SK On ends Westwater (NYSE: WWR) graphite supply pact tied to Kellyton
Rhea-AI Filing Summary
Westwater Resources, Inc. announced that SK On Co., Ltd. has terminated, effective immediately, the Products Procurement Agreement signed in February 2024 for CSPG natural graphite anode products. The agreement had covered purchase of a portion of planned Phase I production at the Kellyton Graphite Plant.
The company states that construction and operational readiness work at Kellyton continues, and it expects initial production of battery-grade graphite within approximately 12 months after securing the remaining project financing. SK On has indicated it may consider future agreements with Westwater under updated terms and conditions.
Positive
- None.
Negative
- SK On terminated the Products Procurement Agreement that covered purchase of a portion of planned Phase I production capacity at Westwater’s Kellyton Graphite Plant, reducing near-term offtake visibility for its battery-grade graphite output.
Insights
Termination of SK On offtake creates commercial setback for Westwater’s Kellyton project.
Westwater Resources has lost its Products Procurement Agreement with SK On, which had covered a portion of planned Phase I output from the Kellyton Graphite Plant. Losing an early offtake partner weakens near-term commercial visibility for the project and may complicate financing discussions.
Management emphasizes that construction and operational readiness at Kellyton are progressing and reiterates expectations for initial production of battery-grade graphite within approximately 12 months after securing remaining project financing. SK On’s stated willingness to consider future agreements, subject to updated terms, leaves open the possibility of renewed commercial ties, but actual outcomes will depend on future negotiations and market conditions.
8-K Event Classification
Key Figures
Key Terms
Products Procurement Agreement financial
coated spherical purified graphite (CSPG) technical
battery-grade graphite technical
qualification line technical
forward-looking statements regulatory
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| Item 1.02 | Termination of a Material Definitive Agreement |
As previously disclosed, on February 5, 2024, Westwater Resources, Inc. (the “Company”) and SK On Co., Ltd. (“SK On”) entered into a Products Procurement Agreement (the “Procurement Agreement”), pursuant to which SK On would purchase CSPG natural graphite anode products from the Company. On March 31, 2026, the Company received written notice from SK On informing the Company of SK On’s termination of the Procurement Agreement effective immediately.
| Item 7.01 | Regulation FD Disclosure |
On April 1, 2026, the Company issued a press release regarding SK On’s termination of the Procurement Agreement.
A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information contained in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits |
| (d) Exhibits | |
| 99.1 | Press release dated April 1, 2026. |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: April 1, 2026
| WESTWATER RESOURCES, INC. | ||
| By: | /s/ Steven M. Cates | |
| Name: | Steven M. Cates | |
| Title: | Senior Vice President–Finance and Chief Financial Officer | |
Exhibit 99.1
Westwater Resources Provides Commercial Update
Centennial, CO – April 1, 2026: Westwater Resources, Inc. (NYSE American: WWR), an energy technology and critical minerals company focused on developing battery-grade natural graphite (“Westwater,” “Westwater Resources,” or the “Company”), today announced a commercial update.
On March 31, 2026, SK On Co., Ltd. notified the Company of its decision to terminate the Products Procurement Agreement (“Agreement”) originally executed in February 2024. The Agreement represented the purchase of a portion of the planned Phase I production capacity at the Kellyton Graphite Plant (“Kellyton”).
“SK On’s decision reflects the challenging and evolving environment our customers are navigating,” said Frank Bakker, Chief Executive Officer of Westwater Resources. “While market conditions and tariffs remain dynamic, our continued focus is on executing and advancing our projects. We continue to progress construction at Kellyton and believe we are well positioned to support the domestic production of battery-grade graphite.”
SK On has indicated a willingness to consider future agreements, subject to updated terms and conditions.
Westwater is advancing its commercial strategy, including providing product samples through its qualification line at Kellyton to support ongoing customer evaluation and qualification processes. In parallel, the Company is progressing construction and operational readiness at Kellyton, with work continuing across key systems and equipment.
The Company continues to expect initial production of battery-grade graphite within approximately 12 months of securing the remaining project financing.
About Westwater Resources, Inc.
Westwater Resources, Inc. (NYSE American: WWR) is a critical minerals and energy technology company advancing a vertically integrated, mine-to-market platform for battery-grade natural graphite in the United States. The Company’s platform is anchored by the Coosa Graphite Deposit in Alabama, the largest natural flake graphite deposit in the contiguous United States, and the Kellyton Graphite Plant, a processing facility designed to produce coated spherical purified graphite (CSPG), a key material used in lithium-ion battery anodes. For more information, visit WestwaterResources.com.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words and phrases such as “portion,” “planned,” “evolving,” “remain dynamic,” “advancing,” “progress” progressing,” “well positioned,” “future agreements,” “ongoing,” “initial,” “approximately,” “expects,” “largest,” and other similar words or phrases. Forward looking statements include, among other things, statements concerning: the importance of critical minerals including battery-grade graphite; establishing a graphite industry in the U.S.; tariffs associated with the importation of natural graphite into the U.S. including the percentage of those tariffs and the countries for which tariffs will apply; agreements with our customers including potential customers, and the Company’s business plans for its Kellyton Graphite Processing Plant including the timing associated with its financing, construction, and operation, and the sale of the products from that Plant to buyers in lithium-ion battery markets. The Company cautions that there are factors that could cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of the Company; accordingly, there can be no assurance that such suggested results will be realized. Those uncertainties and other factors are discussed in Westwater’s Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent securities filings, and they could cause actual results to differ materially from management expectations.
Contacts
Westwater Resources, Inc.
Email: Info@WestwaterResources.com
Investor Relations
Email: Investorrelations@westwaterresources.com