Li-Cycle Holdings Corp. · OTC:LICYQ

Li-Cycle — SPAC Merger (April 2021)

35 slides from Li-Cycle's SPAC merger presentation, Apr 21, 2021

  1. Slide 1: Analyst Day Presentation

    Analyst Day Presentation § Sp -' om va /) te April 21,2021 a IAT. a) 2 + £-F - PERIDOT

  2. Slide 2: Disclaimer

    Disclaimer FORWARD LOOKING STATEMENTS This presentation includes “forward-looking statements" within the meaning of the “safe harbor" provisions of the USS. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,”

  3. Slide 3: Disclaimer - Continued

    Disclaimer -— Continued ADDITIONAL INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT The proposed business combination will be submitted to shareholders of Peridot for their consideration, Peridot intends to file a preliminary and definitive proxy statement to be distributed t

  4. Slide 4:              

                                  

  5. Slide 5: Attractive Business Combination Between Leading Li-Ion Battery Recycling Business and SPAC Team

    Attractive Business Combination Between Leading Li-lon Battery Recycling Business and Highly Regarded SPAC Investment Team @i-cycte’ PERIDOT Ajay Kochhar Co-Founder, President & HATCH CEO, Executive Director Tim Johnston 1 Fr achs Co-Founder, HATCH Alan Levande Executive Chairman Chairman, CEO - Per

  6. Slide 6: Transaction Overview

    Transaction Overview OVERVIEW m Li-Cycle is a market leading lithium-ion battery resource recovery company and one of the largest lithium-ion battery recyclers in NAM = Peridot Acquisition Corp. is a blank check company sponsored by Carnelian Energy Capital targeting energy transition-focused opport

  7. Slide 7: Remarks from Simon Moores, Benchmark Mineral Intelligence

    44] BENCHMARK ACTIONABLE INTELLIGENCE FOR THE ENERGY STORAGE REVOLUTION Remarks from Simon Moores,-~ ie Managing Directorof- == = ~~ = Benchmark Mineral Intelligence _ . : é pa ones pa eS “Rex . -— i ar.

  8. Slide 8: Li-Cycle Sits at the Intersection of Three Core Themes

    Li-Cycle Sits at the Intersection of Three Core Themes Sustainable Li-lon Battery Recycling is the Missing Battery Supply Chain Step Gs EV Revolution Domestic Supply Of Strategic Materials BLi-cycle

  9. Slide 9: Patented, Sustainable Technology with a Durable Moat

    Patented, Sustainable Technology with a Durab le Moat Sustainable Recycling Solution @ Zero impact air emissions; non-pyro / no burning; water recirculated ina Proven, Patented Technology Industry-leading up to 95% recycling efficiency rate? (versus <50% of Commercial Today, ©: Attractive Valuation

  10. Slide 10: Massive Electrification Ramp Creating Lithium-Ion Recycling Imperative

    Massive Electrification Ramp Creating Lithium-lon Recycling Imperative Manufacturing scrap and end-of-life battery waste Critical need for scalable, environmentally friendly recycling solution Shortage of domestic lithium, cobalt and nickel Sources: ‘Top Right Chart - BloombergNEF Electric Vehicle O

  11. Slide 11: Government Mandates Accelerating Recycling Growth

    Government Mandates Accelerating Recycling Growth Heightened Battery Regulation © (iP USA: California Requires recovery as close to 100% as possible starting in 2022 CA: Ontario Requires recovery rates of 70%+ by 2023 China Has required recovery rates greater than 80% since 2018 European Union Propo

  12. Slide 12: Economically Advantageous and Customer-Centric Spoke & Hub Model

    Economically Advantageous and Customer-Centric Spoke & Hub Model Lithium-ion Batteries Shredding & Int diate Product: Extraction & Material Battery Grade & for Recycling Mechanical Separation mkermictlare troduct> Recovery Refined Materials Spoke 1 Kingston, ON Spoke 2 Rochester, NY Gilbert, AZ Spok

  13. Slide 13: Li-Cycle's Technology Is Superior to Other Forms of Recycling

    Li-Cycle’s Technology Is Superior to Other Forms of Recycling UkGyclle Saeheenctulh Smelting or Thermal ; Pre-Treatment + Cathode-to-Cathode Technologies Refining ' Recycling 30% ! Rate ( ) Upto. 95% =50% (cathode proportion only) I Battery Chemistry Y x x & Charge Agnostic Non-Thermal, 4 Zero Impac

