Li Cycle : First Quarter 2024 Investor Presentation

Q1 2024 Earnings

& Business Update Call

Investor Presentation

May 10, 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 work with the U.S. Department of Energy to advance toward definitive financing documentation required for closing a loan for gross proceeds of up to $375 million; the expected cost savings resulting from workforce reduction and transition to a centralized model; the statements about Spoke optimization; the statements about the progress on comprehensive review of the Rochester Hub project; the continued evaluation of options for mid- to long-term financing and strategic alternatives; the expected release of the Sustainability Report for 2023; the industry demand trends. 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 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; 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 any further 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 geopolitical 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 titled "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 and the sections titled "Part II. Other Information-Item 1A. Risk Factors" and "Part I. Financial Information-Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation-Key Factors Affecting Li-Cycle's Performance" in its Quarterly Reports on Form 10-Q, in each case 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.

Continued Progress on Key Priorities

Rochester Hub Review  Progressed work with the local market to refine cost estimates

• Closed the $75 million senior secured convertible note from Glencore and strengthened long-term partnership

Financing Update

• Continued to work closely with the U.S. Department of Energy on key technical, financial and legal workstreams to advance toward definitive financing documentation required for a loan for gross proceeds of up to $375 million(1)

Cash Preservation

• Transitioned organization to a centralized model to increase efficiencies and announced workforce reduction of ~17% of the Company's workforce
• • Expect to generate ~$10 million in payroll and benefit cost savings on an annualized basis

Spoke Optimization

• Continue review and optimize performance to drive down costs and focus on Gen-3 Spokes

(1) There can be no assurances that the review process, including review of the potential MHP scope for the Rochester Hub, will not 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 theLi-Cycle3 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.

Rochester Hub: Progressing Well on Comprehensive Review

Comprehensive Review Update		Construction Site as of Mid-October 2023 Prior to Pause

Completed an internal technical review

to examine scope and cost for the

Rochester Hub project and confirmed technical viability to produce lithium carbonate and mixed hydroxide precipitate (MHP), both of which have established markets

Advanced work with the local market regarding major construction contracts to refine capital estimates

WAREHOUSE BUILDING

LITHIUM PROCESS AREA FOUNDATION

FINAL PRODUCTS AREA

Note: The construction reflects the production of nickel sulphate and cobalt sulphate, as originally planned for the Rochester Hub. There are no current plans that include production of nickel sulphate and cobalt sulphate.

Li-Cycle 4

Enhanced Liquidity Position

Financing

Liquidity

• Closed the $75 million investment from Glencore and strengthened long-term partnership
• Continued to work closely with the U.S. Department of Energy on key technical, financial and legal workstreams to advance toward definitive financing documentation required for a loan for gross proceeds of up to $375 million
• Received ~$5.8 million out of a grant of up to ~$6.9 million from the German state of Saxony-Anhalt for the Germany Spoke
• Continuing to evaluate options for mid- to long-term financing and strategic alternatives

• Reorganized to a centralized model to increase efficiencies and announced workforce reduction of ~17% of the Company's workforce
• • Continued right-sizing of company to align with focused priorities
  • Expected to generate ~$10 million in payroll and benefit cost savings on an annualized basis
    o Estimated total charges of ~$8.3 million in connection with workforce reductions, mostly driven by severance payments
• Agreements in place with certain contractors and suppliers to the Rochester Hub project for extended payment plans

Li-Cycle 5

Strong Continued Support through Commercial Arrangements

• Three of the largest EV OEMs in Europe:

entered into new agreement, and amended and expanded existing agreements, for recycling of modules and full-pack batteries

Europe	 One Leading Battery Cell Manufacturer:
	entered into new agreement to recycle
	manufacturing scrap
	 One Major EV Battery Supplier: entered into
	new agreement for recycling of modules
	 Two Major OEMs: entered into new recycling
North	agreements with leading EV OEMs for full-pack
batteries
America	 One Leading Battery Cell Manufacturer:
	extended existing agreement to recycle
	manufacturing scrap and battery packs

Li-Cycle 6

Spoke: Remain Focused on Spokes Cost Optimization

Q1 2024 Spoke Performance

• Four of top 5 global customers are EV OEMs, and top 5 comprise ~70% of global battery feed intake
• ~41% of total global battery input processed were EV battery packs
• Reducing costs due to Spoke network optimization
• 1,319 tonnes of black mass(1) produced

Spoke Competitive Advantages

Full battery pack processing capability	Environmentally sustainable with minimal
with no disassembly and higher black	solid waste streams, zero wastewater
mass yields	discharge, and relatively low air emissions

Efficient footprint with safe and	Agnostic to battery chemistry and form
low-cost operations	factor

(1) Black mass includes black mass & equivalents which are black mass and products analogous to black mass that have a similar metal content.

