WESTWATER RESOURCES, INC.

Operating Activities

Net cash used in operating activities of $5.8 million for the year ended December 31, 2024, represents a decrease of $5.6 million compared to the same period in 2023. The decrease in cash used in operating activities was primarily due to $3.6 million of cash collected on sales of raw material inventory in 2024, a decrease in purchases of raw material inventory of $2.4 million, and a decrease in third-party services related to product development of $1.4 million in 2024 compared to 2023. These changes to operating cash flow were partially offset by $3.1 million of cash received by the Company in the fourth quarter of 2023 related to the settlement of its arbitration against the Republic of Turkey and a reduction of interest income of $1.1 million. The remaining change in operating cash flow was primarily due to other changes in working capital of $2.6 million.

Investing Activities

Net cash used in investing activities decreased by $53.7 million for the for the year ended December 31, 2024, as compared to the same period in 2023. The decrease was a result of lower capital expenditures as the Company reduced construction activity while seeking debt financing to fund the remaining construction of Phase I of the Kellyton Graphite Plant. This decrease was slightly offset by $1.5 million of cash received from the sale of an asset during 2024. Refer toNote 5 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 decreased by $1.5 million for the year ended December 31, 2024, as compared to the same period in 2023. The decrease was primarily due to lower cash proceeds received related to sales of common stock under the 2020 and 2024 Lincoln Park PAs, the ATM Sales Agreement, and the ATM Offering Agreement, compared to the same period in 2023.