Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-33404 WESTWATER RESOURCES, INC. | (Exact name of registrant as specified in its charter) DELAWARE | 75-2212772 | | ...

Production and Offtake Agreements - Westwater expects the Kellyton Graphite Plant to produce 12,500 metric tons of CSPG annually in Phase I, primarily for lithium-ion batteries [88]. - The company has entered into a binding off-take agreement with Hiller Carbon for the supply of Graphite Fines, expecting production of approximately 14,000 metric tons per year [89]. - Under the Offtake Agreement with FCA, the anticipated annual offtake volume is 10,000 metric tons in 2026, increasing to 15,000 metric tons from 2027 to 2031 [90]. Construction and Financing - Westwater has reduced the estimated cost of Phase I construction to $245 million, a decrease of 9.6% from the previous estimate of $271 million [93]. - As of September 30, 2024, the company has incurred approximately $121.5 million in costs related to the construction of Phase I of the Kellyton Graphite Plant [95]. - The company expects to require approximately $124 million to complete construction of Phase I, with production anticipated to begin in 2026, subject to securing financing [95]. - The qualification line at the Kellyton Graphite Plant is expected to be operational in Q4 2024, producing approximately 1 metric ton of CSPG per day for customer qualification [96]. - Westwater has executed a term sheet for a $150 million secured debt facility to complete the construction of Phase I of the Kellyton Graphite Plant [99]. - The company is considering alternative financing sources, including project debt and joint ventures, to fund the construction of the Kellyton Graphite Plant [123]. Financial Performance - The net loss for the three months ended September 30, 2024, was $3.1 million, a decrease from a net loss of $3.5 million for the same period in 2023 [111]. - The net loss for the nine months ended September 30, 2024, was $9.8 million, compared to a net loss of $9.5 million for the same period in 2023 [112]. - Product development expenses for Q3 and the first nine months of 2024 were $0.3 million and $0.9 million, respectively, a decrease of $0.7 million and $1.8 million compared to the same periods in 2023 [113]. - Exploration expenses for Q3 and the first nine months of 2024 decreased by $0.1 million and $0.2 million, respectively, compared to the same periods in 2023 due to lower personnel costs [114]. - Net cash used in operating activities for the first nine months of 2024 was $3.8 million, a decrease of $8.4 million compared to the same period in 2023, primarily due to cash collected on sales of raw material inventory [117]. - Net cash used in investing activities decreased by $51.8 million for the first nine months of 2024 compared to the same period in 2023, attributed to lower capital expenditures [118]. - Net cash provided by financing activities decreased by $3.0 million for the first nine months of 2024 compared to the same period in 2023, due to fewer shares sold under the ATM Sales Agreement [119]. - As of September 30, 2024, the company's cash balance was approximately $4.5 million, with $7.8 million remaining available for future sales under the ATM Sales Agreement [122]. - The company has registered approximately 10.5 million shares of common stock available for future sales under the 2024 Lincoln Park PA, which allows for up to $30.0 million in purchases [122]. - The company expects to continue incurring losses until operations commence at the Kellyton Graphite Plant, relying on debt and equity financing for funding [123]. - The company has not recorded revenue from operations since 2009, and as of September 30, 2024, current liabilities exceeded current assets [120].

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The ...

Offtake and Procurement Agreements - Westwater entered into an Offtake Agreement with FCA, committing to supply 10,000 mt of CSPG natural graphite anode products in 2026 and 15,000 mt annually from 2027 to 2031[64] - The Company signed a Procurement Agreement with SK On, with a forecasted volume of 10,000 mt of CSPG in the final year of the agreement[65] Kellyton Graphite Plant Production and Costs - Westwater expects the Kellyton Graphite Plant to produce 12,500 mt per year of CSPG in Phase I, a 67% increase from previous estimates[72] - The Company has incurred $120.4 million in construction costs for Phase I of the Kellyton Graphite Plant, with an estimated $150 million required to complete construction[70] - Westwater anticipates beginning production in 2026, subject to securing additional financing[70] - Net cash used in investing activities decreased by $48.6 million for the six months ended June 30, 2024, as the company reduced construction activity for the Kellyton Graphite Plant[90] Financial Performance and Expenses - Westwater reported a net loss of $6.7 million for the six months ended June 30, 2024, compared to a net loss of $6.0 million in the same period in 2023[84] - Product development expenses decreased by $1.1 million for the six months ended June 30, 2024, due to the use of the in-house R&D Lab for sample processing[85] - Other expense, net increased by $1.4 million to $1.0 million for the three months ended June 30, 2024, and by $1.9 million to $0.9 million for the six months ended June 30, 2024, due to lower interest income and higher expenses related to inventory sales and write-downs[88] Cash Flow and Financing - Net cash used in operating activities decreased by $3.7 million to $5.2 million for the six months ended June 30, 2024, primarily due to reduced raw material inventory purchases and third-party service expenses[89] - Net cash provided by financing activities decreased by $2.2 million for the six months ended June 30, 2024, due to fewer shares sold under the ATM Offering Agreement and lower trading volumes[91] - The company's cash balance was $3.2 million as of June 30, 2024, with $0.8 million raised from selling 1.8 million shares under the ATM Offering Agreement[95] - The company expects to continue incurring losses until operations commence at the Kellyton Graphite Plant, relying on debt and equity financing to fund construction[96] - The company may offer and sell shares of common stock with an aggregate offering price of up to $7.0 million under the ATM Offering Agreement as of June 30, 2024[97] - The company received $1.0 million from sales of raw material graphite concentrate and $0.5 million from capital cost recoupment after June 30, 2024, maintaining a cash balance of $3.2 million as of August 12, 2024[95] - The company is considering alternative financing options, including project debt, convertible debt, or partnerships, to fund the Kellyton Graphite Plant construction[96] - The company faces risks related to securing additional funding, which could impact the construction timeline and operations of the Kellyton Graphite Plant[92] Mineral Rights and Regulatory Environment - The Company holds mineral rights across 41,965 acres of the Alabama graphite belt through its subsidiary, Alabama Graphite[73] - Westwater believes the Inflation Reduction Act's domestic content requirements could provide indirect future benefits to the Company[77] Share Issuance and Capital - The Company sold 1.8 million shares of common stock for net proceeds of $0.8 million during the six months ended June 30, 2024[83]

