- Updated guidance allows for inclusion of raw material costs in the 10% production tax credit.
- Applies to both critical minerals and electrode active materials including anodes.
CENTENNIAL, Colo.--BUSINESS WIRE--
Westwater Resources, Inc. (NYSE: American: WWR), an energy technology and battery-grade natural graphite company (“Westwater Resources” or “Westwater”), supports the updated guidance issued by the U.S. Department of the Treasury allowing for the inclusion of raw material costs within the 45X Advanced Manufacturing Production Credit as defined under the Inflation Reduction Act.
Pursuant to the updated guidance, manufacturers of applicable battery materials including graphite are allowed to include both direct and indirect raw material costs within the production tax credit, inclusive of graphite flake cost.
Terence Cryan, Executive Chairman of Westwater, commented, “We applaud and support this updated guidance from the Department of the Treasury. This decision positively affects Westwater’s debt financing economics as it enables the inclusion of our feedstock costs within our production tax credit calculation. This decision strengthens our ability to compete globally and will only accelerate demand for Westwater’s domestically produced natural graphite.”
About Westwater Resources, Inc.
Westwater Resources is an energy technology company that is focused on developing battery-grade natural graphite. Westwater Resources’ primary project is the Kellyton Graphite Processing Plant that is under construction in east-central Alabama. In addition, Westwater Resource’s Coosa Graphite Deposit is the largest and most advanced natural flake graphite deposit in the contiguous United States — and is located across 41,965 acres (~17,000 hectares) in Coosa County, Alabama. For more information, visit westwaterresources.net.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “guidance,” “positively effects,” “supports,” “applaud,” “accelerate,” and other similar words. Forward-looking statements in this release include, among other things, statements concerning: Westwater’s future sales of domestically produced natural graphite, including CSPG and Fines products, to customers, including the amounts, timing, and types of products included within those sales; the continued construction and planned annual production from Phase I of Kellyton Graphite Plan; and future demand of domestic graphite products. Westwater cautions that there are certain factors that could cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Westwater; accordingly, there can be no assurance that such suggested results will be realized. Additional risks facing Westwater‘s future prospects are discussed in the Westwater Resources, Inc. Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent securities filings.
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Contact details:
Westwater Resources, Inc.
Email: [email protected]
Investor Relations
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