Westwater Resources is a pre-revenue energy technology company developing a domestic supply of battery-grade natural graphite for lithium-ion batteries. Westwater's core product is Coated Spherical Purified Graphite (CSPG), which is used as the anode material in lithium-ion batteries that power EVs, consumer electronics, and battery energy storage systems. Westwater's strategy is vertically integrated — from mine to market — built around two assets in Coosa County, Alabama. The first is the Kellyton Graphite Plant, a processing facility under construction that will convert natural graphite flake concentrate into battery-grade CSPG. Phase I is designed for 12,500 metric tons of CSPG per year, with an eventual Phase II target of 50,000 mt/year. The second asset is the Coosa Graphite Deposit, a large mineral resource that Westwater intends to develop as the long-term feedstock source for Kellyton, though it remains in permitting. Until Coosa is operational, Westwater sources graphite concentrate from third-party suppliers. Westwater plans to sell CSPG directly to battery manufacturers and automotive OEMs under multi-year offtake agreements; active agreements are in place with SK On and Hiller Carbon. Westwater holds a patented purification process that avoids hydrofluoric acid, which it argues offers environmental advantages over conventional processing methods. Westwater is still in the capital-intensive construction phase, with roughly $117M remaining to complete Phase I against a total budget of approximately $245M, and is financing operations through convertible notes, equity issuances, and government financing programs.