Westwater Resources, Inc. (WWR): Business Model Canvas [Dec-2025 Updated]

You're looking at the blueprint for a company betting big on the domestic battery supply chain, and honestly, the stakes are high. Westwater Resources, Inc. (WWR) is deep into constructing its $245 million Kellyton Graphite Plant, aiming to deliver IRA-compliant Coated Spherical Purified Graphite (CSPG) to anchor partners like SK On. Right now, they are pre-revenue from product sales, having posted a $9.8 million net loss in Q3 2025 while raising about $55 million since mid-2025 to keep the wheels turning on this critical domestic resource play. Dive into the full Business Model Canvas below to see exactly how their key resources, like the Coosa Deposit, translate into future revenue streams and what that means for your analysis.

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

You're looking at the core relationships Westwater Resources, Inc. (WWR) relies on to move its battery-grade natural graphite projects toward commercialization as of late 2025. These aren't just handshake deals; they are legally binding commitments and critical financing pathways.

SK On remains a key partner for the high-value Coated Spherical Purified Graphite (CSPG). The offtake agreement, originally announced in February 2024, is still in effect, which is vital since the termination of the Stellantis agreement paused debt syndication efforts. This deal locks in volume for the Kellyton Graphite Plant, allowing Westwater Resources to commit to selling a total of 34,000 tons of CSPG-10 product between 2027 and 2031. Specifically, the forecasted volume required by SK On in the final year of the agreement is 10,000 metric tonnes (mt) of Product.

The Hiller Carbon agreement is just as important because it covers the byproduct material. Westwater Resources contracted with Hiller Carbon to take 100% of the natural graphite Fines production from Phase I of the Kellyton Plant. This Fines material, a byproduct of the CSPG spherodizing process, is expected to be approximately 14,000 mt/year. Honestly, securing this deal meant Westwater Resources had sold 100% of both its CSPG and Fines output for Phase I, which was a critical step to finalize initial commercial commitments.

Financing is heavily reliant on government and institutional support. Westwater Resources has been actively engaging the Export-Import Bank (EXIM), having submitted a formal loan application after receiving a Letter of Interest. This process, which started EXIM's due diligence, has been delayed due to the recent U.S. government shutdown. This potential EXIM funding is intended to complement the ongoing syndication of a $150 million secured debt facility.

To maintain liquidity while navigating these financing tracks, Institutional Investors have stepped up. Since June 30, 2025, Westwater Resources has raised approximately $55 million through its at-the-market (ATM) program and convertible note offerings. The company even increased its ATM filing size to $75 million on October 17, 2025. A portion of this, about $10 million, came from two convertible note offerings in June and August 2025, which carry a 115% redemption premium and mature in mid-2027. As of November 5, 2025, the cash balance stood at approximately $53 million.

For the upstream resource, Third-party engineering firms are leading the permitting for the Coosa Graphite Deposit mine development. This deposit is massive, covering 41,965 acres (about 17,000 hectares). The resource estimate includes 26.0 million short tons at 2.89% graphitic carbon (Cg) as Indicated Mineral Resources, plus 97.0 million short tons at 3.08% Cg as Inferred Mineral Resources. The prior 2023 Initial Assessment showed a pre-tax Net Present Value (NPV) of USD 229 million and a pre-tax Internal Rate of Return (IRR) of 26.7%.

Here's a quick look at the material offtake commitments supporting the Kellyton Plant:

The capital raising efforts since mid-year focused on bridging the gap to production:

• Capital raised from June 30, 2025, to early November 2025: approximately $55 million.
• Total ATM program capacity expanded to $75 million on October 17, 2025.
• Convertible notes raised in June and August 2025: $10 million.
• Redemption premium on convertible notes: 115%.
• Cash balance as of November 5, 2025: approximately $53 million.

The Coosa Deposit resource base is substantial:

• Total acreage: 41,965 acres (about 17,000 hectares).
• Indicated Mineral Resources: 26.0 million short tons at 2.89% Cg.
• Inferred Mineral Resources: 97.0 million short tons at 3.08% Cg.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core actions Westwater Resources, Inc. (WWR) is driving right now to bring its battery-grade graphite to market. It's a mix of heavy construction, resource definition, and high-level financial maneuvering, so let's break down the hard numbers for each activity as of late 2025.

