Cover
Cover | 6 Months Ended |
Jun. 30, 2023 | |
Document Information [Line Items] | |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2023 |
Current Fiscal Year End Date | --12-31 |
Registrant name | LI-CYCLE HOLDINGS CORP. |
Amendment flag | false |
Central index key | 0001828811 |
Document fiscal year focus | 2023 |
Document fiscal period focus | Q2 |
Condensed consolidated interim
Condensed consolidated interim statements of loss and comprehensive loss - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue | ||||
Product sales | $ 3,100,000 | $ (400,000) | $ 6,200,000 | $ 7,300,000 |
Recycling services | 500,000 | 400,000 | 1,000,000 | 700,000 |
Revenue | 3,600,000 | 0 | 7,200,000 | 8,000,000 |
Expenses | ||||
Employee salaries and benefits | 16,000,000 | 12,000,000 | 30,800,000 | 22,300,000 |
Share-based compensation | 3,700,000 | 4,500,000 | 6,900,000 | 11,500,000 |
Office, administrative and travel | 6,600,000 | 4,200,000 | 11,100,000 | 7,300,000 |
Professional fees | 4,600,000 | 4,400,000 | 7,600,000 | 7,600,000 |
Raw materials and supplies | 5,700,000 | 2,700,000 | 14,400,000 | 3,800,000 |
Depreciation | 4,000,000 | 2,600,000 | 7,700,000 | 4,500,000 |
Plant facilities | 2,000,000 | 1,000,000 | 3,900,000 | 1,900,000 |
Marketing | 800,000 | 800,000 | 1,500,000 | 1,400,000 |
Freight and shipping | 900,000 | 900,000 | 1,700,000 | 1,200,000 |
Research and development | 800,000 | 400,000 | 1,300,000 | 900,000 |
Change in finished goods inventory | 1,600,000 | (200,000) | 700,000 | 0 |
Other | (600,000) | 0 | 1,200,000 | 0 |
Operating expenses | 46,100,000 | 33,300,000 | 88,800,000 | 62,400,000 |
Loss from operations | (42,500,000) | (33,300,000) | (81,600,000) | (54,400,000) |
Other income (expense) | ||||
Interest income | 4,200,000 | 1,300,000 | 9,200,000 | 1,500,000 |
Interest expense and other costs | (4,300,000) | (3,800,000) | (8,800,000) | (7,900,000) |
Gain on financial instruments | 7,300,000 | 7,700,000 | 6,600,000 | 22,600,000 |
Other income (expense) | 7,200,000 | 5,200,000 | 7,000,000 | 16,200,000 |
Net loss before taxes | (35,300,000) | (28,100,000) | (74,600,000) | (38,200,000) |
Income tax | 0 | 0 | 100,000 | 0 |
Interest income on short-term investments | (35,300,000) | (28,100,000) | (74,700,000) | (38,200,000) |
Shareholders of Li-Cycle Holdings Corp. | (35,200,000) | (28,100,000) | (74,600,000) | (38,200,000) |
Non-controlling interest | (100,000) | 0 | (100,000) | 0 |
Net loss and comprehensive loss | $ (35,300,000) | $ (28,100,000) | $ (74,700,000) | $ (38,200,000) |
Loss per common share - basic (in dollars per share) | $ (0.20) | $ (0.17) | $ (0.42) | $ (0.23) |
Loss per common share - diluted (in dollars per share) | $ (0.20) | $ (0.17) | $ (0.42) | $ (0.23) |
Condensed consolidated interi_2
Condensed consolidated interim statements of financial position - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 288,800,000 | $ 517,900,000 |
Accounts receivable | 900,000 | 4,300,000 |
Other receivables | 5,000,000 | 10,000,000 |
Prepayment and deposits | 103,500,000 | 95,200,000 |
Inventories | 2,500,000 | 8,300,000 |
Current assets | 400,700,000 | 635,700,000 |
Non-current assets | ||
Plant and equipment | 392,400,000 | 210,400,000 |
Right-of-use assets | 56,700,000 | 50,800,000 |
Other assets | 9,100,000 | 4,200,000 |
Non-current assets | 458,200,000 | 265,400,000 |
Total assets | 858,900,000 | 901,100,000 |
Current liabilities | ||
Accounts payable and accrued liabilities | 77,900,000 | 75,900,000 |
Lease liabilities | 5,500,000 | 5,600,000 |
Current liabilities | 83,400,000 | 81,500,000 |
Non-current liabilities | ||
Lease liabilities | 53,000,000 | 48,300,000 |
Deferred revenue | 5,400,000 | 0 |
Convertible debt | 284,200,000 | 272,900,000 |
Restoration provisions | 2,700,000 | 400,000 |
Non-current liabilities | 345,300,000 | 321,600,000 |
