Westwater Resources Inc (WWR) 2025 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Westwater Resources, Inc. second-quarter 2025 business update conference call. (Operator Instructions) The conference is being recorded.

感謝您的支持。我是會議主持人。歡迎參加 Westwater Resources, Inc. 2025 年第二季業務更新電話會議。（操作員指示）會議正在錄音。

(Operator Instructions) I would like to turn the conference over to Frank Bakker, President and CEO. Please go ahead, sir.

（操作員指示）我想將會議交給總裁兼執行長弗蘭克·巴克 (Frank Bakker)。先生，請繼續。

Thank you, moderator, and good morning to everyone joining us for today's business update call. I'm joined by Terence Cryan, our Executive Chairman; and Steve Cates, our Chief Financial Officer. We appreciate your time and interest in Westwater Resources.

謝謝主持人，大家早上好，歡迎參加今天的業務更新電話會議。與我一起出席的還有我們的執行主席 Terence Cryan 和財務長 Steve Cates。我們感謝您對 Westwater Resources 所付出的時間和關注。

Before we begin, I would like to remind everyone that today's discussion will include forward-looking statements. These statements reflect management's current expectations regarding a variety of factors, including project demand and pricing for natural graphite, anticipated time lines and costs associated with the Kellyton Graphite Plant and Coosa deposit as well as upcoming capital raising activities.

在我們開始之前，我想提醒大家，今天的討論將包括前瞻性陳述。這些聲明反映了管理層對各種因素的當前預期，包括天然石墨的專案需求和定價、與凱利頓石墨廠和庫薩礦床相關的預期時間表和成本以及即將開展的融資活動。

As always, these statements are subject to certain risks and uncertainties which are detailed in our annual report on Form 10-K for the year ended December 31, 2024, and in other filings with the Securities and Exchange Commission. Please also refer to the cautionary statement included in our August 14 press release. Actual results may differ materially from those expressed or implied in today's remarks.

與往常一樣，這些聲明受某些風險和不確定性的影響，這些風險和不確定性在我們截至 2024 年 12 月 31 日的 10-K 表年度報告以及向美國證券交易委員會提交的其他文件中有詳細說明。另請參閱我們 8 月 14 日新聞稿中的警告聲明。實際結果可能與今天的言論中表達或暗示的結果有重大差異。

Today, I'm pleased to provide an update on Westwater Resources progress during the first half and second quarter of 2025. At our Kellyton Graphite Plant, we continued construction at a measured pace. As of June 30, we've incurred about $124 million of the total expected $245 million cost for Phase 1 construction. During the first half and second quarter, we advanced several key work streams, including our transition to grid power as well as installation of all our commercial scale micronizing and shaping mills of which we commissioned two units during the quarter.

今天，我很高興向您介紹 Westwater Resources 在 2025 年上半年和第二季的進展。在我們的凱利頓石墨廠，我們繼續以有節奏的速度進行建造。截至 6 月 30 日，我們已花費第一階段建設預計總成本 2.45 億美元中的約 1.24 億美元。在上半年和第二季度，我們推進了幾項關鍵工作流程，包括向電網電力的過渡以及所有商業規模微粉化和成型磨機的安裝，其中兩台在本季度投入使用。

Also during the quarter and throughout the first half of the year, we continue to operate the qualification line at the Kellyton Graphite Plant. This has been an important step in both advancing customer engagement and preparing our team for commercial operations. Using our qualification line, we have produced CSPG samples in excess of 1 metric tonne for customer pre-production cells trials and testing.

此外，在本季和整個上半年，我們將繼續營運凱利頓石墨工廠的合格生產線。這對於提高客戶參與度和為我們的團隊做好商業營運準備都是重要的一步。利用我們的認證生產線，我們已經生產了超過 1 公噸的 CSPG 樣品，供客戶進行預生產電池試驗和測試。

In quarter two, we took that step further, implementing enhancements to improve cycle times and graphite flow rates which is allowing us to optimize the line performance. The product coming from this line is representative of what we will produce at mass scale, meaning we can now provide customers with both batches ranging from 1 to 10 metric tonnes for their qualification activities even while Phase 1 construction is still underway.

