LICY Li Cycle Holdings Corp

---

---

---

---

---

---

Company overview

Li-Cycle Holdings Corp. (together with its subsidiaries, "Li-Cycle" or the "Company") is a global lithium-ion battery resource recovery company with operations in North America and Europe. The Company leverages its innovative, sustainable and patented Spoke & Hub Technologies™ to provide a safe, scalable, customer-centric solution to recycle all different types of lithium-ion batteries. With major customers and partners around the world, Li-Cycle is on a mission to recover critical battery-grade materials to create a domestic closed-loop battery supply chain for a clean energy future. The Company is governed by the Business Corporations Act (Ontario) and its registered address is 207 Queens Quay West, Suite 590, Toronto, Ontario.

Li-Cycle started its business as Li-Cycle Corp., which was incorporated under the Business Corporations Act (Ontario) on November 18, 2016.

On August 10, 2021, in accordance with the plan of arrangement to reorganize Li-Cycle Corp., the Company finalized a business combination (the "Business Combination") with Peridot Acquisition Corp. On closing of the Business Combination, the common shares of Li-Cycle Holdings Corp. were listed on the New York Stock Exchange and commenced trading under the symbol “NYSE:LICY”.

2.1 Statement of compliance

On December 21, 2022, the Company announced a change in its financial year end from October 31st to December 31st. The change has been made to better align Li-Cycle’s financial reporting calendar with peer group companies. The Company's current financial year will cover the period from January 1, 2023 to December 31, 2023.

These unaudited condensed consolidated interim financial statements ("interim financial statements") have been prepared in accordance with International Financial Reporting Standards ("IFRS") under International Accounting Standard (IAS) 34 - Interim Financial Reporting. Except for certain amendments and interpretations to the IFRS that apply for the first time to the Company described in Note 2.6, these interim financial statements were prepared using the same basis of presentation, accounting policies and methods of computation as set forth in Note 2 of the Company's consolidated financial statements for the year ended October 31, 2022.

These interim financial statements were approved and authorized for issue by the Audit Committee of the Board of Directors on November 13, 2023.

2.2 Basis of measurement and going concern

a) Going concern

The going concern basis assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company's ability to support its operations and meet its financial obligations is dependent upon the Company’s continued access to short and long-term financing, timing of Hub construction and budgeted costs and future commodity prices.

There are risks and uncertainties affecting the Company's future financial position and performance including, but not limited to ongoing volatility in commodity prices and continued geopolitical uncertainties affecting treasury rates and construction costs. As a result, management concluded that there are material uncertainties related to the Company's ability to obtain short and long-term financing, which casts substantial doubt upon the Company’s ability to continue as a going concern. With these uncertainties, the Company could face liquidity constraints particularly related to escalating costs at its Rochester Hub, as well as, employee salaries and benefits and other ongoing operational costs. The Company has implemented mitigating initiatives available to it to strengthen its

---

financial position and enhance liquidity depending on how these uncertain circumstances unfold, including:

•On October 23, 2023, Li-Cycle announced that it had paused construction work on its Rochester Hub, pending completion of a comprehensive review of the go-forward strategy for the project.

•In connection with the comprehensive review of the go-forward strategy of the Rochester Hub project, the Board of Directors (the “Board”) established a Special Committee of independent directors (the “Special Committee”) to, among other things, (1) oversee and supervise a strategic review of all or any of the Company’s operations and capital projects including its sales, general and administration functions, and (2) consider financing and other strategic alternatives.

•The Special Committee selected Moelis & Company LLC (“Moelis”) and other advisors to assist with exploring financing options to increase the liquidity of Li-Cycle and strategic alternatives, and to assist the Company with managing short-term liquidity and implementing liquidity generating initiatives.

•On November 1, 2023, the Company initiated the implementation of a cash preservation plan (the “Cash Preservation Plan”) including reducing staffing in its corporate support functions, pausing production at its Ontario Spoke and implementing a plan to manage lower levels of BM&E production at its remaining operating Spoke locations. The Cash Preservation Plan also involves reviewing existing plans for bringing on additional Spoke capacity and taking other steps to preserve the Company’s available cash while pursuing funding alternatives for the Company and continuing to review the go-forward strategy for the Rochester Hub project.

•The Company also continues to work with the United States Department of Energy ("DOE") Loan Programs Office on the previously announced U.S. DOE Loan initiative which would increase the Company’s cash balance and fund construction costs at its Rochester Hub.

These factors represent material uncertainties that cast substantial doubt as to the Company’s ability to continue as a going concern. These condensed consolidated interim financial statements do not reflect adjustments that would be necessary if the going concern assumption were not appropriate. If the going concern basis was not appropriate for these condensed consolidated interim financial statements, adjustments may be necessary to the carrying value of assets and liabilities or reported expenses, and these adjustments could be material.

b) Measurement basis

These interim financial statements have been prepared on a going concern basis, using historical cost basis, except for financial assets and liabilities that have been measured at amortized cost or fair value through profit and loss.

2.3 Basis of consolidation

These interim financial statements include the financial information of the Company and its subsidiaries. The Company’s subsidiaries are entities controlled by the Company. Control exists when the Company has power over an investee, when the Company is exposed, or has rights, to variable returns from the investee and when the Company has the ability to affect those returns through its power over the investee. The subsidiaries are included in the interim financial statements of the Company from the effective date of incorporation up to the effective date of disposition or loss of control. In assessing control, potential voting rights that are presently exercisable or convertible is taken into account. The accounting policies of subsidiaries are aligned with policies adopted by the Company.

The Company’s principal subsidiaries and their geographic location as at September 30, 2023 are set forth in the table below:

---

Company			Location			Ownership interest
Li-Cycle Corp.			Ontario, Canada			100%
Li-Cycle Americas Corp.			Ontario, Canada			100%
Li-Cycle U.S. Inc.			Delaware, U.S.			100%
Li-Cycle Inc.			Delaware, U.S.			100%
Li-Cycle North America Hub, Inc.			Delaware, U.S.			100%
Li-Cycle Europe AG			Switzerland			100%
Li-Cycle APAC PTE. LTD.			Singapore			100%
Li-Cycle France SARL			France			100%
Li-Cycle Germany GmbH			Germany			100%
Li-Cycle Norway AS			Norway			100%

Intercompany transactions, balances and unrealized gains/losses on transactions between the Company and its subsidiaries have been eliminated.

2.4 Presentation currency

These interim financial statements are presented in U.S. dollars, which is the Company's functional currency. All figures are presented in millions of U.S. dollars unless otherwise specified.

2.5 Foreign currencies

The reporting and functional currency of the Company is the U.S. dollar. Transactions in currencies other than the U.S. dollar are recorded at the rates of exchange prevailing on the dates of transactions. At the end of each reporting period, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that date.

2.6 Recently adopted IFRS Standards

Due to the change in year-end, IFRS Standards effective from January 2022 and January 2023 may impact the interim financial statements.

The Company has adopted the following accounting amendments that were effective commencing January 1, 2022 or January 1, 2023. The adoption of these standards have not had a material impact on the financial statements:

•Amendments to IFRS 3, Business Combinations - Reference to the Conceptual Framework. The amendment is effective for annual periods beginning on or after January 1, 2022.

•Amendments to IAS 37, Provisions, Contingent Liabilities and Contingent Assets. The amendment specifies costs an entity should include in determining the "cost of fulfilling" a potential onerous contract. The amendment is effective for annual periods beginning on or after January 1, 2022.

•Amendments to IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors replace the definition of a change in accounting estimates with a definition of accounting estimates. The amendment is effective for annual periods beginning on or after January 1, 2023.

•Amendments to IAS 1, Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgments changes the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments to IAS 1 and IFRS practice statements 2 are effective for annual periods beginning on or after January 1, 2023, with earlier application permitted and are applied prospectively.

•Amendments to IFRS 17, Insurance Contracts, a replacement of IFRS 4, Insurance Contracts, that aims to provide consistency in the application of accounting for insurance contracts. The amendment is effective for annual period beginning on or after January 1, 2023.

---

•Amendments to IAS 16, Property, Plant and Equipment - Proceeds before Intended Use. The amendment prohibits reducing the cost of property, plant and equipment by proceeds while bringing an asset to capable operations. The amendment is effective for periods beginning on or after January 1, 2022.

•Amendments to IAS 12, Income taxes - Deferred Tax related to Assets and Liabilities arising from Single Transaction, narrowing the scope for exemption when recognizing deferred taxes. The amendment is effective for annual periods beginning on or after January 1, 2023.

•Amendments to IAS 12, International Tax Reform - Pillar Two Model Rules. The amendments provide a temporary exception to the requirements regarding deferred tax assets and liabilities related to pillar two income taxes. The amendment is effective for annual periods beginning on or after January 1, 2023.

Annual Improvements to IFRS Standards:

•Amendments to IFRS 1, First-time Adoption of International Financial Reporting Standards. The amendment permits a subsidiary that applies paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported by its parent, based on the parent's date of transition to IFRSs. The amendment is effective for annual periods beginning on or after January 1, 2022.

•Amendments to IFRS 9, Financial Instruments. The amendment clarifies which fees an entity includes when it applies the '10 per cent' test in assessing whether to derecognize a financial liability. The amendment is effective for annual periods beginning on or after January 1, 2022.

•Amendments to IFRS 16, Leases. The amendment clarifies the treatment of lease incentives. The amendment is effective for annual periods beginning on or after January 1, 2022.

•Amendments to IAS 41, Agriculture. The amendment removes the requirement for entities to exclude taxation cash flows when measuring the fair value of a biological asset using a present value technique. The amendment is effective for annual periods beginning on or after January 1, 2022.

2.7 New and revised IFRS Standards issued but not yet effective

At the date of authorization of these financial statements, the Company has not applied the following new and revised IFRS Standards that have been issued but are not yet effective.

New/Revised Standard			Description
Amendments to IAS 1			Classifying liabilities as current or non-current
Amendments to IFRS 16			Lease liability in a sale & leaseback
Amendments to IFRS 7 and IAS 7			Supplier Finance Arrangements
Amendments to IAS 21			Lack of Exchangeability

---

For the			Three months ended September 30,						Nine months ended September 30,
			2023			2022			2023			2022
Product revenue recognized in the period			$	3.5		$	4.4		$	15.7		$	12.0
Fair value pricing adjustments			—			(2.1)			(6.0)			(2.4)
Product sales			3.5			2.3			9.7			9.6
Recycling services			1.2			0.5			2.2			1.2
Revenue			$	4.7		$	2.8		$	11.9		$	10.8

For the			Three months ended September 30,						Nine months ended September 30,
			2023			2022			2023			2022
Product revenue recognized in the period			$	3.5		$	4.4		$	15.7		$	12.0
Recycling services			1.2			0.5			2.2			1.2
Total revenue before FV pricing adjustment			$	4.7		$	4.9		$	17.9		$	13.2

Product revenue from black mass and black mass equivalents ("Black Mass & Equivalents" or "BM&E") and shredded metal, and the related trade accounts receivable, are measured at initial recognition using provisional prices for the constituent metals at the time of initial recognition. Any unsettled sales at the end of each reporting period are remeasured using the market prices of the constituent metals at the period end. Changes in fair value are recognized as an adjustment to product revenue, and the related accounts receivable, and can result in gains and losses when the applicable metal prices increase or decrease from the date of initial recognition.

Refer to Note 21 for the impact of movements in the cobalt and nickel prices.

The following table summarizes the Company's other income (expense):

For the			Three months ended September 30,						Nine months ended September 30,
			2023			2022			2023			2022
Interest income on short-term investments			$	2.6		$	3.8		$	11.8		$	5.3
Interest income			2.6			3.8			11.8			5.3
Interest expense and accretion on convertible debt (net of capitalized interest)			(2.8)			(5.1)			(8.5)			(11.8)
Interest expense on leases			(1.2)			(0.8)			(3.0)			(1.7)
Other finance costs			(0.2)			—			(0.4)			(0.1)
Foreign exchange gains (losses)			0.3			0.7			(0.8)			0.5
Interest expense and other costs			(3.9)			(5.2)			(12.7)			(13.1)
Fair value gain on embedded derivatives (Note 16)			10.9			19.9			17.5			31.4
Fair value gain on warrants (Note 18)			—			—			—			11.1
Gains on financial instruments			10.9			19.9			17.5			42.5
Total			$	9.6		$	18.5		$	16.6		$	34.7

---

As at			September 30, 2023			December 31, 2022
Trade receivables			$	2.3		$	4.3
Total accounts receivable			2.3			4.3
Non-trade receivables			$	—		$	3.5
Sales taxes receivable			2.7			4.1
Other			0.8			2.4
Total other receivables			$	3.5		$	10.0

For product revenue, the Company estimates the amount of consideration to which it expects to be entitled under provisional pricing arrangements, which is based on the initial assay results and market prices of certain constituent metals on the date control is transferred to the customer. For the three and nine months ended September 30, 2023, the fair value loss arising from changes in estimates was $nil and $6.0 million, respectively (three and nine months ended September 30, 2022: fair value losses of $2.1 million and $2.4 million, respectively), which is included in the respective trade receivable balances. Refer to Note 3 for additional details on product revenue and fair value adjustments recognized in the period.

The Company assesses the need for allowances related to credit loss for receivables based on its past experience, the credit ratings of its existing customers and economic trends. For the three and nine months ended September 30, 2023, the Company recorded a credit loss allowance of $nil and $0.9 million, respectively, included in the Other line on the statement of loss and comprehensive loss (three and nine months ended September 30, 2022: $nil and $nil). The credit loss allowance in the nine months ended September 30, 2023 relates to a dispute with a new customer, with whom the Company has terminated its business relationship. The Company has assessed its receivables and concluded that this does not cast doubt on the collectability of trade receivables due from other customers.

As at			September 30, 2023			December 31, 2022
Raw materials			$	0.3		$	5.8
Finished goods			2.5			1.8
Parts and tools			1.1			0.7
Total inventories			$	3.9		$	8.3

The cost of inventories recognized as an expense during the three and nine months ended September 30, 2023 was $6.8 million and $27.7 million, respectively (three and nine months ended September 30, 2022: $15.3 million and $24.4 million, respectively).

---

For the nine months ended September 30,																		2023
			Assets under construction			Plant equipment and other			Computer equipment			Vehicles			Leasehold improvements			Total
Cost
Balance, beginning of the period			$	167.1		$	38.2		$	2.1		$	0.3		$	9.9		$	217.6
Additions			372.8			—			0.8			—			2.9			376.5
Transfers			(18.2)			18.2			—			—			—			—
Impairment			(87.7)			(7.2)			—			—			(1.6)			(96.5)
Balance, end of the period			434.0			49.2			2.9			0.3			11.2			497.6
Accumulated depreciation
Balance, beginning of the period			—			(5.3)			(0.3)			(0.1)			(1.5)			(7.2)
Depreciation			—			(4.5)			(0.7)			—			(0.9)			(6.1)
Balance, end of the period			—			(9.8)			(1.0)			(0.1)			(2.4)			(13.3)
Net book value			$	434.0		$	39.4		$	1.9		$	0.2		$	8.8		$	484.3

For the three and nine months ended September 30, 2023, $2.3 million and $6.6 million, respectively in employee salaries (three and nine months ended September 30, 2022: $2.7 million and $2.7 million) and $0.2 million and $0.6 million, respectively in share-based compensation costs (three and nine months ended September 30, 2022: $0.4 million and $0.4 million) were capitalized to assets under construction.

For the three and nine months ended September 30, 2023, borrowing costs of $6.8 million and $19.0 million, respectively were capitalized to assets under construction (three and nine months ended September 30, 2022: $3.3 million and $3.3 million). The capitalization rate used to determine the amount of borrowing costs eligible for capitalization in the period was a weighted average effective interest rate of 12.4%.

As of September 30, 2023, $64.6 million of the accounts payable balance is made up of non-cash additions to plant and equipment (December 31, 2022: $48.6 million).

Refer to Note 22 for details of contractual commitments to purchase fixed assets.

---

For the nine months ended September 30,									2023
			Premises			Equipment			Total
Cost
Balance, beginning of the year			$	58.5		$	0.7		$	59.2
Additions			20.7			0.3			21.0
Termination/derecognition			(0.7)			—			(0.7)
Balance, end of the year			78.5			1.0			79.5
Accumulated depreciation
Balance, beginning of the year			(8.3)			(0.1)			(8.4)
Termination/derecognition			0.7			—			0.7
Depreciation			(6.0)			(0.2)			(6.2)
Balance, end of the year			(13.6)			(0.3)			(13.9)
Carrying amounts			$	64.9		$	0.7		$	65.6

The weighted average lease term of the Company's premises and equipment leases is 3.31 years.

The Company assesses at the end of each reporting period whether there are any indicators, from external and internal sources of information, that an asset or cash-generating unit (“CGU”) may be impaired requiring an adjustment to the carrying value. The Company considers its integrated Spoke & Hub network to be one CGU. The recoverable amount of the CGU is based on the future cash flows expected to be derived from the Company's Spoke and Hub network and represents the CGU’s fair value less costs of disposal ("FVLCD").

The Company has decided to pause construction work on the Rochester Hub project, pending completion of a comprehensive review of the go-forward strategy for the project. The pause was due to recent escalating costs. In addition, the Company experienced continued delays in planned project financing and challenges in closing its building leasing arrangements in connection with the project, due to complexities in bringing both arrangements together. Accordingly, the Company expects the aggregate cost for the current scope of the project to substantially exceed its previously disclosed guidance.

In light of the expected changes in the construction cost for the Rochester Hub, an impairment assessment was performed on the carrying value of the Company’s assets in accordance with IFRS as at September 30, 2023 and the Company recognized an impairment charge in the amount of $96.5 million to reduce the assets to their recoverable amount of $449.0 million. The Company used a FVLCD model (Level 3 measurement). The impairment charge was recognized on the following plant and equipment asset classes: assets under construction, plant equipment and other, and leasehold improvements.

Key assumptions used in the calculation of recoverable amount include a discount rate of 19% as determined by the weighted average cost of capital, and management's estimate of future capital costs and operational results.

The Company has performed a sensitivity analysis to identify the impact of changes in the discount rate which is a key assumption that impacts the recoverable amount calculations. The Company assumed a 1% increase in the discount rate while holding all other assumptions

---

The remuneration of the executive officers and directors, who are the key management personnel of the Company, is set out below:

For the			Three months ended September 30,						Nine months ended September 30,
			2023			2022			2023			2022
Salaries			$	1.0		$	1.0		$	2.8		$	2.8
Share-based compensation			2.2			3.2			6.8			11.9
Fees and benefits			1.2			1.0			3.4			2.9
Post employment benefits			—			—			0.1			0.1
Total remuneration of key management personnel			$	4.4		$	5.2		$	13.1		$	17.7

Total amounts paid to directors in respect of director services in the three and nine months ended September 30, 2023 were $0.1 million and $0.3 million, respectively (three and nine months ended September 30, 2022: $0.1 million and $0.3 million, respectively).

Outstanding balances of remuneration of the executive officers and directors are summarized as follows:

As at			September 30, 2023			December 31, 2022
Accounts payable and accrued liabilities			$	2.5		$	2.8
Outstanding balances			2.5			2.8

Related party expenses are recorded at exchange amounts. For the three and nine months ended September 30, 2023, total transactions with related parties are nil and $0.1 million, respectively (three and nine months ended September 30, 2022: $0.1 million and $0.3 million, respectively).

---

For the nine months ended September 30,									2023
			Premises			Equipment			Total
Balance, beginning of the period			$	53.3		$	0.6		$	53.9
Additions			18.5			0.3			18.8
Lease repayments			(4.9)			(0.1)			(5.0)
Foreign exchange losses			(0.2)			—			(0.2)
Balance, end of the period			$	66.7		$	0.8		$	67.5
Non-current portion of lease liabilities			$	(61.2)		$	(0.6)		$	(61.8)
Current Lease Liabilities			$	5.5		$	0.2		$	5.7

In the three and nine months ended September 30, 2023, the Company recognized interest expense of $1.2 million and $3.0 million, respectively, related to lease liabilities (three and nine months ended September 30, 2022: $0.8 million and $1.7 million, respectively).

The Company’s lease obligations include leases for plant operations, storage facilities, and office space for employees.

Maturity analysis (undiscounted)
As at September 30, 2023			Year 1			Year 2			Year 3			Year 4			Year 5			Thereafter			Total
Premises			$	8.5		$	8.6		$	8.4		$	8.0		$	7.2		$	47.3		$	88.0
Equipment			0.2			0.2			0.2			0.2			0.1			—			0.9
Total			$	8.7		$	8.8		$	8.6		$	8.2		$	7.3		$	47.3		$	88.9

Maturity analysis (undiscounted)
As at December 31, 2022			Year 1			Year 2			Year 3			Year 4			Year 5			Thereafter			Total
Premises			$	8.7		$	7.7		$	7.3		$	7.1		$	6.4		$	40.7		$	77.9
Equipment			0.2			0.1			0.1			0.1			0.1			—			0.6
Total			$	8.9		$	7.8		$	7.4		$	7.2		$	6.5		$	40.7		$	78.5

On March 28, 2023 the Company signed a definitive agreement for a global lithium-ion battery recycling partnership with a leading global provider of industrial trucks and supply chain solutions. As part of the agreement, the Company received 5 million Euros in reservation fee for future battery recycling services. The deferred revenue will be recognized in revenue as the services are provided.

