Westwater Resources (WWR) Business Update summary

Offtake Agreements and Capacity Commitments

• Signed a multi-year offtake agreement with Stellantis (FCA), securing sales of CSPG from the Kellyton plant and fully contracting phase one production through 2031.

• Combined with the SK On agreement, 100% of planned phase one volumes are now sold out and secured for multiple years.

• FCA will purchase a percentage of their forecasted volume annually from Kellyton's output for use in U.S.-based battery partner plants.

• The Stellantis contract includes indexation for flake and CSPG pricing, providing downside protection against graphite price fluctuations.

Financing and Construction Status

• Securing these offtake agreements is critical for obtaining debt financing to complete phase one construction at Kellyton.

• Over $120 million has been invested in the Kellyton plant to date.

• Discussions with multiple lenders are ongoing, with plans to select a lender and sign a binding term sheet soon.

• Phase one design capacity remains at 12,500 metric tons per annum, with production expected to begin by the end of next year.

Profitability, Strategic Significance, and Future Planning

• Contracts are structured to ensure profitability and the ability to service debt once the plant is operational.

• The FCA contract is a major milestone in establishing a U.S.-based supply chain for natural graphite anode material.

• Westwater aims to secure additional supply agreements for expanded phase two capacity, with a feasibility study underway and results to be shared during the August call.