在第二季度，我們採取了進一步的措施，實施了改進措施以改善循環時間和石墨流速，這使我們能夠優化生產線性能。該生產線生產的產品代表了我們將大規模生產的產品，這意味著即使第一階段的建設仍在進行中，我們現在也可以為客戶提供 1 至 10 公噸的兩個批次，用於他們的資格認證活動。

Just as important, the qualification line serves as hands on training for our operations team. This experience is setting us up to move quickly and efficiently when it's time to commissioning and start-up of the plant, ensuring we hit the ground running when we reach full commercial production. That said, we remain laser-focused on securing the capital needed to complete the build.

同樣重要的是，資格認證線為我們的營運團隊提供了實務培訓。這種經驗使我們能夠在工廠調試和啟動時快速有效地採取行動，確保我們在實現全面商業生產時能夠順利運作。儘管如此，我們仍然專注於確保完成建設所需的資金。

During the quarter, the syndication process on $150 million debt financing continued, and I'm pleased to report that shortly after the quarter's end, we formally submitted our loan application to the Export-Import Bank of the United States, which represents a potential complementary funding source alongside our debt syndicate. Of course, like many companies operating in today's environment, we have felt the impact of broader capital market volatility and trade policy shifts, but we are encouraged by the level of engagement from our financing partners, and we believe the Kellyton project remains strongly aligned with both US policy priorities and growing market demand for domestic battery-grade graphite.

本季度，1.5 億美元債務融資的銀團融資流程仍在繼續，我很高興地報告，在本季度結束後不久，我們正式向美國進出口銀行提交了貸款申請，該銀行與我們的債務銀團一起成為潛在的補充資金來源。當然，與當今環境下運營的許多公司一樣，我們也感受到了更廣泛的資本市場波動和貿易政策變化的影響，但我們對融資合作夥伴的參與程度感到鼓舞，我們相信凱利頓項目仍然與美國的政策重點和日益增長的國內電池級石墨市場需求保持著密切的一致。

From a balance sheet perspective, we ended the quarter with $6.7 million in cash which includes proceeds from our $5 million convertible note issuance in June. Following the quarter, we completed a follow-on transaction with the same institutional investor for an additional $5 million. As a result, we currently have just over $12 million in cash on hand.

從資產負債表的角度來看，本季末我們擁有 670 萬美元的現金，其中包括 6 月發行的 500 萬美元可轉換票據的收益。本季結束後，我們與同一機構投資者完成了一筆額外 500 萬美元的後續交易。因此，我們目前手頭上的現金剛剛超過 1200 萬美元。

We have remained disciplined in our spending so far this year, including taking a measured approach on construction at Kellyton that ensures we maintain forward momentum while remaining disciplined with the cash on hand. Looking ahead, we are staying focused on execution with strong tailwinds, secured customer interest and a clear path to production, we are proud to be leading the development of one of the US first domestic sources of battery-grade natural graphite.

今年到目前為止，我們在支出方面一直保持紀律，包括在凱利頓的建設上採取審慎的態度，以確保我們保持前進的勢頭，同時對手頭上的現金保持紀律。展望未來，我們將繼續專注於執行，憑藉強勁的順風、有保障的客戶利益和清晰的生產路徑，我們很自豪能夠引領美國首批國內電池級天然石墨來源之一的開發。

Now I will turn it over to our Chief Financial Officer, Steve Cates, for a deeper dive into our financing efforts. Steve?

現在，我將把問題交給我們的財務長史蒂夫凱茨 (Steve Cates)，讓他更深入地探討我們的融資工作。史蒂夫？

Thanks, Frank. As Frank mentioned, financing Phase 1 at Kellyton is a top priority and we've continued to make progress on multiple fronts. On the debt syndication side, we're advancing 150 million secured facility with a group of lenders led by a global financial institution. We've completed an update to our third-party technical due diligence, hosted site visits, and advanced loan diligence and documentation. I'm encouraged by where we are today and have active engagement with lenders in the syndication.

