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• The Intel inside of EV batteries, supplying critical graphite materials.
• A specialized materials supplier for the EV battery industry, much like Corning provides advanced glass for electronics.
• A foundational supplier for the EV battery era, similar to how Cisco Systems provided networking infrastructure for the internet boom.

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• Anode-grade Graphite Materials: These advanced graphite products, including purified spherical graphite, are manufactured for use as anode material in lithium-ion batteries, primarily for electric vehicles and other energy storage applications.

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Westwater Resources (WWR) sells primarily to other companies (B2B) rather than individuals. As their Kellyton Graphite Plant is still under development and commissioning, the company has not yet publicly announced long-term sales contracts with specific major customers for its purified graphite products. However, they have clearly identified their target customer base and recently announced a significant strategic partnership.

Their major potential and target customers are:

• Lithium-ion Battery Manufacturers: Companies that produce batteries for electric vehicles (EVs), grid-scale energy storage, and consumer electronics. These manufacturers require battery-grade graphite for their anodes.
• Industrial Customers: Businesses that utilize high-purity graphite for various industrial applications, including:
  • Refractories
  • Friction products
  • Fuel cells
  • Graphite composites
  • Lubricants and other specialty applications

A key strategic partner and potential future major customer identified by Westwater Resources is:

• SK On Co., Ltd. (Subsidiary of SK Innovation, KRX: 096770) - Westwater Resources announced a Joint Development Agreement (JDA) with SK On in February 2024 to co-develop new anode materials using Westwater's purified graphite. SK On is a leading global manufacturer of lithium-ion batteries for electric vehicles.

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Frank Bakker, President and Chief Executive Officer

Mr. Bakker was elected President and Chief Executive Officer and appointed a director on January 16, 2023. He has over 30 years of experience in engineering, project management, operations, and general management. Prior to his current role, he served as Vice President and General Manager — Alabama Graphite Products from October 2022 to January 2023. Mr. Bakker previously served as Chief Executive Officer for US Methanol LLC and as President & Chief Executive Officer for OCI Partners LP. He began his career at DSM in the Netherlands in 1989.

Steven M. Cates, Senior Vice President – Finance, Chief Financial Officer, and Treasurer

Mr. Cates was promoted to Senior Vice President – Finance, Chief Financial Officer, and Treasurer in January 2023, having initially joined Westwater in May 2021 as Chief Accounting Officer and Controller. He possesses over 20 years of financial and accounting experience across diverse industries including mining, oil and gas, real estate, and public accounting. Before joining Westwater, Mr. Cates served as Vice President — Controller for Apartment Income REIT Corp. from May 2019 to April 2021, and as corporate controller for Caliber Midstream Partners, LP from September 2016 to May 2019. His career also includes various accounting and financial reporting roles at American Midstream Partners, LP, Newmont Mining Corporation, and Thompson Creek Metals Company Inc., and he began his career at KPMG in 2002.

Terence J. Cryan, Executive Chairman and Chairman of the Board

Mr. Cryan rejoined the Westwater Resources Board as Chairman in August 2017 and became Executive Chairman on February 26, 2022. He previously served as a director from October 2006 to March 2016, and as Westwater's Interim President and Chief Executive Officer from September 2012 to March 2013. Mr. Cryan is also the Chairman of the Board of Ocean Power Technologies, Inc. He currently serves as a Managing Director of MACCO Restructuring Group, LLC. Mr. Cryan was President and Chief Executive Officer of Global Power Equipment Group Inc. from March 2015 until July 2017. He co-founded and served as Managing Director of Concert Energy Partners, an investment and private equity firm, from 2001 until 2015. Prior to that, he was a Senior Managing Director in the Investment Banking Division at Bear Stearns.

John Lawrence, Chief Administrative Officer, General Counsel and Corporate Secretary

Mr. Lawrence was promoted to Chief Administrative Officer in January 2023, while retaining his roles as General Counsel and Corporate Secretary. He brings over 35 years of legal and engineering experience from publicly traded companies. Before joining Westwater, he served as General Counsel and Secretary for Ocean Power Technologies, Inc. from June 2014 to January 2022. Mr. Lawrence also served as General Counsel and Secretary for Louisiana Energy Services, LLC from 2003 to 2008.

Jon Jacobs, Chief Commercial Officer

Mr. Jacobs joined Westwater as its Chief Commercial Officer on March 6, 2023. He has over 20 years of technical sales and strategic commercial experience, with almost 15 of those years in the battery industry. Prior to Westwater, Mr. Jacobs was the Chief Marketing Officer of Solid Power from October 2021 through February 2023, and the Vice President of Business Development at Wildcat Discovery Technologies from November 2009 until October 2021.

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The key risks to Westwater Resources (WWR) are primarily centered around its development-stage nature and the significant capital requirements for its Kellyton Graphite Plant.

