Li-Cycle (LICY) 6-K15 May 23Li-Cycle Reports First Quarter 2023 Operational and Financial Results; Announces Plans for a Significant European Recycling Hub with GlencoreFinancial data

Company Profile

Cover

Cover	3 Months Ended
Cover	Mar. 31, 2023
Document Information [Line Items]
Document Type	6-K
Document Period End Date	Mar. 31, 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	Q1

Condensed consolidated interim

Condensed consolidated interim statements of loss and comprehensive loss - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jan. 31, 2022
Revenue
Product sales	$ 3.1	$ 7.7
Recycling services	0.5	0.3
Revenue	3.6	8
Expenses
Employee salaries and benefits	14.8		$ 10.3
Share-based compensation	3.2	7
Office, administrative and travel	4.5	3.1
Professional fees	3	3.2
Raw materials and supplies	8.7		$ 1.1
Depreciation	3.7	1.9
Plant facilities	1.9	0.9
Marketing	0.7	0.6
Freight and shipping	0.8	0.3
Research and development	0.5	0.5
Change in finished goods inventory	(0.9)	0.2
Other	1.8	0
Operating expenses	42.7	29.1
Loss from operations	(39.1)	(21.1)
Other income (expense)
Interest income	5	0.2
Interest expense and other costs	(4.5)	(4.1)
(Loss) gain on financial instruments	(0.7)	14.9
Other income (expense)	(0.2)	11
Net loss before taxes	(39.3)	(10.1)
Income tax	0.1	0
Interest income on short-term investments	(39.4)	(10.1)
Shareholders of Li-Cycle Holdings Corp.	(39.4)	(10.1)
Non-controlling interest	0	0
Net loss and comprehensive loss	$ (39.4)	$ (10.1)
Loss per common share - basic (in dollars per share)	$ (0.22)	$ (0.06)
Loss per common share - diluted (in dollars per share)	$ (0.22)	$ (0.06)

Condensed consolidated interi_2

Condensed consolidated interim statements of financial position - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 409.2	$ 517.9
Accounts receivable	3.7	4.3
Other receivables	5.7	10
Prepayment and deposits	78.2	95.2
Inventories	5.1	8.3
Current assets	501.9	635.7
Non-current assets
Plant and equipment	295.6	210.4
Right-of-use assets	49	50.8
Other assets	4.1	4.2
Non-current assets	348.7	265.4
Total assets	850.6	901.1
Current liabilities
Accounts payable and accrued liabilities	53.5	75.9
Lease liabilities	5.5	5.6
Current liabilities	59	81.5
Non-current liabilities
Lease liabilities	46.9	48.3
Convertible debt	282.3	272.9
Restoration provisions	0.4	0.4
Non-current liabilities	329.6	321.6
Total liabilities	388.6	403.1
Equity
Share capital	775.4	772.4
Other reserves	19.1	18.7
Accumulated deficit	(332.4)	(293)
Accumulated other comprehensive loss	(0.3)	(0.3)
Equity attributable to the Shareholders of Li-Cycle Holdings Corp.	461.8	497.8
Non-controlling interest	0.2	0.2
Total equity	462	498
Total liabilities and equity	$ 850.6	$ 901.1

Condensed consolidated interi_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			$ 672.1		$ 4.2			$ (219)	$ (0.3)	$ 457			$ 0
Changes in equity [abstract]
Stock option expense			$ 3.3					$ 3.3					$ 3.3
RSUs expense		$ 3.7					$ 3.7					$ 3.7
Exercise of warrants (in shares) \| shares				5,700,000
Exercise of warrants	$ 46			$ 46							46
Exercise of stock options (in shares) \| shares	190,595		190,595	200,000
Exercise of stock options	$ 0			$ 0.2		(0.2)
Settlement of RSUs (in shares) \| shares		0
Comprehensive income	(10.1)								(10.1)		(10.1)
Shareholders' equity, ending balance (in shares) at Mar. 31, 2022 \| shares				169,100,000
Shareholders' equity, ending balance at Mar. 31, 2022	499.9			$ 718.3		11			(229.1)	(0.3)	499.9			0
Shareholders' equity, beginning balance (in shares) at Dec. 31, 2021 \| shares				163,200,000
Shareholders' equity, beginning balance at Dec. 31, 2021	457			$ 672.1		4.2			(219)	(0.3)	457			0
Shareholders' equity, ending balance (in shares) at Dec. 31, 2022 \| shares				176,100,000
Shareholders' equity, ending balance at Dec. 31, 2022	$ 498			$ 772.4		18.7			(293)	(0.3)	497.8			0.2
Changes in equity [abstract]
Stock option expense			$ 0.7					$ 0.7					$ 0.7
RSUs expense		$ 2.7					2.7					$ 2.7
Exercise of stock options (in shares) \| shares	45,000		45,000
Settlement of RSUs (in shares) \| shares		378,190			400,000
Settlement of RSUs					$ (3)		$ 3
Comprehensive income	$ (39.4)								(39.4)		(39.4)
Shareholders' equity, ending balance (in shares) at Mar. 31, 2023 \| shares				176,500,000
Shareholders' equity, ending balance at Mar. 31, 2023	$ 462			$ 775.4		$ 19.1			$ (332.4)	$ (0.3)	$ 461.8			$ 0.2

Condensed consolidated interi_4

Condensed consolidated interim statements of cash flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net loss for the period	$ (39.4)	$ (10.1)
Items not affecting cash
Share-based compensation	3.2	7
Depreciation	3.7	1.9
Foreign exchange loss on translation	0.2	0.3
Loss (gain) on financial instruments	0.7	(14.9)
Interest expense	4	3.8
Interest paid	(1)	(0.5)
Interest received	5.3	0.2
Interest income	(5)	(0.2)
Cash flows from (used in) operations before changes in working capital	(28.3)	(12.5)
Changes in non-cash working capital items
Accounts receivable	0.6	(5.9)
Other receivables	4.1	(0.1)
Prepayments and deposits	(3.3)	(7.8)
Inventories	3.2	(2)
Accounts payable and accrued liabilities	3	9.5
Cash used by operating activities	(20.7)	(18.8)
Investing activities
Purchases of plant and equipment	(106.6)	(17.5)
Prepaid equipment deposits	20.3	1.1
Cash used by investing activities	(86.3)	(16.4)
Financing activities
Repayment of lease principal	(1.7)	(1.1)
Cash used by financing activities	(1.7)	(1.1)
Net change in cash and cash equivalents	(108.7)	(36.3)
Cash and cash equivalents, beginning of the period	517.9	563.7
Cash and cash equivalents, end of the period	409.2	527.4
Non-cash investing activities
Purchase of plant and equipment in payables and accruals	$ 25.4	$ 4.6

Corporate information

Corporate information	3 Months Ended
Corporate information	Mar. 31, 2023
Nature Of Operations [Abstract]
Corporate information	Corporate information Company overview Li-Cycle’s core business model is to build, own and operate recycling plants tailored to regional needs. Li-Cycle’s Spoke & Hub Technologies™ provide an environmentally-friendly resource recovery solution that addresses the growing global lithium-ion battery recycling challenges supporting the global transition toward electrification. Li-Cycle Holdings Corp. (together with its subsidiaries, "Li-Cycle" or the "Company") started its business as Li-Cycle Corp. Li-Cycle Corp. was incorporated under the Business Corporations Act (Ontario) on November 18, 2016. The Company's registered address is 207 Queens Quay West, Suite 590, Toronto, Ontario. On March 28, 2019, Li-Cycle Corp. incorporated a wholly-owned subsidiary, Li-Cycle Inc., under the General Corporation Law of the State of Delaware. This subsidiary operates the Company’s U.S. Spoke facilities. On September 2, 2020, Li-Cycle Corp. incorporated a wholly-owned subsidiary, Li-Cycle North America Hub, Inc., under the General Corporation Law of the State of Delaware. This subsidiary is developing the Company’s first commercial Hub, in Rochester, New York. 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., and the combined company was renamed Li-Cycle Holdings Corp. On closing, the common shares of Li-Cycle Holdings Corp. were listed on the New York Stock Exchange and commenced trading under the symbol “NYSE:LICY”.

