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Aqua Metals Commercializing a Lower-Cost U.S. Critical Minerals Processing Platform July 2026 Investor Presentation Headwaters ARC begins with staged LFP processing and expands through AquaRefining PROJECT HEADWATERS Building a domestic, sustainable supply of critical battery materials
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This presentation contains forward-looking statements concerning Aqua Metals, Inc. Forward-looking statements include, but are not limited to, our plans, objectives, expectations and intentions and other statements that contain words such as "expects," "contemplates," "anticipates," "plans," "intends," "believes", "estimates", "potential" and variations of such words or similar expressions that convey the uncertainty of future events or outcomes, or that do not relate to historical matters. The forward-looking statements in this press release include our expectations for our pilot recycling plant, our ability to recycle lithium-ion batteries and the expected benefits of recycling lithium-ion batteries. Those forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially. Among those factors are: (1) the risk that we may not be able to acquire the real property upon which we plan to develop our proposed lithium iron phosphate (“LFP”) facility processing facility known as Headwaters ARC; (2) the risk that we may not be able to acquire the funding required to acquire the real property and develop the Headwaters ARC facilities; (3) even if we are able to develop the Headwaters ARC facility, the risk that we may not realize the expected benefits; (4) the risk that we may not be able to acquire the additional funding necessary to maintain our current level of operations; and (5) those other risks disclosed in the section "Risk Factors" included in our Annual Report on Form 10-K filed with the SEC on March 31, 2026 and in our subsequent filings with the SEC. Aqua Metals cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by law DISCLAIMER Investor Presentation | July 2026 2
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Investment Thesis: Why Aqua Is Investable Now Investor Presentation | July 2026 3 1 Commercialization is beginning Proven mechanical processing creates a pathway to early revenue. 2 Lower-cost refining architecture AquaRefiningTM is designed to reduce one-time-use chemicals and waste streams. 3 A broader critical-minerals platform Headwaters ARC begins with LFP and is intended to support NMC and other feedstocks over time. 4 Capital is deployed in stages Equipment, real estate, working capital and refining can be financed as milestones are achieved. Headwaters ARC: scalable LFP preprocessing + AquaRefining platform 5
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The LFP Opportunity Is Moving Toward Aqua’s Target Geography Investor Presentation | July 2026 4 LFP is moving from niche chemistry to mainstream U.S. manufacturing and ESS/EV adoption, creating a local scrap- management problem before end-of-life volumes arrive Manufacturing scrap needs local, compliant, and economical preprocessing. Midwest corridor focus LFP-first positioning
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From Headwaters ARC to a Scalable Critical Minerals Platform Investor Presentation | July 2026 5 Headwaters ARC is intended to serve as the first node in a modular LFP circular-materials network – regional preprocessing and selected 3rd party EU lanes supplying a centralized North American refining hub First campus 20k TPY preprocessing Integrated refining Li₂CO₃ + FePO₄ + graphite recovery Replicable network Scalable multi-site platform potential North America Midwest launch campus Future preprocessing spokes Third-party NA black mass EU Selected 3rd party black mass Potential tolling OECD-compliant routing AquaRefiningTM Campus (North America) Centralized high-recovery LFP black mass refining Battery-grade Li2CO3 + FePO4 products
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Phased Revenue Model: Preprocessing First, Refining Second 1 Phase 1 Preprocessing Recover copper, aluminum and high-grade black mass using commercially proven equipment; scale throughput and commercial relationships before refining capex. 2 Phase 2 AquaRefining integration Produce higher-value lithium carbonate, iron phosphate, and graphite using AquaRefining when feedstock, product qualification and project economics support integration. Revenue stream available before full hydromet commitment AQUAMETALS Investor Presentation | July 2026 6
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Headwaters Launch Campus: Staged Critical-Minerals Processing Investor Presentation | July 2026 7 1 Inbound LFP scrap 2 Safe discharge + shredding 3 Metals + black mass 4 Li₂CO₃ + Graphite + FePO₄ 20,000 TPY Phase 1 design capacity: two preprocessing lines of approximately 10,000 tonnes per year AquaRefining higher-value product recovery from the same feedstock Full-campus configuration shown as illustrative; scope/timing subject to financing, permitting and commercial contracts.
