Li-Cycle Investor Presentation Deck

North 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

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