SK On also terminated its graphite procurement agreement, the second of Westwater's three anchor offtake customers to walk away within five months, though SK On left the door open to a future deal on new terms; construction continues at Kellyton under new CEO Frank Bakker.
7 Nov 2025material agreement termination▼ BadMajor
Stellantis's FCA US unexpectedly terminated its graphite offtake agreement, pausing the debt syndication that its deal with SK On, FCA and a third customer, Hiller Carbon, had supported; Westwater disputes FCA's right to cancel and says it has raised roughly $55 million since mid-2025 to keep advancing Kellyton while rescoping Phase I smaller.
The company raised another $5 million through a nearly identical convertible note offering, this time convertible at a somewhat higher $0.83 a share, continuing to patch funding gaps with small debt raises.
Westwater raised up to $5 million through convertible notes priced to convert at $0.63 a share, a small, distressed-style raise consistent with the going-concern warning from its auditor days earlier.
Auditor Moss Adams merged into Baker Tilly, which took over as Westwater's auditor in a routine, disagreement-free transition; however, Moss Adams's audit report again flagged going-concern doubt, echoing the same warning from a decade earlier.
Westwater gave an update on financing talks for Kellyton Phase I construction debt and completed a feasibility study for a Phase II expansion of the plant.
30 Aug 2024capital raising announcement▲ GoodMajor
Westwater replaced its 2020 Lincoln Park equity facility with a larger one, committing Lincoln Park Capital to buy up to $30 million of stock over the next two years as needed to help fund Kellyton Graphite Plant construction.
Westwater signed a second binding offtake agreement, with FCA US (Stellantis's US arm), for graphite anode material from the Kellyton plant, adding a second major automotive customer alongside SK On.
Westwater landed its first named offtake customer, signing a multi-year products procurement agreement with Korean battery maker SK On for graphite from the Kellyton plant, ramping to 10,000 metric tons a year by the deal's final year -- likely the 'Tier 1' customer teased in March 2023.
7 Mar 2023asset acquisition disposition▲ GoodMajor
Westwater signed an agreement with an unnamed Tier 1 electric-vehicle battery maker to qualify its graphite for EV batteries, said an optimized feasibility study more than doubled expected Kellyton output and nearly tripled the project's estimated value, and outlined a non-binding $150 million private-debt term sheet to help fund construction.
President and CEO Chad Potter resigned after less than a year in the role and signed a severance agreement covering a year's salary and partial vesting of his stock awards.
As part of its CEO transition, Chairman Terence Cryan took on a paid Executive Chairman role at $12,500/month rather than stepping back from day-to-day involvement.
The feasibility study for the Kellyton graphite plant was completed, pegging Phase I construction costs at about $202 million, and the board approved spending to begin construction and buy supporting industrial space.
Westwater delayed completion of the Coosa feasibility study to Q4 2021 to model higher production rates after marketing turned up more customer demand than originally scoped; the company had also moved its listing to NYSE American.
The at-the-market stock-sale program with Cantor Fitzgerald was expanded again, to up to $50 million, under a fresh registration after the company's move to NYSE American.
Westwater hired Samuel Engineering to run the definitive feasibility study for its Coosa Graphite Project processing plant in Kellyton, Alabama, the next step in developing its now-sole focus asset.
31 Dec 2020asset acquisition disposition▲ GoodMajor
Westwater sold its remaining uranium subsidiaries in Texas and New Mexico to enCore Energy for cash, stock and royalty interests, completing its exit from uranium to focus entirely on battery-grade graphite.
Westwater replaced its equity line with a much larger $100 million, three-year purchase agreement with Lincoln Park Capital, a sign of dramatically improved capital-markets access compared to its earlier, smaller facilities.
Alongside a routine expansion of its Cantor Fitzgerald at-the-market program, Westwater disclosed a letter of intent to sell its remaining New Mexico/Texas uranium assets for about $1.95 million in the buyer's stock plus royalties, and returned its Nevada/Utah lithium claims to the government - completing the pivot away from uranium and lithium toward graphite.
22 May 2020capital raising announcement▲ GoodMajor
Westwater signed a committed equity facility letting it sell Lincoln Park Capital up to $12 million of stock over two years as needed, drawing an initial $250,000 immediately.
Westwater extended the closing deadline on its royalty-portfolio sale to Uranium Royalty Corp to August 2019, with URC putting in an extra $1 million deposit.
The company brought in a new financing partner, Lincoln Park Capital, selling it a small $550,000 stock-and-warrant package - the start of what becomes a recurring equity-financing relationship.
Westwater regained Nasdaq compliance and the hearings panel closed its delisting review, ending a listing-compliance saga that had run on and off since 2010.