Westwater Resources Inc (NYSE-A:WWR) senior vice president and CFO, Steven Cates, talked with Proactive about the exciting new Baltic sales agreement with Fiat Chrysler, part of the Stellantis group. This significant contract marks a major step forward for the company as it seeks to secure debt financing and expand its market presence. Proactive: Steve, it's good to speak with you again. Thank you for sharing the exciting news about the Baltic sales agreement with Fiat Chrysler, which is now part of Stellan ...

Westwater Resources Inc. (NYSE:WWR) Business Update Conference Call July 18, 2024 10:00 AM ET Company Participants Frank Bakker - President and CEO Steve Cates - CFO Terence Cryan - Executive Chairman Conference Call Participants Operator Thank you for standing by. This is the conference operator. Welcome to the Westwater Resources Inc., Business Update and Investor Call. As a reminder, all participants are in listen-only mode. The conference is being recorded. [Operator Instructions]. I would now like to t ...

| --- | --- | |--------------------------------------------------------------------------------------|---------------------------------------------------------------------------| | the 21st Century | Battery Materials for | | Frank Bakker, Terence Cryan, Executive Chairman Steve Cates, SVP– July 18, 2024 | WWR President & Chief Executive Officer Finance & Chief Financial Officer | Cautionary Statement Regarding Forward-looking Statements Because they are forward-looking statements, they should be evaluated ...

About Angela Harmantas About the publisher We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors. Proactive has always been a forward looking and enthusiastic technology adopter. About this content Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular ...

Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the North American market [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8%, primarily due to increased marketing and R&D investments [3]. Market Expansion - The company successfully entered the European market, with initial sales exceeding expectations [4]. - A new distribution center was opened in Asia to support regional growth [5]. - Strategic partnerships were formed with local retailers to enhance market penetration [6]. Product Development - Launched three new products in the tech segment, which contributed significantly to Q3 revenue [7]. - R&D investment increased by 20% to accelerate innovation and product differentiation [8]. - Customer feedback on the new product line has been overwhelmingly positive [9]. Operational Efficiency - Implemented a new supply chain management system, reducing delivery times by 15% [10]. - Automation in manufacturing processes led to a 10% reduction in production costs [11]. - Employee training programs were expanded to improve operational efficiency and reduce errors [12]. Customer Satisfaction - Customer satisfaction scores reached an all-time high of 92% [13]. - The company introduced a new loyalty program, resulting in a 25% increase in repeat customers [14]. - Enhanced customer support services reduced average response time to under 2 minutes [15]. Strategic Initiatives - The company announced a new sustainability initiative aimed at reducing carbon emissions by 30% by 2025 [16]. - A new digital transformation strategy was unveiled to enhance online sales channels [17]. - The board approved a $500 million investment in AI and machine learning technologies [18]. Risk Management - Identified potential risks in the supply chain due to geopolitical tensions and implemented contingency plans [19]. - Cybersecurity measures were strengthened following a minor data breach in Q2 [20]. - The company is closely monitoring regulatory changes that could impact operations [21]. Shareholder Value - Dividends per share increased by 5%, reflecting strong financial performance [22]. - The stock price rose by 18% over the past year, outperforming the market average [23]. - A share buyback program was initiated to return value to shareholders [24].

Westwater Resources Inc. (NYSE:WWR) Q4 2023 Results Conference Call March 20, 2024 11:00 AM ET Company Participants Frank Bakker - President, CEO Steve Cates - Chief Financial Officer Terence Cryan - Executive Chairman of the Board Conference Call Participants Steve Kruger - Foresight Investing Operator Thank you for standing by. This is the conference operator. Welcome to the Westwater Resources, Inc. 2023 Year-end Business Update and Investor Call. [Operator Instructions] The conference is being recorded. ...