#1Creating a Circular and Sustainable Battery Supply Chain Investor Presentation August 2023 +Li-Cycle Li-Cycle L-G EN WIE KENCU TOYOTA 10#2Disclaimer 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: TAM and recycling capacity estimates; expectations regarding achievement of various ESG milestones; expectations regarding growth with commercial partnerships; expectations regarding the achievement of various milestones and initiation of commissioning of the Rochester Hub in the $560 million range, and the Hub's black mass processing capacity; expected completion of a definitive feasibility study with Glencore, and the possible joint development and commissioning of a Hub facility in Portovesme, Italy, including expected timing for the achievement of various milestones; expected total annual lithium carbonate production capacity at the Rochester and Portovesme Hubs, once fully operational; expectation that Spoke network expansion will drive portfolio growth and diversify feedstock sources; expectations regarding the opening and processing capacity of Spokes under development; expectations regarding a potential new Spoke in Hungary; expectation that Spokes will have total (existing, 2023 planned and future planned) LIB processing capacity of 106,000 tonnes/year; expected closing of a $375 million loan from the DOE in September 2023; expectation that cash on hand and continued strategic funding commitments will support global network growth plans; expectation that IRA will accelerate clean energy transition, significantly benefiting the industry and Li-Cycle; expected FY 2023 business outlook, including an increase in black mass production to 7,500-8,500 tonnes, the start of a black mass inventory build in second half of 2023, capital allocation for Spoke ($35-$45 million) & Hub ($250-$300 million) network growth, and optimizing of financial flexibility for growth with the expected closing of the DOE loan commitment. ● . These statements are based on various assumptions, whether or not identified in this presentation, made by Li-Cycle management, including but not limited to assumptions regarding the timing, scope and cost of Li-Cycle's projects; the processing capacity and production of Li-Cycle's facilities; 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; Li-Cycle's ability to retain and hire key personnel and maintain relationships with customers, suppliers and other business partners; general economic conditions; currency exchange and interest rates; compensation costs; and inflation. There can be no assurance that such 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. On December 21, 2022, Li-Cycle's Board of Directors approved a change in the Company's fiscal year end from October 31 to December 31. Li-Cycle's next financial year will cover the period from January 1, 2023, to December 31, 2023. As a result, references in this presentation to "FY 2023" refers to the period from January 1, 2023, to December 31, 2023. 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 which may cause actual results to differ materially from the forward-looking information. Li-Cycle believes that these risks and uncertainties are related (but 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-life lithium-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 and other future projects including its Spoke & Hub 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 failure to materially increase recycling capacity and efficiency; Li-Cycle may engage 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 if its operations are disrupted; additional funds required to meet Li-Cycle's capital requirements in the future not being available to Li-Cycle on acceptable terms or at all when it needs them; 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 securing 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 revenues for the Rochester Hub are derived significantly from a single customer; 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 4 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's failure to effectively remediate the material weaknesses in its internal control over financial reporting that it has identified or if it fails to develop and maintain a proper and effective internal control over financial reporting. These and other risks and uncertainties related to Li-Cycle's business and the assumptions on which the forward- looking information is based are described in greater detail in the sections entitled "Risk Factors" in its Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission and the Ontario Securities Commission in Canada. 