Westwater Resources, Inc.

Thank you for standing by. This is the conference operator. Welcome to the West Water Resources Inc. Q3 2021 results and business update conference call. As a reminder, all participants are in the 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 CEO. Please go ahead, sir.

Thank you, Charisse, and thank you, everyone, for taking time this morning to listen to our Q3 results presentation and to offer up your questions. We really appreciate it. But before we get started, A quick safety message in 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 encouraged to take time off due to illness or the illness of those around them without penalty. On to slide four. We continue to maintain our advanced battery graphite product development schedule. We've completed the definitive feasibility study for our graphite processing facility and approved construction of phase one. We've secured the site for our intended processing plant near Kellyton, Alabama, together with financial incentives from the state, county, and industrial development boards. And we have purchased two buildings adjacent to our Kellyton site totaling 90,000 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. And with that, I'd like to turn it to Jeff.

Thank you, Chris. Good morning, everyone. First, let's take a look at our capital position on slide five. Our closing price on Monday, November 9th, was $3.74. And with approximately 34.6 million shares outstanding at September 30, our market capitalization stands at approximately 129 million. Our share price began 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 767,000 shares per day. During the third quarter of 2021, the company used its equity line with Lincoln Park Capital to raise approximately $4.1 million from stock sales. We continue to take advantage of this opportunity to raise cash at a low cost of capital. The company is currently in a fundamentally strong position to execute its budgeted business plan through 2022 and to fund a substantial initial investment in the commercial graphite processing facility in Coosa County, Alabama during the remainder of 2021 and through 2022. Turning to slide six, we provide a financial summary for the period end of September 30, 2021. For the nine months ended September 30, 2021, net cash used in all operating activities was $13 million, as compared to 10.1 million for the same period in 2020. With two point, excuse me, the 2.9 million increase, cash was used primarily due to increased product development expenses, expiration, general administrative costs and arbitration costs in 2021. Net loss from continuing operations is 4.6 million and 3.4 million for the three months ended September 30, 2021 and 2020 respectively. $1.2 million increase compared to 2020 was largely the result of an increase in product development, exploration, general administrative costs in 2021, offset partially by an unrealized gain related to the encore common stock. On September 30, 2021, as Chris mentioned, the cash balances were approximately $119 million, and the company had a working capital balance of approximately $117 million. In October, The company liquidated its holdings of Encore Energy common stock for net proceeds of approximately $3.6 million, realizing a gain of nearly 100% from the value of the stock when received in December 2020, at the time the company sold its uranium business. Again, these cash resources will be used to fund ongoing operations fund development of our graphite business plan and allow for a substantial initial investment in the commercial graphite processing facility. With that, I'll turn it back to you, Chris.