Total liabilities | 428,700,000 | 403,100,000 |
Equity | ||
Share capital | 776,800,000 | 772,400,000 |
Other reserves | 21,200,000 | 18,700,000 |
Accumulated deficit | (367,500,000) | (293,000,000) |
Accumulated other comprehensive loss | (300,000) | (300,000) |
Equity attributable to the Shareholders of Li-Cycle Holdings Corp. | 430,200,000 | 497,800,000 |
Non-controlling interest | 0 | 200,000 |
Total equity | 430,200,000 | 498,000,000 |
Total liabilities and equity | $ 858,900,000 | $ 901,100,000 |
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 ($) shares | Public Shares USD ($) | 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 | $ 4.6 | $ 4.6 | $ 4.6 | ||||||||||||
RSUs expense | $ 6.9 | $ 6.9 | $ 6.9 | ||||||||||||
Exercise of warrants (in shares) | shares | 5,700,000 | ||||||||||||||
Exercise of warrants | 46 | $ 46 | 46 | ||||||||||||
Share issuance | $ 49.7 | 49.7 | |||||||||||||
Share issuance (in shares) | shares | 5,300,000 | ||||||||||||||
Exercise of stock options (in shares) | shares | 1,186,547 | 1,186,547 | 1,100,000 | ||||||||||||
Exercise of stock options | $ 0 | $ 0.2 | (0.2) | 0 | |||||||||||
Change in non-controlling interest In subsidiary | 0.3 | 0.3 | |||||||||||||
Settlement of RSUs (in shares) | shares | 40,404 | ||||||||||||||
Settlement of RSUs | $ (0.5) | 0.5 | |||||||||||||
Comprehensive loss | (38.2) | (38.2) | (38.2) | ||||||||||||
Shareholders' equity, ending balance (in shares) at Jun. 30, 2022 | shares | 175,300,000 | ||||||||||||||
Shareholders' equity, ending balance at Jun. 30, 2022 | 526.3 | $ 768.5 | 15 | (257.2) | (0.3) | 526 | 0.3 | ||||||||
Changes in equity [abstract] | |||||||||||||||
Proceeds from private share issuance, net of share issuance costs | $ 49.7 | ||||||||||||||
Proceeds from convertible debt | 198.7 | ||||||||||||||
Capital contribution from the holders of non-controlling interest | 0.3 | ||||||||||||||
Purchase of Noncontrolling Interest | 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 | $ 1.8 | $ 1.8 | $ 1.8 | ||||||||||||
RSUs expense | $ 5.5 | 5.5 | $ 5.5 | ||||||||||||
Exercise of stock options (in shares) | shares | 1,475,618 | 1,475,618 | 1,200,000 | ||||||||||||
Exercise of stock options | $ 0.6 | (0.6) | |||||||||||||
Change in non-controlling interest In subsidiary | $ (0.6) | $ (0.4) | (0.4) | (0.2) | |||||||||||
Settlement of RSUs (in shares) | shares | 544,000 | 500,000 | |||||||||||||
Settlement of RSUs | $ (4.2) | $ 4.2 | |||||||||||||
Comprehensive loss | (74.5) | (74.5) | (74.5) | ||||||||||||
Shareholders' equity, ending balance (in shares) at Jun. 30, 2023 | shares | 177,800,000 | ||||||||||||||
Shareholders' equity, ending balance at Jun. 30, 2023 | 430.2 | $ 776.8 | $ 21.2 | $ (367.5) | $ (0.3) | $ 430.2 | $ 0 | ||||||||
Changes in equity [abstract] | |||||||||||||||
Proceeds from private share issuance, net of share issuance costs | $ 0 | ||||||||||||||
Proceeds from convertible debt | 0 | ||||||||||||||
Capital contribution from the holders of non-controlling interest | 0 | ||||||||||||||
Purchase of Noncontrolling Interest | $ (0.4) |
Condensed consolidated interi_4
Condensed consolidated interim statements of cash flows - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities | ||||
Net loss | $ (35,300,000) | $ (28,100,000) | $ (74,700,000) | $ (38,200,000) |
Items not affecting cash | ||||
Share-based compensation | 3,700,000 | 4,500,000 | 6,900,000 | 11,500,000 |
Depreciation | 4,000,000 | 2,600,000 | 7,700,000 | 4,500,000 |
Foreign exchange (gain) loss on translation | 200,000 | (400,000) | 400,000 | (100,000) |
Foreign exchange (gain) loss on translation | (7,300,000) | (7,700,000) | (6,600,000) | (22,600,000) |
Interest expense | 3,700,000 | 3,900,000 | 7,700,000 | 7,700,000 |
Interest paid | (800,000) | (400,000) | (1,800,000) | (900,000) |
