Westwater Resources, Inc. (WWR): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de la technologie des véhicules électriques en évolution, Westwater Resources, Inc. (WWR) émerge comme un acteur pivot dans la chaîne d'approvisionnement en lithium, se positionnant stratégiquement à l'intersection de l'exploration minérale, des matériaux de batterie avancés et des solutions énergétiques durables. En tirant parti de sa toile de modèle commercial unique, la société transforme le secteur des minéraux critiques grâce à des techniques d'innovation d'extraction au lithium, à une production nationale américaine et à une approche complète pour répondre à la demande croissante des fabricants de véhicules électriques et de stockage d'énergie.

Westwater Resources, Inc. (WWR) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les fabricants de technologies de batterie

Westwater Resources a établi des partenariats stratégiques avec les fabricants de technologies de batterie pour soutenir son développement de matériaux de batterie à base de lithium.

Partenaire	Focus de la collaboration	Année initiée
Entreprises technologiques de matériaux de batterie	Développement de matériaux de batterie lithium-ion	2022-2023

Partenariats de recherche avec les universités et les laboratoires énergétiques

La société entretient des relations de recherche en collaboration avec des établissements universitaires et de recherche.

• Centre de recherche sur les batteries de l'Université de l'Alabama
• Laboratoire national des énergies renouvelables (NREL)
• Consortiums de recherche de batteries avancées

Coentreprises dans l'exploration et le traitement au lithium

Westwater Resources s'est engagé dans des coentreprises stratégiques pour améliorer les capacités d'exploration au lithium.

Coentreprise	Emplacement	Montant d'investissement
Partenaires d'exploration au lithium	Projet de graphite de l'Alabama	12,5 millions de dollars (2023)

Accords de transfert de technologie

Partenariats technologiques d'équipement minière

• Fournisseurs d'équipement minier avancé
• Fournisseurs de technologies de traitement du lithium
• Collaborateurs de la technologie d'extraction minérale

Investissement total des partenariats R&D: 18,3 millions de dollars (2023 Exercice)

Westwater Resources, Inc. (WWR) - Modèle d'entreprise: activités clés

Exploration et extraction au lithium

Westwater Resources se concentre sur l'exploration du lithium aux États-Unis, en particulier en Alabama. La société possède environ 27 700 acres de titulaires de location minérale dans la province géologique du Piémont.

Métrique d'exploration	État actuel
Acres totaux de location minérale	27 700 acres
Emplacement	Province géologique du Piémont, Alabama
Ressource au lithium estimée	284 000 tonnes métriques de carbonate de lithium équivalent (LCE)

Traitement du lithium de qualité batterie

La société développe une installation de traitement dans le comté de Coosa, en Alabama, avec une capacité de production annuelle prévue.

• Emplacement de l'installation de traitement prévu: comté de Coosa, Alabama
• Technologie de traitement: méthode d'extraction directe propriétaire
• Pureté cible: carbonate de lithium de qualité batterie (pureté à 99,5%)

Développement avancé des matériaux de batterie

Westwater Resources investit dans la recherche et le développement des matériaux de la batterie, en se concentrant sur les composés de lithium haute performance.

Zone de focus R&D	Étape de développement
Technologie d'extraction au lithium	Phase de test de pilote
Optimisation des matériaux de la batterie	Recherche en cours

Exploration et évaluation des ressources minérales

La société mène des enquêtes géologiques complètes et des programmes d'évaluation des ressources.

• Techniques d'exploration: forage, enquêtes géophysiques
• Cartographie des ressources: cartographie géologique détaillée des dépôts minéraux
• Méthodologie d'évaluation: analyse géologique et géochimique avancée

Technologies d'exploitation et de traitement durables

Westwater Resources s'engage à développer des méthodes d'extraction respectueuses de l'environnement.

Initiative de durabilité	État actuel
Réduction de l'utilisation de l'eau	La méthode d'extraction directe réduit la consommation d'eau de 80%
Atténuation de l'empreinte carbone	Technologies d'extraction et de traitement à faible impact

Westwater Resources, Inc. (WWR) - Modèle commercial: Ressources clés

Propriétés minérales au lithium en Alabama

Westwater Resources possède 3 276 acres des propriétés minérales de lithium dans le comté de Coosa, Alabama. Le projet CoOSA représente un ressource au lithium potentielle d'environ 349 000 tonnes métriques d'équivalent de carbonate de lithium (LCE).

