Aqua Metals : Corporate Presentation

Corporate Presentation

November 2020

Leading a Revolution

In the Lead Acid Battery Industry

Safe Harbor

This document contains forward-looking statements concerning Aqua Metals, Inc.

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 uncertainty of future events or outcomes, or that do not relate to historical matters. The forward-looking statements in this presentation include our expectations for the sale of the land and building at our McCarran facility; the sufficiency of any sale proceeds coupled with any further insurance recovery to fund our operations and the development and completion of our V1.25 electrolyzer; the benefits of the V1.25 electrolyzer; and the future of lead acid battery recycling via traditional smelters. 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 sell the land, building and non-core equipment at our McCarran facility on a timely basis, (2) the risk that we may not realize the sale proceeds we hoped for from the sale of the land, building and non-core equipment, (3) the risk that the terms of any such sale may include indemnities or other provisions that pose potential contingent liability to Aqua Metals, (4) the risk that we may not be able to complete the development of our V1.25 electrolyzer; (5) the risk that we may not realize the expected benefits from our V1.25 electrolyzer; (6) the risk that our insurance recovery from our claims relating to the November 2019 fire at our TRIC facility and proceeds from the sale of legacy assets will not be sufficient to fund our accelerated licensing strategy; (7) the risk that we may not be able to satisfactorily demonstrate to potential licensees the technical and commercial viability of our V1.25 electrolyzer and AquaRefining process; (8) the risk that licensees may refuse or be slow to adopt our AquaRefining process as an alternative to smelting in spite of the perceived benefits of AquaRefining; (9) the risk that we may not realize the expected economic benefits from any licenses we may enter into; (10) the risk that we will have to engage in additional sales of our equity securities in order to fund our future operations; (11) the risk that further funding, by any means, may not be available at all; (12) the fact that we have not generated any significant revenue to date, thus subjecting us to all of the risks inherent in an early-stage company; (13) the risk that our patents and any other patents that may be issued to it may be challenged, invalidated, or circumvented; (14) the risk that we may not be able to successfully conclude our proposed joint development agreement with Clarios or, if we do, realize the expected benefits of such agreement; (15) changes in the federal, state and foreign laws regulating the recycling of lead acid batteries; (16) our ability to protect our proprietary technology, trade secrets and know-how and (17) those other risks disclosed in the section "Risk Factors" included in our Quarterly Report on Form 10-Q filed on October 22, 2020 and subsequent SEC filings. 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.

Copyright © 2020 Aqua Metals, Inc. All Rights Reserved.		2

Aqua Metals at a Glance

Developed a proprietary and environmentally friendly lead acid battery recycling technology, called AquaRefining

AquaRefining uses water and organic acids rather than heat and furnaces to create 99.996% ultra pure lead for the ~$20B lead recycling industry which feeds the ~$65B lead battery industry

Reduced environmental impact vs. traditional smelting process

Ticker: AQMS (NASDAQ)	Employees: ~27
Corporate HQ: McCarran, NV	Shares Outstanding: ~61.2M
Incorporated: 2014	Insider/Strategic Ownership: ~15%

Cash on Hand: ~$5.6M last Q

Debt: ~$8.8M (~$7.9M in escrow for ~$8.5M Veritex debt reduction)

Copyright © 2020 Aqua Metals, Inc. All Rights Reserved.		3

The Current Problem and the Solution to

Recycling Lead Acid Batteries (LABs)

Smelting

AquaRefining

The current, conventional method of LAB recycling

• A high temperature, polluting process with large costs and risks for proper environmental containment that can also leave behind large volumes of waste
• Additional refining required to produce the high purity lead required for more modern and advanced lead acid batteries
• Capacity expansion limited by environmental regulations and concerns

Electrochemical alternative to LAB recycling

• Room temperature, water-based process
• Reduced emissions and environmental permitting challenges
• Produces high-purity lead, assayed at 99.996%
• Modular and scalable design
• Add on opportunity to existing battery smelting facilities that
  allows increased use of existing equipment, increased capacity and decreased emissions
• Significant technological leap forward in recycling industry further supporting the LAB circular economy

Copyright © 2020 Aqua Metals, Inc. All Rights Reserved.		4