Aqua Metals loses $33M credit facility; cuts workforce; Sierra ARC delayed to 2025

Aqua Metals, Inc.

Non-binding $33M secured credit facility suspended by lender due to high interest rates and >25% drop in lithium carbonate pricing since term sheet signing.
Completed reduction in force; expects ~1 year of cash runway with no other cash sources, through cost deferrals and asset sales.
Sierra ARC timeline shifted from late 2024 to 2025; facility remains at or under budget to date.
Closed $7.3M net funding round in Q2; pilot facility operating 24x5 for process validation.
Management actively pursuing alternative financing: debt, project finance, JV, strategic investment.

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