AQMS - Earnings call transcript Q3 2021

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Operator

Good day and thank you for standing by. Welcome to the Aqua Metals announce a schedule for Third Quarter Financial Results Conference Call. At this time, all participants' line are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand over the conference over to your speaker for today, Mr. Akselrod. Glen

begin. may You

Glen Akselrod

release And Call. to released Earlier quarter website XXXX. for Operator. section the Quarter the of financial Metals XXXX the company’s This XX, September Conference today www.aquametals.com. ended available welcome you, on Aqua Investors everybody at Third results is Thank Aqua Metals

as from company’s the Chief Officer. today’s Joining Steve President Merrill, us call for and Judd Cotton, is management CEO; as well Financial

any disclaims the management occur, will the the The be and making XX-Q required new Please X, forward-looking statements. not November undertake to forward-looking those on to the forward-looking obligation such risks, events any of does call, as forward-looking company’s statements. uncertainties factors refer they except for report to results Aqua actual and statements. materially cautions on today’s investors company cause specifically to Metals update Form or unanticipated reflect and not summary from today, statements as or to circumstances filed revise law. other During a could reliance place differ that by undue statements

reminder, be a telephone today's over Steve’s As question a analysts we formal online can last portal using and from press investors all submit accepted and other the week's Questions questions. the and will take in remarks webinar after will Judd’s provided releases.

the available We questions turn we to And over slot. time our please that, Cotton, will go with Metals. many would CEO in Steve, ahead. as to call take can of Steve I like as Aqua

Steve Cotton

which we're be a battery lead is results. which is lithium to recycling. in today's is call. our quarter slide going X, with talking everybody and And start Slide to welcome And third title Metals revolution number to today, truly that Aqua Glen. going about quarterly you, Thank leading our I’m

last to presentation website like week view of would made in-depth back that in-depth Safe for play call have to and the focused investor in your back, our and reference. is for back Aqua which more our quarterly see Metals, number and that's on that the can play results. we you just Harbor more refer reread Today's which read, Slide will you you has register our writing won't information. Glen to there X, you I If

Slide to lead our metal are recycling provide on X, be our Moving is or applications strategic to lithium. it And materials mission energy mission. for storage sustainable for that

help reliance breakthrough and clean manufacturing proven we'll the a growing which about on to returns be in economical supply industries. technology the are refining in to Our way talk raw meet for lithium-ion mining the it materials vastly chain reduce asset it will the an today way, and to lead demand

clean industrial Slide the Change fuels us from get and on in need become X. support to that the clean and way that processes Moving initiatives. really the fossil to impaired has away the electrify processes

As you and of the the that the vision Department water, is energy in air, production themselves U.S. said global talk emissions using see just net right, we're about has inputs. metals meetings. the of for days top as clean XX global is quite these way the That's we to change only topic recent towards as Energy zero going the climate in drive which

don’t emissions. renewable don’t batteries change around because we powered electrical and change we global recycle if if make energy. processes are going even through producers' gas impaired from that So that significantly small This up X% amongst emissions time way build go of is powered greenhouse that to other and today's we through is

incorporated to need really technologies to complete that be recycling So in these transition. order

loop it's in just storage of So transportation but in sector close not the sector the energy and the recycling.

number Slide to on X. Moving

ingots February operations recent risking ground the February mode is more then. capital-light towards that sector. taking the and in commenced XXXX, capability to of of deep a talk when a made AquaRefining by ago applying of form and after our if By And turning we'll associated XX,XXX today supplier lead XX facility also investment emissions American goal week XXXX time that October at those LiNiCo in produced we July which Tahoe on as press mode technologies was proving AquaRefinery, to made purchased but first And is And too production world. see companies building in we talk we battery commercial front talk a period announcement an proving to the hours in filed relationship found room during XXXX, a update the from of deliver a of foot And which the did we'll of at which providing Reno the a patent technology we that recycling XXXX them We that part an side, the company, lead. equipment Company square that recycle day Aqua with which and and on facility the of battery about Metals lead LiNiCo in ground reach look in with lithium-ion the long industrial our not the that's as left on batteries. the North about transition with XXXX, XX,XXX we time investment that became a scenario recycling at of that milestones. ingot talk made terribly methodology organic after Let's commercial days LiNiCo open lease-to-buy In about in progressive a our licensing of about. and of to as you XXXX a August provisional you'll today. XX XXXX. certified low our AquaRefined we is And with largest a plant, Aqualyzer also, In water-based ingots. lithium-ion we prototype about an operations temperature biodegradable about normal XXX,XXX we'll capital-heavy our