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. The financial results presented in this presentation are unaudited. Our actual results for the period ended June 30, 2023 may differ materially from the unaudited results disclosed herein and are not necessarily indicative of the results to be expected for any future period. Li-Cycle 2#3Agenda 4B q DODA 9 0000 Company At-A-Glance Battery Materials Supply Chain and Favorable Market Trends Li-Cycle's ESG Advantages Li-Cycle Spoke & Hub TechnologiesTM Network Appendix Li-Cycle 3#4Li-Cycle At-A-Glance: People, Planet, Profit Regulatory Tailwinds Investment Highlights Growing Electrified Market End-User Battery Integrated Supply Chain Customer Network High Barriers To Entry VISION Leading the global supply of recycled critical battery materials for a clean energy future MISSION Recycle critical materials to create a sustainable closed-loop battery supply chain m Scalable, Proven & Patented Sustainable Technology Li-Cycle Technology End-Products It U Leadership Experience Commercially Contracted Speed to Market 1 Spoke & Hub Integrated Network(¹) Collection of end-of-life batteries & scrap 2 LOVEAD Spokes recycle batteries & scrap into black mass 3 Hub to process into battery-grade lithium, cobalt, and nickel Battery Materials Mega-Trends for Zero-Carbon Economy Domestic Supply of Battery Materials (1) Spokes expected to have total (existing, 2023 planned and future planned) LIB processing capacity of 106,000 tonnes/year; Rochester Hub expected to have 35,000 tonnes of black mass processing capacity/year or 90,000 tonnes LIB equivalent/year or 18 GWh and commence commissioning in late 2023 EV Revolution 2 Li-Cycle Sustainability Li-Cycle 4#5Li-Cycle at the Center of the Battery Materials Supply Chain End-of-life Batteries/Recycling Feedstock Battery Collection and Logistics Battery Production Manufacturing Scrap Streams/Recycling Feedstock (4} Pure-play battery recycling Recycled Source Li-Cycle and resource recovery 0 End-Product Manufacturers 4441 Spoke / Shred Black Mass Hub / Refine Battery-Grade Lithium Carbonate, Nickel Sulphate, and Cobalt Sulphate I Active Material Manufacturers & Battery OEMs Ли Mining Source ☐☐☐ Precursor Production Cathode Active Materials (CAM) Production Cell and Pack Production 1 1 Mining and Refining Li-Cycle 5 I I T I#6Battery Materials Feedstock: Continues to Trend Favorably Total North America Battery Materials TAM (¹) '000 tonnes LIB equivalent/year 1,000 900 800 700 600 500 400 300 200 100 0 -200 2023 ~4x ~34 Manufacturing Scrap -2x ~420 ~211 2025 ~900 ~394 2030 Transportation OEMs including Recalls 1,200 1,000 800 600 400 200 0 Energy Storage Total Europe Battery Materials TAM(1) ~135 ~7x 2023 ~3x ~31 Consumer Electronics ~360 ~111 2025 ~980 (1) TAM refers to Total Addressable Market; BMI and Li-Cycle estimates as of June 2023; 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; (2) Independent source and Li-Cycle estimates for both North America and Europe; recycling capacity includes post processing capacity which is currently not operational/under construction but for which funding has been raised (52K tonnes in 2025 and 206K tonnes in 2030) ~438 2030 Forecast Total Post-Processing Recycling Capacity (2) Li-Cycle 6#7ESG and Sustainability is a Competitive Advantage, Embedded in Core Values and Policies Strategy Highlights > Patented technologies enabling an efficient footprint, environmentally sustainable process, minimal direct greenhouse gas (GHG) emissions, and minimal wastewater discharge ➤ Robust ESG management and corporate governance framework > Objectives and timing on established KPIs to deliver leading ESG profile ESG Roadmap 2022 Completed LCA assessment 2023 Completed Materiality Assessment & ESG Matrices Tracking Issued Interim ESG Report 2024 Launch Inaugural 2023 Sustainability Report 