Interest received | 4,600,000 | 1,300,000 | 9,900,000 | 1,500,000 |
Interest income | (4,200,000) | (1,300,000) | (9,200,000) | (1,500,000) |
Cash flows from (used in) operations before changes in working capital | (31,400,000) | (25,600,000) | (59,700,000) | (38,100,000) |
Changes in non-cash working capital items | ||||
Accounts receivable | 2,800,000 | 5,300,000 | 3,400,000 | (600,000) |
Other receivables | 200,000 | (2,200,000) | 4,300,000 | (2,300,000) |
Prepayments and deposits | (8,800,000) | (7,500,000) | (12,100,000) | (15,300,000) |
Inventories | 2,600,000 | (1,900,000) | 5,800,000 | (3,900,000) |
Accounts payable and accrued liabilities | (10,700,000) | 7,800,000 | (7,700,000) | 17,300,000 |
Deferred Revenue | 5,400,000 | 0 | 5,400,000 | 0 |
Net cash used in operating activities | (39,900,000) | (24,100,000) | (60,600,000) | (42,900,000) |
Investing activities | ||||
Purchases of plant and equipment | (57,000,000) | (36,100,000) | (163,600,000) | (53,600,000) |
Prepaid equipment deposits | (21,400,000) | (28,300,000) | (1,100,000) | (27,200,000) |
Net cash used in investing activities | (78,400,000) | (64,400,000) | (164,700,000) | (80,800,000) |
Financing activities | ||||
Proceeds from convertible debt | 0 | 198,700,000 | 0 | 198,700,000 |
Capital contribution from the holders of non-controlling interest | 0 | 300,000 | 0 | 300,000 |
Purchase of non-controlling interest | (400,000) | 0 | (400,000) | 0 |
Repayment of lease principal | (1,700,000) | (1,300,000) | (3,400,000) | (2,400,000) |
Net cash (used in) from financing activities | (2,100,000) | 247,400,000 | (3,800,000) | 246,300,000 |
Net change in cash and cash equivalents | (120,400,000) | 158,900,000 | (229,100,000) | 122,600,000 |
Cash and cash equivalents, beginning of the period | 409,200,000 | 527,400,000 | 517,900,000 | 563,700,000 |
Cash and cash equivalents, end of the period | $ 288,800,000 | $ 686,300,000 | $ 288,800,000 | $ 686,300,000 |
Corporate information
Corporate information | 6 Months Ended |
Jun. 30, 2023 | |
Nature Of Operations [Abstract] | |
Corporate information | Corporate information Company overview Li-Cycle Holdings Corp. (together with its subsidiaries, "Li-Cycle" or the "Company") is a leading global lithium-ion battery resource recovery company and North America’s largest pure-play lithium-ion battery recycler, with a growing presence in Europe. The Company leverages its innovative, sustainable and patented Spoke & Hub Technologies™ to provide a safe, scalable, customer-centric solution to recycle all different types of lithium-ion batteries. With major customers and partners around the world, Li-Cycle is on a mission to recover critical battery-grade materials to create a domestic closed-loop battery supply chain for a clean energy future. The Company is governed by the Business Corporations Act (Ontario) and its registered address is 207 Queens Quay West, Suite 590, Toronto, Ontario. Li-Cycle started its business as Li-Cycle Corp., which was incorporated under the Business Corporations Act (Ontario) on November 18, 2016. On 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. On closing of the Business Combination, the common shares of Li-Cycle Holdings Corp. were listed on the New York Stock Exchange and commenced trading under the symbol “NYSE:LICY”. |
Basis of preparation
Basis of preparation | 6 Months Ended |
Jun. 30, 2023 | |
List Of Accounting Policies [Abstract] | |