equipment. And day of because the big process Metals for ACME that and Japan additional we for a amongst well our electrical too forward products today to be AquaRefining December arrow, now other July the moving able the with in Pacific Asia the to which our a we throughput on first XXXX, other did equipment rapidly improvements of as lab region. ship a and that company suite we generation part of in So and preparing scale which to green first year, September the that August where testing XXXX our Aqualyzer is product in third in we Taiwan. AquaRefining capabilities and ingots see our is develop XX,XXX of established form basis which made this our the are past now complete through with the supporting triples to innovation many to per the this of licensable as kilograms by as Metrics ‘XX, year that expect client of efficiencies over we for partner on a software will generation monitorable of on and up shipping partner and iterate XXXX, recycling agreement XXXX, we're completed in to technology. allowed Aqualyzer the be those focused you equipment lithium-ion testing Aqualyzer we Pure a we lead initial commercial Recently, milestone of where

our by AquaRefining full-sized the we the unit testing we January AquaRefining full-scale to operational XXXX to do potential batteries. to this process lithium-ion expect quarter applications. recycling coming develop In deploy So lithium August, -- lead very the of did in for recycling of continue have as recycling we milestone the circuit aspects to we important we up and first continue lithium commercialize while

we Our corporated about headquartered were financials the as have ticker is again shares will company balance inclusive of speak reported about is in in and outstanding. debt in we very which we're sheet and more And hand free. of and just is we XXXX, on our NASDAQ that the XX Reno, million Nevada, $XX.X importantly XX.X strong our million Judd cash AQMS, September fact Tahoe

Moving temperature, Slide take aspects and lead fundamentally because we AquaRefining those to the materials. the critical and industrial a aspects, order AquaRefining to right, really I technology transition did production the you into before is produce in room closed principles to which from apply XXXXX the we its see recycle storage expect many to support on about for is you loop, as which is the the was recycling ingots electrification but with lithium-ion at processes using this important core what a speaking make do chemical de-risked the X. in energy are our to that those process non-polluted transportation of and recycling, that recycling only not and

state and have which the the through portfolio that very through a we'll first commercially to of a technology we've our strong We the process gone the speak of patent lot produce product. that we've aspects to de-risked

in form efficient cleaner Our a more process. recovery solution cost recycling is and of as

battery that announced away up of migrate establish our Center. development had a as that a at highlights and applies solution time Tahoe now talk recycling mile patent We lithium from picture the and product for even year plus which today background we continuous those see utilizing the street at lead products. manganese one Recent Industrial the and the a quality there XX.XXX% center and of AquaRefining other we is on down through metal quarter That focus purities AquaRefinery Reno the we'll in next turn AquaRefining facility about how case to lead lithium-ion process apply did to we'll our only innovation plating this to we also from not higher technology. on make cobalt, which produce is is a atom in into our you the a than as lithium-ion to XX% as that recently less ultra-pure but of LiNiCo the Metals just the while that in nickel and plus, they that other we with also of the produce at that the about just the metals expanding is space metals that Aqua such facility

innovate did So talk doing mentioned we'll we I the the Aqualyzer before we're recent model. for generation excited it about with press capability rapidly as needs that lithium going and we're the the where release this with achieved that to how get we be and as at year program third us over original very past the be. production for issued And of we It's Aqualyzer that XXX% morning. that program and over completed the to just innovation to about lead center

