WWR · Westwater Resources, Inc.

The termination of the Products Procurement Agreement with SK On Co., Ltd. removes a key customer commitment for a portion of the Kellyton Graphite Plant's planned Phase I production capacity. Originally signed on February 5, 2024, this agreement was significant as it validated demand for the Company's battery-grade natural graphite anode material, CSPG, in the lithium-ion battery market. The immediate termination on March 31, 2026, reflects the challenging and evolving environment cited by CEO Frank Bakker, including dynamic market conditions and tariffs. Despite this setback, SK On has expressed openness to future agreements with updated terms, providing a potential pathway for renewed collaboration. Westwater is actively advancing its commercial strategy by supplying product samples via its qualification line at Kellyton to support customer evaluations. Construction at the Kellyton Graphite Plant continues across key systems, maintaining momentum toward operational readiness. The Company reiterates its expectation for initial battery-grade graphite production approximately 12 months after securing the remaining project financing, underscoring that the termination does not halt progress on its vertically integrated mine-to-market platform anchored by the Coosa Graphite Deposit.