1. Financing and Capital Requirements: Westwater Resources is a pre-revenue, development-stage company that requires substantial capital to complete Phase 1 of its Kellyton Graphite Plant and fund operations until commercial production begins. The company still needs approximately $120 million to $150 million to finish the first stage of the plant, without accounting for potential cost overruns. The unexpected termination of a key offtake agreement with Stellantis has further complicated its efforts to secure a $150 million secured debt facility, thereby amplifying the challenge of accessing necessary capital. The company's future profitability is contingent on achieving high gross margins once the plant is operational, making the successful acquisition of financing critical.
2. Execution Risk and Project Development Challenges: Westwater Resources faces significant execution risks associated with the construction and successful operation of its Kellyton Graphite Plant. This project involves inherent complexities, and being one of the first large-scale graphite purification facilities in the U.S., it may encounter unforeseen technical challenges, cost overruns, and delays in achieving commercial production and profitability. The company's ability to transition from construction to full commercial operation efficiently is crucial, as current profitability metrics are negative by design.
3. Offtake Agreements and Market Risk: The recent and unexpected termination of a key offtake agreement by Stellantis poses a significant risk to Westwater Resources, as it directly impacts the security of future revenue and complicates ongoing debt syndication efforts. Although the company is actively seeking new offtake agreements and has existing commitments with SK On and Hiller Carbon, the loss of a major customer commitment represents a substantial setback. Additionally, the volatility of critical mineral prices and the stringent regulatory environment for graphite mining in the U.S. introduce further market-related risks.

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Clear emerging threats to Westwater Resources (WWR) primarily stem from ongoing advancements in battery technology that could diminish or potentially eliminate the need for graphite as an anode material in electric vehicle batteries, thereby impacting the market demand for their planned Kellyton Graphite Plant output.

• Rapid Commercialization of Alternative Anode Materials: Technologies such as silicon-dominant anodes offer higher energy density compared to traditional graphite and are being actively developed and scaled by numerous companies. If these alternatives achieve widespread commercial viability, cost-effectiveness, and integration into EV battery manufacturing faster than anticipated, they could significantly reduce the market demand for graphite.

• Advancements in Solid-State Battery Technology: While still in development, solid-state batteries are often designed to utilize alternative anode materials, including lithium metal or silicon, potentially removing the requirement for graphite. Should these technologies mature and become commercially viable for automotive applications on a large scale, it would pose a substantial long-term threat to the graphite anode market.

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Westwater Resources (WWR) primarily focuses on developing battery-grade natural graphite materials, specifically coated spherical purified graphite (CSPG), for use as anode material in lithium-ion batteries.

The company's operations, including its Kellyton Graphite Processing Plant and Coosa Graphite Deposit, are located in Alabama, with a strategic focus on the U.S. domestic market.

The addressable market for Westwater Resources' main product, battery-grade graphite, in the United States is projected to grow from an estimated $5.7 billion in 2024 to $13.48 billion by 2035.

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Westwater Resources (WWR) is poised for future revenue growth, primarily driven by its focus on battery-grade natural graphite production. Over the next 2-3 years, the company's expected revenue drivers include:

1. Commencement of Commercial Production at the Kellyton Graphite Plant (Phase I): Westwater Resources is currently constructing its Kellyton Graphite Plant in Alabama, with Phase I over 50% complete. This phase is designed to produce 12,500 metric tons per annum (MTPA) of Coated Spherical Purified Graphite (CSPG). The successful completion of construction and the securing of necessary debt financing, such as the €150 million loan application to the Export-Import Bank of the United States, are critical steps towards initiating commercial operations and realizing revenue from existing and future offtake agreements.
2. Growing Demand for Domestic Battery-Grade Graphite: The increasing global demand for electric vehicles (EVs) and energy storage solutions, coupled with a strategic shift towards non-Chinese sourced battery materials, positions Westwater Resources favorably. The company is strategically located to serve numerous battery manufacturing plants within a one-day delivery radius, capitalizing on strong market demand and supportive federal policies.
3. Expansion to Phase II of the Kellyton Graphite Plant: Following the successful execution of Phase I, Westwater Resources plans to expand its Kellyton Graphite Plant to Phase II. A Definitive Feasibility Study (DFS) for Phase II projects a substantial increase in CSPG production, bringing the total Kellyton capacity to 50,000 MTPA. This expansion is anticipated to generate significant pre-tax cash flows and offers considerable revenue growth potential.
4. Strategic Utilization and Vertical Integration with the Coosa Graphite Deposit: Westwater Resources' long-term strategy involves vertical integration by leveraging its Coosa Graphite Deposit, which is recognized as the largest and most advanced natural flake graphite deposit in the contiguous United States. While initially using third-party feedstock for Kellyton, integrating the Coosa Deposit will secure a domestic raw material supply, potentially enhancing cost efficiency and contributing to sustained revenue growth.

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Share Repurchases

No significant share repurchases or authorized buyback programs were found for Westwater Resources in the last 3-5 years.

Share Issuance

• Westwater Resources expanded its At-The-Market (ATM) equity offering program to $75 million in October 2025.
• Approximately $55 million of shares have been sold under the ATM program and through convertible note offerings since June 30, 2025.
• The number of shares outstanding for Westwater Resources significantly increased from 0.009 billion in 2020 to 0.059 billion in 2024, reaching 78.439 million for the quarter ending June 30, 2025.

Inbound Investments

• The company is pursuing a $150 million secured debt facility and has received investment committee approval from a lead lender.
• Westwater Resources is engaging with the U.S. Export-Import Bank (EXIM) for potential critical funding under the "Make More in America" initiative.
• Approximately $55 million in capital funding has been secured since mid-2025 through the ATM program and convertible note offerings.

Outbound Investments

No information is available regarding Westwater Resources making strategic investments in other companies during the specified period.

Capital Expenditures

• The primary focus of capital expenditures is the Kellyton Graphite Processing Plant, which is a $453 million capital investment.
• Construction activities for the Kellyton Graphite Processing Plant commenced in December 2021.
• The company expects to complete an optimization evaluation by year-end 2025 for Phase I of the Kellyton Plant, aiming to reduce capital requirements and accelerate commercial production.