Li-Cycle 7

Sustainability is at the Core of our Business

100%	ZERO
Procured all electricity for	Zero critical safety,
Germany Spoke from	environmental and
renewable energy sources	community incidents since
in 2023	Company's inception

• Sustainability Report for 2023 expected to be released in late May 2024 and align with Sustainability Accounting Standards Board (SASB)
• Strengthened ESG data tracking and reporting capabilities for greater transparency and accountability
• Completed climate change risk and opportunity assessment and targeting alignment with TCFD(1) in 2025

0%	30%
0% of Scope 1 emissions	Achieved Board gender
from Li-Cycle's recycling	diversity target of 30% in
processes in 2023	2023

1. Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) seek to enhance the amount and quality of the information reported in corporate disclosures on climate change issues. These recommendations are also aligned with the recent U.S. Securities Exchange Commission (SEC) rules to enhance and standardize climate-related disclosures for investors released in March 2024.

Li-Cycle 8

Financial Results: Improved Revenue, Adjusted EBITDA, Cost of Sales and Cash Position

Financial Results Reflecting GAAP Reporting	Unit	Q1 2024	Q1 2023
Black Mass Produced	Tonnes	1,319	1,853
Black Mass Sold	Tonnes	946	881
Product and Recycling Revenue	$M	4.6	7.7
Total Revenue	$M	4.2	3.6
Cost of Sales	$M	(16.8)	(19.1)
SG&A	$M	(31.7)	(22.7)
R&D	$M	0.1	(0.9)
Other Income (Expenses)	$M	(92.5)	2.7
Net Income (Loss)	$M	(136.7)	(36.5)
Adjusted EBITDA (Loss)	$M	(27.4)	(37.9)
As at		Mar 2024	Dec 2023
Cash and Cash Equivalents(1)	$M	109.1	70.6

Year on Year Commentary

• Revenue 17% increase driven by changes in mix of constituent payable metals in products sold, higher recycling service revenue, and lower unfavorable fair value market adjustments partially offset by reduced market prices of cobalt and nickel
• Cost of sales 12% decrease driven primarily by lower production levels, partially offset by costs associated with new recycling service contract
• Adjusted EBITDA improved mainly due to higher revenue and lower cost of sales, partially offset by higher SG&A (legal fees and severance costs)
• Net loss increase driven primarily by higher other income expenses and SG&A
• Cash position increase quarter-over-quarterlargely due to proceeds from $75M Glencore investment

(1) Excludes restricted cash of $9.6 million as of March 31, 2024, and restricted cash of $9.7 million as of December 31, 2023.

Li-Cycle 9

Looking Ahead: Continued Favorable Industry Demand Trends

Growing Adoption of EVs and Hybrids in	Increasing Battery Materials for Recycling(2) in
North America and Europe	North America and Europe

	20		~25% CAGR
			17.9		2,000	~6x
	18				~1,890
	16				'000 tonnes LIB equivalent/year
# vehicles sold (Millions)	14				1,500
12
10				1,000
8				~2x	~750
6
	~45% CAGR				500
		3.7
	4				~320
	2	0.8				0
	0	2019A(1)	2023A(1)	2030E		2023	2025	2030
			Manufacturing Scrap	Transportation OEMs including Recalls

Energy Storage		Consumer Electronics

1. Historical data as of January 2023 from BloombergNEF and European Automobile Manufacturers' Association (ACEA) while forecasted data as of December 2023 from BloombergNEF; EV includes battery EVs and plug-in hybrid EVs; (2) BMI and Li-Cycle estimates as of March 2024; TAM estimates include a 30% scrap rate during ramp-up of a gigafactory followed by an average scrap rate of 10% thereafter and excludes gigafactories with lower probabilities.

Li-Cycle 10