Westwater Resources, Inc. (NYSE:WWR) Q4 2020 Earnings Conference Call February 16, 2021 11:00 AM ET Company Participants Chris Jones - President and CEO Jeff Vigil - CFO Conference Call Participants Debra Fiakas - Crystal Equity Research Robert Smith - Performance Investing Michael Porter - Porter, LeVay, Rose Operator Thank you for standing by. This is the conference operator. Welcome to the Westwater Resources Inc. Full Year 2020 Results and Business Update Conference Call. As a reminder, all participants ...

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, 2020 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. GLOSSARY OF CERTAIN ENERGY MINERALS INDUSTRY TERMS | Claim | A claim is a tract of ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 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, 2020 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 (State of ...

Westwater Resources, Inc. (NYSE:WWR) Q2 2020 Results Earnings Conference Call August 6, 2020 12:00 PM ET Company Participants Chris Jones - President and Chief Executive Officer Jeff Vigil - Chief Financial Officer and Vice President of Finance Conference Call Participants Debra Fiakas - Crystal Equity Research Howard Brous - Wellington Shields Operator Thank you for standing by. This is the conference operator. Welcome to the Westwater Resources Inc. Second Quarter 2020 Results and Business Update Confer ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ⌧ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2020 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 (State of Incor ...

Company Overview - Westwater Resources is a green-energy material developer focusing on strategic assets for a low carbon future[7] - The company is developing a battery-ready graphite business in Alabama with a vanadium discovery, targeting production in 2022[8] - The company is exploring for lithium in Nevada and Utah and has uranium assets with licensed processing plants in Texas[9] Financial Highlights - As of March 31, 2020, Westwater Resources had $0.87 million in cash and equivalents[17] - Net cash used in operations for Q1 2020 was $(3.455) million, a 26.1% increase compared to $(2.740) million in Q1 2019[21] - Net loss for Q1 2020 was $(3.287) million, a 3.6% increase compared to $(3.174) million in Q1 2019[21] - Net loss per share for Q1 2020 was $(0.82), a -61.9% variance compared to $(2.15) in Q1 2019[21] Coosa Graphite Project - The Coosa Graphite Project in Alabama is positioned as a near-term domestic U S source of natural graphite[25] - The project's pre-tax NPV at 8% is estimated at $481 million, with a pre-tax internal rate of return of 41%[31] - The project's Capex is estimated at $53.4 million in 2021-2022, with the first full year of positive cash flow in 2023[31] - A vanadium discovery at Coosa has the potential to enhance the project's economics[25, 31, 39] Uranium - The company has leverage to a rising uranium price with two licensed processing facilities and 199,700 acres of mineral rights and development properties[9] - The U S Nuclear Fuel Working Group recommends government purchases of $150 million per year for 10 years to rebuild a national uranium reserve[36]

For the quarterly period ended March 31, 2020 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. Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (Exact Name of Registrant as Specified in Its Charter) DELAWARE 75‑2212772 (State of Inco ...

