Aqua Metals, Inc.

Five-year LOI contemplates purchase of up to 100% of commercially saleable copper and aluminum from Project Headwaters, representing more than $105 million of projected value at current commodity prices. Agreement follows recently announced WMC Group lithium product offtake framework and further advances the commercial foundation for Aqua Metals’ planned domestic LFP recycling platform RENO, Nev., Sept. 14, 2026 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals” or the “Company”), a pioneer in sustainable lithium battery recycling, today announced that it has entered into a letter of intent (“LOI”) with a leading Midwest metals recycler for the purchase of recovered copper and aluminum expected to be produced at Project Headwaters, the Company’s planned commercial-scale lithium-ion battery recycling facility in the Midwestern United States. Building upon the Company’s previously announced six-year lithium product offtake for the sale of lithium carbonate, Aqua Metals has now established offtake pathways for all three primary Project Headwaters product streams - lithium carbonate, copper and aluminum - in advance of construction. Under the contemplated five-year agreement, the counterparty would purchase recovered copper and aluminum products from Project Headwaters, subject to product qualification and execution of a definitive agreement. Based on projected production volumes and current commodity prices, the copper and aluminum covered by the LOI represent more than $105 million of projected value over the contemplated five-year term. The LOI provides a 24-month period to negotiate and execute a definitive offtake agreement. Final product specifications will be based on representative copper and aluminum produced by the Project Headwaters preprocessing system, with product qualification and execution of the definitive agreement expected as the initial phase of the facility begins producing material. “We now have commercial pathways for every primary product stream at Headwaters, and we have them before we break ground,” said Steve Cotton, President and CEO of Aqua Metals. “Our objective is to build a recycling platform that can compete economically while recovering and keeping valuable battery materials within the domestic supply chain. Establishing commercial pathways for lithium, copper and aluminum materially advances that strategy.” Copper and aluminum represent important sources of recoverable value from lithium-ion batteries and manufacturing scrap, particularly within the large-format lithium iron phosphate (“LFP”) battery streams Project Headwaters is being designed to process. Certain LFP batteries and manufacturing scrap can also carry processing or recycling fees, creating the potential for recyclers to generate revenue both when material enters the facility and through the sale of recovered products. Project Headwaters is being designed to capture both sides of that economic opportunity. The planned preprocessing system will separate copper and aluminum from battery materials prior to downstream refining, producing distinct recyclable metal streams for sale into established domestic markets, while Aqua Metals’ proprietary AquaRefining™ technology is intended to recover lithium and other battery materials from the remaining feedstock. Project Headwaters is being developed as an integrated domestic battery recycling facility combining battery preproces

Project Headwaters aims to be first commercial-scale deployment of AquaRefining™ for lithium carbonate production Planned output of approximately 7,000 metric tons through 2032 represents roughly $135 million of illustrative gross value at current market pricing RENO, Nev., Aug. 31, 2026 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals” or the “Company”), a leader in sustainable lithium-ion battery recycling, today announced that it has signed a non-binding six-year letter of intent (“LOI”) with WMC Group AG(“WMC”), a global, leading commodity merchant active in the battery raw material value chain, covering 100% of the planned lithium carbonate output from Project Headwaters, which is expected to be the first commercial-scale deployment of the Company’s AquaRefining™ process for lithium carbonate production. Project Headwaters is Aqua Metals’ planned commercial recycling and refining facility in the Midwestern United States. Once operational, Project Headwaters is expected to produce approximately 7,000 metric tons of lithium carbonate through 2032, beginning with 250 metric tons in 2028 and ramping to 2,250 metric tons annually by 2032. Based on current market pricing, those produced volumes would represent approximately $135 million of gross lithium carbonate value. Actual realized revenue would depend on future commodity prices, product qualification, final pricing terms and actual production. The LOI provides for market-indexed pricing and contemplates collaboration between Aqua Metals and WMC on feedstock sourcing, tolling and product qualification. The parties are targeting execution of a definitive offtake agreement by September 30, 2026. U.S. Policy Creates Urgent Need for Domestic Refining Capacity The agreement comes as U.S. policy is fundamentally reshaping the domestic battery recycling market. On July 30, 2026, the President issued a determination under the Defense Production Act identifying recoverable critical minerals, including lithium-ion battery black mass, as “industrial resources necessary to promote the national defense.” Beginning August 27, 2026, a new Bureau of Industry and Security rule requires U.S. persons selling lithium-ion battery black mass to allocate 100% of monthly sales to U.S. persons absent an exception. Together, the two actions create immediate need for domestic capacity to refine those materials into usable critical-mineral products. “Project Headwaters was designed around the premise that the United States needs the ability not only to collect and process spent batteries, but to refine those materials domestically into products that can re-enter the supply chain,” said Steve Cotton, President and Chief Executive Officer of Aqua Metals. “The United States needs the ability to collect and process spent batteries, and to refine those materials domestically into products that can re-enter the supply chain. Federal policy is now reinforcing that need.” Commercial Validation of Aqua Metals’ Battery-Grade Lithium Carbonate The LOI follows the Company’s recent commercial sale of battery-grade lithium carbonate produced through its recycling platform to a U.S. customer at market-based pricing, direct evidence that recycled lithium from the AquaRefining platform meets customer requirements and commands market pricing. “We have moved past demonstrating that we can produce battery-grade lithium carbonate,” Cotton said. “We have sold it commercially in the United States at market pricing, and WMC has signed an LOI covering the planned Headwaters output. Both steps de-risk the commercial case for the project.” “WMC is pleased to work with Aqua Metals as it advances Project Headwaters and expands domestic battery-material refining capacity. We believe that their ability to produce high-quality products

