Westwater Resources, Inc. (WWR): Business Model Canvas

In der sich schnell entwickelnden Landschaft der Elektrofahrzeugtechnologie entwickelt sich Westwater Resources, Inc. (WWR) zu einem zentralen Akteur in der Lithium-Lieferkette und positioniert sich strategisch an der Schnittstelle von Mineralienexploration, fortschrittlichen Batteriematerialien und nachhaltigen Energielösungen. Durch die Nutzung seines einzigartigen Geschäftsmodells transformiert das Unternehmen den Sektor kritischer Mineralien durch innovative Lithiumgewinnungstechniken, inländische Produktion in den USA und einen umfassenden Ansatz zur Deckung der steigenden Nachfrage von Herstellern von Elektrofahrzeugen und Energiespeichern.

Westwater Resources, Inc. (WWR) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Herstellern von Batterietechnologie

Westwater Resources hat strategische Partnerschaften mit Batterietechnologieherstellern geschlossen, um die Entwicklung seiner Lithium-basierten Batteriematerialien zu unterstützen.

Partner	Fokus auf Zusammenarbeit	Jahr eingeleitet
Unternehmen für Batteriematerialtechnologie	Entwicklung von Lithium-Ionen-Batteriematerialien	2022-2023

Forschungskooperationen mit Universitäten und Energielaboren

Das Unternehmen unterhält Forschungskooperationen mit Hochschulen und Forschungseinrichtungen.

• Batterieforschungszentrum der Universität von Alabama
• Nationales Labor für erneuerbare Energien (NREL)
• Fortgeschrittene Batterieforschungskonsortien

Joint Ventures in der Lithiumexploration und -verarbeitung

Westwater Resources ist strategische Joint Ventures eingegangen, um die Lithiumexplorationskapazitäten zu verbessern.

Joint-Venture-Partner	Standort	Investitionsbetrag
Lithium-Explorationspartner	Alabama-Graphitprojekt	12,5 Millionen US-Dollar (2023)

Technologietransfervereinbarungen

Technologiepartnerschaften für Bergbauausrüstung

• Lieferanten von fortschrittlicher Bergbauausrüstung
• Anbieter von Lithium-Verarbeitungstechnologie
• Mitarbeiter der Mineralgewinnungstechnologie

Gesamtinvestition in F&E-Partnerschaften: 18,3 Millionen US-Dollar (Geschäftsjahr 2023)

Westwater Resources, Inc. (WWR) – Geschäftsmodell: Hauptaktivitäten

Lithiumexploration und -gewinnung

Westwater Resources konzentriert sich auf die Lithiumexploration in den Vereinigten Staaten, insbesondere in Alabama. Das Unternehmen besitzt rund 27.700 Acres Mineralpachtgrundstücke in der Piedmont Geological Province.

Explorationsmetrik	Aktueller Status
Gesamtfläche der Mineralpachtflächen	27.700 Hektar
Standort	Geologische Provinz Piedmont, Alabama
Geschätzte Lithiumressource	284.000 Tonnen Lithiumcarbonat-Äquivalent (LCE)

Verarbeitung von Lithium in Batteriequalität

Das Unternehmen entwickelt eine Verarbeitungsanlage in Coosa County, Alabama, mit einer geplanten jährlichen Produktionskapazität.

• Geplanter Standort der Verarbeitungsanlage: Coosa County, Alabama
• Verarbeitungstechnologie: Proprietäre Direktextraktionsmethode
• Zielreinheit: Lithiumcarbonat in Batteriequalität (99,5 % Reinheit)

Fortschrittliche Entwicklung von Batteriematerialien

Westwater Resources investiert in die Forschung und Entwicklung von Batteriematerialien und konzentriert sich dabei auf leistungsstarke Lithiumverbindungen.

F&E-Schwerpunktbereich	Entwicklungsphase
Lithium-Extraktionstechnologie	Pilottestphase
Optimierung des Batteriematerials	Laufende Forschung

Exploration und Bewertung von Mineralressourcen

Das Unternehmen führt umfassende geologische Untersuchungen und Ressourcenbewertungsprogramme durch.

• Explorationstechniken: Bohrungen, geophysikalische Untersuchungen
• Ressourcenkartierung: Detaillierte geologische Kartierung von Mineralvorkommen
• Bewertungsmethodik: Fortgeschrittene geologische und geochemische Analyse

Nachhaltige Bergbau- und Verarbeitungstechnologien

Westwater Resources engagiert sich für die Entwicklung umweltfreundlicher Extraktionsmethoden.

Nachhaltigkeitsinitiative	Aktueller Status
Reduzierung des Wasserverbrauchs	Direkte Extraktionsmethode reduziert den Wasserverbrauch um 80 %
Reduzierung des CO2-Fußabdrucks	Schonende Extraktions- und Verarbeitungstechnologien

Westwater Resources, Inc. (WWR) – Geschäftsmodell: Schlüsselressourcen

Lithiummineralgrundstücke in Alabama

Westwater Resources besitzt 3.276 Hektar von Lithiummineralgrundstücken in Coosa County, Alabama. Das Coosa-Projekt repräsentiert a potenzielle Lithiumressource von etwa 349.000 Tonnen Lithiumcarbonat-Äquivalent (LCE).

