Westwater Resources Announces Agreement to Sell Its North American Uranium Business

Sep 08, 2020

Westwater Resources, Inc. (Nasdaq: WWR), an energy materials development company, today announced a binding letter of intent to sell its uranium assets located in New Mexico and Texas to enCore Energy Corp. of Vancouver, British Columbia, Canada, a Toronto Venture Exchange-listed company (TSX.V:EU). Total compensation accruing to Westwater as part of the deal is expected to be in excess of $1.95 million in enCore shares and royalties from future production from the New Mexico properties. All remaining reclamation liabilities and bonding obligations for the Company’s Texas uranium properties will be transferred to enCore at the time of sale, with the transaction expected to close on or before December 31, 2020. This transaction is subject to further due diligence, the execution of a definitive agreement, and other customary conditions. Westwater is retaining its uranium interests in Turkey, which are subject to an ongoing international arbitration proceeding.

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