Li-Cycle Results Presentation Deck

Higher Production and Sales Offset by Lower Metal Prices 2,500 2,000 1,500 1,000 500 ■ ■ ■ 0 ■ Black Mass(1) Produced and Sold Tonnes 1,719 812 20 2023 20 2022 Black Mass Produced 2,093 832 20 2023 20 2022 Black Mass Sold $6.0 $4.0 $2.0 $0.0 ($2.0) ($4.0) ($6.0) $5.0 $0.5 Year-on-Year Commentary Product Sales ($1.9) 20 2023 $3.6 Revenue(2) (US$M) Recycling Services $4.3 Black Mass (BM): BM production higher on ramp up of the Arizona Spoke, addition of the Alabama Spoke, and the addition of ancillary processing lines at the New York Spoke BM sales more than doubled relative to prior year, with sales shift into Q2 from Q1 based on customer timing Revenues: $0.4 Product revenue higher due to higher volume sold offset by reduction in nickel and cobalt prices Total revenue higher on lower impact of change in metal prices $0.0 ($4.7) 20 2022 FMV Adjustment Total Revenue fo (1) Includes black mass and black mass equivalents (BM&E) which are products analogous to black mass and have a similar metal content; (2) Revenue includes the product sales during the period, the fair market value (FMV) adjustment, and revenue from recycling services. BM&E unsettled metric tonnes subject to fair value adjustments was 4,977 tonnes as of June 30, 2023, and was 4,359 tonnes as of March 31, 2023. Li-Cycle 13

View entire presentation