2025 Align reporting to Task- Force on Climate-related Financial Disclosures (TCFD) I ISO 14001:2015 CERTIFIED Reduce CO₂ emissions by up to an overall 67% ~117k tonnes of CO₂ Reduce SO, emissions by up to an overall 86% ~330k tonnes of 50x ORI ISO 9001:2015 CERTIFIED Ontario Ontario & New York Spokes R2 Responsible" Recycling Certifications and Recognitions ISO 45001:2018 CERTIFIED Li-Cycle Position(1) R2 CERTIFIED New York 2021 GLOBAL CLEANTECH 100 COMPANY Pranc PAST OMPANY 4 LOVESE 2022-GLOBAL CLEANTECH 100 GL Reduce NOx emissions by up to an overall Clean 16 89% ~495k tonnes of NOx Reduce water usage by up to an overall 97% -2M cubic meters of water BIG INNOVATION MSW Innovator Awards FORTUNE CHANGE THE WORLD (1) Li-Cycle's process based on annual input of 55,000 tonnes/year (per tonne of battery input) compared with traditional mining and refining, Based on independent Life-Cycle Assessments (LCA) completed on behalf of Li-Cycle in 2022. Environmental benefits are shown as emission offsets comparison for one tonne/year of battery input. mining & refining baseline calculated by a third party, including external sources. Li-Cycle's LCA results are fully loaded, i.e., inclusive of indirect costs not directly associated with the Spoke & Hub process, including transportation of material. Li-Cycle's process offsets 40-67% of the CO2 profile of an EV battery. The battery pack often accounts for over ~ 40-50% of an EV's total CO2 emissions profile. FUTURESO SUPPLIERS ARIMPULSE SOL EFFICIENT LABEL SOLUTION PARTNERSHIP FOR THE ENVIRONMENT Li-Cycle 7#8Li-Cycle's Portfolio: Global Footprint With Local Networks; To Be a Top Global Producer of Lithium Carbonate and Key Battery-Grade Materials Toronto (HQ) 227 GWh (2) Arizona 231 GWh(¹) 471 GWh (3) Alabama Ontario New York Germany Norway France 119 GWh (4) 706 GWh (5) Once fully operational, the Rochester and Portovesme Hubs are expected to have total annual lithium carbonate production capacity of up to 25,000 tonnes Switzerland Portovesme Singapore Strategically Optimizing Network Prioritizing fastest growing electrification demand centers ➤Mirroring customer production timing Directing capital prudently with commercial contracting Capturing future optionality for network expansion Corporate & Regional Offices Gwh Demand centers (6) Pre-Processing/Recycling of Battery Materials Spoke (operational) Spoke (in construction) Post-Processing/Refining for Battery-Grade Materials Rochester Hub (in construction) Portovesme Hub (in development) (1) Includes New York, Michigan, Ohio, 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 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 June 2023); TAM estimates include a 30% scrap rate during ramp-up of a gigafactory followed by an average scrap rate of 10% thereafter Li-Cycle 8#9Spoke & Hub Network: Executing on a Modular Strategy North America 'Replicable' Model Strategically located Spokes Strong commercial partnerships Scaled Hub Supported by funding package Differentiated Patented Technology Environmentally Sustainable Resource Recovery New York Arizona Ontario Rochester Hub E Alabama First Mover Advantage Spoke Spoke North America Europe Asia Strong Balance Sheet Li-Cycle 9#10Spoke Competitive Advantages 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 greater safety, low-cost operations 400 TOYOTA Li-Cycle Spokes M GL-Cycle KARE 3 Environmentally sustainable with minimal emissions and wastewater discharge 4 Agnostic to battery chemistry and form factor Li-Cycle 10#11Spoke: Expanding Spoke Network Drives Portfolio Growth and Diversifies Feedstock Sources Diverse Customer Sources Battery Manufacturers EV OEMs & Service Providers to EV OEMs Energy Storage System Owners Consumer Electronics Recyclers (1) Measured by weight of input battery materials 25% Battery Input Mix(¹) - LICY Actual and Future Market 14% 20% 41% LICY FY 2022A Manufacturing Scrap Transportation OEMs, including Recalls 29% 3% 1% 2030E 67% Energy Storage Systems Consumer Electronics Li-Cycle 11#12North America Hub: Li-Cycle's Process Technology Validated by Numerous Leading Global Battery Supply Industry Participants Process Technology Attributes IP-protected hydrometallurgical, non-pyro processing technology