Aug 13, 2026 earnings call — EXIM loan advances Kellyton graphite plant
EXIM approved a $25 million loan to support Kellyton, moving the plant closer to commercial production, which could commence as soon as next year.
EPS $-0.03 (est $-0.03)
Key quotes
"EXIM's $25 million approval is more than a financing milestone."
"Phase 1 is designed to produce approximately 12,500 metric tons per year of CSPG."
"The current estimated completion date for environmental review and permitting as reflected on the FAST-41 dashboard is June 2027."
Analyst Q&A 4
Kellyton costs and government funding
Q (Heiko Ihle · H.C. Wainwright): Heiko asked which construction costs or components still worry them on Kellyton pricing and whether contingency covers those. He also asked which government departments or programs they are pursuing and for a timeline.
A: Management said they have contingency and escalation in the forecast and expect to complete the project within $245 million. They said some items have fixed pricing, some use unit rates, and some are already ordered and delivered. They would not name specific government programs because those are competitive, but said about 4 initiatives are ongoing including EXIM and timelines vary by agency.
"So, I think we're looking pretty good on the forecast at completion for our project to complete it within the amount of $245 million total." — Frank Bakker (CEO)
EXIM loan use and Coosa status
Q (Tate Sullivan · Maxim Group): Tate asked if any of the $25 million EXIM loan can be used at Coosa and how soon they can get the funds. He also asked about recent graphite flake prices and whether work at Coosa can proceed during permitting.
A: They said the $25 million is earmarked for Phase 1 of Kellyton and cannot be used for Coosa. They have formal approval from EXIM, the diligence is complete, and the remaining steps are documentation and customary closing conditions; proceeds will be drawn over time like construction draws. They said graphite flake prices are at historic lows around $500, $600 a ton and that Coosa needs an NPDES permit (expected June 2027) before construction, with operation estimated late 2028 or early 2029.
"The use of proceeds are for Phase 1 of Kellyton." — Steven Cates (CFO)
Federal funding focus and customer validation
Q (Patrick McCann · D. Boral Capital): Pat asked whether future federal funding is likely to favor Kellyton first and how Coosa fits in. He also asked how EXIM approval helps validate their process with customers and the qualification pipeline.
A: They said the vertically integrated strategy (mining plus processing) is attractive to the government and while the EXIM loan is for Kellyton, other initiatives could fund Coosa. They stressed they produced customer samples at near-commercial scale—running samples in 5-ton batches—to remove scale-up risk, which helped secure offtake agreements (currently being renegotiated) and build customer confidence. Management said customers know Westwater would be the U.S. source for anode material in 2027–2029 and they expect strong demand as Kellyton is commissioned.
"I mean going back 4 years ago, right out of the gate, we were running samples in 5-ton batches." — Terence Cryan (CHAIR)
Loan terms and Phase 1 funding timing
Q (Patrick McCann · D. Boral Capital): Pat asked for expectations on the loan terms in broad strokes and when full Phase 1 funding needs to be in place to meet 2027 production targets.
A: They would not disclose definitive loan terms until documents are signed, but said the loan is multiyear and the cost of capital should be attractive versus private market rates—likely single-digit versus private mid-teens. They said EXIM funding helps preserve a 12-month timeline once funding is complete, that long-lead orders placed late last year were critical, and there is no single fixed date because they will advance as additional capital is secured.
"I think it's easy to expect and estimate that we're talking about single-digit type of cost of capital." — Steven Cates (CFO)