Westwater Resources Announces 2023 Business and Financial Updates

Westwater Resources, Inc. (NYSE American: WWR), an energy technology and battery-grade natural graphite development company (“Westwater” or the “Company”), is pleased to announce its results for the year ended December 31, 2023, and to provide business and financial updates.

2023 a Year of Progress

During 2023, Westwater achieved critical milestones and achievements related to its planned natural graphite business, notably:

• In May 2023, Westwater announced the execution of a joint development agreement (“JDA”) with SK On Co, Ltd. (“SK On”).
• On February 5, 2024, Westwater announced the execution of its first off-take agreement with SK On for Coated Spherical Purified Graphite (“CSPG”).
• As a result of the completion of a debottlenecking study, Westwater has increased its anticipated Phase I production of CSPG to 12,500 mt per year while maintaining the Phase I construction budget of the Kellyton Graphite Plant at $271 million.
• Continued Phase I construction at the Kellyton Graphite Plant deploying approximately $119.2 million since inception of the project.
• In December 2023, Westwater announced the completion of its Initial Assessment with an Economic Analysis related to its Coosa Graphite Deposit, and publication of the S-K 1300 Technical Report Summary (“TRS”) disclosing mineral resources, which indicates an estimated pre-tax NPV of $229 million, estimated pre-tax internal rate of return of 26.7%, and estimated free cash flow of $714 million over the 20+ year mine life.

“We believe 2023 was a year of significant progress across our graphite business, which was the result of tremendous hard work by the Westwater team,” said Terence J. Cryan, Westwater’s Executive Chairman. “We are especially excited about our first off-take agreement with a major Tier 1 battery manufacturer, the increase in anticipated Phase I production while staying on budget, and the positive anticipated economic results from our initial assessment of the Coosa Graphite Deposit.”

“Westwater is the only U.S.-based natural graphite company under construction on a processing facility, that has a multi-year off-take agreement for CSPG, and that has a graphite deposit in the same state as its future processing plant,” said Frank Bakker, Westwater’s President and CEO. “The accomplishments of the Westwater team were not only significant for 2023, but I believe positions Westwater well for 2024.”