Westwater Resources, Inc.

What they do

Westwater is developing a vertically integrated mine-to-market graphite business anchored by two Alabama projects. The Kellyton Graphite Plant is designed to process natural flake graphite into coated spherical purified graphite (CSPG), used as anode active material in lithium-ion batteries, with an estimated 12,500 mt per year of CSPG production in Phase I. The Coosa Graphite Deposit is intended to eventually supply natural graphite flake concentrate feedstock to Kellyton; the company holds mineral rights to 41,965 acres there and has explored less than 10% of that acreage. The deposit also contains vanadium, which the company has not included in its economic models or resource estimates.

Revenue drivers

• CSPG / battery-grade graphite (planned) — The intended core product line: CSPG from the Kellyton Graphite Plant for use as anode active material in lithium-ion batteries. No commercial production has begun; the plant was still under construction as of the latest filings.
• Offtake agreements — Three offtake agreements had been signed (FCA/Stellantis, SK On, Hiller Carbon). FCA terminated its agreement on November 3, 2025; the SK On and Hiller Carbon agreements remain in effect.
• Potential vanadium (exploratory) — Vanadium is present at the Coosa Graphite Deposit and could serve defense, aerospace and vanadium redox flow battery markets, but the company has not completed technical or economic work and does not include it in models or resource estimates.
• Historical revenue — Reported annual revenue was $0.00 in both 2018 and 2019; the company remains pre-revenue while it builds the graphite business.

Recent performance

Net loss widened to $27.3M in 2025 from $12.7M in 2024, with diluted EPS of -$0.32 versus -$0.22. Operating cash flow was -$9.9M in 2025, versus -$5.8M in 2024. At June 30, 2026, total assets were $186.0M, total liabilities $8.9M, shareholder equity $177.0M, and cash and equivalents $38.2M. The company has incurred approximately $128.2M of costs on the Kellyton Graphite Plant since inception, inclusive of liabilities as of December 31, 2025.

Strategy

The stated strategy is a vertically integrated mine-to-market battery-grade graphite business connecting the Coosa Graphite Deposit to the Kellyton Graphite Plant, intended to provide supply security and control over raw-material quality. Phase I of Kellyton is being built at a measured pace, with long-lead equipment ordered in Q4 2025 for delivery and installation in 2026. The original Phase I budget of approximately $271M was reduced to approximately $245M through optimization and debottlenecking, with further potential reductions reviewed in December 2025. A qualification line has produced aggregate CSPG samples in excess of one metric ton, with a target of one to ten metric ton batches for customer qualification. The company received a U.S. patent in September 2025 for a graphite purification method designed to avoid hydrofluoric acid.

Risks

• Customer concentration and offtake loss — FCA (part of Stellantis) terminated its offtake agreement on November 3, 2025, removing one of only three customers; the company continues to seek additional offtake partners without any new agreement announced.
• Pre-revenue with continuing losses — The company has reported no revenue in recent years and net losses of $27.3M in 2025, funding operations from cash and financing rather than operations.
• Construction cost and inflation risk — The company cites inflation in labor, services and materials that could raise the cost to construct and commission the Kellyton Graphite Plant, and interest rate increases that could impair its ability to access capital.
• Permitting and development timing — Coosa Graphite Deposit development depends on federal and state permits, including NPDES and Section 404 applications; the FAST-41 dashboard shows an estimated completion date of June 2027 for environmental review and permitting.

Outlook

Management intends to maintain a measured approach to capital deployment at Kellyton while advancing Phase I with equipment ordered in Q4 2025. The company continues to pursue additional offtake opportunities and provide product samples to prospective customers, including large battery manufacturers and OEMs. At Coosa, permitting activities are underway with an estimated June 2027 completion date for environmental review, and the company is evaluating mine planning and infrastructure based on completed studies. Management cites the Section 45X advanced manufacturing production tax credit, tariffs and domestic content requirements as policy factors affecting prospective customer demand.