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Company Overview - WestWater Resources, Inc. (WWR) is an American company focused on developing a graphite mine and processing plant project in Alabama [1] Industry Focus - The company's goal is to provide graphite that is suitable for use in the domestic electric battery industry, indicating a strategic alignment with the growing demand for electric vehicle batteries and renewable energy storage solutions [1]

Core Viewpoint - Westwater Resources, Inc. will participate in the DealFlow Discovery Conference on January 28-29, 2026, where the Executive Chairman will present and hold one-on-one investor meetings [1][2]. Group 1: Company Overview - Westwater Resources, Inc. is an energy technology company focused on developing battery-grade natural graphite [3]. - The primary project of Westwater is the Kellyton Graphite Processing Plant, which is currently under construction in east-central Alabama [3]. - The Coosa Graphite Deposit, located across 41,965 acres (~17,000 hectares) in Coosa County, Alabama, is the largest and most advanced natural flake graphite deposit in the contiguous United States [3]. Group 2: Event Details - The DealFlow Discovery Conference will take place at The Borgata Hotel, Casino & Spa in Atlantic City, NJ [2]. - Investors interested in meeting with the company can request an investor pass to attend the conference at no cost [2].

Financial Data and Key Metrics Changes - The company raised approximately $55 million through an ATM program and a convertible note offering since June 30, with a cash balance of about $53 million as of November 5, providing a solid runway for operations [11][12][32] - The company has invested approximately $125 million in developing the Kellyton Phase One facility [5] Business Line Data and Key Metrics Changes - The qualification line has successfully delivered large sample quantities of battery-grade natural graphite, completing full production runs of over one metric ton of CSPG for customers [8][9] - Improvements to the qualification line have resulted in faster cycle times, higher yields, and better flow rates, enhancing production capabilities [8] Market Data and Key Metrics Changes - The company has not observed any deterioration in anode pricing and believes prices are holding with potential for increases due to tariffs and export restrictions [22] - Graphite is recognized as a critical mineral, making up about 50% of the weight of a lithium-ion battery, and is a focus area for government funding initiatives [14] Company Strategy and Development Direction - The company aims to optimize the ramp-up of Kellyton to align capacity with existing off-take commitments, which may reduce capital requirements for full commercial production [5][9] - The Coosa Graphite Deposit is a key part of the company's strategic growth plans, allowing for vertical integration by mining graphite at Coosa and processing it at Kellyton [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges in the U.S. battery materials market but expresses confidence in the company's ability to adapt and continue moving forward [16] - The company is committed to building a sustainable, profitable business and is focused on long-term growth and value creation for shareholders [16] Other Important Information - The unexpected termination of the off-take agreement with Fiat Chrysler Automotive has paused the debt syndication process, which was reliant on that agreement [4] - The company is exploring various government funding opportunities, including the Department of Energy's critical materials innovation initiative and the FAST-41 program for expedited permitting [12][14] Q&A Session Summary Question: What is the status of permitting at Coosa and any bottlenecks due to the government shutdown? - Management indicated that they are working to advance permitting and are in a good position to enter the FAST-41 program, although the government shutdown has caused some delays [20][21] Question: What is the outlook on pricing and long-term graphite demand? - Management noted that there has been no deterioration in pricing and that prices are holding steady with potential for increases [22] Question: Are there any interests from companies using graphite in SMR reactors? - Management stated they are not currently aware of any interest from these companies but will look into the potential market [25][28] Question: Clarification on the recent $75 million offering reported? - Management clarified that the $75 million was an ATM refresh and not a one-time offering, with the majority of the $55 million raised occurring before this refresh [32]

