Li Cycle : Q4 2023 Investor Presentation

Year-End 2023 Earnings & Business Update Call

Investor Presentation

March 19, 2024

Disclaimer

FORWARD LOOKING STATEMENTS AND UNAUDITED RESULTS

Certain statements contained in this presentation may be considered "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as "believe", "may", "will", "continue", "anticipate", "intend", "expect", "should", "would", "could", "plan", "potential", "future", "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward- looking statements in this presentation include but are not limited to statements about: the expected closing of the Glencore investment; the Company's plans regarding the Cash Preservation Plan including future cost reductions and workforce reductions; the Company's plans regarding the Rochester Hub, including the project scope, the estimated project costs and funding; the Company's future funding strategy; the company's financial and liquidity position; statements regarding the up to $375 million conditional commitment for a loan by the U.S. Department of Energy; statements regarding the development of Li-Cycle's Hub facilities, including the Rochester Hub; statements regarding the growth of global demand for critical battery materials and Li-Cycle's position as a leading provider of critical battery materials; and statements regarding the operations and development of the North American Spokes. These statements are based on various assumptions, whether or not identified in this communication, including but not limited to assumptions regarding the timing, scope and cost of Li-Cycle's projects, including paused projects; the processing capacity and production of Li-Cycle's facilities; Li-Cycle's expectations regarding near-term significant workforce reductions and the ability to right-size and right-shape the organization; Li-Cycle's ability to source feedstock and manage supply chain risk; Li-Cycle's ability to increase recycling capacity and efficiency; Li-Cycle's ability to obtain financing on acceptable terms or execute any strategic transactions; the expected closing of the Glencore investment; Li-Cycle's ability to retain and hire key personnel and maintain relationships with customers, suppliers and other business partners; the success of the Cash Preservation Plan, the outcome of the review of the go-forward strategy of the Rochester Hub, Li-Cycle's ability to attract new suppliers or expand its supply pipeline from existing suppliers; general economic conditions; currency exchange and interest rates; compensation costs; and inflation. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements.

These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle's current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle's business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability.

Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the following: Li-Cycle's inability to economically and efficiently source, recover and recycle lithium-ion batteries and lithium-ion battery manufacturing scrap, as well as third party black mass, and to meet the market demand for an environmentally sound, closed-loop solution for manufacturing waste and end-of-lifelithium-ion batteries; Li-Cycle's inability to successfully implement its global growth strategy, on a timely basis or at all; Li-Cycle's inability to manage future global growth effectively; Li-Cycle's inability to develop the Rochester Hub as anticipated or at all, and other future projects including its Spoke network expansion projects in a timely manner or on budget or that those projects will not meet expectations with respect to their productivity or the specifications of their end products; Li-Cycle's history of losses and expected significant expenses for the foreseeable future as well as additional funds required to meet Li-Cycle's liquidity needs and capital requirements in the future not being available to Li-Cycle on acceptable terms or at all when it needs them; risk and uncertainties related to Li-Cycle's ability to continue as a going concern; uncertainty related to the success of Li-Cycle's Cash Preservation Plan and related past and expected near-term further significant workforce reductions; Li-Cycle's inability to attract, train and retain top talent who possess specialized knowledge and technical skills; Li-Cycle's failure to oversee and supervise strategic review of all or any of Li-Cycle's operations and capital project and obtain financing and other strategic alternatives; Li-Cycle's ability to service its debt and the restrictive nature of the terms of its debt; Li-Cycle's potential engagement in strategic transactions, including acquisitions, that could disrupt its business, cause dilution to its shareholders, reduce its financial resources, result in incurrence of debt, or prove not to be successful; one or more of Li-Cycle's current or future facilities becoming inoperative, capacity constrained or disrupted, or lacking sufficient feed streams to remain in operation; the potential impact of the pause in construction of the Rochester Hub on the authorizations and permits granted to Li-Cycle for the operation of the Rochester Hub and the Spokes on pause; the risk that the New York state and municipal authorities determine that the permits granted to Li-Cycle for the production of metal sulphates at the Rochester Hub will be impacted by the change to MHP and the reduction in scope for the project; Li-Cycle's failure to materially increase recycling capacity and efficiency; Li-Cycle expects to continue to incur significant expenses and may not achieve or sustain profitability; problems with the handling of lithium-ion battery cells that result in less usage of lithium-ion batteries or affect Li-Cycle's operations; Li-Cycle's inability to maintain and increase feedstock supply commitments as well as secure new customers and off-take agreements; a decline in the adoption rate of EVs, or a decline in the support by governments for "green" energy technologies; decreases in benchmark prices for the metals contained in Li-Cycle's products; changes in the volume or composition of feedstock materials processed at Li-Cycle's facilities; the development of an alternative chemical make-up of lithium-ion batteries or battery alternatives; Li-Cycle's expected revenues for the Rochester Hub are expected to be derived significantly from a limited number of customers; uncertainty regarding the sublease agreement with Pike Conductor Dev 1, LLC related to the construction, financing and leasing of a warehouse and administrative building for the Rochester Hub; Li-Cycle's insurance may not cover all liabilities and damages; Li-Cycle's heavy reliance on the experience and expertise of its management; Li-Cycle's reliance on third-party consultants for its regulatory compliance; Li-Cycle's inability to complete its recycling processes as quickly as customers may require; Li-Cycle's inability to compete successfully; increases in income tax rates, changes in income tax laws or disagreements with tax authorities; significant variance in Li-Cycle's operating and financial results from period to period due to fluctuations in its operating costs and other factors; fluctuations in foreign currency exchange rates which could result in declines in reported sales and net earnings; unfavorable economic conditions, such as consequences of the global COVID-19 pandemic; natural disasters, unusually adverse weather, epidemic or pandemic outbreaks, cyber incidents, boycotts and geo-political events; failure to protect or enforce Li-Cycle's intellectual property; Li-Cycle may be subject to intellectual property rights claims by third parties; Li-Cycle may be subject to cybersecurity attacks, including, but not limited to, ransomware; Li-Cycle's failure to effectively remediate the material weaknesses in its internal control over financial reporting that it has identified or its failure to develop and maintain a proper and effective internal control over financial reporting; the potential for Li-Cycle's directors and officers who hold Company common shares to have interests that may differ from, or be in conflict with, the interests of other shareholders; and risks related to adoption of Li- Cycle's shareholder rights plan and amendment to the shareholder rights plan and the volatility of the price of Li-Cycle's common shares. These and other risks and uncertainties related to Li-Cycle's business are described in greater detail in the section entitled "Item 1A. Risk Factors" and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation-Key Factors Affecting Li-Cycle's Performance" in its Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission and the Ontario Securities Commission in Canada. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement.

Li-Cycle assumes no obligation to update or revise any forward-looking statements, except as required by applicable laws. These forward-looking statements should not be relied upon as representing Li-Cycle's assessments as of any date subsequent to the date of this presentation.

Li-Cycle reports its financial results in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Company makes references to certain non-GAAP measures, including adjusted EBITDA (loss). These measures are not recognized measures under U.S. GAAP, do not have a standardized meaning prescribed by U.S. GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those U.S. GAAP measures by providing a further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for the analysis of the Company's financial information reported under U.S. GAAP. Li-Cycle defines adjusted EBITDA (loss) as earnings (loss) before depreciation and amortization, interest expense (income), income tax expense (recovery), and fair value (gain) loss on financial instruments. Reconciliations of the non-GAAO measures included in this presentation to Li-Cycle's financial results as determined in accordance with U.S. GAAP are included in the Appendix.