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Investor Presentation | July 2026 8 Commercial Equipment Strategy Reduces Phase 1 Capital and Execution Risk Aqua is combining commercially deployed mechanical processing with AquaRefining to accelerate commercialization and reduce initial execution risk Commercially deployed platform • Large international lithium-ion battery equipment provider • Multiple preprocessing plants operating across international markets • LFP and NMC operating experience informs proposed Headwaters design Relationship developed through diligence • Approximately 10 months of technical and commercial engagement • Aqua personnel visited an operating commercial facility • Configuration refined around Headwaters feed flexibility and deployment needs Vendor-supported financing available Conceptual Phase 1 equipment lines inside Headwaters Headwaters ARC can deploy commercially proven preprocessing equipment while preserving Aqua’s differentiation in refining. Prospective supplier and financing structure remain subject to final engineering, documentation, credit approval and satisfaction of customary conditions. • Financing support is available as part of the proposed equipment package • Can help reduce upfront equity needs and support staged deployment
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Investor Presentation | July 2026 9 Why AquaRefining Can Lower Processing Cost Designed to reduce one-time-use process chemicals, lower waste generation and support a safer, more efficient domestic critical- minerals processing route Illustrative hydromet comparison Cost / process driver Conventional AquaRefining intent Neutralization chemicals High NaOH / Ca(OH)₂ use Reduced or eliminated Oxidants / peroxide Additional reagent requirement Reduced or eliminated Acid management Lower recycle, higher fresh make- up High recycle / reuse focus Waste generation Large sulfate waste burden Minimal sulfate waste Copper recovery Potentially lost to residue Recovered as metal product Illustrative process comparison intended to show cost drivers; exact savings depend on feedstock, chemistry, scale, utility costs and product recovery. 1 Lower reagent intensity • Designed to reduce one-time-use process chemicals. • Electrified process steps can replace selected chemical additions. 2 Lower waste and disposal burden • Minimizes large sulfate waste generation. • Reduced waste streams can lower disposal cost and complexity. 3 Better recovery and operating profile • Copper recovered as metal supports value capture. • Lower chemical-handling intensity can support a safer industrial environment. Designed to support lower-cost U.S. critical-minerals processing
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Investor Presentation | July 2026 10 Technical Validation: AquaRefining Supports Headwaters Innovation Center and pilot work provide the proof base for staged commercial deployment of LFP critical-minerals processing 5,000+ cumulative operating hours Battery-grade lithium carbonate produced >98% Leach efficiency in extended campaign testing Process-flow Integrated system informs commercial process design
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PROJECT VALUE DRIVERS Illustrative Project Value Drivers + Layered Financing Framework Multiple value drivers support the staged commercial model 1 Early preprocessing revenue Commercial mechanical processing creates copper, aluminum and black-mass product streams. 2 Higher-value refining integration AquaRefining is intended to recover lithium carbonate, graphite, and iron phosphate once feedstock and project economics support integration. 3 Feedstock structure matters Purchased feed, tipping arrangements, treatment charges and product payables materially affect margin. 4 Scale improves operating leverage Higher utilization, stable feed mix, product qualification and recovery performance can improve project economics over time. Project economics to be quantified at final investment decision (FID) Capital can be layered as execution risk is reduced Project uses Potential funding sources site / facility readiness equipment package installation + commissioning ramp working capital real estate / landlord capital vendor / equipment financing working-capital facility project equity / strategic capital / incentives Financing strategy seeks to match each project use with the most appropriate capital source Real estate, equipment, working capital and project equity may be funded separately as commercial, permitting and development milestones are achieved. Amounts and mix remain subject to diligence, definitive agreements, permitting, vendor documentation, lender approval and board approval. Project