As at			September 30, 2023			December 31, 2022
Balance, beginning of the period			$	—		$	—
Additions			5.4			—
Foreign exchange loss			(0.1)			—
Balance, end of the period			$	5.3		$	—

---

(a) KSP Convertible Notes

As at			September 30, 2023			December 31, 2022
Principal of convertible notes at beginning of the period			$	110.2		$	101.8
Issuance of convertible notes			4.4			8.4
Principal of convertible notes at end of the period			114.6			110.2
Conversion feature at beginning of the period			6.0			19.9
Fair value gain on embedded derivative			(4.1)			(13.9)
Conversion feature at end of the period			1.9			6.0
Debt component at beginning of the period			85.5			74.2
Debt component issued			4.4			8.4
Accrued interest paid in kind			(4.4)			(8.4)
Accrued interest expense and accretion			10.1			11.3
Debt component at end of the period			95.6			85.5
Total convertible debt at end of the period			$	97.5		$	91.5

On September 29, 2021, the Company entered into a Note Purchase Agreement (the “KSP Note Purchase Agreement”) with Spring Creek Capital, LLC (an affiliate of Koch Strategic Platforms, LLC, being a subsidiary of Koch Investments Group) and issued an unsecured convertible note (the "KSP Convertible Note”) for a principal amount of $100 million to Spring Creek Capital, LLC. The KSP Convertible Note will mature on September 29, 2026 unless earlier repurchased, redeemed or converted. Interest on the KSP Convertible Note is payable semi-annually, and Li-Cycle is permitted to pay interest on the KSP Convertible Note in cash or by payment in-kind (“PIK”), at its election. Interest payments made in cash are based on an interest rate of LIBOR plus 5.0% per year, and PIK interest payments were based on an interest rate of LIBOR plus 6.0% per year, with a LIBOR floor of 1% and a cap of 2%. Starting July 1, 2023, as the LIBOR interest rate is no longer published, the interest rate is instead based on the sum of the Secured Overnight Financing Rate ("SOFR") and 0.58% (being average spread between the SOFR and LIBOR during the three-month period ending on the date on July 31, 2023, namely, which LIBOR ceased to be published). The PIK election results in the issuance of a new note under the same terms as the KSP Convertible Note, issued in lieu of interest payments with an issuance date on the applicable interest date. On May 1, 2022, Spring Creek Capital, LLC assigned the KSP Convertible Note and the PIK note outstanding at that time to an affiliate, Wood River Capital, LLC. The Company has elected to pay interest by PIK since the first interest payment date of December 31, 2021. The KSP Convertible Note and the PIK notes issued thereunder are referred to collectively as the "KSP Convertible Notes”, and as at September 30, 2023, comprised the following:

Note			Date Issued			Amount Issued
KSP Convertible Note			September 29, 2021			$	100.0
PIK Note			December 31, 2021			1.8
PIK Note			June 30, 2022			4.1
PIK Note			December 31, 2022			4.3
PIK Note			June 30, 2023			4.4
Total						$	114.6

The conversion feature under the KSP Convertible Notes has been recorded as an embedded derivative liability since the conversion ratio does not always result in a conversion of a fixed dollar amount of liability for a fixed number of shares. The KSP Convertible Note had an initial conversion price of approximately $13.43 per Li-Cycle common share, subject to customary anti-dilution adjustments, for which price was established based on 125% of the 7-day volume-weighted average price of Li-Cycle’s common shares prior to the date of the KSP Convertible Note Purchase Agreement. Should the Company’s share price be equal to or greater than $17.46, for a period of twenty consecutive days, the Company can force conversion of the KSP Convertible Notes. Li-Cycle will settle its conversion obligations through the delivery of its own common shares. As at September 30, 2023, no conversions had taken place.

The fair value of the embedded derivatives upon issuance of the KSP Convertible Note was determined to be a liability of $27.7 million whereas the remaining $72.3 million, net of

---

transaction costs of $1.6 million, was allocated to the principal portion of the debt. During the three and nine months ended September 30, 2023, the Company recognized a fair value gain of $3.4 million and $4.1 million on the embedded derivatives, respectively. The embedded derivatives were valued using the Binomial Option Pricing Model. The assumptions used in the model were as follows:

			(Issuance date) September 29, 2021			December 31, 2022			September 30, 2023
Risk free interest rate			1.1%			4.2%			4.9%
Expected life of options			5.0 years			3.8 years			3.0 years
Expected dividend yield			0.0%			0.0%			0.0%
Expected stock price volatility			66%			63%			53%
Share Price			$12.56			$4.76			$3.55

Expected volatility was determined by calculating the average implied volatility of a group of listed entities that are considered similar in nature to the Company.

(b) Glencore Convertible Notes

As at			September 30, 2023			December 31, 2022
Principal of convertible notes at beginning of the period			$	208.1		$	—
Issuance of convertible notes			8.4			208.1
Principal of convertible notes at end of the period			216.5			208.1
Conversion feature at beginning of the period			16.5			—
Conversion feature issued			—			46.2
Fair value gain on embedded derivative			(13.4)			(29.7)
Conversion feature at end of the period			3.1			16.5
Debt component at beginning of the period			164.9			—
Debt component issued			8.4			162.0
Transaction costs			—			(1.3)
Accrued interest paid in kind			(8.4)			(8.1)
Accrued interest expense and accretion			17.3			12.3
Debt component at end of the period			182.2			164.9
Total convertible debt at end of the period			$	185.3		$	181.4

On May 31, 2022, the Company issued an unsecured convertible note (the “Glencore Convertible Note”) for a principal amount of $200 million to Glencore Ltd. (“Glencore”), a subsidiary of Glencore plc (LON: GLEN). The Glencore Convertible Note will mature on May 31, 2027 unless repurchased, redeemed or converted earlier. Interest on the Glencore Convertible Note is payable semi-annually, with Li-Cycle permitted to pay interest on the Glencore Convertible Note in cash or by payment in-kind (“PIK”), at its election. Interest payments made in cash are based on an interest rate of the Secured Overnight Financing Rate ("SOFR") for a tenor comparable to the relevant interest payment period plus 0.42826% (the “Floating Rate”) plus 5% per annum if interest is paid in cash and plus 6% per annum if interest is paid in PIK. The Floating Rate has a floor of 1% and a cap of 2%. The PIK election results in the issuance of a new note under the same terms as the Glencore Convertible Note, issued in lieu of interest payments with an issuance date on the applicable interest date.

In connection with any optional redemption and provided that Glencore has not elected to convert the Glencore Convertible Note into common shares, the Company must issue warrants (the “Glencore Warrants”) to Glencore on the optional redemption date that entitle the holder to acquire, until the maturity date of the Glencore Convertible Note, a number of common shares equal to the principal amount of the Glencore Convertible Note being redeemed divided by the then applicable conversion price. The initial exercise price of the Glencore Warrants will be equal to the conversion price as of the optional redemption date. As at September 30, 2023, no conversions had taken place.

The conversion feature under the Glencore Convertible Note has been recorded as an embedded derivative liability as the conversion ratio does not always result in a conversion of a fixed dollar

---

amount of liability for a fixed number of shares. The Glencore Convertible Note has a conversion price of approximately $9.95 per Li-Cycle common share, subject to customary anti-dilution adjustments. The Company has elected to pay interest by PIK since the first interest payment on November 30, 2022. The Glencore Convertible Note and the PIK notes issued thereunder are referred to collectively as the "Glencore Convertible Notes", and as at September 30, 2023, comprised the following:

Note			Date Issued			Amount Issued
Glencore Convertible Note			May 31, 2022			$	200.0
PIK Note			November 30, 2022			8.1
PIK Note			May 31, 2023			8.4
Total						$	216.5

The fair value of the embedded derivative liability upon issuance of the Glencore Convertible Note was determined to be $46.2 million with the remaining $153.8 million, net of transaction costs of $1.3 million, allocated to the initial amortized cost of the host debt instrument. During the three and nine months ended September 30, 2023, the Company recognized a fair value gain of $7.5 million and $13.4 million on the embedded derivatives. The embedded derivatives were valued using the Black-Scholes Option Pricing Model. The assumptions used in the model were as follows:

			(Issuance date) May 31, 2022			December 31, 2022			September 30, 2023
Risk free interest rate			2.9%			4.2%			4.8%
Expected life of options			5.0 years			4.4 years			3.7 years
Expected dividend yield			0.0%			0.0%			0.0%
Expected stock price volatility			68%			63%			53%
Share Price			$8.15			$4.76			$3.55

Expected volatility was determined by calculating the average implied volatility of a group of listed entities that are considered similar in nature to the Company.

The Company has a legal obligation to complete the site restoration and decommissioning of its leased plant properties in Germany, New York and Ontario. The provision for decommissioning and site restoration is determined using the estimated costs provided by the State of Saxony-Anhalt, Germany, New York Department of Environmental Conservation and Ontario Ministry of the Environment, Conservation and Parks.

The following table represents the continuity of the restoration provision associated with the Company’s leased plant properties:

As at			September 30, 2023			December 31, 2022
Balance, beginning of the period			$	0.4		$	0.3
Additions			2.3			0.1
Foreign exchange loss			(0.1)			—
Balance, end of the period			$	2.6		$	0.4

---

23,000,000 common shares at their fair market value of $2.10 per share for a total acquired liability of $48.3 million.

The total number of warrants was made up of 15,000,000 Public Placement Warrants ("Public Warrants") and 8,000,000 Private Placement Warrants ("Private Warrants"). All of the warrants had a 5-year term, expiring on September 24, 2025. The Public Warrants had an exercise price of $11.50 per share, with a redemption price of $0.10 per warrant if the Company's share price exceeded $10.00, on a cashless basis. If the Company's share price exceeded $18.00 for any 20 trading days within the P30D trading day period ending three trading days before the Company elected to deliver a notice of redemption, the redemption price was $0.01 on a cash basis. The Private Warrants had an exercise price of $11.50 per share, redeemable only at such time that the share price of the Company was between $10.00 and $18.00, at $0.10 per warrant. The Private Warrants were not transferable until 30 days after the close of the Business Combination, which was September 9, 2021.

On December 27, 2021, the Company announced that it would redeem all of its warrants to purchase common shares of the Company that remained outstanding at 5:00 p.m. New York City time on January 26, 2022 (the "Redemption Date") for a redemption price of $0.10 per warrant. Based on the redemption fair market value that was announced on January 11, 2022, warrant holders who surrendered their warrants on a "Make-Whole Exercise" prior to the Redemption Date received 0.253 common shares of the Company per warrant. As of January 31, 2022, (i) 9,678 warrants were exercised at the exercise price of $11.50 per common share, and (ii) 22,540,651 warrants were surrendered by holders in the Make-Whole Exercise. The remaining 449,665 unexercised warrants were redeemed at $0.10 per warrant.

For the nine months ended September 30,						2022
			Number of warrants
Balance, beginning of the period			22,997,712			$	57.1
Cash exercises			(7,396)			—
Cashless exercises			(22,540,651)			(46.0)
Redemptions			(449,665)			—
Fair value gain on warrants			—			(11.1)
Balance, end of the period			—			$	—

Warrants were re-measured through profit or loss at each period end, using first level inputs. As of September 30, 2022, there were no warrants outstanding.

Authorized share capital

Li-Cycle Holdings Corp. is authorized to issue an unlimited number of voting common shares without par value. All issued shares are fully paid.

The changes in the Company’s outstanding common shares were as follows:

For the						Nine months ended						Year ended
			September 30, 2023						December 31, 2022
						Number of shares (in millions)			Capital Stock			Number of shares (in millions)			Capital Stock
Balance, beginning of the period						176.1			$	772.4		163.2			$	672.1
Exercise of RSUs						0.8			6.7			0.3			4.1
Exercise of stock options						1.3			0.6			1.6			0.5
Exercise of warrants (Note 18)						—			—			5.7			46.0
Issuance of shares to LG Energy Solution, Ltd. and LG Chem, Ltd.						—			—			5.3			49.7
Unwinding of Non-controlling interest						—			(0.4)			—			—
Balance, end of the period						178.2			$	779.3		176.1			$	772.4

---

On May 12, 2022, the Company announced the successful completion of the $50 million aggregate investment in common shares of the Company by LG Energy Solution, Ltd. (“LGES”) and LG Chem, Ltd. (“LGC”). The Company issued 5,300,352 shares at an average price of $9.43 per common shares to LGES and LGC (being 2,650,176 common shares each). The investment was split into two tranches: (i) an initial tranche of 4,416,960 common shares, in the aggregate, at a price of $10.00 per share (for an aggregate initial tranche subscription price of approximately $44.2 million), and (ii) a second tranche of 883,392 common shares, in the aggregate, at a price of $6.60 per share (for an aggregate second tranche subscription price of approximately $5.8 million). The total cash inflow, net of transaction costs, was $49.7 million.

Long-term incentive plans

Stock options

Stock options have been issued under the Company's 2021 Long Term-Incentive Plan ("LTIP Plan") and certain legacy plans ("Legacy Plans"). Each of the Company's stock options converts into one common share of the Company on exercise. No amounts are paid or payable by the recipient on receipt of the option. The options carry neither rights to dividends nor voting rights. The vesting period is one-third on the first-year anniversary of the grant of the option, and one-third every consecutive year thereafter. If an option remains unexercised after a period of 10 years from the date of grant, the option expires. Options are forfeited if the recipient terminates their employment or contract with the Company before the options vest.

A summary of stock option activities is as follows:

For the nine months ended September 30,						2023						2022
$ millions, except number of options			Number of stock options			Weighted average exercise price of  stock options			Number of stock options			Weighted average exercise price of  stock options
Balance, beginning of the period			4,368,732			$	4.58		5,328,279			$	2.88
Granted			1,088,500			5.76			732,104			7.58
Exercised			(1,541,514)			0.73			(1,467,647)			0.45
Forfeited			(127,438)			10.33			(2,619)			10.93
Balance, end of the period			3,788,280			6.29			4,590,117			4.40
Exercisable stock options			1,994,145			5.71			3,332,753			2.65

During the nine months ended September 30, 2023, 1,541,514 stock options were exercised on a cashless basis (2022: 1,467,647), resulting in the issuance of 1,300,918 common shares (2022: 7,087,013) of the Company, net of stock option issuance costs.

A summary of the outstanding stock options is as follows:

As of September 30,												2023
Plan			Range of exercise prices			Number of stock options			Weighted-average remaining contractual life (years)			Expiration year
Legacy Plans			$ 0.37 - 2.15			1,012,161			5.91			April 2024 - February 2031
LTIP Plans			4.94 - 13.20			2,776,119			8.58			August 2031 - May 2033
						3,788,280

The Company recognized total expenses of $1.0 million and $2.8 million related to stock options during the three and nine months ended September 30, 2023, respectively (three and nine months ended September 30, 2022: $1.3 million and $5.9 million, respectively).

The fair value of the stock options granted during the three and nine months ended September 30, 2023 was determined to be $nil and $3.6 million, respectively (three and nine months ended September 30, 2022: $0.2 million and $3.5 million, respectively), using the Black-Scholes Merton option pricing model. The assumptions used in the stock option pricing model for the grants during the nine months ended September 30, 2023 were as follows:

---

Risk free interest rate			3.45% - 3.59%
Expected life of options			6 years
Expected dividend yield			0%
Expected stock price volatility			57.81% - 58.65%
Expected forfeiture rate			0.146% - 4.127%

Expected volatility was determined by calculating the average historical volatility of a group of listed entities that are considered similar in nature to the Company.

Restricted share units

Under the terms of the Company's LTIP Plan, restricted share units ("RSUs") have been issued to executives, directors, employees and advisors. The RSU vesting periods ranged from several months to 3 years. The RSUs represent the right to receive common shares from the Company. RSUs issued under the LTIP Plan are expected to be settled in common shares. RSUs issued under the LTIP Plan are classified as equity on the consolidated statements of financial position.

The Company recognized share-based compensation expense relating to RSUs totaling $3.0 million and $8.5 million in the three and nine months ended September 30, 2023, respectively (three and nine months ended September 30, 2022: $3.1 million and $10.0 million, respectively).

A summary of RSU activities is as follows:

For the nine months ended September 30,						2023						2022
$ millions, except number of RSUs			Number of RSUs			Weighted average share price on grant date			Number of RSUs			Weighted average share price on grant date
Balance, beginning of the period			2,000,680			8.69			938,752			11.47
Granted			2,322,225			5.63			1,480,618			7.66
Exercised			(784,426)			8.46			(317,619)			11.22
Forfeited			(257,654)			7.63			(53,823)			10.04
Balance, end of the period			3,280,825			6.66			2,047,928			8.79

RSUs granted in the three and nine months ended September 30, 2023 vest over 1 to 3 years.

For the three and nine months ended September 30, 2023, RSU and stock option costs capitalized to assets under construction were $0.2 million and $0.6 million, respectively (three and nine months ended September 30, 2022: $0.4 million and $0.4 million, respectively).

On January 26, 2022, the Company entered into an agreement with ECO STOR AS (“ECO STOR”) and Morrow Batteries AS (“Morrow”) to form Li-Cycle Norway AS for the purpose of developing a new Spoke facility in southern Norway. Li-Cycle became the majority owner of Li-Cycle Norway AS with a 67% ownership interest, while Nordic-headquartered strategic partners ECO STOR and Morrow held a 31% and 2% ownership interest, respectively.

On June 29, 2023 the Company purchased all shares of Li-Cycle Norway AS held by ECO STOR and Morrow, eliminating all non-controlling interests in the entity. The Company paid $0.4 million for these shares, bringing its ownership interest in Li-Cycle Norway AS from 67% to 100%. This transaction created a loss of $0.6 million which is reflected in equity and had no impact on the Statement of loss and comprehensive loss.

The carrying amount of Li-Cycle Norway AS net assets in the Company's consolidated financial statements on the date of acquisition was $0.6 million.

in millions of US dollars
Carrying amount of NCI acquired ($0.6 million x 33%)			$	0.2
Consideration paid to NCI			0.4
A decrease in equity attributable to owners of the Company			$	0.6

---

Fair values

The Company’s financial instruments consist of cash equivalents, accounts receivable, other receivables, accounts payable and accrued liabilities, and convertible debt. The carrying amounts of other receivables, accounts payable and accrued liabilities approximate fair value due to the short-term maturity of these instruments.

Fair value hierarchy levels 1 to 3 are based on the degree to which the fair value is observable:

•Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;

•Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and

•Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

There were no transfers between the levels during the current or prior period.

The Company’s financial assets and financial liabilities measured at fair value on a recurring basis are measured under level 2 of the hierarchy and were calculated as follows:

As at			September 30, 2023						December 31, 2022
Conversion feature of convertible debt (refer to Note 16)			$	5.0					$	22.5
Accounts receivable			$	2.3					$	4.3

Refer to Note 5 above for additional details related to measurement of accounts receivable.

Currency risk

The Company is exposed to currency risk as its cash is mainly denominated in U.S. dollars, while its operations also require Canadian dollars and other currencies in addition to U.S. dollars. As at September 30, 2023, the impact of a 5% change in these respective currencies versus the U.S. dollar, would result in an immaterial impact.

Interest rate risk

Interest rate risk is the risk arising from the effect of changes in prevailing interest rates on the Company’s financial instruments. The Company is exposed to interest rate risk, as it has variable interest rate debt that includes an interest rate floor and cap. Refer to Note 16.

Credit risk

Credit risks associated with cash are minimal as the Company deposits the majority of its cash with large Canadian and U.S. financial institutions above a minimum credit rating and with a cap on maximum deposits with any one institution. The Company’s credit risks associated with receivables are managed and exposure to potential loss is also assessed as minimal.

The Company's revenue and accounts receivable primarily come from three key customers under long-term contracts. The Company manages this risk by engaging with reputable multi-national corporations in stable jurisdictions and performing a review of a potential customer’s financial health prior to engaging in business.

Liquidity risk

Management is assessing its liquidity risk management framework for the management of the Company’s short-term, medium and long-term funding and liquidity requirements.

The Company’s undiscounted significant contractual obligations and interest and principal repayments in respect of its financial liabilities and provisions are presented in the following table:

---

Undiscounted, at September 30,																		2023
						Total			Less than 1 year			1 - 3 years			3 - 5 years			More than 5 years
Accounts payable and accrued liabilities						$	99.1		$	99.1		$	—		$	—		$	—
Lease liabilities						88.9			8.7			17.4			15.5			47.3
Restoration						3.2			—			0.2			—			3.0
Convertible debt principal						331.1			—			114.60			216.5			—
Convertible debt interest						115.0			—			33.80			81.2			—
Total						$	637.3		$	107.8		$	166.0		$	313.2		$	50.3

Market risk

The Company is exposed to commodity price movements for the inventory it holds and the products it produces. Commodity price risk management activities are currently limited to monitoring market prices. The Company’s revenues are sensitive to the market prices of the constituent payable metals contained in its products, notably cobalt and nickel.

The following table sets out the Company's exposure, as at September 30, 2023 and December 31, 2022, in relation to the impact of movements in the cobalt and nickel price for the provisionally invoiced sales volume of Black Mass & Equivalents by metric tonne:

			Cobalt						Nickel
As at			September 30, 2023			December 31, 2022			September 30, 2023			December 31, 2022
BM&E Metric tonnes subject to fair value pricing adjustments			4,274			4,428			4,274			4,428
10% increase in prices			$	0.4		$	0.8		$	0.8		$	1.4
10% decrease in prices			$	(0.4)		$	(0.8)		$	(0.8)		$	(1.4)

The following table sets out the period end commodity prices for cobalt and nickel as at September 30, 2023 and December 31, 2022:

Market price per tonne
As at			September 30, 2023			December 31, 2022
Cobalt			$	31,967		$	41,337
Nickel			18,505			30,400

Capital risk management

The Company's objective when managing its capital is to ensure that it will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance.

The capital structure of the Company consists of net cash (cash and cash equivalents after deducting convertible debt) and equity of the Company (comprising issued share capital and other reserves).

As of September 30, 2023, there were $9.6 million in committed purchase orders or agreements for equipment and services (December 31, 2022: $9.5 million).

Legal Proceedings

The Company is and may be subject to various claims and legal proceedings in the ordinary course of its business. Due to the inherent risks and uncertainties of the litigation process, we cannot predict the final outcome or timing of claims or legal proceedings. The Company records

---

provisions for such claims when an outflow of resources is considered probable and a reliable estimate can be made. No such provisions have been recorded by the Company.

U.S. Shareholder Class Action

On April 19, 2022, a putative securities class action lawsuit was filed in the U.S. District Court for the Eastern District of New York against the Company, its CEO, and its former CFO, on behalf of a proposed class of purchasers of the Company’s publicly traded securities during the period from February 16, 2021 through March 23, 2022. The complaint, which is captioned as Barnish v. Li-Cycle Holdings Corp., et al., 1:22-cv-02222 (E.D.N.Y.), alleges that the defendants issued false and misleading statements concerning Li-Cycle’s business, which were revealed when Blue Orca Capital published a short seller report on March 24, 2022. The complaint sought compensatory damages and an award of costs. The original complaint asserted claims under Sections 10(b) and 20(a) of the U.S. Securities Exchange Act of 1934 (the “Exchange Act”). On July 22, 2022, the court appointed The Lanigan Group, Inc. as lead plaintiff. On October 11, 2022, the lead plaintiff filed an amended complaint asserting claims pursuant to Section 14(a) of the Exchange Act and Sections 11 and 15 of the U.S. Securities Act of 1933 on behalf of a proposed class comprising: (a) all persons who were eligible to vote at Peridot Acquisition Corp.’s extraordinary general meeting held during August 2021, and (b) all persons who acquired Li-Cycle publicly traded securities pursuant to Li-Cycle’s March 2021 Registration Statement. Unlike the original complaint, the amended complaint did not assert any claims under either Section 10(b) or Section 20(a) of the Exchange Act. The claims in the amended complaint were asserted against both the Company and certain individual defendants, including Li-Cycle’s two Co-Founders, Li-Cycle’s former CFO, two current directors of Li-Cycle (who were also directors and/or officers of Peridot Acquisition Corp. at the time of the Business Combination), and certain other directors or officers of Peridot Acquisition Corp. at the time of the Business Combination. On December 19, 2022, the Company and each of the individual defendants moved to dismiss the amended complaint in its entirety. On October 6, 2023, the court granted defendants' motion to dismiss in its entirety, but granted lead plaintiff an opportunity to seek leave to replead. On October 23, 2023, lead plaintiff filed a notice of voluntary dismissal, and the court issued an order dismissing the case.

