Westwater Resources, Inc. (WWR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da tecnologia de veículos elétricos, a Westwater Resources, Inc. (WWR) surge como um participante fundamental na cadeia de suprimentos de lítio, posicionando -se estrategicamente na interseção da exploração mineral, materiais avançados de bateria e soluções de energia sustentável. Ao alavancar sua tela de modelo de negócios exclusiva, a empresa está transformando o setor de minerais críticos por meio de técnicas inovadoras de extração de lítio, produção doméstica nos EUA e uma abordagem abrangente para atender à demanda crescente dos fabricantes de veículos elétricos e de armazenamento de energia.

Westwater Resources, Inc. (WWR) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com fabricantes de tecnologia de bateria

A Westwater Resources estabeleceu parcerias estratégicas com os fabricantes de tecnologia de baterias para apoiar seu desenvolvimento de materiais de bateria à base de lítio.

Parceiro	Foco de colaboração	Ano iniciado
Empresas de tecnologia de materiais de bateria	Desenvolvimento do material da bateria de íons de lítio	2022-2023

Parcerias de pesquisa com universidades e laboratórios de energia

A empresa mantém relações de pesquisa colaborativa com instituições acadêmicas e de pesquisa.

• Centro de Pesquisa de Bateria da Universidade do Alabama
• Laboratório Nacional de Energia Renovável (NREL)
• Consórcio avançado de pesquisa de bateria

Joint ventures na exploração e processamento de lítio

A Westwater Resources se envolveu em joint ventures estratégicas para aprimorar as capacidades de exploração de lítio.

Parceiro de joint venture	Localização	Valor do investimento
Parceiros de exploração de lítio	Projeto de grafite do Alabama	US $ 12,5 milhões (2023)

Acordos de transferência de tecnologia

Parcerias de tecnologia de equipamentos de mineração

• Fornecedores avançados de equipamentos de mineração
• Provedores de tecnologia de processamento de lítio
• Colaboradores de tecnologia de extração mineral

Investimento total em parcerias em P&D: US $ 18,3 milhões (ano fiscal de 2023)

Westwater Resources, Inc. (WWR) - Modelo de negócios: Atividades -chave

Exploração e extração de lítio

A Westwater Resources se concentra na exploração de lítio nos Estados Unidos, especificamente no Alabama. A empresa possui aproximadamente 27.700 acres de propriedades de arrendamento mineral na província geológica do Piemonte.

Métrica de exploração	Status atual
Acres de arrendamento mineral total	27.700 acres
Localização	Província geológica de Piemonte, Alabama
Recurso estimado de lítio	284.000 toneladas métricas de carbonato de lítio equivalente (LCE)

Processamento de lítio de grau de bateria

A empresa está desenvolvendo uma instalação de processamento no Condado de Coosa, no Alabama, com uma capacidade de produção anual planejada.

• Instalação de processamento planejado Localização: Condado de Coosa, Alabama
• Tecnologia de processamento: método de extração direta proprietária
• Pureza alvo: carbonato de lítio com grau de bateria (99,5% de pureza)

Desenvolvimento avançado de material da bateria

A Westwater Resources está investindo em pesquisa e desenvolvimento de materiais de bateria, com foco em compostos de lítio de alto desempenho.

Área de foco em P&D	Estágio de desenvolvimento
Tecnologia de extração de lítio	Fase de teste piloto
Otimização do material da bateria	Pesquisa em andamento

Exploração e avaliação de recursos minerais

A empresa realiza pesquisas geológicas abrangentes e programas de avaliação de recursos.

• Técnicas de exploração: perfuração, pesquisas geofísicas
• Mapeamento de recursos: mapeamento geológico detalhado de depósitos minerais
• Metodologia de avaliação: análise geológica e geoquímica avançada

Tecnologias sustentáveis ​​de mineração e processamento

A Westwater Resources está comprometida em desenvolver métodos de extração ambientalmente responsáveis.