Basis of preparation

Basis of preparation	3 Months Ended
Basis of preparation	Mar. 31, 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 31 st to December 31 st . The change is being 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 May 15, 2023. 2.2 Basis of measurement 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 March 31, 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 67% 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 financial statements. The Company has adopted the following accounting amendments that were effective commencing January 1, 2022 and 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. 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 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

Revenue - product sales and rec

Revenue - product sales and recycling services	3 Months Ended
Revenue - product sales and recycling services	Mar. 31, 2023
Product sales revenue [Abstract]
Revenue - product sales and recycling services	Revenue – product sales and recycling services For the three months ended March 31, 2023 2022 Product revenue recognized in the period $ 7.2 $ 3.3 Fair value pricing adjustments (4.1) 4.4 Product sales 3.1 7.7 Recycling services 0.5 0.3 Revenue $ 3.6 $ 8.0 For the three months ended March 31, 2023 2022 Product revenue recognized in the period $ 7.2 $ 3.3 Recycling services 0.5 0.3 Total revenue before FV pricing adjustment $ 7.7 $ 3.6 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 14 for the impact of movements in the cobalt and nickel prices.

Other income (expense)

Other income (expense)	3 Months Ended
Other income (expense)	Mar. 31, 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 March 31, 2023 2022 Interest income on short-term investments $ 5.0 $ 0.2 Interest income 5.0 0.2 Interest expense and accretion on convertible debt (net of capitalized interest) (3.0) (3.4) Interest expense on leases (0.9) (0.4) Other finance costs (0.1) — Foreign exchange losses (0.5) (0.3) Interest expense and other costs (4.5) (4.1) Fair value gain (loss) on embedded derivatives (Note 11) (0.7) 3.8 Fair value gain on warrants (Note 12) — 11.1 Gains (losses) on financial instruments (0.7) 14.9 Total $ (0.2) $ 11.0

Accounts receivable

Accounts receivable	3 Months Ended
Accounts receivable	Mar. 31, 2023
Trade and other current receivables [abstract]
Accounts receivable	Accounts receivable As at March 31, 2023 December 31, 2022 Trade receivables $ 3.7 $ 4.3 Total accounts receivable 3.7 4.3 Non-trade receivables $ — $ 3.5 Sales taxes receivable 3.6 4.1 Other 2.1 2.4 Total other receivables $ 5.7 $ 10.0 Other receivables consist principally of interest receivable. 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 months ended March 31, 2023, the fair value loss arising from changes in estimates was $4.1 million (2022: fair value gain of $4.4 million), which is included in the respective accounts receivable balances. Refer to Note 3 for additional details on product revenue and fair value adjustments recognized in the period.

Prepayments and deposits

Prepayments and deposits	3 Months Ended
Prepayments and deposits	Mar. 31, 2023
Prepayments And Deposits [Abstract]
Prepayments and deposits	Prepayment and deposits As at March 31, 2023 December 31, 2022 Prepaid lease deposits $ 2.8 $ 2.9 Prepaid transaction costs 1.7 0.6 Prepaid construction charges 4.0 1.4 Prepaid equipment deposits 65.8 86.1 Prepaid insurance 4.5 6.0 Other prepaids 3.5 2.4 Total prepaids and deposits 82.3 99.4 Non-current portion of prepaids and deposits (4.1) (4.2) Current prepaids and deposits $ 78.2 $ 95.2

Inventories

Inventories	3 Months Ended
Inventories	Mar. 31, 2023
Inventories [Abstract]
Inventories	Inventories As at March 31, 2023 December 31, 2022 Raw materials $ 1.4 $ 5.8 Finished goods 3.4 1.8 Parts and tools 0.3 0.7 Total inventories $ 5.1 $ 8.3 The cost of inventories recognized as an expense during the three months ended March 31, 2023 was $10.9 million (2022: $3.2 million).

Plant and equipment

Plant and equipment	3 Months Ended
Plant and equipment	Mar. 31, 2023
Disclosure of detailed information about property, plant and equipment [abstract]
Plant and equipment	Plant and equipment For the three months ended March 31, 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 86.6 — 0.3 — 0.2 87.1 Transfers (0.6) 0.6 — — — — Balance, end of the period 253.1 38.8 2.4 0.3 10.1 304.7 Accumulated depreciation Balance, beginning of the period — (5.3) (0.3) (0.1) (1.5) (7.2) Depreciation — (1.4) (0.2) — (0.3) (1.9) Balance, end of the period — (6.7) (0.5) (0.1) (1.8) (9.1) Net book value $ 253.1 $ 32.1 $ 1.9 $ 0.2 $ 8.3 $ 295.6 For the three months ended March 31, 2023, $2.0 million in employee salaries and $0.2 million in share-based compensation costs (2022: $nil) were capitalized to assets under construction. For the three months ended March 31, 2023, $5.7 million in borrowing costs (2022: $nil) were capitalized to assets under construction. 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 12.6%. Refer to Note 15 for details of contractual commitments to purchase fixed assets.

Related party transactions

Related party transactions	3 Months Ended
Related party transactions	Mar. 31, 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 March 31, 2023 2022 Salaries $ 0.9 $ 0.8 Share-based compensation 2.3 5.5 Fees and benefits 1.0 0.9 Post employment benefits 0.1 — Total remuneration of key management personnel $ 4.3 $ 7.2 Total amounts paid to directors in respect of director services in the period was $0.1 million (2022: $0.1 million). Outstanding balances of remuneration of the executive officers and directors are summarized as follows: As at March 31, 2023 December 31, 2022 Accounts payable and accrued liabilities $ 1.3 $ 2.8 Outstanding balances 1.3 2.8 Related party expenses are recorded at exchange amounts. For the three months ended March 31, 2023, total transactions with related parties a re $nil ( 2022: $0.1 million).

Accounts payable and accrued li

Accounts payable and accrued liabilities	3 Months Ended
Accounts payable and accrued liabilities	Mar. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Accounts payable and accrued liabilities	Accounts payable and accrued liabilities As at March 31, 2023 December 31, 2022 Trade payables $ 26.7 $ 26.5 Accrued fixed assets 13.2 35.4 Accrued expenses 6.4 4.4 Accrued compensation 7.2 9.6 Total accounts payable and accrued liabilities $ 53.5 $ 75.9