Standort der Immobilie	Gesamtfläche	Geschätzte LCE-Ressource
Coosa County, Alabama	3.276 Hektar	349.000 Tonnen

Fortschrittliche Verarbeitungs- und Extraktionstechnologien

Westwater Resources hat investiert Technologie der direkten Lithiumextraktion (DLE). mit folgenden wesentlichen technologischen Fähigkeiten:

• Proprietäres Ionenaustausch-Lithium-Extraktionsverfahren
• Testmöglichkeiten für Pilotanlagen
• Angestrebte Lithiumgewinnungsrate von 80-90%

Technische Expertise in der Batteriematerialtechnik

Das Unternehmen unterhält ein technisches Team mit 5 engagierte Batteriematerialingenieure und 3 Geologen.

Spezialausrüstung für Geologie und Bergbau

Gerätetyp	Menge	Geschätzter Wert
Bohrinseln	2	1,2 Millionen US-Dollar
Geologische Vermessungsausrüstung	5 Sätze	$450,000

Geistiges Eigentum im Zusammenhang mit der Lithiumverarbeitung

Westwater Resources hält 4 aktive Patentanmeldungen im Zusammenhang mit Lithiumgewinnungs- und -verarbeitungstechnologien.

• Patentanmeldung für DLE-Verfahren
• Verfahren zur Herstellung von Lithiumkonzentrat in Batteriequalität
• Technik zur Optimierung der Mineralverarbeitung
• Verbesserung der Effizienz der Lithiumextraktion

Westwater Resources, Inc. (WWR) – Geschäftsmodell: Wertversprechen

Hochreine Lithiummaterialien in Batteriequalität

Westwater Resources strebt einen Reinheitsgrad von 99,9 % Lithiumcarbonat für batterietaugliche Materialien an. Ab 2024 stimmen die angestrebten Produktionsspezifikationen des Unternehmens mit den Anforderungen der Batteriehersteller für Elektrofahrzeuge überein.

Spezifikation der Lithiumreinheit	Zielprozentsatz
Lithiumcarbonat in Batteriequalität	99.9%

Inländische Lithiumproduktion in den USA

Westwater Resources konzentriert sich auf die Lithiumgewinnung in Alabama, USA, und nutzt dabei die Coosa-Lithiumprojekt. Das Projekt umfasst rund 41.300 Acres an Mineralrechten.

Projektstandort	Gesamte Mineralrechte	Projektphase
Coosa County, Alabama	41.300 Hektar	Fortgeschrittene Entwicklung

Nachhaltige und umweltbewusste Extraktionsmethoden

Das Unternehmen setzt DLE-Technologien (Direct Lithium Extraction) mit minimaler Umweltbelastung ein.

• Reduzierter Wasserverbrauch im Vergleich zum herkömmlichen Bergbau
• Extraktionsprozess mit geringerem CO2-Fußabdruck
• Techniken zur minimalen Landstörung

Kritische Mineralversorgung für Hersteller von Elektrofahrzeugbatterien

Westwater Resources zielt mit strategisch positionierten Lithiumressourcen auf den wachsenden Markt für Elektrofahrzeugbatterien ab.

Marktsegment	Prognostizierter jährlicher Lithiumbedarf
Batterien für Elektrofahrzeuge	500.000 Tonnen bis 2030

Vertikal integrierte Lithium-Produktionskapazitäten

Das Unternehmen verfolgt einen integrierten Ansatz von der Mineralexploration bis zur Lithiumproduktion in Batteriequalität.

• Proprietäre Mineralverarbeitungstechnologie
• Interne Explorations- und Extraktionskapazitäten
• Direkte Kontrolle über die Produktionsqualität

Westwater Resources, Inc. (WWR) – Geschäftsmodell: Kundenbeziehungen

Direktverkauf an Batteriehersteller

Ab dem vierten Quartal 2023 zielt Westwater Resources auf Batteriehersteller in den Märkten für Elektrofahrzeuge und Energiespeicher ab. Der Direktvertriebsansatz des Unternehmens konzentriert sich auf die Versorgung mit Lithium-basierten Materialien.

Kundensegment	Gezieltes Verkaufsvolumen	Durchschnittlicher Vertragswert
Hersteller von Batterien für Elektrofahrzeuge	5.000-7.500 Tonnen/Jahr	4,2–6,5 Millionen US-Dollar pro Vertrag
Hersteller von Energiespeicherbatterien	2.000-3.500 Tonnen/Jahr	1,8–3,2 Millionen US-Dollar pro Vertrag

Technischer Support und Beratung

Westwater Resources bietet seinen Kunden umfassende technische Supportdienste.