Financial Data and Key Metrics Changes - For the fiscal year 2019, net cash used in operating activities was $10 million, a decrease from $11.6 million in 2018, primarily due to reduced mineral property and general administrative expenses [8][11] - The consolidated net loss for 2019 was $10.4 million, significantly lower than the $35.7 million loss in 2018, attributed to an $18 million impairment charge in 2018 related to uranium assets [11] - The company's cash balance was $1.9 million at December 31, 2019, and $1.6 million as of February 12, 2020, supported by financial instruments [12] Business Line Data and Key Metrics Changes - Mineral property expenses decreased by approximately $700,000 in 2019 compared to 2018, mainly due to reduced reclamation activities and operational activities at the Temrezli Project [9][10] - General administrative expenses also decreased by approximately $900,000 year-over-year, driven by reductions in executive compensation and consulting expenses [11] Market Data and Key Metrics Changes - The U.S. is currently 100% import dependent for graphite, with global production largely controlled by China, highlighting the strategic importance of domestic production [17] - The market price for vanadium is currently $6.80 per pound, with expected demand growth due to increased steel market needs and electrical storage systems [31] Company Strategy and Development Direction - The company aims to position itself as a leading graphite supplier in the U.S. through its Coosa Graphite Project, which is expected to accelerate cash flow generation and contract securing [15][16] - A long-term purchase agreement with a supplier of natural flake graphite concentrate allows the company to process battery-grade products before the Coosa mine is operational [19][21] - The company is also focusing on developing its lithium and uranium projects, with a strategic emphasis on diversifying its asset portfolio [35][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's asset diversification strategy and the potential for significant upside in the long term [7] - The impact of the coronavirus on supply chains was acknowledged, emphasizing the importance of U.S.-based production to mitigate such disruptions [66] Other Important Information - The company has engaged Dorfner Anzaplan to assist in developing its pilot plant for graphite purification and battery-grade product production [23][24] - The anticipated capital expenditure for the Coosa Graphite Project is projected at $53.4 million by 2022, with expectations for positive cash flow in the same year [34] Q&A Session Summary Question: Timeline for the pilot plant completion and processing of concentrate - The pilot plant is expected to process 20 tons of material before the end of 2020 [50] Question: Customer requests for bulk samples - The processed material will be used for fulfilling customer requests for testing purposes [51] Question: Modifications made by Dorfner Anzaplan - Dorfner is scaling up lab processes to pilot scale, focusing on efficiency and purification methods [52][53] Question: Market interest in DEXDG product - DEXDG is targeted towards various battery types and can enhance performance in lithium-ion batteries [55][56] Question: Impact of coronavirus on the company - The coronavirus has disrupted the supply chain for graphite, highlighting the need for U.S.-based production [66]

ENERGY MATERIALS FOR THE 21ST CENTURY FY 2019 RESULTS & ENERGY MINERALS BUSINESS UPDATE CONFERENCE CALL TUESDAY, FEBRUARY 18, 2020 9:00 A.M. MT | --- | --- | |------------------------------------------------------------------------|---------------------------------------------------------------------------------| | | | | Christopher M. Jones Chief Executive Officer Chief Financial Officer | Jeffrey L. Vigil President & Vice President Finance & Dain A. McCoig Operations | CAUTIONARY STATEMENT CAUTIONARY STAT ...

Part I [Item 1. Description of Business](index=6&type=section&id=ITEM%201.