Aqua Metals Provides Third Quarter 2016 Corporate Update

ALAMEDA, Calif., Nov. 07, 2016 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ:AQMS), which is commercializing a non-polluting electrochemical lead recycling technology called AquaRefining™, has provided a corporate update and announced results for the third quarter ended September 30, 2016.

Company Highlights:
  • Produced the first-ever AquaRefined lead at its AquaRefinery in McCarran, Nevada at the Tahoe Reno Industrial Center (TRIC) and confirmed more than 99.99% purity
  • Commissioning activities at TRIC transitioning into lead production and first sales planned for Q4
  • Determined that when fully commissioned, the TRIC facility will have the capacity to produce 120 metric tons per day (T/day) of lead; a 50% improvement over the previously announced 80 T/day capacity
  • Obtained all necessary permits, which establishes important precedents that should accelerate roll-out of future facilities
  • Furthered discussions with interested parties regarding expansion opportunities, both for licensing and future facilities
  • Received key tax incentives worth an estimated $3.6 million from the State of Nevada, by facilitating economic development and bringing jobs to the state
  • Hosted successful grand opening ceremony at its TRIC AquaRefinery which was attended by over 200 people, including investors, strategic partners, industry participants, key employees and government officials

Management Commentary "The primary focus throughout the third quarter has been on testing of essential systems and equipment to begin commercial lead production at the world's first AquaRefinery," said Dr. Stephen Clarke, Chairman and CEO of Aqua Metals. "To that end, earlier this month we announced the first-ever AquaRefined lead produced at the facility after commissioning the first production module. This is a major milestone and the most critical step in the commissioning process. We are working to complete the integration of front-end battery-breaking and other supporting systems and are transitioning into commercial lead production.  We expect to begin selling lead in the fourth quarter of 2016.

"While working to bring the AquaRefinery online, we incorporated several process and other improvements, and consequently, we now expect to ramp to a capacity of 120 T/day in early 2017, which will provide greater revenue and earnings potential.

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