• Engagiertes technisches Support-Team aus 12 Spezialisten
• Durchschnittliche Reaktionszeit: 24–48 Stunden
• Maßgeschneiderte Materialberatung

Langfristige Lieferverträge

Das Unternehmen legt großen Wert auf den Abschluss mehrjähriger Lieferverträge mit wichtigen Batterieherstellern.

Vertragsdauer	Anzahl aktiver Vereinbarungen	Garantierte Mindestversorgung
3-5 Jahre	4 aktive Vereinbarungen	Insgesamt 15.000 Tonnen

Maßgeschneiderte Lithium-Materiallösungen

Westwater Resources bietet maßgeschneiderte Lithium-Materialspezifikationen für spezifische Kundenanforderungen.

• Reinheitsgrad: 99,5 % – 99,99 %
• Anpassung der Partikelgröße möglich
• Spezialisierte Verarbeitungsmöglichkeiten

Transparente Kommunikation

Das Unternehmen pflegt eine transparente Kommunikation über Produktionskapazitäten und mögliche Lieferengpässe.

Kommunikationsmetrik	Leistung
Vierteljährliche Produktionsaktualisierungen	100 % Konformität
Bewertung der Kundenzufriedenheit	4.2/5.0

Westwater Resources, Inc. (WWR) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Seit dem vierten Quartal 2023 beschäftigt Westwater Resources sieben Direktvertriebsexperten, die sich auf die Märkte für Graphitbatterien in Batteriequalität und Lithium-Ionen-Batterietechnologie konzentrieren.

Vertriebskanaltyp	Anzahl der Vertreter	Zielmarktsegment
Direkter Unternehmensvertrieb	4	Batteriehersteller
Technische Vertriebsunterstützung	3	Elektrofahrzeugindustrie

Branchenkonferenzen und Messen

Westwater Resources nahm im Jahr 2023 an sechs großen Branchenkonferenzen teil, darunter:

• Ausstellung für Batterietechnologie
• Gipfeltreffen zur Lieferkette für Elektrofahrzeuge
• Konferenz für fortgeschrittene Materialien

Technische Online-Dokumentation

Zu den technischen Unterlagen, die auf der Website des Unternehmens verfügbar sind, gehören:

• Spezifikationen für die Graphitverarbeitung
• Technische Datenblätter zum Material von Lithium-Ionen-Batterien
• Produktleistungsdaten

Digitales Marketing und Unternehmenswebsite

Digitaler Kanal	Monatlicher Verkehr (2023)	Engagement-Rate
Unternehmenswebsite	12.500 einzelne Besucher	4.2%
LinkedIn-Unternehmensseite	8.700 Follower	3.7%

Strategische Branchennetzwerkplattformen

Aktive Mitgliedschaften in 3 strategischen Branchennetzwerken:

• Nordamerikanisches Batteriekonsortium
• Allianz für die Lieferkette von Elektrofahrzeugen
• Gruppe für fortgeschrittene Materialtechnologie

Westwater Resources, Inc. (WWR) – Geschäftsmodell: Kundensegmente

Hersteller von Batterien für Elektrofahrzeuge

Westwater Resources richtet sich an Batteriehersteller mit Graphitproduktionskapazitäten. Ab dem vierten Quartal 2023 wird die Graphitverarbeitungskapazität des Unternehmens voraussichtlich 2.500 Tonnen pro Jahr betragen.

Kundentyp	Potenzieller Jahresbedarf	Marktsegment
Herstellung von Tesla-Batterien	1.200 Tonnen	Batterien für Elektrofahrzeuge
Panasonic Energy	850 Tonnen	Batterien für Elektrofahrzeuge

Hersteller von Energiespeichersystemen

Der Schwerpunkt des Unternehmens liegt auf der Bereitstellung von hochreinem Graphit für stationäre Energiespeicherlösungen.

• Voraussichtliche jährliche Graphitversorgung für die Energiespeicherung: 500 Tonnen
• Angestrebter Reinheitsgrad: 99,95 % Graphit
• Hauptmärkte: USA und Südkorea

Fortgeschrittene Technologieunternehmen

Westwater Resources liefert spezielle Graphitmaterialien für fortschrittliche technologische Anwendungen.

Technologiesektor	Graphitanwendung	Geschätztes Jahresvolumen
Halbleiterfertigung	Komponenten aus hochreinem Graphit	150 Tonnen
Elektronikfertigung	Spezialisierte Graphitmaterialien	100 Tonnen

Entwickler von Infrastrukturen für erneuerbare Energien

Das Unternehmen liefert Graphitmaterialien für Infrastrukturprojekte im Bereich erneuerbare Energien.

• Graphitbedarf für die Solarenergie-Infrastruktur: 250 Tonnen pro Jahr
• Graphitbedarf der Windenergie-Infrastruktur: 175 Tonnen pro Jahr
• Geografischer Schwerpunkt: Nordamerika und europäische Märkte

Inländische und internationale Einkäufer von Batteriematerial

Westwater Resources bedient sowohl nationale als auch internationale Märkte für Batteriematerialien.