2

Meaningful Progress on Comprehensive Review Process

Key Objectives

Current Status

Cash

Preservation,

Spoke and

Financing Update

Rochester Hub

Review

Corporate Financing

Project Financing

Liquidity Management

Phasing Approach

Construction Strategy

Entered into a $75 million investment with Glencore following a robust process conducted by the Special Committee(1) to review and evaluate potential financial and strategic alternatives

Continuing to work closely with DOE on conditional commitment for loan of up to $375 million(2)

Reduced discretionary operating and capital spend; improved working capital

Have been conducting internal technical and economic review of Rochester Hub; confirmed technical viability of the MHP process

(1) Li-Cycle's Board of Directors established a Special Committee comprised of independent and disinterested directors; (2) There can be no assurances that the review process, including review of the potential MHP scope for the Rochester Hub, will not	3
affect the amount of the DOE loan commitment, the amount of financing required by the Company to fund a required base equity commitment in order to draw down on the DOE loan, the amount of deductions from any potential DOE loan proceeds, such
as capitalized interest and other items, the conditions to drawing on the DOE loan, other potential terms of the DOE loan or that the DOE loan will close and the company will receive any funding. There are no assurances that the closing of the DOE loan

will yield the maximum amount of expected gross proceeds, and furthermore, that any financing would be sufficient to complete the Rochester Hub.

Glencore: A Leading Strategic Global Partner With Strong Positioning Across the Battery Value Chain

One of the world's largest global diversified natural resource companies

Leading provider of primary metals for EV batteries

"We (Glencore) are pleased to further support Li-Cycle…. so both

Li-Cycle and Glencore can continue to build the battery circularity

platform of choice for our customers"

Li-Cycle & Glencore Build Upon Existing Long-Term, Strategic Partnership

Alignment of strategic vision, technical	Commercial arrangements intended to
create an integrated platform to supply a
expertise and global asset base	global customer base with both primary and
	recycled critical battery materials

4

Glencore Financing Complements Existing Strategic Partnership

Transaction Overview

Strategic Rationale

Investment

Expected Closing Date

Maturity

Cost of Capital

Initial Conversion Price

Security

Amended Terms for Existing Glencore Convertible Note

$75 million senior secured convertible notes

On or about March 25, 2024

5-years from closing date

PIK: SOFR plus 6% per annum

Cash: SOFR plus 5% per annum

$0.53 per share

Senior secured; automatically subordinated to project finance lender (i.e., DOE loan)

Amend and restate into two tranches with extended maturities and a reset conversion price of the lesser of a) an amount based on 30-day VWAP + 25% premium and b) $9.95/share upon the applicable modification date:

Tranche 1 modification date: Earlier of one month after any project loan financing effectiveness and initial funding for Rochester Hub and December 31, 2024

Tranche 2 modification date: Earlier of commercial production from Hub, construction costs exceeding budget in project loan financing and June 1, 2026

• Improves liquidity while Li-Cycle continues the comprehensive review process
• Supports Li-Cycle'sSpoke & Hub model, patented recycling technology, and development plans for the Rochester Hub
• Provides an interim step in funding strategy to support Li- Cycle's future plans

5

2023 Black Mass Production Exceeds Top End of Annual Guidance(1)

Cycle BM Production (in tonnes)

9,000

8,000

7,000

6,000

5,000

4,000

3,000

Total North America and Europe TAM(2)

North America + Europe TAM (Right Axis)

LICY Black Mass Production (Left Axis) 2,597

6,825

4,416

2,218

821

3,000

2,500

2,000

1,500

1,000

North America + Europe Battery Manufacturing (GWh)

Li-

2,000

1,000

0

164

251

522

358

500

0

2021

2022

2023

2024E

2025E

2030E

6

(1) 2023 annual production guidance provided on November 13, 2023 of 5,500 - 6,500 tonnes; (2) TAM refers to total addressable market; BMI, Li-Cycle estimates and publicly announced nameplate capacities (as of December 2023).

Spokes: Operational Performance and Battery Material Sourcing and Processing Capabilities

Sources of Battery Materials

By Form Factor(1)

15%

			26%
43%	46%
24%
			10%
18%	18%
		2022A			2023A
		Manufacturing Scrap			Energy Storage Systems
		Transportation OEMs, including Recalls			Consumer Electronics

By Chemistry(1)

	4%
7%	10%
11%
11%	16%
71%	70%

2022A		2023A
Nickel-Manganese-Cobalt (NMC)		Lithium Iron Phosphate (LFP)/
	Lithium Manganese Oxide (LMO)
Lithium Cobalt Oxide (LCO)		Lithium Nickel-Cobalt-
	Aluminum Oxide (NCA)

Operational Highlights

• 2023 black mass production of 6,825 tonnes, 1.5x times 2022 production volumes
• >80% availability of US Spokes in Q4 2023
• ~45% of total battery input processed in Q4 2023 at U.S. Gen-3 Spokes were entire EV battery packs (~15% in full year 2023)

7

(1) Measured by weight of input battery materials.

