Li-Cycle SPAC Presentation Deck

Li-Cycle to Benefit from Commodity Pricing Tailwinds Management Uses Conservative Forecasts Compared to Leading Market Intelligence Firms Cobalt ($ / tonne) 90,000 Nickel ($ / tonne) 22,000 20,000 18,000 16,000 14,000 12,000 10,000 13,500 (1) (2) (3) 13,970 20,946 19,198 18,214 14,571 14,571 118,912 20,946 20,946 18,488 18,291 18,291 2018A 2019A 2020A 2021E 2022E 2023E 2024E 2025E Lithium Carbonate ($/tonne) Historicals (1) 19,000 17,000 15,000 13,000 11,000 9,000 7,000 5,000 17,000 10,500 10,100 9,950 9,800 7,349 8,252 Broker Projections (2) 10,226 9,896 11,998 13,003 10,478 10,478 2018A 2019A 2020A 2021E 2022E 2023E 2024 2025E 80,000 70,000 60,000 50,000 40,000 30,000 81,869 37,400 35,635 39,880 37,330 49,004 44,549 Benchmark Mineral Intelligence Projections (3) 41,264 61,255 Li-Cycle Commentary Li-Cycle stands to benefit from the increase in prices of Li, Ni and Co, through production of battery grade materials The growing electrification demand is driving much of the increase of prices Commodity prices are also dependent on battery composition as manufacturers may alter their choice of inputs to increase battery range and are not necessarily indicative of battery grade pricing Li-Cycle management uses more conservative pricing assumptions relative to Benchmark Mineral Intelligence estimates 43,940 46,109 Sourced from Benchmark Mineral Intelligence, Q4, 2020. Broker Projections as of December 28, 2020. Nickel broker median includes BAML, Barclays, BMO, CIBC, Citi, Credit Suisse, Deutsche Bank, HSBC, JP Morgan, Morgan Stanley, RBC and TD Securities. Lithium Carbonate broker median includes Credit Suisse, Citi, Morgan Stanley and UBS. Cobalt broker median includes BAML, Barclays, BMO, CIBC, Citi, Credit Suisse, Deutsche Bank, Morgan Stanley and RBC. Benchmark Mineral Intelligence, Q4 2020. 2018A 2019A 2020A 2021E 2022E 2023E 2024E 2025E 67,116 46,109 ■ Benchmark Mineral Intelligence is a leading market intelligence firm and data provider in the lithium-ion battery supply chain that has materially higher pricing forecasts Source: Company Projections, Broker Estimates, Benchmark Mineral Intelligence, Q4 2020. Note: All values in real terms. Li-Cycle 38

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