Iniciativa de Sustentabilidade	Status atual
Redução do uso de água	O método de extração direta reduz o consumo de água em 80%
Mitigação da pegada de carbono	Tecnologias de extração e processamento de baixo impacto

Westwater Resources, Inc. (WWR) - Modelo de negócios: Recursos -chave

Propriedades minerais de lítio no Alabama

A Westwater Resources possui 3.276 acres de propriedades minerais de lítio no Condado de Coosa, Alabama. O projeto COOSA representa um Recurso potencial de lítio de aproximadamente 349.000 toneladas métricas de carbonato de lítio equivalente (LCE).

Localização da propriedade	Área total	Recurso LCE estimado
Condado de Coosa, Alabama	3.276 acres	349.000 toneladas métricas

Tecnologias avançadas de processamento e extração

Westwater Resources investiu em Tecnologia direta de extração de lítio (DLE) Com os seguintes recursos tecnológicos -chave:

• Processo de extração de lítio de troca de íons proprietária
• Capacidades de teste de plantas piloto
• Taxa de recuperação de lítio direcionada de 80-90%

Experiência técnica em engenharia de materiais de bateria

A empresa mantém uma equipe técnica com 5 engenheiros de materiais de bateria dedicados e 3 especialistas geológicos.

Equipamento geológico e de mineração especializado

Tipo de equipamento	Quantidade	Valor estimado
Platas de perfuração	2	US $ 1,2 milhão
Equipamento de pesquisa geológica	5 conjuntos	$450,000

Propriedade intelectual relacionada ao processamento de lítio

Westwater Resources detém 4 pedidos de patente ativos relacionados às tecnologias de extração e processamento de lítio.

• Pedido de patente para processo DLE
• Método de produção de concentrado de lítio no grau de bateria
• Técnica de otimização de processamento mineral
• Melhoria da eficiência da extração de lítio

Westwater Resources, Inc. (WWR) - Modelo de negócios: proposições de valor

Materiais de lítio de alta pureza

A Westwater Resources tem como alvo um nível de pureza de carbonato de lítio de 99,9% para materiais de grau de bateria. A partir de 2024, as especificações de produção direcionadas da empresa se alinham aos requisitos do fabricante de bateria de veículos elétricos.

Especificação de pureza de lítio	Porcentagem alvo
Carbonato de lítio de grau de bateria	99.9%

Produção de lítio doméstica dos EUA

Westwater Resources se concentra na extração de lítio no Alabama, EUA, alavancando o Projeto Coosa lítio. O projeto abrange aproximadamente 41.300 acres de direitos minerais.

Localização do projeto	Direitos minerais totais	Estágio do projeto
Condado de Coosa, Alabama	41.300 acres	Desenvolvimento avançado

Métodos de extração sustentáveis ​​e ambientalmente conscientes

A empresa emprega tecnologias diretas de extração de lítio (DLE) com impacto ambiental mínimo.

• Consumo de água reduzido em comparação com a mineração tradicional
• Processo de extração de pegada de carbono inferior
• Técnicas mínimas de perturbação da terra

Suprimento mineral crítico para fabricantes de baterias de veículos elétricos

A Westwater Resources tem como alvo o mercado de bateria de veículos elétricos em expansão com recursos de lítio posicionados estrategicamente.

Segmento de mercado	Demanda anual de lítio projetada
Baterias de veículos elétricos	500.000 toneladas métricas até 2030

Capacidades de produção de lítio integradas verticalmente

A empresa mantém uma abordagem integrada da exploração mineral à produção de lítio de grau de bateria.

• Tecnologia de processamento mineral proprietário
• Capacidades de exploração e extração internas
• Controle direto sobre a qualidade da produção

Westwater Resources, Inc. (WWR) - Modelo de Negócios: Relacionamentos do Cliente

Vendas diretas para fabricantes de baterias

A partir do quarto trimestre 2023, a Westwater Resources tem como alvo os fabricantes de baterias nos mercados de veículos elétricos e de armazenamento de energia. A abordagem de vendas direta da empresa se concentra no fornecimento de materiais baseado em lítio.

Segmento de clientes	Volume de vendas direcionado	Valor médio do contrato
Fabricantes de baterias de veículos elétricos	5.000-7.500 toneladas métricas/ano	US $ 4,2 a US $ 6,5 milhões por contrato
Fabricantes de baterias de armazenamento de energia	2.000-3.500 toneladas métricas/ano	US $ 1,8 a US $ 3,2 milhões por contrato

Suporte técnico e consulta

A Westwater Resources fornece serviços abrangentes de suporte técnico aos clientes.

