Investor Presentaiton

The What and Why: Key Drivers of Decision to Pause Financings Milestones (1) Rochester Hub Koch Investment $100M DOE Application LG Investment $50M Sept - Dec 2021 Rochester Hub Project Approval Glencore Investment $200M - Jan Dec 2022 DOE Conditional Loan Commitment for gross proceeds of up to $375M Gained Critical Environmental Permit Rochester Hub CAPEX to date of $178M (1) Excludes the spend of $92.2M on process buildings and warehouse; Escalation of Construction Costs Recent increase in construction activity, identified trends indicating significant increase in construction installation costs Reflecting these costs resulted in forecast of project cost substantially higher than previously disclosed budget of $560M + Initial Anticipated Closing of DOE Loan Jan - Oct 2023 Largely Completed Engineering and Procurement Rochester Hub CAPEX to date of $227M Financing Project Milestones Delays Previous Revised Anticipated Closing of DOE Loan Anticipated Closing of the Buildings Financing Transaction Rochester Hub CAPEX to date of $301M Original Target to Commence Commissioning Delayed Financings DOE: Li-Cycle delayed from initial anticipated closing; reached final stage for loan commitment for gross proceeds of up to $375 million Engaging the DOE on the comprehensive project review to close the loan agreement Buildings leasing arrangements caused complexity in closing DOE loan; building leasing arrangement no longer pursued Note: DOE refers to the Department of Energy; NYSDEC refers to the New York State Department of Environmental Conservation; LPO refers to the DOE Loan Programs Office; Rochester Hub capex to date figures are as of the relevant reported quarter and are unaudited Li-Cycle 4

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