economics and financing structures remain subject to feedstock contracts, product pricing, engineering, permitting, c ommercial qualification, financing availability and definitive agreements. No assurance can be given that any proposed structure will be completed. AQUAMETALS Investor Presentation | July 2026 11 Phase 1 FID inputs • Vendor guarantees: throughput, recovery yield, purities • Vendor operating data: labor, utilities, consumables • Offtake agreements and project-financing terms • Feedstock economics based on market studies pending agreements Phase 2 FID inputs • AquaRefining parameters and costs informed by Innovation Center work • Executed feedstock agreements and refined- product offtake • Site-specific engineering and financing terms
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Investor Presentation | July 2026 12 Near-Term Headwaters Execution Milestones NOW Active workstreams underway • Submitted state incentive package and advancing support discussions. • Initiated site diligence, engineering and design. • Received indicative vendor-financing terms. • Launched a project-capital process for real- estate and funding structures. • Engaged state and local leadership on permitting. NEXT Convert active workstreams into definitive structures • Finalize equipment scope, schedule and proposed vendor-supported financing structure. • Advance real-estate / landlord capital and project-funding alternatives. • Advance incentives, working-capital and other non-dilutive funding pathways. • Convert indicative commercial and financing proposals into executable structures. Execution Position Phase 1 for formal execution decision • Complete key site engineering, permitting and commercial diligence. • Define first-equipment order package and execution schedule. • Assemble project-only funding framework for launch runway. • Present a fully scoped Phase 1 execution recommendation for board consideration. Objective: Drive Headwaters as a de-risked Phase 1 project positioned for financing and execution. Milestones are illustrative and subject to diligence, definitive agreements, permitting, financing availability, partner approvals and board approval.
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Investor Presentation | July 2026 13 Platform Expansion: LFP → NMC → Selected Critical Minerals Headwaters starts with LFP, but the processing platform is intended to expand into additional battery chemistries and selected mining or industrial waste streams over time Common platform architecture: mechanical preprocessing + hydromet refining + product recovery Today / near term LFP Initial commercialization focus • Segregated LFP scrap and end-of-life materials. • Headwaters launch application using proven preprocessing equipment. • Products: copper, aluminum, black mass, lithium carbonate, graphite, and iron phosphate. Launch products: Cu | Al | black mass | Li₂CO₃ | FePO₄ Future NMC Next chemistry expansion path • Potential expansion into nickel-, cobalt- and manganese-bearing battery materials. • Prior hydromet development history provides a starting point for product pathways. • Can leverage a common commercial platform as markets and feedstocks develop. Potential pathways: Ni | Co | Mn | Li Longer term Selected critical minerals Beyond batteries • Process has been tested on mined materials. • Evaluating future applications to mining feedstocks and selected industrial waste streams. • Could extend the platform to broader domestic critical-minerals supply chains over time. Future uses: mined materials | residues | waste streams Platform intent: commercialize LFP first, then selectively extend the process to NMC, mined materials and other waste streamswhere economics and market need are compelling
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Why Aqua Metals / Why Now Investor Presentation | July 2026 14 1 Commercialization, not development A staged path begins with proven mechanical processing and early revenue 2 Lower-cost processing design AquaRefining targets lower chemical consumption, reduced waste streams and safer operations 3 Critical minerals, not only recycling The platform converts battery-material feedstocks into strategically important domestic products 4 Scalable platform architecture LFP is the first application, with potential expansion into NMC and other critical-mineral feedstocks 5 Domestic industrial impact Headwaters is designed to support U.S. advanced manufacturing, resilient supply chains and high-quality jobs Aqua Metals is transitioning from a technology-development company into a commercializing U.S. critical-minerals processor
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Management Investor Presentation | July 2026 15