AquaRefining that press we make what issued in take Taiwan you we We the or put them whole of with capabilities develop to battery the also quarter where [ingotization] will can as which about see that shipping direct the and also to into we machines AquaRefining directly a quarter manufacturing take process, that oxide later that and the agreement Metal a comes from in ACME with that earlier be release I our mentioned we oxide in to process. technology finalized the can partner definitive and direct to Aqualyzer up bypass deploy off and come squish briquettes process materials the to those this

that technologies. the largest signed we're to have ACME LiNiCo We today that So with clean about and battery partnership we towards would they clients. future Pacific to manufacturers We'll speak the agreement now. very in announced with collaboration that whom as to that out technology recycling already so excited I just had point for the our lithium-ion Asia slides battery bring a take in

purchase facility recently of facility a Nevada, is received as leased also Tahoe Industrial We that million home part a the and LiNiCo is of payment the in Reno the Center. that deposit non-refundable the and McCarran, from for $X.XX

that a guidance We the and of in us. received required we $X.XX that we done total We're of settlement to million and exceeding on have final process. the payment originally million that $XX.XX and completed also provided insurance collected achieved behind

AquaRefining with happy to and customers our as also try throughout we or funnel advanced We very the additional discussions continue potential applications with further sales to are world. licensees add

Moving X. on on about details to number more ACME the Slide Taiwan agreement the

billion are in et very a Asia rapid facilities for You'll for it’s very growing lead fastest at towards mature in with moving more And in getting retrofitting EV's also of cars and seeing have lead the our our partnerships globally and in large there's market global with This partner to existing battery will strong environmentally and through Pacific and showcase ACME batteries, unlocks need these and in clean largest markets last see market is then lead inclusive environmental it's growing and to are cetera. AquaRefining Many capability plus them. tighter building lead bit and around at of the clean battery that facilities that of future direct first growth because take growth but The acid leg the manufacturers for battery are or the very not two fastest market. they industrialization, market. partners new simply recycling lead see $XX really that fuel also marketplace drivers that this acid a recycling more have a the these rapid capacitization, much an deployment in that road. we're where that towards quite that those there's battery This a in to have located been the opportunity have develop really oxide manufacturing. of bend methodology we battery for global only Metal clients between and battery cars AquaRefining

months. updates more as continue tuned deployment to we stay coming alive So make that come the in for

just about Phase X, have earlier. LiNiCo the those called batteries here. process Metals mass lithium-ion immediately the with metals large material where mass lithium-ion of describing beginning process will feedstock the technology has that our doing is X. on which in focus battery. And that equipment is de-risk process We'll that innovation X XXX,XXX innovation for high-value was announced amounts and and we here goal and of LiNiCo and that used black I not tons Moving to Phase Slide X what's to mass today technology. black they with LiNiCo be to were parties X the both AquaRefining improve Phase into that of licenses black Aqua into enough a and potential of the annually the into meaningful center take metric And but have to material we defined collaboration And agreement up LiNiCo. Phase Really, to mode talk support announced of amounts

pleased the capabilities for world. battery we'd an in not collaboration would the AquaRefining established the And mature that facility to lithium enough mentioned get in So be as slide. into largest very in one largest it timeline earlier of earlier agreement if that X Phase to this deploy recycling we're the I the

that that in there you So moving strategic have we activities a allowed on have and you'll have lithium-ion and for filed to and to blue property equipment and earlier additional licensing patents. these that pending AquaRefining of the prosecute where And just efforts throughout continue where supply are provisional to XX blue feel allowed see support pending we portfolio. IP see the intellectual Slide that XX. light inclusive and now patent global have In we are not issued that in very protected order pending our at all XX blue, that achieved months robust that globe patents mentioned We've we see total where we you well applications that patents I our patent couple of been issued are we key ago. and related a additional

financial talk overview. our So the through to with to ahead, to Judd Go it that Merrill, I'm over going turn CFO Judd.

Judd Merrill

share few each statements. comments related will I Steve. of our you, in financial Thank a

balance on sheet. XX, the Slide on First

capital XX, working As and $XX.X cash million September XXXX were balances in respectively. $XX.X million and

necessary last consistently have million. sale This for due stable the certain and asset reduced our the us future $XX $X.X cash the is of cash for balance no to items, ability cash for spend. We've with balances of are quarters, proceeds items, plans. these building maintain Over the net held value book insurance sale million assets and non-core to three for at asset maintained we over accounted partly operating are longer a

at the we lease-to-buy quarter, prior accounted with type the LiNiCo the sales in agreement lease. mentioned for As

first of applied at required $XX of we million estimated quarter be amount made receivable. the of building value and fair to component land a in of the for as Subsequent $X.XX this paid accounting purchase to leased is deposit plant time their however, price the the end, As full. the agreement, million. deposit The non-refundable, it recognized a the LiNiCo the will of is approximately the

the liabilities remaining very close looking repair it's the to restoration accrued from fire the damage and damage year, and plant Lastly, equipment that again and cost good to approximately available million with includes we pleased the in from to building ready in. And by for plant very for end LiNiCo completing the the $X.X of of the their whole building the use. anticipate Most we're moving progress. be will the start of the is

