Westwater Resources, Inc. (WWR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la tecnología de vehículos eléctricos, Westwater Resources, Inc. (WWR) surge como un jugador fundamental en la cadena de suministro de litio, colocándose estratégicamente en la intersección de la exploración mineral, los materiales de batería avanzados y las soluciones de energía sostenible. Al aprovechar su lienzo de modelo de negocio único, la compañía está transformando el sector de minerales críticos a través de técnicas innovadoras de extracción de litio, producción nacional en los Estados Unidos y un enfoque integral para satisfacer la creciente demanda de los fabricantes de vehículos eléctricos y almacenamiento de energía.

Westwater Resources, Inc. (WWR) - Modelo de negocios: asociaciones clave

Colaboración estratégica con fabricantes de tecnología de baterías

Westwater Resources ha establecido asociaciones estratégicas con fabricantes de tecnología de baterías para apoyar su desarrollo de materiales de batería a base de litio.

Pareja	Enfoque de colaboración	Año iniciado
Empresas de tecnología de materiales de batería	Desarrollo de material de batería de iones de litio	2022-2023

Asociaciones de investigación con universidades y laboratorios de energía

La compañía mantiene relaciones de investigación colaborativa con instituciones académicas y de investigación.

• Centro de investigación de baterías de la Universidad de Alabama
• Laboratorio Nacional de Energía Renovable (NREL)
• Consorcios avanzados de investigación de baterías

Empresas conjuntas en exploración y procesamiento de litio

Westwater Resources ha participado en empresas conjuntas estratégicas para mejorar las capacidades de exploración de litio.

Socio de empresa conjunta	Ubicación	Monto de la inversión
Socios de exploración de litio	Proyecto de grafito de Alabama	$ 12.5 millones (2023)

Acuerdos de transferencia de tecnología

Asociaciones de tecnología de equipos mineros

• Proveedores avanzados de equipos mineros
• Proveedores de tecnología de procesamiento de litio
• Colaboradores de tecnología de extracción mineral

Inversión total de asociaciones de I + D: $ 18.3 millones (2023 año fiscal)

Westwater Resources, Inc. (WWR) - Modelo de negocio: actividades clave

Exploración y extracción de litio

Westwater Resources se centra en la exploración de litio en los Estados Unidos, específicamente en Alabama. La compañía posee aproximadamente 27,700 acres de tenencias de arrendamiento mineral en la provincia geológica de Piedmont.

Métrico de exploración	Estado actual
Acres de arrendamiento mineral total	27,700 acres
Ubicación	Provincia Geológica de Piedmont, Alabama
Recurso de litio estimado	284,000 toneladas métricas de carbonato de litio equivalente (LCE)

Procesamiento de litio de grado de batería

La compañía está desarrollando una instalación de procesamiento en el condado de Coosa, Alabama, con una capacidad de producción anual planificada.

• Ubicación de la instalación de procesamiento planificado: Condado de Coosa, Alabama
• Tecnología de procesamiento: método de extracción directa patentada
• Pureza objetivo: carbonato de litio de grado de batería (99.5% de pureza)

Desarrollo avanzado de material de batería

Westwater Resources está invirtiendo en investigación y desarrollo de materiales de batería, centrándose en compuestos de litio de alto rendimiento.

Área de enfoque de I + D	Etapa de desarrollo
Tecnología de extracción de litio	Fase de prueba piloto
Optimización del material de la batería	Investigación en curso

Exploración y evaluación de recursos minerales

La Compañía realiza encuestas geológicas integrales y programas de evaluación de recursos.

• Técnicas de exploración: perforación, encuestas geofísicas
• Mapeo de recursos: mapeo geológico detallado de depósitos minerales
• Metodología de evaluación: análisis geológico y geoquímico avanzado

Tecnologías sostenibles de minería y procesamiento

Westwater Resources se compromete a desarrollar métodos de extracción ambientalmente responsables.

