Westwater Resources, Inc. Q4 FY2025 earnings call

1. Broader market context: EV growth moderated in US but continues globally, grid-scale battery energy storage systems expanding. Demand for natural graphite anode material expected to grow ~185% in next decade. China dominates graphite market, but US is focusing on building domestic supply chain for critical minerals. 2. Westwater's strategy: Vertically integrated mine-to-market approach with Coosa Graphite Deposit and Kelleyton Graphite Plant in Alabama. 2025 progress: advanced Kellyton construction, delivered samples, progressed Coosa permitting. 3. Kellyton Graphite Plant: Advanced construction and operational readiness, installed equipment, commissioned mills, received patent for graphite purification process. Reviewed phase one capital plan, reduced estimated capital cost to ~$245M. 4. Coosa Graphite Deposit: Initiated permitting, filed water discharge permit, submitted application for FAST41 program, permitting expected 12-24 months. 5. Customer engagement: Engaged with potential customers in battery, automotive, defense industries, providing samples.

1. Believes can complete balance of financing needed for Phase 1 at Kellyton, with remaining ~$50M needed. 2. Focus on non-dilutive debt financing to support commercial production in 2027, reinforcing first mover advantage over North American competitors. 3. Earliest potential production from Coosa Graphite Deposit late 2028 to 2029.

Q: Given ongoing geopolitical risks, walk through how investor base is looking at domestic supply for graphite, including if investors are assigning more favorable discount rates and if there's interest from those who used to focus on other locales.

A: Terrence Kryan said customers want secure supply and price stability through domestic contracts, Westwater has first mover advantage, customer base broadening beyond EV to other markets.

Q: Give ways governmental support has manifested and if interactions have changed in tone, voice, intensity.

A: Current administration shows shift in support for critical minerals, received letter of interest from Ex-Im Bank, broader effort across agencies with coordinating function in Washington, assembled advisors to pursue initiatives.

Q: Address permitting process, specifically ADEM's technical review and comment period for NPDES permit.

A: Frank Bacher said they engaged experienced engineering company in Alabama, anticipate NPDES permit will be issued this year