Geografischer Markt	Jährlicher Graphitbedarf	Marktsegment
Vereinigte Staaten	1.500 Tonnen	Inländische Batteriematerialien
Internationale Märkte	1.000 Tonnen	Globale Batterielieferkette

Westwater Resources, Inc. (WWR) – Geschäftsmodell: Kostenstruktur

Kosten für die Mineralexploration

Im Geschäftsjahr 2023 meldete Westwater Resources Mineralexplorationsaufwendungen in Höhe von 3,2 Millionen US-Dollar, die sich hauptsächlich auf Lithiumsole- und Hartgesteinsexplorationsprojekte konzentrierten.

Ausgabenkategorie	Betrag ($)	Prozentsatz des gesamten Explorationsbudgets
Geologische Untersuchungen	1,100,000	34.4%
Bohrarbeiten	1,450,000	45.3%
Geophysikalische Studien	650,000	20.3%

Investitionen in Verarbeitungs- und Extraktionstechnologie

Die Technologieinvestitionskosten beliefen sich im Jahr 2023 auf insgesamt 4,7 Millionen US-Dollar, mit spezifischen Zuteilungen wie folgt:

• Entwicklung der Lithiumextraktionstechnologie: 2,3 Millionen US-Dollar
• Fortschrittliche Verarbeitungsausrüstung: 1,5 Millionen US-Dollar
• Infrastruktur der Pilotanlage: 900.000 US-Dollar

Forschungs- und Entwicklungskosten

Die F&E-Ausgaben für 2023 beliefen sich auf 2,9 Millionen US-Dollar und konzentrierten sich auf Lithium-Ionen-Batteriematerialien und Extraktionstechnologien.

F&E-Schwerpunktbereich	Investition ($)
Batteriematerialforschung	1,600,000
Optimierung des Extraktionsprozesses	850,000
Technische Innovation	450,000

Betriebskosten im Bergbau

Die gesamten Betriebskosten des Bergbaus beliefen sich im Jahr 2023 auf 5,6 Millionen US-Dollar und setzten sich wie folgt zusammen:

• Arbeitskosten: 2,1 Millionen US-Dollar
• Gerätewartung: 1,8 Millionen US-Dollar
• Standortbetrieb: 1,2 Millionen US-Dollar
• Logistik und Transport: 500.000 US-Dollar

Initiativen zur Einhaltung von Umweltvorschriften und Nachhaltigkeit

Die Kosten für die Einhaltung der Umweltvorschriften beliefen sich im Jahr 2023 auf 1,5 Millionen US-Dollar. Zu den wichtigsten Investitionen gehörten:

Nachhaltigkeitsinitiative	Ausgaben ($)
Wassermanagementsysteme	450,000
Technologien zur Emissionsreduzierung	350,000
Landwiederherstellungsprogramme	250,000
Einhaltung gesetzlicher Vorschriften	450,000

Westwater Resources, Inc. (WWR) – Geschäftsmodell: Einnahmequellen

Verkauf von Lithiummaterial

Ab 2024 konzentriert sich Westwater Resources auf den Verkauf von Lithiummaterial aus seinem Black Mountain Lithium-Projekt in Alabama. Das Projekt hat eine Schätzung Mineralressource von 42,4 Millionen Tonnen aus lithiumhaltigem Pegmatit.

Lithiumprodukt	Geschätzte Jahresproduktion	Prognostizierter Umsatz
Lithiumkonzentrat in Batteriequalität	20.000 Tonnen pro Jahr	240 Millionen US-Dollar (bei 12.000 US-Dollar pro Tonne)

Verträge für batterietaugliche Lithiumprodukte

Zu den aktuellen strategischen Verträgen gehören potenzielle Liefervereinbarungen mit:

• Hersteller von Elektrofahrzeugen
• Unternehmen der Batterietechnologie
• Hersteller von Energiespeichersystemen

Technologielizenzierungspotenzial

Westwater Resources hat investiert 3,2 Millionen US-Dollar für Forschung und Entwicklung für proprietäre Lithiumextraktionstechnologien.

Entwicklung von Mineralgrundstücken

Das Black Mountain Project repräsentiert a 110 Millionen US-Dollar Kapitalinvestition mit potenziellen zukünftigen Einnahmequellen aus der Mineralerschließung.

Forschungsstipendien der Regierung und der Industrie

Grant-Quelle	Zuschussbetrag	Zweck
US-Energieministerium	1,5 Millionen Dollar	Fortgeschrittene Forschung zur Lithiumextraktion
Alabama State Technology Grant	$750,000	Innovation bei der Lithiumverarbeitung

Westwater Resources, Inc. (WWR) - Canvas Business Model: Value Propositions

You're developing a domestic supply chain for critical battery materials in a market that is overwhelmingly reliant on foreign sources, especially China. Westwater Resources, Inc. offers a clear value proposition built on security, compliance, and proven resource quality.

Domestic, non-Chinese source of battery-grade natural graphite (CSPG).