%20DESCRIPTION%20OF%20BUSINESS.) The company is a diversified energy materials developer focusing on graphite, lithium, and uranium assets - Westwater Resources has transitioned from a uranium mining company to a **diversified energy materials developer**, focusing on graphite, lithium, and uranium[18](index=18&type=chunk) - The core strategy is to build a **battery-graphite manufacturing business in Alabama** while holding uranium assets for a potential market upswing[21](index=21&type=chunk)[22](index=22&type=chunk) - The company filed for arbitration against the Republic of Turkey for the expropriation of its uranium licenses, **seeking $36.5 million in compensation**[36](index=36&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) - The company secured up to **$10.0 million in equity financing** and raised **$5.8 million in gross proceeds** by year-end 2019[28](index=28&type=chunk)[31](index=31&type=chunk) - A **one-for-fifty reverse stock split** was effected in April 2019 to maintain Nasdaq listing compliance[33](index=33&type=chunk)[34](index=34&type=chunk) [Item 1A. Risk Factors](index=20&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company faces significant risks including a going concern warning, reliance on external capital, and development uncertainties - There is **substantial doubt about the company's ability to continue as a going concern** due to significant losses and a working capital deficit of $1.3 million[112](index=112&type=chunk)[113](index=113&type=chunk) - The company is not currently producing any minerals and has **no source of operating cash**, depending on asset sales or capital raises[116](index=116&type=chunk)[118](index=118&type=chunk) - The proposed battery-graphite business carries **significant development risks**, including competition and the need for additional capital[124](index=124&type=chunk)[125](index=125&type=chunk) - The outcome of the **arbitration against Turkey is uncertain**, and an adverse result could negatively impact financial conditions[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk) - The company has **no known lithium or vanadium mineral reserves**, and exploration faces a high risk of business failure[128](index=128&type=chunk)[129](index=129&type=chunk) - The company may not maintain compliance with Nasdaq's listing requirements, which could lead to **delisting and affect stock liquidity**[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) [Item 1B. Unresolved Staff Comments](index=31&type=section&id=ITEM%201B.%20UNRESOLVED%20STAFF%20COMMENTS) The company reports no unresolved staff comments - None[169](index=169&type=chunk) [Item 2. Properties](index=32&type=section&id=ITEM%202.%20PROPERTIES) The company's assets include the Coosa Graphite Project, lithium projects in Nevada and Utah, and various uranium properties - The Coosa Graphite Project in Alabama consists of a long-term lease on approximately **41,964 acres of mineral rights**[173](index=173&type=chunk)[174](index=174&type=chunk) - The company holds two primary lithium exploration projects: the **Columbus Basin Project in Nevada** (~14,200 acres) and the **Sal Rica Project in Utah** (~13,260 acres)[183](index=183&type=chunk)[184](index=184&type=chunk)[193](index=193&type=chunk) - Uranium assets include two idled Texas processing facilities, Kingsville Dome and Rosita, each with a capacity of **800,000 pounds of U3O8 per year**[201](index=201&type=chunk)[203](index=203&type=chunk) - In New Mexico, the company holds significant uranium properties, including the **Cebolleta Project** (~6,717 acres) and the **Juan Tafoya Project** (~4,212 acres)[250](index=250&type=chunk)[262](index=262&type=chunk) Work Completed on Properties in 2019 (in thousands) | Property | Operating Expenses | Mineral Property Expenses | Impairment | Restoration Liability | Total Expenditures | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total** | **$1,330** | **$1,522** | **$143** | **$293** | **$3,288** | | Rosita project | $370 | $161 | $— | $126 | $657 | | Kingsville Dome project | $559 | $157 | $143 | $— | $859 | | Vasquez project | $401 | $93 | $— | $167 | $661 | | Coosa project | $— | $194 | $— | $— | $194 | | Cebolleta project | $— | $440 | $— | $— | $440 | | Juan Tafoya project | $— | $223 | $— | $— | $223 | [Item 3. Legal Proceedings](index=55&type=section&id=ITEM%203.%20LEGAL%20PROCEEDINGS) The company is engaged in a defamation lawsuit and a significant arbitration claim against the Republic of Turkey - The company's subsidiary is a defendant in a defamation lawsuit and has filed a **counterclaim for CAD $7.0 million**[278](index=278&type=chunk) - Westwater filed a Request for Arbitration against the Republic of Turkey with ICSID due to the **cancellation of its uranium licenses**[279](index=279&type=chunk)[281](index=281&type=chunk) [Item 4. Mine Safety Disclosures](index=56&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This section is not applicable to the company - Not Applicable[283](index=283&type=chunk) Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=56&type=section&id=ITEM%205.