Westwater Raises $67M, Holds $48.6M Cash to Complete $245M Kellyton Plant
Westwater Resources raised approximately $67 million through convertible notes and equity programs in 2025, ending the year with $48.6 million in cash and under $100 million of capital left to complete the $245 million Kellyton Phase I plant. The company secured a U.S. patent for its graphite purification process and holds offtake agreements with SK On and Hiller Carbon covering the vast majority of projected plant output.
1. Full Year 2025 Financial Summary
Westwater Resources raised approximately $67 million through convertible notes and equity programs during 2025, ending the year with $48.6 million in cash and remaining financing capacity to complete less than $100 million of Phase I capital at the Kellyton Graphite Plant.
2. Kellyton Graphite Plant Development and Optimization
Construction milestones at Kellyton included installation and commissioning of micronization and shaping mills, electrical grid connection and qualification line improvements, with cumulative investment exceeding $130 million and Phase I capital estimate maintained at approximately $245 million despite rising input costs.
3. U.S. Patent and Offtake Agreements
The company secured a U.S. patent for its proprietary graphite purification process, bolstering domestic production capabilities, and holds offtake agreements with SK On and Hiller Carbon covering the vast majority of Kellyton’s initial CSPG capacity.
4. Coosa Deposit Permitting Progress
Permitting for the Coosa Graphite Deposit advanced through key regulatory milestones, positioning the site as a long-term feedstock source for Kellyton and supporting the vertically integrated mine-to-market strategy.