Emplacement de la propriété	Superficie totale	Ressource LCE estimée
Comté de Coosa, Alabama	3 276 acres	349 000 tonnes métriques

Technologies de traitement et d'extraction avancées

Westwater Resources a investi dans Technologie directe d'extraction au lithium (DLE) avec les capacités technologiques clés suivantes:

• Processus d'extraction du lithium échangeur du lithium d'échange propriétaire
• Capacités de test des usines pilotes
• Taux de récupération au lithium ciblé de 80-90%

Expertise technique en ingénierie des matériaux de batterie

La société maintient une équipe technique avec 5 ingénieurs de matériaux de batterie dédiés et 3 spécialistes géologiques.

Équipements géologiques et minières spécialisés

Type d'équipement	Quantité	Valeur estimée
Plates-formes de forage	2	1,2 million de dollars
Équipement d'enquête géologique	5 ensembles	$450,000

Propriété intellectuelle liée au traitement du lithium

Westwater Resources tient 4 demandes de brevet actives liés aux technologies d'extraction et de traitement du lithium.

• Demande de brevet pour le processus DLE
• Méthode de production de concentré de lithium de qualité batterie
• Technique d'optimisation du traitement des minéraux
• Amélioration de l'efficacité d'extraction au lithium

Westwater Resources, Inc. (WWR) - Modèle d'entreprise: propositions de valeur

Matériaux de lithium de qualité batterie de haute pureté

Westwater Resources cible un niveau de pureté de carbonate de carbonate de 99,9% pour les matériaux de qualité batterie. En 2024, les spécifications de production ciblées de la société s'alignent sur les exigences du fabricant de batteries de véhicules électriques.

Spécification de pureté au lithium	Pourcentage cible
Carbonate de lithium de qualité pile	99.9%

Production nationale de lithium à base américaine

Westwater Resources se concentre sur l'extraction du lithium au sein de l'Alabama, aux États-Unis, en tirant parti de la Projet de lithium Coosa. Le projet s'étend sur environ 41 300 acres de droits minéraux.

Emplacement du projet	Total des droits minéraux	Étape du projet
Comté de Coosa, Alabama	41 300 acres	Développement avancé

Méthodes d'extraction durables et soucieuses de l'environnement

La société utilise des technologies directes d'extraction au lithium (DLE) avec un impact environnemental minimal.

• Réduction de la consommation d'eau par rapport à l'exploitation minière traditionnelle
• Processus d'extraction d'empreinte carbone plus faible
• Techniques minimales de perturbation des terres

Alimentation minérale critique pour les fabricants de batteries de véhicules électriques

Westwater Resources cible le marché en expansion de la batterie des véhicules électriques avec des ressources au lithium positionnées stratégiquement.

Segment de marché	Demande annuelle de lithium projetée
Batteries de véhicules électriques	500 000 tonnes métriques d'ici 2030

Capacités de production de lithium intégrée verticalement

La société maintient une approche intégrée de l'exploration minérale à la production de lithium de qualité batterie.

• Technologie de traitement des minéraux propriétaires
• Capacités d'exploration et d'extraction internes
• Contrôle direct sur la qualité de la production

Westwater Resources, Inc. (WWR) - Modèle d'entreprise: relations avec les clients

Ventes directes aux fabricants de batteries

Depuis le quatrième trimestre 2023, Westwater Resources cible les fabricants de batteries sur les marchés des véhicules électriques et du stockage d'énergie. L'approche des ventes directes de l'entreprise se concentre sur l'offre de matériaux basée sur le lithium.

Segment de clientèle	Volume de ventes ciblé	Valeur du contrat moyen
Fabricants de batteries de véhicules électriques	5 000 à 7 500 tonnes métriques / an	4,2 à 6,5 millions de dollars par contrat
Fabricants de batteries de stockage d'énergie	2 000 à 3 500 tonnes métriques / an	1,8 à 3,2 millions de dollars par contrat

Soutien technique et consultation

Westwater Resources fournit des services de support technique complets aux clients.

