WESTWATER RESOURCES Business Summary

Westwater Resources, Inc. (WWR) is a domestic energy technology and critical minerals firm specializing in the development of battery-grade natural graphite for the global lithium-ion battery market. The company’s business model is currently transitioning from a capital-intensive development phase to a commercial production stage, with revenue streams projected to stem from the sale of Coated Spherical Purified Graphite (CSPG) and micronized graphite. Its operations are anchored by the Kellyton Graphite Processing Plant in Alabama and the Coosa Graphite Deposit, which represents the largest natural flake graphite resource in the contiguous United States. Westwater competes primarily with Nouveau Monde Graphite, Energy Fuels, and Syrah Resources, distinguishing itself as a first-mover in the U.S. domestic supply chain bolstered by 2026 federal anti-dumping rulings that have imposed cumulative tariffs of approximately 220% on Chinese graphite imports. The executive team is led by Executive Chairman Terence J. Cryan, whose background includes senior investment banking roles at Bear Stearns and Paine Webber, and President and CEO Frank Bakker, a veteran industrial leader and former CEO of US Methanol LLC. Technical execution is overseen by CTO Cevat Er, an expert in graphite purification, while commercial strategy is directed by Chief Commercial Officer Jon Jacobs, who previously held leadership roles at Solid Power. Financial operations are managed by SVP and CFO Steven M. Cates, with legal and administrative functions led by CAO John Lawrence. Originally founded in 1977 as Uranium Resources, the company’s strategic pivot is supported by a board including Tracy Pagliara and Karli Anderson, and institutional investment from major entities such as Vanguard Group, BlackRock, and Renaissance Technologies.