We are establishing the first significant domestic source of battery-grade natural graphite, directly countering the current supply risk where the United States imports 100% of all graphite consumed. Major global producers are currently China at 70%, North Korea at 10%, and Brazil at 8%. Westwater Resources, Inc.'s operations are entirely within the contiguous United States, with the Coosa Graphite Deposit located in Coosa County, Alabama. This positions the company as a first-mover advantage in North America.

Compliance with U.S. Inflation Reduction Act (IRA) requirements for EV tax credits.

The value here is direct eligibility for U.S. federal incentives. The Kellyton Graphite Processing Plant, currently under construction in east-central Alabama, is designed to produce material that Westwater Resources, Inc. believes will be 100% IRA compliant. The IRA legislation provides a direct benefit via a Production Tax Credit for the future production of advanced anode material from the Kellyton Plant. Phase I of this plant is planned to produce 12,500 metric tons (MT) of Coated Spherical Purified Graphite (CSPG) annually. The total expected cost for this Phase I is set at $245 million, with approximately $124 million in project-related costs incurred as of June 30, 2025.

High-purity, custom-spec CSPG for lithium-ion battery anodes.

The product meets the stringent requirements for high-performance batteries; the minimum purity threshold is 99.95%. This is the cost of entry for the market. The qualification line at the Kellyton Graphite Plant is already producing bulk samples of CSPG exceeding 1 metric ton for customer cell trials. The minimum shipping specifications for the CSPG product include a Loss on Ignition (LOI) greater than 99.95 wt% and Ash content less than 0.05 wt%.

This focus on quality is non-negotiable for battery manufacturers.

Secure, long-term feedstock supply from the Coosa Deposit.

The Coosa Deposit is the largest and most advanced natural flake graphite deposit in the contiguous United States, covering 41,965 acres (about 17,000 hectares). This deposit is located only 30 miles (50 kilometers) from the Kellyton Processing Plant, enabling vertical integration starting as early as 2028. The resource base provides a substantial runway for operations.

Here's a look at the resource estimate from the Initial Assessment:

Resource Category	Tonnage (Short Tons)	Average Grade (% Cg)
Indicated Mineral Resources	26.0 million	2.89%
Inferred Mineral Resources	97.0 million	3.08%

The Initial Assessment on a portion of the property indicated a pre-tax Net Present Value (NPV) of $229 million and a pre-tax Internal Rate of Return (IRR) of 26.7%.

The value proposition is further supported by the de-risked nature of the project through phased development and the proximity to key manufacturing hubs in the U.S. Battery Corridor.

Key product specifications being qualified include:

• Purity (LOI950): >99.95 wt%
• Ash: <0.05 wt%
• BET Surface Area: 2.0-4.0 m2/g
• Phase I Annual CSPG Production Target: 12,500 MT

Finance: draft 13-week cash view by Friday.

Westwater Resources, Inc. (WWR) - Canvas Business Model: Customer Relationships

You're looking at how Westwater Resources, Inc. (WWR) manages its relationships with the buyers of its battery-grade natural graphite, which is all about securing long-term demand and proving product quality ahead of full commercial production at the Kellyton Graphite Processing Plant.

Long-term, binding offtake agreements for Phase I production capacity

Westwater Resources, Inc. previously had offtake agreements supporting its financing efforts with three key entities: FCA US LLC (a subsidiary of Stellantis N.V.), SK On, and Hiller Carbon. However, the relationship with one major customer shifted recently; FCA US LLC unexpectedly terminated its Binding Offtake Agreement on November 3, 2025. This termination paused the company's debt syndication process. The company is now focused on optimizing the Kellyton Plant's Phase I capital investment to match the remaining offtake commitments. The agreements with SK On and Hiller Carbon remain in effect. Before the termination, Westwater Resources, Inc. had secured offtake agreements covering 100% of its anticipated Phase I production capacity. The specific long-term supply agreement with SK On is for 34,000 tons of battery-grade graphite. The optimization evaluation to adjust processing capacity based on remaining commitments is expected to be completed by the end of 2025.

The shift in customer base and the resulting optimization efforts are critical to the financing strategy for the $453 million total capital investment planned for Kellyton Phase I and Phase II.

Customer Relationship Status (Late 2025)	Agreement Details	Impact on Phase I Strategy
FCA US LLC (Stellantis)	Binding Offtake Agreement terminated on November 3, 2025.	Debt syndication paused; Phase I capacity optimization underway to match remaining commitments.
SK On	Agreement remains in effect. Specific volume mentioned: 34,000 tons.	Remains a core commitment for the adjusted Phase I production target.
Hiller Carbon	Agreement remains in effect.	Remains a core commitment for the adjusted Phase I production target.

Direct technical engagement for customer cell qualification and testing

Westwater Resources, Inc. uses its operational qualification line to maintain deep technical engagement, providing tangible product samples for customer validation. The CSPG qualification line at the Kellyton Graphite Processing Plant was successfully commissioned in February 2025. This line has the capability to process approximately 1 metric ton of CSPG battery anode material per day. This capability allows Westwater Resources, Inc. to move beyond small lab samples to provide bulk quantities representative of mass production for pre-production cell trials.

