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Risks

• We face a variety of risks related to our proposed battery-graphite manufacturing business.
• The construction and operation of pilot program facilities and commercial production facilities in Alabama or other manufacturing facilities are subject to regulatory approvals and may be subject to delays, cost overruns or may not produce expected benefits.
• WWR is not producing any products at a commercial scale at this time. As a result, we do not currently have a reliable source of operating cash. If we cannot successfully transition to commercial scale production of graphite and vanadium, partner with another company that has cash resources, find other means of generating and/or access additional sources of private or public capital, we may not be able to remain in business.
• Volatility in graphite and vanadium prices may result in the Company not receiving an adequate return on invested capital.
• Our operations are each subject to environmental risks.
• Competition from better-capitalized companies affects prices and our ability to acquire both properties and personnel.
• Because we have limited capital, inherent manufacturing and mining risks pose a significant threat to us compared with our larger competitors.
• Our patents and other protective measures may not adequately protect our proprietary intellectual property, and we may be infringing on the rights of others.
• Pandemics, epidemics or disease outbreaks, such as the novel coronavirus (COVID-19 virus), may disrupt our business, supply chains and the business of our business partners, which could materially affect our operations, liquidity and results of operations.
• The timing and amount of compensation relating to the revocation of the mining and exploration licenses for our Temrezli and Sefaatli projects is yet to be determined.
• We may not realize the full anticipated benefits of the sale of our uranium assets to enCore Energy Corp.
• Exploration and development of graphite and vanadium properties are risky and subject to great uncertainties.
• The size and extent of the Company’s vanadium mineral reserves at the Coosa Project is unknown and may not be in sufficient quantities to make its extraction and processing economically feasible.
• The Company does not have and may not be able to obtain surface or access rights to all or a portion of the Coosa Project.
• Because mineral exploration and development activities are inherently risky, we may be exposed to environmental liabilities and other dangers. If we are unable to maintain adequate insurance, or liabilities exceed the limits of our insurance policies, we may be unable to continue operations.
• Closure and remediation costs for environmental liabilities may exceed the provisions we have made.
• Reserve and other mineralized material calculations are estimates only, and are subject to uncertainty due to factors including the prices of graphite and vanadium inherent variability of the ore and recoverability of graphite and vanadium in the recovery process.
• Title to the Coosa Project may be subject to defects in title or other claims, which could affect our property rights and claims.
• The Company has no history of paying dividends on its common stock, and we do not anticipate paying dividends in the foreseeable future.
• Terms of subsequent financings may adversely impact holders of our securities.
• Shareholders would be diluted if we use common stock to raise capital, and the perception that such sales may occur, could cause the price of our common stock to fall.