Westwater Resources, Inc. (Nasdaq: WWR), a battery graphite development company, today announced the sale of all of its uranium assets located in New Mexico and Texas to enCore Energy Corp. of Vancouver, British Columbia, Canada, a Toronto Venture Exchange-listed company (TSXV:EU). Total consideration accruing to Westwater from the deal is $1.8 million in enCore shares (2,571,598 shares), representing a 1.5% ownership of enCore, and two royalties from future production from the New Mexico uranium properties. enCore also assumed the asset retirement obligation on all remaining uranium reclamation activities associated with the assets in the amount of approximately $6.0 million. All performance bonds for the Texas uranium properties have been transferred to enCore as of December 31, 2020, as well as the release of $742,642 in restricted cash collateral to Westwater as a result of the transfer of the performance bonds. Westwater is retaining its uranium interests in the Republic of Turkey, which are subject to an ongoing international arbitration proceeding.
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