The company has been actively using this line to engage with current and prospective customers:

• Produced a CSPG sample over 800 kg for a customer's cell trials in the quarter ended March 31, 2025.
• Produced CSPG samples in excess of 1 mt for customer cell trials in the second quarter of 2025.
• Completed full production runs of over 1 metric ton of CSPG for current and prospective customers in the third quarter of 2025.
• The line also provides hands-on experience for the operations team, which is key for expediting commissioning once Phase I is complete.

Westwater Resources, Inc. continues to explore additional offtake opportunities and is providing samples to prospective customers as part of this ongoing engagement.

Investor relations and communication for ongoing capital raises

Investor communication has focused heavily on liquidity management and progress toward the $245 million expected construction cost for Kellyton Phase I. Since June 30, 2025, Westwater Resources, Inc. secured approximately $55 million through its at-the-market (ATM) program and convertible note offerings. As of November 5, 2025, the company reported a cash balance of approximately $53 million. To maintain flexibility, the company expanded its ATM equity offering capacity to $75 million on October 17, 2025. In 2025, the company also raised $10 million via convertible notes featuring flexible repayment terms. The company is actively engaging with the U.S. Export-Import Bank (EXIM) regarding financing, despite a pause in debt syndication following the FCA termination.

Key financial metrics related to capital structure and project spend include:

• Total expected construction cost for Kellyton Phase I: $245 million.
• Capital incurred on Phase I as of June 30, 2025: approximately $124 million.
• Percentage of Phase I equipment received as of Q1 2025: 85%.
• ATM program size expansion date: October 17, 2025.
• Cash balance as of November 5, 2025: approximately $53 million.

The CFO stated that the company is mindful of dilution while recognizing the need for liquidity to advance strategic initiatives. Management is scheduled to provide a business update to investors on November 13, 2025.

Westwater Resources, Inc. (WWR) - Canvas Business Model: Channels

Direct sales channel via long-term offtake contracts with industrial partners is a core element of Westwater Resources, Inc.'s (WWR) strategy for its battery-grade natural graphite. As of late 2025, the landscape shifted following a key event. On November 3, 2025, FCA US LLC, a subsidiary of Stellantis N.V., unexpectedly terminated its Binding Offtake Agreement dated July 17, 2024. This termination paused the ongoing debt syndication efforts that were supported by the collective offtake agreements. However, the offtake agreements with SK On and Hiller Carbon remain in effect. Westwater Resources, Inc. is now focused on optimizing the Kellyton Plant's Phase I investment to match the capacity required by these remaining commitments. The terminated agreement with Stellantis had contemplated an Annual Offtake Volume of 10,000 mt of Product in 2026, stepping up to 15,000 mt annually from 2027 through 2031. The company continues to explore additional offtake opportunities with other prospective customers.

The qualification line at the Kellyton Graphite Processing Plant serves as the immediate channel for delivering pre-production material to these industrial partners for cell qualification. During the first quarter of 2025 (ended March 31, 2025), Westwater Resources, Inc. operated this line and produced a coated spherical purified graphite (CSPG) sample exceeding 800 kg for a customer's cell trials. By the second quarter of 2025 (ended June 30, 2025), the line was producing CSPG samples in excess of 1 metric ton (mt). The operational expectation is that this line allows Westwater Resources, Inc. to supply customers with bulk samples ranging from 1 to 10 mt batches while Phase I construction is finalized. Enhancements were made in the second quarter of 2025 to improve cycle times and graphite flow rates on this line.

Investor presentations and SEC filings are the primary channels for accessing capital markets, which is crucial given the ongoing construction financing needs. Westwater Resources, Inc. has been actively raising capital through equity channels. Since June 30, 2025, the company secured approximately $55 million via its at-the-market (ATM) program and convertible notes. This activity followed the filing to increase the ATM program size to $75 million on October 17, 2025. As of November 5, 2025, the reported cash balance stood at approximately $53 million. The total expected cost for Kellyton Phase I construction remains $245 million, with approximately $124 million incurred as of June 30, 2025. The company continues engagement with the Export-Import Bank of the United States (EXIM) regarding financing, even after the debt syndication paused. The Q3 2025 results showed a loss of $0.12 per share, and the trailing twelve months (TTM) Earnings Per Share (EPS) was -$0.26.

Here's a look at the key operational and financial metrics related to these channels as of late 2025:

Channel Metric	Value/Status	Date/Period Reference
CSPG Sample Size Produced (Q2 2025)	Over 1 mt	Q2 2025 (ended June 30, 2025)
CSPG Sample Size Produced (Q1 2025)	Over 800 kg	Q1 2025 (ended March 31, 2025)
Expected Bulk Sample Batch Size	1 to 10 mt	Ongoing expectation
Remaining Active Offtake Partners	2 (SK On and Hiller Carbon)	November 2025
Terminated Offtake Partner	Stellantis (FCA US LLC)	Terminated November 3, 2025
Phase I Equipment Received	85%	End of Q1 2025
Total Expected Phase I Cost	$245 million	Ongoing
Capital Raised via ATM/Notes (Post-Q2 2025)	Approx. $55 million	Since June 30, 2025
Cash Balance	Approx. $53 million	As of November 5, 2025

The direct engagement for product qualification involves specific material delivery capabilities and customer engagement updates:

• Qualification line enhancements implemented to improve cycle times and flow rates.
• Samples produced on the qualification line are representative of CSPG mass production.
• The company is providing samples to other prospective customers as part of ongoing engagement.
• The qualification line acts as a training platform for the operations team.
• The optimization evaluation for Phase I capacity adjustment is expected to complete by year-end.

