This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.
Westwater Resources (NASDAQ:WWR), an explorer and developer of Lithium, Graphite, Uranium, and Vanadium deposits in the United States, has been on a tear ever since President Trump signed an executive order on the 30th of September in order to bolster the domestic mining industry.
As an illustration of the phenomenal effervescence currently being experienced in Westwater Resources shares, the stock was up over 87 percent yesterday. In the current pre-market session, the stock is up another 60 percent, based on the current price level of $13.22. Cumulatively, Westwater Resources shares have racked up an astounding 426 percent gain relative to the closing price of $2.51 on the 30th of September:
As stated earlier, the executive order signed by President Trump on the 30th of September has played a pivotal role in boosting Westwater Resources shares. The order aims to achieve the following goals:
- Declared a National Emergency to expand the domestic mining industry, support mining jobs, alleviate unnecessary permitting delays, and reduce our Nation’s dependence on China for critical minerals.
- The order begins the process for the Department of the Interior to develop a program to use its authorities under the Defense Production Act (DPA) to fund mineral processing that protects our national security.
- The action will cut down on unnecessary delays in permitting actions, providing Americans opportunities for jobs, and improving economic and national security.
- Through this order, Federal agencies will use their authorities to investigate and work to decrease our Nation’s reliance on minerals imports.
Moreover, the executive order also encourages the Interior and Energy Departments to promote the development and reuse of old coal waste areas, old mining sites material, as well as abandoned mining sites for recovery of the critical minerals.
As one of the largest beneficiaries of this new initiative by the Trump administration, it is hardly surprising that Westwater Resources shares are experiencing a euphoric surge. Of course, this development comes as the company has launched a Graphite pilot plant program in order to produce battery-grade materials. In this regard, Westwater Resources has already applied for a provisional patent with the U.S. Patent and Trademark Office (PTO) for its proprietary graphite purification technology. According to the details revealed by the company on the 8th of September, Westwater Resources has developed proprietary processes for the production of battery-grade Graphite from non-Chinese sources which, in turn, will help in producing high-performance products while also maintaining a sustainable environmental footprint and low production costs.