X0407 4 2023-04-03 0001621832 Aqua Metals, Inc. AQMS 0001681743 Kanen David 5370 KIETZKE LN SUITE 201 RENO NV 89511 1 0 Common Stock 468425 I See footnote Common Stock 2023-04-03 4 A 0 31875 1 A 85598 D Mr.Kanen beneficially owns, pursuant to the beneficial ownership rules of Section 13(d) of the Securities Exchange Act of 1934, as amended, the shares of Common Stock listed in Column 5 of this Form 4, which represent approximately 0.6% of the Issuer's outstanding shares of Common Stock. Pursuant to such beneficial ownership rules, Mr. Kanen, as the managing member of KWM, may be deemed to beneficially own the 117,107 shares of Common Stock held in customer accounts managed by KWM as disclosed in this Form 4 and the 351,318 shares of Common Stock held by The Philotimo Fund LLC, of which KWM is the general partner. Mr. Kanen expressly disclaims such beneficial ownership except to the extent of his pecuniary interest therein. Mr. Kanen does not have a pecuniary interest under Section 16 of the Exchange Act in the shares of Common Stock held in customer accounts managed by KWM. Mr. Kanen directly owns 85,598 shares of Common Stock in personal brokerage account. Shares issued in lieu of cash for Q1 2023 board compensation. /s/ Judd Merrill, by power of attorney 2023-04-04