Westwater Resources, Inc (NASDAQ:WWR) Q1 2020 Earnings Conference Call - Final Transcript
May 14, 2020 • 11:00 am ET
Thank you for standing by. This is the conference operator. Welcome to the Westwater Resources, Inc. First Quarter 2020 Results and Business Update Conference Call. As a 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 Chris Jones, President and CEO. Please go ahead, sir.
Thanks, Arielle, and good morning, everyone. Welcome to the Westwater Resources first quarter 2020 results and energy minerals business update conference call. We appreciate all of you joining us this morning. For all of you on the call, I trust you and your families are healthy and safe. Joining me on the call today is Jeff Vigil, our CFO and Vice President of Finance; and Dain McCoig, our Vice President of Operations.
I would 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. Turning to Slide 3. Westwater is a green energy material developer with a diverse portfolio of assets in graphite, lithium and uranium. We are in the process now of developing a battery-ready graphite business in Alabama, scheduled for production in 2022.
And now with the vanadium discovery and we'll talk about that a little bit later. We're exploring for lithium in Nevada and Utah on two highly prospective properties, and we retain the leverage to a rising uranium price with two licensed processing plants in Texas, and about 200,000 acres of mineral rights in development properties in Texas and New Mexico. But before we speak to plants and results, please turn to Slide 4.
Our first priority is the safety of our employees, their families, and the community in which we operate. We have worked with our teams, state and local authorities, as well as integrated guidelines from the CDC to ensure our employees and their families were safe. Listed here are a few of the measures we put in place to make sure we can work safely together. Our sites in Texas and our office in Colorado have site specific requirements in addition to those listed here.
On Slide 5, we speak to ensuring our business is safe as well. Graphite process and product development continues without interruption or delay. Our partners in Germany, Dorfner Anzaplan, continue to turn out test results that are helping us to design our pilot plant for operation in the fourth quarter of this year. Our plan to finance our business continues without delay as well with shares to be issued to Lincoln Park Capital approved by our stockholders last month, we can work to enter into an agreement for an equity line of credit along similar lines as our last one and with an APTM in place, we can use these capital markets to our advantage.
In addition, our subsidiary in Texas was able to secure a PPP loan of approximately $331,000 to defray