Financial Performance - Westwater reported a net loss of $9.8 million, or $0.12 per share, for the three months ended September 30, 2025, compared to a net loss of $3.1 million, or $0.05 per share, for the same period in 2024, marking a $6.7 million increase in net loss [150]. - For the nine months ended September 30, 2025, the net loss was $16.4 million, or $0.21 per share, compared to a net loss of $9.8 million, or $0.17 per share, for the same period in 2024, reflecting a $6.6 million increase [151]. - General and administrative expenses increased by $1.0 million and $1.4 million for the three and nine months ended September 30, 2025, respectively, primarily due to increased stock compensation expenses [153]. - Net cash used in operating activities increased by $4.2 million to $7.9 million for the nine months ended September 30, 2025, compared to the same period in 2024 [156]. - Net cash used in investing activities rose by $2.4 million for the nine months ended September 30, 2025, primarily due to construction capital expenditures for the Kellyton Graphite Plant [157]. - Net cash provided by financing activities increased by $21.6 million for the nine months ended September 30, 2025, driven by proceeds from Convertible Notes and Common Stock sales [158]. - As of September 30, 2025, the Company's cash balance was approximately $12.9 million, with net proceeds of $10.1 million from the sale of 13.8 million shares of Common Stock [162]. - Subsequent to September 30, 2025, the Company sold 22.2 million shares of Common Stock for net proceeds of $43.3 million, raising its cash balance to approximately $53 million as of November 5, 2025 [163]. - The Company has approximately $26.2 million remaining available for future sales under the 2024 Lincoln Park PA as of September 30, 2025 [165]. - The Company has not recorded revenue from operations since 2009, and current liabilities exceeded current assets as of September 30, 2025, indicating risks associated with development stage companies [159]. Project Development - The company incurred approximately $125.1 million in costs related to the Kellyton Graphite Plant project as of September 30, 2025 [130]. - Westwater's qualification line at the Kellyton Graphite Plant produced multiple samples of over 1 metric ton of CSPG for customers for pre-production cell trials and testing [131]. - Construction activities for the Kellyton Graphite Plant have been significantly reduced until additional funding is secured [161]. Strategic Initiatives - The company has received a U.S. Patent for its graphite purification method, which avoids the use of hazardous substances and positions Westwater as a leader in sustainable production [128]. - Westwater continues to explore additional offtake opportunities after FCA unexpectedly terminated its Offtake Agreement, while agreements with SK On and Hiller Carbon remain in effect [124][125]. - The company is working on securing a $150 million secured debt facility, which is currently on hold due to the termination of the FCA contract [136]. - The Company filed a prospectus supplement on October 17, 2025, to register the offer and sale of shares of Common Stock for up to $75 million under the ATM Sales Agreement [164]. Market Context - The U.S. is almost 100% dependent on imports for battery-grade graphite, highlighting the geopolitical risks and supply-chain vulnerabilities associated with critical minerals [140]. - The Company faces significant risks related to funding availability, market volatility, and operational challenges that could impact its business plan and construction timelines [166].

Core Insights - Westwater Resources has secured $55 million in capital funding since mid-2025, primarily through its at-the-market program and convertible note offerings, with a current cash balance of approximately $53 million as of November 5, 2025 [5][6]. - The company is focused on optimizing the Kellyton Plant to meet existing offtake commitments after Stellantis unexpectedly terminated its Binding Offtake Agreement, which has paused debt syndication efforts [2][3][4]. Capital and Financing - Westwater raised approximately $55 million since June 30, 2025, with most funds coming from the ATM program before increasing its size to $75 million on October 17, 2025 [5][6]. - The additional liquidity will support the optimization of Phase I of the Kellyton Plant, equipment purchases, permitting activities at the Coosa Graphite Deposit, and evaluation of potential government funding [7]. Offtake Agreements - The company maintains offtake agreements with SK On and Hiller Carbon, while Stellantis has indicated a willingness to reconsider a new arrangement based on current market conditions [4]. - Westwater is actively exploring additional offtake opportunities with prospective customers and providing samples as part of its engagement efforts [4]. Strategic Developments - The optimization of the Kellyton Plant aims to adjust processing capacity to align with existing offtake agreements and available financing, which is expected to lower initial capacity and reduce total capital requirements [3]. - The evaluation for optimizing Phase I of the Kellyton Plant is expected to be completed by the end of the year, with an update planned for early 2026 [3]. Government Engagement - Westwater has filed an application with the U.S. Export-Import Bank related to the Kellyton Plant, which is currently undergoing due diligence, although this process has been delayed due to a recent U.S. government shutdown [8]. - The company is also engaging advisors to secure other sources of government funding [8]. Industry Position - Westwater Resources is positioned as one of the most advanced U.S.-based natural graphite developers, benefiting from early market mover advantages in the critical minerals sector [6][7]. - The company is navigating the challenges of developing the domestic battery materials sector, which is still in its infancy [9].