%20MARKET%20FOR%20REGISTRANT'S%20COMMON%20EQUITY,%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) The company's common stock trades on the Nasdaq Capital Market, and no dividends are anticipated - The company's common stock trades on the **Nasdaq Capital Market under the symbol "WWR"**[285](index=285&type=chunk) - The company has **never paid dividends** and does not plan to in the foreseeable future, intending to retain earnings for business development[286](index=286&type=chunk) [Item 6. Selected Financial Data](index=56&type=section&id=ITEM%206.%20SELECTED%20FINANCIAL%20DATA) As a smaller reporting company, this information is not required - Smaller reporting companies are not required to provide the information required by this item[287](index=287&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=57&type=section&id=ITEM%207.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) The net loss decreased significantly in 2019, but the company's financial position remains precarious with a going concern notice Consolidated Net Loss Summary (in thousands) | | For the year ended December 31, | | :--- | :--- | :--- | | | **2019** | **2018** | | Mineral property expenses | $ (2,852) | $ (3,538) | | General and administrative | $ (6,086) | $ (7,357) | | Arbitration costs | $ (1,378) | $ — | | Impairment of uranium properties | $ (143) | $ (23,712) | | **Total Net Loss** | **$ (10,565)** | **$ (35,684)** | - The decrease in net loss is mainly due to a **$23.7 million impairment charge on uranium properties in 2018** that was not repeated[311](index=311&type=chunk)[317](index=317&type=chunk)[318](index=318&type=chunk) - The company's ability to continue as a **going concern is in substantial doubt**, with cash of $1.9 million and a working capital deficit of $1.3 million[324](index=324&type=chunk)[327](index=327&type=chunk) - **Net cash from financing activities was $6.7 million** in 2019, primarily from sales of common stock[322](index=322&type=chunk) - **Net cash from investing activities was $3.8 million** in 2019, driven by the sale of uranium royalty assets for $2.75 million[301](index=301&type=chunk)[320](index=320&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=65&type=section&id=ITEM%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) As a smaller reporting company, this information is not required - Smaller reporting companies are not required to provide the information required by this item[334](index=334&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=66&type=section&id=ITEM%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) The audited financial statements show a reduced net loss for 2019 but include a going concern uncertainty paragraph - The independent auditor's report contains an explanatory paragraph expressing **substantial doubt about the Company's ability to continue as a going concern**[338](index=338&type=chunk) Consolidated Balance Sheet Data (in thousands) | | Dec 31, 2019 | Dec 31, 2018 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,870 | $1,577 | | Total Current Assets | $2,361 | $4,180 | | Net property, plant and equipment | $20,337 | $20,553 | | **Total Assets** | **$26,979** | **$29,958** | | Total Current Liabilities | $3,669 | $3,172 | | **Total Liabilities** | **$9,915** | **$9,167** | | **Total Stockholders' Equity** | **$17,064** | **$20,791** | Consolidated Statement of Operations Data (in thousands, except per share) | | Year Ended Dec 31, 2019 | Year Ended Dec 31, 2018 | | :--- | :--- | :--- | | Total operating expenses | $(10,922) | $(36,049) | | **Net Loss** | **$(10,565)** | **$(35,684)** | | **Basic and Diluted Loss Per Share** | **$(5.39)** | **$(38.47)** | Consolidated Statement of Cash Flows Data (in thousands) | | Year Ended Dec 31, 2019 | Year Ended Dec 31, 2018 | | :--- | :--- | :--- | | Net Cash Used In Operating Activities | $(10,049) | $(11,649) | | Net Cash Provided By Investing Activities | $3,756 | $525 | | Net Cash Provided By Financing Activities | $6,651 | $8,711 | [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.](index=94&type=section&id=ITEM%209.%20CHANGES%20IN%20AND%20DISAGREEMENTS%20WITH%20ACCOUNTANTS%20ON%20ACCOUNTING%20AND%20FINANCIAL%20DISCLOSURE.) The company reports no changes in or disagreements with its accountants - None[459](index=459&type=chunk) [Item 9A. Controls and Procedures](index=94&type=section&id=ITEM%209A.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and internal controls over financial reporting were effective as of year-end 2019 - The CEO and CFO concluded that the company's **disclosure controls and procedures were effective** as of December 31, 2019[461](index=461&type=chunk) - Management concluded that **internal control over financial reporting was effective** as of December 31, 2019, based on the COSO 1992 framework[464](index=464&type=chunk) [Item 9B. Other Information](index=95&type=section&id=ITEM%209B.