Iniciativa de sostenibilidad	Estado actual
Reducción del uso del agua	El método de extracción directa reduce el consumo de agua en un 80%
Mitigación de huella de carbono	Tecnologías de extracción y procesamiento de bajo impacto

Westwater Resources, Inc. (WWR) - Modelo de negocio: recursos clave

Propiedades minerales de litio en Alabama

Westwater Resources posee 3,276 acres de propiedades minerales de litio en el condado de Coosa, Alabama. El proyecto Coosa representa un Recurso potencial de litio de aproximadamente 349,000 toneladas métricas de carbonato de litio equivalente (LCE).

Ubicación de la propiedad	Superficie total	Recurso LCE estimado
Condado de Coosa, Alabama	3,276 acres	349,000 toneladas métricas

Tecnologías avanzadas de procesamiento y extracción

Westwater Resources ha invertido en Tecnología de extracción de litio directo (DLE) Con las siguientes capacidades tecnológicas clave:

• Proceso de extracción de litio de intercambio iónico patentado
• Capacidades de prueba de plantas piloto
• Tasa de recuperación de litio dirigida de 80-90%

Experiencia técnica en ingeniería de material de batería

La compañía mantiene un equipo técnico con 5 ingenieros de material de batería dedicados y 3 especialistas geológicos.

Equipo geológico y minero especializado

Tipo de equipo	Cantidad	Valor estimado
Plataformas de perforación	2	$ 1.2 millones
Equipo de estudio geológico	5 conjuntos	$450,000

Propiedad intelectual relacionada con el procesamiento de litio

Westwater Resources posee 4 solicitudes de patentes activas relacionado con la extracción de litio y las tecnologías de procesamiento.

• Solicitud de patente para el proceso DLE
• Método de producción de concentrado de litio de grado baterista
• Técnica de optimización de procesamiento mineral
• Mejora de la eficiencia de extracción de litio

Westwater Resources, Inc. (WWR) - Modelo de negocio: propuestas de valor

Materiales de litio de alta pureza de grado de batería

Westwater Resources se dirige a un nivel de pureza de carbonato de litio del 99.9% para materiales de grado de batería. A partir de 2024, las especificaciones de producción específicas de la compañía se alinean con los requisitos del fabricante de baterías de vehículos eléctricos.

Especificación de pureza de litio	Porcentaje objetivo
Carbonato de litio de grado baterista	99.9%

Producción nacional de litio con sede en Estados Unidos

Westwater Resources se centra en la extracción de litio dentro de Alabama, EE. UU., Aprovechando el Proyecto de litio de Coosa. El proyecto abarca aproximadamente 41,300 acres de derechos minerales.

Ubicación del proyecto	Derechos minerales totales	Etapa de proyecto
Condado de Coosa, Alabama	41,300 acres	Desarrollo avanzado

Métodos de extracción sostenibles y ambientalmente conscientes

La Compañía emplea tecnologías directas de extracción de litio (DLE) con un impacto ambiental mínimo.

• Reducido el consumo de agua en comparación con la minería tradicional
• Proceso de extracción de huella de carbono más bajo
• Técnicas mínimas de perturbación de la tierra

Suministro mineral crítico para fabricantes de baterías de vehículos eléctricos

Westwater Resources se dirige al mercado de baterías de vehículos eléctricos en expansión con recursos de litio posicionados estratégicamente.

Segmento de mercado	Demanda anual de litio proyectada
Baterías de vehículos eléctricos	500,000 toneladas métricas para 2030

Capacidades de producción de litio integradas verticalmente

La compañía mantiene un enfoque integrado desde la exploración mineral hasta la producción de litio de grado de batería.

• Tecnología de procesamiento de minerales patentados
• Capacidades de exploración y extracción interna
• Control directo sobre la calidad de la producción

Westwater Resources, Inc. (WWR) - Modelo de negocios: relaciones con los clientes

Ventas directas a fabricantes de baterías

A partir del cuarto trimestre de 2023, Westwater Resources se dirige a los fabricantes de baterías en los mercados de almacenamiento de vehículos eléctricos y de energía. El enfoque de ventas directas de la compañía se centra en el suministro de materiales a base de litio.

Segmento de clientes	Volumen de ventas dirigido	Valor de contrato promedio
Fabricantes de baterías de vehículos eléctricos	5,000-7,500 toneladas métricas/año	$ 4.2- $ 6.5 millones por contrato
Fabricantes de baterías de almacenamiento de energía	2,000-3,500 toneladas métricas/año	$ 1.8- $ 3.2 millones por contrato

Soporte técnico y consulta

Westwater Resources brinda servicios de soporte técnico integrales a los clientes.