Convertible Debt

Convertible Debt	3 Months Ended
Convertible Debt	Mar. 31, 2023
Financial Instruments [Abstract]
Convertible Debt	Convertible Debt As at March 31, 2023 December 31, 2022 KSP Convertible Notes (a) $ 94.8 $ 91.5 Glencore Convertible Notes (b) 187.5 181.4 Total convertible debt at end of the period $ 282.3 $ 272.9 (a) KSP Convertible Notes As at March 31, 2023 December 31, 2022 Principal of convertible notes at beginning of the period $ 110.2 $ 101.8 Issuance of convertible notes — 8.4 Principal of convertible notes at end of the period 110.2 110.2 Conversion feature at beginning of the period 6.0 19.9 Fair value loss (gain) on embedded derivative 0.2 (13.9) Conversion feature at end of the period 6.2 6.0 Debt component at beginning of the period 85.5 74.2 Debt component issued — 8.4 Accrued interest paid in kind — (8.4) Accrued interest expense and accretion 3.1 11.3 Debt component at end of the period 88.6 85.5 Total convertible debt at end of the period $ 94.8 $ 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 are based on an interest rate of LIBOR plus 6.0% per year. Under the terms of the KSP Convertible Note, LIBOR has a floor of 1% and a cap of 2%. Once LIBOR interest rate is no longer published, the interest rate will instead be based on the sum of the Secured Overnight Financing Rate ("SOFR") and the average spread between the SOFR and LIBOR during the three-month period ending on the date on which LIBOR ceases to be published, subject to a floor of 1% and cap of 2%. 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 March 31, 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 Total $ 110.2 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 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 months ended March 31, 2023, the Company recognized a fair value loss of $0.2 million on the embedded derivatives. The embedded derivatives were valued using the Binomial Option Pricing Model. The assumptions used in the model were as follows: (Issuance date) December 31, 2022 March 31, 2023 Risk free interest rate 1.1% 4.2% 3.9% Expected life of options 5 years 3.8 years 3.6 years Expected dividend yield 0.0% 0.0% 0.0% Expected stock price volatility 66% 63% 54% Share Price $12.56 $4.76 $5.63 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 March 31, 2023 December 31, 2022 Principal of convertible notes at beginning of the period $ 208.1 $ — Issuance of convertible notes — 208.1 Principal of convertible notes at end of the period 208.1 208.1 Conversion feature at beginning of the period 16.5 — Conversion feature issued — 46.2 Fair value loss (gain) on embedded derivative 0.5 (29.7) Conversion feature at end of the period 17.0 16.5 Debt component at beginning of the period 164.9 — Debt component issued — 162.0 Transaction costs — (1.3) Accrued interest paid in kind — (8.1) Accrued interest expense and accretion 5.6 12.3 Debt component at end of the period 170.5 164.9 Total convertible debt at end of the period $ 187.5 $ 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 March 31, 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 December 31, 2022, comprised the following: Note Date Issued Amount Issued Glencore Convertible Note May 31, 2022 $ 200.0 PIK Note November 30, 2022 8.1 Total $ 208.1 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 months ended March 31, 2023, the Company recognized a fair value loss of $0.5 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) December 31, 2022 March 31, 2023 Risk free interest rate 2.9% 4.2% 3.9% Expected life of options 5 years 4.4 years 4.2 years Expected dividend yield 0.0% 0.0% 0.0% Expected stock price volatility 68% 63% 54% Share Price $8.15 $4.76 $5.63 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.

Warrants

Warrants	3 Months Ended
Warrants	Mar. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Warrants	Warrants In 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 30 trading day period ending three 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 three months ended March 31, 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 March 31, 2022, there were no warrants outstanding.

Share capital and share-based c

Share capital and share-based compensation	3 Months Ended
Share capital and share-based compensation	Mar. 31, 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: Three months ended Year ended March 31, 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 0.4 3.0 0.3 4.1 Exercise of stock options — — 1.6 0.5 Exercise of warrants (Note 12) — — 5.7 46.0 Issuance of shares to LG Energy Solution, Ltd. and LG Chem, Ltd. — — 5.3 49.7 Balance, end of the period 176.5 $ 775.4 176.1 $ 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 three months ended March 31, 2023 2022 $ millions, except number of options Number of Weighted average Number of Weighted average Balance, beginning of the period 4,368,732 $ 4.58 5,328,279 $ 2.88 Granted 1,075,127 5.77 687,993 7.61 Exercised (45,000) 0.37 (190,595) 1.17 Forfeited (80,676) 10.30 — — Balance, end of the period 5,318,183 4.77 5,825,677 3.49 Exercisable stock options 3,306,276 3.18 4,363,040 1.50 During the three months ended March 31, 2023, 45,000 stock options were exercised on a cashless basis (2022: 190,595), resulting in the issuance of 42,059 common shares (2022: 164,828) of the Company, net of stock option issuance costs. A summary of the outstanding stock options is as follows: As of March 31, 2023 Plan Range of exercise prices Number of stock options Weighted-average remaining contractual life (years) Expiration year Legacy Plans $ 0.02-2.15 2,508,675 4.37 April 2023 - February 2031 LTIP Plans 5.77-13.20 2,809,508 9.07 August 2031 - January 2033 5,318,183 The Company recognized total expenses of $0.7 million related to stock options during the three months ended March 31, 2023 (2022: $3.3 million). The fair value of the stock options granted during the three months ended March 31, 2023 was determined to be $3.6 million (2022: $3.3 million), using the Black-Scholes Merton option pricing model. The assumptions used in the stock option pricing model for the grants during the three months ended March 31, 2023 were as follows: Risk free interest rate 3.6% Expected life of options 6 years Expected dividend yield 0.0% Expected stock price volatility 59% Expected forfeiture rate 0.15% 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 $2.7 million in the three months ended March 31, 2023 (2022: $3.7 million). A summary of RSU activities is as follows: For the three months ended March 31, 2023 2022 $ millions, except number of RSUs Number of Weighted average share price on grant date Number of Weighted average share price on grant date Balance, beginning of the period 2,000,680 8.69 938,752 11.47 Granted 1,927,351 5.77 1,167,986 7.84 Exercised (378,190) 7.82 — — Forfeited (71,518) 9.20 (1,645) 7.74 Balance, end of the period 3,478,323 7.16 2,105,093 9.46 RSUs granted in the three months ended March 31, 2023 vest over 1 to 3 years. For the three months ended March 31, 2023, the Company capitalized $0.2 million in RSU and stock option costs to assets under construction (2022: $nil).

Financial instruments and finan

Financial instruments and financial risk factors	3 Months Ended
Financial instruments and financial risk factors	Mar. 31, 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 measured at fair value on a recurring basis are measured under level 2 of the hierarchy and were calculated as follows: As at March 31, 2023 Balance Level 2 Accounts receivable $ 3.7 $ 3.7 As at December 31, 2022 Accounts receivable $ 4.3 $ 4.3 Refer to Note 5 above for additional details related to measurement of accounts receivable. The Company’s 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 March 31, 2023 Balance Level 1 Level 2 Conversion feature of convertible debt (refer to Note 11) $ 23.2 $ — $ 23.2 As at December 31, 2022 Conversion feature of convertible debt (refer to Note 11) $ 22.5 $ — $ 22.5 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 March 31, 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 11. 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 has established an appropriate liquidity risk management framework for the management of the Company’s short-term, medium and long-term funding and liquidity requirements. The Corporation’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 March 31, 2023 Total Less than 1 year 1 - 3 years 3 - 5 years More than 5 years Accounts payable and accrued liabilities $ 53.5 $ 53.5 $ — $ — $ — Lease liabilities 76.8 8.4 15.9 13.4 39.1 Restoration 0.5 0.2 0.1 — 0.2 Convertible debt principal 318.4 — — 318.4 — Convertible debt interest 127.7 — — 127.7 — Total $ 576.9 $ 62.1 $ 16.0 $ 459.5 $ 39.3 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 March 31, 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 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 BM&E Metric tonnes subject to fair value pricing adjustments 4,359 4,428 4,359 4,428 10% increase in prices $ 0.4 $ 0.8 $ 1.1 $ 1.4 10% decrease in prices $ (0.4) $ (0.8) $ (1.1) $ (1.4) The following table sets out the period end commodity prices for cobalt and nickel as at March 31, 2023 and December 31, 2022: Market price per tonne As at March 31, 2023 December 31, 2022 Cobalt $ 35,935 $ 41,337 Nickel 23,050 30,400 Capital risk management The Company manages its capital to ensure that entities in the Company 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).

Commitments and contingencies

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Mar. 31, 2023
Commitments [Abstract]
Commitments and contingencies	Commitments and contingencies As of March 31, 2023, there were $12.7 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 seeks 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 does not assert any claims under either Section 10(b) or Section 20(a) of the Exchange Act. The claims in the amended complaint are 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. The motion to dismiss is now fully briefed. The Company believes that the allegations in the amended complaint are without merit and intends to vigorously defend against this matter. No amounts have been recorded for any potential liability arising from this matter.

