Aqua Metals, Inc.

Aqua Metals, Inc. develops and commercializes recycling technologies for battery materials. The Company initially focused on lead-acid battery recycling, developing its AquaRefining technology in 2015 and operating a demonstration facility from 2017 to 2019 that achieved sustained production of recycled lead using a smelterless process. In 2021, Aqua Metals expanded into lithium-ion battery recycling, leveraging intellectual property applicable to lithium battery materials. The Company established its Innovation Center in the Tahoe-Reno Industrial Center ("TRIC") for research, development, and pilot-scale operations. During 2022 and 2023, Aqua Metals demonstrated bench-scale and pilot-scale recovery of lithium, nickel, cobalt, copper, and manganese from lithium-ion battery black mass. The Company constructed and commissioned an integrated pilot system at its Innovation Center, which operates using an electricity-based process instead of high-temperature furnaces or conventional chemical refining. In late 2024, the pilot facility completed a multi-week continuous 24-hour operating campaign. In 2025, Aqua Metals refined its commercialization strategy to prioritize a simplified product slate, including lithium carbonate and mixed hydroxide precipitate ("MHP"), aiming to reduce capital requirements, improve early-stage operating economics, and accelerate deployment. During 2025, the Company also evaluated changes to its capital allocation strategy, including the sale of previously acquired real estate intended for a recycling campus, and continued to assess alternative sites and funding for future commercial facilities. Aqua Metals is also evaluating additional feedstocks and applications for its technology, including exploratory initiatives related to polymetallic nodules and other critical mineral sources, which are currently in the evaluation stage to assess technical and economic feasibility. Effective November 5, 2024, the Company effected a one-for-20 reverse stock split, and subsequently, on August 4, 2025, a one-for-10 reverse stock split of its common shares.