  14. Slide 14: Technology Moat Defends Competitive Position

    Technology Moat Defends Competitive Position | The most efficient & greenest recovery process for all forms of lithium-ion batteries IP Portfolio & Bt eee @ 100% Li-Cycle owned ™@ 18 total patents and patent applications across all applicable jurisdictions that tie back to 3 core patent families @ 1

  15. Slide 15: Spokes Use Scalable, Standard Equipment

    Spokes Use Scalable, Standard Equipment Patented Apparatus / System Black mass: Interim sales to nickel recovery; input to the Hub; easily Black Mass LiPF,, electrolyte solvent, binder r Lithium-ion Batteries - all chemistries, Hygiene I | form factors ina single stream, at rwY > . I their state of

  16. Slide 16: North America Spoke 2 - Rochester, NY Video Update

  17. Slide 17: Commercial Hub Development Update and Key Milestones

    Commercial Hub Development Update and Key Milestones 2 >» 2 >» 2 + Definitive engineering, permitting and * Definitive engineering work being completed; * Targeted construction completion infrastructure management work commenced execution work commencing + Ramp-up targeted to start by early 2023 * T

  18. Slide 18: Hubs Use All Proven Equipment

    Hubs Use All Proven Equipment Patented Process; 12 Formalized Trade Secrets ® ® ® ® > @® > ® @ © ® Reaction Tank / Agitator Black Mass +) Filter Press Solvent Extraction Mixer / Settler Crystallization neces Graphite Copper Gypsum Manganese Cobalt Nickel Sodium Lithium Sulfide Carbonate Sulphate Sul

  19. Slide 19: Hub Technology Scalability and Extensive Validation

    Hub Technology Scalability and Extensive Validation Hub Converts Black Mass for Direct Re-Entry Into the Battery Supply Chain Scalability Predication Integrated Demonstration Plant Independent Validation @ The Hub intentionally utilizes off- the-shelf equipment that is known to scale broad ranges @

  20. Slide 20: Diversified Supply of Batteries Drives Recycling Need

    Diversified Supply of Batteries Drives Recycling Need Battery Waste Sources Today Battery Waste Sources in 2025 . Stationary Energy edi pat Battery Consolidators Storage Systems 5% Manufacturing Scrap Electrified Mobility 6 a 29% (supply from end-of-life, defective, damaged Battery batteries) Manufa

  21. Slide 21: Hub Products: Battery Grade Outputs, Cheaper than Mining

    Hub Products Battery Grade Outputs, Cheaper than Mining & ns Black Mass End Products Spectrum Output Material Applications Key Partners! Lithium Carbonate (4,000 - 6,000 tpy) \ Cobalt Sulphate / (10,000 - 12,000 tpy) \ Nickel Sulphate : (18,000 - 20,000 tpy) be. Manganese Carbonate (4,000 - 6,000 tp

  22. Slide 22: North America Spoke - Gilbert, AZ

    = aa a = North America (NA) Spoke 3 - Gilbert, AZ s Near-term Planned Spoke Facility Video Update 3 Ga tide Bias = i = BLi-cycte 22

  23. Slide 23: Approach to Growth

    Approach to Growth @ Regional Joint Ventures: potentially representing 10 additional Spokes and 2 incremental Hubs by 2025 Q@) Organic: sourcing batteries through new / expanded commercial agreements @ Inorganic: buy-side M&A Lithium-ion Battery Recycling Leader in NAM a 2 Operating Spokes; 20 Total

  24. Slide 24: Regional Presence and Global Footprint

    Regional Presence and Global Footprint 5-Year Rollout Plan = Regional Spokes reduce safety risk and cost associated with battery transport = Closer to supply centers while developing supplier relationships and North America cementing first mover advantage Poy = Centralized Hubs maximize economies of

