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]

Core Viewpoint - Westwater Resources Inc has secured a significant sales agreement with Fiat Chrysler, part of the Stellantis group, which is crucial for the company's efforts to obtain debt financing and expand its market presence [1][2]. Group 1: Sales Agreement Details - The Baltic sales agreement with Fiat Chrysler is a major contract that will help Westwater Resources in securing debt financing [2]. - The company will supply natural graphite anode material from its Carrollton graphite plant, achieving 100% production capacity for Phase One, extending the contract through to 2031 [3]. Group 2: Market Position and Financing - The graphite market has been historically dominated by China, and establishing production capabilities in North America is essential for lenders [4]. - Having 100% committed volumes under the contract provides a significant advantage for underwriting projects compared to uncommitted capacity [4][5]. Group 3: Future Plans and Construction - The contract with Fiat Chrysler is set to commence in 2026, and the company plans to select a lender and proceed with due diligence for financing [6][7]. - Once financing is secured, the company will rapidly continue construction to meet the forecasted volumes outlined in the contract [7][10]. Group 4: Strategic Focus - The current focus is on customer engagement and securing additional supply agreements for Phase Two of the Kellyton project, while prioritizing the completion of Phase One [10].

Summary of Westwater Resources Inc. Business Update Conference Call Company Overview - **Company**: Westwater Resources Inc. (NYSE: WWR) - **Industry**: Graphite and battery materials, specifically focused on anode materials for electric vehicles Key Points Industry and Market Developments - Westwater has signed a second multi-year offtake agreement with Fiat Chrysler Automobiles (FCA), part of Stellantis Group, for the sale of Coated Spherical Purified Graphite (CSPG) produced at the Kellyton Graphite Plant [4][5] - The agreement ensures that 100% of planned phase one production is contracted through 2031, with phase two volumes also beginning to be contracted [5][6] Financial and Operational Highlights - The FCA agreement includes indexation for flake and CSPG pricing, providing downside protection against fluctuating graphite prices, which is attractive to lenders [6][7] - The planned production capacity for phase one is 12,500 metric tons per annum, with production expected to commence in 2026 [13][15] - The company is in discussions with multiple lenders for debt financing to complete phase one construction, with secured offtake agreements being critical for these discussions [8] Strategic Partnerships - The partnership with Stellantis is significant as it marks the first offtake agreement for natural graphite anode material executed by a 100% U.S.-based company with a tier 1 automotive manufacturer [9] - The agreements with Stellantis and SK ON are expected to enhance Westwater's ability to service debt financing and achieve profitability once the plant is operational [18] Government Relations and Funding - Westwater has maintained dialogue with various U.S. government entities, including the Department of Energy, regarding potential funding opportunities, although specific applications or negotiations were not disclosed [21] Stock Market and Compliance - Westwater is listed on the New York Stock Exchange American and has no plans for a reverse stock split, emphasizing compliance with listing regulations [23][25] - The company has not received any notices of compliance or non-compliance from the NYSE [25] Future Outlook - A feasibility study for phase two is underway, with updates expected in the August call [16] - The company is optimistic about achieving profitability with the current contracts in place and is focused on creating value for shareholders [18][23] Additional Important Information - The call included a question-and-answer session where analysts inquired about production timelines, economic updates, and stock price concerns, indicating active investor interest and scrutiny [10][20][24]

| --- | --- | |--------------------------------------------------------------------------------------|---------------------------------------------------------------------------| | 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 ...

Group 1 - Proactive is focused on medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories to engage private investors [1] - The company has a global presence with news teams located in major financial hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [4] - Proactive employs automation and software tools, including generative AI, but ensures that all content is edited and authored by humans to maintain quality [5] Group 2 - The financial news and online broadcast teams at Proactive provide fast, accessible, informative, and actionable business and finance news to a global audience [6] - The coverage includes various sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [7] - The content creators at Proactive possess decades of expertise and utilize technology to enhance their workflows [8]

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].

