Aqua Metals, Inc.

An answer session will follow the presentation. You may submit questions via the webcast at any time by using the ask a question field on the left side of your screen. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note that this conference is being recorded. I will now turn the conference over to Bob Myers, Investor Relations. Thank you. You may begin.

Thank you, operator, and thank you, everybody, for joining. Earlier today, Aqua Metals issued a press release. providing an operational update and discussing financial results for the fourth quarter and full year ended December 31st, 2024. This release is available in the investor relations section on the company's website at aquametals.com. Hosting the call today are Steve Cotton, President and Chief Executive Officer, and Judd Merrill, Chief Financial Officer. Before we begin, I would like to remind participants that during the call, management will be making forward-looking statements. Please refer to the company's report on Form 10-K filed today, March 31st, for a summary of the forward-looking statements and the risks, uncertainties, and other factors that could cause actual results that differ materially from those forward-looking statements. Aqua Metals cautions investors 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. As a reminder, after the formal remarks, we will be taking questions. Questions will be accepted over the phone from analysts, and all other investors can submit a question using the online webcast portal provided in today's and earlier press releases. We will take as many questions as we can in our available time slot. And with that, I'd like to turn the call over to Steve Cotton, CEO of Aqua Metals. Steve, the call is yours.

Thank you, Bob, and good afternoon, everyone. I appreciate you joining AquaMetal's fourth quarter and full year 2024 earnings call. I'm Steve Cotton, President and CEO of AquaMetals. Today, I'll provide a detailed update on our operations, strategic progress, and how we are positioning AquaMetals for meaningful advancement in 2025. These remarks will cover our technology validation, product milestones, commercialization strategy, financial positioning, and our broader vision for scaling critical battery material production right here in the U.S. 2024 was a year marked by resilience, focus, and adaptation. In a macroeconomic environment challenged by falling battery metal prices and tight capital markets, we took proactive steps to conserve cash, validate our technology, engage potential partners, and refine our strategy for scalable, capital-efficient deployment. We set out with three primary goals this year. First, to prove the repeatability and reliability of our lithium aqua refining technology. Second, deepen and expand commercial partnerships that will support long-term operations. And third, lay the groundwork for scaling operations through flexible, partner-centric models that minimize our capital intensity while maximizing impact. We successfully operated our lithium aqua refining pilot plant for over the whole year, including a three-week continuous 24 by 7 endurance run completed in December. This operational milestone further demonstrated the reliability and efficiency of our process at the pilot scale. The system was consistently delivering impressive recovery rates and high purity for lithium, cobalt, and nickel, for which we have provided the samples to potential partners and customers globally. In addition, independent analysts have shown that our patented aqua refining process produces 83% less CO2 than traditional hydrometallurgical recycling methods. During our December endurance run, we produced more than 600 pounds of battery-grade lithium carbonate at purity levels exceeding 99.5%. That's not just lab-scale production. It's representative product at a scale and quantity that few, if any others in the U.S., are matching today. We've delivered these samples to multiple cathode active material or CAM producers, and we're encouraged by the positive feedback and engaging feedback and the ongoing testing of our material for use in NMC, lithium iron phosphate, and other battery chemistries. In another major achievement, we worked with a downstream CAM partner to convert recycled domestic nickel into cathode active material, a significant milestone for the domestic industry. That material is now under validation with several leading battery manufacturers in the U.S. and in Asia. This is a major proof point for our vision of a closed-loop battery materials supply chain where end-of-life batteries feed directly back into the creation of new ones. As we look to scale our impact, we've evolved our commercialization strategy to reflect both the opportunities and the realities of today's markets. While our Sierra ARC facility remains a well-prepared and valuable asset, its completion remains on hold pending further financing. We continue to actively engage with potential capital partners and strategic partners to bring it online when conditions align, but we are not waiting for that singular project to move forward. We are executing a nimble diversified strategy to bring ARC refining to commercial scale. We are also prioritizing co-location opportunities where we can deploy our technology alongside existing recycling or battery manufacturing operations to reduce logistics costs and accelerate time to revenue. Toll processing models, where we process feedstock on behalf of partners who already control materials but need a clean, efficient way to recover the critical metals. Licensing and joint ventures. These allow partners to deploy our proven op refining technologies within their own facilities, expanding our reach without heavy capital outlays. We're currently in active discussions with multiple parties across these models. Each model represents in and of itself a direct path to commercial deployment that aligns with our mission and technology advantages. Our partnership with 6K Energy remains a flagship example of our ability to form commercial alliances that support closed-loop battery material supply chains. Under our agreement, AquaMetals will provide up to 30% of the recycled content for 6Ks domestic cathode manufacturing facility, a major achievement for U.S. clean energy infrastructure. This agreement is helping to define how domestic circularity for battery materials can become a reality, and we are actively working with 6K as both companies progress their strategic objectives and plans for commercial-scale facilities. In parallel, we've continued advancing negotiations on feedstock and offtake agreements that will support operations in any commercial deployment, Whether at Sierra Arc or elsewhere, these conversations are integral to de-risking the ramp of future facilities and ensuring a stable revenue model as we scale. We strengthened our financial position in 2024 with a mix of insider-supported equity and strategic cost management. We raised approximately $15 million during the year, with over two-thirds of the funding coming from AquaMetal's leadership and board in our $1.5 million bridge note. This internal direct financial investment underscores our individual and collective confidence in the direction we're heading. We also secured an up to $2.2 million tax abatement from the state of Nevada based on the projected economic and employment impacts of our recycling operations. This recognition reflects our contribution to Nevada's emerging ecosystem and broader clean energy economy. Additionally, We arranged interim bridge financing again with strong insider participation to maintain momentum across our development and partnership initiatives while we pursue long-term project financing and strategic capital options. Our technology and execution continued to earn validation from government and industry partners. We were honored to be selected by the U.S. Department of Energy for the ACME Revive program. A national initiative to support domestic critical mineral recovery and circular supply chains. Environment plus energy leader also named our aqua refining process that quote top project of 2024 unquote citing its environmental benefits. Innovation and scalability potential closer to home, we were also recognized as a finalist for the best places to work in northern Nevada. notably the only lithium-focused company in the lithium state to earn that distinction. We also expanded our board of directors, adding experienced leaders from the battery and finance sectors who bring valuable insight and relationships that are already informing our strategies and our tactics. As we move into 2025, Aqua Metals is focused on translating technology success into commercial deployment. That means advancing co-location and licensing opportunities, financing feedstock and offtake agreements that underpin all commercial operations, securing strategic funding that enables execution while preserving shareholder value, continuing to produce and supply battery-grade recycled materials from our pilot facility as part of customer validation and partnership development. We believe this approach allows us to scale smartly, partner effectively, and meet a growing and critical need in the U.S. for domestically produced low-carbon battery materials in state-of-the-art facilities that can create desirable and lasting jobs for the communities they operate in. I want to close by thanking the AquaMetals team. Their determination, creativity, and commitment made this year's accomplishments possible. I also want to thank our partners, our board, and our shareholders for their ongoing support and continued belief in our mission. We have the technology, the talent, and the partnerships to lead in clean battery metal recovery. With a flexible capital efficient plan in motion, we're positioned to make 2025 a breakout year. With that, I'll turn it over to Judd for a discussion of our financials.