Li-Cycle Financials and Strategic Update

Demand Expected to Grow Coupled with Deficit in Metal Supply 000's of Tonnes LIB Equivalent/Year Accelerating Recycling Demand North America and Europe 2025E TAM(1) 900 >200% 800 700 600 500 400 300 200 100 0 ~377 ~831 000's of Tonnes/Year Projected Metal Supply Deficit Estimated Global Deficit as of 2030E(2) Cobalt (50) (40) (100) (150) Nickel (200) As of 2021 As of 2022 (250) (229) Lithium (108) 72 1) 2) LIB - Lithium Ion Battery; Benchmark Mineral Intelligence (BMI) - March 2022, company sourced announcements and Li-Cycle estimates. Total Addressable Market (TAM) estimates as of Feb 2021 and May 2022, respectively. Source: BMI - March 2022 Li-Cycle 6

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