Basis of preparation | Basis of preparation 2.1 Statement of compliance On December 21, 2022, the Company announced a change in its financial year end from October 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 August 14, 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 June 30, 2023 are set forth in the table below: Company Location Ownership interest Li-Cycle Corp. Ontario, Canada 100% Li-Cycle Americas Corp. Ontario, Canada 100% Li-Cycle U.S. Inc. Delaware, U.S. 100% Li-Cycle Inc. Delaware, U.S. 100% Li-Cycle North America Hub, Inc. Delaware, U.S. 100% Li-Cycle Europe AG Switzerland 100% Li-Cycle APAC PTE. LTD. Singapore 100% Li-Cycle France SARL France 100% Li-Cycle Germany GmbH Germany 100% Li-Cycle Norway AS Norway 100% Intercompany transactions, balances and unrealized gains/losses on transactions between the Company and its subsidiaries have been eliminated. 2.4 Presentation currency These interim financial statements are presented in U.S. dollars, which is the Company's functional currency. All figures are presented in millions of U.S. dollars unless otherwise specified. 2.5 Foreign currencies The reporting and functional currency of the Company is the U.S. dollar. Transactions in currencies other than the U.S. dollar are recorded at the rates of exchange prevailing on the dates of transactions. At the end of each reporting period, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that date. 2.6 Recently adopted IFRS Standards Due to the change in year-end, IFRS Standards effective from January 2022 and January 2023 may impact the financial statements. The Company has adopted the following accounting amendments that were effective commencing January 1, 2022 or January 1, 2023. The adoption of these standards have not had a material impact on the financial statements: • Amendments to IFRS 3, Business Combinations - Reference to the Conceptual Framework. The amendment is effective for annual periods beginning on or after January 1, 2022. • Amendments to IAS 37 - Provisions, Contingent Liabilities and Contingent Assets. The amendment specifies costs an entity should include in determining the "cost of fulfilling" a potential onerous contract. The amendment is effective for annual periods beginning on or after January 1, 2022. • Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors replace the definition of a change in accounting estimates with a definition of accounting estimates. The amendment is effective for annual periods beginning on or after January 1, 2023. • Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgments changes the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments to IAS 1 and IFRS practice statements 2 are effective for annual periods beginning on or after January 1, 2023, with earlier application permitted and are applied prospectively. • Amendments to IFRS 17, Insurance Contracts, a replacement of IFRS 4, Insurance Contracts, that aims to provide consistency in the application of accounting for insurance contracts. The amendment is effective for annual period beginning on or after January 1, 2023. • Amendments to IAS 16 Property, Plant and Equipment - Proceeds before Intended Use. The amendment prohibits reducing the cost of property, plant and equipment by proceeds while bringing an asset to capable operations. The amendment is effective for periods beginning on or after January 1, 2022. • Amendments to IAS 12 Income taxes - Deferred Tax related to Assets and Liabilities arising from Single Transaction, narrowing the scope for exemption when recognizing deferred taxes. The amendment is effective for annual periods beginning on or after January 1, 2023. 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 Amendments to IFRS 7 and IAS 7 Supplier Finance Arrangements |
Revenue - product sales and rec
Revenue - product sales and recycling services | 6 Months Ended |
Jun. 30, 2023 | |
Product sales revenue [Abstract] | |