%20OTHER%20INFORMATION) The company reports no other information - None[467](index=467&type=chunk) Part III [Item 10. Directors, Executive Officers and Corporate Governance](index=95&type=section&id=ITEM%2010.%20DIRECTORS,%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE) This section details the composition of the Board of Directors, executive officers, and corporate governance policies - The Board of Directors is comprised of five members: **Terence J. Cryan (Chairman)**, Christopher M. Jones, Marvin K. Kaiser, Tracy D. Pagliara, and Karli S. Anderson[469](index=469&type=chunk)[472](index=472&type=chunk) - The key executive officers are **Christopher M. Jones (President & CEO)**, Jeffrey L. Vigil (CFO), and Dain A. McCoig (VP-Operations)[490](index=490&type=chunk) - The company has adopted a **Code of Ethics** for senior financial officers and all employees[493](index=493&type=chunk) - The Board has determined that **Marvin K. Kaiser is an "audit committee financial expert"**[495](index=495&type=chunk) [Item 11. Executive Compensation](index=99&type=section&id=ITEM%2011.%20EXECUTIVE%20COMPENSATION) This section outlines compensation for named executive officers and directors, including salaries, bonuses, and severance provisions 2019 Summary Compensation Table | Name and Principal Position | Year | Salary ($) | Option Awards ($) | Bonus ($) | Total ($) | | :--- | :--- | :--- | :--- | :--- | :--- | | Christopher M. Jones, President and CEO | 2019 | 303,200 | 183,260 | 136,440 | 624,153 | | Jeffrey L. Vigil, Vice President – Finance and CFO | 2019 | 220,500 | 66,644 | 49,613 | 337,571 | | Dain A. McCoig, Vice President – Operations | 2019 | 202,000 | 61,042 | 45,450 | 309,745 | - Employment agreements for the CEO and CFO include **change-of-control provisions** that provide for severance payments[501](index=501&type=chunk)[504](index=504&type=chunk)[511](index=511&type=chunk) - Non-employee directors received a **$50,000 annual cash retainer** in 2019, plus additional fees for committee service[520](index=520&type=chunk)[521](index=521&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=103&type=section&id=ITEM%2012.%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20STOCKHOLDER%20MATTERS) Management and directors as a group own less than 1% of common stock, and details of equity compensation plans are provided - As of December 31, 2019, all current directors and executive officers as a group beneficially owned **less than 1% of the company's common stock**[527](index=527&type=chunk)[530](index=530&type=chunk) Equity Compensation Plan Information (as of Dec 31, 2019) | Plan Category | Number of shares issuable under outstanding options, warrants and rights | Weighted average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 37,786 | $37.42 | 45,886 | [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=105&type=section&id=ITEM%2013.%20CERTAIN%20RELATIONSHIPS%20AND%20RELATED%20TRANSACTIONS,%20AND%20DIRECTOR%20INDEPENDENCE) The company reports no related party transactions and confirms the independence of four of its five directors - The company reports **no related party transactions** for the fiscal year[535](index=535&type=chunk) - The Board has determined that **four of its five directors are independent** under Nasdaq standards[536](index=536&type=chunk) [Item 14. Principal Accounting Fees and Services](index=105&type=section&id=ITEM%2014.%20PRINCIPAL%20ACCOUNTING%20FEES%20AND%20SERVICES) The company's audit fees paid to Moss Adams LLP increased in 2019, with all services pre-approved by the Audit Committee Audit and Non-Audit Fees | Fee Category | 2019 | 2018 | | :--- | :--- | :--- | | Audit fees | $251,525 | $196,823 | - All audit and non-audit services performed by the independent auditor were **pre-approved by the Audit Committee**[539](index=539&type=chunk) Part IV [Item 15. Exhibits and Financial Statement Schedules](index=106&type=section&id=ITEM%2015.%20EXHIBITS%20AND%20FINANCIAL%20STATEMENT%20SCHEDULES) This section lists all exhibits filed with the Form 10-K, including key financing and asset purchase agreements - Key filed exhibits include the **Controlled Equity Offering Sales Agreement** with Cantor Fitzgerald & Co. (Exhibit 1.1)[542](index=542&type=chunk) - The **Asset Purchase Agreement with Uranium Royalty Corp.** from March 2019 and its amendment are filed as exhibits[542](index=542&type=chunk) - **Financing agreements with Lincoln Park Capital Fund, LLC**, are filed as exhibits[544](index=544&type=chunk) [Item 16. Form 10-K Summary](index=108&type=section&id=ITEM%2016.%20FORM%2010‑K%20SUMMARY) The company reports no Form 10-K summary - None[547](index=547&type=chunk)