Aqua Metals and WMC Sign LOI Covering 100% of Planned Lithium Carbonate Output from First Commercial-Scale AquaRefining™ Facility

Aqua Metals signed a non-binding six-year letter of intent with WMC Group AG to purchase 100% of lithium carbonate output from Project Headwaters, its planned first commercial-scale recycling facility. The facility is expected to produce approximately 7,000 metric tons of lithium carbonate through 2032, representing roughly $135 million in gross value at current market pricing. The agreement is driven by new U.S. policy restricting battery black mass sales to domestic entities, creating urgent demand for domestic refining capacity.