Westwater Resources, Inc. (NYSE:WWR), an energy technology and critical minerals company focused on developing battery-grade natural graphite ("Westwater," "Westwater Resources," or the "Company"), today announced a commercial update.

On March 31, 2026, SK On Co., Ltd. notified the Company of its decision to terminate the Products Procurement Agreement ("Agreement") originally executed in February 2024. The Agreement represented the purchase of a portion of the planned Phase I production capacity at the Kellyton Graphite Plant ("Kellyton").

"SK On's decision reflects the challenging and evolving environment our customers are navigating," said Frank Bakker, Chief Executive Officer of Westwater Resources. "While market conditions and tariffs remain dynamic, our continued focus is on executing and advancing our projects. We continue to progress construction at Kellyton and believe we are well positioned to support the domestic production of battery-grade graphite."

SK On has indicated a willingness to consider future agreements, subject to updated terms and conditions.

Westwater is advancing its commercial strategy, including providing product samples through its qualification line at Kellyton to support ongoing customer evaluation and qualification processes. In parallel, the Company is progressing construction and operational readiness at Kellyton, with work continuing across key systems and equipment.

The Company continues to expect initial production of battery-grade graphite within approximately 12 months of securing the remaining project financing.

About Westwater Resources, Inc.