Staged commercialization plan is designed to establish domestic processing capacity for the fast-growing LFP critical minerals processing market RENO, Nev., July 30, 2026 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS), a U.S. critical minerals processing company commercializing lower-cost recovery and refining technologies, today reported financial results for the second quarter ended June 30, 2026, and provided an update on execution of its phased Headwaters ARC commercialization plan. Strategic Initiatives and Pathway to Revenue Generation “The second quarter marked Aqua Metals’ transition from technology validation to commercial execution,” said Steve Cotton, President and CEO of Aqua Metals. “We believe the next major buildout in the domestic battery supply chain is not another battery factory. It is the processing infrastructure required to recover critical minerals from the manufacturing scrap and end-of-life batteries those factories produce. Headwaters ARC is designed to be that infrastructure. “Our commercialization plan is intentionally phased. Phase 1 is designed to deploy commercially proven preprocessing equipment to recover copper, aluminum and high-grade black mass from segregated LFP battery materials, establishing a pathway to revenue while reducing execution risk. Phase 2 is designed to expand the value we recover from that material, with AquaRefining™ integrated after that base is operating to upcycle black mass into battery-grade lithium carbonate, iron phosphate and graphite, creating the opportunity to capture significantly greater value from the same feedstock. “Every workstream we have advanced, from site diligence and engineering to equipment selection, capital formation and customer engagement, was directed at one objective: reducing execution risk and shortening the path to commercial operations at Headwaters ARC.” Headwaters ARC Commercialization Progress On July 7, 2026, Aqua Metals announced it had advanced to final site-specific diligence and negotiations on a Midwest development opportunity for Headwaters ARC, the Company’s planned commercial battery recycling and critical minerals recovery campus. The opportunity includes an existing industrial facility of approximately 150,000 square feet and approximately 50 or more acres of land, located within a short drive of six major LFP gigafactory projects. The Company expects to announce its selected development path during the current quarter, subject to completion of diligence, negotiations, financing, and customary approvals. During and subsequent to the quarter, Aqua Metals advanced five foundational workstreams supporting the Headwaters ARC commercialization plan: Site and infrastructure: advanced final site-specific diligence, engineering definition, permitting preparation and commercial planning for the Midwest Headwaters ARC opportunity. Processing configuration: progressed the Phase 1 operating configuration and continued evaluating preprocessing equipment partners with multiple commercial systems already operating at industrial scale. The Company expects to announce its selected Phase 1 equipment and strategic processing partner in the near term. Capital formation: advanced project financing, staged equipment financing, third-party real estate structures and economic development opportunities, with Newmark’s Advanced Manufacturing Practice Group engaged as an advisor for Headwaters ARC. Commercial engagement: expanded discussions with prospective feedstock suppliers, logistics partners and offtake counterparties for aluminum and copper fines, high-specification black mass and recovered critical materials. Technology validation: continued operating the Innovation Center and demonstration plant, now with more than 5,000 cum