Core Insights - Westwater Resources is advancing the permitting process at the Coosa Deposit to support the Kellyton Plant and enhance the U.S. graphite supply chain [1] Group 1 - The Coosa Deposit is being developed to supply graphite for the Kellyton Plant [1] - This initiative aims to strengthen the domestic supply chain for graphite in the United States [1]

Group 1 - Westwater Resources (NYSE: WWR) is developing a plant for commercial-scale graphite production, with existing offtake agreements, including one with Stellantis (STLA) [2] - The company is also pursuing an offtake agreement for graphite fines, indicating a strategic focus on expanding its product offerings [2] - The Value Lab, an investment group, emphasizes long-only value ideas and aims for a portfolio yield of approximately 4%, highlighting its success in international markets over the past five years [1][2] Group 2 - The Valkyrie Trading Society consists of analysts who focus on high conviction, obscure developed market ideas that are expected to yield non-correlated and outsized returns in the current economic climate [3]

Core Viewpoint - Westwater Resources, Inc. has received a significant patent for innovative graphite purification methods, marking a milestone in its technological advancement in the energy technology and critical minerals sector [1]. Company Summary - Westwater Resources, Inc. is focused on developing battery-grade natural graphite, positioning itself as a key player in the energy technology and critical minerals industry [1]. - The company has been awarded U.S. Patent Number 12,415,731 by the U.S. Patent and Trademark Office, highlighting its commitment to innovation and technological development [1].

Financial Data and Key Metrics Changes - As of June 30, the company incurred approximately €124 million of the total expected €245 million cost for Phase one construction [5] - The company ended the quarter with €6.7 million in cash, which includes proceeds from a €5 million convertible note issuance in June [7] - Following the quarter, the company completed a follow-on transaction for an additional €5 million, resulting in over €12 million in cash on hand [8] Business Line Data and Key Metrics Changes - The qualification line at the Callantan graphite plant produced CSPG samples exceeding one metric ton for customer preproduction sales trials and testing [5] - Enhancements were implemented to improve cycle times and graphite flow rates, optimizing line performance [6] Market Data and Key Metrics Changes - The company is encouraged by the level of engagement from financing partners and believes the Callatin project aligns with U.S. policy priorities and growing market demand for domestic battery-grade graphite [7][10] Company Strategy and Development Direction - The company is focused on securing capital to complete the build of the Callantan graphite plant and is advancing multiple financing paths [7][10] - Long-term strategy includes vertical integration through the Coosa deposit while currently prioritizing flexibility and progress on the Callantan project [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to finance and produce the Callantan project, citing strong demand signals and federal policy support [12][13] - The company is committed to execution, transparency, and long-term value creation for shareholders [13] Other Important Information - The company has faced broader capital market volatility and trade policy shifts but remains optimistic about project financing and market conditions [7][10] Q&A Session Summary Question: Impact of potential interest rate cuts on financing - Management indicated that lower interest rates would be beneficial for project financing and long-term growth [17] Question: Future plans for convertible notes - Management stated that they would remain opportunistic regarding potential follow-on convertible note issuances [18] Question: Status of the project in Turkey - Management clarified that they are 100% focused on graphite and Phase one financing, with no current presence or claims in Turkey [22][24]