Revenue - product sales and recycling services | Revenue – product sales and recycling services For the Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Product revenue recognized in the period $ 5.0 $ 4.3 $ 12.2 $ 7.6 Fair value pricing adjustments (1.9) (4.7) (6.0) (0.3) Product sales 3.1 (0.4) 6.2 7.3 Recycling services 0.5 0.4 1.0 0.7 Revenue $ 3.6 $ — $ 7.2 $ 8.0 For the Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Product revenue recognized in the period $ 5.0 $ 4.3 $ 12.2 $ 7.6 Recycling services 0.5 0.4 1.0 0.7 Total revenue before FV pricing adjustment $ 5.5 $ 4.7 $ 13.2 $ 8.3 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 20 for the impact of movements in the cobalt and nickel prices. |
Other income (expense)
Other income (expense) | 6 Months Ended |
Jun. 30, 2023 | |
Financial Instruments [Abstract] | |
Other income (expense) | Other income (expense) The following table summarizes the Company's other income (expense): For the Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Interest income on short-term investments $ 4.2 $ 1.3 $ 9.2 $ 1.5 Interest income 4.2 1.3 9.2 1.5 Interest expense and accretion on convertible debt (net of capitalized interest) (2.7) (3.3) (5.7) (6.7) Interest expense on leases (0.9) (0.5) (1.8) (0.9) Other finance costs (0.1) (0.1) (0.2) (0.1) Foreign exchange losses (0.6) 0.1 (1.1) (0.2) Interest expense and other costs (4.3) (3.8) (8.8) (7.9) Fair value gain (loss) on embedded derivatives (Note 15) 7.3 7.7 6.6 11.5 Fair value gain on warrants (Note 17) — — — 11.1 Gains (losses) on financial instruments 7.3 7.7 6.6 22.6 Total $ 7.2 $ 5.2 $ 7.0 $ 16.2 |
Accounts receivable
Accounts receivable | 6 Months Ended |
Jun. 30, 2023 | |
Trade and other current receivables [abstract] | |
Accounts receivable | Accounts receivable As at June 30, 2023 December 31, 2022 Trade receivables $ 0.9 $ 4.3 Total accounts receivable 0.9 4.3 Non-trade receivables $ — $ 3.5 Sales taxes receivable 3.2 4.1 Other 1.8 2.4 Total other receivables $ 5.0 $ 10.0 For product revenue, the Company estimates the amount of consideration to which it expects to be entitled under provisional pricing arrangements, which is based on the initial assay results and market prices of certain constituent metals on the date control is transferred to the customer. For the three and six months ended June 30, 2023, the fair value loss arising from changes in estimates was $1.9 million and $6.0 million, respectively (three and six months ended June 30, 2022: fair value losses of $4.7 million and $0.3 million, respectively), 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. The Company assesses the need for allowances related to credit loss for receivables based on its past experience, the credit ratings of its existing customer and economic trends. For the three and six months ended June 30, 2023, the Company recorded a recovery of credit loss of $0.1 million and a credit loss allowance of $0.9 million, respectively, included in the Other line on the statement of loss and comprehensive loss (three and six months ended June 30,2022: $nil and $nil). The movements in the three and six months ended June 30, 2023 relates to a dispute with a new customer, with whom the Company has terminated its business relationship. The Company has assessed its receivables and concluded that this does not cast doubt on the collectability of trade receivables due from other customers. |
Prepayments and deposits
Prepayments and deposits | 6 Months Ended |
Jun. 30, 2023 | |
Prepayments And Deposits [Abstract] | |
Prepayments and deposits | Prepayment and deposits As at June 30, 2023 December 31, 2022 Prepaid lease deposits $ 0.7 $ 0.5 Prepaid transaction costs 2.9 0.6 Prepaid construction charges 3.6 1.4 Prepaid equipment deposits 87.2 86.1 Prepaid insurance 6.3 4.2 Other prepaids 2.8 2.4 Prepaids and deposits $ 103.5 $ 95.2 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Inventories [Abstract] | |
