COOSA Graphite Project
COOSA COUNTY, ALABAMA
Comprised of 42,000 acres (more than 65 square miles), Westwater Resources’ flagship Coosa Graphite Project is the most advanced graphite project in the contiguous United States of America.
Located in western Coosa County, east-central Alabama, USA, in the heart of the historic, past-producing ‘Alabama Graphite Belt’ (source: U.S. Bureau of Mines). From the late 1800s through the 1950s, the Alabama Graphite Belt was home to significant graphite production. Large portions of the deposits found in this region are characterized by graphite-bearing material that is oxidized and has been weathered into extremely soft rock. Westwater Resources acquired the mineral rights to the Coosa Graphite Project in April 2018.
Following the announcement of positive preliminary metallurgical results, Alabama Graphite Corp. commenced an exploration program in April 2015 aimed at expanding the current resource estimate through step-out drilling to the northeast, southeast and southwest. The 2015 program consisted of infill drilling between the area of the previous indicated resource and inferred resources along the Northern Strat section.
On JUNE 24, 2015, Alabama Graphite Corp. announced positive initial assay results. Not only did the results extend the limits of the graphitic mineralization to the northwest, but they were also of a higher graphitic content than what the Company expected to see from this area. The promising initial results led to Alabama Graphite Corp’s JULY 23, 2015 announcement of the expansion the 2015 drill program in an effort to target additional areas showing increased quantities of large flake graphite. The focus was on the Rosco Ridge zone located approximately 600 feet southeast and parallel to the established resource grid, and the Holy Schist trench. The 2015 drill program further substantiated the positive continuity of near-surface, oxidized, higher-grade graphitic material, increasing the amount of oxide material in the Coosa Graphite Project’s resource estimate and upgrading a significant amount of the previous inferred resource to the indicated resource category. After its acquisition of the Coosa Graphite Project, Westwater completed an additional drilling program in 2022. The 2022 drilling program extended the graphitic carbon resources at the northern extension, HS-South, and Fixico Mine areas of the Coosa Graphite Project.
COOSA GRAPHITE PROJECT INITIAL ASSESSMENT (IA)
The IA was completed as a Technical Report Summary (“TRS”), disclosing Mineral Resources, including an economic analysis, for the Coosa Graphite Project, in accordance with Item 1300 of Regulation S-K. The TRS was completed on behalf of Westwater by SLR International Corporation (“SLR”) with an effective date of December 11, 2023, and filed by Westwater on Form 8-K with the Securities and Exchange Commission (“SEC”) on December 13, 2023. SLR qualifies as a Qualified Person as defined under Item 1302 of Regulation S-K.
The Mineral Resource estimate in the IA was based on 205 drill holes totaling 39,434 ft. Based on a 1.98% graphitic carbon (Cg) cut-off grade Indicated Mineral Resources total 26.0 million short tons (Mst) at an average grade of 2.89% Cg for a total of 754,000 short tons (st) Cg. Inferred Mineral Resources are estimated as 97.0 Mst at an average grade of 3.08% Cg for a total of 3.0 Mst Cg. The IA included a preliminary economic analysis that estimated a pre-tax NPV of $229 million and an estimated pre-tax internal rate of return of 26.7%.
The full IA report can be accessed here.
Westwater Resources, Inc. (WWR), is an explorer and developer of US-based mineral resources essential to clean energy production.
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