Report highlights key accomplishments in 2022 and Li-Cycle’s comprehensive ESG approach, strategy and roadmap

Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or the “Company”), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, is pleased to announce the publication of its 2022 Interim Environmental, Social, and Governance (ESG) Report (the “2022 Interim ESG Report”).

The 2022 Interim ESG Report provides key insights into the integration of ESG across Li-Cycle’s business, how ESG shapes the Company’s relationships with its key stakeholders, and how Li-Cycle is benchmarking its ESG standards against widely accepted ESG frameworks. These frameworks include the International Financial Reporting Standards (IFRS) Foundation’s Sustainable Accounting Standards Board (SASB) Waste Management Standard, as well as the United Nations Sustainable Development Goals (UN SDGs). Li-Cycle’s first full ESG report, which will include the Company’s ESG performance from its 2023 financial year, is expected to be fully compliant with SASB Standards. Li-Cycle expects to achieve alignment with the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures (TCFD) in 2025.

“Sustainability is core to Li-Cycle’s DNA and our business is deeply rooted in prioritizing environmental stewardship, social responsibility, and corporate governance. Our ongoing commitment to ESG is at the heart of our business strategy and vision to create a greener supply of battery-grade materials to support the clean energy transition ethically, responsibly and sustainably,” said Tim Johnston, co-founder and Executive Chairman of Li-Cycle. “Our ESG strategy and approach is reflected in the solid foundation of policies and processes we have established at Li-Cycle. We are also committed to continuing to advance our strong ESG performance to deliver value for all our stakeholders.”

To access the 2022 Interim ESG report, please visit: https://li-cycle.com/sustainability/.

2022 Interim ESG Report Highlights:

• Conducted our first formal materiality assessment to ensure our ESG strategy incorporated input from our key internal and external stakeholders;
• In line with eight UN SDGs, Li-Cycle continued to make progress and positive contributions towards solutions across environmental stewardship, health and safety, diversity and inclusion, community engagement, and good governance;
• Demonstrated our commitment to operational excellence by establishing a strong foundation of environmental, health, safety and quality management systems, including Environmental Management (ISO 14001), Occupational Health and Safety (ISO 45001), Quality Management (ISO 9001) and Response Recycling (R2) certifications;
• Demonstrated through life-cycle analysis that, compared to traditional mining and refining, Li-Cycle’s vertically integrated approach and innovative recycling technologies can, on a per tonne of battery input basis, provide emission reduction benefits of up to approximately 67% for carbon dioxide (CO₂), 86% for sulfur oxides (SOx), and 89% for nitrous oxides (NOx), and reduce water usage by up to 97%; and
• Established strong health and safety, environmental, ethical and governance standards across the Company.

Li-Cycle’s Comprehensive ESG Strategy and Roadmap:

• Company-wide commitment to ESG and sustainability, embedded in the Company’s core values and policies and championed by Li-Cycle leadership.
• Robust ESG management and corporate governance framework to ensure oversight and accountability of ESG.
• Clearly define and establish key performance indicators to enable Li-Cycle to track and manage its ESG performance and support its ESG reporting.
• Commitment to set goals driven by Li-Cycle’s ESG priorities, regulations and industry best practices.
• An overriding commitment to continue evolving and improving Li-Cycle’s performance and approach to ESG and sustainability.

About Li-Cycle Holdings Corp.

Li-Cycle (NYSE: LICY) is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of battery-grade materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.

Forward-Looking Statements

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release may be considered “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as “believe”, “may”, “will”, “continue”, “anticipate”, “intend”, “expect”, “should”, “would”, “could”, “plan”, “potential”, “future”, “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements in this press release include but are not limited to statements regarding Li-Cycle’s expectation to publish its first full ESG report in compliance with SASB Standards in 2024, and Li-Cycle’s expectation to achieve alignment with the TCFD in 2025. These statements are based on various assumptions, whether or not identified in this press release, made by Li-Cycle management. There can be no assurance that such assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle and are not guarantees of future performance.

Li-Cycle identifies the principal risks and uncertainties that affect its performance and the assumptions upon which the forward-looking information is based in the sections entitled “Item 3D. Risk Factors” and “Item 5. Operating and Financial Review and Prospects—Key Factors Affecting Li-Cycle’s Performance” and elsewhere in its Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission and the Ontario Securities Commission in Canada on February 6, 2023.

Li-Cycle assumes no obligation to update or revise any forward-looking statements, except as required by applicable law. These forward-looking statements should not be relied upon as representing Li-Cycle’s assessment as of any date subsequent to the date of this press release.

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