Aqua Metals Launches $50M At-The-Market Offering Through Benchmark Company To Sell Common Stock

Up to $50,000,000 Shares of Common Stock

Aqua Metals, Inc. has entered into an ATM Sales Agreement, or the Sales Agreement, with The Benchmark Company, LLC relating to the sale of shares of our common stock, par value $0.001 per share, offered by this prospectus supplement. In accordance with the terms of the Sales Agreement, under this prospectus supplement we may offer and sell our common stock having an aggregate offering price of up to $50 millionfrom time to time through or to The Benchmark Company, LLC, acting as our sales agent. Sales of our common stock, if any, under this prospectus supplement will be made by any method permitted that is deemed an "at the market offering" as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended, or the Securities Act. The Benchmark Company, LLC is not required to sell any specific amount but will act as our sales agent using commercially reasonable efforts consistent with its normal trading and sales practices. There is no arrangement for funds to be received in escrow, trust or similar arrangement.

The Benchmark Company, LLC will be entitled to compensation at a commission rate of 2.5% of the gross sales price per share sold under the Sales Agreement. The net proceeds, if any, that we receive from the sales of our common stock will depend on the number of shares actually sold and the offering price for such shares. See "Plan of Distribution" beginning on page S-11 for additional information regarding the compensation to be paid to The Benchmark Company, LLC. In connection with the sale of our common stock on our behalf, The Benchmark Company, LLC will be deemed to be an underwriter within the meaning of the Securities Act and the compensation of The Benchmark Company, LLC will be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and contribution to The Benchmark Company, LLC with respect to certain liabilities, including liabilities under the Securities Act.

Our common stock is listed on the Nasdaq Capital Market under the symbol "AQMS." On December 1, 2025, the last reported sale price of our common stock on the Nasdaq Capital Market was $7.72per share.