Westwater Resources (WWR) Q1 2025 earnings summary

Executive summary

• Commissioned the qualification line at the Kellyton Graphite Processing Plant, producing over 800 kg of CSPG sample and preparing for full operations.

• 100% of phase I production capacity is committed under offtake agreements, with strong demand for phase II.

• Construction of Kellyton Plant continues at a reduced pace pending additional funding; $124.1M incurred to date out of $245M expected for Phase I.

• Successfully completed U.S. Patent and Trademark Office review of a key patent application.

• Net loss for Q1 2025 was $2.7M, improved from $2.9M in Q1 2024, mainly due to lower G&A costs.

Financial highlights

• Phase I construction cost estimate remains at $245 million, with 85% of equipment secured and on hand.

• Net loss of $2.7M for Q1 2025, or $0.04 per share, compared to $2.9M or $0.05 per share in Q1 2024.

• Cash and cash equivalents at March 31, 2025, were $3.3M, down from $4.3M at year-end 2024.

• Net cash provided by financing activities was $4.2M, up $3.7M from Q1 2024, driven by equity sales.

• No revenue from operations since 2009; company remains pre-revenue and in development stage.

Outlook and guidance

• Commercial production at Kellyton is anticipated to begin in 2026, pending phase I financing closure this year.

• Construction activity at Kellyton Plant will remain reduced until additional funding is secured, impacting completion timeline.

• Ongoing engagement with customers and offtake partners for phase II, targeting 37,500 metric tons per year.

• Management expects continued cash losses until Kellyton Plant operations commence.