Westwater Resources, Inc (NASDAQ:WWR) Q1 2019 Earnings Conference Call Transcript
May 08, 2019 • 10:00 am ET
Thank you for standing by. This is the conference operator. Welcome to the Westwater Resources, Inc. First Quarter 2019 Results and Business Update Conference Call. As reminder all participants are in listen-only mode and the conference is being recorded. After the presentation there will be an opportunity to ask questions. (Operator Instructions)
I would now like to turn the conference over to Christopher Jones, President and CEO. Please go ahead, sir.
Thank you. And thanks to all of you for joining us today. Welcome to the Westwater Resources 2019 Q1 Results and Energy Minerals Business Update conference call.
With me at our Centennial Headquarters is Jeff Vigil, our CFO and Vice President of Finance and with us by phone is Dain McCoig, our Vice President of Operations. I'd like to remind our listeners to read our cautionary statements on the following pages, as we will be discussing some forward-looking statements and information.
With that, please turn to Slide four. Westwater is a green energy material developer out on the NASDAQ and focused on developing a portfolio of strategic assets and it's sustainably powered a low carbon future. We are currently developing a battery ready graphite business in Alabama, which is scheduled production in 2022 and which now can includes of vanadium discovery, which has the potential to dramatically enhance the value of our graphite business.
We are also exploring for lithium in Nevada and Utah on three highly prospective properties and with our two licensed uranium processing plant in Texas along with 199,000 acres of mineral rights and development properties we are actively leveraging, but we anticipate to be a rising in premium market.
On Slide five, which covers our highlights for the first quarter of 2019. Westwater continues to move forward on all of its business goals set in 2018. As mentioned, we had a significant vanadium discovery at our graphite property, which was independently confirmed. We've achieved reclamation milestones at our Vasquez property in Texas. We currently have graphite products that four customers were testing. We also achieved successful long-term cycling tests on our Coosa graphite.
We announced a royalty deal on our non-core uranium assets and Westwater was granted water rights at our Sal Rica property. We also had our request for arbitration accepted by the International Court for settlement of investment disputes related to our Turkey uranium projects.
And with that, I'll turn the call over to Jeff to go over our financial results. Jeff?
Thanks, Chris. Good morning, everyone. First, let's look at our capital structure on Slide six. The recent share price is $6.80 and with approximately 1.5 million shares outstanding our market capitalization stands at 10.5 million. During the first quarter of 2019, our select performance was influenced largely by continued pressure on the mineral space, along with the one for 50 reverse split, which was affected after market closed on April 22nd, 2019 and that was a necessity to maintain our NASDAQ listing.
Fundamentally our business is strong. We believe our current asset