---

statements of loss and comprehensive loss, financial position, and cash flows. The Company’s CODM is its Chief Executive Officer.

During the three and nine months ended September 30, 2023, the Company operated in Canada, the United States, and Germany. The Company also has invested in future operations in Europe. Management has concluded that the customers, and the nature and method of distribution of goods and services delivered, if any, to these geographic regions are similar in nature. The risks and returns across the geographic regions are not dissimilar; therefore, the Company operates as a single operating segment.

The following is a summary of the Company’s geographical information:

			Canada			United States			Germany			Norway			France			Other			Total
Revenues
Three months ended September 30, 2023			$	0.1		$	4.3		$	—		$	—		$	—		$	0.3		$	4.7
Three months ended September 30, 2022			0.4			2.4			—			—			—			—			2.8
Nine months ended September 30, 2023			$	1.0		$	10.6		$	—		$	—		$	—		$	0.3		$	11.9
Nine months ended September 30, 2022			3.2			7.6			—			—			—			—			10.8
Non-current assets
As at September 30, 2023			$	55.6		$	453.3		$	30.7		$	11.9		$	9.0		$	1.5		$	562.0
As of December 31, 2022			38.1			213.0			11.6			0.9			0.1			1.7			265.4

Revenue is attributed to each geographical location based on location of sale.

The Company does not currently have active operations in any other geographical regions.

On November 1, 2023, the Company announced that its Board of Directors has adopted a limited duration shareholder rights plan (the “Rights Plan”). Pursuant to the Rights Plan, Li-Cycle will issue one right for each common share of the Company outstanding as of the close of business on November 10, 2023. While the Rights Plan is effective immediately, the rights generally will become exercisable only if an applicable person or group acquires beneficial ownership of 20% or more of Li-Cycle’s outstanding common shares in a transaction not approved by the Board of Directors. In that situation, each holder of a right (other than the acquiring person or group) will have the right to purchase, for the purchase price of $12.50, a number of common shares of the Company having a then-current market value of twice the purchase price. In addition, at any time after an applicable person or group acquires 20% or more of the Company’s common shares, the Board of Directors may, at its option, deem all or part of the rights exercised at a ratio of one common share for each outstanding right (other than rights owned by such person or group, which will have become void) for a nil purchase price per right. The Rights Plan will expire on October 30, 2024.

Subsequent to the Company’s October 23, 2023 announcement that it will be pausing the Rochester Hub project, certain contractor liens have been filed in New York State in relation to the project for an aggregate amount of approximately $29.0 million.

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

v3.23.3

Cover	9 Months Ended
	Sep. 30, 2023
Document Information [Line Items]
Document Type	6-K
Document Period End Date	Sep. 30, 2023
Current Fiscal Year End Date	--12-31
Registrant name	LI-CYCLE HOLDINGS CORP.
Amendment flag	false
Central index key	0001828811
Document fiscal year focus	2023
Document fiscal period focus	Q3

v3.23.3

Condensed consolidated interim statements of loss and comprehensive loss - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue
Product sales	$ 3,500,000	$ 2,300,000	$ 9,700,000	$ 9,600,000
Recycling services	1,200,000	500,000	2,200,000	1,200,000
Revenue	4,700,000	2,800,000	11,900,000	10,800,000
Expenses
Employee salaries and benefits	16,500,000	10,400,000	47,300,000	32,700,000
Share-based compensation	3,800,000	4,000,000.0	10,700,000	15,500,000
Office, administrative and travel	5,800,000	5,900,000	16,900,000	13,200,000
Professional fees	6,400,000	4,500,000	14,000,000.0	12,100,000
Raw materials and supplies	4,800,000	10,500,000	19,200,000	14,300,000
Depreciation	4,600,000	3,300,000	12,300,000	7,800,000
Plant facilities	3,200,000	1,100,000	7,100,000	3,000,000.0
Marketing	600,000	500,000	2,100,000	1,900,000
Freight and shipping	1,000,000.0	500,000	2,700,000	1,700,000
Research and development	2,200,000	500,000	3,500,000	1,400,000
Change in finished goods inventory	(600,000)	700,000	100,000	700,000
Other	0	0	1,200,000	0
Impairment	96,500,000	0	96,500,000	0
Operating expenses	144,800,000	41,900,000	233,600,000	104,300,000
Loss from operations	(140,100,000)	(39,100,000)	(221,700,000)	(93,500,000)
Other income (expense)
Interest income	2,600,000	3,800,000	11,800,000	5,300,000
Interest expense and other costs	(3,900,000)	(5,200,000)	(12,700,000)	(13,100,000)
Gain on financial instruments	10,900,000	19,900,000	17,500,000	42,500,000
Other income (expense)	9,600,000	18,500,000	16,600,000	34,700,000
Loss before taxes	(130,500,000)	(20,600,000)	(205,100,000)	(58,800,000)
Income tax	0	0	100,000	0
Interest income on short-term investments	(130,500,000)	(20,600,000)	(205,200,000)	(58,800,000)
Shareholders of Li-Cycle Holdings Corp.	(130,500,000)	(20,500,000)	(205,100,000)	(58,700,000)
Non-controlling interest	0	(100,000)	(100,000)	(100,000)
Net loss and comprehensive loss	$ (130,500,000)	$ (20,600,000)	$ (205,200,000)	$ (58,800,000)
Loss per common share - basic (in dollars per share)	$ (0.73)	$ (0.12)	$ (1.16)	$ (0.34)
Loss per common share - diluted (in dollars per share)	$ (0.73)	$ (0.12)	$ (1.16)	$ (0.34)

v3.23.3

Condensed consolidated interim statements of financial position - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 137,400,000	$ 517,900,000
Accounts receivable	2,300,000	4,300,000
Other receivables	3,500,000	10,000,000.0
Prepayment and deposits	51,800,000	95,200,000
Inventories	3,900,000	8,300,000
Current assets	198,900,000	635,700,000
Non-current assets
Plant and equipment	484,300,000	210,400,000
Right-of-use assets	65,600,000	50,800,000
Other assets	12,100,000	4,200,000
Non-current assets	562,000,000.0	265,400,000
Total assets	760,900,000	901,100,000
Current liabilities
Accounts payable and accrued liabilities	99,100,000	75,900,000
Lease liabilities	5,700,000	5,600,000
Current liabilities	104,800,000	81,500,000
Non-current liabilities
Lease liabilities	61,800,000	48,300,000
Deferred revenue	5,300,000	0
Convertible debt	282,800,000	272,900,000
Restoration provisions	2,600,000	400,000
Non-current liabilities	352,500,000	321,600,000
Total liabilities	457,300,000	403,100,000
Equity
Share capital	779,300,000	772,400,000
Other reserves	22,700,000	18,700,000
Accumulated deficit	(498,100,000)	(293,000,000.0)
Accumulated other comprehensive loss	(300,000)	(300,000)
Equity attributable to the Shareholders of Li-Cycle Holdings Corp.	303,600,000	497,800,000
Non-controlling interest	0	200,000
Total equity	303,600,000	498,000,000.0
Total liabilities and equity	$ 760,900,000	$ 901,100,000

v3.23.3

Condensed consolidated interim statements of changes in equity $ in Millions	USD ($) shares	Restricted share units USD ($) shares	Employee Stock Option USD ($) shares	Issued capital USD ($) shares	Issued capital Restricted share units USD ($) shares	Contributed surplus USD ($)	Contributed surplus Restricted share units USD ($)	Contributed surplus Employee Stock Option USD ($)	Accumulated deficit USD ($)	Accumulated other comprehensive loss USD ($)	Equity attributable to the Shareholders of Li-Cycle Holdings Corp. USD ($)	Equity attributable to the Shareholders of Li-Cycle Holdings Corp. Restricted share units USD ($)	Equity attributable to the Shareholders of Li-Cycle Holdings Corp. Employee Stock Option USD ($)	Non-controlling interest USD ($)
Shareholders' equity, beginning balance (in shares) at Dec. 31, 2021 | shares				163,200,000
Shareholders' equity, beginning balance at Dec. 31, 2021	$ 457.0			$ 672.1		$ 4.2			$ (219.0)	$ (0.3)	$ 457.0			$ 0.0
Changes in equity [abstract]
Exercise of warrants (in shares) | shares				5,700,000
Exercise of warrants	$ 46.0			$ 46.0							46.0
Share issuance (in shares) | shares	5,300,000
Share issuance	$ 49.7										49.7
Exercise of stock options (in shares) | shares	1,467,647		1,467,647	1,400,000
Exercise of stock options	$ 0.0			$ 0.4		(0.4)					0.0
Stock option expense			$ 5.9					$ 5.9					$ 5.9
Settlement of RSUs (in shares) | shares		317,619			300,000
Settlement of RSUs					$ (3.5)		$ 3.5
RSUs expense		$ 10.0					10.0					$ 10.0
Non-controlling interest in subsidiary	0.4													0.4
Comprehensive loss	(58.8)								(58.7)		(58.7)			(0.1)
Shareholders' equity, ending balance (in shares) at Sep. 30, 2022 | shares				175,900,000
Shareholders' equity, ending balance at Sep. 30, 2022	510.2			$ 771.7		16.2			(277.7)	(0.3)	509.9			0.3
Shareholders' equity, beginning balance (in shares) at Dec. 31, 2021 | shares				163,200,000
Shareholders' equity, beginning balance at Dec. 31, 2021	457.0			$ 672.1		4.2			(219.0)	(0.3)	457.0			0.0
Shareholders' equity, ending balance (in shares) at Dec. 31, 2022 | shares				176,100,000
Shareholders' equity, ending balance at Dec. 31, 2022	$ 498.0			$ 772.4		18.7			(293.0)	(0.3)	497.8			0.2
Changes in equity [abstract]
Exercise of stock options (in shares) | shares	1,541,514		1,541,514	1,300,000
Exercise of stock options	$ 0.0			$ 0.6		(0.6)
Stock option expense			$ 2.8					$ 2.8					$ 2.8
Settlement of RSUs (in shares) | shares		784,426			800,000
Settlement of RSUs					$ (6.7)		6.7
RSUs expense		$ 8.5					$ 8.5					$ 8.5
Non-controlling interest in subsidiary	(0.6)			$ (0.4)							(0.4)			(0.2)
Comprehensive loss	(205.1)								(205.1)		(205.1)
Shareholders' equity, ending balance (in shares) at Sep. 30, 2023 | shares				178,200,000
Shareholders' equity, ending balance at Sep. 30, 2023	$ 303.6			$ 779.3		$ 22.7			$ (498.1)	$ (0.3)	$ 303.6			$ 0.0

v3.23.3

Condensed consolidated interim statements of cash flows - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net loss	$ (130,500,000)	$ (20,600,000)	$ (205,200,000)	$ (58,800,000)
Items not affecting cash
Share-based compensation	3,800,000	4,000,000.0	10,700,000	15,500,000
Depreciation	4,600,000	3,300,000	12,300,000	7,800,000
Foreign exchange gain on translation	(800,000)	(1,400,000)	(400,000)	(1,500,000)
Foreign exchange gain on translation	(10,900,000)	(19,900,000)	(17,500,000)	(42,500,000)
Impairment	96,500,000	0	96,500,000	0
Interest expense	4,200,000	5,900,000	11,900,000	13,600,000
Interest paid	(1,200,000)	(800,000)	(3,000,000.0)	(1,700,000)
Interest received	3,400,000	2,300,000	13,300,000	3,800,000
Interest income	(2,600,000)	(3,800,000)	(11,800,000)	(5,300,000)
Cash flows from (used in) operations before changes in working capital	(33,500,000)	(31,000,000.0)	(93,200,000)	(69,100,000)
Changes in non-cash working capital items
Accounts receivable	(1,400,000)	2,900,000	2,000,000.0	2,300,000
Other receivables	600,000	(600,000)	4,900,000	(2,900,000)
Prepayments and deposits	(3,200,000)	7,400,000	(13,400,000)	(5,800,000)
Inventories	(1,400,000)	1,800,000	4,400,000	(2,100,000)
Accounts payable and accrued liabilities	14,700,000	8,300,000	7,000,000.0	25,600,000
Deferred revenue	(100,000)	0	5,300,000	0
Net cash used in operating activities	(24,300,000)	(11,200,000)	(83,000,000.0)	(52,000,000.0)
Investing activities
Purchases of plant and equipment	(177,300,000)	(36,700,000)	(340,900,000)	(90,300,000)
Prepaid equipment and construction deposits	54,000,000.0	(21,500,000)	51,000,000.0	(50,800,000)
Net cash used in investing activities	(123,300,000)	(58,200,000)	(289,900,000)	(141,100,000)
Financing activities
Restricted cash	(2,200,000)	0	(2,200,000)	0
Proceeds from private share issuance, net of share issuance costs	0	0	0	49,700,000
Proceeds from convertible debt	0	0	0	198,700,000
Capital contribution from the holders of non-controlling interest	0	0	0	300,000
Purchase of non-controlling interest	0	0	(400,000)	0
Repayment of lease principal	(1,600,000)	(1,300,000)	(5,000,000.0)	(3,700,000)
Net cash (used in) from financing activities	(3,800,000)	(1,300,000)	(7,600,000)	245,000,000.0
Net change in cash and cash equivalents	(151,400,000)	(70,700,000)	(380,500,000)	51,900,000
Cash and cash equivalents, beginning of the period	288,800,000	686,300,000	517,900,000	563,700,000
Cash and cash equivalents, end of the period	$ 137,400,000	$ 615,600,000	$ 137,400,000	$ 615,600,000

v3.23.3

Corporate information	9 Months Ended
	Sep. 30, 2023
Nature Of Operations [Abstract]
Corporate information	Corporate information Company overview Li-Cycle Holdings Corp. (together with its subsidiaries, "Li-Cycle" or the "Company") is a global lithium-ion battery resource recovery company with operations in North America and Europe. The Company leverages its innovative, sustainable and patented Spoke & Hub Technologies™ to provide a safe, scalable, customer-centric solution to recycle all different types of lithium-ion batteries. With major customers and partners around the world, Li-Cycle is on a mission to recover critical battery-grade materials to create a domestic closed-loop battery supply chain for a clean energy future. The Company is governed by the Business Corporations Act (Ontario) and its registered address is 207 Queens Quay West, Suite 590, Toronto, Ontario. Li-Cycle started its business as Li-Cycle Corp., which was incorporated under the Business Corporations Act (Ontario) on November 18, 2016. On August 10, 2021, in accordance with the plan of arrangement to reorganize Li-Cycle Corp., the Company finalized a business combination (the "Business Combination") with Peridot Acquisition Corp. On closing of the Business Combination, the common shares of Li-Cycle Holdings Corp. were listed on the New York Stock Exchange and commenced trading under the symbol “NYSE:LICY”.

v3.23.3

Basis of preparation	9 Months Ended
	Sep. 30, 2023
List Of Accounting Policies [Abstract]
Basis of preparation	Basis of preparation 2.1 Statement of compliance On December 21, 2022, the Company announced a change in its financial year end from October 31st to December 31st. The change has been made to better align Li-Cycle’s financial reporting calendar with peer group companies. The Company's current financial year will cover the period from January 1, 2023 to December 31, 2023. These unaudited condensed consolidated interim financial statements ("interim financial statements") have been prepared in accordance with International Financial Reporting Standards ("IFRS") under International Accounting Standard (IAS) 34 - Interim Financial Reporting. Except for certain amendments and interpretations to the IFRS that apply for the first time to the Company described in Note 2.6, these interim financial statements were prepared using the same basis of presentation, accounting policies and methods of computation as set forth in Note 2 of the Company's consolidated financial statements for the year ended October 31, 2022. These interim financial statements were approved and authorized for issue by the Audit Committee of the Board of Directors on November 13, 2023. 2.2 Basis of measurement and going concern a) Going concern The going concern basis assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company's ability to support its operations and meet its financial obligations is dependent upon the Company’s continued access to short and long-term financing, timing of Hub construction and budgeted costs and future commodity prices. There are risks and uncertainties affecting the Company's future financial position and performance including, but not limited to ongoing volatility in commodity prices and continued geopolitical uncertainties affecting treasury rates and construction costs. As a result, management concluded that there are material uncertainties related to the Company's ability to obtain short and long-term financing, which casts substantial doubt upon the Company’s ability to continue as a going concern. With these uncertainties, the Company could face liquidity constraints particularly related to escalating costs at its Rochester Hub, as well as, employee salaries and benefits and other ongoing operational costs. The Company has implemented mitigating initiatives available to it to strengthen its financial position and enhance liquidity depending on how these uncertain circumstances unfold, including: •On October 23, 2023, Li-Cycle announced that it had paused construction work on its Rochester Hub, pending completion of a comprehensive review of the go-forward strategy for the project. •In connection with the comprehensive review of the go-forward strategy of the Rochester Hub project, the Board of Directors (the “Board”) established a Special Committee of independent directors (the “Special Committee”) to, among other things, (1) oversee and supervise a strategic review of all or any of the Company’s operations and capital projects including its sales, general and administration functions, and (2) consider financing and other strategic alternatives. •The Special Committee selected Moelis & Company LLC (“Moelis”) and other advisors to assist with exploring financing options to increase the liquidity of Li-Cycle and strategic alternatives, and to assist the Company with managing short-term liquidity and implementing liquidity generating initiatives. •On November 1, 2023, the Company initiated the implementation of a cash preservation plan (the “Cash Preservation Plan”) including reducing staffing in its corporate support functions, pausing production at its Ontario Spoke and implementing a plan to manage lower levels of BM&E production at its remaining operating Spoke locations. The Cash Preservation Plan also involves reviewing existing plans for bringing on additional Spoke capacity and taking other steps to preserve the Company’s available cash while pursuing funding alternatives for the Company and continuing to review the go-forward strategy for the Rochester Hub project. •The Company also continues to work with the United States Department of Energy ("DOE") Loan Programs Office on the previously announced U.S. DOE Loan initiative which would increase the Company’s cash balance and fund construction costs at its Rochester Hub. These factors represent material uncertainties that cast substantial doubt as to the Company’s ability to continue as a going concern. These condensed consolidated interim financial statements do not reflect adjustments that would be necessary if the going concern assumption were not appropriate. If the going concern basis was not appropriate for these condensed consolidated interim financial statements, adjustments may be necessary to the carrying value of assets and liabilities or reported expenses, and these adjustments could be material. b) Measurement basis These interim financial statements have been prepared on a going concern basis, using historical cost basis, except for financial assets and liabilities that have been measured at amortized cost or fair value through profit and loss. 2.3 Basis of consolidation These interim financial statements include the financial information of the Company and its subsidiaries. The Company’s subsidiaries are entities controlled by the Company. Control exists when the Company has power over an investee, when the Company is exposed, or has rights, to variable returns from the investee and when the Company has the ability to affect those returns through its power over the investee. The subsidiaries are included in the interim financial statements of the Company from the effective date of incorporation up to the effective date of disposition or loss of control. In assessing control, potential voting rights that are presently exercisable or convertible is taken into account. The accounting policies of subsidiaries are aligned with policies adopted by the Company. The Company’s principal subsidiaries and their geographic location as at September 30, 2023 are set forth in the table below: Company Location Ownership interest Li-Cycle Corp. Ontario, Canada 100% Li-Cycle Americas Corp. Ontario, Canada 100% Li-Cycle U.S. Inc. Delaware, U.S. 100% Li-Cycle Inc. Delaware, U.S. 100% Li-Cycle North America Hub, Inc. Delaware, U.S. 100% Li-Cycle Europe AG Switzerland 100% Li-Cycle APAC PTE. LTD. Singapore 100% Li-Cycle France SARL France 100% Li-Cycle Germany GmbH Germany 100% Li-Cycle Norway AS Norway 100% Intercompany transactions, balances and unrealized gains/losses on transactions between the Company and its subsidiaries have been eliminated. 2.4 Presentation currency These interim financial statements are presented in U.S. dollars, which is the Company's functional currency. All figures are presented in millions of U.S. dollars unless otherwise specified. 2.5 Foreign currencies The reporting and functional currency of the Company is the U.S. dollar. Transactions in currencies other than the U.S. dollar are recorded at the rates of exchange prevailing on the dates of transactions. At the end of each reporting period, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that date. 2.6 Recently adopted IFRS Standards Due to the change in year-end, IFRS Standards effective from January 2022 and January 2023 may impact the interim financial statements. The Company has adopted the following accounting amendments that were effective commencing January 1, 2022 or January 1, 2023. The adoption of these standards have not had a material impact on the financial statements: •Amendments to IFRS 3, Business Combinations - Reference to the Conceptual Framework. The amendment is effective for annual periods beginning on or after January 1, 2022. •Amendments to IAS 37, Provisions, Contingent Liabilities and Contingent Assets. The amendment specifies costs an entity should include in determining the "cost of fulfilling" a potential onerous contract. The amendment is effective for annual periods beginning on or after January 1, 2022. •Amendments to IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors replace the definition of a change in accounting estimates with a definition of accounting estimates. The amendment is effective for annual periods beginning on or after January 1, 2023. •Amendments to IAS 1, Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgments changes the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments to IAS 1 and IFRS practice statements 2 are effective for annual periods beginning on or after January 1, 2023, with earlier application permitted and are applied prospectively. •Amendments to IFRS 17, Insurance Contracts, a replacement of IFRS 4, Insurance Contracts, that aims to provide consistency in the application of accounting for insurance contracts. The amendment is effective for annual period beginning on or after January 1, 2023. •Amendments to IAS 16, Property, Plant and Equipment - Proceeds before Intended Use. The amendment prohibits reducing the cost of property, plant and equipment by proceeds while bringing an asset to capable operations. The amendment is effective for periods beginning on or after January 1, 2022. •Amendments to IAS 12, Income taxes - Deferred Tax related to Assets and Liabilities arising from Single Transaction, narrowing the scope for exemption when recognizing deferred taxes. The amendment is effective for annual periods beginning on or after January 1, 2023. •Amendments to IAS 12, International Tax Reform - Pillar Two Model Rules. The amendments provide a temporary exception to the requirements regarding deferred tax assets and liabilities related to pillar two income taxes. The amendment is effective for annual periods beginning on or after January 1, 2023. Annual Improvements to IFRS Standards: •Amendments to IFRS 1, First-time Adoption of International Financial Reporting Standards. The amendment permits a subsidiary that applies paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported by its parent, based on the parent's date of transition to IFRSs. The amendment is effective for annual periods beginning on or after January 1, 2022. •Amendments to IFRS 9, Financial Instruments. The amendment clarifies which fees an entity includes when it applies the '10 per cent' test in assessing whether to derecognize a financial liability. The amendment is effective for annual periods beginning on or after January 1, 2022. •Amendments to IFRS 16, Leases. The amendment clarifies the treatment of lease incentives. The amendment is effective for annual periods beginning on or after January 1, 2022. •Amendments to IAS 41, Agriculture. The amendment removes the requirement for entities to exclude taxation cash flows when measuring the fair value of a biological asset using a present value technique. The amendment is effective for annual periods beginning on or after January 1, 2022. 2.7 New and revised IFRS Standards issued but not yet effective At the date of authorization of these financial statements, the Company has not applied the following new and revised IFRS Standards that have been issued but are not yet effective. New/Revised Standard Description Amendments to IAS 1 Classifying liabilities as current or non-current Amendments to IFRS 16 Lease liability in a sale & leaseback Amendments to IFRS 7 and IAS 7 Supplier Finance Arrangements Amendments to IAS 21 Lack of Exchangeability The adoption of the IFRS Standards listed above are not expected to have a material impact on the financial statements of the Company in future periods.

