November 9, 2017

NASDAQ: AQMS

2017 Q3

Earnings Call

Safe Harbor

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” and variations of such words or similar expressions that predict or indicate

future events or trends, or that do not relate to historical matters. The forward looking statement in this release include the strength

and efficacy of Aqua Metals’ portfolio of patent applications and issued patent, the lead acid battery recycling industry, the future of

lead acid battery recycling via traditional smelters, the Company’s development of its commercial lead acid battery recycling facilities

and the quality and efficiency of the Company’s proposed lead acid battery recycling operations. 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 the Company may not be able to produce and market AquaRefined lead on a commercial basis or, if the

Company achieves commercial operations, that such operations will be profitable, (2) the fact that the Company only recently

commenced production and has not generated any significant revenue to date, thus subjecting the Company to all of the risks

inherent in a pre-revenue start-up; (3) the risk no further patents will be issued on the Company’s patent applications or any other

application that it may file in the future and that those patents issued to date any patents issued in the future will be sufficiently broad

to adequately protect the Company’s technology, (4) the risk that the Company’s initial patents and any other patents that may be

issued to it may be challenged, invalidated, or circumvented, (5) risks related to Aqua Metals’ ability to raise sufficient capital, as and

when needed, to develop and operate its recycling facilities and fund continuing losses from operations as the Company endeavors

to achieve profitability; (6) changes in the federal, state and foreign laws regulating the recycling of lead acid batteries; (7) the

Company’s ability to protect its proprietary technology, trade secrets and know-how and (8) those other risks disclosed in the section

“Risk Factors” included in the Company’s Quarterly Report on Form 10-Q filed on November 9, 2017. 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.

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Key milestones

• Defined mission Q3 2013

• Pilot scale operation Q3 2013

• First external funding Q4 2014

• First full scale electrolyser Q1 2015

• IPO July 2015

• Started building first facility August 2015

• Key permits Q3 2016 – not subject to

NESHAP

• Strategic partnership with JCI Q1 2017

• Facility operational H2 2017

• Key patents H2 2017

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• We have two complementary business streams

– Started with “Build Own Operate” with a target capacity of 800T/day

• Replacement technologies be proved out first – this is why we built AquaRefinery 1 and plan

to build more

– Provide modular equipment on a licensed basis to address 100% of the market

• This opportunity has expanded to include Design & Build

Lead is a $22billion/year opportunity

Scale Capacity

(tonnes/day)

AquaRefining

Modules

% World lead

production

Potential annual

revenue

AquaRefinery 1 80 16 ~0.21% $50-60mm/year

~5 AquaRefineries 800 160 ~2.1% $500-600mm/year

Global lead market 38,000 7,500 100% $22billion/year

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• Share Purchase Agreement

– $11mm capital investment

• Material Supply Agreement

– 5 year, “rolling evergreen” supply and off-take agreement to provide used

batteries and purchase lead

– Reduces supply and off-take risk, supports expansion of our own capacity

• Equipment Supply Agreement

– Non-exclusive agreement for Aqua Metals to supply Aqua Refining and

related equipment to JCI NAFTA, EU and China

We partnered with the biggest player in the LAB industry

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Battery breaking and separation

NASDAQ: AQMS 6

Desulfurization and Digestion

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Lead requires much less energy to plate than other metals

15000

8000

45003300

2200800

Al Mn Co Zn Cu Pb

Comparative Plating Energy

kWh/mT

NASDAQ: AQMS 8

Conventional electro-winning & electro-plating plant

NASDAQ: AQMS 9

We sought the best of electro-winning and electro-plating

• Rotating Cathode Electrolysers

– high throughput

– continuous operation

– “good enough” efficiency

– meet the variability inherent in

recycling

• Our organic acid electrolyte is

easy on equipment and the

environment

AquaRefining Modules

NASDAQ: AQMS 10

8 AquaRefining modules Installed, 8 in-place – being assembled

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Ingot production

• Two lead “pots” installed and operational

• 4 additional lead pots being installed

NASDAQ: AQMS 12

TRIC was built with room for expansion

Breaker

De-

sulfurizeAquaRefine

Ingot

Alloy

Aqua

16 modules

40T/day

>180T/day

40T/day

Lead

Compounds

AquaRefine

32 modules

80T/day

>>200T/day

Digestion/

Electrolyte

Bullion

NASDAQ: AQMS 13

5 Patents allowed – US, Canada, Korea, Japan, Australia

• “Devices and Method for Smelterless Recycling”

– KIPO chosen as lead patent authority, established novelty and utility over prior art

– Notice of acceptance from USPTO and CIPO

– Issued in Korea, Japan and Australia

• Seven additional families filed and pending

– 102591.0003PCT …..Recovery of Lead …. Completed international phase all claims allowed

– 102591.0004PCT …..Closed loop systems for recycling …

– 102591.0005PCT …..Lead composition ….

– 102591.0006PCT …..Apparatus and methods …

– 102591.0007PCT …...Anode management …

– 102591.00012 AP – ZA ….Improved devices and methods

• “Next Generation” filings have started with provisional filings and one US

NASDAQ: AQMS 14

AquaMetals: Q3’17 Financial Performance

Financial HighlightsQuarter

Ended

9/30/17

Nine-Months

Ended 9/30/17

Product Sales $0.6M $1.2M

Loss from Operations $(5.8M) $(18.3M)

Net Loss $(6.3M) $(19.5M)

Cash @ 9/30/17 $17.5M

Total Current Assets @ 9/30/17 $20.2M

Capex Spend in Q3’17 $1.1M

Total Property & Equipment, at 9/30/17 $45.5M

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Closing

• Guidance

– Revenues for the 4th quarter are expected to be $1.2M to $1.8M

• to include metallic lead, lead compounds and recovered plastic.

• this will be the first quarter that we expect to ship lead ingots

• Takeaways

– Lead is not difficult to plate and we have multiple options

• Lead’s low plating energy allowed us to focus on flexibility and continuous processing

– We have made significant progress with our first production facility

• Faced and solved multiple challenges

– Operationally, we are more like a chemicals company than a lead recycler

• Needed to adjust management, team and focus to this reality

– Our equipment licensing business is starting with the world’s largest battery company

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