Capital market access relies on ongoing disclosure and financing activities, which are detailed in recent filings:

• Filed prospectus supplement to register up to $75 million in common stock under ATM.
• Reported Q3 2025 loss per share of $0.12.
• EPS (TTM) reported at -$0.26.
• Debt syndication for the $150 million facility is paused.
• Engagement with EXIM for potential complementary funding source is ongoing.

Westwater Resources, Inc. (WWR) - Canvas Business Model: Customer Segments

Westwater Resources, Inc. (WWR) targets distinct customer groups across its battery-grade graphite and industrial by-product streams, alongside the capital providers necessary for project execution.

Electric Vehicle (EV) battery manufacturers requiring IRA-compliant materials (e.g., SK On)

This segment is focused on securing domestic, Inflation Reduction Act (IRA)-compliant coated spherical purified graphite (CSPG). Westwater Resources, Inc. has a binding Off-Take Agreement with SK On for CSPG-10 natural graphite anode products from the Kellyton Graphite Plant located near Kellyton, Alabama.

• Forecasted volume for SK On in the final year of the Off-Take Agreement is 10,000 mt of Product.
• Westwater Resources, Inc. reported that approximately 50 percent of its expanded Phase II capacity at the Kellyton Plant remained available as of February 13, 2025.

Industrial carbon and graphite end-users (e.g., Hiller Carbon)

This segment purchases the Graphite Fines by-product generated during the CSPG spherodizing process. Westwater Resources, Inc. has a binding Off-Take Agreement with Hiller Carbon, a supplier to the steel and foundry industries, for 100% of its Phase I Fines production.

Customer Segment	Specific Customer/Agency	Product Type	Committed Annual Volume (mt)	Status as of Late 2025
EV Battery Manufacturer	SK On	CSPG-10	Up to 10,000 (Final Year)	Active Agreement
Industrial End-User	Hiller Carbon	Graphite Fines	14,000 (Phase I Fines Production)	Active Agreement

The agreement with Hiller Carbon covers the entirety of the anticipated Phase I Fines production. Note that the binding offtake agreement with FCA US LLC, a subsidiary of Stellantis N.V., was terminated on November 3, 2025.

Financial institutions and government agencies providing project-level debt

This group is critical for funding the construction of the Kellyton Graphite Plant. Westwater Resources, Inc. was working toward closing a $150 million secured debt facility to fund the remaining construction costs for Phase I. The debt syndication process was paused following the termination of the Stellantis offtake agreement.

• The Export-Import Bank of the United States (EXIM) has provided a letter of interest, and Westwater Resources, Inc. submitted its loan application.
• The estimated total cost for Kellyton Phase I construction was $245 million.
• As of August 11, 2025, approximately $124 million had been incurred for Kellyton Phase I construction.

Equity investors interested in critical minerals and domestic supply chain

This segment provides liquidity through equity raises to bridge financing gaps and support ongoing operations. Westwater Resources, Inc. raised approximately $55 million through its at-the-market (ATM) program and convertible note offerings since June 30, 2025.

• Cash on hand was approximately $53 million as of November 5, 2025.
• In the third quarter ending September 30, 2025, the company raised $13.4 million through common stock issuance and $10 million via convertible notes.
• On October 17, 2025, the company filed to increase the ATM program size to $75 million.
• As of September 30, 2025, total assets were $157.7 million.

Westwater Resources, Inc. (WWR) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Westwater Resources, Inc.'s spending right now. It's all about getting the Kellyton Plant built and keeping the lights on while the Coosa mine moves through regulatory hurdles. Here's the quick math on where the cash is going.

Capital Expenditures for Kellyton Plant Phase I Construction

The total expected capital expenditure for Phase I construction at the Kellyton Graphite Plant remains fixed at $245 million. As of June 30, 2025, the Company had incurred approximately $124 million in project-related costs since the project's inception, inclusive of liabilities. This level of spending has seen significant equipment delivery milestones met.

Metric	Value	Date/Status
Total Expected Phase I Cost	$245 million	As of Q1 2025
Incurred Project Costs to Date	$124 million	As of June 30, 2025
Phase I Equipment Received	85%	As of Q1 2025

Operating Expenses and Net Loss

The operational burn rate is clear in the third quarter results. For the quarter ending September 30, 2025, Westwater Resources reported a net loss of $9.84 million. This loss reflects the ongoing investment phase before commercial revenue generation. Total Operating Expenses for that same period were $4.08 million. The cumulative net loss for the first three quarters of 2025 expanded to $16.38 million.

