WESTWATER RESOURCES, INC.

RESULTS OF OPERATIONS** **

Summary

Our consolidated net loss from continuing operations for the year ended December 31, 2024 was $12.7 million, or $0.22 per share, as compared with a consolidated net loss from continuing operations of $7.8 million, or $0.15 per share for the same period in 2023. The $4.9 million increase in our consolidated net loss from continuing operations was due primarily to the prior year recognition of a gain of $3.1 million related to the legal settlement with the Republic of Turkey and a $1.2 million write-off ofestimated uranium royalty liabilities. Additionally, for the year ended December 31, 2024, Westwater recognized a $1.5 million loss on the sale of graphite concentrate and had $1.1 million less interest income on our investment account. These increases in net loss were partially offset by $1.8 million less product development expenses.

Product Development Expenses

Product development expenses for the year ended December 31, 2024 were $1.2 million, a decrease of $1.8 million compared to the prior year. Product development expenses for the year ended December 31, 2024, related primarily to sample production of battery-grade natural graphite products for evaluation by potential customers. Since the third quarter of 2023, the Company has utilized its in-house R&D Lab for sample processing, resulting in lower costs for each batch of samples produced.

Exploration Expenses

Exploration expenses were less than $0.1 million for the year ended December 31, 2024, a decrease of $0.3 million compared to the prior year. The decrease in exploration expenses was the result of the Company completing its Preliminary Ecological Appraisal (“PEA”) at the Coosa Graphite Deposit in November 2023 and lower personnel costs.

General and Administrative Expenses

General and administrative expenses for the year ended December 31, 2024, were $10.0 million, an increase of approximately $0.2 million as compared to the prior year. The increase was primarily due to $0.5 million higher stock compensation expense resulting primarily from $0.3 million of stock award forfeitures in the first quarter of 2023, and an increase in the number of stock awards granted in 2024. The impact of the increase in stock compensation expense was partially offset byan upfront $0.2 million advisory fee, which was incurred in the first quarter of 2023.

Mineral Property Expenses

Mineral property expenses were less than $0.1 million for the year ended December 31, 2024, remaining flat compared to the prior year. These costs include payments to land and surface owners.

Settlement

In the fourth quarter of 2023, the Company realized a $3.1 million gain on the settlement of its arbitration against the Republic of Turkey upon receipt of payment.

Other (Expense) Income, net

Other expense for the year ended December 31, 2024 was $1.2 million, as compared to other income of $2.4 million for the same period in 2023. The $3.6 million changeis primarily due to a $1.1 million decrease in interest income resulting from lower average cash balances during the year and a $1.5 million loss on the sale of raw material inventory for the year ending December 31, 2024. Additionally, based on the completion of the voluntary disclosure of unclaimed property in 2023, the Company wrote off estimated uranium royalty liabilitiesand recognized other income of approximately $1.2 million in the prior year.