v3.23.3

Revenue - product sales and recycling services	9 Months Ended
	Sep. 30, 2023
Product sales revenue [Abstract]
Revenue - product sales and recycling services	Revenue – product sales and recycling services For the Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Product revenue recognized in the period $ 3.5  $ 4.4  $ 15.7  $ 12.0  Fair value pricing adjustments —  (2.1) (6.0) (2.4) Product sales 3.5  2.3  9.7  9.6  Recycling services 1.2  0.5 2.2  1.2  Revenue $ 4.7  $ 2.8  $ 11.9  $ 10.8  For the Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Product revenue recognized in the period $ 3.5  $ 4.4  $ 15.7  $ 12.0  Recycling services 1.2  0.5  2.2  1.2  Total revenue before FV pricing adjustment $ 4.7  $ 4.9  $ 17.9  $ 13.2  Product revenue from black mass and black mass equivalents ("Black Mass & Equivalents" or "BM&E") and shredded metal, and the related trade accounts receivable, are measured at initial recognition using provisional prices for the constituent metals at the time of initial recognition. Any unsettled sales at the end of each reporting period are remeasured using the market prices of the constituent metals at the period end. Changes in fair value are recognized as an adjustment to product revenue, and the related accounts receivable, and can result in gains and losses when the applicable metal prices increase or decrease from the date of initial recognition. Refer to Note 21 for the impact of movements in the cobalt and nickel prices.

v3.23.3

Other income (expense)	9 Months Ended
	Sep. 30, 2023
Financial Instruments [Abstract]
Other income (expense)	Other income (expense) The following table summarizes the Company's other income (expense): For the Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Interest income on short-term investments $ 2.6  $ 3.8  $ 11.8  $ 5.3  Interest income 2.6  3.8  11.8  5.3  Interest expense and accretion on convertible debt (net of capitalized interest) (2.8) (5.1) (8.5) (11.8) Interest expense on leases (1.2) (0.8) (3.0) (1.7) Other finance costs (0.2) —  (0.4) (0.1) Foreign exchange gains (losses) 0.3  0.7  (0.8) 0.5  Interest expense and other costs (3.9) (5.2) (12.7) (13.1) Fair value gain on embedded derivatives (Note 16) 10.9  19.9  17.5  31.4  Fair value gain on warrants (Note 18) —  —  —  11.1  Gains on financial instruments 10.9  19.9  17.5  42.5  Total $ 9.6  $ 18.5  $ 16.6  $ 34.7

v3.23.3

Accounts receivable	9 Months Ended
	Sep. 30, 2023
Trade and other current receivables [abstract]
Accounts receivable	Accounts receivable As at September 30, 2023 December 31, 2022 Trade receivables $ 2.3 $ 4.3 Total accounts receivable 2.3 4.3 Non-trade receivables $ — $ 3.5 Sales taxes receivable 2.7 4.1 Other 0.8 2.4 Total other receivables $ 3.5 $ 10.0 For product revenue, the Company estimates the amount of consideration to which it expects to be entitled under provisional pricing arrangements, which is based on the initial assay results and market prices of certain constituent metals on the date control is transferred to the customer. For the three and nine months ended September 30, 2023, the fair value loss arising from changes in estimates was $nil and $6.0 million, respectively (three and nine months ended September 30, 2022: fair value losses of $2.1 million and $2.4 million, respectively), which is included in the respective trade receivable balances. Refer to Note 3 for additional details on product revenue and fair value adjustments recognized in the period. The Company assesses the need for allowances related to credit loss for receivables based on its past experience, the credit ratings of its existing customers and economic trends. For the three and nine months ended September 30, 2023, the Company recorded a credit loss allowance of $nil and $0.9 million, respectively, included in the Other line on the statement of loss and comprehensive loss (three and nine months ended September 30, 2022: $nil and $nil). The credit loss allowance in the nine months ended September 30, 2023 relates to a dispute with a new customer, with whom the Company has terminated its business relationship. The Company has assessed its receivables and concluded that this does not cast doubt on the collectability of trade receivables due from other customers. Other receivables relate to interest receivable.

v3.23.3

Prepayments and deposits	9 Months Ended
	Sep. 30, 2023
Prepayments And Deposits [Abstract]
Prepayments and deposits	Prepayment and deposits As at September 30, 2023 December 31, 2022 Prepaid lease deposits $ 0.7 $ 0.5 Prepaid transaction costs 5.7 0.6 Prepaid construction charges 3.1 1.4 Prepaid equipment deposits 33.4 86.1 Prepaid insurance 5.3 4.2 Other prepaids 3.6 2.4 Prepaids and deposits $ 51.8 $ 95.2 Other prepaids consist principally of other deposits and prepaid subscriptions

v3.23.3

Inventories	9 Months Ended
	Sep. 30, 2023
Inventories [Abstract]
Inventories	Inventories As at September 30, 2023 December 31, 2022 Raw materials $ 0.3 $ 5.8 Finished goods 2.5 1.8 Parts and tools 1.1 0.7 Total inventories $ 3.9 $ 8.3 The cost of inventories recognized as an expense during the three and nine months ended September 30, 2023 was $6.8 million and $27.7 million, respectively (three and nine months ended September 30, 2022: $15.3 million and $24.4 million, respectively). The inventory balances for raw materials and finished goods are adjusted to the lower of cost or net realizable value. For the three and nine months ended September 30, 2023, a reversal of prior period write down for raw materials inventory included in the Raw materials and supplies line was $1.3 million and $3.1 million, respectively (three and nine months ended September 30, 2022: write down of $7.1 million and write down of $6.9 million, respectively). For the three and nine months ended September 30, 2023, the write down included in the Change in finished goods inventory line was $1.3 million and $2.8 million, respectively (three and nine months ended September 30, 2022: $0.6 million and $0.7 million). Refer to Note 21 for additional details on commodity prices.

v3.23.3

Plant and equipment	9 Months Ended
	Sep. 30, 2023
Disclosure of detailed information about property, plant and equipment [abstract]
Plant and equipment	Plant and equipment For the nine months ended September 30, 2023 Assets under construction Plant equipment and other Computer equipment Vehicles Leasehold improvements Total Cost Balance, beginning of the period $ 167.1  $ 38.2  $ 2.1  $ 0.3  $ 9.9  $ 217.6  Additions 372.8  —  0.8  —  2.9  376.5  Transfers (18.2) 18.2  —  —  —  —  Impairment (87.7) (7.2) —  —  (1.6) (96.5) Balance, end of the period 434.0  49.2  2.9  0.3  11.2  497.6  Accumulated depreciation Balance, beginning of the period —  (5.3) (0.3) (0.1) (1.5) (7.2) Depreciation —  (4.5) (0.7) —  (0.9) (6.1) Balance, end of the period —  (9.8) (1.0) (0.1) (2.4) (13.3) Net book value $ 434.0  $ 39.4  $ 1.9  $ 0.2  $ 8.8  $ 484.3  For the three and nine months ended September 30, 2023, $2.3 million and $6.6 million, respectively in employee salaries (three and nine months ended September 30, 2022: $2.7 million and $2.7 million) and $0.2 million and $0.6 million, respectively in share-based compensation costs (three and nine months ended September 30, 2022: $0.4 million and $0.4 million) were capitalized to assets under construction. For the three and nine months ended September 30, 2023, borrowing costs of $6.8 million and $19.0 million, respectively were capitalized to assets under construction (three and nine months ended September 30, 2022: $3.3 million and $3.3 million). The capitalization rate used to determine the amount of borrowing costs eligible for capitalization in the period was a weighted average effective interest rate of 12.4%. As of September 30, 2023, $64.6 million of the accounts payable balance is made up of non-cash additions to plant and equipment (December 31, 2022: $48.6 million). Refer to Note 22 for details of contractual commitments to purchase fixed assets.

v3.23.3

Right-of-use assets	9 Months Ended
	Sep. 30, 2023
Disclosure Of Leases [Abstract]
Right-of-use assets	Right-of-use assets For the nine months ended September 30, 2023 Premises Equipment Total Cost Balance, beginning of the year $ 58.5  $ 0.7  $ 59.2  Additions 20.7  0.3  21.0  Termination/derecognition (0.7) —  (0.7) Balance, end of the year 78.5  1.0  79.5  Accumulated depreciation Balance, beginning of the year (8.3) (0.1) (8.4) Termination/derecognition 0.7  —  0.7  Depreciation (6.0) (0.2) (6.2) Balance, end of the year (13.6) (0.3) (13.9) Carrying amounts $ 64.9  $ 0.7  $ 65.6  The weighted average lease term of the Company's premises and equipment leases is 3.31 years.

v3.23.3

Other assets	9 Months Ended
	Sep. 30, 2023
Miscellaneous non-current assets [abstract]
Other assets	Other assets As at September 30, 2023 December 31, 2022 Prepaid lease deposits $ 5.0 $ 2.4 Prepaid insurance 1.7 1.8 Restoration deposit 3.2 — Restricted cash 2.2 — Total other assets $ 12.1 $ 4.2

v3.23.3

Impairment	9 Months Ended
	Sep. 30, 2023
Impairment [Abstract]
Impairment	Impairment The Company assesses at the end of each reporting period whether there are any indicators, from external and internal sources of information, that an asset or cash-generating unit (“CGU”) may be impaired requiring an adjustment to the carrying value. The Company considers its integrated Spoke & Hub network to be one CGU. The recoverable amount of the CGU is based on the future cash flows expected to be derived from the Company's Spoke and Hub network and represents the CGU’s fair value less costs of disposal ("FVLCD"). The Company has decided to pause construction work on the Rochester Hub project, pending completion of a comprehensive review of the go-forward strategy for the project. The pause was due to recent escalating costs. In addition, the Company experienced continued delays in planned project financing and challenges in closing its building leasing arrangements in connection with the project, due to complexities in bringing both arrangements together. Accordingly, the Company expects the aggregate cost for the current scope of the project to substantially exceed its previously disclosed guidance. In light of the expected changes in the construction cost for the Rochester Hub, an impairment assessment was performed on the carrying value of the Company’s assets in accordance with IFRS as at September 30, 2023 and the Company recognized an impairment charge in the amount of $96.5 million to reduce the assets to their recoverable amount of $449.0 million. The Company used a FVLCD model (Level 3 measurement). The impairment charge was recognized on the following plant and equipment asset classes: assets under construction, plant equipment and other, and leasehold improvements. Key assumptions used in the calculation of recoverable amount include a discount rate of 19% as determined by the weighted average cost of capital, and management's estimate of future capital costs and operational results. The Company has performed a sensitivity analysis to identify the impact of changes in the discount rate which is a key assumption that impacts the recoverable amount calculations. The Company assumed a 1% increase in the discount rate while holding all other assumptions constant, which would reduce the recoverable amount by approximately $113.0 million (a 1% decrease in the discount rate would increase the recoverable amount by approximately $131.0 million). The Company has also performed a sensitivity analysis to identify the impact of changes in the future capital costs which is a key assumption that impacts the recoverable amount calculations. The Company assumed a $50.0 million increase in future capital costs while holding all other assumptions constant, which would reduce the recoverable amount by approximately $41.0 million (a $50.0 million decrease in future capital costs would increase the recoverable amount by approximately $41.0 million).

v3.23.3

Related party transactions	9 Months Ended
	Sep. 30, 2023
Disclosure of transactions between related parties [abstract]
Related party transactions	Related party transactions The remuneration of the executive officers and directors, who are the key management personnel of the Company, is set out below: For the Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Salaries $ 1.0  $ 1.0  $ 2.8  $ 2.8  Share-based compensation 2.2  3.2  6.8  11.9  Fees and benefits 1.2  1.0  3.4  2.9  Post employment benefits —  —  0.1  0.1  Total remuneration of key management personnel $ 4.4  $ 5.2  $ 13.1  $ 17.7  Total amounts paid to directors in respect of director services in the three and nine months ended September 30, 2023 were $0.1 million and $0.3 million, respectively (three and nine months ended September 30, 2022: $0.1 million and $0.3 million, respectively). Outstanding balances of remuneration of the executive officers and directors are summarized as follows: As at September 30, 2023 December 31, 2022 Accounts payable and accrued liabilities $ 2.5 $ 2.8 Outstanding balances 2.5 2.8 Related party expenses are recorded at exchange amounts. For the three and nine months ended September 30, 2023, total transactions with related parties are nil and $0.1 million, respectively (three and nine months ended September 30, 2022: $0.1 million and $0.3 million, respectively).

v3.23.3

Accounts payable and accrued liabilities	9 Months Ended
	Sep. 30, 2023
Subclassifications of assets, liabilities and equities [abstract]
Accounts payable and accrued liabilities	Accounts payable and accrued liabilities As at September 30, 2023 December 31, 2022 Trade payables $ 19.3  $ 26.5  Accrued fixed assets 55.2  35.4  Accrued expenses 13.2  4.4  Accrued compensation 11.4  9.6  Total accounts payable and accrued liabilities $ 99.1  $ 75.9

v3.23.3

Lease liabilities	9 Months Ended
	Sep. 30, 2023
Disclosure Of Leases [Abstract]
Lease liabilities	Lease liabilities For the nine months ended September 30, 2023 Premises Equipment Total Balance, beginning of the period $ 53.3  $ 0.6  $ 53.9  Additions 18.5  0.3  18.8  Lease repayments (4.9) (0.1) (5.0) Foreign exchange losses (0.2) —  (0.2) Balance, end of the period $ 66.7  $ 0.8  $ 67.5  Non-current portion of lease liabilities $ (61.2) $ (0.6) $ (61.8) Current Lease Liabilities $ 5.5  $ 0.2  $ 5.7  In the three and nine months ended September 30, 2023, the Company recognized interest expense of $1.2 million and $3.0 million, respectively, related to lease liabilities (three and nine months ended September 30, 2022: $0.8 million and $1.7 million, respectively). The Company’s lease obligations include leases for plant operations, storage facilities, and office space for employees. Maturity analysis (undiscounted) As at September 30, 2023 Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter Total Premises $ 8.5 $ 8.6 $ 8.4 $ 8.0 $ 7.2 $ 47.3  $ 88.0 Equipment 0.2 0.2 0.2 0.2 0.1 — 0.9 Total $ 8.7 $ 8.8 $ 8.6 $ 8.2 $ 7.3 $ 47.3 $ 88.9 Maturity analysis (undiscounted) As at December 31, 2022 Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter Total Premises $ 8.7 $ 7.7 $ 7.3 $ 7.1 $ 6.4 $ 40.7  $ 77.9 Equipment 0.2 0.1 0.1 0.1 0.1 — 0.6 Total $ 8.9 $ 7.8 $ 7.4 $ 7.2 $ 6.5 $ 40.7 $ 78.5

v3.23.3

Deferred revenue	9 Months Ended
	Sep. 30, 2023
Contract liabilities [abstract]
Deferred revenue	Deferred revenue On March 28, 2023 the Company signed a definitive agreement for a global lithium-ion battery recycling partnership with a leading global provider of industrial trucks and supply chain solutions. As part of the agreement, the Company received 5 million Euros in reservation fee for future battery recycling services. The deferred revenue will be recognized in revenue as the services are provided. As at September 30, 2023 December 31, 2022 Balance, beginning of the period $ —  $ —  Additions 5.4  —  Foreign exchange loss (0.1) —  Balance, end of the period $ 5.3  $ —

v3.23.3

Convertible Debt	9 Months Ended
	Sep. 30, 2023
Financial Instruments [Abstract]
Convertible Debt	Convertible Debt As at September 30, 2023 December 31, 2022 KSP Convertible Notes (a) $ 97.5  $ 91.5  Glencore Convertible Notes (b) 185.3  181.4  Total convertible debt at end of the period $ 282.8  $ 272.9  (a) KSP Convertible Notes As at September 30, 2023 December 31, 2022 Principal of convertible notes at beginning of the period $ 110.2  $ 101.8  Issuance of convertible notes 4.4  8.4  Principal of convertible notes at end of the period 114.6  110.2  Conversion feature at beginning of the period 6.0  19.9  Fair value gain on embedded derivative (4.1) (13.9) Conversion feature at end of the period 1.9  6.0  Debt component at beginning of the period 85.5  74.2  Debt component issued 4.4  8.4  Accrued interest paid in kind (4.4) (8.4) Accrued interest expense and accretion 10.1  11.3  Debt component at end of the period 95.6  85.5  Total convertible debt at end of the period $ 97.5  $ 91.5  On September 29, 2021, the Company entered into a Note Purchase Agreement (the “KSP Note Purchase Agreement”) with Spring Creek Capital, LLC (an affiliate of Koch Strategic Platforms, LLC, being a subsidiary of Koch Investments Group) and issued an unsecured convertible note (the "KSP Convertible Note”) for a principal amount of $100 million to Spring Creek Capital, LLC. The KSP Convertible Note will mature on September 29, 2026 unless earlier repurchased, redeemed or converted. Interest on the KSP Convertible Note is payable semi-annually, and Li-Cycle is permitted to pay interest on the KSP Convertible Note in cash or by payment in-kind (“PIK”), at its election. Interest payments made in cash are based on an interest rate of LIBOR plus 5.0% per year, and PIK interest payments were based on an interest rate of LIBOR plus 6.0% per year, with a LIBOR floor of 1% and a cap of 2%. Starting July 1, 2023, as the LIBOR interest rate is no longer published, the interest rate is instead based on the sum of the Secured Overnight Financing Rate ("SOFR") and 0.58% (being average spread between the SOFR and LIBOR during the three-month period ending on the date on July 31, 2023, namely, which LIBOR ceased to be published). The PIK election results in the issuance of a new note under the same terms as the KSP Convertible Note, issued in lieu of interest payments with an issuance date on the applicable interest date. On May 1, 2022, Spring Creek Capital, LLC assigned the KSP Convertible Note and the PIK note outstanding at that time to an affiliate, Wood River Capital, LLC. The Company has elected to pay interest by PIK since the first interest payment date of December 31, 2021. The KSP Convertible Note and the PIK notes issued thereunder are referred to collectively as the "KSP Convertible Notes”, and as at September 30, 2023, comprised the following: Note Date Issued Amount Issued KSP Convertible Note September 29, 2021 $ 100.0  PIK Note December 31, 2021 1.8  PIK Note June 30, 2022 4.1  PIK Note December 31, 2022 4.3  PIK Note June 30, 2023 4.4  Total $ 114.6  The conversion feature under the KSP Convertible Notes has been recorded as an embedded derivative liability since the conversion ratio does not always result in a conversion of a fixed dollar amount of liability for a fixed number of shares. The KSP Convertible Note had an initial conversion price of approximately $13.43 per Li-Cycle common share, subject to customary anti-dilution adjustments, for which price was established based on 125% of the 7-day volume-weighted average price of Li-Cycle’s common shares prior to the date of the KSP Convertible Note Purchase Agreement. Should the Company’s share price be equal to or greater than $17.46, for a period of twenty consecutive days, the Company can force conversion of the KSP Convertible Notes. Li-Cycle will settle its conversion obligations through the delivery of its own common shares. As at September 30, 2023, no conversions had taken place. The fair value of the embedded derivatives upon issuance of the KSP Convertible Note was determined to be a liability of $27.7 million whereas the remaining $72.3 million, net of transaction costs of $1.6 million, was allocated to the principal portion of the debt. During the three and nine months ended September 30, 2023, the Company recognized a fair value gain of $3.4 million and $4.1 million on the embedded derivatives, respectively. The embedded derivatives were valued using the Binomial Option Pricing Model. The assumptions used in the model were as follows: (Issuance date) September 29, 2021 December 31, 2022 September 30, 2023 Risk free interest rate 1.1% 4.2% 4.9% Expected life of options 5.0 years 3.8 years 3.0 years Expected dividend yield 0.0% 0.0% 0.0% Expected stock price volatility 66% 63% 53% Share Price $12.56 $4.76 $3.55 Expected volatility was determined by calculating the average implied volatility of a group of listed entities that are considered similar in nature to the Company. (b) Glencore Convertible Notes As at September 30, 2023 December 31, 2022 Principal of convertible notes at beginning of the period $ 208.1  $ —  Issuance of convertible notes 8.4  208.1  Principal of convertible notes at end of the period 216.5  208.1  Conversion feature at beginning of the period 16.5  —  Conversion feature issued —  46.2  Fair value gain on embedded derivative (13.4) (29.7) Conversion feature at end of the period 3.1  16.5  Debt component at beginning of the period 164.9  —  Debt component issued 8.4  162.0  Transaction costs —  (1.3) Accrued interest paid in kind (8.4) (8.1) Accrued interest expense and accretion 17.3  12.3  Debt component at end of the period 182.2  164.9  Total convertible debt at end of the period $ 185.3  $ 181.4  On May 31, 2022, the Company issued an unsecured convertible note (the “Glencore Convertible Note”) for a principal amount of $200 million to Glencore Ltd. (“Glencore”), a subsidiary of Glencore plc (LON: GLEN). The Glencore Convertible Note will mature on May 31, 2027 unless repurchased, redeemed or converted earlier. Interest on the Glencore Convertible Note is payable semi-annually, with Li-Cycle permitted to pay interest on the Glencore Convertible Note in cash or by payment in-kind (“PIK”), at its election. Interest payments made in cash are based on an interest rate of the Secured Overnight Financing Rate ("SOFR") for a tenor comparable to the relevant interest payment period plus 0.42826% (the “Floating Rate”) plus 5% per annum if interest is paid in cash and plus 6% per annum if interest is paid in PIK. The Floating Rate has a floor of 1% and a cap of 2%. The PIK election results in the issuance of a new note under the same terms as the Glencore Convertible Note, issued in lieu of interest payments with an issuance date on the applicable interest date. In connection with any optional redemption and provided that Glencore has not elected to convert the Glencore Convertible Note into common shares, the Company must issue warrants (the “Glencore Warrants”) to Glencore on the optional redemption date that entitle the holder to acquire, until the maturity date of the Glencore Convertible Note, a number of common shares equal to the principal amount of the Glencore Convertible Note being redeemed divided by the then applicable conversion price. The initial exercise price of the Glencore Warrants will be equal to the conversion price as of the optional redemption date. As at September 30, 2023, no conversions had taken place. The conversion feature under the Glencore Convertible Note has been recorded as an embedded derivative liability as the conversion ratio does not always result in a conversion of a fixed dollar amount of liability for a fixed number of shares. The Glencore Convertible Note has a conversion price of approximately $9.95 per Li-Cycle common share, subject to customary anti-dilution adjustments. The Company has elected to pay interest by PIK since the first interest payment on November 30, 2022. The Glencore Convertible Note and the PIK notes issued thereunder are referred to collectively as the "Glencore Convertible Notes", and as at September 30, 2023, comprised the following: Note Date Issued Amount Issued Glencore Convertible Note May 31, 2022 $ 200.0  PIK Note November 30, 2022 8.1  PIK Note May 31, 2023 8.4  Total $ 216.5  The fair value of the embedded derivative liability upon issuance of the Glencore Convertible Note was determined to be $46.2 million with the remaining $153.8 million, net of transaction costs of $1.3 million, allocated to the initial amortized cost of the host debt instrument. During the three and nine months ended September 30, 2023, the Company recognized a fair value gain of $7.5 million and $13.4 million on the embedded derivatives. The embedded derivatives were valued using the Black-Scholes Option Pricing Model. The assumptions used in the model were as follows: (Issuance date) May 31, 2022 December 31, 2022 September 30, 2023 Risk free interest rate 2.9% 4.2% 4.8% Expected life of options 5.0 years 4.4 years 3.7 years Expected dividend yield 0.0% 0.0% 0.0% Expected stock price volatility 68% 63% 53% Share Price $8.15 $4.76 $3.55 Expected volatility was determined by calculating the average implied volatility of a group of listed entities that are considered similar in nature to the Company.