  25. Slide 25: Overview of Li-Cycle's Regional Strategy

    Overview of Li-Cycle’s Regional Strategy od . @ rd Li-Cycle ; y ane : Né North America Europe APAC China Batteries Available for Recycling - 20250 155,000 t/y 223,000 t/y 117,000 t/y 841,000 t/y Planned Processing Spoke: 20,000 t/y LIBS? Spoke: 30,000 t/y LIBs Spoke: 55,000 t/y LIBs Capacity - 2025

  26. Slide 26: Li-Cycle Financial Projections

    Li-Cycle Financial Projections Revenue EBITDA (SUS in millions) (3US in millions) > -- +82% CAGR --7 $958 36% -_= $541 -_--"- - $700 41% 48% $264 $655 $339 $12 $1s $394 4% a 7 ia $109 su 568 NM Ea 3 |_| 20z1€ 2022E 2023E 2024€ 2025E (6) 2021€ 2022€ 2023€ 2024€ 2025€ = Contracted Off-Take ™Uncontract

  27. Slide 27: Unit Economics of Li-Cycle Assets

    Unit Economics of Li-Cycle Assets USD/tonne LIB Equivalent Feed Spoke-Only Operation Spoke & Hub Operations Sale of black mass; revenue model between 2021-2022 Processing of black mass in the Hub, sale of Hub end-products; revenue model for 2023+ Spoke Hub $5,100 B ~2.4x EBITDA recognized é per tonn

  28. Slide 28: Long-Term Financial Outlook

    Long-Term Financial Outlook (SUS in mm) 2021€ 20226 20236 2024€ 2025€ Revenue $12 $75 $264 $700 $958 Growth (%) 1175.4% 550.8% 251.6% 165.3% 36.9% OPEX $15 $63 $138 $345 $403 % of Revenue 130.0% 84.5% 523% 49.4% 42.1% EBITDA ($6) $3 $109 $339 $541 Margin (96) (53.8%) 3.6% 41.3% 48.4% 56.5% Growth (%

  29. Slide 29: Li-Cycle to Benefit from Commodity Pricing Tailwinds

    Li-Cycle to Benefit from Commodity Pricing Tailwinds Management Uses Conservative Forecasts Compared to Leading Market Intelligence Firms Nickel Lithium Carbonate Cobalt ($/tonne) ($/ tonne) ($/ tonne) 22.000 20,946 20,946 20,946 ‘e000 90,000 ---- i 81,869 , 17,000 20,000 19,198 17,000 80,000 tps Be

  30. Slide 30: What is the Comp Universe For Li-Cycle?

    What is the Comp Universe For Li-Cycle? Electrification Fac tors Battery Manufacturers Waste Management ithium Producers & Recycling Providers Benefit from the continued ; 4 Similar growth profiles Similar end users / : 4 Similar business model of —: 4 Similar end products growing electrification tr

  31. Slide 31: Market Leading Growth and Margin Profile

    Market Leading Growth and Margin Profile... CY 2021E - 2024E Revenue CAGR 293% 140% 24% 20% 8% 11% De ee GLi-cycie’ Electrification Disruptive” Battery” Waste Management &” Lithium” y Facilitators BatteryEVs Manufacturers Recycling Providers Producers EBITDA Margin 48% 31% 19% 20% 24% 14% 6 Li-cycle

  32. Slide 32: At Attractive Valuation Levels

    . At Attractive Valuation Levels Firm Value / EBITDA Median: 23.2x 28.0x 29.9x 23.2x 15.8x 17.2x = || [| (+ Li-Cycle’ Electrification Disruptive Battery Waste Management & Lithium y' Facilitators Battery EVs Manufacturers Recycling Providers Producers 2023€ 2023E 2023E 2021€ 2021€ 2021€ Firm Value /

  33. Slide 33: Transaction Timing Update

    Transaction Timing Update Milestone ™ Announced transaction ™ Customary regulatory approvals ™ Shareholder votes required ™ Expected close Date February 16, 2021 In process Prior to closing Expected by end of Q2 Completed v Bii-cycte 33

  34. Slide 34: Truly Sustainable Recycling, Localized Source of Critical Materials

    Truly Sustainable Recycling, Localized Source of Critical Materials Recovery for All Forms of Lithium-lon Batteries Patent Protection Commercial and Intangibles 100% Li-Cycle owned Seasoned management team 18 total patents and patent applications across all applicable jurisdictions that tie back to

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