in a centralized location, leveraging existing infrastructure Higher resource recovery, lower capital intensity, efficient environmental footprint, minimal direct greenhouse gas emissions, and minimal wastewater discharge Entire process flow designed using proven chemical processes, standard equipment and reagents LICY Key Industry Partnerships LG Energy Solution LG Chem ΚΙΟΝ GROUP TRAXYS EVE VinES GLENCORE INTERNATIONAL AG KIKOCH Li-Cycle 12#13North America Hub: Rochester Hub Aerial View as of Early August 2023 Main Pipe Rack ROCHESTER HUB Lithium Finished Products Area Sodium Sulphate Nickel Largest Crystallizer PEADOR Concrete Tank Foundations 822 Cobalt Acid and Sodium Hydroxide Storage Warehouse Manganese www Leaching Aluminum/Iron Equipment and Bulk Materials Main Pipe Rack Copper Li-Cycle 13#14North America Hub: Revenue Inflection Point Upon Operationalizing the Rochester Hub 1 Input: Battery Materials 1 OR Refining Processing Steps Drive Increasing Economic Value 2 Spoke Output: Black Mass Integrated Model: Near- vs Long-Term Revenue Profile Diversified sources of battery materials and includes cost discount to metal price (based on customer, chemistry, form factor) 2 Sale of black mass is an intermediate step with no payable value attributed to lithium; transition to inventory for Hub feedstock 3 Significant step-change: finished battery-grade materials sold at premium to metal prices including lithium, nickel, and cobalt 3 Rochester Hub(¹): Key Battery-Grade Production (tonnes) Nickel Sulphate Cobalt Sulphate Lithium Carbonate 7,500 - 8,500 t/y N.A.(2) Projected December 2024 End-Product or Relevant Metal Prices ($/tonne)(3) December 2025 42,000 - 48,000 t/y Metal Equivalent 9,400 - 10,700 t/y December 2026 Lithium Carbonate $42,420 $37,000 $34,000 Nickel $19,475 $19,959 $20,376 6,500 - 7,500 t/y (1) Production ranges based on DFS estimates. Conversion factor of 4.48 tonnes of nickel sulphate : 1 tonne of nickel metal equivalent; 4.77 tonnes of cobalt sulphate : 1 tonne of cobalt metal equivalent; (2) N.A. as lithium carbonate is the key product form and the index price reference is expressed on a per unit of lithium carbonate basis (as opposed to a per unit of lithium metal basis); (3) Projected: Prices for lithium carbonate, nickel and cobalt are forecasted period-end prices by BMI as of June 2023 1,400 - 1,600 t/y Cobalt $37,852 $39,485 $42,245 Li-Cycle 14#15European Hub: Li-Cycle Proprietary Process and Operational Know- How Accelerates Production of Lithium Carbonate(1) Expedited Flowsheet Black Mass Leaching MHP(2) (Co-Ni-Mn) Precipitation Lithium Carbonate Precipitation Portovesme Hub Key Milestones Timeline Brownfield Site: Portovesme, Italy > Processing Capacity: Up to 70,000 tonnes black mass per year > End-Products (in tonnes per year): ● ● ● Portovesme Hub Project Highlights Lithium Carbonate: -15,000 tonnes (3)/yr Nickel contained: ~18,000 tonnes/yr Cobalt contained: ~2,250 tonnes/yr Mid-2023 - Mid-2024 Definitive Feasibility Study Brownfield: Lowering capital intensity by repurposing existing metallurgical site infrastructure and equipment with access to operating workforce Technology: Fast tracking Li-Cycle's state-of-the-art hydrometallurgical technology to Europe Feedstock: Supplied from both Li-Cycle's growing European Spoke network and Glencore's commercial network Funding: Contemplates competitive long-term financing from Glencore to fund Li-Cycle's full share of the capital investment Late 2024 - Late 2026 50-70kt Construction Late 2026 - Early 2027 Commence Commissioning (1) Portovesme Hub to commence construction upon completing DFS and subject to Final Investment Decision; (2) MHP refers to mixed hydroxide product; (3) Projected to produce approximately 15,000 to 16,500 tonnes of lithium carbonate Li-Cycle 15#16DOE Loan Anticipated to Close in September 2023; Enhances Financial Flexibility for Additional Network Growth Current Status Use of Proceeds Term to Maturity Key Terms and Status Interest Rate Expected Closing > Advanced documentation to final stages (1) Pre-Application LPO meets with potential applicant to discuss project eligibility, application process, and applicant questions. Fund costs of the Rochester Hub project ► 12 