Inventories | Inventories As at June 30, 2023 December 31, 2022 Raw materials $ 0.1 $ 5.8 Finished goods 1.8 1.8 Parts and tools 0.6 0.7 Total inventories $ 2.5 $ 8.3 The cost of inventories recognized as an expense during the three and six months ended June 30, 2023 was $9.8 million and $20.8 million, respectively (three and six months ended June 30, 2022: $5.5 million and $8.7 million, respectively). |
Plant and equipment
Plant and equipment | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Plant and equipment | Plant and equipment For the six months ended June 30, 2023 Assets under construction Plant equipment and other Computer equipment Vehicles Leasehold improvements Total Cost Balance, beginning of the period $ 167.1 $ 38.2 $ 2.1 $ 0.3 $ 9.9 $ 217.6 Additions 185.1 — 0.6 — 0.2 185.9 Transfers (3.1) 3.1 — — — — Balance, end of the period 349.1 41.3 2.7 0.3 10.1 403.5 Accumulated depreciation Balance, beginning of the period — (5.3) (0.3) (0.1) (1.5) (7.2) Depreciation — (2.8) (0.5) — (0.6) (3.9) Balance, end of the period — (8.1) (0.8) (0.1) (2.1) (11.1) Net book value $ 349.1 $ 33.2 $ 1.9 $ 0.2 $ 8.0 $ 392.4 For the three and six months ended June 30, 2023, $2.3 million and $4.3 million, respectively in employee salaries (three and six months ended June 30, 2022: $nil and $nil) and $0.2 million and $0.4 million, respectively in share-based compensation costs (three and six months ended June 30, 2022: $nil and $nil) were capitalized to assets under construction. For the three and six months ended June 30, 2023, borrowing costs of $6.5 million and $12.2 million, respectively were capitalized to assets under construction (three and six months ended June 30, 2022: $nil and $nil). 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 12.5%. As of June 30, 2023, $58.2 million of the accounts payable balance is made up of non-cash additions to plant and equipment (December 31, 2022: $48.5 million). Refer to Note 21 for details of contractual commitments to purchase fixed assets. |
Right-of-use assets
Right-of-use assets | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Leases [Abstract] | |
Right-of-use assets | Right-of-use assets For the six months ended June 30, 2023 Premises Equipment Total Cost Balance, beginning of the year $ 58.5 $ 0.7 $ 59.2 Additions 9.6 0.1 9.7 Termination/derecognition (0.7) — (0.7) Balance, end of the year 67.4 0.8 68.2 Accumulated depreciation Balance, beginning of the year (8.3) (0.1) (8.4) Termination/derecognition 0.7 — 0.7 Depreciation (3.7) (0.1) (3.8) Balance, end of the year (11.3) (0.2) (11.5) Carrying amounts $ 56.1 $ 0.6 $ 56.7 The weighted average lease term of the Company's premises and equipment leases is 3.42 years. |
Other assets
Other assets | 6 Months Ended |
Jun. 30, 2023 | |
Miscellaneous non-current assets [abstract] | |
Other assets | Other assets As at June 30, 2023 December 31, 2022 Prepaid lease deposits $ 4.8 $ 2.4 Prepaid insurance 1.2 1.8 Restoration deposit 3.1 — Total other assets $ 9.1 $ 4.2 |
Related party transactions
Related party transactions | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of transactions between related parties [abstract] | |
Related party transactions | Related party transactionsThe 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Salaries $ 0.9 $ 1.0 $ 1.8 $ 1.8 Share-based compensation 2.4 3.2 4.6 8.7 Fees and benefits 1.1 1.0 2.0 1.9 Post employment benefits — — 0.1 — Total remuneration of key management personnel $ 4.4 $ 5.2 $ 8.5 $ 12.4 Total amounts paid to directors in respect of director services in the three months and six months ended June 30, 2023 was $0.1 million and $0.2 million, respectively (three and six months ended June 30,2022:$0.1 million and $0.2 million, respectively). Outstanding balances of remuneration of the executive officers and directors are summarized as follows: As at June 30, 2023 December 31, 2022 Accounts payable and accrued liabilities $ 1.7 $ 2.8 Outstanding balances 1.7 2.8 Related party expenses are recorded at exchange amounts. For the three months and six months ended June 30, 2023, total transactions with related parties a re $0.1 million and $0.1 million, respectively (three and six months ended June 30, 2022: $0.1 million and $0.2 million, respectively). |