Financial Data and Key Metrics Changes - The net loss for 2023 was approximately $7.8 million or $0.15 per share, compared to a net loss of $11.1 million or $0.25 per share in 2022, indicating a decrease in net loss primarily due to a gain of $3.1 million from a settlement [47][44] - Cash used in operating activities decreased by approximately $1.7 million compared to the prior year, attributed to cash received from the settlement and higher interest income [44] - The company finished the year with a cash balance of approximately $10.9 million and no debt [39] Business Line Data and Key Metrics Changes - The Kellyton Graphite Plant is expected to produce 12,500 metric tons per annum of Coated Spherical Purified Graphite (CSPG) in Phase I, a 67% increase from the previously planned 7,500 metric tons [8][50] - The feasibility study for Phase II aims to increase combined production to 50,000 metric tons per annum of CSPG [9][31] Market Data and Key Metrics Changes - The projected demand for natural graphite anode material is expected to grow significantly, with a forecast of approximately 1.2 million metric tons in 2030 and over 2 million metric tons by 2035 [21] - Approximately 90% of today's battery anode materials come from China, highlighting the critical need for a domestic supply chain in the U.S. [14][12] Company Strategy and Development Direction - Westwater aims to become the first vertically integrated U.S.-based natural graphite anode supplier, focusing on domestic production to meet the growing demand for battery-grade graphite [10][12] - The company has signed its first multiyear offtake agreement with SK On, allowing for sales to ramp up to 10,000 metric tons per year in the final year of the agreement [26][25] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of establishing a reliable graphite supply chain in the U.S. due to recent Chinese export restrictions on graphite [14][12] - The company remains optimistic about the future demand for graphite anode materials, driven by the growth of electric vehicles and government support for energy transition [18][13] Other Important Information - The initial economic analysis for the Coosa deposit indicates a pre-tax NPV of approximately $229 million and an estimated pre-tax IRR of 26.7% [10][34] - The company has incurred total costs of approximately $119 million related to Phase I construction, with an estimated $152 million remaining [39] Q&A Session Summary Question: Concerns about securing financing for Phase I construction - Management acknowledged that while significant milestones have been achieved, securing debt financing has taken longer due to the need for lenders to understand the graphite market dynamics [55][56] Question: Current status of financing requirements - Management indicated that multiple term sheets are on the table and they are working towards finalizing a debt transaction while maintaining flexibility for the best terms [56][57]

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, 2023 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 | ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Commission file number 001-33404 WESTWATER RESOURCES, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 75-2212772 (State of Incorporation) (I.R.S. Employer Identification No.) FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 Or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exc ...

Financial Data and Key Metrics Changes - The company reported a net loss of approximately $3.6 million or $0.07 per share for Q2 2023, compared to a net loss of $3.2 million or $0.07 per share in Q2 2022, indicating an increase in net loss primarily due to higher product development costs [34] - Cash expenditures related to Phase I construction totaled approximately $107 million, with an estimated $164 million remaining to complete the project [29] - Cash used in operating activities increased by approximately $3 million in the first half of 2023 compared to the same period in 2022, mainly due to higher product development costs and general administrative expenses [31] Business Line Data and Key Metrics Changes - The Kellyton Plant is expected to produce an optimized annual run rate of 7,500 metric tons of Coated Spherical Purified Graphite (CSPG) by the end of 2024 [23] - The company has sent 36 product samples to potential customers from May through July, receiving strong interest and positive feedback [21] Market Data and Key Metrics Changes - Global demand for lithium-ion batteries is projected to grow at a compounded annual rate in the double digits through 2035, which will drive increased demand for CSPG [7] - Demand for CSPG in North America is expected to reach approximately 200,000 tonnes per year by 2030 and over 400,000 tonnes by 2035 [8] Company Strategy and Development Direction - The company aims to become the first vertically integrated natural graphite anode supplier in the U.S., focusing on the domestic energy transition [5] - The company has secured feedstock from Syrah Resources, a non-Chinese source, and plans to perform 100% of the conversion process domestically, ensuring compliance with the Inflation Reduction Act [12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of securing an offtake agreement as a critical milestone for finalizing debt transactions [39] - The company is optimistic about the future, citing strong customer feedback on CSPG samples and ongoing negotiations for offtake agreements [52] Other Important Information - The company holds mineral rights to approximately 42,000 acres across the Alabama graphite belt, which provides significant competitive advantages [25] - A preliminary economic assessment for the Coosa deposit is expected to be completed by the end of the calendar year [27] Q&A Session Summary Question: Can you explain the mass sample provided to SK On? - The company confirmed that the sample meets specifications and is targeting to produce a mass production sample by the end of the year [36] Question: Is the finalization of a supply agreement anticipated this year? - The company anticipates finalizing the supply agreement this year, currently in the final stages of negotiation [37] Question: Will the PEA on the Coosa deposit include an economic analysis? - Yes, the PEA will include an economic analysis and cash flow estimates based on a preliminary mine design [38] Question: How confident is the company about completing financing after securing a sales agreement? - The company views securing a sales agreement as a critical milestone for closing financing, with multiple lenders interested in the project [39] Question: Are there special funding groups for green energy loans? - Yes, lenders are interested in the energy transition and battery materials, with some having specific funds for these projects [41] Question: Will Phase II production be necessary to meet demand from other manufacturers? - Yes, the company is engaging with other potential customers and plans to use Phase II production to meet additional demand [45] Question: Has the company considered asset-level financing? - The company has explored various financing avenues, finding that current lenders offer more attractive terms than asset-level financing options [50]