WWR

• Financing Milestone: Management announced the U.S. EXIM approved a $25 million non-dilutive loan under the Make More in America Initiative to support continued development of the Kellyton Graphite Processing Plant Phase 1 in Alabama. This loan is a strategic validation of the project's importance to building a domestic U.S. critical mineral supply chain for battery materials, and will fund advancement from construction/equipment installation to commissioning and operational readiness. The approval is part of the company's broader strategy to secure non-dilutive, lower-cost capital. Total invested capital in Kellyton Phase 1 stands at approximately $130 million as of Q2 2026, with $115 million of remaining development capital needed (including $15 million in contingency) to hit the total projected Phase 1 cost of $245 million. Management continues to pursue additional government and alternative financing sources.
• Kellyton Operational Progress: The Kellyton plant is designed to produce coated spherical purified graphite (CSPG), the battery-grade natural graphite anode material for lithium-ion batteries. Phase 1 will have an annual production capacity of 12,500 metric tons of CSPG. The project already has completed buildings, on-site and ordered equipment, an operational qualification production line, and an on-site R&D lab, giving Westwater a projected 3- to 5-year first-mover advantage over domestic competitors. In Q2 2026, the company continued advancing long-lead equipment manufacturing and delivery, operated the qualification line which has produced over 1 metric ton of representative CSPG samples for customer qualification, and maintained R&D product development efforts focused on lower-swelling natural graphite anode materials to target the fast-growing energy storage (LFP chemistry) market. To date, CSPG samples have been provided to prospective global EV and energy storage battery customers and OEMs for evaluation, with additional offtake opportunities actively being explored.
• Coosa Graphite Deposit Progress: The Coosa project is planned as a long-term domestic source of natural graphite flake concentrate feedstock for the Kellyton plant. In the first half of 2026, Westwater completed all required environmental, cultural, hydrologic, and geochemical studies for permitting. The company submitted its Section 404 permit application to the U.S. Army Corps of Engineers in mid-June 2026, and the project received a Covered Project designation under the FAST-41 federal permitting program, with the current estimated completion date for permitting and environmental review set for June 2027. If permitting proceeds on schedule, Coosa is targeting commercial operation in late 2028 or early 2029, enabling a fully integrated domestic U.S. graphite supply chain.

• Commercial production at Kellyton Phase 1 is targeted to commence as soon as 2027, with the EXIM loan approval allowing the company to maintain its 12-month production timeline from full funding completion.
• Permitting for the Coosa Graphite Deposit is currently projected to be completed by June 2027, with commercial production at Coosa targeted for late 2028 to early 2029.
• Management reaffirms the total projected development capital for Kellyton Phase 1 remains at $245 million, including a 15% contingency for cost escalation that management expects is sufficient to cover remaining cost uncertainty.
• Forward market estimates project rising graphite flake and anode material prices, which management views as favorable for the long-term profitability of the Coosa project.

Westwater Resources is a development-stage company focused exclusively on battery-grade graphite projects, with no commercial product revenue generated in the quarter. Consolidated financial results: Q2 2026 net loss of $4.3 million ($0.03 per diluted share), compared to a Q2 2025 net loss of $3.9 million ($0.05 per diluted share). For the first half of 2026, consolidated net loss totaled $9 million ($0.07 per diluted share), up from a $6.5 million net loss ($0.09 per diluted share) in the first half of 2025. The increased net loss was driven by higher Coosa Graphite Deposit permitting costs, greater stock-based compensation, and elevated product development expenses, partially offset by higher interest income. As of June 30, 2026, the company held $38.2 million in cash liquidity.

• Total Phase 1 development of Kellyton still requires an additional $115 million in capital beyond the EXIM loan, and there is no guarantee additional government or private financing will be secured on acceptable terms or in time to maintain the 2027 production target.
• The EXIM $25 million loan remains subject to definitive documentation and customary closing conditions, so disbursement of funds is not guaranteed.
• Permitting timelines for Coosa are dependent on U.S. federal and state regulatory processes, and delays could push back project development beyond the current June 2027 permit completion estimate.
• Graphite flake prices are currently at historic lows (approximately $500-$600 per ton), which reduces the near-term economic attractiveness of bringing the Coosa mine online. While the forward price curve is projected to rise, there is no guarantee prices will increase as expected.

Q: What cost risks remain for Kellyton's construction, and is the current $245 million total budget sufficient? / A: Most major long-lead equipment is already ordered or delivered, with fixed pricing secured for many components. Other components are estimated using contracted unit rates. Management noted that a 15% contingency and escalation buffer included in the total $245 million budget is sufficient to cover any remaining cost uncertainty, and they are comfortable completing the project within this total. (210 chars)

Q: Can you share details on the additional government funding initiatives Westwater is pursuing? / A: Management declined to disclose specific programs or agencies, as most of these funding opportunities are competitive, and the company does not want to reveal its strategy to other prospective applicants. They confirmed that EXIM approval was one of four active funding initiatives the company has been pursuing, with the other three still in process at various stages, and will move as quickly as each agency's protocol allows. (312 chars)

Q: Is the EXIM $25 million loan only for Kellyton, has EXIM completed its due diligence, and can the funding close by the end of 2026? / A: All $25 million in proceeds are strictly earmarked for Kellyton Phase 1 and cannot be used for Coosa. EXIM has completed its full due diligence, including project and environmental reviews, and only definitive documentation and customary closing conditions remain. Management will move as quickly as EXIM allows, with the goal of closing the loan by year-end; funds will be disbursed via construction draws as work progresses, rather than a single lump sum. (374 chars)

Q: How do the company's ongoing federal funding discussions split between Kellyton and Coosa, and how will EXIM validation help the customer pipeline? / A: The EXIM loan is dedicated to Kellyton, but management noted the company's vertically integrated strategy (processing at Kellyton, domestic feedstock at Coosa) is very attractive to federal agencies, and future funding could support Coosa. Management explained that the company has long produced large-scale CSPG samples to eliminate scale-up risk, which has already helped secure offtake agreements with SK On and Stellantis (currently being renegotiated, with strong relationships intact). With Kellyton being the most advanced domestic graphite processing project, management is confident it will be fully sold out as it approaches commercial production. (482 chars)

Q: What is the approximate cost of capital for the EXIM loan, and when does full Phase 1 funding need to be secured to hit the 2027 production target? / A: While terms are not finalized, management confirmed the EXIM loan has a much more attractive single-digit cost of capital, well below the double-digit mid-teens rates available in current private debt markets. Full details will be released once definitive documents are signed. Long-lead equipment orders placed at the end of 2025 already allow the company to maintain a 12-month timeline from full funding to production, so no hard deadline for full funding has been set; the EXIM loan allows continued progress toward the 2027 target as additional capital is secured. (437 chars)