西水资源 2025年度报告

(Mark One) Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities ExchangeAct of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports) and (2)has been subject tosuch filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required tosubmit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany or emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer” “smaller reporting company” and “emerginggrowth company” in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firmthat prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒ The aggregate market value of the Common Stock held by non-affiliates of the registrant at June30, 2025 was approximately $45,758,473.Number of shares of Common Stock, $0.001 par value, outstanding as of March 19, 2026 was 124,702,952 shares. Documents incorporated by reference: specified portions of Westwater Resources, Inc.’s Definitive Proxy Statement on Schedule 14A relatingto its 2026 Annual Meeting of, Stockholders are incorporated by reference into Part III where indicated.Westwater Resource, Inc.’s Definitive ProxyStatement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. WESTWATER RESOURCES,INC.ANNUAL REPORT ON FORM10-KFOR THE FISCALYEAR ENDED DECEMBER31, 2025 TABLE OF CONTENTS DEFINITIONSUSE OF NAMESCURRENCYCAUTIONARY NOTEREGARDING FORWARD-LOOKING STATEMENTSSTATEMENT REGARDING THIRD PARTY INFORMATIONPARTIITEM1. BUSINESSTHE COMPANYOUR STRATEGYOVERVIEW OF THE BATTERY GRAPHITE INDUSTRYCOMPETITIONKEY BUSINESS AND CORPORATE DEVELOPMENTS IN 2025WESTWATER’S GRAPHITE BUSINESSCORE VALUESAVAILABLE INFORMATIONITEM1A. RISK FACTORSITEM1B. UNRESOLVED STAFF COMMENTSITEM 1C. CYBERSECURITYRISK MANAGEMENT AND STRATEGYGOVERNANCEITEM2. PROPERTIESKELLYTON GRAPHITE PLANTCOOSA GRAPHITE DEPOSITINFRASTRUCTUREINSURANCEITEM3. LEGAL PROCEEDINGSOTHERITEM4. MINE SAFETY DISCLOSURESPARTIIITEM5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDERMATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESSTOCK INFORMATIONITEM6. [RESERVED]ITEM7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONSINTRODUCTIONSUMMARY OF RECENT DEVELOPMENTSRESULTS OF OPERATIONSFINANCIAL POSITIONLIQUIDITY AND CAPITAL RESOURCESOFF-BALANCE SHEET ARRANGEMENTSCRITICAL ACCOUNTING POLICIES AND ESTIMATESITEM7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKITEM8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAITEM9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING ANDFINANCIAL DISCLOSUREITEM9A. CONTROLS AND PROCEDURESEVALUATION OF DISCLOSURE CONTROLS AND PROCEDURESMANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTINGITEM9B. OTHER INFORMATIONITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENTINSPECTIONSPARTIIIPARTIVITEM15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULESITEM16. FORM10-K SUMMARYSIGNATURES DEFINITIONS When used in this Form 10-K, the following terms have the meaning indicated. FCA US LLC, an electric vehicle manufacturer and part of the Stellantisgroupof companies.Stellantisdesigns,manufactures,and sellsautomobiles under its 14 brands: Abarth, Alfa Romeo, Chrysler, Citroën,Dodg