v3.23.3

Restoration Provision	9 Months Ended
	Sep. 30, 2023
Provision for decommissioning, restoration and rehabilitation costs [abstract]
Restoration Provision	Restoration Provision The Company has a legal obligation to complete the site restoration and decommissioning of its leased plant properties in Germany, New York and Ontario. The provision for decommissioning and site restoration is determined using the estimated costs provided by the State of Saxony-Anhalt, Germany, New York Department of Environmental Conservation and Ontario Ministry of the Environment, Conservation and Parks. The following table represents the continuity of the restoration provision associated with the Company’s leased plant properties: As at September 30, 2023 December 31, 2022 Balance, beginning of the period $ 0.4  $ 0.3  Additions 2.3  0.1  Foreign exchange loss (0.1) —  Balance, end of the period $ 2.6  $ 0.4  The present value of the restoration provision of $2.6 million (2022: $0.4 million) was calculated using an average risk-free rate of 1.62%.

v3.23.3

Warrants	9 Months Ended
	Sep. 30, 2023
Subclassifications of assets, liabilities and equities [abstract]
Warrants	WarrantsIn connection with the completion of the Business Combination on August 10, 2021, the Company assumed obligation for Peridot Acquisition Corp.’s warrants to purchase up to 23,000,000 common shares at their fair market value of $2.10 per share for a total acquired liability of $48.3 million. The total number of warrants was made up of 15,000,000 Public Placement Warrants ("Public Warrants") and 8,000,000 Private Placement Warrants ("Private Warrants"). All of the warrants had a 5-year term, expiring on September 24, 2025. The Public Warrants had an exercise price of $11.50 per share, with a redemption price of $0.10 per warrant if the Company's share price exceeded $10.00, on a cashless basis. If the Company's share price exceeded $18.00 for any 20 trading days within the P30D trading day period ending three trading days before the Company elected to deliver a notice of redemption, the redemption price was $0.01 on a cash basis. The Private Warrants had an exercise price of $11.50 per share, redeemable only at such time that the share price of the Company was between $10.00 and $18.00, at $0.10 per warrant. The Private Warrants were not transferable until 30 days after the close of the Business Combination, which was September 9, 2021. On December 27, 2021, the Company announced that it would redeem all of its warrants to purchase common shares of the Company that remained outstanding at 5:00 p.m. New York City time on January 26, 2022 (the "Redemption Date") for a redemption price of $0.10 per warrant. Based on the redemption fair market value that was announced on January 11, 2022, warrant holders who surrendered their warrants on a "Make-Whole Exercise" prior to the Redemption Date received 0.253 common shares of the Company per warrant. As of January 31, 2022, (i) 9,678 warrants were exercised at the exercise price of $11.50 per common share, and (ii) 22,540,651 warrants were surrendered by holders in the Make-Whole Exercise. The remaining 449,665 unexercised warrants were redeemed at $0.10 per warrant. For the nine months ended September 30, 2022 Number of warrants Balance, beginning of the period 22,997,712  $ 57.1  Cash exercises (7,396) —  Cashless exercises (22,540,651) (46.0) Redemptions (449,665) —  Fair value gain on warrants —  (11.1) Balance, end of the period —  $ —  Warrants were re-measured through profit or loss at each period end, using first level inputs. As of September 30, 2022, there were no warrants outstanding.

v3.23.3

Share capital and share-based compensation	9 Months Ended
	Sep. 30, 2023
Share Capital, Reserves And Other Equity Interest [Abstract]
Share capital and share-based compensation	Share capital and share-based compensation Authorized share capital Li-Cycle Holdings Corp. is authorized to issue an unlimited number of voting common shares without par value. All issued shares are fully paid. The changes in the Company’s outstanding common shares were as follows: For the Nine months ended Year ended September 30, 2023 December 31, 2022 Number of shares (in millions) Capital Stock Number of shares (in millions) Capital Stock Balance, beginning of the period 176.1  $ 772.4  163.2  $ 672.1  Exercise of RSUs 0.8  6.7  0.3  4.1  Exercise of stock options 1.3  0.6  1.6  0.5  Exercise of warrants (Note 18) —  —  5.7  46.0  Issuance of shares to LG Energy Solution, Ltd. and LG Chem, Ltd. —  —  5.3  49.7  Unwinding of Non-controlling interest —  (0.4) —  —  Balance, end of the period 178.2  $ 779.3  176.1  $ 772.4  On May 12, 2022, the Company announced the successful completion of the $50 million aggregate investment in common shares of the Company by LG Energy Solution, Ltd. (“LGES”) and LG Chem, Ltd. (“LGC”). The Company issued 5,300,352 shares at an average price of $9.43 per common shares to LGES and LGC (being 2,650,176 common shares each). The investment was split into two tranches: (i) an initial tranche of 4,416,960 common shares, in the aggregate, at a price of $10.00 per share (for an aggregate initial tranche subscription price of approximately $44.2 million), and (ii) a second tranche of 883,392 common shares, in the aggregate, at a price of $6.60 per share (for an aggregate second tranche subscription price of approximately $5.8 million). The total cash inflow, net of transaction costs, was $49.7 million. Long-term incentive plans Stock options Stock options have been issued under the Company's 2021 Long Term-Incentive Plan ("LTIP Plan") and certain legacy plans ("Legacy Plans"). Each of the Company's stock options converts into one common share of the Company on exercise. No amounts are paid or payable by the recipient on receipt of the option. The options carry neither rights to dividends nor voting rights. The vesting period is one-third on the first-year anniversary of the grant of the option, and one-third every consecutive year thereafter. If an option remains unexercised after a period of 10 years from the date of grant, the option expires. Options are forfeited if the recipient terminates their employment or contract with the Company before the options vest. A summary of stock option activities is as follows: For the nine months ended September 30, 2023 2022 $ millions, except number of options Number of stock options Weighted average exercise price of  stock options Number of stock options Weighted average exercise price of  stock options Balance, beginning of the period 4,368,732  $ 4.58  5,328,279  $ 2.88  Granted 1,088,500  5.76  732,104  7.58 Exercised (1,541,514) 0.73  (1,467,647) 0.45 Forfeited (127,438) 10.33  (2,619) 10.93 Balance, end of the period 3,788,280  6.29  4,590,117  4.40 Exercisable stock options 1,994,145  5.71  3,332,753  2.65 During the nine months ended September 30, 2023, 1,541,514 stock options were exercised on a cashless basis (2022: 1,467,647), resulting in the issuance of 1,300,918 common shares (2022: 7,087,013) of the Company, net of stock option issuance costs. A summary of the outstanding stock options is as follows: As of September 30, 2023 Plan Range of exercise prices Number of stock options Weighted-average remaining contractual life (years) Expiration year Legacy Plans $ 0.37 - 2.15 1,012,161 5.91 April 2024 - February 2031 LTIP Plans 4.94 - 13.20 2,776,119 8.58 August 2031 - May 2033 3,788,280 The Company recognized total expenses of $1.0 million and $2.8 million related to stock options during the three and nine months ended September 30, 2023, respectively (three and nine months ended September 30, 2022: $1.3 million and $5.9 million, respectively). The fair value of the stock options granted during the three and nine months ended September 30, 2023 was determined to be $nil and $3.6 million, respectively (three and nine months ended September 30, 2022: $0.2 million and $3.5 million, respectively), using the Black-Scholes Merton option pricing model. The assumptions used in the stock option pricing model for the grants during the nine months ended September 30, 2023 were as follows: Risk free interest rate 3.45% - 3.59% Expected life of options 6 years Expected dividend yield 0% Expected stock price volatility 57.81% - 58.65% Expected forfeiture rate 0.146% - 4.127% Expected volatility was determined by calculating the average historical volatility of a group of listed entities that are considered similar in nature to the Company. Restricted share units Under the terms of the Company's LTIP Plan, restricted share units ("RSUs") have been issued to executives, directors, employees and advisors. The RSU vesting periods ranged from several months to 3 years. The RSUs represent the right to receive common shares from the Company. RSUs issued under the LTIP Plan are expected to be settled in common shares. RSUs issued under the LTIP Plan are classified as equity on the consolidated statements of financial position. The Company recognized share-based compensation expense relating to RSUs totaling $3.0 million and $8.5 million in the three and nine months ended September 30, 2023, respectively (three and nine months ended September 30, 2022: $3.1 million and $10.0 million, respectively). A summary of RSU activities is as follows: For the nine months ended September 30, 2023 2022 $ millions, except number of RSUs Number of RSUs Weighted average share price on grant date Number of RSUs Weighted average share price on grant date Balance, beginning of the period 2,000,680 8.69 938,752 11.47 Granted 2,322,225 5.63 1,480,618 7.66 Exercised (784,426) 8.46 (317,619) 11.22 Forfeited (257,654) 7.63 (53,823) 10.04  Balance, end of the period 3,280,825 6.66 2,047,928 8.79 RSUs granted in the three and nine months ended September 30, 2023 vest over 1 to 3 years. For the three and nine months ended September 30, 2023, RSU and stock option costs capitalized to assets under construction were $0.2 million and $0.6 million, respectively (three and nine months ended September 30, 2022: $0.4 million and $0.4 million, respectively).

v3.23.3

Non-Controlling Interest	9 Months Ended
	Sep. 30, 2023
Non-Controlling Interest [Abstract]
Non-Controlling Interest	Non-controlling interest On January 26, 2022, the Company entered into an agreement with ECO STOR AS (“ECO STOR”) and Morrow Batteries AS (“Morrow”) to form Li-Cycle Norway AS for the purpose of developing a new Spoke facility in southern Norway. Li-Cycle became the majority owner of Li-Cycle Norway AS with a 67% ownership interest, while Nordic-headquartered strategic partners ECO STOR and Morrow held a 31% and 2% ownership interest, respectively. On June 29, 2023 the Company purchased all shares of Li-Cycle Norway AS held by ECO STOR and Morrow, eliminating all non-controlling interests in the entity. The Company paid $0.4 million for these shares, bringing its ownership interest in Li-Cycle Norway AS from 67% to 100%. This transaction created a loss of $0.6 million which is reflected in equity and had no impact on the Statement of loss and comprehensive loss. The carrying amount of Li-Cycle Norway AS net assets in the Company's consolidated financial statements on the date of acquisition was $0.6 million. in millions of US dollars Carrying amount of NCI acquired ($0.6 million x 33%) $ 0.2  Consideration paid to NCI 0.4  A decrease in equity attributable to owners of the Company $ 0.6

v3.23.3

Financial instruments and financial risk factors	9 Months Ended
	Sep. 30, 2023
Financial Instruments [Abstract]
Financial instruments and financial risk factors	Financial instruments and financial risk factors Fair values The Company’s financial instruments consist of cash equivalents, accounts receivable, other receivables, accounts payable and accrued liabilities, and convertible debt. The carrying amounts of other receivables, accounts payable and accrued liabilities approximate fair value due to the short-term maturity of these instruments. Fair value hierarchy levels 1 to 3 are based on the degree to which the fair value is observable: •Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; •Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and •Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). There were no transfers between the levels during the current or prior period. The Company’s financial assets and financial liabilities measured at fair value on a recurring basis are measured under level 2 of the hierarchy and were calculated as follows: As at September 30, 2023 December 31, 2022 Conversion feature of convertible debt (refer to Note 16) $ 5.0  $ 22.5  Accounts receivable $ 2.3 $ 4.3 Refer to Note 5 above for additional details related to measurement of accounts receivable. Currency risk The Company is exposed to currency risk as its cash is mainly denominated in U.S. dollars, while its operations also require Canadian dollars and other currencies in addition to U.S. dollars. As at September 30, 2023, the impact of a 5% change in these respective currencies versus the U.S. dollar, would result in an immaterial impact. Interest rate risk Interest rate risk is the risk arising from the effect of changes in prevailing interest rates on the Company’s financial instruments. The Company is exposed to interest rate risk, as it has variable interest rate debt that includes an interest rate floor and cap. Refer to Note 16. Credit risk Credit risks associated with cash are minimal as the Company deposits the majority of its cash with large Canadian and U.S. financial institutions above a minimum credit rating and with a cap on maximum deposits with any one institution. The Company’s credit risks associated with receivables are managed and exposure to potential loss is also assessed as minimal. The Company's revenue and accounts receivable primarily come from three key customers under long-term contracts. The Company manages this risk by engaging with reputable multi-national corporations in stable jurisdictions and performing a review of a potential customer’s financial health prior to engaging in business. Liquidity risk Management is assessing its liquidity risk management framework for the management of the Company’s short-term, medium and long-term funding and liquidity requirements. The Company’s undiscounted significant contractual obligations and interest and principal repayments in respect of its financial liabilities and provisions are presented in the following table: Undiscounted, at September 30, 2023 Total Less than 1 year 1 - 3 years 3 - 5 years More than 5 years Accounts payable and accrued liabilities $ 99.1  $ 99.1  $ —  $ —  $ —  Lease liabilities 88.9  8.7  17.4 15.5 47.3 Restoration 3.2  —  0.2 —  3.0 Convertible debt principal 331.1  —  114.60  216.5 —  Convertible debt interest 115.0  —  33.80  81.2 —  Total $ 637.3  $ 107.8  $ 166.0  $ 313.2  $ 50.3  Market risk The Company is exposed to commodity price movements for the inventory it holds and the products it produces. Commodity price risk management activities are currently limited to monitoring market prices. The Company’s revenues are sensitive to the market prices of the constituent payable metals contained in its products, notably cobalt and nickel. The following table sets out the Company's exposure, as at September 30, 2023 and December 31, 2022, in relation to the impact of movements in the cobalt and nickel price for the provisionally invoiced sales volume of Black Mass & Equivalents by metric tonne: Cobalt Nickel As at September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 BM&E Metric tonnes subject to fair value pricing adjustments 4,274 4,428 4,274 4,428 10% increase in prices $ 0.4 $ 0.8 $ 0.8 $ 1.4 10% decrease in prices $ (0.4) $ (0.8) $ (0.8) $ (1.4) The following table sets out the period end commodity prices for cobalt and nickel as at September 30, 2023 and December 31, 2022: Market price per tonne As at September 30, 2023 December 31, 2022 Cobalt $ 31,967 $ 41,337 Nickel 18,505 30,400 Capital risk management The Company's objective when managing its capital is to ensure that it will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. The capital structure of the Company consists of net cash (cash and cash equivalents after deducting convertible debt) and equity of the Company (comprising issued share capital and other reserves). The Company is not subject to any externally imposed capital requirements as of September 30, 2023.

v3.23.3

Commitments and contingencies	9 Months Ended
	Sep. 30, 2023
Commitments [Abstract]
Commitments and contingencies	Commitments and contingencies As of September 30, 2023, there were $9.6 million in committed purchase orders or agreements for equipment and services (December 31, 2022: $9.5 million). Legal Proceedings The Company is and may be subject to various claims and legal proceedings in the ordinary course of its business. Due to the inherent risks and uncertainties of the litigation process, we cannot predict the final outcome or timing of claims or legal proceedings. The Company records provisions for such claims when an outflow of resources is considered probable and a reliable estimate can be made. No such provisions have been recorded by the Company. U.S. Shareholder Class Action On April 19, 2022, a putative securities class action lawsuit was filed in the U.S. District Court for the Eastern District of New York against the Company, its CEO, and its former CFO, on behalf of a proposed class of purchasers of the Company’s publicly traded securities during the period from February 16, 2021 through March 23, 2022. The complaint, which is captioned as Barnish v. Li-Cycle Holdings Corp., et al., 1:22-cv-02222 (E.D.N.Y.), alleges that the defendants issued false and misleading statements concerning Li-Cycle’s business, which were revealed when Blue Orca Capital published a short seller report on March 24, 2022. The complaint sought compensatory damages and an award of costs. The original complaint asserted claims under Sections 10(b) and 20(a) of the U.S. Securities Exchange Act of 1934 (the “Exchange Act”). On July 22, 2022, the court appointed The Lanigan Group, Inc. as lead plaintiff. On October 11, 2022, the lead plaintiff filed an amended complaint asserting claims pursuant to Section 14(a) of the Exchange Act and Sections 11 and 15 of the U.S. Securities Act of 1933 on behalf of a proposed class comprising: (a) all persons who were eligible to vote at Peridot Acquisition Corp.’s extraordinary general meeting held during August 2021, and (b) all persons who acquired Li-Cycle publicly traded securities pursuant to Li-Cycle’s March 2021 Registration Statement. Unlike the original complaint, the amended complaint did not assert any claims under either Section 10(b) or Section 20(a) of the Exchange Act. The claims in the amended complaint were asserted against both the Company and certain individual defendants, including Li-Cycle’s two Co-Founders, Li-Cycle’s former CFO, two current directors of Li-Cycle (who were also directors and/or officers of Peridot Acquisition Corp. at the time of the Business Combination), and certain other directors or officers of Peridot Acquisition Corp. at the time of the Business Combination. On December 19, 2022, the Company and each of the individual defendants moved to dismiss the amended complaint in its entirety. On October 6, 2023, the court granted defendants' motion to dismiss in its entirety, but granted lead plaintiff an opportunity to seek leave to replead. On October 23, 2023, lead plaintiff filed a notice of voluntary dismissal, and the court issued an order dismissing the case.

v3.23.3

Loss per share	9 Months Ended
	Sep. 30, 2023
Earnings per share [abstract]
Loss per share	Loss per share For the three and nine months ended September 30, 2023 2022 2023 2022 $ millions, except number of shares and per share amounts Total net loss $ (130.5) $ (20.6) $ (205.2) $ (58.8) Weighted average number of common shares 178.0 175.5 177.2 171.8 Basic and diluted loss per common share $ (0.73) $ (0.12) $ (1.16) $ (0.34)

v3.23.3

Segment reporting	9 Months Ended
	Sep. 30, 2023
Disclosure of operating segments [abstract]
Segment reporting	Segment reportingThe condensed consolidated financial information presented in the accompanying financial statements is reviewed regularly by the Company’s chief operating decision maker (“CODM”) for making strategic decisions, allocations resources and assessing performance. The information review by CODM for decision making purposes aligns with the information provided above in the statements of loss and comprehensive loss, financial position, and cash flows. The Company’s CODM is its Chief Executive Officer. During the three and nine months ended September 30, 2023, the Company operated in Canada, the United States, and Germany. The Company also has invested in future operations in Europe. Management has concluded that the customers, and the nature and method of distribution of goods and services delivered, if any, to these geographic regions are similar in nature. The risks and returns across the geographic regions are not dissimilar; therefore, the Company operates as a single operating segment. The following is a summary of the Company’s geographical information: Canada United States Germany Norway France Other Total Revenues Three months ended September 30, 2023 $ 0.1 $ 4.3 $ — $ — $ — $ 0.3 $ 4.7 Three months ended September 30, 2022 0.4 2.4 — — — — 2.8 Nine months ended September 30, 2023 $ 1.0 $ 10.6 $ — $ — $ — $ 0.3 $ 11.9 Nine months ended September 30, 2022 3.2 7.6 — — — — 10.8 Non-current assets As at September 30, 2023 $ 55.6 $ 453.3 $ 30.7 $ 11.9 $ 9.0 $ 1.5 $ 562.0 As of December 31, 2022 38.1 213.0 11.6 0.9 0.1 1.7 265.4 Revenue is attributed to each geographical location based on location of sale. The Company does not currently have active operations in any other geographical regions.