Construction and Optimization of the Kellyton Graphite Plant Phase I

The Kellyton Graphite Plant Phase I construction is a major focus, with the total expected capital cost holding steady at $245 million. As of June 30, 2025, Westwater Resources had incurred approximately $124 million of that total project cost since the project started. To keep things moving despite financing pauses, the Company has secured about 85% of the Phase I equipment as of the second quarter of 2025. Key physical milestones include the successful transition to the Alabama power grid and the installation, commissioning, and startup of the first micronizing and spheroidizing mills. Honestly, the near-term activity here is optimization; Westwater Resources expects to complete an evaluation by the end of the year (2025) to adjust the initial processing capacity to align with current offtake agreements and available financing, aiming to lower the total capital requirement and speed up commercial production. They plan to update the market on this optimization in early 2026.

Here's a quick look at the capital deployment:

Permitting and Resource Delineation for the Coosa Graphite Deposit

The Coosa Graphite Deposit is the long-term feedstock source, and Westwater Resources is pushing permitting hard. The deposit itself is quite substantial, covering 41,965 acres, which is about 17,000 hectares in Coosa County, Alabama. The resource base is defined by two main categories based on the Initial Assessment (effective December 11, 2023):

• Indicated Mineral Resources: 26.0 million short tons at 2.89% Cg.
• Inferred Mineral Resources: 97.0 million short tons at 3.08% Cg.

That Initial Assessment also projected a pre-tax Net Present Value (NPV) of US$229 million and a pre-tax Internal Rate of Return (IRR) of 26.7%. To refine mine planning, Westwater Resources plans to conduct additional drilling in parallel with the permitting process.

Production of Bulk CSPG Samples for Customer Cell Trials

You can't sell battery anode material without qualification, so running the qualification line is a critical activity. As of the second quarter of 2025, Westwater Resources was operating this line to produce samples over 1 metric ton (mt) of Coated Spherical Purified Graphite (CSPG) for customer pre-production cell trials. This line, commissioned in December 2024, is designed to produce approximately 1 mt per day. The goal is to supply customers with bulk samples ranging from 1 to 10 mt batches while Phase I construction finishes. To be fair, they shipped a smaller sample, over 800 kg, in the first quarter of 2025, but the focus has clearly shifted to larger, qualification-scale volumes.

Securing Additional Debt Financing (e.g., the paused $150 million facility)

Financing remains an active, though currently challenged, key activity. The primary focus was the $150 million secured debt facility intended to complete Phase I construction. This syndication process is now paused following the unexpected termination of the Stellantis (FCA) offtake agreement on November 3, 2025. Still, Westwater Resources has been active in raising liquidity through other means. Since June 30, 2025, the Company raised approximately $55 million via its at-the-market (ATM) program and convertible notes. As of November 5, 2025, the cash balance stood at approximately $53 million. Furthermore, the Company filed to increase the size of its ATM program to $75 million on October 17, 2025. Engagement with the U.S. Export-Import Bank (EXIM) for government funding opportunities is also ongoing.

Research and Development of Graphite Purification Technology (U.S. Patent Issued)

The intellectual property around the purification process is locked down. Westwater Resources received U.S. Patent Number 12,415,731 for its innovative graphite purification methods. This patent, issued around September 17, 2025, protects the technology that will be used at the Kellyton Graphite Plant. The initial patent application was filed way back in August 2020. What's important here is the process itself: the Phase 1 method completely avoids the use of hydrofluoric acid, a hazardous substance common in traditional purification techniques.

The patent timeline looks like this:

• August 2020: First patent application filed.
• September 17, 2025: U.S. Patent Number 12,415,731 issued.

This patent protects their environmentally-friendly approach.

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

Westwater Resources, Inc. controls tangible and intangible assets critical to its strategy of becoming a domestic supplier of battery-grade graphite. The physical infrastructure is centered around the Kellyton Graphite Plant in Alabama, a processing facility where Phase I construction has seen approximately $124 million incurred on project-related costs as of June 30, 2025, against a total expected cost of $245 million for that phase.

The feedstock security for this processing plant is anchored by the Coosa Graphite Deposit, which is recognized as the largest natural flake graphite deposit in the contiguous U.S. The scale of this resource is substantial, covering 41,965 acres in Coosa County, Alabama.

Technological advantage is secured through proprietary processes. Westwater Resources, Inc. holds U.S. Patent Number 12,415,731 for its innovative graphite purification methods, which are designed to be an environmentally-friendly alternative to conventional techniques.

The company's operational capacity relies on more than just physical plant and patents; it requires specific expertise and liquidity to bridge the gap to commercial production.

• Intellectual Property: U.S. Patent Number 12,415,731 protecting purification technology.
• Human Capital: Experienced team focused on critical minerals development and plant operations.

To fund ongoing development and operations while awaiting debt facility closure, the company maintains a level of working capital. Westwater Resources, Inc. reported approximately $12.9 million in cash and equivalents as of September 30, 2025.

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:

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.

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:

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.

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.

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: