Westwater Resources (WWR) Corporate presentation summary

Strategic positioning and market opportunity

• Focused on producing battery-grade natural graphite anode materials for advanced batteries in the U.S., transitioning from uranium mining to a vertically integrated EV battery materials company.

• Acquired Alabama Graphite Company and operates the Kellyton Graphite Anode Plant and Coosa Graphite Deposit in Alabama.

• Positioned as the first vertically integrated natural graphite anode material supplier in the U.S., leveraging environmentally friendly purification technology.

• Off-take agreements with Stellantis and SK On secure 100% of initial capacity through 2031.

• Anticipates significant supply/demand imbalance for graphite anode materials, especially natural graphite, starting in 2025.

Project development and financial highlights

• Kellyton Plant under construction with initial nameplate capacity of 12,500 mtpa, expandable to 50,000 mtpa post-expansion.

• Over $120 million invested in construction; total phase I cost estimated at $271 million.

• $150 million debt facility term sheet in place to complete phase one funding; $30 million equity line and $8 million ATM program provide additional liquidity.

• Kellyton Plant and Coosa Deposit together form the first fully integrated domestic battery-grade graphite project in the U.S.

• Pre-tax NPV for Kellyton Plant phase I is $417 million; Coosa Deposit pre-tax NPV is $229 million, with a combined market capitalization discount of 95%.

Regulatory and market drivers

• Graphite designated a critical mineral by the U.S. government, with strong policy support including the Inflation Reduction Act (IRA) and Defense Production Act.

• IRA provides a 10% tax credit for producing critical minerals and up to $7,500 EV tax credit, incentivizing domestic supply chains.

• From 2027, vehicles with batteries containing graphite from China will be ineligible for the full EV tax credit.

• U.S. Department of Energy guidance on Foreign Entities of Concern further restricts Chinese graphite in the supply chain.

• Value multiplier from graphite concentrate to anode material exceeds 9x, highlighting significant value creation.