years (September 2035) ➤ Applicable 10 Year U.S. Treasury Rate; no spread ► September 202 DOE LPO ATVM Loan Application Process(¹) 1 3 2 Application and Review LPO establishes project eligibility and readiness to proceed, followed by programmatic technical, and financial evaluation. Due Diligence LPO and applicant engage third-party advisors and negotiate term sheet. (1) DOE Loan Programs Office (LPO) loan application process sourced from https://www.energy.gov/lpo/application-process U.S. Secretary of Energy, Senator Granholm's Visit to Arizona Spoke -Cycle 407 4 OLI-CA Conditional Commitment LPO offers term sheet for loan or loan guarantee. The offer is contingent on borrower satisfying certain conditions. Left to right: Christopher Moon, Li-Cycle's Arizona Spoke Plant Manager, Ajay Kochhar, Li-Cycle's CEO and co-founder, Secretary Jennifer Granholm, U.S. Department of Energy, and Mark Kelly, U.S. Senator of Arizona Li-Cycle's current status | 5 Financial Close I LPO and borrower execute definitive financing documents, subject to additional conditions precedent to loan disbursements. "Companies like Li-Cycle are helping to strengthen our energy security and advance the next generation of battery manufacturing and recycling technologies - bringing Arizona and the nation one step closer to reaching our climate goals." CO - U.S. Secretary of Energy Senator Jennifer Granholm 6 Monitoring LPO monitors project and acts as trusted partner for I the life of the loan, acting in I the best interest of the U.S. government and taxpayers. Li-Cycle 16#17Cash on Hand and Continued Strategic Funding Commitments Support Global Network Growth Plans Proforma Cash Bridge US$M $800 $700 $600 $500 $400 $300 $200 $100 $0 $686 Jun-22 ($75) Less: Operating Cash Flows ($199) ($4) $409 Less: Investing Less: Financing Mar-23 Cash Flows Cash Flows ($40) Less: Operating Cash Flows Note: Cash flow figures may not add to closing balance due to rounding; (1) Proforma total is based on gross cash proceeds from the DOE loan ($78) Less: Investing Cash Flows ($2) Less: Financing Cash Flows $289 Jun-23 $375 LO $664¹ Add: DOE Loan Proforma Total Commitment Li-Cycle 17#18Li-Cycle Continues to Drive its Leadership Position as a Preferred Recycling Partner with Expanding Global Spoke & Hub Network S Executing on Rochester Hub key construction milestones Expanding Spoke & Hub network Growing breadth and depth of global commercial partnerships Strengthening balance sheet and enhancing financial flexibility Li-Cycle 18#19Investment Highlights: Leading Innovative and Sustainable Pure- Play Provider in Battery Materials Recycling and Resource Recovery Sustainably Closing the Battery Supply Chain Loop Growing Electrified Market Regulatory Tailwinds Integrated Customer Network High Barriers to Entry End-User Battery Supply Chain IM Li-Cycle Technology End-Products Scalable, Proven & Patented Sustainable Technology Leadership Experience Commercially Contracted Speed to Market Li-Cycle 19#204 Appendix O O Li-Cycle 20#21Integrated Spoke & Hub Business Model: Li-Cycle Strategically Enabling a Circular Economy for Lithium-Ion Batteries D ☆ Premier Partner: Go-to solutions provider for battery and vehicle OEMs' battery manufacturing scrap and end-of-life batteries requiring recycling ע Circular Economy: Recovering strategic and critical materials from lithium-ion batteries in a safe, environmentally friendly and economically sustainable manner Critical Source: Developing 'urban mining,' a sustainable alternative to current global mining practices, serving as a secondary source solution, based on patented Spoke & Hub network Strategic Locations: Deploying an integrated network at regionally optimized locations that reduces costs and safety risks Sustainable Technology: Diverting lithium-ion battery materials from landfill sites and employing non-emitting hydrometallurgical versus traditional pyro processing methods تم Strategic Growth: Growing with commercial partnerships with leading global players; focusing near to mid-term assets in North America and Europe, with commercial connectivity to Asia Li-Cycle 21#22ESG Framework Environmental Environmental Stewardship ● Integrated Management System (IMS) aligned with the global