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PROPERTY, PLANT AND EQUIPMENT

9 Months Ended

Sep. 30, 2024

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

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5. PROPERTY, PLANT AND EQUIPMENT

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​	​	​	​	​	​	​	​	​	​
​	​	Net Book Value of Property, Plant and Equipment at September 30, 2024
(thousands of dollars)		Alabama			Corporate			Total
Mineral rights and properties	​	$	8,972	​	$	—	​	$	8,972
Other property, plant and equipment	​		5,667	​		14	​		5,681
Construction in progress	​	​	121,582	​	​	—	​	​	121,582
Total	​	$	136,221	​	$	14	​	$	136,235

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​	​	​	​	​	​	​	​	​	​
​	​	Net Book Value of Property, Plant and Equipment at December 31, 2023
(thousands of dollars)		Alabama			Corporate			Total
Mineral rights and properties	​	$	8,972	​	$	—	​	$	8,972
Other property, plant and equipment	​		5,845	​		18	​		5,863
Construction in progress	​	​	117,565	​	​	—	​	​	117,565
Total	​	$	132,382	​	$	18	​	$	132,400

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Construction in Progress

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Construction in progress represents assets that are not ready for service or are in the construction stage. Assets are depreciated based on the estimated useful life of the asset once it is placed in service.  

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As part of Westwater’s design optimization of the Kellyton Graphite Plant, the Company determined a component of the asset group could be sold.  The cash proceeds received totaled $1.5 million and is included within the Investing Activities section of the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024.  As this asset was a component of the larger asset group, the Company did not recognize a triggering event for impairment.

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Impairment of Property, Plant and Equipment

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The Company reviews and evaluates its long-lived assets for impairment on an annual basis or more frequently when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. For the nine months ended September 30, 2024, no events or changes in circumstance are believed to have impacted recoverability of

the Company’s long-lived assets. Accordingly, it was determined that no interim impairment was necessary.  As discussed in Note 2, if the Company is required to abandon construction and development or alter its intended long-term plans related to the Kellyton Graphite Plant, the Company could be required to evaluate the recoverability of its long-lived assets.

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- References

No definition available.

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- Definition

The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/360/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

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