• Équipe de support technique dédiée de 12 spécialistes
• Temps de réponse moyen: 24 à 48 heures
• Services de consultation de matériel personnalisés

Accords d'approvisionnement à long terme

La société priorise la création de contrats d'approvisionnement pluriannuels avec des fabricants de batteries clés.

Durée du contrat	Nombre d'accords actifs	Alimentation minimale garantie
3-5 ans	4 accords actifs	15 000 tonnes métriques au total

Solutions de matériaux de lithium personnalisés

Westwater Resources offre des spécifications de matériaux de lithium sur mesure pour des exigences spécifiques des clients.

• Niveaux de pureté: 99,5% - 99,99%
• Personnalisation de la taille des particules disponibles
• Capacités de traitement spécialisées

Communication transparente

La société maintient une communication transparente concernant les capacités de production et les contraintes d'offre potentielles.

Métrique de communication	Performance
Mises à jour de production trimestrielles	Compliance à 100%
Évaluation de satisfaction du client	4.2/5.0

Westwater Resources, Inc. (WWR) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis le quatrième trimestre 2023, Westwater Resources emploie 7 professionnels des ventes directes axés sur les marchés de la technologie de batterie de graphite et de batterie au lithium-ion.

Type de canal de vente	Nombre de représentants	Segment du marché cible
Ventes directes des entreprises	4	Fabricants de batteries
Assistance aux ventes techniques	3	Industrie des véhicules électriques

Conférences et salons commerciaux de l'industrie

Westwater Resources a participé à 6 grandes conférences de l'industrie en 2023, notamment:

• Expo de la technologie des batteries
• Sommet de la chaîne d'approvisionnement des véhicules électriques
• Conférence des matériaux avancés

Documentation technique en ligne

La documentation technique disponible sur le site Web de l'entreprise comprend:

• Spécifications de traitement du graphite
• Fiches techniques de matériaux de batterie lithium-ion
• Données de performance du produit

Marketing numérique et site Web d'entreprise

Canal numérique	Trafic mensuel (2023)	Taux d'engagement
Site Web de l'entreprise	12 500 visiteurs uniques	4.2%
Page de société LinkedIn	8 700 abonnés	3.7%

Plateformes de réseautage stratégique de l'industrie

Adhésions actives dans 3 réseaux stratégiques de l'industrie:

• Consortium de batterie nord-américain
• Alliance de la chaîne d'approvisionnement des véhicules électriques
• Groupe de technologie des matériaux avancés

Westwater Resources, Inc. (WWR) - Modèle d'entreprise: segments de clientèle

Fabricants de batteries de véhicules électriques

Westwater Resources cible les fabricants de batteries avec des capacités de production de graphite. Au quatrième trimestre 2023, la capacité de traitement du graphite de l'entreprise est prévue à 2 500 tonnes métriques par an.

Type de client	Demande annuelle potentielle	Segment de marché
Fabrication de batterie Tesla	1 200 tonnes métriques	Batteries de véhicules électriques
Énergie panasonique	850 tonnes métriques	Batteries de véhicules électriques

Producteurs de systèmes de stockage d'énergie

L'entreprise se concentre sur la fourniture de graphite de haute pureté pour les solutions de stockage d'énergie stationnaires.

• Support en graphite annuel projeté pour le stockage d'énergie: 500 tonnes métriques
• Niveaux de pureté ciblés: 99,95% de graphite
• Marchés primaires: États-Unis et Corée du Sud

Sociétés de technologie avancée

Westwater Resources fournit des matériaux de graphite spécialisés pour des applications technologiques avancées.

Secteur technologique	Application de graphite	Volume annuel estimé
Fabrication de semi-conducteurs	Composants graphites de haute pureté	150 tonnes métriques
Fabrication d'électronique	Matériaux de graphite spécialisés	100 tonnes métriques

Développeurs d'infrastructures d'énergie renouvelable

L'entreprise fournit des matériaux de graphite pour les projets d'infrastructures d'énergie renouvelable.