Loss per share

Loss per share	3 Months Ended
Loss per share	Mar. 31, 2023
Earnings per share [abstract]
Loss per share	s per share For the three months ended March 31, 2023 2022 Total net loss $ (39.4) $ (10.1) Weighted average number of common shares 176.4 167.6 Basic and diluted loss per common share $ (0.22) $ (0.06)

Segment reporting

Segment reporting	3 Months Ended
Segment reporting	Mar. 31, 2023
Disclosure of operating segments [abstract]
Segment reporting	Segment reporting The 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 Corporation’s CODM is its Chief Executive Officer. During the three months ended March 31, 2023, the Company operated in Canada and the United States. 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: Canada¹ United States Germany Other Total Revenues Three months ended March 31, 2023 $ (0.5) $ 4.1 $ — $ — $ 3.6 Three months ended March 31, 2022 2.2 5.8 — — 8.0 Non-current assets As at March 31, 2023 $ 45.4 $ 282.1 $ 18.5 $ 2.7 $ 348.7 As of December 31, 2022 38.1 213.0 11.6 2.7 265.4 ¹The decrease in cobalt and nickel prices over the three months ended March 31, 2023 has resulted in fair value adjustment losses which exceed the new product sales revenue recognized in the period. 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.

Basis of preparation (Policies)

Basis of preparation (Policies)	3 Months Ended
Basis of preparation (Policies)	Mar. 31, 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 31 st to December 31 st . The change is being 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 May 15, 2023.
Basis of consolidation	Basis of consolidationThese 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 March 31, 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 67% 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.

Basis of preparation (Tables)

Basis of preparation (Tables)	3 Months Ended
Basis of preparation (Tables)	Mar. 31, 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 March 31, 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 67%

Revenue - product sales and r_2

Revenue - product sales and recycling services (Tables)	3 Months Ended
Revenue - product sales and recycling services (Tables)	Mar. 31, 2023
Product sales revenue [Abstract]
Schedule of product sales revenue	For the three months ended March 31, 2023 2022 Product revenue recognized in the period $ 7.2 $ 3.3 Fair value pricing adjustments (4.1) 4.4 Product sales 3.1 7.7 Recycling services 0.5 0.3 Revenue $ 3.6 $ 8.0 For the three months ended March 31, 2023 2022 Product revenue recognized in the period $ 7.2 $ 3.3 Recycling services 0.5 0.3 Total revenue before FV pricing adjustment $ 7.7 $ 3.6

Other income (expense) (Tables)

Other income (expense) (Tables)	3 Months Ended
Other income (expense) (Tables)	Mar. 31, 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 March 31, 2023 2022 Interest income on short-term investments $ 5.0 $ 0.2 Interest income 5.0 0.2 Interest expense and accretion on convertible debt (net of capitalized interest) (3.0) (3.4) Interest expense on leases (0.9) (0.4) Other finance costs (0.1) — Foreign exchange losses (0.5) (0.3) Interest expense and other costs (4.5) (4.1) Fair value gain (loss) on embedded derivatives (Note 11) (0.7) 3.8 Fair value gain on warrants (Note 12) — 11.1 Gains (losses) on financial instruments (0.7) 14.9 Total $ (0.2) $ 11.0

Accounts receivable (Tables)

Accounts receivable (Tables)	3 Months Ended
Accounts receivable (Tables)	Mar. 31, 2023
Trade and other current receivables [abstract]
Schedule of other receivables	As at March 31, 2023 December 31, 2022 Trade receivables $ 3.7 $ 4.3 Total accounts receivable 3.7 4.3 Non-trade receivables $ — $ 3.5 Sales taxes receivable 3.6 4.1 Other 2.1 2.4 Total other receivables $ 5.7 $ 10.0

Prepayments and deposits (Table

Prepayments and deposits (Tables)	3 Months Ended
Prepayments and deposits (Tables)	Mar. 31, 2023
Prepayments And Deposits [Abstract]
Schedule of prepayments and deposits	As at March 31, 2023 December 31, 2022 Prepaid lease deposits $ 2.8 $ 2.9 Prepaid transaction costs 1.7 0.6 Prepaid construction charges 4.0 1.4 Prepaid equipment deposits 65.8 86.1 Prepaid insurance 4.5 6.0 Other prepaids 3.5 2.4 Total prepaids and deposits 82.3 99.4 Non-current portion of prepaids and deposits (4.1) (4.2) Current prepaids and deposits $ 78.2 $ 95.2

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Mar. 31, 2023
Inventories [Abstract]
Schedule of inventory	As at March 31, 2023 December 31, 2022 Raw materials $ 1.4 $ 5.8 Finished goods 3.4 1.8 Parts and tools 0.3 0.7 Total inventories $ 5.1 $ 8.3

Plant and equipment (Tables)

Plant and equipment (Tables)	3 Months Ended
Plant and equipment (Tables)	Mar. 31, 2023
Disclosure of detailed information about property, plant and equipment [abstract]
Summary of plant and equipment	For the three months ended March 31, 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 86.6 — 0.3 — 0.2 87.1 Transfers (0.6) 0.6 — — — — Balance, end of the period 253.1 38.8 2.4 0.3 10.1 304.7 Accumulated depreciation Balance, beginning of the period — (5.3) (0.3) (0.1) (1.5) (7.2) Depreciation — (1.4) (0.2) — (0.3) (1.9) Balance, end of the period — (6.7) (0.5) (0.1) (1.8) (9.1) Net book value $ 253.1 $ 32.1 $ 1.9 $ 0.2 $ 8.3 $ 295.6

Related party transactions (Tab

Related party transactions (Tables)	3 Months Ended
Related party transactions (Tables)	Mar. 31, 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 March 31, 2023 2022 Salaries $ 0.9 $ 0.8 Share-based compensation 2.3 5.5 Fees and benefits 1.0 0.9 Post employment benefits 0.1 — Total remuneration of key management personnel $ 4.3 $ 7.2 Outstanding balances of remuneration of the executive officers and directors are summarized as follows: As at March 31, 2023 December 31, 2022 Accounts payable and accrued liabilities $ 1.3 $ 2.8 Outstanding balances 1.3 2.8

Accounts payable and accrued _2

Accounts payable and accrued liabilities (Tables)	3 Months Ended
Accounts payable and accrued liabilities (Tables)	Mar. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Schedule of accounts payable and accrued liabilities	As at March 31, 2023 December 31, 2022 Trade payables $ 26.7 $ 26.5 Accrued fixed assets 13.2 35.4 Accrued expenses 6.4 4.4 Accrued compensation 7.2 9.6 Total accounts payable and accrued liabilities $ 53.5 $ 75.9

Convertible Debt (Tables)

