Here are 1-2 brief analogies to describe Westwater Resources:

• Albemarle for graphite.

• A specialized graphite miner, like Barrick Gold for gold.

• Graphite Products: Westwater Resources develops high-purity graphite materials from its Coosa graphite project, primarily for use in energy storage solutions such as electric vehicle batteries and other advanced applications.

Westwater Resources (WWR) is an energy materials developer primarily focused on the Coosa graphite project. The company is currently in the construction and commissioning phase of its Coosa Graphite Processing Plant in Alabama.

As of its most recent public filings, Westwater Resources does not currently have any product sales, major customers, or revenue from its graphite business. The company is actively engaged in discussions with potential customers for when its plant becomes operational.

Westwater Resources intends to sell its purified graphite products primarily to other companies. The categories of prospective corporate customers it targets include:

• Lithium-ion battery manufacturers (including anode material producers and cell manufacturers).
• Specialty graphite product manufacturers.
• Other industrial consumers requiring high-purity, high-performance graphite products for their manufacturing processes.

Frank Bakker, President and Chief Executive Officer

Frank Bakker was appointed President and Chief Executive Officer of Westwater Resources 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 of Alabama Graphite Products for Westwater Resources from October 2022 to January 2023. Mr. Bakker's previous experience includes serving as President & Chief Executive Officer of OCI Partners LP, an ammonia and methanol business, and as CEO for US Methanol LLC. He began his career at DSM in the Netherlands in 1989, holding various management roles in ammonia, engineering plastics, and resins production.

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

Steven M. Cates was promoted to Senior Vice President – Finance, Chief Financial Officer, and Treasurer in January 2023. He joined Westwater Resources in May 2021 as Chief Accounting Officer and Controller. Mr. Cates has over 20 years of financial and accounting experience across mining, oil and gas, real estate, and public accounting sectors. Before joining Westwater, he served as Vice President – Controller for Apartment Income REIT Corp. (NYSE: AIRC) from May 2019 to April 2021. He also held the position of corporate controller for Caliber Midstream Partners, LP, an energy and oil infrastructure company, from September 2016 to May 2019. His career began at KPMG in 2002.

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

Terence J. Cryan rejoined the Westwater Resources Board as its 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 the company's Interim President and Chief Executive Officer from September 2012 to March 2013. Mr. Cryan is a co-founder and Managing Director of Concert Energy Partners, an investment and private equity firm. He also served as President and Chief Executive Officer of Global Power Equipment Group Inc., a publicly traded provider of construction and maintenance services, from March 2015 until July 2017.

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

John Lawrence was promoted to Chief Administrative Officer in January 2023, while continuing in his roles as General Counsel and Corporate Secretary.

Cevat Er, Chief Technology Officer (CTO)

Cevat Er was promoted to Chief Technology Officer effective October 1, 2022. He joined Westwater in 2015 and previously served as Vice President – Technical Services. Mr. Er is responsible for managing the ongoing design and engineering of the Kellyton Graphite Plant.

1. Financing and Capital Requirements: Westwater Resources faces significant challenges in securing the necessary capital to complete its Kellyton Graphite Plant. The company's financing prospects have deteriorated, with a $150 million syndicated loan currently on hold. There is an ongoing need for substantial additional capital, estimated at "at least $120 million to complete Phase 1" without accounting for potential cost overruns, and a lack of clear institutional backing. This has led to heavy shareholder dilution, including a 75% dilution in 2025, with further dilution likely if more funds are needed. An audit opinion for the year ended December 31, 2024, included a "going concern qualification," highlighting the severity of its financial position. Additionally, the company's short-term assets do not cover its short-term liabilities.
2. Execution and Operational Challenges: The company faces significant execution risks in developing and operating its Kellyton Graphite Plant. The complexity of bringing this plant to fruition is a major concern, particularly as there is little previous experience and no other large-scale producers of graphite purification in the U.S. This suggests potential technical hurdles and unforeseen challenges in scaling up to commercial production. The termination of a key off-take agreement with Stellantis in late 2025 further exacerbates these operational and strategic challenges, jeopardizing the financing needed for plant completion and indicating difficulties in securing market commitments for its products. Permitting challenges could also lead to project delays.
3. Market and Supply Chain Volatility: Westwater Resources operates within a graphite market characterized by extreme geographic concentration, with China controlling a significant portion of global output and processing capabilities, creating considerable supply risks. This concentration exposes WWR to geopolitical and trade risks, including potential export restrictions by dominant producing nations. Furthermore, market volatility and fluctuations in graphite pricing could impact the company's financial performance. While demand for graphite, particularly for lithium-ion battery anodes, is growing, there is also the risk that emerging battery technologies could reduce graphite demand or necessitate different material specifications, impacting WWR's long-term market position.

