Aqua Metals (AQMS) Investor presentation summary

Technology and innovation

• Patented AquaRefining process delivers superior economics and lowest environmental impact in battery recycling.

• Over 4,000 hours of runtime demonstrate proven technology at Sparks, NV facility.

• Eliminates use of hydrogen peroxide and sodium hydroxide, regenerates sulfuric acid, and reduces GHG emissions by 98% compared to standard hydro processes.

• Designed to be cost competitive with Chinese recycling, offering a $1,100/MT cost advantage.

• Flexible product suite includes nickel sulfate, battery-grade lithium carbonate, nickel and cobalt metals.

Market opportunity and business model

• Global addressable market for battery recycling projected to exceed $18 billion by 2034.

• Modular, scalable technology supports phased growth from 10,000 MT/y to 60,000 MT/y.

• Rising lithium prices enhance project finance options, with battery-grade lithium carbonate reaching $20,991/MT in March 2026.

• Business models include build & operate, joint ventures, and licensing, adaptable to various partnerships.

• Feedstock strategies target both NMC and LFP metals, with refinery and hub models for diverse supply streams.

Commercial partnerships and strategic alliances

• Agreements executed with 6K Energy, Moby Robotics, Impossible Metals, and American Battery Factory.

• Partnerships secure feedstock, offtake partners, and funding for future growth.

• MOUs in place for processing deep-sea polymetallic nodules and recycling manufacturing scrap.

• Potential for first AquaRefinery location in Tucson through partnership with American Battery Factory.