Accounts payable and accrued li
Accounts payable and accrued liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accounts payable and accrued liabilities | Accounts payable and accrued liabilities As at June 30, 2023 December 31, 2022 Trade payables $ 21.0 $ 26.5 Accrued fixed assets 37.7 35.4 Accrued expenses 9.3 4.4 Accrued compensation 9.9 9.6 Total accounts payable and accrued liabilities $ 77.9 $ 75.9 |
Lease liabilities
Lease liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Leases [Abstract] | |
Lease liabilities | Lease Liabilities For the six months ended June 30, 2023 Premise Equipment Total Balance, beginning of the period $ 53.3 $ 0.6 $ 53.9 Additions 7.3 0.3 7.6 Lease repayments (3.3) (0.1) (3.4) Foreign exchange gains (losses) 0.4 — 0.4 Balance, end of the period $ 57.7 $ 0.8 $ 58.5 Non-current portion of lease liabilities $ (52.4) $ (0.6) $ (53.0) Current Lease Liabilities $ 5.3 $ 0.2 $ 5.5 In the three and six months ended June 30, 2023, the Company recognized interest expense of $0.9 million and $1.8 million, respectively, related to lease liabilities (three and six months ended June 30, 2022: $0.5 million and $0.9 million, respectively). The Company’s lease obligations include leases for plant operations, storage facilities, and office space for employees. Maturity analysis (undiscounted) As at June 30, 2023 Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter Total Premises $ 8.2 $ 8.2 $ 7.8 $ 7.6 $ 6.9 $ 41.2 $ 79.9 Equipment 0.6 0.6 0.5 0.2 0.1 — 2.0 Total $ 8.8 $ 8.8 $ 8.3 $ 7.8 $ 7.0 $ 41.2 $ 81.9 Maturity analysis (undiscounted) As at December 31, 2022 Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter Total Premises $ 8.7 $ 7.7 $ 7.3 $ 7.1 $ 6.4 $ 40.7 $ 77.9 Equipment 0.2 0.1 0.1 0.1 0.1 — 0.6 Total $ 8.9 $ 7.8 $ 7.4 $ 7.2 $ 6.5 $ 40.7 $ 78.5 |
Deferred revenue
Deferred revenue | 6 Months Ended |
Jun. 30, 2023 | |
Contract liabilities [abstract] | |
Deferred revenue | Deferred revenue On March 28, 2023 the Company signed a definitive agreement for a global lithium-ion battery recycling partnership with a leading global provider of industrial trucks and supply chain solutions. As part of the agreement, the Company received 5 million Euros in reservation fee for future battery recycling services. The deferred revenue will be recognized in revenue as the services are provided. As at June 30, 2023 December 31, 2022 Balance, beginning of the period $ — $ — Additions 5.4 — Balance, end of the period $ 5.4 $ — |
Convertible Debt
Convertible Debt | 6 Months Ended |
Jun. 30, 2023 | |
Financial Instruments [Abstract] | |
Convertible Debt | Convertible Debt As at June 30, 2023 December 31, 2022 KSP Convertible Notes (a) $ 97.4 $ 91.5 Glencore Convertible Notes (b) 186.8 181.4 Total convertible debt at end of the period $ 284.2 $ 272.9 (a) KSP Convertible Notes As at June 30, 2023 December 31, 2022 Principal of convertible notes at beginning of the period $ 110.2 $ 101.8 Issuance of convertible notes 4.4 8.4 Principal of convertible notes at end of the period 114.6 110.2 Conversion feature at beginning of the period 6.0 19.9 Fair value loss (gain) on embedded derivative (0.7) (13.9) Conversion feature at end of the period 5.3 6.0 Debt component at beginning of the period 85.5 74.2 Debt component issued 4.4 8.4 Accrued interest paid in kind (4.4) (8.4) Accrued interest expense and accretion 6.6 11.3 Debt component at end of the period 92.1 85.5 Total convertible debt at end of the period $ 97.4 $ 91.5 