Convertible Debt (Tables)	3 Months Ended
Convertible Debt (Tables)	Mar. 31, 2023
Financial Instruments [Abstract]
Summary of Convertible Debt	As at March 31, 2023 December 31, 2022 KSP Convertible Notes (a) $ 94.8 $ 91.5 Glencore Convertible Notes (b) 187.5 181.4 Total convertible debt at end of the period $ 282.3 $ 272.9 (a) KSP Convertible Notes As at March 31, 2023 December 31, 2022 Principal of convertible notes at beginning of the period $ 110.2 $ 101.8 Issuance of convertible notes — 8.4 Principal of convertible notes at end of the period 110.2 110.2 Conversion feature at beginning of the period 6.0 19.9 Fair value loss (gain) on embedded derivative 0.2 (13.9) Conversion feature at end of the period 6.2 6.0 Debt component at beginning of the period 85.5 74.2 Debt component issued — 8.4 Accrued interest paid in kind — (8.4) Accrued interest expense and accretion 3.1 11.3 Debt component at end of the period 88.6 85.5 Total convertible debt at end of the period $ 94.8 $ 91.5 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 Total $ 110.2 (b) Glencore Convertible Notes As at March 31, 2023 December 31, 2022 Principal of convertible notes at beginning of the period $ 208.1 $ — Issuance of convertible notes — 208.1 Principal of convertible notes at end of the period 208.1 208.1 Conversion feature at beginning of the period 16.5 — Conversion feature issued — 46.2 Fair value loss (gain) on embedded derivative 0.5 (29.7) Conversion feature at end of the period 17.0 16.5 Debt component at beginning of the period 164.9 — Debt component issued — 162.0 Transaction costs — (1.3) Accrued interest paid in kind — (8.1) Accrued interest expense and accretion 5.6 12.3 Debt component at end of the period 170.5 164.9 Total convertible debt at end of the period $ 187.5 $ 181.4
Summary of assumptions used in stock option pricing	The assumptions used in the model were as follows: (Issuance date) December 31, 2022 March 31, 2023 Risk free interest rate 1.1% 4.2% 3.9% Expected life of options 5 years 3.8 years 3.6 years Expected dividend yield 0.0% 0.0% 0.0% Expected stock price volatility 66% 63% 54% Share Price $12.56 $4.76 $5.63

Warrants (Tables)

Warrants (Tables)	3 Months Ended
Warrants (Tables)	Mar. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Warrant Rollforward	For the three months ended March 31, 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 — $ —

Share capital and share-based_2

Share capital and share-based compensation (Tables)	3 Months Ended
Share capital and share-based compensation (Tables)	Mar. 31, 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: Three months ended Year ended March 31, 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 0.4 3.0 0.3 4.1 Exercise of stock options — — 1.6 0.5 Exercise of warrants (Note 12) — — 5.7 46.0 Issuance of shares to LG Energy Solution, Ltd. and LG Chem, Ltd. — — 5.3 49.7 Balance, end of the period 176.5 $ 775.4 176.1 $ 772.4
Summary of number and weighted average exercise prices of stock options	A summary of stock option activities is as follows: For the three months ended March 31, 2023 2022 $ millions, except number of options Number of Weighted average Number of Weighted average Balance, beginning of the period 4,368,732 $ 4.58 5,328,279 $ 2.88 Granted 1,075,127 5.77 687,993 7.61 Exercised (45,000) 0.37 (190,595) 1.17 Forfeited (80,676) 10.30 — — Balance, end of the period 5,318,183 4.77 5,825,677 3.49 Exercisable stock options 3,306,276 3.18 4,363,040 1.50 A summary of the outstanding stock options is as follows: As of March 31, 2023 Plan Range of exercise prices Number of stock options Weighted-average remaining contractual life (years) Expiration year Legacy Plans $ 0.02-2.15 2,508,675 4.37 April 2023 - February 2031 LTIP Plans 5.77-13.20 2,809,508 9.07 August 2031 - January 2033 5,318,183
Summary of assumptions used in stock option pricing	The assumptions used in the stock option pricing model for the grants during the three months ended March 31, 2023 were as follows: Risk free interest rate 3.6% Expected life of options 6 years Expected dividend yield 0.0% Expected stock price volatility 59% Expected forfeiture rate 0.15%
Summary of restricted stock unit activity	A summary of RSU activities is as follows: For the three months ended March 31, 2023 2022 $ millions, except number of RSUs Number of Weighted average share price on grant date Number of Weighted average share price on grant date Balance, beginning of the period 2,000,680 8.69 938,752 11.47 Granted 1,927,351 5.77 1,167,986 7.84 Exercised (378,190) 7.82 — — Forfeited (71,518) 9.20 (1,645) 7.74 Balance, end of the period 3,478,323 7.16 2,105,093 9.46

Financial instruments and fin_2

Financial instruments and financial risk factors (Tables)	3 Months Ended
Financial instruments and financial risk factors (Tables)	Mar. 31, 2023
Financial Instruments [Abstract]
Schedule of fair value measurement of assets	The Company’s financial assets measured at fair value on a recurring basis are measured under level 2 of the hierarchy and were calculated as follows: As at March 31, 2023 Balance Level 2 Accounts receivable $ 3.7 $ 3.7 As at December 31, 2022 Accounts receivable $ 4.3 $ 4.3
Schedule of fair value measurement of liabilities	The Company’s 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 March 31, 2023 Balance Level 1 Level 2 Conversion feature of convertible debt (refer to Note 11) $ 23.2 $ — $ 23.2 As at December 31, 2022 Conversion feature of convertible debt (refer to Note 11) $ 22.5 $ — $ 22.5
Schedule of Financial Liabilities	The Corporation’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 March 31, 2023 Total Less than 1 year 1 - 3 years 3 - 5 years More than 5 years Accounts payable and accrued liabilities $ 53.5 $ 53.5 $ — $ — $ — Lease liabilities 76.8 8.4 15.9 13.4 39.1 Restoration 0.5 0.2 0.1 — 0.2 Convertible debt principal 318.4 — — 318.4 — Convertible debt interest 127.7 — — 127.7 — Total $ 576.9 $ 62.1 $ 16.0 $ 459.5 $ 39.3
Schedule of fair value measurement of price	The following table sets out the Company's exposure, as at March 31, 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 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 BM&E Metric tonnes subject to fair value pricing adjustments 4,359 4,428 4,359 4,428 10% increase in prices $ 0.4 $ 0.8 $ 1.1 $ 1.4 10% decrease in prices $ (0.4) $ (0.8) $ (1.1) $ (1.4) The following table sets out the period end commodity prices for cobalt and nickel as at March 31, 2023 and December 31, 2022: Market price per tonne As at March 31, 2023 December 31, 2022 Cobalt $ 35,935 $ 41,337 Nickel 23,050 30,400

Loss per share (Tables)

Loss per share (Tables)	3 Months Ended
Loss per share (Tables)	Mar. 31, 2023
Earnings per share [abstract]
Summary of earnings per share	For the three months ended March 31, 2023 2022 Total net loss $ (39.4) $ (10.1) Weighted average number of common shares 176.4 167.6 Basic and diluted loss per common share $ (0.22) $ (0.06)

Segment reporting (Tables)

Segment reporting (Tables)	3 Months Ended
Segment reporting (Tables)	Mar. 31, 2023
Disclosure of operating segments [abstract]
Schedule of geographical areas	The following is a summary of the Company’s geographical information: Canada¹ United States Germany Other Total Revenues Three months ended March 31, 2023 $ (0.5) $ 4.1 $ — $ — $ 3.6 Three months ended March 31, 2022 2.2 5.8 — — 8.0 Non-current assets As at March 31, 2023 $ 45.4 $ 282.1 $ 18.5 $ 2.7 $ 348.7 As of December 31, 2022 38.1 213.0 11.6 2.7 265.4 ¹The decrease in cobalt and nickel prices over the three months ended March 31, 2023 has resulted in fair value adjustment losses which exceed the new product sales revenue recognized in the period.