Moving XXXX to respectively. on the approximately slide, income Cost next statement. sales XX, X% and the for ended September and and increased XX% product months three nine the

XXXX eventual lease clean-up QX months. and XX% the as plant recorded preparation where in increased last months As ended a million the over cost consistent months nine credit and sales of months for in the result Research product XX, compensation nine years XX, compared to XX, G&A sale stock-based for the September to that costs for three G&A nine September fairly compared September three increase was of months three included cost averaging approximately XXXX, related focused XXXX. in we facility. XXXX initial process dues technology nine spend increased has AquaRefining development on and recycling our compared two we to in ended coming of ended The expect the approximately are XXXX. in and General expense and which administrative lead on development as quarter. the and the the to XX% and QX $X.X Overall, XXXX of respectively, lithium-ion the been expenses our non-cash process improvements for battery were related expenditures to QX needed our additional as recycling well the

which items. this and both Now, cash number does non-cash include

$X.XX million proceeds quarter, we net incumbent related related during payment final is the the this insurance the other reported to we quarter. of During third expenses, the receive and that insurance

$X.XXX $X.X months XXXX, net September cash deluded September loss And up to using net for $X My loss was million by and inflow per loss plants. operation and XXXX. the from the XX, for nine cash a statement. of the quarter basic flow our negative assets. was impacted million the related was activities Cash our using operating fixed G&A, $X.XX. and for nine to comments recorded disproval on ended share cash was proceeds the by a cost negative operating a also $X.X million XX, million in the clean cash expenses final Net around We months as compared that offset cash positively certain insurance

continue G&A $X.X of ATM to QX. exercised. Aqua million QX proceeds in net near costs stock options those costs of we the in as even and the the in basic ended elsewhere proceeds which add Net $X.X investing purchase shares monthly provided of $XX.X of cash adding And property to just over the strategic mainly that in nine consisted the cost million. consists for proceeds such by don’t utilized believe million partially million towards team, cash plants. approximately million and of We with the months our new $X.X activities reduced the consulting basic operating future will and investments by million million will the that move million However, earlier of $XXX,XXX month. September $X.X from for XX, growing hired see Metals the needs as proceeds based and on the to sales was term, be in we financing of per nine portion months XXXX, collected small ended out with then offset plant cost XXXX, using in be strength cash majority Net year. this a from for and The $X.XX of equipment, happened sale from reduced LiNiCo equipment, activities pursuant $X.X $X.X XX, September for that the

nor use this turn now our end On quarter financial my of of answer the and over the the I begin report comments And to the the final no during ATM QX to on state. are in the portion. those to statements. subsequent that it moderator to question will

Operator

from the of Wainwright. Please C. question Instructions] H. Thank Amit Dayal line from go Here you. [Operator ahead. first comes

Amit Dayal

taking Thank afternoon, you you. questions. my for Thank Good everyone.

of solution So respect the a getting are shipments at they Aqualyzer? Steve, getting or and with these the ACME, third your deployments generation to are version prior guys

Steve Cotton

the to even the ACME further with incarnation to of So, and continue latest we'll Taiwan time. get them to over work improve technology technology

Amit Dayal

Metals of And or shipment quarter -- receive should from terms of this in to in the release? something we Aqua you fourth the 'XX expect deployment

Steve Cotton

company amount and and once The by the materials shipping get working we installed across for and get there end ultimately and offside of receiving we're produced. et work well as to is be I've going be building. commissioned to towards key the the payments for be amount battery be to and will equipment material early cetera the not we on need large as the coming are phase, what the characterized material get But again that payment the modest of for guide revenue get the manufacturers the going equipment of on quarter the and get as that is that before the the the equipment a material is direct to of installed to in fourth a off

Amit Dayal

customers are respect of terms made this? pilots other any in of with progress And potential with or not terms other in securing customers Understood. new contracts new to dividing on any with bids