v3.23.3

Subsequent events	9 Months Ended
	Sep. 30, 2023
Events After Reporting Period [Abstract]
Subsequent events	Subsequent events On November 1, 2023, the Company announced that its Board of Directors has adopted a limited duration shareholder rights plan (the “Rights Plan”). Pursuant to the Rights Plan, Li-Cycle will issue one right for each common share of the Company outstanding as of the close of business on November 10, 2023. While the Rights Plan is effective immediately, the rights generally will become exercisable only if an applicable person or group acquires beneficial ownership of 20% or more of Li-Cycle’s outstanding common shares in a transaction not approved by the Board of Directors. In that situation, each holder of a right (other than the acquiring person or group) will have the right to purchase, for the purchase price of $12.50, a number of common shares of the Company having a then-current market value of twice the purchase price. In addition, at any time after an applicable person or group acquires 20% or more of the Company’s common shares, the Board of Directors may, at its option, deem all or part of the rights exercised at a ratio of one common share for each outstanding right (other than rights owned by such person or group, which will have become void) for a nil purchase price per right. The Rights Plan will expire on October 30, 2024. Subsequent to the Company’s October 23, 2023 announcement that it will be pausing the Rochester Hub project, certain contractor liens have been filed in New York State in relation to the project for an aggregate amount of approximately $29.0 million.

v3.23.3

Basis of preparation (Policies)	9 Months Ended
	Sep. 30, 2023
List Of Accounting Policies [Abstract]
Statement of compliance	Statement of compliance On December 21, 2022, the Company announced a change in its financial year end from October 31st to December 31st. The change has been made to better align Li-Cycle’s financial reporting calendar with peer group companies. The Company's current financial year will cover the period from January 1, 2023 to December 31, 2023. These unaudited condensed consolidated interim financial statements ("interim financial statements") have been prepared in accordance with International Financial Reporting Standards ("IFRS") under International Accounting Standard (IAS) 34 - Interim Financial Reporting. Except for certain amendments and interpretations to the IFRS that apply for the first time to the Company described in Note 2.6, these interim financial statements were prepared using the same basis of presentation, accounting policies and methods of computation as set forth in Note 2 of the Company's consolidated financial statements for the year ended October 31, 2022. These interim financial statements were approved and authorized for issue by the Audit Committee of the Board of Directors on November 13, 2023.
Basis of consolidation	Basis of consolidation These interim financial statements include the financial information of the Company and its subsidiaries. The Company’s subsidiaries are entities controlled by the Company. Control exists when the Company has power over an investee, when the Company is exposed, or has rights, to variable returns from the investee and when the Company has the ability to affect those returns through its power over the investee. The subsidiaries are included in the interim financial statements of the Company from the effective date of incorporation up to the effective date of disposition or loss of control. In assessing control, potential voting rights that are presently exercisable or convertible is taken into account. The accounting policies of subsidiaries are aligned with policies adopted by the Company. The Company’s principal subsidiaries and their geographic location as at September 30, 2023 are set forth in the table below: Company Location Ownership interest Li-Cycle Corp. Ontario, Canada 100% Li-Cycle Americas Corp. Ontario, Canada 100% Li-Cycle U.S. Inc. Delaware, U.S. 100% Li-Cycle Inc. Delaware, U.S. 100% Li-Cycle North America Hub, Inc. Delaware, U.S. 100% Li-Cycle Europe AG Switzerland 100% Li-Cycle APAC PTE. LTD. Singapore 100% Li-Cycle France SARL France 100% Li-Cycle Germany GmbH Germany 100% Li-Cycle Norway AS Norway 100% Intercompany transactions, balances and unrealized gains/losses on transactions between the Company and its subsidiaries have been eliminated.
Basis of preparation	2.4 Presentation currency These interim financial statements are presented in U.S. dollars, which is the Company's functional currency. All figures are presented in millions of U.S. dollars unless otherwise specified.
Foreign currencies	Foreign currencies The reporting and functional currency of the Company is the U.S. dollar. Transactions in currencies other than the U.S. dollar are recorded at the rates of exchange prevailing on the dates of transactions. At the end of each reporting period, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that date.

v3.23.3

Basis of preparation (Tables)	9 Months Ended
	Sep. 30, 2023
List Of Accounting Policies [Abstract]
Summary of Principal Subsidiaries and their Geographic Location	The Company’s principal subsidiaries and their geographic location as at September 30, 2023 are set forth in the table below: Company Location Ownership interest Li-Cycle Corp. Ontario, Canada 100% Li-Cycle Americas Corp. Ontario, Canada 100% Li-Cycle U.S. Inc. Delaware, U.S. 100% Li-Cycle Inc. Delaware, U.S. 100% Li-Cycle North America Hub, Inc. Delaware, U.S. 100% Li-Cycle Europe AG Switzerland 100% Li-Cycle APAC PTE. LTD. Singapore 100% Li-Cycle France SARL France 100% Li-Cycle Germany GmbH Germany 100% Li-Cycle Norway AS Norway 100%

v3.23.3

Revenue - product sales and recycling services (Tables)	9 Months Ended
	Sep. 30, 2023
Product sales revenue [Abstract]
Schedule of product sales revenue	For the Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Product revenue recognized in the period $ 3.5  $ 4.4  $ 15.7  $ 12.0  Fair value pricing adjustments —  (2.1) (6.0) (2.4) Product sales 3.5  2.3  9.7  9.6  Recycling services 1.2  0.5 2.2  1.2  Revenue $ 4.7  $ 2.8  $ 11.9  $ 10.8  For the Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Product revenue recognized in the period $ 3.5  $ 4.4  $ 15.7  $ 12.0  Recycling services 1.2  0.5  2.2  1.2  Total revenue before FV pricing adjustment $ 4.7  $ 4.9  $ 17.9  $ 13.2

v3.23.3

Other income (expense) (Tables)	9 Months Ended
	Sep. 30, 2023
Financial Instruments [Abstract]
Disclosure of other operating income (expense)	The following table summarizes the Company's other income (expense): For the Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Interest income on short-term investments $ 2.6  $ 3.8  $ 11.8  $ 5.3  Interest income 2.6  3.8  11.8  5.3  Interest expense and accretion on convertible debt (net of capitalized interest) (2.8) (5.1) (8.5) (11.8) Interest expense on leases (1.2) (0.8) (3.0) (1.7) Other finance costs (0.2) —  (0.4) (0.1) Foreign exchange gains (losses) 0.3  0.7  (0.8) 0.5  Interest expense and other costs (3.9) (5.2) (12.7) (13.1) Fair value gain on embedded derivatives (Note 16) 10.9  19.9  17.5  31.4  Fair value gain on warrants (Note 18) —  —  —  11.1  Gains on financial instruments 10.9  19.9  17.5  42.5  Total $ 9.6  $ 18.5  $ 16.6  $ 34.7

v3.23.3

Accounts receivable (Tables)	9 Months Ended
	Sep. 30, 2023
Trade and other current receivables [abstract]
Schedule of other receivables	As at September 30, 2023 December 31, 2022 Trade receivables $ 2.3 $ 4.3 Total accounts receivable 2.3 4.3 Non-trade receivables $ — $ 3.5 Sales taxes receivable 2.7 4.1 Other 0.8 2.4 Total other receivables $ 3.5 $ 10.0

v3.23.3

Prepayments and deposits (Tables)	9 Months Ended
	Sep. 30, 2023
Prepayments And Deposits [Abstract]
Schedule of prepayments and deposits	As at September 30, 2023 December 31, 2022 Prepaid lease deposits $ 0.7 $ 0.5 Prepaid transaction costs 5.7 0.6 Prepaid construction charges 3.1 1.4 Prepaid equipment deposits 33.4 86.1 Prepaid insurance 5.3 4.2 Other prepaids 3.6 2.4 Prepaids and deposits $ 51.8 $ 95.2

v3.23.3

Inventories (Tables)	9 Months Ended
	Sep. 30, 2023
Inventories [Abstract]
Schedule of inventory	As at September 30, 2023 December 31, 2022 Raw materials $ 0.3 $ 5.8 Finished goods 2.5 1.8 Parts and tools 1.1 0.7 Total inventories $ 3.9 $ 8.3

v3.23.3

Plant and equipment (Tables)	9 Months Ended
	Sep. 30, 2023
Disclosure of detailed information about property, plant and equipment [abstract]
Summary of plant and equipment	For the nine months ended September 30, 2023 Assets under construction Plant equipment and other Computer equipment Vehicles Leasehold improvements Total Cost Balance, beginning of the period $ 167.1  $ 38.2  $ 2.1  $ 0.3  $ 9.9  $ 217.6  Additions 372.8  —  0.8  —  2.9  376.5  Transfers (18.2) 18.2  —  —  —  —  Impairment (87.7) (7.2) —  —  (1.6) (96.5) Balance, end of the period 434.0  49.2  2.9  0.3  11.2  497.6  Accumulated depreciation Balance, beginning of the period —  (5.3) (0.3) (0.1) (1.5) (7.2) Depreciation —  (4.5) (0.7) —  (0.9) (6.1) Balance, end of the period —  (9.8) (1.0) (0.1) (2.4) (13.3) Net book value $ 434.0  $ 39.4  $ 1.9  $ 0.2  $ 8.8  $ 484.3

v3.23.3

Right-of-use assets (Tables)	9 Months Ended
	Sep. 30, 2023
Disclosure Of Leases [Abstract]
Schedule of right-of-use assets	For the nine months ended September 30, 2023 Premises Equipment Total Cost Balance, beginning of the year $ 58.5  $ 0.7  $ 59.2  Additions 20.7  0.3  21.0  Termination/derecognition (0.7) —  (0.7) Balance, end of the year 78.5  1.0  79.5  Accumulated depreciation Balance, beginning of the year (8.3) (0.1) (8.4) Termination/derecognition 0.7  —  0.7  Depreciation (6.0) (0.2) (6.2) Balance, end of the year (13.6) (0.3) (13.9) Carrying amounts $ 64.9  $ 0.7  $ 65.6

v3.23.3

Other assets (Tables)	9 Months Ended
	Sep. 30, 2023
Miscellaneous non-current assets [abstract]
Other Assets	As at September 30, 2023 December 31, 2022 Prepaid lease deposits $ 5.0 $ 2.4 Prepaid insurance 1.7 1.8 Restoration deposit 3.2 — Restricted cash 2.2 — Total other assets $ 12.1 $ 4.2

v3.23.3

Related party transactions (Tables)	9 Months Ended
	Sep. 30, 2023
Disclosure of transactions between related parties [abstract]
Related party transactions	The remuneration of the executive officers and directors, who are the key management personnel of the Company, is set out below: For the Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Salaries $ 1.0  $ 1.0  $ 2.8  $ 2.8  Share-based compensation 2.2  3.2  6.8  11.9  Fees and benefits 1.2  1.0  3.4  2.9  Post employment benefits —  —  0.1  0.1  Total remuneration of key management personnel $ 4.4  $ 5.2  $ 13.1  $ 17.7  Outstanding balances of remuneration of the executive officers and directors are summarized as follows: As at September 30, 2023 December 31, 2022 Accounts payable and accrued liabilities $ 2.5 $ 2.8 Outstanding balances 2.5 2.8

v3.23.3

Accounts payable and accrued liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Subclassifications of assets, liabilities and equities [abstract]
Schedule of accounts payable and accrued liabilities	As at September 30, 2023 December 31, 2022 Trade payables $ 19.3  $ 26.5  Accrued fixed assets 55.2  35.4  Accrued expenses 13.2  4.4  Accrued compensation 11.4  9.6  Total accounts payable and accrued liabilities $ 99.1  $ 75.9

v3.23.3

Lease liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Disclosure Of Leases [Abstract]
Schedule of Lease Liabilities	For the nine months ended September 30, 2023 Premises Equipment Total Balance, beginning of the period $ 53.3  $ 0.6  $ 53.9  Additions 18.5  0.3  18.8  Lease repayments (4.9) (0.1) (5.0) Foreign exchange losses (0.2) —  (0.2) Balance, end of the period $ 66.7  $ 0.8  $ 67.5  Non-current portion of lease liabilities $ (61.2) $ (0.6) $ (61.8) Current Lease Liabilities $ 5.5  $ 0.2  $ 5.7
Lease liabilities	The Company’s lease obligations include leases for plant operations, storage facilities, and office space for employees. Maturity analysis (undiscounted) As at September 30, 2023 Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter Total Premises $ 8.5 $ 8.6 $ 8.4 $ 8.0 $ 7.2 $ 47.3  $ 88.0 Equipment 0.2 0.2 0.2 0.2 0.1 — 0.9 Total $ 8.7 $ 8.8 $ 8.6 $ 8.2 $ 7.3 $ 47.3 $ 88.9 Maturity analysis (undiscounted) As at December 31, 2022 Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter Total Premises $ 8.7 $ 7.7 $ 7.3 $ 7.1 $ 6.4 $ 40.7  $ 77.9 Equipment 0.2 0.1 0.1 0.1 0.1 — 0.6 Total $ 8.9 $ 7.8 $ 7.4 $ 7.2 $ 6.5 $ 40.7 $ 78.5

v3.23.3

Deferred revenue (Tables)	9 Months Ended
	Sep. 30, 2023
Contract liabilities [abstract]
Schedule of deferred revenue	As at September 30, 2023 December 31, 2022 Balance, beginning of the period $ —  $ —  Additions 5.4  —  Foreign exchange loss (0.1) —  Balance, end of the period $ 5.3  $ —

v3.23.3

Convertible Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Financial Instruments [Abstract]
Summary of Convertible Debt	As at September 30, 2023 December 31, 2022 KSP Convertible Notes (a) $ 97.5  $ 91.5  Glencore Convertible Notes (b) 185.3  181.4  Total convertible debt at end of the period $ 282.8  $ 272.9  (a) KSP Convertible Notes As at September 30, 2023 December 31, 2022 Principal of convertible notes at beginning of the period $ 110.2  $ 101.8  Issuance of convertible notes 4.4  8.4  Principal of convertible notes at end of the period 114.6  110.2  Conversion feature at beginning of the period 6.0  19.9  Fair value gain on embedded derivative (4.1) (13.9) Conversion feature at end of the period 1.9  6.0  Debt component at beginning of the period 85.5  74.2  Debt component issued 4.4  8.4  Accrued interest paid in kind (4.4) (8.4) Accrued interest expense and accretion 10.1  11.3  Debt component at end of the period 95.6  85.5  Total convertible debt at end of the period $ 97.5  $ 91.5  The KSP Convertible Note and the PIK notes issued thereunder are referred to collectively as the "KSP Convertible Notes”, and as at September 30, 2023, comprised the following: Note Date Issued Amount Issued KSP Convertible Note September 29, 2021 $ 100.0  PIK Note December 31, 2021 1.8  PIK Note June 30, 2022 4.1  PIK Note December 31, 2022 4.3  PIK Note June 30, 2023 4.4  Total $ 114.6  (b) Glencore Convertible Notes As at September 30, 2023 December 31, 2022 Principal of convertible notes at beginning of the period $ 208.1  $ —  Issuance of convertible notes 8.4  208.1  Principal of convertible notes at end of the period 216.5  208.1  Conversion feature at beginning of the period 16.5  —  Conversion feature issued —  46.2  Fair value gain on embedded derivative (13.4) (29.7) Conversion feature at end of the period 3.1  16.5  Debt component at beginning of the period 164.9  —  Debt component issued 8.4  162.0  Transaction costs —  (1.3) Accrued interest paid in kind (8.4) (8.1) Accrued interest expense and accretion 17.3  12.3  Debt component at end of the period 182.2  164.9  Total convertible debt at end of the period $ 185.3  $ 181.4  The Glencore Convertible Note and the PIK notes issued thereunder are referred to collectively as the "Glencore Convertible Notes", and as at September 30, 2023, comprised the following: Note Date Issued Amount Issued Glencore Convertible Note May 31, 2022 $ 200.0  PIK Note November 30, 2022 8.1  PIK Note May 31, 2023 8.4  Total $ 216.5
Summary of assumptions used in stock option pricing	The assumptions used in the model were as follows: (Issuance date) September 29, 2021 December 31, 2022 September 30, 2023 Risk free interest rate 1.1% 4.2% 4.9% Expected life of options 5.0 years 3.8 years 3.0 years Expected dividend yield 0.0% 0.0% 0.0% Expected stock price volatility 66% 63% 53% Share Price $12.56 $4.76 $3.55 The assumptions used in the model were as follows: (Issuance date) May 31, 2022 December 31, 2022 September 30, 2023 Risk free interest rate 2.9% 4.2% 4.8% Expected life of options 5.0 years 4.4 years 3.7 years Expected dividend yield 0.0% 0.0% 0.0% Expected stock price volatility 68% 63% 53% Share Price $8.15 $4.76 $3.55

v3.23.3

Restoration Provision (Tables)	9 Months Ended
	Sep. 30, 2023
Provision for decommissioning, restoration and rehabilitation costs [abstract]
Restoration provision rollforward	The following table represents the continuity of the restoration provision associated with the Company’s leased plant properties: As at September 30, 2023 December 31, 2022 Balance, beginning of the period $ 0.4  $ 0.3  Additions 2.3  0.1  Foreign exchange loss (0.1) —  Balance, end of the period $ 2.6  $ 0.4

v3.23.3

Warrants (Tables)	9 Months Ended
	Sep. 30, 2023
Subclassifications of assets, liabilities and equities [abstract]
Warrant Rollforward	For the nine months ended September 30, 2022 Number of warrants Balance, beginning of the period 22,997,712  $ 57.1  Cash exercises (7,396) —  Cashless exercises (22,540,651) (46.0) Redemptions (449,665) —  Fair value gain on warrants —  (11.1) Balance, end of the period —  $ —

v3.23.3

Share capital and share-based compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share Capital, Reserves And Other Equity Interest [Abstract]
Schedule of Outstanding Shares	The changes in the Company’s outstanding common shares were as follows: For the Nine months ended Year ended September 30, 2023 December 31, 2022 Number of shares (in millions) Capital Stock Number of shares (in millions) Capital Stock Balance, beginning of the period 176.1  $ 772.4  163.2  $ 672.1  Exercise of RSUs 0.8  6.7  0.3  4.1  Exercise of stock options 1.3  0.6  1.6  0.5  Exercise of warrants (Note 18) —  —  5.7  46.0  Issuance of shares to LG Energy Solution, Ltd. and LG Chem, Ltd. —  —  5.3  49.7  Unwinding of Non-controlling interest —  (0.4) —  —  Balance, end of the period 178.2  $ 779.3  176.1  $ 772.4
Summary of number and weighted average exercise prices of stock options	A summary of stock option activities is as follows: For the nine months ended September 30, 2023 2022 $ millions, except number of options Number of stock options Weighted average exercise price of  stock options Number of stock options Weighted average exercise price of  stock options Balance, beginning of the period 4,368,732  $ 4.58  5,328,279  $ 2.88  Granted 1,088,500  5.76  732,104  7.58 Exercised (1,541,514) 0.73  (1,467,647) 0.45 Forfeited (127,438) 10.33  (2,619) 10.93 Balance, end of the period 3,788,280  6.29  4,590,117  4.40 Exercisable stock options 1,994,145  5.71  3,332,753  2.65 A summary of the outstanding stock options is as follows: As of September 30, 2023 Plan Range of exercise prices Number of stock options Weighted-average remaining contractual life (years) Expiration year Legacy Plans $ 0.37 - 2.15 1,012,161 5.91 April 2024 - February 2031 LTIP Plans 4.94 - 13.20 2,776,119 8.58 August 2031 - May 2033 3,788,280
Summary of assumptions used in stock option pricing	The assumptions used in the stock option pricing model for the grants during the nine months ended September 30, 2023 were as follows: Risk free interest rate 3.45% - 3.59% Expected life of options 6 years Expected dividend yield 0% Expected stock price volatility 57.81% - 58.65% Expected forfeiture rate 0.146% - 4.127%
Summary of restricted stock unit activity	A summary of RSU activities is as follows: For the nine months ended September 30, 2023 2022 $ millions, except number of RSUs Number of RSUs Weighted average share price on grant date Number of RSUs Weighted average share price on grant date Balance, beginning of the period 2,000,680 8.69 938,752 11.47 Granted 2,322,225 5.63 1,480,618 7.66 Exercised (784,426) 8.46 (317,619) 11.22 Forfeited (257,654) 7.63 (53,823) 10.04  Balance, end of the period 3,280,825 6.66 2,047,928 8.79

v3.23.3

Non-Controlling Interest (Tables)	9 Months Ended
	Sep. 30, 2023
Non-Controlling Interest [Abstract]
Schedule of non-controlling interest	The carrying amount of Li-Cycle Norway AS net assets in the Company's consolidated financial statements on the date of acquisition was $0.6 million. in millions of US dollars Carrying amount of NCI acquired ($0.6 million x 33%) $ 0.2  Consideration paid to NCI 0.4  A decrease in equity attributable to owners of the Company $ 0.6

v3.23.3

Financial instruments and financial risk factors (Tables)	9 Months Ended
	Sep. 30, 2023
Financial Instruments [Abstract]
Schedule of fair value measurement of assets	The Company’s financial assets and financial liabilities measured at fair value on a recurring basis are measured under level 2 of the hierarchy and were calculated as follows: As at September 30, 2023 December 31, 2022 Conversion feature of convertible debt (refer to Note 16) $ 5.0  $ 22.5  Accounts receivable $ 2.3 $ 4.3
Schedule of fair value measurement of liabilities	The Company’s financial assets and financial liabilities measured at fair value on a recurring basis are measured under level 2 of the hierarchy and were calculated as follows: As at September 30, 2023 December 31, 2022 Conversion feature of convertible debt (refer to Note 16) $ 5.0  $ 22.5  Accounts receivable $ 2.3 $ 4.3
Schedule of Financial Liabilities	The Company’s undiscounted significant contractual obligations and interest and principal repayments in respect of its financial liabilities and provisions are presented in the following table: Undiscounted, at September 30, 2023 Total Less than 1 year 1 - 3 years 3 - 5 years More than 5 years Accounts payable and accrued liabilities $ 99.1  $ 99.1  $ —  $ —  $ —  Lease liabilities 88.9  8.7  17.4 15.5 47.3 Restoration 3.2  —  0.2 —  3.0 Convertible debt principal 331.1  —  114.60  216.5 —  Convertible debt interest 115.0  —  33.80  81.2 —  Total $ 637.3  $ 107.8  $ 166.0  $ 313.2  $ 50.3
Schedule of fair value measurement of price	The following table sets out the Company's exposure, as at September 30, 2023 and December 31, 2022, in relation to the impact of movements in the cobalt and nickel price for the provisionally invoiced sales volume of Black Mass & Equivalents by metric tonne: Cobalt Nickel As at September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 BM&E Metric tonnes subject to fair value pricing adjustments 4,274 4,428 4,274 4,428 10% increase in prices $ 0.4 $ 0.8 $ 0.8 $ 1.4 10% decrease in prices $ (0.4) $ (0.8) $ (0.8) $ (1.4) The following table sets out the period end commodity prices for cobalt and nickel as at September 30, 2023 and December 31, 2022: Market price per tonne As at September 30, 2023 December 31, 2022 Cobalt $ 31,967 $ 41,337 Nickel 18,505 30,400

