Westwater Resources stock soared afresh as the rare earths miner lauded President Donald Trump’s support for building domestic supplies of critical battery materials for electric cars and other devices.
On Sept. 30, President Trump signed an order declaring the nation’s reliance on “foreign adversaries” for graphite and vanadium a national emergency. The U.S. is fully dependent on Chinese imports for graphite, used in lithium batteries for smartphones, laptops and electric cars.
The order “opens up new avenues” for financing, permitting and developing Westwater Resources‘ (WWR) graphite projects, CEO Christopher Jones said in a news release Monday. Materials company Westwater owns the Coosa graphite deposits in Alabama.
“Westwater is evaluating the Order and how to best approach the relevant agencies in the U.S. Government to emphasize the importance of battery graphite, its importance to the nation’s security, and how the Coosa Graphite Project in Alabama fits into the enactment of critical minerals policy,” the statement said.
Shares soared 46% to 12.09 on the stock market today. Westwater Resources stock vaulted 87% the prior session, after shooting up nearly 200% last week. So far this month, Westwater Resources stock is up more than 300%. Its relative strength line, measuring a stock’s performance against the S&P 500, has bolted higher with WWR stock.
Should you invest in West Water Resources (WWR)?
Shares of West Water Resources (WWR) appear to be a very good investment option, the Money Midnight Indicator is expecting its price to increase considerably in the next several months. The majority of the metrics point to this investment being highly attractive.