Westwater Resources (WWR) is an energy materials developer primarily focused on its Coosa graphite project in Alabama, producing battery-grade natural graphite for lithium-ion battery anodes.

The addressable market for Westwater Resources' main products, graphite anode materials for batteries, is substantial and experiencing rapid growth.

Global Market:

The global graphite anode market was valued at approximately $11.90 billion in 2022 and is projected to grow to a market size of $50.83 billion by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 19.9% over the forecast period. This market encompasses both natural and synthetic graphite anode materials. Westwater Resources specifically focuses on natural graphite anode products.

U.S. Market:

The U.S. graphite market, driven by the increasing demand from battery-powered vehicles, is projected to reach an estimated value of $1,964.7 million (approximately $1.96 billion) by 2032. Westwater Resources is positioning itself to be a key domestic supplier, with its advanced graphite processing plant in Kellyton, Alabama, intended to produce battery-ready graphite products.

Westwater Resources (WWR) is positioned for future revenue growth over the next 2-3 years, primarily driven by its advanced battery-grade natural graphite business. Key drivers include:

1. Commencement of Commercial Production at the Kellyton Graphite Plant (Phase I): The company is focused on bringing its Kellyton Graphite Plant to full commercial production. As of August 2025, construction was over 50% complete, and commercial production is targeted for 2026. Phase I of the facility is expected to produce 7,500 metric tons of refined graphite annually when fully operational, which will be the company's initial significant revenue stream.
2. Offtake Agreements and Customer Acquisition: Westwater Resources has secured a binding five-year offtake agreement with SK On, a major global battery supplier, for its Coated Spherical Purified Graphite (CSPG). This agreement is projected to generate over $300 million in cumulative sales, with the final year requiring 10,000 metric tons of product, commencing with commercial production in late 2026. The company is also actively producing and delivering large samples of battery-grade graphite from its qualification line to current and potential customers, indicating ongoing efforts to expand its customer base and secure additional sales agreements.
3. Phase II Expansion of the Kellyton Graphite Plant: Beyond the initial production capacity, the Kellyton plant site is designed for a Phase II expansion. This second phase is anticipated to significantly boost production, with an expected output of 40,500 metric tons per year of CSPG, representing a substantial increase over Phase I. The progression and eventual commissioning of Phase II will be a major driver of increased revenue.
4. Vertical Integration and Domestic Supply Chain Development: Westwater aims to become the first U.S.-based vertically integrated anode graphite supplier. The company is actively advancing the permitting process for its Coosa Graphite Deposit, with the long-term objective of supplying its Kellyton plant directly from this domestic source. This vertical integration strategy is critical for building a secure domestic supply chain for battery-grade graphite, aligning with strong market demand and U.S. policy priorities, which could lead to cost efficiencies, supply security, and potentially premium pricing for domestically sourced materials.
5. Growing Demand for Battery-Grade Graphite: The accelerating production of electric vehicles (EVs) and the broader push for clean energy solutions are creating a strong and sustained demand for battery-grade graphite. As a key component in lithium-ion batteries, graphite is essential for the burgeoning EV sector, providing a robust underlying market for Westwater's products as its production scales up.

Share Issuance

• Westwater Resources sold 22.2 million shares through its at-the-market (ATM) program in October and November 2025, generating approximately $43.3 million in net proceeds.
• Since June 30, 2025, the company has raised approximately $55 million through its ATM program and convertible note offerings, and filed to increase its ATM program size to $75 million on October 17, 2025.
• An "at the market" stock offering initiated on March 21, 2025, allows for the sale of up to $50 million in common stock.

Inbound Investments

• Westwater Resources secured approximately $55 million in capital funding since mid-2025 through its ATM program and a series of convertible note offerings.
• During Q2 2025, the company received $5 million from convertible note issuance, with an additional $5 million from a convertible note issuance post-quarter.
• The company entered into a Purchase Agreement and Registration Rights Agreement with Lincoln Park Capital Fund, LLC, dated August 30, 2024.

Capital Expenditures

• As of September 30, 2025, Westwater Resources had property, plant, and equipment totaling $140.217 million, which included $123.721 million in construction in progress.
• By June 30, 2025, the company had incurred approximately $124 million in project-related costs since inception for Phase I of the Kellyton Graphite Plant, with the total expected cost for Phase I remaining at $245 million.
• Capital expenditures are primarily focused on the construction and optimization of the Kellyton Graphite Plant in Alabama, designed to produce battery-grade natural graphite materials.