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 about: the expectation that Li-Cycle will not comment
specifically on Glencores disclosures; the expectation that Moelis will assist the Company in evaluating financing and strategic alternatives; and the expectation that Li-Cycle will not comment on the
evaluation process with respect to any particular transaction or other strategic outcome, on future public statements by persons who may be involved in the process. 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.
These
forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycles current objectives, goals, targets, strategic priorities, expectations and
plans, and in obtaining a better understanding of Li-Cycles business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is
not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability.
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 believes that these risks and uncertainties include, but are not limited to, the following: additional funds
required to meet Li-Cycles capital and operating requirements in the future not being available to Li-Cycle on acceptable terms or at all when it needs them; Li-Cycle may engage in strategic transactions, including financing and mergers and acquisitions activity, that could disrupt its business, cause dilution to its shareholders, reduce its financial resources, result
in incurrence of secured and unsecured debt, or prove not to be successful; Li-Cycles inability to economically and efficiently source, recover and recycle
lithium-ion batteries and lithium-ion battery manufacturing scrap, as well as third party black mass, and to meet the market demand for an environmentally sound,
closed-loop solution for manufacturing waste and end-of-life lithium-ion batteries;
Li-Cycles inability to successfully implement its global growth strategy, on a timely basis or at all; Li-Cycles inability to manage future global growth
effectively; Li-Cycles inability to develop the Rochester Hub, and other future projects including its Spoke network expansion projects in a timely manner or on budget or that those projects will not
meet expectations with respect to their productivity or the specifications of their end products; Li-Cycles failure to materially increase recycling capacity and efficiency; one or more of Li-Cycles current or future facilities becoming inoperative, capacity constrained or if its operations are disrupted; Li-Cycle expects to continue to incur significant
expenses and may not achieve or sustain profitability; problems with the handling of lithium-ion battery cells that result in less usage of lithium-ion batteries or
affect Li-Cycles operations; Li-Cycles inability to maintain and increase feedstock supply commitments as well as securing new customers and off-take agreements; a decline in the adoption rate of EVs, or a decline in the support by governments for green energy technologies; decreases in benchmark prices for the metals contained in Li-Cycles products; changes in
P a g e 2 | 3