we're exploring to potentially further our business, whether it's related to phase one, phase two, or the CUSA graphite deposit.
Speaker Change: Funding for us too.
Speaker Change: To advance our business. It requires an application process they tend to work a little bit longer than what you would see kind of in the private debt capital markets and so.
Speaker Change: There's just something else that we're exploring to potentially.
Speaker Change: Further our business, whether it's related to phase one phase two where the coosa graphite deposit and.
Steven Cates: And so more to come on that as it progresses. But there's some potential for some additional funding, and we're going to need more funding as we look to advance the rest of our business beyond phase one. And how big should we think about that initial potential funding for the export import? We need to work through them with on on sizing and their process. There are different Our understanding is depend upon the quantum. There's the different lengths of approval processes different things like NEPA reviews and things like that And so we're working with them to figure out what quantum makes sense versus the timing and some of our needs And what size might be appropriate?
Speaker Change: And so more to come on that as it progresses.
Speaker Change: But there is some potential for some additional funding and we're going to need more funding as we look to advance the rest of our business beyond phase one.
Speaker Change: And how how big should we think about that initial potential funding for the export import bank.
Speaker Change: We need to work through them with an on sizing and their process. There are different our understanding is dependent upon the quantum there is a different lengths of approval processes different things like NEPA reviews, and things like that and so we're working with them to figure out what quantum makes sense versus the timing of some of our needs and what's not.
Speaker Change: It might be appropriate so until we kind of get through that and they have to get through all of their diligence in the application process, which is which is.
Steven Cates: so until we kind of get through that and they have to get through all of their diligence and the application process, which is which is a pretty heavy lift then Once we get closer we can update the market more we will Douglas Goldstein, CFP®, is the director of Profile Investment Services and the host of the Goldstein on Gelt radio show. Gotcha. You know, right now I'm happy with where we are with the syndication, the due diligence. The current parties that are looking at this and deep into due diligence, we get them across the finish line.
Speaker Change: A pretty heavy lift than.
Speaker Change: Once we get closer we can update the market more we will.
Speaker Change: And is it something that if that comes to pass in the end the debt doesn't that it helped.
Speaker Change: Helps bridge, what's needed or what's the shortfall I guess said differently what happens if you can't get the debt financing done that's it for me. Thanks, so much.
Speaker Change: Gotcha.
Speaker Change: You know right now I'm happy with where we are with the syndication of the due diligence.
Speaker Change: The current parties that are looking at this and deep into due diligence, we could sell them across the finish line quite honestly I think I'm I'm I'm, probably oversubscribed at the moment and so I feel confident in the debt that's going to be our number one focus right now I think X M as a backstop.
Steven Cates: Quite honestly, I think I'm probably oversubscribed at the moment. And so I feel confident in the debt and that's going to be our number one focus right now. I think XM is a backstop.
Operator: And really more thinking about it for furthering the rest of our business outside of phase This concludes the question and answer session.
Speaker Change: And really more thinking about it for furthering the rest of our business outside of phase one.
Speaker Change: This concludes the question and answer session I would like to turn the conference back over to Terence Cryan for any closing remarks. Please go ahead.
Terence Cryan: I would like to turn the conference back over to Terence Cryan for any closing remarks. Please go ahead. I'd like to thank all of our stakeholders for your continued support. Westwater is blessed with a high performing team and we continue to move our business forward each and every day. We have an enormous opportunity in front of us.
Terence Cryan: I'd like to thank all of our stakeholders for your continued support.
Speaker Change: Water is blessed with a high performing team and we continue to move our business forward each and every week.
Speaker Change: We have an enormous opportunity in front of us.
Speaker Change: We plan to fully seized that opportunity for the <unk>.
Terence Cryan: benefit of all our Thanks for your interest in Westwater. We look forward to remaining in regular touch as we achieve critical milestones. Thanks and good day.
Speaker Change: First of all of our stakeholders.
Speaker Change: So thanks for your interest in Westwater, we look forward to remaining in regular touch as we achieved critical milestones going forward, thanks and good day.
Operator: This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.
Speaker Change: This concludes today's conference call you may disconnect your lines. Thank you.
Speaker Change: Participating and have a pleasant day.
Speaker Change: [music].
Speaker Change: Yeah.