Westwater Applauds Recent Actions by The White House on Electric Vehicle and Critical Mineral Tariffs
Westwater Resources Inc. (NYSE American: WWR), an energy technology and battery-grade natural graphite company ("Westwater Resources"), today acknowledged its support of the recent actions taken by the United States Trade Representative and the White House, related to electric vehicle ("EV") and critical mineral tariffs.
On May 14, 2024, the White House announced the results of its four-year review of Section 301 tariffs on Chinese products. Notably, the announcement includes an increase from 25% to 100% on imported Chinese EVs in 2024, and a 25% tariff on natural graphite imports from China beginning in 2026.
"As Westwater is 100% focused on producing battery-grade natural graphite anode material in the United States for use in non-Chinese EVs, we support actions that continue to aid in establishing a domestic supply chain," said Terence J. Cryan, Executive Chairmen of Westwater Resources. "We believe these actions send a strong signal that the US is committed to on-shoring its supply chain for critical minerals such as graphite and supporting the domestic production of batteries and EVs."
"These tariffs are just what the new and critically important U.S.-based natural graphite industry needed to compete with the monopoly that exists in China today and only strengthen Westwater's value proposition as we move to secure additional customers," said Jon Jacobs, Chief Commercial Officer of Westwater.
ABOUT WESTWATER RESOURCES, INC.
Westwater Resources is an energy technology company that is focused on developing battery-grade natural graphite. Westwater Resources' primary project is the Kellyton Graphite Processing Plant that is under construction in east-central Alabama. In addition, Westwater Resources' Coosa Graphite Deposit is the most advanced natural flake graphite deposit in the contiguous United States - and is located across 41,965 acres (~17,000 hectares) in Coosa County, Alabama. For more information, visit www.westwaterresources.net.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "actions," "believe," "signal," "strengthen," and other similar words. Forward-looking statements in this release include, among other things, statements concerning Westwater's activities and schedules regarding its Kellyton Graphite Processing Plant and Coosa Graphite Deposit, the supply chain for critical minerals such as graphite, competition within the natural graphite industry, our value proposition, and our efforts to secure customers. Westwater cautions that there are certain factors that could cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Westwater; accordingly, there can be no assurance that such suggested results will be realized. Additional risks facing Westwater's future prospects are discussed in the Westwater's Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent securities filings.
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