WESTWATER RESOURCES, INC.

RESULTS OF OPERATIONS

Summary

Consolidated net loss from operations for the year ended December 31, 2025 was $27.3 million, or $0.32 per share, as compared with $12.7 million, or $0.22 per share for the same period in 2024. The $14.6 million increase in our consolidated net loss from operations was primarily due to costs associated with conversions and fair value adjustments of the Convertible Notes, an increase in stock compensation expense, debt issuance costs, greater depreciation expense and costs associated with progressing the permitting of the Coosa Graphite Deposit.

These increases were offset by the reduction of other expenses related to a loss on sales and a write-down of raw material inventory in the prior year. See below for further details related to these changes.

Product Development Expenses

Product development expenses for the year ended December 31, 2025 were $1.1 million and remained relatively flat, as compared to the same period in 2024.

Exploration Expenses

Exploration expensesfor the year ended December 31, 2025, increased by $0.2 million, compared to the same period in 2024. The increase was a result of completing a substantial body of work during the fourth quarter of 2025 essential to advancing the Coosa Graphite Deposit through early stage permitting, environmental baseline characterization, cultural resource compliance, and preliminary engineering design. The combination of engineering design, environmental fieldwork, regulatory mapping, hydrologic studies, and agency coordination is intended to help the Company progress toward obtaining required permits and preparing the site for development activities.

General and Administrative Expenses

General and administrative expenses for the year ended December 31, 2025, were $12.4 million, an increase of approximately $2.4 million as compared to the prior year. The increase was primarily due to $2.6 million in higher stock compensation expense as a result of larger and broadly distributed restricted stock unit awards granted in May 2025, compared to awards granted in prior years. Refer toNote 10, Stock-based Compensation, of the consolidated financial statements inItem 8 of this Annual Report on Form 10-K for further details.

Depreciation and Amortization

Depreciation and amortizationfor the year ended December 31, 2025, increased by $0.5 million, compared to the same period in 2024, due to an increase in depreciation expense resulting from the qualification line, which was placed in service in January of 2025.

Mineral Property Expenses

Mineral property expenses were less than $0.1 million for the year ended December 31, 2025, remaining flat compared to the prior year. These costs include payments to land and surface owners.

Other Expense, net

Other expense, net for the year ended December 31, 2025 was $12.8 million, as compared to $1.2 million for the same period in the prior year. The increase in other expense, net was primarily due to expense for issuance costs, conversions, and fair value adjustments of the Convertible Notes. Other expense related to the conversions and adjustments to the Convertible Notes was impacted by the Company’s higher stock price during 2025. The Company also recognized deferred debt issuance costs as a result of placing the syndication process on hold upon the termination of the FCA Offtake Agreement. The increase in other expense, net in the current period was partially offset by the absence of a loss on sales and a write-down of raw material inventory in the current year, compared to the same period of the prior year. Refer toNote 11, Other Expense, net, of the consolidated financial statements inItem 8 of this Annual Report on Form 10-K for further details.