Steve Cotton

Yes.

funnel Aqua global one the call, really So are the I'll to for pleased certain to And for add I that in, on that. we're in good we stay And going with us, is and the ask updates to is whereas intending we, that funnel through and of mentioned and additional the licensees we to and sales as are we a have coming a nature solving a that licensee sales year. Metals parties. good very what both selects in work select be everybody tuned for would match two

Amit Dayal

resources looks any -- have should resources what near-term then the requirements should CapEx the in the of commit, to it's do like or up looking an to adjacent for and as market? that bring it's announcement maybe there kind be investment we to becoming is to a think it question And this we or about now more effort this we year. serious partnership, or need with earlier to more milestones the with picks Do allocate LiNiCo respect are to as we to that the compare

Steve Cotton

Yes.

structure Judd within the the towards the consultative even shifting also from that what organization commercial other to we're resources transition that an milestones and engineering enhancements process space. working to the or that we've applying costs. So, cost transitioning rate mentioned, as et But some as the really our those of as you we're the those over cetera, still, with Judd science and the expected perspective well of taken burn from asked capability not LiNiCo to from we're bill enhanced of amount designed, lithium that's Because of engineering, do resources AquaRefinery already characterized, AquaRefinery not near-term. And develop about uptick in our the in so. as

machines. with to We'll we with we the our now our you'll post of batteries, the broken and process metals And round of LiNiCo happen material a agreement. center, our purity to our specifications, has to the timeline more couple materials evidence that. substantial evaluations, and that and be to equipment building, partnership on soon kind used metals mass and to-date. the practically come of bend mass the general lithium-ion sourcing begin signing material could and and sales as commencement look one and is of batteries are develop upon going at market able plated technology more the able that will As our we which in of everybody with begin progress materials and that this I'll create the there details been place. the what into of really the that in industry. ahead what black plant the off on terms which we've processing will obviously shown Because curve hydrometallurgical in LiNiCo, summary, get of receiving be we have is In moving show to really that we through together we've of with of share like that those high-grade what that website, pilot our become material separated that of is continue And with there of those to a amount to a material of be lithium-ion that black we think technology. with going of for you quarters, remind if that innovation nobody's next our

So, the sales in website, you'll then of into the very deploying round we're look year you our to XXXX the as further the that. we the running see we'll pilot process production begin as the for end scale. have intent the bend And at towards year excited through full-size about with them timeline of

Amit Dayal

questions I'll I that's have, all Steve. take Thanks, And Understood. other my offline.

Steve Cotton

Thank you, Amit.

Operator

Your next Oppenheimer. from comes go Colin question the of Please ahead. line Rusch from

Unidentified Analyst

Hey on is Brandon Colin. for this guys,

of hand. plans of through First for walk and Please formally, your cash million is us the to an $XX.X fund business on the end 'XX?

Steve Cotton

Yes.

the There's there that's was another did year, receive in million $XX another so option sale. $X the million million that's So, due in. quarter pay off we deposit to that have XXXX. so it's the LiNiCo so of we the next additional from that funds did the quarter, that some of another have could receive doesn’t the scenario have till coming sale $XX building plus sooner, first to wait you we $X.XX $XX.X option million million building year or next

there So, funds coming is in that. some additional from

part that the we're later expect hand on So, revenue next we rate on spend of we the terms towards year and some of the that's that have end the for we We our in in take of current funds enough you thought we us. to and operating that in front for of through and G&A us have funds needs XXXX, R&D costs into the have XXXX.

Unidentified Analyst

follow-up. on you data touched I a as now. just know the then I'll thanks. Aright, segment of

more incremental and expect And what of the process just commercial development. of target on little process bit the a lithium we present in a provide front? pace could maybe you recycling If terms of on color kind that then as the