Commercial Arrangements with Global Battery Material Supply Chain Market Participants

Diversified Battery Supply Customers

Battery Supply	18%
Customer Sources(1)
		Cell and Battery Manufacturers(2)	40%
		EV OEMs	13%
		Energy Storage OEMs
		Other Mobility	30%

2023A

Cycle-LiCustomer (Subset)Base	12 EV OEMs

In-take and Off-take Agreements

• Commercial Ecosystem

• 1. Broad and diverse battery supply relationships(3)
  1. Ability to establish 'closed-loop' contracts
• Agreements in place for Spoke & Hub
• 1. Spoke:

1. Battery materials in-take: Spot, multi-year and

evergreen durations(3)

1. Black mass: off-take and marketing agreements

with Glencore and Traxys (4)

1. Hub:

1. End- and by-products:off-take and marketing agreements with Glencore and Traxys(4)

5 Battery Cell	5 Energy Storage
Manufacturers	OEMs

(1) Reflects number of Li-Cycle's actual customers for 2023; (2) Includes battery cell and pack OEMs; (3) Battery supply agreements include a range from fixed volume commitments to forecasted volume commitments, with a range of termination rights	8
by the relevant counterparty depending on the agreement. (4) Refer to Li-Cycle's commercial agreements with Traxys and Glencore as described in Li-Cycle's annual report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March
15, 2024. Should the Company resume construction on the Rochester Hub and the Rochester Hub is successfully developed with an expected end-product mix to produce MHP, then Li-Cycle expects that such MHP would be subject to the By-Products Off-

take Agreement with Glencore, which provides that Li-Cycle and Glencore will discuss and seek to mutually define the applicable commercial terms for the purchase and sale of such product.

Li-Cycle's Spoke & Hub Network in North America and Europe

GWh Demand centers(6)

Norway

119 GWh(4)

Germany

France

298 GWh(1)

Ontario

Spoke & Hub Portfolio Status

Spokes - Pre-Processing/Recycling of Battery Materials

Gen-3 Spoke (Operational)

Arizona

Alabama

Germany Line 1

Gen-1 and Gen-2 Spoke

New York (Under review)

Ontario (Operations paused)

Gen-3 Spoke (Development under review) France, Norway, Hungary (Project paused) Germany Line 2 (Expansion deferred)

236 GWh(2)

404 GWh(3)

New York

Rochester Hub

728 GWh(5)

Hubs - Post-Processing/Refining for Battery-Grade Materials

Rochester Hub (Paused construction)

Planned Portovesme Hub (Project paused)(7)

Arizona

Alabama	Planned Portovesme Hub

(1) Includes New York, Michigan, Ohio, Illinois, Ontario, and Quebec; (2) Includes Arizona, California, Texas, and Nevada; (3) Includes Alabama, Kentucky, North Carolina, South Carolina, Florida, Georgia, and Tennessee; (4) Includes Norway and	9
Sweden; (5) Includes Germany, France, Hungary and UK; (6) Data as of 2030 from BMI, Li-Cycle estimates and publicly announced nameplate capacities for gigafactories announced (as of December 2023); TAM estimates include a 30% scrap rate

during ramp-up of a gigafactory followed by an average scrap rate of 10% thereafter; (7) Portovesme Hub project currently under review with Li-Cycle and Glencore.

Spoke Competitive Advantages Help Position Li-Cycle as Preferred Recycling Partner

1

Full battery pack

processing

capability with no disassembly and higher black mass yields

2

Efficient footprint with safe and low- cost operations

Li-Cycle Spokes

3

Environmentally sustainable with minimal solid waste streams, zero wastewater discharge, and relatively low air emissions

4

Agnostic to battery

chemistry and

form factor

10