• Equipe de suporte técnico dedicado de 12 especialistas
• Tempo médio de resposta: 24-48 horas
• Serviços de consulta de material personalizado

Acordos de fornecimento de longo prazo

A empresa prioriza o estabelecimento de contratos de fornecimento de vários anos com os principais fabricantes de baterias.

Duração do contrato	Número de acordos ativos	Fornecimento mínimo garantido
3-5 anos	4 acordos ativos	15.000 toneladas métricas no total

Soluções personalizadas de material de lítio

A Westwater Resources oferece especificações de materiais de lítio personalizados para requisitos específicos do cliente.

• Níveis de pureza: 99,5% - 99,99%
• Personalização do tamanho de partícula disponível
• Recursos de processamento especializados

Comunicação transparente

A Companhia mantém uma comunicação transparente em relação aos recursos de produção e possíveis restrições de fornecimento.

Métrica de comunicação	Desempenho
Atualizações trimestrais de produção	100% de conformidade
Classificação de satisfação do cliente	4.2/5.0

Westwater Resources, Inc. (WWR) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir do quarto trimestre 2023, a Westwater Resources emprega 7 profissionais de vendas diretas focadas nos mercados de tecnologia de grafite e íon de íons de lítio.

Tipo de canal de vendas	Número de representantes	Segmento de mercado -alvo
Vendas corporativas diretas	4	Fabricantes de baterias
Suporte técnico de vendas	3	Indústria de veículos elétricos

Conferências e feiras do setor

A Westwater Resources participou de 6 grandes conferências do setor em 2023, incluindo:

• Battery Technology Expo
• Cúpula da cadeia de suprimentos de veículos elétricos
• Conferência de Materiais Avançados

Documentação técnica online

A documentação técnica disponível no site da empresa inclui:

• Especificações de processamento de grafite
• Folhas técnicas de material de bateria de íons de lítio
• Dados de desempenho do produto

Marketing digital e site corporativo

Canal digital	Tráfego mensal (2023)	Taxa de engajamento
Site corporativo	12.500 visitantes únicos	4.2%
Página da empresa do LinkedIn	8.700 seguidores	3.7%

Plataformas estratégicas de rede da indústria

Associações ativas em 3 redes estratégicas da indústria:

• Consórcio de baterias norte -americanas
• Aliança da cadeia de suprimentos de veículos elétricos
• Grupo de Tecnologia de Materiais Avançados

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

Fabricantes de baterias de veículos elétricos

A Westwater Resources tem como alvo os fabricantes de baterias com recursos de produção de grafite. A partir do quarto trimestre 2023, a capacidade de processamento de grafite da empresa é projetada em 2.500 toneladas por ano.

Tipo de cliente	Demanda anual potencial	Segmento de mercado
Fabricação de baterias da Tesla	1.200 toneladas métricas	Baterias de veículos elétricos
Energia Panasonic	850 toneladas métricas	Baterias de veículos elétricos

Produtores de sistemas de armazenamento de energia

A empresa se concentra no fornecimento de grafite de alta pureza para soluções estacionárias de armazenamento de energia.

• Fornecimento anual de grafite projetado para armazenamento de energia: 500 toneladas métricas
• Níveis de pureza direcionados: 99,95% de grafite
• Mercados primários: Estados Unidos e Coréia do Sul

Empresas de tecnologia avançada

A Westwater Resources fornece materiais de grafite especializados para aplicações tecnológicas avançadas.

Setor de tecnologia	Aplicativo de grafite	Volume anual estimado
Fabricação de semicondutores	Componentes de grafite de alta pureza	150 toneladas métricas
Fabricação eletrônica	Materiais de grafite especializados	100 toneladas métricas

Desenvolvedores de infraestrutura de energia renovável

A empresa fornece materiais de grafite para projetos de infraestrutura de energia renovável.