ISO 14001:2018 environmental management system standard and the ISO 9001:2015 quality management system standard Managing Emissions Developed a GHG Inventory Management manual to identify all sources of Scope 1 and Scope 2 emissions Climate Change Developing our climate strategy based on double materiality Waste Management Manage all waste streams from operations in accordance with the tenets of the ISO/R2 Standards Li-Cycle's ESG Framework(1) Health & Safety Conduct annual H&S audits and regular extensive hazard identification exercises across all sites Social Employee Wellness Comprehensive employee wellness plans to all full-time and part-time employees ● Diversity & Inclusion Developing a comprehensive Diversity, Equity and Inclusion strategy Community Engagement Evolving a framework for community engagements at all sites to build and maintain strong and positive relationships with our local communities (1) For additional details on Li-Cycle's interim report and ESG framework - https://li-cycle.com/sustainability/ Governance Good Governance ● Established framework of policies and practices, including best practices for Corporate Governance and Oversight, including Board size, independence, qualifications, and diversity Data Privacy & Cyber-Security Enhancing cyber-security capabilities to ensure protection of technology, operations and systems Li-Cycle 22#23First Mover Advantage: Li-Cycle's Leading Spoke & Hub Network Will Provide Domestic Sustainable Battery-Grade End-Products Li-Cycle and North American Comps Processing Pre Technology Post Product Offering Feedstock Material Existing & In Development Sites Development Stage Li-Cycle Mechanical Hydrometallurgical Battery Materials Chemistry and Form Factor Agnostic 7 Spokes (Pre-processing) & 2 Hubs (Post-processing) Company A Commercially Operating Spokes Producing Black Mass(¹) / Battery Materials ! Commercial Hub Under Construction Pyrometallurgical Hydrometallurgical CAM and Copper Foil I Focus on Select Chemistries and Form Factors 2 Central Sites (Pre- processing and Post- processing) Producing Intermediate Product & Planned CAM and Copper Foils Company B Mechanical Hydrometallurgical CAM Focus on Select Chemistries and Form Factors 2 Pre-processing Sites & 1 Post-processing Site Producing Intermediate Product & Planned CAM Product Company C Mechanical Hydrometallurgical Battery Materials Focus on Select Chemistries and Form Factors 1 Pre-processing Site & 1 Central Site (Pre- and Post- processing) Pilot Plant L Source: Public filings, press releases, third-party industry reports; (1) Includes black mass and black mass equivalents (BM&E) which are products analogous to black mass and have a similar metal content Company D Mechanical Hydrometallurgical Black Mass Future - Battery Materials Focus on Select Chemistries and Form Factors 3 Pre-processing Sites & 1 Post-processing site Producing Black Mass & Planned Battery-Grade Products Li-Cycle 23#24Battery Supply Chain is Largely Controlled Outside of North America and Europe Primary Supply Sources by Top 3 Regions (¹) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Others Australia Russia Democratic Republic of Congo Cobalt (1) Source: International Energy Agency (IEA) - May 2021 Others Russia Philippines Indonesia Nickel Others China Chile Australia Lithium 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Refining Capacity by Top 3 Regions (1) Others Belgium Finland China Cobalt Others Japan Indonesia China Nickel Others Argentina Chile China Lithium Li-Cycle 24#25Inflation Reduction Act (IRA) Accelerates Clean Energy Transition, Significantly Benefiting the Industry and Li-Cycle U.S. Bipartisan Infrastructure Bill (Nov 2021) ~$6B in grants across battery sector supply chain Presidential Determination (Mar 2022) -$500M investment for critical materials for battery production ● ● ● Inflation Reduction Act (Aug 2022) Up to an additional $500M critical mineral investments $60B Production tax credit (PTC) Up to $250B in clean energy loans from DOE Up to $10B in Advanced Energy Project tax credit >$325B in total Grants and Loans Li-Cycle facilities eligible Key IRA Highlights Up to $40B in additional ATVM loan capacity ➤ Treasury guidance on PTC anticipated