In This Story
Westwater Resources Inc. (WWR+1.85%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on developing battery-grade natural graphite materials through its Kellyton Graphite Plant and Coosa Graphite Deposit, both located in Coosa County, Alabama. The Kellyton Graphite Plant is expected to produce 12,500 metric tons of coated spherical purified graphite (CSPG) per year in Phase I, primarily for lithium-ion batteries.
In 2024, Westwater entered into several agreements, including a Fines Offtake Agreement with Hiller Carbon and an Offtake Agreement with FCA US LLC, securing commitments for 100% of its anticipated Phase I production capacity.
Construction of the Kellyton Graphite Plant is ongoing, with an estimated Phase I cost of $245 million, down from $271 million due to design optimizations. The company has incurred costs of approximately $122.8 million related to construction activities for Phase I.
Westwater is seeking additional funding to complete the construction of Phase I and has entered into a term sheet for a $150 million secured debt facility. The company is working to finalize the syndication of this debt facility.
The Coosa Graphite Deposit is in the exploration stage, with a strategic financing review process underway to identify investment sources and partners.
Westwater reported a consolidated net loss from continuing operations of $12.7 million for the year ended December 31, 2024, compared to a net loss of $7.8 million in 2023. The increase in net loss is attributed to various factors, including a $1.5 million loss on the sale of graphite concentrate and a decrease in interest income.
As of December 31, 2024, Westwater had cash and cash equivalents of $4.3 million. The company continues to rely on equity and debt financings to fund its operations and business plan.
Westwater's internal controls over financial reporting were deemed effective as of December 31, 2024, and the company continues to monitor its cybersecurity measures to protect its operations and data.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Westwater Resources Inc. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.