Li-Cycle Provides Organizational Structure Update

Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or the “Company”), a leading global lithium-ion battery resource recovery company, today provided a business update regarding its organizational structure.

As part of its previously disclosed ongoing comprehensive review and Cash Preservation Plan, which includes organizational right-sizing and right-shaping, the Company has made the strategic decision to transition from its regional management structure to a centralized model to better position the Company for future success and increase efficiencies.

Ajay Kochhar, Li-Cycle President and CEO, commented: “We are recalibrating our organizational structure to better align with the more focused priorities of Li-Cycle. We believe that a centralized model, and the consolidation of our operational and commercial teams, will increase efficiencies and facilitate cross-functional partnerships to enhance our planning process and ability to execute on our short- and long-term objectives. We remain focused on our key initiatives of completing our review of the go-forward plan for the Rochester Hub and evaluating additional financing and strategic alternatives after securing and closing the recent strategic financing from Glencore.”

To ensure the appropriate management organizational structure, the Company made the following leadership changes, effectively immediately:

Tim Johnston, Executive Chair, will transition to the role of interim non-executive Board Chair, where he will provide leadership, support, guidance and strategic advice to the Company. Considering Glencore’s nomination rights associated with the recently closed strategic financing, the Nominating and Corporate Governance Committee of the Board will be considering changes to Company’s Board and Committee composition, expected to be made immediately following Li-Cycle’s next annual general meeting in May 2024. It is expected that these changes will include identifying an independent Board Chair.

Conor Spollen, who has been with Li-Cycle since January 2022, has assumed the role of Chief Operating Officer (COO). In this role, Mr. Spollen will be responsible for Li-Cycle’s global Spoke operations driving safety, productivity, and cost-efficiency. In addition to overseeing Spoke operations, following the completion of the technical and economic review of the Rochester Hub project, he will be responsible for project delivery and the planned operation of the Rochester Hub. Mr. Spollen has more than 33 years of international mining and metallurgical experience, serving in leadership roles in a number of global companies, including at Vale, where he was, among other roles, Chief Operating Officer for Vale Base Metals’ operating mines and processing facilities in Canada, UK, China and Japan.