Westwater Resources Announces Q3 2023 Business and Financial Updates - Seite 3

Coosa Graphite Deposit Update

During the third quarter, Westwater continued its third-party consultant’s work on the preliminary economic assessment (“PEA”) for the Coosa Graphite Deposit. The PEA will expand on the Technical Report Summary (“TRS”) that was prepared as an initial assessment in accordance with S-K 1300 and filed with the SEC on Form 8-K on December 6, 2022. The PEA will include an economic assessment based on the TRS and an initial mine plan. Westwater still expects to complete and disclose the results of the PEA in the fourth quarter of 2023.

Upon completion of the PEA, Westwater anticipates commencing a strategic financing review process for the Coosa Graphite Deposit. This strategic financing review process will seek to identify financial investment sources and partners for the Coosa Graphite Deposit and may include review of strategic investment partners or other strategic transactions.

Construction Financing Update

Westwater continues its efforts to secure financing to fund the balance of the estimated capital requirements for Phase I of the Kellyton Plant. “We are still engaged with third parties interested in funding our project, and we believe that finalizing an offtake agreement for the sale of CSPG from the Kellyton Plant is critical to securing and closing a financing transaction,” said Steve Cates, Westwater’s Chief Financial Officer and SVP – Finance.

As of September 30, 2023, Westwater had a cash balance of $11.7 million and has incurred approximately $116.7 million since beginning construction of the Kellyton Plant.

Financial Summary

($ in thousands, Except Share and Per Share Amounts)	Q3 2023	Q3 2022	Variance
Net Cash Used in Operations*	$(12,187)	$(8,589)	42%
Net Cash Used in Investing Activities*	$(55,292)	$(31,968)	73%
Net Cash Provided by Financing Activities*	$4,019	$25,572	(84%)
Product Development Expenses	$(979)	$(257)