Early Warning Press Release in Respect of Li-Cycle Holdings Corp.

This press release is being issued pursuant to National Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues

NEW YORK, Aug. 7, 2025 /CNW/ - Glencore Canada Corporation (the "Company" or "Glencore") today announced the successful completion of its acquisition of certain subsidiaries and assets of Li-Cycle Holdings Corp. (the "Issuer"). The sale includes the Issuer's (i) its Arizona, Alabama, New York, Ontario and Germany Spokes, (ii) its Rochester Hub project, and (iii) its intellectual property portfolio by way of a credit bid and assumption of certain indebtedness, pursuant to the equity and asset purchase agreement dated May 14, 2025 (as amended) with the Issuer and certain of its subsidiaries (the "EAPA") and the transactions contemplated thereby.

Glencore's successful credit bid concludes the Issuer's court-approved sale and investment solicitation process.

Pursuant to an order of the Ontario Superior Court of Justice (Commercial List) dated August 1, 2025, which was recognized by an order of the United States Bankruptcy Court for the Southern District of New York dated August 5, 2025 in the insolvency proceedings under Chapter 15 of Title 11 of the United States Code, among other things, the EAPA, the transactions contemplated thereby and the credit bid effected by the Company were approved.

Glencore also provided an update with respect to its previously announced investment in unsecured convertible notes (the "Convertible Notes") issued by the Issuer. As of August 7, 2025, Glencore holds Convertible Notes in an aggregate principal amount of US$327,405,516.54. The Company previously announced that it could become, as of March 14, 2025, the beneficial holder of more than 10% of the issued and outstanding common shares of the Issuer ("Common Shares") upon conversion of the Convertible Notes. If the Convertible Notes were converted in full at the conversion prices in effect as at August 7, 2025 (including accrued but unpaid interest through August 7, 2025), the Company would hold 74,587,088 Common Shares, representing approximately 62.6% of the outstanding Common Shares on a partially-diluted basis, including 7,423 Common Shares held by Mr. Kunal Sinha (the "Nominee") for the benefit of the Company, Glencore International AG and/or Glencore plc (collectively, the "Reporting Persons"). On May 16, 2025, Glencore filed an early warning report disclosing that if the Convertible Notes were converted in full at the conversion prices in effect as at March 14, 2025 (including accrued but unpaid interest through March 13, 2025), the Company would hold 84,404,412 Common Shares, representing approximately 66.7% of the outstanding Common Shares on a partially-diluted basis, including 7,423 Common Shares held by the Nominee for the benefit of the Reporting Persons.

Each of the Reporting Persons reserves the right to change its plans and intentions regarding the Issuer, at any time, as it deems appropriate.

The Company is a wholly owned indirect subsidiary of Glencore plc, a globally diversified natural resource producer and commodities trading company.

An amended early warning report prepared pursuant to the requirements of National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues by Glencore Ltd. (the "Amended EWR") will be filed on SEDAR+ at www.sedarplus.com under the Issuer's profile. The Amended EWR will amend and update certain information contained in the early warning report filed by Glencore Ltd. on May 16, 2025. To obtain more information or to obtain a copy of the early warning report to be filed in respect of this news release, please contact the Company at the contact details noted below. Additional information about the Issuer's CCAA proceeding can be found on the website of the Court-appointed Monitor at http://www.alvarezandmarsal.com/LiCycle.

Notes for Editors

Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that support decarbonisation while meeting the energy needs of today.

With around 150,000 employees and contractors and a strong footprint in over 30 countries in both established and emerging regions for natural resources, our marketing and industrial activities are supported by a global network of more than 50 offices.

Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.

We will support the global effort to achieve the goals of the Paris Agreement through our efforts to decarbonise our own operational footprint. For more information see our 2024-2026 Climate Action Transition Plan available on our website at glencore.com/publications.

The Company's head office is located at 100 King Street West, Suite 6900, Toronto, M5X 1E3.

SOURCE Glencore Canada Corporation

Contact Information: Glencore Canada Corporation, Martin Fewings, t: [phone], m: [phone], [email protected]