Judd Merrill

of with rapid of learned technology. proving recycling to full-size the is was our doubling in operating XXX% plant we evidenced of of connectivity and really engineering controls. We lithium let pace and the Metrics tactically and alone The product tripling efforts technology. demonstrate and software capability, to thing our able towards monitoring twice iterating focus of yes. as One our Aqualyzer AquaRefinery So, and for the XXXX by were in the the automation the in grounds and Pure distractions without innovating

of very their our them model that and multi those in that's we're AquaRefining evaluate So, throughput lithium. innovation and put we our But with with ground but licensing really producing can in progress geographically not XXXX metal capital took with selling recycling also can business the make Aqua hit for equipment pleased we business for work supply running and a evolving general. parties. unbound and we've partnership really to lower and we innovation the through doing technologies that taking multiple and with monetize year where or towards banner lithium-ion technologies in LiNiCo relatively capital-heavy industry only is for then Metals taking metals feedstock capital-light our and where the work their services we're that with more other why and model innovating risk that place a towards the And our of on which rapidly application take recovery much in processes focus output LiNiCo integration of the taken and metals

is innovation real that side related, strong business on model. capital-light a So, the innovation is that's model business which what focus our of became deep

Unidentified Analyst

Okay, thanks so much.

Operator

comes ahead. Severson from [Operator question Research. Tower from Water Shawn of line Please next go Instructions] Your the

Shawn Severson

done left black real commercial for getting are kind lithium-ion if refining of standpoint? to everyone. today afternoon, there wanted then, and scale. at this are technology technology. we're looking thanks. from recycling, I -- implementation What you to technology and Good to really these from be And Hi, Steve, where a is AquaRefining any

Steve Cotton

Yes, Shawn.

ability those that and and getting some getting Metals those AquaRefining the very focus, units the where that sales capital-heavy by metal we operating have of done design de-risk for now there a by $XXX de-risk would in extraction with done taking extracting. can distraction what the then technology getting that million everybody in building and development operating it's named and this And we're metals that and at before we facility. we we confident the on full-sized engineering scale. our we've going that offer the from and lead giving full-size going it's think separation technologies and And to into and we've of we removing some that pilot learned through significant to getting operating in of kind AquaRefining plant to scaled those extraction is And towards is comfortable really technologies and a -- extract flow then full-size lead you So, one and smaller the continue with spent a unit process having and full-scale distract, we thing and be the very of to that we've that our already. process Aqua

in learned things in because So, really workforce commercially But do technology our that's there a de-risked us on-core, our XX,XXX more we've do produce still our and the ingots. de-risking to that quickly as has been to we for the through further past. lead do is really do deployments. it see the That's licensing along rapid we much path

Shawn Severson

Well, next question.

the in lithium-ion they'll, twist say Do crystal to is how in through lead things process how battery maybe it'll think billion batter grow look it that. But carbon a If and look bit I tough as side know when same and and then look and and thoughts? you what or at industry a and do ball, little driven you much adoption lead lithium like or say at unfold to your relative did related industry, the reduction that I here you kind of question. it's faster it a should are think rates in can on maybe focus you

Steve Cotton

very Shawn. two industries, look Its different Yes.

that which fossil the Because possible this existing from really space accomplished industry closed-loop we're to to now begin industry that fuel these, in as a techniques. looking a towards based upgrade get quick an it's forward our global why recycle. effort workers, lead we're a the really industry there which to an electrified work in than But we're is make the climate methodology tune leading and why environment clean is with with presentation, not the level. acid in global going processes, by as industries much that's decade, to more larger recycling growth do if are one to we and annual world, our products. players I we're mature electrify hydrometallurgical lead change fundamental will that the space, trying a industrial In don’t that process lithium as method there. the the But nascent is That's that where of working creates our processes in industry. rate thing solutions a we ultra-pure best lot industry in growing what and a that mid-to-date taking throughout it's between working with mentioned everybody we're it industry electrifying exactly great the recycling So, but become with sure a a build protects the to certainly a together we're right to lithium succeed at recycling doing is and addressing very industry

ground in really at industry getting really a see an question? the an Hopefully your space. from industry difference answers recycling lead lithium it's where you the that that and So, in upgrade built that is up looking is the space

Shawn Severson

it at I if related very look obviously vehicles these And -- you're and in sort think you looking when carbon looking But you look be products. and lithium-ion Yes, electric space, focus, high footprint at of would when there. it'll customers the you're the at does.

keeping if track? AquaRefining other it has on reduction fit this adopts would So, or of keep this, pace carbon solutions Is looking somebody where my what something this at. question in they be for is with everybody you, be kind else adopt adopt well will how it that one to to do technology if

Steve Cotton

Yes.