v3.23.3

Loss per share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings per share [abstract]
Summary of earnings per share	For the three and nine months ended September 30, 2023 2022 2023 2022 $ millions, except number of shares and per share amounts Total net loss $ (130.5) $ (20.6) $ (205.2) $ (58.8) Weighted average number of common shares 178.0 175.5 177.2 171.8 Basic and diluted loss per common share $ (0.73) $ (0.12) $ (1.16) $ (0.34)

v3.23.3

Segment reporting (Tables)	9 Months Ended
	Sep. 30, 2023
Disclosure of operating segments [abstract]
Schedule of geographical areas	The following is a summary of the Company’s geographical information: Canada United States Germany Norway France Other Total Revenues Three months ended September 30, 2023 $ 0.1 $ 4.3 $ — $ — $ — $ 0.3 $ 4.7 Three months ended September 30, 2022 0.4 2.4 — — — — 2.8 Nine months ended September 30, 2023 $ 1.0 $ 10.6 $ — $ — $ — $ 0.3 $ 11.9 Nine months ended September 30, 2022 3.2 7.6 — — — — 10.8 Non-current assets As at September 30, 2023 $ 55.6 $ 453.3 $ 30.7 $ 11.9 $ 9.0 $ 1.5 $ 562.0 As of December 31, 2022 38.1 213.0 11.6 0.9 0.1 1.7 265.4

v3.23.3

Basis of preparation - Summary of Subsidiary Ownership (Details)			9 Months Ended
	Jun. 29, 2023	Jan. 26, 2022	Sep. 30, 2023
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	67.00%
Li-Cycle Corp.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%
Li-Cycle Americas Corp.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%
Li-Cycle U.S. Inc.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%
Li-Cycle Inc.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%
Li-Cycle North America Hub, Inc.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%
Li-Cycle Europe AG
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%
Li-Cycle APAC PTE. LTD.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%
Li-Cycle Germany GmbH
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%
Li-Cycle Norway AS
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%
Li-Cycle France SARL
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%

v3.23.3

Revenue - product sales and recycling services - Schedule of product sales revenue (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Product sales revenue [Abstract]
Product revenue recognized in the period	$ 3,500,000	$ 4,400,000		$ 15,700,000	$ 12,000,000.0
Fair value pricing adjustments	0	(2,100,000)		(6,000,000.0)	(2,400,000)
Product sales	3,500,000	2,300,000		9,700,000	9,600,000
Recycling services	1,200,000	500,000		2,200,000	1,200,000
Revenue before Fair Value Pricing Adjustment	4,700,000	4,900,000		17,900,000	13,200,000
Revenue	$ 4,700,000	$ 2,800,000	$ 2,800,000	$ 11,900,000	$ 10,800,000

v3.23.3

Other income (expense) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Financial Instruments [Abstract]
Interest income	$ 2,600,000	$ 3,800,000	$ 11,800,000	$ 5,300,000
Convertible Debt, Accretion Expense	2,800,000	5,100,000	8,500,000	11,800,000
Interest expense on lease liabilities	(1,200,000)	(800,000)	(3,000,000)	(1,700,000)
Other finance costs	(200,000)	0	(400,000)	(100,000)
Foreign exchange gains (losses)	300,000	700,000	(800,000)	500,000
Interest expense and other costs	(3,900,000)	(5,200,000)	(12,700,000)	(13,100,000)
Gains (losses) on change in fair value of derivatives	10,900,000	19,900,000	17,500,000	31,400,000
Fair value gain on warrants	0	0	0	11,100,000
Gain on financial instruments	10,900,000	19,900,000	17,500,000	42,500,000
Other income (expense)	$ 9,600,000	$ 18,500,000	$ 16,600,000	$ 34,700,000

v3.23.3

Accounts receivable - Schedule of other receivables (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Trade and other current receivables [abstract]
Accounts receivable	$ 2,300,000	$ 4,300,000
Non-trade receivables	0	3,500,000
Current receivables from taxes other than income tax	2,700,000	4,100,000
Other Current Accrued Receivables	800,000	2,400,000
Other receivables	$ 3,500,000	$ 10,000,000.0

v3.23.3

Accounts receivable - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Trade and other current receivables [abstract]
Fair value pricing adjustments	$ 0.0	$ (2.1)	$ (6.0)	$ (2.4)
Allowance account for credit loss	$ 0.0	$ 0.0	$ (0.9)	$ 0.0

v3.23.3

Prepayments and deposits (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Prepayments And Deposits [Abstract]
Prepaid lease deposits	$ 0.7	$ 0.5
Prepaid transaction costs	5.7	0.6
Prepaid construction charges	3.1	1.4
Prepaid equipment deposits	33.4	86.1
Prepaid insurance	5.3	4.2
Other prepaids	3.6	2.4
Prepaids and deposits	$ 51.8	$ 95.2

v3.23.3

Inventories (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Inventories [Abstract]
Raw materials	$ 0.3		$ 0.3		$ 5.8
Finished goods	2.5		2.5		1.8
Parts and tools	1.1		1.1		0.7
Inventories	3.9		3.9		$ 8.3
Cost of inventories recognised as expense	6.8	$ 15.3	27.7	$ 24.4
Inventory Write-Up, Raw Materials	1.3	(7.1)	3.1	(6.9)
Write-downs (reversals of write-downs) of inventories	$ (1.3)	$ (0.6)	$ (2.8)	$ (0.7)

v3.23.3

Plant and equipment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period			$ 210.4
Additions			0.0
Transfers			0.0
Impairment	$ 96.5	$ 0.0	96.5	$ 0.0
Property, plant and equipment at end of period	484.3		484.3
Employee salaries capitalized to assets under construction	2.3	2.7	6.6	2.7
Share-based compensation cost capitalized to assets under construction	0.2	0.4	0.6	0.4
Borrowing costs capitalised	$ 6.8	$ 3.3	19.0	$ 3.3
Capitalisation rate of borrowing costs eligible for capitalisation	12.40%
Purchase of plant and equipment in payables and accruals	$ 64.6		64.6		$ 48.6
Construction in progress
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at end of period	434.0		434.0
Machinery
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at end of period	39.4		39.4
Computer equipment
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at end of period	1.9		1.9
Vehicles
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at end of period	0.2		0.2
Leasehold improvements
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at end of period	8.8		8.8
Gross carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period			217.6
Additions			376.5
Transfers			0.0
Impairment			(96.5)
Property, plant and equipment at end of period	497.6		497.6
Gross carrying amount | Construction in progress
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period			167.1
Additions			372.8
Transfers			(18.2)
Impairment			(87.7)
Property, plant and equipment at end of period	434.0		434.0
Gross carrying amount | Machinery
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period			38.2
Transfers			18.2
Impairment			(7.2)
Property, plant and equipment at end of period	49.2		49.2
Gross carrying amount | Computer equipment
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period			2.1
Additions			0.8
Impairment			0.0
Property, plant and equipment at end of period	2.9		2.9
Gross carrying amount | Vehicles
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period			0.3
Impairment			0.0
Property, plant and equipment at end of period	0.3		0.3
Gross carrying amount | Leasehold improvements
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period			9.9
Additions			2.9
Impairment			(1.6)
Property, plant and equipment at end of period	11.2		11.2
Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period			(7.2)
Depreciation			(6.1)
Property, plant and equipment at end of period	(13.3)		(13.3)
Accumulated depreciation | Construction in progress
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period			0.0
Depreciation			0.0
Property, plant and equipment at end of period	0.0		0.0
Accumulated depreciation | Machinery
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period			(5.3)
Depreciation			(4.5)
Property, plant and equipment at end of period	(9.8)		(9.8)
Accumulated depreciation | Computer equipment
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period			(0.3)
Depreciation			(0.7)
Property, plant and equipment at end of period	(1.0)		(1.0)
Accumulated depreciation | Vehicles
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period			(0.1)
Depreciation			0.0
Property, plant and equipment at end of period	(0.1)		(0.1)
Accumulated depreciation | Leasehold improvements
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period			(1.5)
Depreciation			(0.9)
Property, plant and equipment at end of period	$ (2.4)		$ (2.4)

v3.23.3

Right-of-use assets (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Reconciliation Of Changes In Right-Of-Use Assets
Right-of-use assets, beginning balance	$ 50.8
Right-of-use assets, ending balance	65.6
Gross carrying amount
Reconciliation Of Changes In Right-Of-Use Assets
Right-of-use assets, beginning balance	59.2
Additions	21.0
Termination/derecognition	(0.7)
Right-of-use assets, ending balance	79.5
Accumulated depreciation
Reconciliation Of Changes In Right-Of-Use Assets
Right-of-use assets, beginning balance	(8.4)
Termination/derecognition	0.7
Depreciation	(6.2)
Right-of-use assets, ending balance	(13.9)
Premises
Reconciliation Of Changes In Right-Of-Use Assets
Right-of-use assets, ending balance	64.9
Premises | Gross carrying amount
Reconciliation Of Changes In Right-Of-Use Assets
Right-of-use assets, beginning balance	58.5
Additions	20.7
Termination/derecognition	(0.7)
Right-of-use assets, ending balance	78.5
Premises | Accumulated depreciation
Reconciliation Of Changes In Right-Of-Use Assets
Right-of-use assets, beginning balance	(8.3)
Termination/derecognition	0.7
Depreciation	(6.0)
Right-of-use assets, ending balance	(13.6)
Equipment
Reconciliation Of Changes In Right-Of-Use Assets
Right-of-use assets, ending balance	0.7
Equipment | Gross carrying amount
Reconciliation Of Changes In Right-Of-Use Assets
Right-of-use assets, beginning balance	0.7
Additions	0.3
Termination/derecognition	0.0
Right-of-use assets, ending balance	1.0
Equipment | Accumulated depreciation
Reconciliation Of Changes In Right-Of-Use Assets
Right-of-use assets, beginning balance	(0.1)
Termination/derecognition	0.0
Depreciation	(0.2)
Right-of-use assets, ending balance	$ (0.3)

v3.23.3

Other assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Miscellaneous non-current assets [abstract]
Prepaid lease deposits	$ 5.0	$ 2.4
Prepaid insurance	1.7	1.8
Long-term deposits	3.2	0.0
Non-current restricted cash and cash equivalents	2.2	0.0
Other assets	$ 12.1	$ 4.2

v3.23.3

Impairment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Impairment [Abstract]
Impairment	$ 96.5	$ 0.0	$ 96.5	$ 0.0
Recoverable amount of asset or cash-generating unit	$ 449.0		$ 449.0
Sensitivity Analysis For Discount Rate			1.00%
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets			$ 41.0
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets			$ 41.0
Actuarial assumption of discount rates	19.00%		19.00%
Sensitivity Analysis for Capital Costs			$ 50.0
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input - WACC			113.0
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input - WACC			$ 131.0

v3.23.3

Related party transactions - Summary of Remuneration of Directors (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disclosure of transactions between related parties [abstract]
Salaries	$ 1.0	$ 1.0	$ 2.8	$ 2.8
Share-based compensation	2.2	3.2	6.8	11.9
Fees and benefits	1.2	1.0	3.4	2.9
Post employment benefits	0.0	0.0	0.1	0.1
Total remuneration of key management personnel	$ 4.4	$ 5.2	$ 13.1	$ 17.7

v3.23.3

Related party transactions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disclosure of transactions between related parties [abstract]
Key management personnel compensation, directors fees	$ 0.1	$ 0.1	$ 0.3	$ 0.3
Services received, related party transactions	$ 0.0	$ 0.1	$ 0.1	$ 0.3

v3.23.3

Related party transactions - Outstanding Balances Of Remunerations Of Directors (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Disclosure of transactions between related parties [line items]
Amounts payable, related party transactions	$ 2.5	$ 2.8
Accounts Payable And Accrued Liabilities
Disclosure of transactions between related parties [line items]
Amounts payable, related party transactions	$ 2.5	$ 2.8

v3.23.3

Accounts payable and accrued liabilities - Schedule of accounts payable and accrued liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Trade payables	$ 19.3	$ 26.5
Accrued fixed assets	55.2	35.4
Accrued expenses	13.2	4.4
Accrued compensation	11.4	9.6
Accounts payable and accrued liabilities	$ 99.1	$ 75.9

v3.23.3

Lease liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jan. 01, 2022
Disclosure of maturity analysis of operating lease payments [line items]
Balance, beginning of the period			$ 53.9
Additions			18.8
Lease repayments			(5.0)
Foreign exchange losses			(0.2)
Balance, end of the period	$ 67.5		67.5		$ 53.9
Non-current portion of lease liabilities	61.8		61.8		48.3
Lease liabilities	5.7		5.7		5.6
Interest expense on leases	1.2	$ 0.8	3.0	$ 1.7
Undiscounted lease liabilities	88.9		88.9		78.5
Deferred revenue	5.3		5.3		0.0	$ 0.0
Additions			5.4	0.0
Foreign exchange gain (loss)	(0.3)	$ (0.7)	0.8	(0.5)
Foreign exchange loss			(0.1)	$ 0.0	0.0
Year 1
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	8.7		8.7		8.9
Year 2
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	8.8		8.8		7.8
Year 3
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	8.6		8.6		7.4
Year 4
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	8.2		8.2		7.2
Year 5
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	7.3		7.3		6.5
Thereafter
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	47.3		47.3		40.7
Premises
Disclosure of maturity analysis of operating lease payments [line items]
Balance, beginning of the period			53.3
Additions			18.5
Lease repayments			(4.9)
Foreign exchange losses			(0.2)
Balance, end of the period	66.7		66.7		53.3
Non-current portion of lease liabilities	61.2		61.2
Lease liabilities	5.5		5.5
Undiscounted lease liabilities	88.0		88.0		77.9
Premises | Year 1
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	8.5		8.5		8.7
Premises | Year 2
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	8.6		8.6		7.7
Premises | Year 3
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	8.4		8.4		7.3
Premises | Year 4
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	8.0		8.0		7.1
Premises | Year 5
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	7.2		7.2		6.4
Premises | Thereafter
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	47.3		47.3		40.7
Equipment
Disclosure of maturity analysis of operating lease payments [line items]
Balance, beginning of the period			0.6
Additions			0.3
Lease repayments			(0.1)
Foreign exchange losses			0.0
Balance, end of the period	0.8		0.8		0.6
Non-current portion of lease liabilities	0.6		0.6
Lease liabilities	0.2		0.2
Undiscounted lease liabilities	0.9		0.9		0.6
Equipment | Year 1
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	0.2		0.2		0.2
Equipment | Year 2
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	0.2		0.2		0.1
Equipment | Year 3
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	0.2		0.2		0.1
Equipment | Year 4
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	0.2		0.2		0.1
Equipment | Year 5
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	0.1		0.1		0.1
Equipment | Thereafter
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease liabilities	$ 0.0		$ 0.0		$ 0.0

v3.23.3

Deferred revenue (Details) € in Millions, $ in Millions		9 Months Ended
	Mar. 28, 2023 EUR (€)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Contract liabilities [abstract]
Balance, beginning of the period		$ 0.0
Additions		5.4	$ 0.0
Balance, end of the period		$ 5.3
Reservation fee received | €	€ 5

v3.23.3

Convertible Debt - Summary of Convertible Debt (Details) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 29, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]
Issuance of convertible notes				$ 4,400,000		$ 8,400,000
Gains (losses) on change in fair value of derivatives		$ (10,900,000)	$ (19,900,000)	(17,500,000)	$ (31,400,000)
Total convertible debt at end of the period		282,800,000		282,800,000		272,900,000
Koch Strategic Platforms Convertible Note
Disclosure of detailed information about borrowings [line items]
Principal of convertible notes at beginning of the period				110,200,000	101,800,000	101,800,000
Principal of convertible notes at end of the period	$ 100,000,000.0	114,600,000		114,600,000		110,200,000
Conversion feature at beginning of the period				6,000,000.0	19,900,000	19,900,000
Gains (losses) on change in fair value of derivatives		3,400,000		(4,100,000)		(13,900,000)
Conversion feature at end of the period		1,900,000		1,900,000		6,000,000.0
Debt component at beginning of the period				85,500,000	74,200,000	74,200,000
Debt component issued	72,300,000			4,400,000		8,400,000
Transaction costs	$ 1,600,000
Accrued interest paid in kind				(4,400,000)		(8,400,000)
Accrued interest expense and accretion		10,100,000		10,100,000		11,300,000
Debt component at end of the period		95,600,000		95,600,000		85,500,000
Current debt instruments issued		97,500,000		97,500,000		91,500,000
Total convertible debt at end of the period		97,500,000		97,500,000		91,500,000
Glencore Convertible Note
Disclosure of detailed information about borrowings [line items]
Principal of convertible notes at beginning of the period				208,100,000
Issuance of convertible notes				8,400,000		208,100,000
Principal of convertible notes at end of the period		216,500,000		216,500,000		208,100,000
Conversion feature at beginning of the period				16,500,000	0	0
Conversion feature issued				0		46,200,000
Gains (losses) on change in fair value of derivatives		(7,500,000)		(13,400,000)		(29,700,000)
Conversion feature at end of the period		3,100,000		3,100,000		16,500,000
Debt component at beginning of the period				164,900,000	0	0
Debt component issued				8,400,000		162,000,000.0
Transaction costs				0		1,300,000
Accrued interest paid in kind				(8,400,000)		(8,100,000)
Accrued interest expense and accretion		17,300,000		17,300,000		12,300,000
Debt component at end of the period		182,200,000		182,200,000		164,900,000
Total convertible debt at end of the period		185,300,000		185,300,000		181,400,000
Payment in Kind Note
Disclosure of detailed information about borrowings [line items]
Principal of convertible notes at beginning of the period		$ 4,400,000	$ 4,100,000	$ 4,300,000	$ 1,800,000	1,800,000
Principal of convertible notes at end of the period						$ 4,300,000

v3.23.3

Convertible Debt - Narrative (Details) - USD ($)			3 Months Ended		9 Months Ended		12 Months Ended
	May 31, 2022	Sep. 29, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jul. 01, 2023
Disclosure of detailed information about borrowings [line items]
Gains (losses) on change in fair value of derivatives			$ (10,900,000)	$ (19,900,000)	$ (17,500,000)	$ (31,400,000)
Koch Strategic Platforms Convertible Note
Disclosure of detailed information about borrowings [line items]
Issuance of convertible notes		$ 100,000,000
Borrowings, conversion price (in dollars per share)		$ 13.43
Percentage of 7-day-volume weighted average price of common shares used to determine conversion price		125.00%
Borrowings, conversion price triggering conversion feature (in dollars per share)		$ 17.46
Gains (losses) on change in fair value of derivatives			3,400,000		(4,100,000)		$ (13,900,000)
Borrowings, Conversion Price Per Share, Consecutive Days To Force Conversion		20 days
Koch Strategic Platforms Convertible Note | Embedded Derivative
Disclosure of detailed information about borrowings [line items]
Borrowings		$ 27,700,000
Koch Strategic Platforms Convertible Note | LIBOR
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis		5.00%
Adjustment to paid in kind interest rate		6.00%
Koch Strategic Platforms Convertible Note | LIBOR | Minimum
Disclosure of detailed information about borrowings [line items]
Borrowings, variable rate, fixed		1.00%
Koch Strategic Platforms Convertible Note | LIBOR | Maximum
Disclosure of detailed information about borrowings [line items]
Borrowings, variable rate, fixed		2.00%
Koch Strategic Platforms Convertible Note | Secured Overnight Financing Rate (SOFR) | Maximum
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis								0.58%
Glencore Convertible Note
Disclosure of detailed information about borrowings [line items]
Issuance of convertible notes	$ 200,000,000
Borrowings, conversion price (in dollars per share)	$ 9.95
Borrowing costs recognised as expense	$ 1,300,000
Gains (losses) on change in fair value of derivatives			$ (7,500,000)		$ (13,400,000)		$ (29,700,000)
Glencore Convertible Note | Embedded Derivative
Disclosure of detailed information about borrowings [line items]
Borrowings	46,200,000
Glencore Convertible Note | Debt Principal
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 153,800,000
Glencore Convertible Note | LIBOR
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	5.00%
Adjustment to paid in kind interest rate	6.00%
Glencore Convertible Note | LIBOR | Floating interest rate
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis	0.42826%
Glencore Convertible Note | LIBOR | Minimum
Disclosure of detailed information about borrowings [line items]
Borrowings, variable rate, fixed	1.00%
Glencore Convertible Note | LIBOR | Maximum
Disclosure of detailed information about borrowings [line items]
Borrowings, variable rate, fixed	2.00%