謝謝，弗蘭克。正如弗蘭克所提到的，凱利頓第一階段的融資是重中之重，我們在多個方面繼續取得進展。在債務銀團方面，我們正在與一家由全球金融機構主導的貸款集團合作，提供 1.5 億美元的擔保貸款。我們已經完成了第三方技術盡職調查、現場訪問以及高級貸款盡職調查和文件的更新。我對我們目前的狀況感到鼓舞，並積極與銀團貸款機構合作。

In parallel, just after the end of the quarter, we submitted our formal loan application to the Export-Import Bank of the United States. This kicks off their due diligence process. The application requests funding that could cover more than 50% of the $150 million we're raising and at an attractive cost of capital. The EXIM track is entirely separate from the debt syndication, but we view it as complementary. Together these two paths give us optionality, flexibility, and stability in our capital stack, positioning us to complete Phase 1 financing in a way that supports both project completion and long-term growth.

同時，在本季結束後不久，我們向美國進出口銀行提交了正式的貸款申請。這啟動了他們的盡職調查程序。該申請請求的資金可以覆蓋我們所籌集的 1.5 億美元中的 50% 以上，而且資本成本很有吸引力。進出口銀行的軌道與債務銀團完全分開，但我們認為它們是互補的。這兩條路徑共同為我們的資本結構提供了選擇性、靈活性和穩定性，使我們能夠以支持專案完成和長期成長的方式完成第一階段的融資。

Another piece of the financing picture is feedstock security. As many of there are temporary disruptions at our supplier earlier this year, which did slow things down. And while those issues were resolved in the second quarter, we accelerated efforts to lock in a non-Chinese backup supplier. Over the relatively near term, we expect to be finalizing the backup supply of feedstock.

融資問題的另一個面向是原料安全。由於今年早些時候我們的許多供應商都出現了暫時中斷的情況，這確實減慢了我們的速度。雖然這些問題在第二季度得到了解決，但我們加快了鎖定非中國備用供應商的力度。在相對較短的時間內，我們預計將完成原料的備用供應。

Long term, our strategy is to vertically integrate through our Coosa deposit, but right now the priority is staying flexible and doing what it takes to keep Kellyton moving forward with strong demand signals from the market, support from federal policy, and multiple active funding paths, we're confident in our ability to get this project financed and into production.

從長遠來看，我們的策略是透過我們的 Coosa 礦床進行垂直整合，但目前的首要任務是保持靈活性並盡一切努力讓 Kellyton 繼續向前發展，憑藉來自市場的強勁需求信號、聯邦政策的支持以及多種積極的融資途徑，我們有信心為該項目獲得融資並投入生產。

And while financing is critical, it's just one piece of the bigger picture. We're continuing to make steady progress on construction, procurement, and advancing the next phase of our domestic graphite strategy.

雖然融資至關重要，但它只是整個局面的一部分。我們在建造、採購和推進國內石墨戰略的下一階段方面繼續取得穩步進展。

Frank, back over to you.

法蘭克，回到你這裡。

Thanks, Steve. We are generally excited about where things are headed. There is a real momentum behind our projects and it's clear that domestic graphite production isn't just important, it's essential. With strong policy tailwinds, clear market demand, and real progress on both construction and financing, we believe Westwater is in the right place at the right time. We are staying focused on what matters most: execution, transparency and long-term value creation for our shareholders.

謝謝，史蒂夫。我們總體上對事情的發展方向感到興奮。我們的專案背後有著真正的動力，很明顯，國內石墨生產不僅重要，而且必不可少。憑藉強勁的政策順風、明確的市場需求以及建設和融資方面的實際進展，我們相信 Westwater 正處於正確的時間和正確的地點。我們始終專注於最重要的事情：執行力、透明度和為股東創造長期價值。

The opportunity ahead is big, and we are ready to meet it. Thanks for your continued support. We look forward to sharing more progress with you next quarter.

前方機遇巨大，我們已準備好迎接它。感謝您一直以來的支持。我們期待下個季度與您分享更多進展。

Operator, over to you.

接線員，交給你了。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Heiko Ihle, H.C. Wainwright.

Heiko Ihle、H.C. Wainwright。

Out of curiosity, this week, the big talk on Wall Street is interest rate cuts. Cut in September is now almost fully priced in. How much of this, Steve, do you think will show up in your financing package once it gets announced? I assume the lower rate should translate at least reasonably well, assuming the financing is signed after the cuts are official, right?

