Progress in Graphite Projects and Financial Overview
Westwater Resources, Inc. has released its financial and business results for the first quarter of 2026, reporting a net loss of $4.7 million. Specializing in battery-grade natural graphite, the company continues development on its Coosa Graphite Deposit and Kellyton Graphite Plant in Alabama.
During the first quarter, Westwater advanced its efforts in permitting and construction activities. Receiving a ‘covered project’ designation under the FAST-41 Federal Permitting Program, Coosa Graphite Deposit made significant progress in applying for various permits crucial for future mine development. The company filed an application for a National Pollutant Discharge Elimination System permit with the Alabama Department of Environmental Management.
Westwater’s CEO, Frank Bakker, emphasised, “Our focus remains on execution across Coosa permitting, qualification activities, and measured construction progress at Kellyton, while actively pursuing financing initiatives to support completion of Phase I.”
Kellyton Plant Developments
Continued construction and operational readiness activities have been observed at the Kellyton Graphite Plant, with the qualification line producing samples representative of future commercial production. Approximately $130 million has been invested in the project so far, with a total estimated Phase I capital cost of $245 million. The company also continues to operate its R&D Lab to support product optimization and quality control testing.
Engagement with customers and commercial activities are ongoing. Discussions have been held with global lithium-ion battery manufacturers and OEMs. Despite the termination of a Products Procurement Agreement by SK On Co., Ltd., initially signed in February 2024, Westwater is working with other potential customers to secure future sales.
As of 31st March 2026, Westwater’s cash balance stood at $41.5 million. The company continues to explore various funding opportunities, including government programs, to secure the remaining financing needed for its projects. Approximately $19 million of untouched contingency funds remain available for potential cost escalations.
A conference call and webcast will be hosted by the company on 13th May 2026 at 11:00 AM Eastern Time to further discuss the first-quarter results. Investors can submit questions in advance via email, and a replay of the webcast will be available on the company’s website. Westwater aims to keep its stakeholders informed about ongoing developments and financial performance.
Last updated: 14 May 2026, 1:20 am
