Westwater secures contracts for 2024 graphite production

Westwater Resources, Inc. announced its business and financial updates for 2024. The company, which focuses on developing battery-grade natural graphite, reported significant milestones related to its natural graphite business and the construction of the Kellyton Graphite Plant in Alabama. All expected production for its first phase is under contract. However, the company is facing delays in debt financing needed to complete the plant's construction. Terence J. Cryan, Westwater's Executive Chairman, noted that recent federal policy decisions, including tariffs, have created uncertainty in financial markets, affecting the financing process. In September 2024, Westwater secured a term sheet with a major lender for a $150 million loan to complete the plant. The company is currently working through due diligence and loan documentation processes. Finalizing the financing could take time, and it depends on several factors, including agreement with other lenders. The company also reported a "going concern" qualification in its financial statements for 2024. This indicates uncertainty regarding its ability to continue operating without additional funding. The complete financial report was submitted to the Securities and Exchange Commission on March 20, 2025. Despite challenges, Westwater remains focused on its projects, including the Coosa Graphite Deposit, which is located in Alabama. The company aims to keep investors informed as it works to secure the necessary funds to move forward with its plans.