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- **Strategic Shift at Kellyton**: Westwater is optimizing Phase 1 production to align with existing offtake agreements, reducing capital requirements and improving operational efficiency.
- **Financial Resilience**: $55 million raised in H2 2025 provides liquidity to pursue projects, with cautious equity issuance to preserve shareholder value.
- **Government Support Pursuits**: Actively seeking DOE funding and FAST-41 permitting acceleration to advance Coosa deposit development.
- **Market Pricing Stability**: Anode pricing remains stable, with potential upside from supply chain constraints.
- **Vertical Integration Vision**: Coosa deposit development aims to create a fully integrated U.S. battery materials supply chain, reducing reliance on imports.

**【Management Opening Remarks】**
- **Stellantis Offtake Termination**: The company announced the termination of its offtake agreement with Stellantis, one of three agreements underpinning its debt project financing. Remaining agreements with SK On and Hiller Carbon remain intact.
- **Kellyton Optimization**: Management is refocusing on aligning Kellyton Phase 1 production with existing offtake commitments to reduce capital requirements and improve resilience. A strategic review is expected to conclude early 2026.
- **Financial Flexibility**: $55 million raised in H2 2025 provides runway to pursue objectives, including Kellyton ramp-up and Coosa permitting.

**【CEO Frank Bakker’s Commentary】**
- **Kellyton Progress**: The qualification line is producing 1+ metric tons of battery-grade natural graphite samples, with upgrades enabling faster cycle times and higher yields. Full commercial production readiness is a key focus.
- **Vertical Integration**: Coosa deposit development aims to create a vertically integrated supply chain, reducing costs and enhancing domestic battery materials leadership.
- **Strategic Adaptation**: The company is optimizing Phase 1 to align with customer demand, aiming to reduce capital expenditures while maintaining a swift path to commercial production.

**【CFO Steven Cates’ Financial Update】**
- **Liquidity**: $53 million cash balance as of November 5, 2025, providing flexibility for project investments.
- **Government Funding Pursuits**: Engaging with DOE’s Critical Materials Innovation Program and FAST-41 to accelerate Coosa permitting. U.S. Export-Import Bank application under review despite government shutdown delays.
- **Capital Discipline**: Balancing equity issuance with the need for liquidity to advance projects and seize opportunities.

**【Q&A Highlights】**
- **Permitting Delays**: Government shutdown impacted travel and permitting progress, but the company remains optimistic about resuming DOE engagement.
- **Market Pricing**: Anode pricing appears stable, with potential for increases due to tariffs and supply chain uncertainties.
- **SMR Reactor Interest**: No current interest from SMR developers, but the company will explore potential opportunities.
- **Government Funding Clarity**: DOE allocations for critical minerals processing and Office of Strategic Capital funding are key focus areas.

Westwater Resources, Inc. (WWR) Q3 2025 Earnings Call Transcript

- **Construction Momentum**: Kellyton Graphite Plant Phase 1 at 50% completion, with $124 million invested and key equipment installed. Produced >1 metric ton of battery-grade graphite samples for customer trials.
- **Customer Demand**: Engaged in 1-10 metric ton qualification batches with customers, signaling strong pre-production interest.
- **Capital Progress**: $12 million in cash on hand; EXIM Bank application submitted for $150 million debt syndication, targeting >50% funding coverage.
- **Risk Mitigation**: Diversifying feedstock suppliers and advancing Coosa deposit vertical integration strategy.

**【CEO Summary Section】**
- **Kellyton Graphite Plant Progress**: As of Q2 2025, $124 million of Phase 1 construction costs ($245 million total) have been incurred. Key milestones include grid power transition, installation of 2 commercial-scale mills, and qualification line enhancements for customer sample production (excess 1 metric ton for pre-production trials). Operations team training is underway to prepare for commercial launch.
- **Customer Engagement**: Produced 1-10 metric ton batches for customer qualification activities, with product representative of mass-scale production. Secured $12 million in cash through convertible note issuances, maintaining disciplined spending amid capital market volatility.
- **Financing Update**: Submitted $150 million debt syndication application to EXIM Bank post-quarter, targeting >50% funding coverage at attractive rates. Remain focused on securing capital for Phase 1 completion.

**【CFO Financial Commentary】**
- **Debt Financing**: Advancing $150 million syndicated facility with lenders, including third-party technical due diligence and site visits. EXIM Bank application submitted post-quarter for complementary funding. Feedstock supplier diversification underway to mitigate risks.
- **Cash Management**: Ended Q2 with $6.7 million cash, raising an additional $5 million post-quarter via convertible notes. Total cash on hand: $12 million. Emphasized cost discipline and project execution.

**【Q&A Key Highlights】**
- **Interest Rate Impact**: CFO noted lower rates could reduce cost of capital for future financings, though current deals unaffected by potential September cuts.
- **Convertible Notes**: Investor interest in non-dilutive capital raises; may pursue follow-ons if market conditions allow.
- **Turkey Project Settlement**: Resolved several years ago with $3 million recovery; no further claims or involvement in Turkey operations.

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