出於好奇，本週華爾街的熱門話題是降息。9 月的減產現在幾乎已經完全反映在價格上。史蒂夫，您認為一旦宣布，其中有多少會反映在您的融資方案中？我認為，較低的利率至少應該能得到相當好的轉化，假設融資是在降息正式生效後簽署的，對嗎？

Heiko, this is Steve. Yes, thanks for the question. No, I think as a project finance, lowering rates is always beneficial and will always be welcome as we think about the lower cost of capital. So I would anticipate the lower cuts to be helpful in our long-term growth and the final financing that we put in place.

Heiko，這是史蒂夫。是的，謝謝你的提問。不，我認為作為專案融資，降低利率總是有益的，而且當我們考慮較低的資本成本時，降低利率總是會受到歡迎。因此，我預計降低減幅將有助於我們的長期成長和最終的融資。

Fair enough. And then just to clarify, there's been two at the $5 million packages that the -- recent convertible notes. Do they have an option or a willingness to do another one? Or is that just one and then the stars aligned, they did one more, but there is no plan for anything else?

很公平。然後需要澄清的是，最近有兩份價值 500 萬美元的可轉換票據。他們是否有選擇或願意做另一件事？或者這只是一個，然後星星排列整齊，他們又做了一個，但沒有其他計劃？

I would say, I think the convertible notes was a good thing for investors. We were able to raise money without impacting our stock price. I think it shows our ability to raise money in the capital markets, which helps derisk the loan project as far as from a lender perspective and the sponsor's ability to add capital to the balance sheet. And so we'll remain to be opportunistic and keep evaluating if there is potential for follow-ons.

我想說，我認為可轉換票據對投資人來說是件好事。我們能夠籌集資金而不影響我們的股價。我認為這表明了我們在資本市場上籌集資金的能力，從貸款人的角度來看，這有助於降低貸款項目的風險，也有助於提高發起人向資產負債表增加資本的能力。因此，我們將繼續抓住機會，不斷評估是否有後續行動的潛力。

[Ray Kelly], Private Investor.

[雷凱利]，私人投資者。

Yes, Steve, I'd like to know what our position is now with Turkey and the project that was in the past but was settled, I thought, in Turkey and -- an amount of money, I think of $300 million were settled. Is there any settlement from that in our direction?

是的，史蒂夫，我想知道我們現在與土耳其的立場，以及過去在土耳其已經解決的項目，我想，已經解決了一筆金額，我想是 3 億美元。就此問題我們能得到解決嗎？

No, that was settled, I believe, several years ago now. So we're 100% focused on graphite, 100% focused on our Phase 1 financing. So we don't have a presence in Turkey anymore.

不，我相信這個問題幾年前就已經解決了。因此，我們 100% 專注於石墨，100% 專注於第一階段融資。因此我們在土耳其不再有業務了。

So we don't have any claim on the factory that was built in Turkey and the agreements with Turkey were nullified by Turkey and they settled by arbitration. I don't understand. You don't -- so there's no money from that?

因此，我們對在土耳其建造的工廠沒有任何要求，與土耳其的協議已被土耳其廢除，並透過仲裁解決。我不明白。你不知道——所以沒有錢嗎？

No. We received some money back that we disclosed when that arbitration was settled several years ago. But again, we're 100% focused on graphite right now. And so there's nothing.

不。我們收到了一些退款，幾年前仲裁解決時我們就透露了這些退款。但我們現在 100% 專注於石墨。所以什麼都沒有。

Can you tell me what that amount was?

你能告訴我這個金額是多少嗎？

I believe it was around $3 million, if I remember correctly.

如果我沒記錯的話，我想大約是 300 萬美元。

Okay. As long as there's -- I'll follow-up on it. I wasn't aware of it.

好的。只要有－我就會跟進。我不知道這件事。

(Operator Instructions) As we have no further questions at this time, we will now conclude the question-and-answer session. This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

（操作員指示）由於我們目前沒有其他問題，我們現在將結束問答環節。今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。