v3.23.3

Convertible Debt - Assumptions (Details) $ in Millions	Sep. 30, 2023 USD ($) $ / shares yr	Jun. 30, 2023 USD ($)	May 31, 2023 USD ($)	Dec. 31, 2022 USD ($) $ / shares yr	Nov. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	May 31, 2022 USD ($) yr $ / shares	Jan. 01, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 29, 2021 USD ($) $ / shares yr
Koch Strategic Platforms Convertible Note
Disclosure of detailed information about borrowings [line items]
Amount Issued	$ 114.6			$ 110.2					$ 101.8	$ 100.0
Koch Strategic Platforms Convertible Note | Risk free interest rate
Disclosure of detailed information about borrowings [line items]
Significant unobservable input, liabilities	0.049			4.2						1.1
Koch Strategic Platforms Convertible Note | Expected life of options
Disclosure of detailed information about borrowings [line items]
Significant unobservable input, liabilities | yr	3.0			3.8						5.0
Koch Strategic Platforms Convertible Note | Expected dividend yield
Disclosure of detailed information about borrowings [line items]
Significant unobservable input, liabilities	0			0						0
Koch Strategic Platforms Convertible Note | Expected stock price volatility
Disclosure of detailed information about borrowings [line items]
Significant unobservable input, liabilities	0.53			0.63						0.66
Koch Strategic Platforms Convertible Note | Share Price
Disclosure of detailed information about borrowings [line items]
Significant unobservable input, liabilities | $ / shares	3.55			4.76						12.56
Payment in Kind Note
Disclosure of detailed information about borrowings [line items]
Amount Issued		$ 4.4	$ 8.4	$ 4.3	$ 8.1	$ 4.1			$ 1.8
Glencore Convertible Note
Disclosure of detailed information about borrowings [line items]
Amount Issued	$ 216.5			$ 208.1			$ 200.0	$ 0.0
Glencore Convertible Note | Risk free interest rate
Disclosure of detailed information about borrowings [line items]
Significant unobservable input, liabilities	0.048			4.2			2.9
Glencore Convertible Note | Expected life of options
Disclosure of detailed information about borrowings [line items]
Significant unobservable input, liabilities | yr	3.7			4.4			5.0
Glencore Convertible Note | Expected dividend yield
Disclosure of detailed information about borrowings [line items]
Significant unobservable input, liabilities	0			0			0
Glencore Convertible Note | Expected stock price volatility
Disclosure of detailed information about borrowings [line items]
Significant unobservable input, liabilities	0.53			0.63			0.68
Glencore Convertible Note | Share Price
Disclosure of detailed information about borrowings [line items]
Significant unobservable input, liabilities | $ / shares	3.55			4.76			8.15

v3.23.3

Restoration Provision Rollforward (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Provision for decommissioning, restoration and rehabilitation costs [abstract]
Balance, beginning of the period	$ 400,000
Additions	2,300,000		$ 100,000
Foreign exchange loss	(100,000)	$ 0	0
Balance, end of the period	$ 2,600,000		$ 400,000

v3.23.3

Restoration Provision (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Provision for decommissioning, restoration and rehabilitation costs [abstract]
Restoration provision	$ 2,600,000	$ 400,000	$ 300,000
Present value input, risk-free interest rate	1.62%

v3.23.3

Warrants (Details) $ / shares in Units, $ in Millions					3 Months Ended			9 Months Ended
	Sep. 30, 2022 USD ($) shares	Jan. 30, 2022 $ / shares shares	Jan. 01, 2022 USD ($) shares	Aug. 10, 2021 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Oct. 31, 2021 shares	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($) shares	Oct. 31, 2022 d	Dec. 27, 2021 $ / shares
Disclosure of classes of share capital [line items]
Warrants, term										5 years
Exercise price of warrants (in dollars per share)		$ 11.5
Redemption price of warrants (in dollars per share)		$ 0.1									$ 0.1
Shares issued per warrant											0.253
Number of warrants exercised (in shares) | shares		(9,678)							(7,396)
Exercise of warrants (in shares) | shares							22,540,651
Number of warrants unexercised (in shares) | shares		449,665
Proceeds From Cash Exercise Of Warrants | $									$ 0.0
Cashless exercises (in shares) | shares									(22,540,651)
Proceeds From Cashless Exercise Of Warrants | $									$ (46.0)
Redemptions (in shares) | shares									(449,665)
Proceeds From Redemption Of Warrants | $									$ 0.0
Fair value gain on warrants | $					$ 0.0	$ 0.0		$ 0.0	11.1
Days After Close Of Business Combination, Transfer Period								30 days
Public Warrant
Disclosure of classes of share capital [line items]
Exercise price of warrants (in dollars per share)				$ 11.5
Redemption price of warrants after maximum stock price trigger (in dollars per share)				0.1
Warrants outstanding, threshold trading days | d										20
Warrants outstanding, threshold consecutive trading days | d										30
Warrants And Rights Outstanding, Trading Days Ending Before Election To Deliver Notice Of Redemption										3 days
Public Warrant | Minimum
Disclosure of classes of share capital [line items]
Warrants, stock price trigger (in dollars per share)				10
Public Warrant | Maximum
Disclosure of classes of share capital [line items]
Warrants, stock price trigger (in dollars per share)				18
Private Warrant
Disclosure of classes of share capital [line items]
Exercise price of warrants (in dollars per share)				11.5
Private Warrant | Minimum
Disclosure of classes of share capital [line items]
Warrants, stock price trigger (in dollars per share)				10
Private Warrant | Maximum
Disclosure of classes of share capital [line items]
Warrants, stock price trigger (in dollars per share)				$ 18
Peridot Acquisition Corp.
Disclosure of classes of share capital [line items]
Number of warrants assumed in acquisition (in shares) | shares	0		22,997,712	23,000,000
Fair market value of warrants (in dollars per share)				$ 2.1
Warrant liability | $	$ 0.0		$ 57.1	$ 48.3		$ 0.0			$ 0.0
Peridot Acquisition Corp. | Public Warrant
Disclosure of classes of share capital [line items]
Number of warrants assumed in acquisition (in shares) | shares				15,000,000
Peridot Acquisition Corp. | Private Warrant
Disclosure of classes of share capital [line items]
Number of warrants assumed in acquisition (in shares) | shares				8,000,000

v3.23.3

Share capital and share-based compensation - Narrative (Details) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
	May 12, 2022 USD ($) d $ / shares shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($) shares
Disclosure of classes of share capital [line items]
Proceeds from sale of stock, net of transaction costs	$ 49.7
Exercise of stock options (in shares) | shares				1,541,514	1,467,647
Share-based compensation		$ 3.8	$ 4.0	$ 10.7	$ 15.5
Fair value of stock options granted		0.0	0.2	3.6	3.5
Share-based compensation cost capitalized to assets under construction		0.2	0.4	$ 0.6	$ 0.4
Common shares, without par value
Disclosure of classes of share capital [line items]
Common stock, share subscriptions receivable	$ 50.0
Exercise price of outstanding stock options (in shares) | $ / shares	$ 9.43
Number of shares issued (in shares) | shares	5,300,352
Number Of Tranches | d	2
Common shares, without par value | LG Chem, Ltd. And LG Energy Solution Ltd.
Disclosure of classes of share capital [line items]
Number of shares issued (in shares) | shares	2,650,176
Tranche One | Common shares, without par value
Disclosure of classes of share capital [line items]
Exercise price of outstanding stock options (in shares) | $ / shares	$ 10
Number of shares issued (in shares) | shares	4,416,960
Common stock, aggregate share subscription price	$ 44.2
Tranche Two | Common shares, without par value
Disclosure of classes of share capital [line items]
Exercise price of outstanding stock options (in shares) | $ / shares	$ 6.6
Number of shares issued (in shares) | shares	883,392
Common stock, aggregate share subscription price	$ 5.8
LTIP
Disclosure of classes of share capital [line items]
Expiration period, share based payment arrangements				10 years
Employee Stock Option
Disclosure of classes of share capital [line items]
Exercise of stock options (in shares) | shares				1,541,514	1,467,647
Share-based compensation		$ (1.0)	$ (1.3)	$ (2.8)	$ (5.9)
Employee Stock Option | Li-Cycle Holdings Corp.
Disclosure of classes of share capital [line items]
Number of shares issued (in shares) | shares		1,300,918	7,087,013	1,300,918	7,087,013
Restricted share units
Disclosure of classes of share capital [line items]
Share-based compensation		$ (3.0)	$ (3.1)	$ (8.5)	$ (10.0)
Restricted share units | Maximum
Disclosure of classes of share capital [line items]
Vesting period				3 years
Restricted share units | Minimum
Disclosure of classes of share capital [line items]
Vesting period				1 year

v3.23.3

Share capital and share-based compensation - Outstanding Shares (Details) $ / shares in Units, $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) shares $ / shares	Sep. 30, 2022 USD ($) shares $ / shares	Dec. 31, 2022 USD ($) shares $ / shares	Dec. 31, 2021 USD ($) shares $ / shares
Disclosure of classes of share capital [line items]
Equity | $	$ 303.6	$ 510.2	$ 498.0	$ 457.0
Share issuance (in shares)		5,300,000
Share issuance | $		$ 49.7
Exercised (in shares)	(1,541,514)	(1,467,647)
Exercise of stock options | $	$ 0.0	$ 0.0
Unwinding of Non-controlling interest | $	$ (0.6)	$ 0.4
Number of stock options (in shares)	3,788,280	4,590,117	4,368,732	5,328,279
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares	$ 5.71		$ 2.65
Number of share options exercisable (in shares)	1,994,145	3,332,753
Granted (in shares)	1,088,500	732,104
Forfeited (in shares)	(127,438)	(2,619)
Weighted average exercise price per stock option | $ / shares	$ 6.29	$ 4.40	$ 4.58	$ 2.88
Granted (in dollars per share) | $ / shares	5.76	7.58
Exercised (in dollars per share) | $ / shares	0.73	0.45
Forfeited (in dollars per share) | $ / shares	$ 10.33	$ 10.93
Restricted share units
Disclosure of classes of share capital [line items]
Settlement of RSUs (in shares)	784,426	317,619
Issued capital
Disclosure of classes of share capital [line items]
Number of shares outstanding (in shares)	178,200,000	175,900,000	176,100,000	163,200,000
Equity | $	$ 779.3	$ 771.7	$ 772.4	$ 672.1
Exercised (in shares)	(1,300,000)	(1,400,000)
Exercise of stock options | $	$ 0.6	$ 0.4
Unwinding of Non-controlling interest | $	$ (0.4)
Issued capital | Restricted share units
Disclosure of classes of share capital [line items]
Settlement of RSUs (in shares)	800,000	300,000
Outstanding Capital
Disclosure of classes of share capital [line items]
Number of shares outstanding (in shares)	178,200,000		176,100,000	163,200,000
Equity | $	$ 779.3		$ 772.4	$ 672.1
Share issuance (in shares)			5,300,000
Share issuance | $			$ 49.7
Exercised (in shares)	(1,300,000)		(1,600,000)
Exercise of stock options | $	$ 0.6		$ 0.5
Exercise of warrants (in shares)			5,700,000
Surrender of Warrants Due to Make-Whole Exercise, USD | $			$ 46.0
Unwinding of Non-controlling interest | $	$ (0.4)
Outstanding Capital | Restricted share units
Disclosure of classes of share capital [line items]
Settlement of RSUs (in shares)	800,000		300,000
Restricted share units settled | $	$ 6.7		$ 4.1

v3.23.3

Share capital and share-based compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) shares $ / shares	Sep. 30, 2022 USD ($) shares $ / shares	Sep. 30, 2023 USD ($) shares $ / shares	Sep. 30, 2022 USD ($) shares $ / shares	Dec. 31, 2022 shares $ / shares
Share Capital, Reserves And Other Equity Interest [Abstract]
Number of stock options, beginning balance (in shares)			4,368,732	5,328,279	5,328,279
Granted (in shares)			1,088,500	732,104
Exercised (in shares)			(1,541,514)	(1,467,647)
Forfeited (in shares)			(127,438)	(2,619)
Number of stock options, ending balance (in shares)	3,788,280	4,590,117	3,788,280	4,590,117	4,368,732
Number of share options exercisable (in shares)	1,994,145	3,332,753	1,994,145	3,332,753
Weighted average exercise price per stock option, beginning of period (in dollars per share) | $ / shares			$ 4.58	$ 2.88	$ 2.88
Granted (in dollars per share) | $ / shares			5.76	7.58
Exercised (in dollars per share) | $ / shares			0.73	0.45
Forfeited (in dollars per share) | $ / shares			10.33	10.93
Weighted average exercise price per stock option, end of period (in dollars per share) | $ / shares	$ 6.29	$ 4.40	6.29	$ 4.40	4.58
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares	$ 5.71		$ 5.71		$ 2.65
Disclosure of classes of share capital [line items]
Exercise of stock options (in shares)			1,541,514	1,467,647
Share-based compensation | $	$ 3.8	$ 4.0	$ 10.7	$ 15.5
LTIP
Disclosure of classes of share capital [line items]
Expiration period, share based payment arrangements			10 years
Employee Stock Option
Share Capital, Reserves And Other Equity Interest [Abstract]
Exercised (in shares)			(1,541,514)	(1,467,647)
Disclosure of classes of share capital [line items]
Exercise of stock options (in shares)			1,541,514	1,467,647
Share-based compensation | $	$ (1.0)	$ (1.3)	$ (2.8)	$ (5.9)
Employee Stock Option | Li-Cycle Holdings Corp.
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	1,300,918	7,087,013	1,300,918	7,087,013

v3.23.3

Share capital and share-based compensation - Schedule of Stock Option Expirations (Details)	Sep. 30, 2023 shares $ / shares	Dec. 31, 2022 shares	Sep. 30, 2022 shares	Dec. 31, 2021 shares
Disclosure of classes of share capital [line items]
Number of stock options (in shares) | shares	3,788,280	4,368,732	4,590,117	5,328,279
Minimum | Legacy Plans
Disclosure of classes of share capital [line items]
Exercise price of outstanding stock options (in shares) | $ / shares	$ 0.37
Minimum | LTIP Plans
Disclosure of classes of share capital [line items]
Exercise price of outstanding stock options (in shares) | $ / shares	4.94
Maximum | Legacy Plans
Disclosure of classes of share capital [line items]
Exercise price of outstanding stock options (in shares) | $ / shares	2.15
Maximum | LTIP Plans
Disclosure of classes of share capital [line items]
Exercise price of outstanding stock options (in shares) | $ / shares	$ 13.2
Tranche One
Disclosure of classes of share capital [line items]
Number of stock options (in shares) | shares	3,788,280
Tranche One | Legacy Plans
Disclosure of classes of share capital [line items]
Number of stock options (in shares) | shares	1,012,161
Tranche One | LTIP Plans
Disclosure of classes of share capital [line items]
Number of stock options (in shares) | shares	2,776,119

v3.23.3

Share capital and share-based compensation - Schedule of Assumptions (Details)	9 Months Ended
	Sep. 30, 2023 shares
Disclosure of classes of share capital [line items]
Option life, share options granted	6
Expected dividend as percentage, share options granted	0.00%
Minimum
Disclosure of classes of share capital [line items]
Risk free interest rate, share options granted	3.45%
Expected volatility, share options granted	57.81%
Expected Forfeiture As Percentage, Share Options Granted	0.146%
Maximum
Disclosure of classes of share capital [line items]
Risk free interest rate, share options granted	3.59%
Expected volatility, share options granted	58.65%
Expected Forfeiture As Percentage, Share Options Granted	4.127%

v3.23.3

Share capital and share-based compensation - Summary of RSU Activities (Details) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) shares $ / shares	Sep. 30, 2022 USD ($) shares $ / shares	Sep. 30, 2023 USD ($) shares $ / shares	Sep. 30, 2022 USD ($) shares $ / shares	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Share-based compensation | $	$ 3.8	$ 4.0	$ 10.7	$ 15.5
Restricted share units
Disclosure of classes of share capital [line items]
Beginning balance (in shares)			2,000,680	938,752	938,752
Granted (in shares)			2,322,225	1,480,618
Number of other equity instruments exercised (in shares)			(784,426)	(317,619)
Forfeited (in shares)			(257,654)	(53,823)
Ending balance (in shares)	3,280,825	2,047,928	3,280,825	2,047,928	2,000,680
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Granted (in dollars per share) | $ / shares			$ 5.63	$ 7.66
Exercised (in dollars per share) | $ / shares			8.46	11.22
Forfeited (in dollars per share) | $ / shares			7.63	10.04
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement | $ / shares	$ 6.66	$ 8.79	$ 6.66	$ 8.79	$ 8.69	$ 11.47
Share-based compensation | $	$ (3.0)	$ (3.1)	$ (8.5)	$ (10.0)
Restricted share units | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Vesting period			3 years
Restricted share units | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Vesting period			1 year

v3.23.3

Non-Controlling Interest - Narrative (Details) - USD ($)			3 Months Ended
	Jun. 29, 2023	Jan. 26, 2022	Jun. 30, 2023
Disclosure of classes of share capital [line items]
Proportion of ownership interest in subsidiary	100.00%	67.00%
Consideration paid to NCI	$ 400,000		$ 400,000
Loss reflected in equity	$ 600,000
ECO STOR
Disclosure of classes of share capital [line items]
Non-Controlling Interest		31.00%
Morrow
Disclosure of classes of share capital [line items]
Non-Controlling Interest		2.00%

v3.23.3

Non-Controlling Interest - Schedule of non-controlling interest (Details) - USD ($)		3 Months Ended
	Jun. 29, 2023	Jun. 30, 2023	Sep. 30, 2023
Non-Controlling Interest [Abstract]
Carrying amount of NCI acquired ($0.6 million x 33%)			$ 200,000
Consideration paid to NCI	$ 400,000	$ 400,000
A decrease in equity attributable to owners of the Company	$ 600,000

v3.23.3

Financial instruments and financial risk factors - Assets measured at fair value (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Accounts receivable	$ 2,300,000	$ 4,300,000
Recurring fair value measurement
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	$ 5,000,000.0	$ 22,500,000

v3.23.3

Financial instruments and financial risk factors - Narrative (Details)	9 Months Ended
	Sep. 30, 2023 customer
Disclosure of detailed information about financial instruments [line items]
Number Of Key Customers	3
Currency risk | Currency in which supplementary information is displayed
Disclosure of detailed information about financial instruments [line items]
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent	5.00%

v3.23.3

Financial instruments and financial risk factors - Schedule of fair value measurement of price (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Cobalt
Disclosure of detailed information about financial instruments [line items]
BM&E Metric tonnes subject to fair value pricing adjustments	$ 4,274	$ 4,428
10% increase in prices	400,000	800,000
10% decrease in prices	(400,000)	(800,000)
Nickel
Disclosure of detailed information about financial instruments [line items]
BM&E Metric tonnes subject to fair value pricing adjustments	4,274	4,428
10% increase in prices	800,000	1,400,000
10% decrease in prices	$ (800,000)	$ (1,400,000)

v3.23.3

Financial instruments and financial risk factors - Schedule of maturity of financial liabilities (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	$ 637,300,000
Less than 1 year
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	107,800,000
1 - 3 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	166,000,000.0
3 - 5 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	313,200,000
More than 5 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	50,300,000
Accounts Payable And Accrued Liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	99,100,000
Accounts Payable And Accrued Liabilities | Less than 1 year
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	99,100,000
Accounts Payable And Accrued Liabilities | 1 - 3 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	0
Accounts Payable And Accrued Liabilities | 3 - 5 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	0
Accounts Payable And Accrued Liabilities | More than 5 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	0
Lease liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	88,900,000
Lease liabilities | Less than 1 year
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	8,700,000
Lease liabilities | 1 - 3 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	17,400,000
Lease liabilities | 3 - 5 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	15,500,000
Lease liabilities | More than 5 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	47,300,000
Restoration
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	3,200,000
Restoration | Less than 1 year
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	0
Restoration | 1 - 3 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	200,000
Restoration | 3 - 5 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	0
Restoration | More than 5 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	3,000,000.0
Convertible debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	331,100,000
Convertible debt | Less than 1 year
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	0
Convertible debt | 1 - 3 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	114,600,000
Convertible debt | 3 - 5 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	216,500,000
Convertible debt | More than 5 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	0
Convertible Debt interest
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	115,000,000.0
Convertible Debt interest | Less than 1 year
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	0
Convertible Debt interest | 1 - 3 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	33,800,000
Convertible Debt interest | 3 - 5 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	81,200,000
Convertible Debt interest | More than 5 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	0
Cobalt
Disclosure of detailed information about financial instruments [line items]
Market Price Per Tonne of Metals	31,967	$ 41,337
Nickel
Disclosure of detailed information about financial instruments [line items]
Market Price Per Tonne of Metals	$ 18,505	$ 30,400

v3.23.3

Commitments and contingencies (Details) $ in Millions		9 Months Ended
	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) d
Commitments [Abstract]
Purchase orders | $	$ 9.5	$ 9.6
Number Of Li-Cycle's Co-Founders		2
Number Of Current Directors Of Li-Cycle		2

v3.23.3

Loss per share - Calculation of Loss per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings per share [abstract]
Weighted average number of ordinary shares, basic (in shares)	178.0	175.5	177.2	171.8
Loss per common share - basic (in dollars per share)	$ (0.73)	$ (0.12)	$ (1.16)	$ (0.34)
Loss per common share - diluted (in dollars per share)	$ (0.73)	$ (0.12)	$ (1.16)	$ (0.34)
Interest income on short-term investments	$ (130.5)	$ (20.6)	$ (205.2)	$ (58.8)

v3.23.3

Segment reporting (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Disclosure of geographical areas [line items]
Revenues	$ 4,700,000	$ 2,800,000	$ 2,800,000	$ 11,900,000	$ 10,800,000
Non-current assets	562,000,000.0			562,000,000.0		$ 265,400,000
CANADA
Disclosure of geographical areas [line items]
Revenues	100,000	400,000		1,000,000.0	3,200,000
Non-current assets	55,600,000			55,600,000		38,100,000
United States
Disclosure of geographical areas [line items]
Revenues	4,300,000	2,400,000		10,600,000	7,600,000
Non-current assets	453,300,000			453,300,000		213,000,000.0
Germany
Disclosure of geographical areas [line items]
Revenues	0	0		0	0
Non-current assets	30,700,000			30,700,000		11,600,000
Other
Disclosure of geographical areas [line items]
Revenues	300,000		$ 0	300,000	0
Non-current assets	1,500,000			1,500,000		1,700,000
NORWAY
Disclosure of geographical areas [line items]
Revenues	0	0		0	0
Non-current assets	11,900,000			11,900,000		900,000
FRANCE
Disclosure of geographical areas [line items]
Revenues	0	$ 0		0	$ 0
Non-current assets	$ 9,000,000.0			$ 9,000,000.0		$ 100,000

v3.23.3

Subsequent events (Details) $ / shares in Units, $ in Millions	Nov. 01, 2023 $ / shares	Sep. 30, 2023 USD ($)
Disclosure of non-adjusting events after reporting period [line items]
Liens | $		$ 29.0
Shareholder Rights Plan
Disclosure of non-adjusting events after reporting period [line items]
Beneficial ownership (in percent)	0.20
Share Price | $ / shares	$ 12.5

---