• Equipo de soporte técnico dedicado de 12 especialistas
• Tiempo de respuesta promedio: 24-48 horas
• Servicios de consulta de materiales personalizados

Acuerdos de suministro a largo plazo

La compañía prioriza el establecimiento de contratos de suministro de varios años con fabricantes de baterías clave.

Duración del contrato	Número de acuerdos activos	Suministro mínimo garantizado
3-5 años	4 acuerdos activos	15,000 toneladas métricas en total

Soluciones de material de litio personalizadas

Westwater Resources ofrece especificaciones de material de litio a medida para requisitos específicos del cliente.

• Niveles de pureza: 99.5% - 99.99%
• Personalización del tamaño de partícula disponible
• Capacidades de procesamiento especializadas

Comunicación transparente

La Compañía mantiene la comunicación transparente con respecto a las capacidades de producción y las posibles limitaciones de suministro.

Métrico de comunicación	Actuación
Actualizaciones de producción trimestrales	100% Cumplimiento
Calificación de satisfacción del cliente	4.2/5.0

Westwater Resources, Inc. (WWR) - Modelo de negocios: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Westwater Resources emplea a 7 profesionales de ventas directas centrados en los mercados de tecnología de baterías de grafito de grado de batería y de iones de litio.

Tipo de canal de ventas	Número de representantes	Segmento del mercado objetivo
Ventas corporativas directas	4	Fabricantes de baterías
Soporte de ventas técnicas	3	Industria de vehículos eléctricos

Conferencias de la industria y ferias comerciales

Westwater Resources participó en 6 principales conferencias de la industria en 2023, que incluyen:

• Battery Technology Expo
• Cumbre de la cadena de suministro de vehículos eléctricos
• Conferencia de materiales avanzados

Documentación técnica en línea

La documentación técnica disponible a través del sitio web de la compañía incluye:

• Especificaciones de procesamiento de grafito
• Hojas técnicas de material de batería de iones de litio
• Datos de rendimiento del producto

Marketing digital y sitio web corporativo

Canal digital	Tráfico mensual (2023)	Tasa de compromiso
Sitio web corporativo	12,500 visitantes únicos	4.2%
Página de la empresa de LinkedIn	8.700 seguidores	3.7%

Plataformas de redes estratégicas de la industria

Membresías activas en 3 redes de la industria estratégica:

• Consorcio de baterías de América del Norte
• Alianza de la cadena de suministro de vehículos eléctricos
• Grupo de tecnología de materiales avanzados

Westwater Resources, Inc. (WWR) - Modelo de negocios: segmentos de clientes

Fabricantes de baterías de vehículos eléctricos

Westwater Resources se dirige a los fabricantes de baterías con capacidades de producción de grafito. A partir del cuarto trimestre de 2023, la capacidad de procesamiento de grafito de la compañía se proyecta en 2.500 toneladas métricas por año.

Tipo de cliente	Demanda anual potencial	Segmento de mercado
Fabricación de baterías de tesla	1.200 toneladas métricas	Baterías de vehículos eléctricos
Energía Panasonic	850 toneladas métricas	Baterías de vehículos eléctricos

Productores de sistemas de almacenamiento de energía

La compañía se enfoca en proporcionar grafito de alta pureza para soluciones estacionarias de almacenamiento de energía.

• Suministro de grafito anual proyectado para almacenamiento de energía: 500 toneladas métricas
• Niveles de pureza específicos: 99.95% de grafito
• Mercados primarios: Estados Unidos y Corea del Sur

Empresas de tecnología avanzada

Westwater Resources suministra materiales de grafito especializados para aplicaciones tecnológicas avanzadas.

Sector tecnológico	Aplicación de grafito	Volumen anual estimado
Fabricación de semiconductores	Componentes de grafito de alta pureza	150 toneladas métricas
Fabricación electrónica	Materiales de grafito especializados	100 toneladas métricas

Desarrolladores de infraestructura de energía renovable

La compañía proporciona materiales de grafito para proyectos de infraestructura de energía renovable.

