WESTWATER RESOURCES, INC.
For the period ended Dec 31, 2025. Filed Mar 19, 2026.
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FY2025 · Filed Mar 19, 2026
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KEY BUSINESS AND CORPORATE DEVELOPMENTS IN 2025
During 2025, the Company advanced key elements of its mine-to-market strategy while navigating evolving market and policy conditions affecting domestic critical minerals supply chains. The developments below summarize progress in customer engagement and commercialization efforts, technology and intellectual property, construction and operational readiness at the Kellyton Graphite Plant, advancement of the Coosa Graphite Deposit, and financing and government funding initiatives.
| ● | Customer engagement and offtake. On November 3, 2025, FCA terminated its Offtake Agreement with the Company. Offtake agreements with SK On and Hiller Carbon remain in effect, and the Company continues to provide samples and pursue additional customer opportunities. |
| ● | Patent issuance. On September 17, 2025, the Company received its first U.S. Patent related to its graphite purification method. The Company also has an additional patent application pending in the U.S. |
| ● | Kellyton Graphite Plant construction and capital planning. During 2025, construction on the Kellyton Graphite Plant progressed with key electrical work and installation of micronization and spheroidization equipment, including commissioning one micronization and one spheroidization mill. Cumulative project costs were approximately $128.2 million as of December 31, 2025, and the Company completed a review to optimize the Phase I capital plan. Management notes that the original budget for Phase I was approximately $271 million and, through prior optimization and debottlenecking efforts, was reduced to approximately $245 million. While the Company’s additional optimization review in December 2025 resulted in additional potential cost reductions, the Company is also experiencing certain cost pressures related to tariffs and energy costs as a result of the current geopolitical climate and related uncertainties. As such, the Company is maintaining its current cost estimate of $245 million, of which approximately $117 million has not yet been incurred, including approximately $19 million related to contingency and potential cost escalations. |
| ● | Qualification line progress. The Company operated the Kellyton Graphite Plant qualification line during 2025 and produced customer samples, including more than one metric ton of CSPG. The Company made process improvements and expects the line to support larger sample batches for customer qualification. |
| ● | Coosa Graphite Deposit permitting and drilling. On October 27, 2025, the Company announced plans to advance permitting for potential future mine development at the Coosa Graphite Deposit and retained a third-party firm to support the process. Certain permitting activities commenced in the fourth quarter of 2025, and subsequent to year end, the Company filed an application for a National Pollutant Discharge Elimination System (“NPDES”) permit with the Alabama Department of Environmental Management (“ADEM”) and submitted its project application to the FAST-41 Federal Permitting Council dashboard. |
| ● | Financing and government funding. Following FCA’s termination of the Offtake Agreement, the Company paused efforts to syndicate a secured debt facility that had been expected to be supported by that offtake arrangement. The Company continues to pursue other potential financing sources including, but not limited to, governmental financing, including Export-Import Bank of the U.S. (“EXIM”), and opportunity zones. |
| ● | Capital raises driven by Convertible Notes, ATM Sales Agreement and 2024 Lincoln Park PA. The Company raised approximately $67 million in 2025 through a series of Convertible Notes offerings and its at-the-market (“ATM”) and equity line of credit (“ELOC”) programs, to end the year with a cash balance of approximately $49 million. The additional liquidity allowed the Company to fund additional equipment purchases, support ongoing permitting activities at its Coosa Graphite Deposit, and continue evaluation of potential government funding. |
Additional discussion of these matters, including related risks, uncertainties, and impacts on liquidity and capital resources, is provided inItem 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.
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