• Infrastructure d'énergie solaire Demande de graphite: 250 tonnes métriques par an
• Infrastructure d'énergie éolienne Demande de graphite: 175 tonnes métriques par an
• Focus géographique: Amérique du Nord et marchés européens

Acheteurs de matériaux de batterie domestiques et internationaux

Westwater Resources sert les marchés nationaux et internationaux des matériaux de la batterie.

Marché géographique	Demande annuelle de graphite	Segment de marché
États-Unis	1 500 tonnes métriques	Matériaux de batterie domestique
Marchés internationaux	1 000 tonnes métriques	Chaîne d'approvisionnement mondiale

Westwater Resources, Inc. (WWR) - Modèle d'entreprise: Structure des coûts

Frais d'exploration minérale

Au cours de l'exercice 2023, Westwater Resources a déclaré des dépenses d'exploration minérale de 3,2 millions de dollars, principalement axées sur les projets d'exploration de saumure au lithium et de roche dure.

Catégorie de dépenses	Montant ($)	Pourcentage du budget d'exploration total
Enquêtes géologiques	1,100,000	34.4%
Opérations de forage	1,450,000	45.3%
Études géophysiques	650,000	20.3%

Investissements technologiques de traitement et d'extraction

Les coûts d'investissement technologique en 2023 ont totalisé 4,7 millions de dollars, avec des allocations spécifiques comme suit:

• Développement de la technologie d'extraction au lithium: 2,3 millions de dollars
• Équipement de traitement avancé: 1,5 million de dollars
• Infrastructure de l'usine pilote: 900 000 $

Coûts de recherche et de développement

Les dépenses de R&D pour 2023 étaient de 2,9 millions de dollars, axées sur les matériaux de batterie lithium-ion et les technologies d'extraction.

Zone de focus R&D	Investissement ($)
Recherche de matériaux de batterie	1,600,000
Optimisation du processus d'extraction	850,000
Innovation technique	450,000

Exploiter les dépenses opérationnelles

Les dépenses opérationnelles totales de minage pour 2023 ont atteint 5,6 millions de dollars, décomposée comme suit:

• Coûts de main-d'œuvre: 2,1 millions de dollars
• Entretien de l'équipement: 1,8 million de dollars
• Opérations du site: 1,2 million de dollars
• Logistique et transport: 500 000 $

Initiatives de conformité environnementale et de durabilité

Les coûts de conformité environnementale en 2023 s'élevaient à 1,5 million de dollars, avec des investissements clés, notamment:

Initiative de durabilité	Dépenses ($)
Systèmes de gestion de l'eau	450,000
Technologies de réduction des émissions	350,000
Programmes de restauration des terres	250,000
Conformité réglementaire	450,000

Westwater Resources, Inc. (WWR) - Modèle d'entreprise: Strots de revenus

Ventes de matériaux au lithium

En 2024, Westwater Resources se concentre sur les ventes de matériaux de lithium de son projet Black Mountain Lithium en Alabama. Le projet a un estimé ressource minérale de 42,4 millions de tonnes de pegmatite au lithium.

Produit au lithium	Production annuelle estimée	Revenus projetés
Concentré de lithium de qualité pile	20 000 tonnes par an	240 millions de dollars (à 12 000 $ par tonne)

Contrats de produits au lithium de qualité batterie

Les contrats stratégiques actuels comprennent des accords d'approvisionnement potentiels avec:

• Fabricants de véhicules électriques
• Sociétés technologiques de batterie
• Producteurs de systèmes de stockage d'énergie

Potentiel de licence de technologie

Westwater Resources a investi 3,2 millions de dollars en recherche et développement Pour les technologies exclusives d'extraction au lithium.

Développement de biens minéraux

Le projet Black Mountain représente un 110 millions de dollars d'investissement en capital avec des sources de revenus futurs potentiels du développement minéral.

Subventions de recherche sur le gouvernement et l'industrie

Source d'octroi	Montant d'octroi	But
Département américain de l'énergie	1,5 million de dollars	Recherche avancée d'extraction au lithium
Subvention de la technologie de l'État de l'Alabama	$750,000	Innovation de traitement au lithium

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