Aqua Metals Signs Five-Year Copper and Aluminum Offtake LOI, Completing Commercial Coverage of Three Project Headwaters Product Streams
The new LOI extends Aqua Metals’ offtake coverage to all primary product streams planned at its Project Headwaters recycling facility.
Rhea-AI Summary
Aqua Metals (AQMS) signed a non-binding five-year letter of intent with a leading Midwest metals recycler covering up to 100% of commercially saleable copper and aluminum from its planned Project Headwaters facility.
The contemplated offtake, based on projected production volumes and current commodity prices, represents more than $105 million of projected value over five years. Together with an earlier six-year lithium carbonate offtake framework, Aqua Metals now has commercial pathways in place for all three primary Project Headwaters product streams: lithium carbonate, copper and aluminum, ahead of construction. The LOI allows 24 months to qualify products and negotiate a definitive agreement, with pricing expected to track prevailing market benchmarks, subject to agreed specifications and customary commercial terms.
Positive
- Five-year copper and aluminum LOI covering up to 100% of commercially saleable output from Project Headwaters
- Projected offtake value >$105 million over five years based on projected volumes and current commodity prices
- All three primary product streams at Project Headwaters now have identified offtake pathways before construction
- Company expects commercial relationships to help support project financing and reduce future marketing risk
Negative
- LOI is non-binding and remains subject to product qualification and a definitive offtake agreement
- 24-month negotiation window before execution of a definitive agreement may delay commercial certainty for the project
Details
News Market Reaction – AQMS
In the Sep 14 session, AQMS declined 2.60%, reflecting a moderate negative market reaction. Argus tracked a peak move of +9.5% during that session. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
- Projected value
- More than $105 million
- Copper and aluminum over the contemplated five-year term
- Offtake coverage
- Up to 100%
- Commercially saleable copper and aluminum from Project Headwaters
- Agreement term
- Five years
- Contemplated copper and aluminum offtake agreement
- Definitive agreement period
- 24 months
- Period to negotiate and execute a definitive offtake agreement
Historical Context
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Prior six-year lithium offtake covered all planned lithium carbonate output from Headwaters
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
loi financial
offtake financial
lfp technical
non-binding regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Five-year LOI contemplates purchase of up to
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
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 preprocessing with AquaRefining technology. The planned facility is designed to recover and commercialize multiple material streams, including lithium carbonate, copper, aluminum, graphite and iron phosphate-containing materials, rather than relying on a single commodity for project economics.
Together, the lithium carbonate, copper and aluminum LOIs demonstrate Aqua Metals’ progress in establishing commercial outlets across multiple Project Headwaters product streams in advance of construction and commissioning. The Company believes these commercial relationships can help support project financing while reducing future commodity marketing and product-placement risk.
The contemplated copper and aluminum pricing would be tied to prevailing market benchmarks, subject to agreed product specifications and customary commercial terms. The LOI is non-binding and provides a framework for product qualification and negotiation of a definitive offtake agreement.
About Aqua Metals
Aqua Metals is advancing sustainable lithium battery recycling through its proprietary AquaRefining™ technology, an electro-hydrometallurgical process designed to recover critical battery materials using electricity rather than high-temperature processing. The Company is developing Project Headwaters as its first commercial-scale deployment focused on domestic recycling and refining of lithium-ion batteries and manufacturing scrap.
Forward-Looking Statements
This press release contains forward-looking statements, including statements concerning the proposed relationship with the counterparty; execution of a definitive offtake agreement; financing, development, construction, commissioning and operation of Project Headwaters; anticipated production volumes and product values; future commodity prices; product qualification; anticipated recovery and sale of copper and aluminum products; potential processing or recycling fees associated with LFP batteries and manufacturing scrap; the potential impact of U.S. policies supporting domestic critical-mineral processing and refining; and the expected commercial and economic benefits of the contemplated offtake arrangement.
Forward-looking statements are based on current expectations, estimates, assumptions and projections and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, (i) the risk that the Company may not enter into a definitive offtake agreement with the counterparty; (ii) even if it does, the Company’s ability to derive the expected benefits from such agreement; (iii) the Company’s ability to obtain the financing necessary to complete the development of its proposed Project Headwaters facility and otherwise secure long-term site control, negotiate and execute definitive agreements, and obtain permits and approvals concerning Project Headwaters; (iv) the risk that the Company may not be able to obtain the additional capital required to maintain its current level of operations; and (v) those additional risks described in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2026 and subsequent filings with the Securities and Exchange Commission. Aqua Metals undertakes no obligation to update forward-looking statements except as required by law.
Contacts
For Media and Investor Inquiries: aquametals@icrinc.com
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What does the new LOI cover for Aqua Metals' Project Headwaters?
The letter of intent contemplates a five-year agreement under which a leading Midwest metals recycler would purchase recovered copper and aluminum products from Project Headwaters. It covers up to 100% of the commercially saleable copper and aluminum expected to be produced at the facility, subject to product qualification and execution of a definitive offtake agreement.
How large is the potential financial value of the copper and aluminum offtake?
Based on projected production volumes and current commodity prices, the copper and aluminum volumes covered by the LOI represent more than $105 million of projected value over the contemplated five-year term.
What other offtake agreements has Aqua Metals arranged for Project Headwaters?
In addition to the new copper and aluminum LOI, Aqua Metals previously announced a six-year lithium product offtake for the sale of lithium carbonate. Together, these arrangements establish offtake pathways for all three primary Project Headwaters product streams: lithium carbonate, copper and aluminum.
What timeline is provided to finalize the definitive copper and aluminum offtake agreement?
The LOI provides a 24-month period to negotiate and execute a definitive offtake agreement. Product qualification and execution are expected as the initial phase of Project Headwaters begins producing representative copper and aluminum materials.
How will pricing be determined under the contemplated copper and aluminum offtake?
The contemplated pricing for copper and aluminum would be tied to prevailing market benchmarks, subject to agreed product specifications and customary commercial terms.
What is Project Headwaters designed to produce?
Project Headwaters is being developed as an integrated domestic lithium-ion battery recycling facility that combines preprocessing with Aqua Metals’ AquaRefining technology. It is designed to recover and commercialize multiple material streams, including lithium carbonate, copper, aluminum, graphite and iron phosphate-containing materials.