WESTWATER RESOURCES, INC.

Operating Activities

Net cash used in operating activities of $9.9 million for the year ended December 31, 2025, represents an increase of $4.1 million compared to the same period in 2024. The increase in cash used in operating activities was primarily due to the absence of $3.6 million of cash collected on sales of raw material inventory in 2024, and changes in other working capital.

Investing Activities

Net cash used in investing activities increased by $6.8 million for the year ended December 31, 2025, as compared to the same period in 2024. For both periods, the investing activity represents construction capital expenditures as the Company continues a managed approach to construction activity of Phase I of the Kellyton Graphite Plant, slightly offset by cash received from sales of assets. Refer toNote 4, Property, Plant and Equipment of the consolidated financial statements inItem 8 of this Annual Report on Form 10-K for further details.

Financing Activities

Net cash provided by financing activities increased by $61.8 million for the year ended December 31, 2025, as compared to the same period in 2024. The increase was primarily due to net cash proceeds received for the Convertible Notes issued in the current year and an increase in shares of Common Stock sold under the ATM Sales Agreement and 2024 Lincoln Park PA during the current year, compared to the same period in 2024.