Aqua Metals, Inc. · NASDAQ:AQMS
Aqua Metals — Q2 2026 Earnings Presentation
15 slides from Aqua Metals's earnings presentation, Jul 30, 2026
Slide 1: Commercializing a Lower-Cost U.S. Critical Minerals Processing Platform
PROJECT HEADWATERS Building a domestic, sustainable supply of critical battery materials 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
Slide 2: Disclaimer
DISCLAIMER 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," "plan
Slide 3: Investment Thesis: Why Aqua Is Investable Now
Investment Thesis: Why Aqua Is Investable Now 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 Hea
Slide 4: The LFP Opportunity Is Moving Toward Aqua's Target Geography
The LFP Opportunity Is Moving Toward Aqua’s Target Geography 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.
Slide 5: From Headwaters ARC to a Scalable Critical Minerals Platform
From Headwaters ARC to a Scalable Critical Minerals Platform 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 North America EU Midwest launch
Slide 6: Phased Revenue Model: Preprocessing First, Refining Second
Phased Revenue Model: Preprocessing First, Refining Second 1 2 Phase 1 Phase 2 Preprocessing AquaRefining integration Recover copper, aluminum and high-grade black Produce higher-value lithium carbonate, iron mass using commercially proven equipment; scale phosphate, and graphite using AquaRefining
Slide 7: Headwaters Launch Campus: Staged Critical-Minerals Processing
Headwaters Launch Campus: Staged Critical-Minerals Processing 1 2 3 4 Inbound LFP Safe discharge + Metals + black Li₂CO₃ + scrap shredding mass Graphite + FePO₄ 20,000 TPY AquaRefining Phase 1 design capacity: two higher-value product recovery from preprocessing lines of approximately the same feeds
Slide 8: Commercial Equipment Strategy Reduces Phase 1 Capital and Execution Risk
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 equipmen
Slide 9: Why AquaRefining Can Lower Processing Cost
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 Lower reagent intensity Cost / process driver Conventional AquaRefini
Slide 10: Technical Validation: AquaRefining Supports Headwaters
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+ Battery-grade cumulative operating hours lithium carbonate produced >98% Process-flow Leach efficiency in extende
Slide 11: Illustrative Project Value Drivers + Layered Financing Framework
PROJECT VALUE DRIVERS Illustrative Project Value Drivers + Layered Financing Framework Multiple value drivers support the staged commercial model Capital can be layered as execution risk is reduced Early preprocessing revenue 1 Commercial mechanical processing creates copper, aluminum and black-mass
Slide 12: Near-Term Headwaters Execution Milestones
Near-Term Headwaters Execution Milestones NOW NEXT Execution Active workstreams Convert active workstreams Position Phase 1 for formal underway into definitive structures execution decision • Finalize equipment scope, schedule and • Complete key site engineering, permitting • Submitted state incenti
Slide 13: Platform Expansion: LFP → NMC → Selected Critical Minerals
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 ref
Slide 14: Why Aqua Metals / Why Now
Why Aqua Metals / Why Now Commercialization, not A staged path begins with proven mechanical processing and early revenue 1 development 2 Lower-cost processing design AquaRefining targets lower chemical consumption, reduced waste streams and safer operations Critical minerals, not only The platform
Slide 15: Management
Management Investor Presentation | July 2026 15