RENO, Nev., July 23, 2026 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS), a U.S. critical minerals processing company commercializing lower-cost recovery and refining technologies, today announced it will report financial results for the second quarter ended June 30, 2026, and provide a business update on Thursday, July 30, 2026. Management will host a conference call that day at 4:30 p.m. ET. The live conference call and replay can be accessed from the investor relations section of the Company’s website at https://ir.aquametals.com/. About Aqua Metals Aqua Metals (NASDAQ: AQMS) is commercializing a lower-cost approach to recovering and processing critical minerals in the United States. Its patented AquaRefining™ process is designed to eliminate costly one-time-use chemicals, reduce waste streams and associated disposal costs, and provide a safer working environment than conventional metals processing methods. The Company’s staged commercialization strategy combines established mechanical processing with AquaRefining™ technology. Through its planned Headwaters ARC campus, Aqua Metals intends to recover copper, aluminum and black mass from segregated LFP battery materials using commercially proven equipment, establishing a pathway to revenue through processing before adding a simplified AquaRefining™ process to recover and valorize lithium carbonate and iron phosphate. The planned Headwaters ARC campus is designed to expand over time to process NMC battery materials and other critical mineral feedstocks, leveraging a common processing platform to serve multiple domestic supply chains. Aqua Metals is advancing applications across battery materials, rare earth elements and other critical mineral resources. Its strategy is designed to support advanced U.S. manufacturing, create high-quality domestic jobs, strengthen resilient domestic supply chains, and enable lower-cost production of critical minerals essential to energy storage, electrification, defense and other strategic industries. For more information, visit www.aquametals.com Contacts For Media and Investor Inquiries: aquametals@icrinc.com Source: Aqua Metals

Company advances final site-specific diligence for Midwest Headwaters ARC development opportunity with existing industrial infrastructure, substantial expansion acreage, and strategic proximity to rapidly growing LFP battery manufacturing capacity RENO, Nev., July 07, 2026 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS), a pioneer in sustainable critical minerals recovery and lithium battery recycling, today announced it has advanced to final site-specific diligence and negotiations for Headwaters ARC, the Company's planned commercial battery recycling and critical minerals recovery campus in the Midwest battery manufacturing corridor. Headwaters ARC is designed as a significantly larger and more expandable platform than the Company’s previously announced Sierra ARC project. Aqua Metals has advanced to final site-specific diligence on a Midwest development opportunity that includes an existing industrial facility of approximately 150,000 square feet and approximately 50 or more acres of land, providing more than seven times the existing building footprint and more than 10 times the land area of the previously planned Sierra ARC. As part of its disciplined commercial planning process, the Company continues to evaluate development sequencing, financing structures, and implementation pathways intended to support the most efficient path to commercial deployment. The Company expects to announce its selected development path during the current quarter, subject to completion of diligence, negotiations, financing, and customary approvals. The planned campus is expected to begin with rapid deployment of commercially proven battery preprocessing systems to produce high-specification black mass, aluminum fines, and copper fines with an initial strategic focus on lithium iron phosphate, or LFP, materials. Aqua Metals then intends to progressively integrate its proprietary AquaRefining™ technology to recover battery-grade lithium carbonate and iron phosphate from the black mass produced, creating a phased development pathway from preprocessing and materials production into higher-value domestic critical minerals recovery. The Headwaters ARC name reflects Aqua Metals' strategic intent to move upstream in the battery recycling value chain by integrating feedstock aggregation, preprocessing, black mass production, and advanced hydrometallurgical refining within a single expandable regional platform. By verticalizing into preprocessing and locating near the emerging Great Lakes battery manufacturing base, Aqua Metals believes Headwaters ARC can reduce feedstock and scaling risk, create revenue opportunities, and establish a more resilient commercial model capable of supporting commercial activity across both stronger and weaker lithium pricing environments. “This represents an important milestone in Aqua Metals' next-generation battery recycling growth strategy,” said Steve Cotton, President and CEO of Aqua Metals. “The rapid growth of LFP battery manufacturing in the United States is creating an urgent need for regional recycling, preprocessing, and lithium recovery infrastructure. The Midwest development opportunity under final site-specific diligence would place Headwaters ARC within a short driving distance of six major LFP gigafactory projects, positioning Aqua Metals to serve what we believe will be one of the fastest-growing and most underserved sources of domestic battery manufacturing scrap while leveraging existing high-quality industrial infrastructure to accelerate deployment, reduce logistics costs, improve project economics, and shorten time to market.” Aqua Metals is completing final diligence on a Midwest development opportunity while maintaining strategic flexibility through development sequencing, financing structures, and implementation pathways. The Company's site selection process has prioritized locations that combine existing in