In short: "There was in fact a lot of news to report on following the EXIM $25 million loan approval and I believe that this was sufficiently major news that it warrants its own analysis piece on the valuation and future of the company" — a standalone report is being written for the coming weeks. Cost basis $0.69, 70% allocated.
No analysis this issue, but a deliberate deferral rather than silence: the US Export-Import Bank approved a $25m loan, which he considers important enough to warrant a standalone report on the company's valuation and future, promised for the coming weeks.
The relevance is that Westwater's graphite-anode plant in Alabama has been stalled for years on exactly one thing — financing. An official US government lender putting money in is the first hard evidence that the funding problem is moving, which is why it gets a report of its own rather than a paragraph.
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In short: "There was no news to report on." Held graphite-anode developer (Kellyton, AL) in the Codex "other" basket.
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In short: No company-specific news this issue; held in the Codex portfolio at cost basis $0.69, 70% allocated.
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In short: Asymmetric value setup intact — over $1.6bn pre-tax NPV across Kellyton Phases 1 & 2 plus Coosa vs ~$80m market cap — but financing remains the gating factor; back half of 2026 must deliver something more concrete than another round of "actively engaging."
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In short: Over $1.6bn pre-tax NPV across Kellyton Phases 1 & 2 plus Coosa against a ~$80m market cap — a deeply asymmetric setup; financing has pivoted from commercial bank syndication toward government funding pathways, but the back half of 2026 must deliver something more concrete than "actively engaging."
Westwater is building the Kellyton plant in Alabama, which will process graphite into battery-grade anode material — the stuff that goes into EV, industrial, and defense batteries. They also own the Coosa graphite deposit in Alabama that will feed the plant. The numbers are remarkable on paper: add up the pre-tax NPV of both phases of Kellyton plus the Coosa mine and you get over $1.6 billion, set against a market cap of around $80 million. That is roughly a 20x gap between what the company says its assets are worth and what the market is paying for them.
The reason for the gap is a simple but stubborn one: the financing to actually build Phase 1 of Kellyton has been "almost closed" for 18 months and is still not closed. An offtake agreement with a major South Korean battery maker was terminated this quarter. The company is now pivoting to government funding programs (DC is emphasizing domestic critical minerals), which is the right move in this policy environment, but government timelines are slow. The qualification line is actually running and shipping samples to customers, so the technology works — the obstacle is pure financing. Mart holds it for the asymmetric upside, acknowledges the frustration openly, and says the back half of 2026 needs to deliver something concrete.
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