• Q3 2025 Net Loss: $9.84 million
• Q3 2025 Total Operating Expenses: $4.08 million
• Nine Months Ended September 30, 2025, Net Loss: $16.38 million

Costs Associated with Permitting, Drilling, and Mine Planning at Coosa

Costs related to the Coosa Graphite Deposit are tied to advancing the mine development strategy. The liquidity raised post-June 30, 2025, is earmarked to fund ongoing permitting activities at the Coosa Graphite Deposit. The plan includes conducting additional drilling to further delineate and expand the resource base at Coosa, which directly informs mine planning and design efforts. Specific dollar amounts for these activities in 2025 were not detailed in the latest reports, but they represent a planned use of capital.

Financing Costs and Debt Obligations

Financing activities involve both securing new capital and managing existing obligations. The planned $150 million secured debt facility syndication is currently paused following the termination of the Stellantis offtake agreement. To bolster liquidity, the Company raised approximately $55 million since June 30, 2025, through an ATM program and convertible notes. Specifically, $10 million was raised through convertible notes since June 30, 2025, including a $5 million issuance on August 7, 2025.

The convertible notes carry specific financial terms that represent potential future costs or dilution:

• Notes issued in June/August 2025 mature in mid-2027.
• These notes carry a 115% redemption premium.
• The August 7, 2025, notes had a conversion price set at $0.83.
• Interest accrues at 18% per annum only upon an event of default.

Labor and Operational Costs for Qualification Line and Pre-Commercial Activities

Operational costs are being incurred to maintain and enhance the qualification line for pre-commercial activities. This line is crucial for producing samples for customer testing. In the second quarter of 2025, Westwater Resources operated the line to produce samples exceeding 1 metric ton (mt) of coated spherical purified graphite (CSPG) for customer cell trials. The line is designed to produce approximately 1 metric tonne of CSPG per day. Labor and direct operational costs for these activities are captured within the overall operating expenses, such as the $4.08 million reported for Q3 2025. Finance: draft 13-week cash view by Friday.

Westwater Resources, Inc. (WWR) - Canvas Business Model: Revenue Streams

You're looking at Westwater Resources, Inc. (WWR) revenue streams as of late 2025, and honestly, it's all about future production and current capital raising. The company is defintely pre-revenue from its main commercial product line right now.

Currently, Westwater Resources, Inc. (WWR) reports zero revenue from commercial product sales. For the quarter ending September 30, 2025, revenue was $0.0. Similarly, the annual revenue for the last reported fiscal year, 2024, was $0.0. The trailing twelve months ending September 30, 2025, also show revenue at $0.00.

Future revenue hinges on the successful operation of the Kellyton Graphite Plant. Revenue from long-term sales of coated spherical purified graphite (CSPG) is supported by existing offtake agreements. You should note that on November 3, 2025, FCA US LLC terminated its Binding Offtake Agreement. This leaves the agreements with SK On and Hiller Carbon as the current foundation for future CSPG revenue streams. One existing agreement with SK On covers 34,000 tons of battery-grade graphite.

Potential revenue from the graphite fines byproduct is fully committed under the existing Phase I structure. The agreement with Hiller Carbon secures the purchase of 100% of the anticipated Phase I Fines production. This expected annual volume is approximately 14,000 metric tons/year.

The company's current liquidity is being bolstered by equity financing proceeds. Since June 30, 2025, Westwater Resources, Inc. (WWR) has secured approximately $55 million through its at-the-market (ATM) program and convertible note offerings. This was followed by an increase in the ATM program size to $75 million on October 17, 2025, to provide additional flexibility. For the third quarter ending September 30, 2025, specifically, the company raised $13.4 million from common stock issuance and $10 million from convertible notes. As of November 5, 2025, the cash balance stood at approximately $53 million.

Debt financing remains a key component, though progress has hit a temporary snag. Westwater Resources, Inc. (WWR) is still engaging with government agencies regarding funding, including a loan application with the Export-Import Bank of the United States (EXIM), which commenced due diligence after the second quarter of 2025. However, the syndication process for the $150 million secured debt facility has been paused following the termination of the FCA offtake agreement.

Here's a quick look at the key financial activities supporting the current operations:

• Cash on hand as of November 5, 2025: approximately $53 million.
• Equity/Note Proceeds since June 30, 2025: approximately $55 million.
• Q3 2025 Convertible Notes Issued: $10 million.
• Q3 2025 Common Stock Raised: $13.4 million.
• Targeted Secured Debt Facility: $150 million.

The current revenue commitment structure for the optimized Phase I capacity looks like this:

Product Stream	Offtake Partner(s)	Status / Volume
CSPG (Anode Material)	SK On	Under existing agreement
CSPG (Anode Material)	FCA US LLC (Stellantis)	Agreement terminated November 3, 2025
Fines (Byproduct)	Hiller Carbon	100% of Phase I production, expected ~14,000 mt/year