WWR · Westwater Resources, Inc.

Permitting and Development Costs Drive Wider Loss

Cash Burn Accelerates on Working Capital Timing

Customer Agreement Terminations and Financing Uncertainty

During the quarter, SK On terminated its procurement agreement, and in the prior quarter, FCA terminated its offtake agreement. These terminations underscore the development-stage risks the company faces. The Company’s ability to raise additional funds under its ATM Sales Agreement and the 2024 Lincoln Park Purchase Agreement may be limited by market capitalization, share price, and trading volume.

Outlook and Liquidity Position

Management expects to continue to incur cash losses to further advance the Coosa Graphite Deposit, continue construction activity at the Kellyton Graphite Plant, and for general and administrative expenses until operations commence at the Kellyton Graphite Plant. Consistent with prior communications, the company is prioritizing non-dilutive and lower cost sources of capital where available, including evaluating potential government programs. Westwater has not recorded revenue from its graphite operations and remains subject to all risks associated with a development-stage company.