Aqua Metals Inc. has entered a non-binding six-year letter of intent with WMC Group AG for the offtake of all lithium carbonate produced at its Project Headwaters facility in the U.S. Midwest. The agreement, valued at approximately $135 million based on current market pricing, outlines market-indexed pricing terms and collaboration on feedstock sourcing and product qualification.
The deal covers an estimated 7,000 metric tons of lithium carbonate through 2032, with initial production of 250 metric tons slated for 2028. Output is projected to rise to 2,250 metric tons annually by 2032. A definitive agreement is targeted for September 30, 2026.
Project Headwaters represents Aqua Metals' first commercial-scale deployment of its AquaRefining process for lithium carbonate production. The company has previously sold lithium carbonate commercially in the U.S. at market pricing, according to Steve Cotton, president and CEO.
The agreement follows recent U.S. policy shifts affecting lithium supply chains. On July 30, 2026, the President issued a Defense Production Act determination identifying recoverable critical minerals, including lithium-ion battery black mass, as industrial resources necessary for national defense. A rule effective August 27, 2026, now requires U.S. persons selling lithium-ion battery black mass to allocate 100% of monthly sales to U.S. entities absent an exception.
