Aqua Metals, Inc. Q3 FY2024 earnings call

• Pilot Facility Operations: The pilot facility has maintained 24-hour operation, producing high-purity battery-grade lithium carbonate (over 99.5% purity) and delivered samples to off-takers/battery manufacturers.
• Strategic Financing and Commercial Initiatives: Secured short-term capital via non-essential asset dispositions and are in advanced talks for long-term capital. Have multiple term sheets, including one for Sierra ARC expansion and a commercial supply agreement with a battery materials manufacturer.
• Sierra ARC Progress: Site prepared for commissioning, with long lead time infrastructure upgrades completed; hosted visits from industry and government organizations.
• Environmental and Cost Benefits: AquaRefining technology is capital and operating cost efficient, reducing waste streams and environmental impacts while creating manufacturing jobs.

The pilot facility has consistently achieved 24-hour operational capacity, producing high-purity battery-grade lithium carbonate with over 99.5% purity. To date, multiple lithium carbonate samples have been delivered to potential off-takers and battery manufacturers, showcasing the quality of the recycled materials. The pilot facility's production is a critical validation of the lithium AquaRefining process's quality and consistency.

• Finalizing financing agreements for Sierra ARC Phase 1 and Phase 2, with a focus on securing capital for Phase 1 and a path to Phase 2 (10,000 tons capacity).
• Anticipate commissioning of Sierra ARC within 2-3 quarters once financing is secured.
• Expect updates on commercial development later in the year or early next year, with ongoing discussions for feedstock supply and product off-take.

Q: About DOE visits and MESC grant status A: Not selected for the latest MESC grant, but engaging with various agencies through plant visits and expecting future grant opportunities Q: Status of long-term financing A: Engaging with financial and strategic investors, having detailed discussions on financing structures for Sierra ARC expansion and commercial partnerships Q: Reason for reverse stock split A: To regain compliance with NASDAQ listing requirements Q: Commissioning schedule for Sierra ARC A: Expect commissioning within 2-3 quarters once funding is finalized Q: Partnership with 6K A: Made progress, provided recycled lithium carbonate to 6K and OEMs to support their projects Q: Processed material usage A: Materials produced are sent to samples for OEMs and partners to seed commercial relationships and develop market interest