The increase in net loss was primarily attributable to costs associated with convertible note issuances and related fair value adjustments, increased stock-based compensation expense, and expenses related to advancing permitting activities at Coosa. “During 2025, we made solid progress advancing our vertically integrated domestic graphite business,” said Frank Bakker, CEO. “At Kellyton, we continued construction, produced customer samples, and completed additional optimization work while maintaining our capital estimate for plant completion despite higher input costs. We also moved forward on permitting at Coosa and continued engaging with customers. Based on the progress we’ve made, including the successful patenting of our graphite purification process, we believe Westwater is the most advanced American developer of battery-grade natural graphite in the United States. We believe we are well positioned as demand for domestic graphite continues to grow.”
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