by fall 2023 Recycled content in North America eligible for clean vehicle tax credits, targeting 80% battery critical minerals by 2027 Li-Cycle 25#26Spoke: Process is Patented, Scalable and Easily Deployable Close to Demand Lithium-Ion Batteries (Manufacturing scrap) Neutralizing Solution Shredder Screen Screen Shredded Plastics Filter tout Metal Foils Black Mass Plastics: Plastics to fuel or reuse Copper/Aluminum foils: Copper and precious metals recovery Patented Black Mass Composition Black mass: Interim sales to nickel and cobalt recovery Input to the Hub Easily transportable relative to batteries ● ● ● Li-Cycle 26#27Manufacturing Scrap Streams and Li-Cycle's Spoke Processes Battery Manufacturing Process Manufacturing Scrap Outputs Li-Cycle Spoke Processes Electrode Manufacturing (Cathode and Anode) ● No Electrolyte Electrode powders (cathode and anode) Electrode foils (aluminum and copper) Coated electrode foils (electrode, binder, foil) • Powder processing • Baling Battery Cell Assembly Electrode stacks or 'jelly rolls' • Cell pouches, cans, other cell assembly components • Main line processing Dry shredding ● I Battery Cell Finishing Unformed battery cells (with electrolyte) Formed battery cells (with electrolyte, typically with charge) Main line processing Electrolyte-containing Battery Module Production (as applicable) • Module assemblies Main line processing Battery Pack Production • Pack assemblies Main line processing Li-Cycle 27#28Spoke: Advancing Technology and Operating Practices with Growing Network Ontario Arizona North America Total annual processing capacity of 5,000 tonnes 80% fabricated Spoke equipment Total annual processing capacity of 18,000 tonnes Completed upgrade to process wider range of battery materials Arizona and Alabama have total annual processing capacities of 18,000 tonnes and 10,000 tonnes respectively Continuing to ramp to target throughput Processing all battery materials, particularly full structural EV packs New York Alabama I I Germany Europe Total annual processing capacity of 30,000 tonnes Line 1 operational; Line 2 to follow in 2H 2023 Norway Total annual processing capacity of 10,000 tonnes Construction progressing with building expected to be finished in 2H 2023 France Total annual processing capacity of 10,000 tonnes Targeting to be operational in 1H 2024 Hungary In process of site selection with decision expected in early 2024 Li-Cycle 28#29Spoke: Positioning Network Development & Buildout to Mirror Customer Demand and Timing Spoke Pipeline Total Processing Capacity Location & Status Ontario (5) New York Arizona Alabama Existing Capacity Germany Existing + 2023 Planned Capacity Norway Ontario (new site)(5) France Future Planned Capacity Total Capacity: Existing + 2023 Planned + Future Planned Main Line (1) 5,000 5,000 10,000 10,000 30,000 20,000 50,000 10,000 10,000 10,000 30,000 Dry Shedding (2) 5,000 5,000 10,000 5,000 15,000 15,000 Ancillary Powder Processing (3) 3,000 3,000 6,000 6,000 6,000 Baling (4) 5,000 5,000 5,000 10,000 10,000 75,000 (5) (1) Main line - Processes materials using Li-Cycle's patented submerged shredding process or "wet shredding" specifically for battery materials that contain electrolyte and have risk of thermal runaway; (2) Dry Shedding - Processes materials that don't contain electrolyte and therefore are less risk of thermal runaway, such as electrode foils; (3) Powder Processing - Processes electrode powders to minimize dusting in downstream customers' processes; (4) Baling - Processing electrode foils into formed cubes for optimizing logistics and downstream processing; (5) Net Ontario Spoke capacity of 10K tonnes/year; New site to replace the 5K tonnes/year current Ontario Spoke for total additional 5K tonne/year capacity Total Processing Capacity 5,000 18,000 18,000 10,000 51,000 30,000 81,000 10,000 10,000 10,000 30,000 106,000(5) Li-Cycle 29#30Rochester Hub: Agnostic to Black Mass Sources to Process Battery-Grade Materials Black Mass $1 (+ I Graphite (H) Copper Sulfide 3 3 + 从 Gypsum Manganese 1 10000 OO Nickel Lithium Cobalt Sodium Carbonate Sulphate Sulphate Sulphate Carbonate I 크 43 Reaction Tank / Agitator Filter Press Solvent Extraction Mixer/ Settler Crystallization Li-Cycle 30