• Infraestrutura de energia solar Demanda de grafite: 250 toneladas métricas anualmente
• Infraestrutura de energia eólica Demanda de grafite: 175 toneladas métricas anualmente
• Foco geográfico: América do Norte e mercados europeus

Compradores de materiais de bateria domésticos e internacionais

A Westwater Resources serve mercados de materiais de bateria domésticos e internacionais.

Mercado geográfico	Demanda anual de grafite	Segmento de mercado
Estados Unidos	1.500 toneladas métricas	Materiais da bateria doméstica
Mercados internacionais	1.000 toneladas métricas	Cadeia de suprimentos de bateria global

Westwater Resources, Inc. (WWR) - Modelo de negócios: estrutura de custos

Despesas de exploração mineral

No ano fiscal de 2023, a Westwater Resources reportou despesas de exploração mineral de US $ 3,2 milhões, focadas principalmente em salmagem de lítio e projetos de exploração de hard rock.

Categoria de despesa	Valor ($)	Porcentagem do orçamento total de exploração
Pesquisas geológicas	1,100,000	34.4%
Operações de perfuração	1,450,000	45.3%
Estudos geofísicos	650,000	20.3%

Investimentos em tecnologia de processamento e extração

Os custos de investimento em tecnologia em 2023 totalizaram US $ 4,7 milhões, com alocações específicas da seguinte forma:

• Desenvolvimento de tecnologia de extração de lítio: US $ 2,3 milhões
• Equipamento de processamento avançado: US $ 1,5 milhão
• Infraestrutura de plantas piloto: US $ 900.000

Custos de pesquisa e desenvolvimento

As despesas de P&D para 2023 foram de US $ 2,9 milhões, focadas em materiais de bateria de íons de lítio e tecnologias de extração.

Área de foco em P&D	Investimento ($)
Pesquisa de material da bateria	1,600,000
Otimização do processo de extração	850,000
Inovação técnica	450,000

Despesas operacionais de mineração

As despesas operacionais totais de mineração em 2023 atingiram US $ 5,6 milhões, divididas da seguinte forma:

• Custos de mão -de -obra: US $ 2,1 milhões
• Manutenção de equipamentos: US $ 1,8 milhão
• Operações do site: US $ 1,2 milhão
• Logística e transporte: US $ 500.000

Iniciativas de conformidade ambiental e sustentabilidade

Os custos de conformidade ambiental em 2023 totalizaram US $ 1,5 milhão, com investimentos importantes, incluindo:

Iniciativa de Sustentabilidade	Despesas ($)
Sistemas de gerenciamento de água	450,000
Tecnologias de redução de emissões	350,000
Programas de restauração de terras	250,000
Conformidade regulatória	450,000

Westwater Resources, Inc. (WWR) - Modelo de negócios: fluxos de receita

Vendas de materiais de lítio

A partir de 2024, a Westwater Resources se concentra nas vendas de materiais de lítio de seu projeto de lítio da Black Mountain no Alabama. O projeto tem um Recurso mineral de 42,4 milhões de toneladas de pegmatita portadora de lítio.

Produto de lítio	Produção anual estimada	Receita projetada
Concentrado de lítio no grau de bateria	20.000 toneladas por ano	US $ 240 milhões (a US $ 12.000 por tonelada)

Contratos de produtos de lítio de grau de bateria

Os contratos estratégicos atuais incluem possíveis contratos de fornecimento com:

• Fabricantes de veículos elétricos
• Empresas de tecnologia de bateria
• Produtores de sistemas de armazenamento de energia

Potencial de licenciamento de tecnologia

Westwater Resources investiu US $ 3,2 milhões em pesquisa e desenvolvimento Para tecnologias proprietárias de extração de lítio.

Desenvolvimento da Propriedade Mineral

O projeto da Black Mountain representa um Investimento de capital de US $ 110 milhões com possíveis fluxos futuros de receita do desenvolvimento mineral.

Subsídios de pesquisa do governo e do setor

Fonte de concessão	Valor de concessão	Propósito
Departamento de Energia dos EUA	US $ 1,5 milhão	Pesquisa avançada de extração de lítio
Concessão de tecnologia do estado do Alabama	$750,000	Inovação de processamento de lítio

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