Basis of preparation - Summary

Basis of preparation - Summary of Subsidiary Ownership (Details)	3 Months Ended
	Mar. 31, 2023
Li-Cycle Corp.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Li-Cycle Americas Corp.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Li-Cycle U.S. Inc.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Li-Cycle Inc.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Li-Cycle North America Hub, Inc.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Li-Cycle Europe AG
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Li-Cycle APAC PTE. LTD.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Li-Cycle Germany GmbH
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Li-Cycle Norway AS
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	67%
Li-Cycle France SARL
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%

Revenue - product sales and r_3

Revenue - product sales and recycling services - Schedule of product sales revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Product sales revenue [Abstract]
Product revenue recognized in the period	$ 7.2	$ 3.3
Fair value pricing adjustments	(4.1)	4.4
Product sales	3.1	7.7
Recycling services	0.5	0.3
Revenue before Fair Value Pricing Adjustment	7.7	3.6
Revenue	$ 3.6	$ 8

Other income (expense) (Details

Other income (expense) (Details) - USD ($) $ in Millions	3 Months Ended
Other income (expense) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Financial Instruments [Abstract]
Interest income	$ 5	$ 0.2
Interest expense and accretion on convertible debt (net of capitalized interest)	(3)	(3.4)
Interest expense on lease liabilities	(0.9)	(0.4)
Other finance costs	(0.1)	0
Foreign exchange losses	(0.5)	(0.3)
Interest expense and other costs	(4.5)	(4.1)
Gains (losses) on change in fair value of derivatives	(0.7)	3.8
Fair value gain on warrants (Note 12)	0	11.1
(Loss) gain on financial instruments	(0.7)	14.9
Other income (expense)	$ (0.2)	$ 11

Accounts receivable - Schedule

Accounts receivable - Schedule of other receivables (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Oct. 31, 2022
Trade and other current receivables [abstract]
Accounts receivable	$ 3.7	$ 4.3
Non-trade receivables	0	3.5
Current receivables from taxes other than income tax	3.6	4.1
Other Current Accrued Receivables	2.1	2.4
Other receivables	$ 5.7	$ 10	$ 10

Accounts receivable - Narrative

Accounts receivable - Narrative (Details) - USD ($)	3 Months Ended
Accounts receivable - Narrative (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Trade and other current receivables [abstract]
Fair value pricing adjustments	$ (4,100,000)	$ 4,400,000
Allowance account for credit loss	$ 1,000,000	$ 0

Prepayments and deposits (Detai

Prepayments and deposits (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Prepayments And Deposits [Abstract]
Prepaid lease deposits	$ 2.8	$ 2.9
Prepaid transaction costs	1.7	0.6
Prepaid construction charges	4	1.4
Prepaid equipment deposits	65.8	86.1
Prepaid insurance	4.5	6
Other prepaids	3.5	2.4
Total prepaids and deposits	82.3	99.4
Other assets	(4.1)	(4.2)
Prepayment and deposits	$ 78.2	$ 95.2

Inventories (Details)

Inventories (Details) - USD ($)	3 Months Ended
Inventories (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Inventories [Abstract]
Raw materials	$ 1,400,000		$ 5,800,000
Finished goods	3,400,000		1,800,000
Parts and tools	300,000		700,000
Inventories	5,100,000		$ 8,300,000
Cost of inventories recognised as expense	10,900,000	$ 3,200,000
Inventory Write-Up, Raw Materials	100,000	600,000
Write-downs (reversals of write-downs) of inventories	$ (2,200,000)	$ 0

Plant and equipment (Details)

Plant and equipment (Details) - USD ($)	3 Months Ended
Plant and equipment (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	$ 210,400,000
Property, plant and equipment at end of period	295,600,000
Employee salaries capitalized to assets under construction	2,000,000	$ 0
Share-based compensation cost capitalized to assets under construction	200,000	0
Borrowing costs capitalised	$ 5,700,000	$ 0
Capitalisation rate of borrowing costs eligible for capitalisation	12.60%
Construction in progress
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at end of period	$ 253,100,000
Machinery
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at end of period	32,100,000
Computer equipment
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at end of period	1,900,000
Vehicles
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at end of period	200,000
Leasehold improvements
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at end of period	8,300,000
Gross carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	217,600,000
Additions other than through business combinations, property, plant and equipment	87,100,000
Increase (decrease) through transfers from construction in progress, property, plant and equipment	0
Property, plant and equipment at end of period	304,700,000
Gross carrying amount \| Construction in progress
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	167,100,000
Additions other than through business combinations, property, plant and equipment	86,600,000
Increase (decrease) through transfers from construction in progress, property, plant and equipment	(600,000)
Property, plant and equipment at end of period	253,100,000
Gross carrying amount \| Machinery
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	38,200,000
Additions other than through business combinations, property, plant and equipment	0
Increase (decrease) through transfers from construction in progress, property, plant and equipment	600,000
Property, plant and equipment at end of period	38,800,000
Gross carrying amount \| Computer equipment
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	2,100,000
Additions other than through business combinations, property, plant and equipment	300,000
Increase (decrease) through transfers from construction in progress, property, plant and equipment	0
Property, plant and equipment at end of period	2,400,000
Gross carrying amount \| Vehicles
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	300,000
Additions other than through business combinations, property, plant and equipment	0
Property, plant and equipment at end of period	300,000
Gross carrying amount \| Leasehold improvements
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	9,900,000
Additions other than through business combinations, property, plant and equipment	200,000
Property, plant and equipment at end of period	10,100,000
Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(7,200,000)
Depreciation	(1,900,000)
Property, plant and equipment at end of period	(9,100,000)
Accumulated depreciation \| Construction in progress
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	0
Depreciation	0
Property, plant and equipment at end of period	0
Accumulated depreciation \| Machinery
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(5,300,000)
Depreciation	(1,400,000)
Property, plant and equipment at end of period	(6,700,000)
Accumulated depreciation \| Computer equipment
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(300,000)
Depreciation	(200,000)
Property, plant and equipment at end of period	(500,000)
Accumulated depreciation \| Vehicles
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(100,000)
Depreciation	0
Property, plant and equipment at end of period	(100,000)
Accumulated depreciation \| Leasehold improvements
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(1,500,000)
Depreciation	(300,000)
Property, plant and equipment at end of period	$ (1,800,000)

Related party transactions - Su

Related party transactions - Summary of Remuneration of Directors (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disclosure of transactions between related parties [abstract]
Salaries	$ 0.9	$ 0.8
Share-based compensation	2.3	5.5
Fees and benefits	1	0.9
Post employment benefits	0.1	0
Total remuneration of key management personnel	$ 4.3	$ 7.2

Related party transactions - Na

Related party transactions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disclosure of transactions between related parties [abstract]
Key management personnel compensation, directors fees	$ 0.1	$ 0.1
Services received, related party transactions	$ 0	$ 0.1

Related party transactions - Ou

Related party transactions - Outstanding Balances Of Remunerations Of Directors (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Disclosure of transactions between related parties [line items]
Amounts payable, related party transactions	$ 1.3	$ 2.8
Accounts Payable And Accrued Liabilities
Disclosure of transactions between related parties [line items]
Amounts payable, related party transactions	$ 1.3	$ 2.8

Accounts payable and accrued _3

Accounts payable and accrued liabilities - Schedule of accounts payable and accrued liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Trade payables	$ 26.7	$ 26.5
Accrued fixed assets	13.2	35.4
Accrued expenses	6.4	4.4
Accrued compensation	7.2	9.6
Accounts payable and accrued liabilities	$ 53.5	$ 75.9