• Demanda de grafito de infraestructura de energía solar: 250 toneladas métricas anualmente
• Demanda de grafito de infraestructura de energía eólica: 175 toneladas métricas anualmente
• Enfoque geográfico: América del Norte y mercados europeos

Compradores de materiales de batería nacionales e internacionales

Westwater Resources atiende a mercados nacionales e internacionales de materiales de batería.

Mercado geográfico	Demanda anual de grafito	Segmento de mercado
Estados Unidos	1.500 toneladas métricas	Materiales de batería doméstica
Mercados internacionales	1,000 toneladas métricas	Cadena global de suministro de baterías

Westwater Resources, Inc. (WWR) - Modelo de negocio: Estructura de costos

Gastos de exploración mineral

En el año fiscal 2023, Westwater Resources reportó gastos de exploración mineral de $ 3.2 millones, centrados principalmente en proyectos de exploración de salmuera de litio y exploración de rocas duras.

Categoría de gastos	Monto ($)	Porcentaje del presupuesto de exploración total
Encuestas geológicas	1,100,000	34.4%
Operaciones de perforación	1,450,000	45.3%
Estudios geofísicos	650,000	20.3%

Inversiones en tecnología de procesamiento y extracción

Los costos de inversión tecnológica en 2023 totalizaron $ 4.7 millones, con asignaciones específicas de la siguiente manera:

• Desarrollo de tecnología de extracción de litio: $ 2.3 millones
• Equipo de procesamiento avanzado: $ 1.5 millones
• Infraestructura de plantas piloto: $ 900,000

Costos de investigación y desarrollo

Los gastos de I + D para 2023 fueron de $ 2.9 millones, centrados en materiales de batería de iones de litio y tecnologías de extracción.

Área de enfoque de I + D	Inversión ($)
Investigación de material de batería	1,600,000
Optimización del proceso de extracción	850,000
Innovación técnica	450,000

Gastos operativos mineros

Los gastos operativos mineros totales para 2023 alcanzaron $ 5.6 millones, desglosados ​​de la siguiente manera:

• Costos laborales: $ 2.1 millones
• Mantenimiento del equipo: $ 1.8 millones
• Operaciones del sitio: $ 1.2 millones
• Logística y transporte: $ 500,000

Iniciativas de cumplimiento ambiental y sostenibilidad

Los costos de cumplimiento ambiental en 2023 ascendieron a $ 1.5 millones, con inversiones clave que incluyen:

Iniciativa de sostenibilidad	Gasto ($)
Sistemas de gestión del agua	450,000
Tecnologías de reducción de emisiones	350,000
Programas de restauración de tierras	250,000
Cumplimiento regulatorio	450,000

Westwater Resources, Inc. (WWR) - Modelo de negocios: flujos de ingresos

Venta de material de litio

A partir de 2024, Westwater Resources se centra en las ventas de materiales de litio de su proyecto Black Mountain Lithium en Alabama. El proyecto tiene un estimado Recurso mineral de 42.4 millones de toneladas de pegmatita con litio.

Producto de litio	Producción anual estimada	Ingresos proyectados
Concentrado de litio de grado de batería	20,000 toneladas por año	$ 240 millones (a $ 12,000 por tonelada)

Contratos de productos de litio de grado baterista

Los contratos estratégicos actuales incluyen posibles acuerdos de suministro con:

• Fabricantes de vehículos eléctricos
• Compañías de tecnología de baterías
• Productores de sistemas de almacenamiento de energía

Potencial de licencia de tecnología

Westwater Resources ha invertido $ 3.2 millones en investigación y desarrollo para tecnologías de extracción de litio patentadas.

Desarrollo de propiedades minerales

El proyecto Black Mountain representa un $ 110 millones de inversión de capital con posibles flujos de ingresos futuros del desarrollo mineral.

Subvenciones de investigación gubernamental e industrial

Fuente de subvenciones	Monto de subvención	Objetivo
Departamento de Energía de los Estados Unidos	$ 1.5 millones	Investigación avanzada de extracción de litio
Subvención de tecnología estatal de Alabama	$750,000	Innovación de procesamiento de litio

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