Westwater Resources, Inc. · AMEX:WWR
Westwater Resources — Q1 2026 Earnings Presentation
21 slides from Westwater Resources's earnings presentation, May 13, 2026
Slide 1: America's Source for Battery-Grade Graphite
America’s Source for Battery-Grade Graphite NYSE American: WWR Graphite & Energy Security: Why Domestic Supply Matters Now | westwaterresources.net | NYSE: American – WWR April 2026 1
Slide 2: Cautionary Statement
Cautionary Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “positioned to become,” “strategic
Slide 3: America's Source for Battery-Grade Graphite
America’s Source for Battery-Grade Graphite Positioned to become the 1st US-based Corporate Headquarters Centennial, Colorado, producer of battery-grade USA Kellyton Graphite Plant natural graphite Kellyton, Alabama, USA Coosa Graphite Deposit Coosa County, Alabama USA Strategically located in the U
Slide 4: Graphite is a Critical Mineral Used in Multiple Battery Applications
Graphite is a Critical Mineral Used in Multiple Battery Applications Lithium-Ion Battery Composition Natural Graphite Demand Drivers Lithium 4% Manganese 8% Electric Vehicles Cobalt 8% Cathode Graphite (Li, Ni, Co, Mn) Anode ~50% Battery Energy Storage Nickel 30% Industrial, Defense & Other 4 4
Slide 5: Battery Demand is Driving Structural Growth in Graphite
Battery Demand is Driving Structural Growth in Graphite Flake Battery Demand by Application (kt)1 3281 3170 3046 EV BESS Other Portables 2793 2557 2214 1968 1722 1581 1347 1083 1202 925 1009 794 671 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 1 Source: Benchmark M
Slide 6: Graphite is the Workhorse of Lithium-Ion Batteries
Graphite is the Workhorse of Lithium-Ion Batteries Among ~200 graphite applications, the most significant in terms of future demand is lithium-ion batteries Graphite anode composes ~50% of a lithium- ion battery by weight & EVs contain an estimated 200 pounds of battery-grade graphite 6 6
Slide 7: EV Growth is Driving Long-Term Graphite Demand
EV Growth is Driving Long- Term Graphite Demand 65.3 EV Market Forecast (BEV in millions)1 27.3 14.0 11.1 2024 2025 2030 2040 ~50% of every lithium-ion EV sales expected to increase battery is graphite ~4x by 2040 1 Source: Benchmark Natural Graphite Forecast as of March 2026. 7 7
Slide 8: The U.S. Imports 100% of Battery-Grade Natural Graphite
The U.S. Imports 100% of Battery-Grade Natural Graphite Natural Graphite AAM Supply1 2.3% 0.9% 1.3% 7.1% 21.0% 16.2% 2025 2035 77.6% 100% 73.4% CHINESE Asia (ex-China) North America Europe Others China 1 Source: Benchmark Commodities Update: Graphite. 11 March 2026. 8
Slide 9: Optimal Timing for U.S.-Based, Battery-Grade Natural Graphite Production
Optimal Timing for U.S.-Based, Battery-Grade Natural Graphite Production Natural Graphite Anode Supply and Demand Outlook (kt)2 1500 1500 1400 Supply Demand 1300 1200 1100 939 833 734 651 583 528 493 455 803 828 855 394 740 759 780 680 694 709 724 331 627 600 601 524 422 364 2025 2026 2027 2028 2029
Slide 10: Westwater's Value Proposition
Westwater’s Value Proposition Mine-to-Market Strategic Phased Right Experienced Model Location Development Timing Leadership Connecting domestic Located in Alabama, Phased plant Advancing capacity in a Leadership and Board resource development U.S.A., in the heart of the development aligns market wi
Slide 11: Strategic Location: In the Heart of the U.S. Battery Corridor
Strategic Location: In the Heart of the U.S. Battery Corridor Birmingham Kellyton Coosa Graphite Graphite Deposit Plant Montgomery Alabama Port of Mobile 11 11
Slide 12: Mine-to-Market Model: Vertical Integration that Delivers
Mine-to-Market Model: Vertical Integration that Delivers Mining Processing End Product Coosa Graphite Mine 30 Miles Kellyton Graphite Plant Battery-Grade Natural Graphite Mining and flotation of natural Milling, sizing, shaping and Battery-grade CSPG used in lithium- graphite purification produces c
Slide 13: Coosa Graphite Deposit Permitting Currently Underway
Coosa Graphite Deposit Permitting Currently Underway Largest graphite deposit in the contiguous United States located in the graphite belt, 30 miles from Kellyton Graphite Plant ~42,000 acres of mineral rights; 234 drill holes completed to date, representing less than 10% of the acreage Exploration
Slide 14: Kellyton Graphite Plant Offers Domestic Processing Capabilities
Kellyton Graphite Plant Offers Domestic Processing Capabilities Under construction with more than 50% of $245 million capital cost invested to date Phase 1 expected to deliver 12,500mtpa battery-grade natural graphite; Phase 2 will increase planned capacity to a total of 50,000 mtpa Ongoing customer
Slide 15: Production of Battery-Grade Natural Graphite: Process Flowsheet
Production of Battery-Grade Natural Graphite: Process Flowsheet Mining Flotation Micronization Spheroidization Purification Surface (Milling / Sizing) (Shaping) Treatment (Coating) Graphite Mine Graphite Processing Plant 15 15
Slide 16: Kellyton Construction Progress
Kellyton Construction Progress July 2022 August / September 2022 October 2022 May 2023 Earthworks Complete Foundations Poured & Vertical Construction Begins Facilities Construction Complete Underground Utilities Complete November 2023 March 2024 – April 2025 July 2025 August 2025 Placing Structural
Slide 17: U.S. Government Support for Graphite and Other Critical Minerals
U.S. Government Support for Graphite and Other Critical Minerals Policy Support Trade & Supply Chain Reality Graphite designated as a U.S. critical U.S. is 100% import dependent on mineral natural graphite Inflation Reduction Act (IRA) incentives China controls virtually 100% of graphite for domesti
Slide 18: Westwater Catalysts
Westwater Catalysts Near – Term Long – Term Advance Coosa Studies & Permitting Coosa Advancement to Production Secure Kellyton Phase 1 Offtake Kellyton Phase 2 Offtake Secured Complete Kellyton Phase I Financing Secure Kellyton Phase 2 Financing Kellyton Phase 2 Construction & Commercial Production
Slide 19: Westwater Resources is positioned to be America's source for battery-grade graphite
In a market increasingly defined by supply chain risk, Westwater Resources is positioned to be America’s source for battery- grade graphite. 19
Slide 20: Financial Overview
Financial Overview NYSE American: WWR Kellyton Kellyton Coosa Initial Shares Outstanding1 Phase 1 Feasibility Phase II Feasibility Assessment 125M Study (2023) Study (2024) (2023) Avg. Annual Production 12,500 mtpa CSPG3 37,500 mtpa CSPG 3,333 st (Cg conc.) Cash On Hand2 Development Capital $245M (~
Slide 21: NYSE American: WWR
Westwater Resources Kellyton Graphite Corporate Headquarters Processing Plant 6950 South Potomac St. 349 McClellan Industrial Suite 300 Drive Centennial, Colorado Kellyton, Alabama 80112 35089 NYSE American: WWR InvestorRelations@WestwaterResources.com 21 | westwaterresources.net | NYSE: American –