Convertible Debt - Summary of C

Convertible Debt - Summary of Convertible Debt (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
	Sep. 29, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]
Issuance of convertible notes		$ 0		$ 8.4
Gains (losses) on change in fair value of derivatives		(0.7)	$ 3.8
Total convertible debt at end of the period		282.3		272.9
Koch Strategic Platforms Convertible Note
Disclosure of detailed information about borrowings [line items]
Principal of convertible notes at beginning of the period		110.2	101.8	101.8
Principal of convertible notes at end of the period	$ 100	110.2		110.2
Conversion feature at beginning of the period		6	19.9	19.9
Gains (losses) on change in fair value of derivatives		0.2		(13.9)
Conversion feature at end of the period		6.2		6
Debt component at beginning of the period		85.5	74.2	74.2
Debt component issued	72.3	0		8.4
Transaction costs	$ 1.6
Accrued interest paid in kind		0		(8.4)
Accrued interest expense and accretion		3.1		11.3
Debt component at end of the period		88.6		85.5
Total convertible debt at end of the period		94.8		91.5
Total convertible debt at end of the period		94.8		91.5
Glencore Convertible Note
Disclosure of detailed information about borrowings [line items]
Principal of convertible notes at beginning of the period		208.1
Issuance of convertible notes		0		208.1
Principal of convertible notes at end of the period		208.1		208.1
Conversion feature at beginning of the period		16.5	0	0
Conversion feature issued		0		46.2
Gains (losses) on change in fair value of derivatives		0.5		(29.7)
Conversion feature at end of the period		17		16.5
Debt component at beginning of the period		164.9	0	0
Debt component issued		0		162
Transaction costs		0		1.3
Accrued interest paid in kind		0		(8.1)
Accrued interest expense and accretion		5.6		12.3
Debt component at end of the period		170.5		164.9
Total convertible debt at end of the period		187.5		181.4
Payment in Kind Note
Disclosure of detailed information about borrowings [line items]
Principal of convertible notes at beginning of the period		$ 4.3	$ 1.8	1.8
Principal of convertible notes at end of the period				$ 4.3

Convertible Debt - Narrative (D

Convertible Debt - Narrative (Details) - USD ($)			3 Months Ended		12 Months Ended
Convertible Debt - Narrative (Details) - USD ($)	May 31, 2022	Sep. 29, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]
Gains (losses) on change in fair value of derivatives			$ (700,000)	$ 3,800,000
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%
Borrowings, conversion price triggering conversion feature (in dollars per share)		$ 17.46
Gains (losses) on change in fair value of derivatives			200,000		$ (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%
Adjustment to paid in kind interest rate		6%
Koch Strategic Platforms Convertible Note \| LIBOR \| Minimum
Disclosure of detailed information about borrowings [line items]
Borrowings, variable rate, fixed		1%
Koch Strategic Platforms Convertible Note \| LIBOR \| Maximum
Disclosure of detailed information about borrowings [line items]
Borrowings, variable rate, fixed		2%
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			$ 500,000		$ (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%
Adjustment to paid in kind interest rate	6%
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%
Glencore Convertible Note \| LIBOR \| Maximum
Disclosure of detailed information about borrowings [line items]
Borrowings, variable rate, fixed	2%

Convertible Debt - Assumptions

Convertible Debt - Assumptions (Details) $ in Millions	Mar. 31, 2023 USD ($) yr $ / shares	Dec. 31, 2022 USD ($) yr $ / shares	Nov. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	May 31, 2022 USD ($) $ / shares yr	Jan. 01, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 29, 2021 USD ($) yr $ / shares
Koch Strategic Platforms Convertible Note
Disclosure of detailed information about borrowings [line items]
Amount Issued	$ 110.2	$ 110.2					$ 101.8	$ 100
Koch Strategic Platforms Convertible Note \| Risk free interest rate
Disclosure of detailed information about borrowings [line items]
Significant unobservable input, liabilities	3.9	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	3.6	3.8						5
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	0.54	0.63						0.66
Koch Strategic Platforms Convertible Note \| Share Price
Disclosure of detailed information about borrowings [line items]
Significant unobservable input, liabilities \| $ / shares	5.63	4.76						12.56
Payment in Kind Note
Disclosure of detailed information about borrowings [line items]
Amount Issued		$ 4.3	$ 8.1	$ 4.1			$ 1.8
Glencore Convertible Note
Disclosure of detailed information about borrowings [line items]
Amount Issued	$ 208.1	$ 208.1			$ 200	$ 0
Glencore Convertible Note \| Risk free interest rate
Disclosure of detailed information about borrowings [line items]
Significant unobservable input, liabilities	3.9	4.2			2.9
Glencore Convertible Note \| Expected life of options
Disclosure of detailed information about borrowings [line items]
Significant unobservable input, liabilities \| yr	4.2	4.4			5
Glencore Convertible Note \| Expected dividend yield
Disclosure of detailed information about borrowings [line items]
Significant unobservable input, liabilities		0			0
Glencore Convertible Note \| Expected stock price volatility
Disclosure of detailed information about borrowings [line items]
Significant unobservable input, liabilities	0.54	0.63			0.68
Glencore Convertible Note \| Share Price
Disclosure of detailed information about borrowings [line items]
Significant unobservable input, liabilities \| $ / shares	5.63	4.76			8.15

Warrants (Details)

Warrants (Details) $ / shares in Units, $ in Millions					3 Months Ended
Warrants (Details) $ / shares in Units, $ in Millions	Mar. 31, 2022 USD ($) shares	Jan. 30, 2022 $ / shares shares	Jan. 01, 2022 USD ($) shares	Aug. 10, 2021 USD ($) $ / shares shares	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($) shares	Oct. 31, 2021 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
Cashless exercises (in shares) \| shares						(22,540,651)
Proceeds From Cashless Exercise Of Warrants \| $						$ (46)
Redemptions (in shares) \| shares						(449,665)
Proceeds From Redemption Of Warrants \| $						$ 0
Fair value gain on warrants (Note 12) \| $					$ 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
Redemption price of warrants (in dollars per share)				0.01
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		$ 57.1	$ 48.3		$ 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

Share capital and share-based_3

Share capital and share-based compensation - Narrative (Details) $ / shares in Units, $ in Millions		3 Months Ended
	May 12, 2022 USD ($) d $ / shares shares	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 USD ($) 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		45,000	190,595
Share-based compensation		$ 3.2	$ 7
Fair value of stock options granted		3.6	3.3
Share-based compensation cost capitalized to assets under construction		$ 0.2	$ 0
Common shares, without par value
Disclosure of classes of share capital [line items]
Common stock, share subscriptions receivable	$ 50
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		45,000	190,595
Share-based compensation		$ 0.7	$ 3.3
Employee Stock Option \| Li-Cycle Holdings Corp.
Disclosure of classes of share capital [line items]
Number of shares issued (in shares) \| shares		42,059	164,828
Restricted share units
Disclosure of classes of share capital [line items]
Share-based compensation		$ (2.7)	$ (3.7)
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

Share capital and share-based_4

Share capital and share-based compensation - Outstanding Shares (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Disclosure of classes of share capital [line items]
Equity \| $	$ 462	$ 499.9	$ 498	$ 457
Exercise of stock options (in shares)	45,000	190,595
Exercise of stock options \| $		$ 0
Restricted share units
Disclosure of classes of share capital [line items]
Settlement of RSUs (in shares)	378,190	0
Issued capital
Disclosure of classes of share capital [line items]
Number of shares outstanding (in shares)	176,500,000	169,100,000	176,100,000	163,200,000
Equity \| $	$ 775.4	$ 718.3	$ 772.4	$ 672.1
Exercise of stock options (in shares)		200,000
Exercise of stock options \| $		$ 0.2
Issued capital \| Restricted share units
Disclosure of classes of share capital [line items]
Settlement of RSUs (in shares)	400,000
Outstanding Capital
Disclosure of classes of share capital [line items]
Number of shares outstanding (in shares)	176,500,000		176,100,000	163,200,000
Equity \| $	$ 775.4		$ 772.4	$ 672.1
Share issuance (in shares)			5,300,000
Share issuance \| $			$ 49.7
Exercise of stock options (in shares)			1,600,000
Exercise of stock options \| $			$ 0.5
Exercise of warrants (in shares)			5,700,000
Surrender of Warrants Due to Make-Whole Exercise, USD \| $			$ 46
Outstanding Capital \| Restricted share units
Disclosure of classes of share capital [line items]
Settlement of RSUs (in shares)	400,000		300,000
Restricted share units settled \| $	$ 3		$ 4.1