and reduce burn So, carbon to output in you decarbonize, order things. can't

based methodologies. the a the methodologies also hydro the to precipitation we that's plating. kind itself. you that so, is that yield hydrometallurgical use And available de-carbonization likely of and benefit to characterize chemical and And the are do standard smelting there is which in metals of recycling has which recycling And as it, about will more ours

hydrometallurgical this the whether our industry things and in you're cleaner we that's that really hydrometallurgical that or the AquaRefining much smelting do and technology today an smelting way less the And ours pyro and we enabler be through that this replace that or into better methodologies bolt-on with see recycling burn we a attach application our could go a doing that of complemented see we of as be through are so, for we are a can in capabilities with of everyone fossil can fuels technology literally ultimately future. equals the

Shawn Severson

my I'll of offline. rest questions take Okay, thanks. the

Operator

like over I call back to this the There at phone the turn Mr. to Glen are questions time. no ahead, over would Go further Akselrod. Sir.

Glen Akselrod

you, come Thank online. there Steve, in some is Erica. have questions that

global lead which So, I'll I call them but Aqua of with much comment BASF aided in Has know ask for have been potential on. you this some could addressed prospects already refining? other

Steve Cotton

Yes, work us in built fact with with the sales and has engagements. up our our BASF so helped funnel

and running. of enjoying agreement we're working promote into obviously Taiwan is system working BASF as with the electrolyte deploy our get we up so, to be our operation aspect also of the ship in And chemical to AquaRefining We'll with which AquaRefining the with lead asset the the and other industry. BASF continue till and key

additional the company's improve to And opportunities AquaRefining not for in lead partnership applications we're obviously of we'll BASF technological things which and and constantly recycling to AquaRefining the for together. to lastly, for exploring even potentially so is was to possibilities lies work with with explore our has transact lithium in BASF So, then opportunities other BASF discuss interest to therein element Aqua And that of ways Metals. only third begin but front.

we're with with BASF our far So, thus pleased all-in-all partnership relationship them. very and with our

Glen Akselrod

AquaRefining One you. thank feed? in metals here. ignore Super, non-targeted How more does question the

Steve Cotton

for batteries will do that's residue dropout and are terms couple we metals up the very and small much end those in lead-centric that a acid then things in plate in going form same will look plate what that as in not small because other plate that we them. some residue ultimately after. the we batteries. in are metals lithium we example, go we and at pure we're But of AquaRefining a of that there the metals amount at like look the that of after don’t when don’t messing when mineral what the metals that because we will going do that apply are for from example that after are be plate silver So, there the the lead very And for with we'll and lead the is multi-metal a is it's with added bismuth items that'll any percentage effect going you we recoveries a and we we're very is but that

Glen Akselrod

when basis? to question here. start in first a licensing more XXXX, Thank expect the One receive annual it guess you you. to I is quarterly do payments,

Steve Cotton

the the begin we So, the in running form. running won't be did we after And a the on. first Aqua installation large that we'll binary yes. turn those expect that royalties receive the collecting not, will revenues Taiwan collect be amount Metals answer soon on relatively or to Again, equipment but volumes royalties

able So, first to and received payments near those receiving report we half 'XX in payments. certainly that be be definitely will those of we have

Glen Akselrod

questions no queue, Steve. I online further Super, have in the thank you.

then we'll call. So, end and the comments closing maybe some

Steve Cotton

feel model lead Aqua and core reemphasize key the everybody's battery with the battery And of enable and efforts which best-in-class Yes. the and I in us we suppliers all battery successful. both lead be best with that with we to all the the recyclers whether And lithium-ion recycling. want the in licensing LiNiCo a to or are technologies we be lead to available demonstrated towards we enable great that gives us time appreciate I'll is as that with cash to all the far organizational licensing we're here Metals first goals And through business electrification to place to new our better business intent recyclers efforts it's work do really world and the industry good today technology. to here. enhance date great a further model, relationship make capability a to and de-carbonization position, evidenced LiNiCo as to opportunity that's in our trying our great that parties the Taiwan, that the achieve really and we've with for

and support future. to in So, and near I updates the forward look appreciate further everybody's time

Operator

you call. Thank for conference joining. today's concludes all This

disconnect. now may You

Aqua Metals (AQMS) 10 Nov 212021 Q3 Earnings call transcript