Westwater Resources Reports Full Year and Fourth Quarter 2025 Results

Westwater Resources reported its 2025 full year results, demonstrating significant progress in establishing the United States' first domestic supply of battery-grade natural graphite through its vertically integrated mine-to-market strategy. The company's flagship Kellyton Graphite Plant in Alabama achieved several construction milestones including installation of micronization and spheroidization equipment, commissioning of processing mills, and connection to the Alabama power grid. Most notably, Westwater maintained its Phase I capital estimate at approximately $245 million despite inflationary pressures affecting key input costs like steel and copper, with less than $100 million of capital remaining to complete the phase.

The company's qualification line produced over one metric ton of coated spherical purified graphite samples for customer testing, demonstrating the plant's ability to manufacture battery-grade material representative of full production capacity. Westwater's commercial position remains strong with existing offtake agreements from SK On and Hiller Carbon covering the vast majority of Phase I capacity, though the company did experience the termination of its Stellantis agreement in November 2025. The company received a U.S. patent for its environmentally responsible graphite purification process, which avoids the use of hydrofluoric acid common in international operations.

Financially, Westwater strengthened its balance sheet by raising approximately $67 million through convertible notes and equity programs, ending 2025 with $48.6 million in cash and additional financing capacity available. The company is actively pursuing government-supported financing opportunities, including programs through the Export-Import Bank. Strategically, Westwater advanced permitting for its Coosa Graphite Deposit, located just 30 miles from Kellyton, which will serve as the long-term feedstock source for the processing plant.

This progress positions Westwater as what management believes to be the most advanced American developer of battery-grade natural graphite, addressing growing demand for domestic supply chains in the critical minerals sector. The company's integrated approach from mine to market represents a significant step toward reducing U.S. dependence on foreign graphite sources for the expanding electric vehicle and energy storage markets.