Share capital and share-based_5

Share capital and share-based compensation - Summary of Stock Option Activity (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2023 shares $ / shares	Mar. 31, 2022 shares $ / shares	Dec. 31, 2022 shares $ / shares
Share Capital, Reserves And Other Equity Interest [Abstract]
Number of stock options, beginning balance (in shares) \| shares	4,368,732	5,328,279	5,328,279
Granted (in shares) \| shares	1,075,127	687,993
Exercised (in shares) \| shares	(45,000)	(190,595)
Forfeited (in shares) \| shares	(80,676)	0
Number of stock options, ending balance (in shares) \| shares	5,318,183	5,825,677	4,368,732
Number of share options exercisable (in shares) \| shares	3,306,276	4,363,040
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	5.77	7.61
Exercised (in dollars per share) \| $ / shares	0.37	1.17
Forfeited (in dollars per share) \| $ / shares	10.30	0
Weighted average exercise price per stock option, end of period (in dollars per share) \| $ / shares	4.77	3.49	$ 4.58
Weighted average exercise price of share options exercisable in share-based payment arrangement \| $ / shares	$ 3.18	$ 1.50
LTIP
Disclosure of classes of share capital [line items]
Expiration period, share based payment arrangements	10 years

Share capital and share-based_6

Share capital and share-based compensation - Schedule of Stock Option Expirations (Details)	3 Months Ended
	Mar. 31, 2023 shares $ / shares	Dec. 31, 2022 shares	Mar. 31, 2022 shares	Dec. 31, 2021 shares
Disclosure of classes of share capital [line items]
Number of stock options (in shares) \| shares	5,318,183	4,368,732	5,825,677	5,328,279
Minimum
Disclosure of classes of share capital [line items]
Exercise price of outstanding stock options (in shares) \| $ / shares	$ 5.77
Minimum \| Legacy Plans
Disclosure of classes of share capital [line items]
Exercise price of outstanding stock options (in shares) \| $ / shares	0.02
Maximum
Disclosure of classes of share capital [line items]
Exercise price of outstanding stock options (in shares) \| $ / shares	13.2
Maximum \| Legacy Plans
Disclosure of classes of share capital [line items]
Exercise price of outstanding stock options (in shares) \| $ / shares	$ 2.15
Tranche One
Disclosure of classes of share capital [line items]
Number of stock options (in shares) \| shares	5,318,183
Tranche One \| Legacy Plans
Disclosure of classes of share capital [line items]
Number of stock options (in shares) \| shares	2,508,675
Weighted average remaining contractual life of outstanding share options	4 years 4 months 13 days
Tranche One \| LTIP Plans
Disclosure of classes of share capital [line items]
Number of stock options (in shares) \| shares	2,809,508
Weighted average remaining contractual life of outstanding share options	9 years 25 days

Share capital and share-based_7

Share capital and share-based compensation - Schedule of Assumptions (Details)	3 Months Ended
	Mar. 31, 2023 yr
Disclosure of classes of share capital [line items]
Risk free interest rate, share options granted	3.60%
Option life, share options granted	6
Expected volatility, share options granted	59%
Expected dividend as percentage, share options granted	0%
Expected Forfeiture As Percentage, Share Options Granted	15%

Share capital and share-based_8

Share capital and share-based compensation - Summary of RSU Activities (Details) - Restricted share units	3 Months Ended		12 Months Ended
	Mar. 31, 2023 shares $ / shares	Mar. 31, 2022 shares $ / shares	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 $ / shares
Disclosure of classes of share capital [line items]
Beginning balance (in shares)	2,000,680	938,752	938,752
Granted (in shares)	1,927,351	1,167,986
Number of other equity instruments exercised (in shares)	(378,190)	0
Forfeited (in shares)	(71,518)	(1,645)
Ending balance (in shares)	3,478,323	2,105,093	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	$ 5.77	$ 7.84
Exercised (in dollars per share) \| $ / shares	7.82	0
Forfeited (in dollars per share) \| $ / shares	9.20	7.74
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement \| $ / shares	$ 7.16	$ 9.46	$ 8.69	$ 11.47

Financial instruments and fin_3

Financial instruments and financial risk factors - Assets measured at fair value (Details) - Recurring fair value measurement - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Financial assets	$ 3.7	$ 4.3
Level 2
Disclosure of detailed information about financial instruments [line items]
Financial assets	$ 3.7	$ 4.3

Financial instruments and fin_4

Financial instruments and financial risk factors - Liabilities measured at fair value (Details) - Recurring fair value measurement - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	$ 23.2	$ 22.5
Quoted prices in active markets for identical assets (Level 1)
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Level 2
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	$ 23.2	$ 22.5

Financial instruments and fin_5

Financial instruments and financial risk factors - Narrative (Details)	3 Months Ended
	Mar. 31, 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%

Financial instruments and fin_6

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	$ 4,359	$ 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	4,359	4,428
10% increase in prices	1,100,000	1,400,000
10% decrease in prices	$ (1,100,000)	$ (1,400,000)

Financial instruments and fin_7

Financial instruments and financial risk factors - Schedule of maturity of financial liabilities (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	$ 576,900,000
Less than 1 year
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	62,100,000
1 - 3 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	16,000,000
3 - 5 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	459,500,000
More than 5 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	39,300,000
Accounts Payable And Accrued Liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	53,500,000
Accounts Payable And Accrued Liabilities \| Less than 1 year
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	53,500,000
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	76,800,000
Lease liabilities \| Less than 1 year
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	8,400,000
Lease liabilities \| 1 - 3 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	15,900,000
Lease liabilities \| 3 - 5 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	13,400,000
Lease liabilities \| More than 5 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	39,100,000
Restoration
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	500,000
Restoration \| Less than 1 year
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	200,000
Restoration \| 1 - 3 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	100,000
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	200,000
Convertible debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	318,400,000
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	0
Convertible debt \| 3 - 5 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	318,400,000
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	127,700,000
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	0
Convertible Debt interest \| 3 - 5 years
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost	127,700,000
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	35,935	$ 41,337
Nickel
Disclosure of detailed information about financial instruments [line items]
Market Price Per Tonne of Metals	$ 23,050	$ 30,400

Commitments and contingencies (

Commitments and contingencies (Details) $ in Millions		3 Months Ended
Commitments and contingencies (Details) $ in Millions	Dec. 31, 2022 USD ($)	Mar. 31, 2023 USD ($) d
Commitments [Abstract]
Purchase orders \| $	$ 9.5	$ 12.7
Number Of Li-Cycle's Co-Founders		2
Number Of Current Directors Of Li-Cycle		2

Loss per share - Calculation of

Loss per share - Calculation of Loss per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings per share [abstract]
Net loss for the period	$ (39.4)	$ (10.1)
Weighted average number of ordinary shares, basic (in shares)	176.4	167.6
Loss per common share - basic (in dollars per share)	$ (0.22)	$ (0.06)
Loss per common share - diluted (in dollars per share)	$ (0.22)	$ (0.06)

Segment reporting (Details)

Segment reporting (Details) - USD ($) $ in Millions	3 Months Ended
Segment reporting (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Jan. 31, 2022	Dec. 31, 2022
Disclosure of geographical areas [line items]
Revenues	$ 3.6	$ 8
Non-current assets	348.7			$ 265.4
CANADA
Disclosure of geographical areas [line items]
Revenues	(0.5)		$ 2.2
Non-current assets	45.4			38.1
United States
Disclosure of geographical areas [line items]
Revenues	4.1		5.8
Non-current assets	282.1			213
Germany
Disclosure of geographical areas [line items]
Revenues	0		0
Non-current assets	18.5			11.6
Other
Disclosure of geographical areas [line items]
Revenues	0		$ 0
Non-current assets	$ 2.7			$ 2.7