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Alabama Graphite

Accessing liquidity and financing optionality

Update | Mining | 15 Mar 2018

Westwater Resources (NASDAQ:WWR) is set to complete its all-share takeover of Alabama Graphite during CY Q218, subject to necessary approvals. The value of the deal is tethered to WWR’s share price and currently implies a total value for Alabama of c US$9m. This compares to an EV/t value for Coosa’s in-situ graphite resource of US$14m and our tentative, undiluted, post-tax DCF estimate for the project’s Phase 1 of US$71m (using reduced Phase 1 capex of US$30m and a 10% discount rate). The deal is timely; in reality, the financing of Coosa under the Alabama banner was proving problematic and we see a greater chance of WWR developing the asset using its own network of contacts and incumbent financing arrangements.

Alabama Graphite

Gaining the industry attention it deserves

Update | Mining | 01 Nov 2017

Without doubt, Alabama’s Coosa ‘Made and sourced in the USA’ battery ready graphite is getting the attention it deserves. CSPG’s current focus is on securing commercial off-take agreements using its large stockpile of battery ready graphite for end-user verification studies. As such, and in our view, it is one of the lowest risk (technical and in terms of location and management), battery-focused graphite projects currently being developed. Sentiment is critical to a successful development of Coosa, and recent positive test results have resulted in an LOI with a lead-acid battery developer as well as 31 NDAs being distributed with end-users, including US department of defence bodies.

Alabama Graphite

Proven battery graphite for the US and beyond

Initiation | Mining | 10 Jul 2017

Alabama Graphite is seeking to position itself as one of the preferred suppliers of natural, battery-ready graphite to the burgeoning electric vehicle and defence industries of the US. The company’s Coosa project is the only graphite project in the contiguous US and has proven its coated spherical purified graphite product to be suitable for use in lithium-ion battery (LiB) manufacturing. Coosa’s US location is also aligned with the Trump administration’s broad domestic policy to “Buy American”.

Alabama Graphite

Perfectly located for US electric car market

QuickView | Mining | 03 Mar 2017

Alabama Graphite's Coosa Graphite Project in Alabama positions the company to be the key producer of natural battery-ready, coated spherical purified graphite (CSPG) for the US. Logistically it is well situated to supply the US growth markets for lithium ion batteries for the fast-growing green energy market, including electric car batteries. Importantly, its focus on higher-value purified battery-ready product in the form of CSPG means it will not be selling the pre-cursor graphite concentrate, as is currently the emphasis of the junior graphite sector. This note is an introduction to Alabama Graphite ahead of our full initiation of coverage in Q217.