On September 29, 2021, the Company entered into a Note Purchase Agreement (the “KSP Note Purchase Agreement”) with Spring Creek Capital, LLC (an affiliate of Koch Strategic Platforms, LLC, being a subsidiary of Koch Investments Group) and issued an unsecured convertible note (the "KSP Convertible Note”) for a principal amount of $100 million to Spring Creek Capital, LLC. The KSP Convertible Note will mature on September 29, 2026 unless earlier repurchased, redeemed or converted. Interest on the KSP Convertible Note is payable semi-annually, and Li-Cycle is permitted to pay interest on the KSP Convertible Note in cash or by payment in-kind (“PIK”), at its election. Interest payments made in cash are based on an interest rate of LIBOR plus 5.0% per year, and PIK interest payments were based on an interest rate of LIBOR plus 6.0% per year, with a LIBOR floor of 1% and a cap of 2%. Starting July 1, 2023, as the LIBOR interest rate is no longer published, the interest rate will instead be based on the sum of the Secured Overnight Financing Rate ("SOFR") and 0.58% (being average spread between the SOFR and LIBOR during the three-month period ending on the date on which LIBOR ceased to be published). The PIK election results in the issuance of a new note under the same terms as the KSP Convertible Note, issued in lieu of interest payments with an issuance date on the applicable interest date. On May 1, 2022, Spring Creek Capital, LLC assigned the KSP Convertible Note and the PIK note outstanding at that time to an affiliate, Wood River Capital, LLC. The Company has elected to pay interest by PIK since the first interest payment date of December 31, 2021. The KSP Convertible Note and the PIK notes issued thereunder are referred to collectively as the "KSP Convertible Notes”, and as at June 30, 2023, comprised the following: Note Date Issued Amount Issued KSP Convertible Note September 29, 2021 $ 100.0 PIK Note December 31, 2021 1.8 PIK Note June 30, 2022 4.1 PIK Note December 31, 2022 4.3 PIK Note June 30, 2023 4.4 Total $ 114.6 The conversion feature under the KSP Convertible Notes has been recorded as an embedded derivative liability since the conversion ratio does not always result in a conversion of a fixed dollar amount of liability for a fixed number of shares. The KSP Convertible Note had an initial conversion price of approximately $13.43 per Li-Cycle common share, subject to customary anti-dilution adjustments, for which price was established based on 125% of the 7-day volume-weighted average price of Li-Cycle’s common shares prior to the date of the KSP Convertible Note Purchase Agreement. Should the Company’s share price be equal to or greater than $17.46, for a period of twenty The fair value of the embedded derivatives upon issuance of the KSP Convertible Note was determined to be a liability of $27.7 million whereas the remaining $72.3 million, net of transaction costs of $1.6 million, was allocated to the principal portion of the debt. During the three and six months ended June 30, 2023, the Company recognized a fair value gain of $0.9 million and $0.7 million on the embedded derivatives, respectively. The embedded derivatives were valued using the Binomial Option Pricing Model. The assumptions used in the model were as follows: (Issuance date) December 31, 2022 June 30, 2023 Risk free interest rate 1.1% 4.2% 4.6% Expected life of options 5 years 3.8 years 3.3 years Expected dividend yield 0.0% 0.0% 0.0% Expected stock price volatility 66% 63% 49% Share Price $12.56 $4.76 $5.55 Expected volatility was determined by calculating the average implied volatility of a group of listed entities that are considered similar in nature to the Company. (b) Glencore Convertible Notes As at June 30, 2023 December 31, 2022 Principal of convertible notes at beginning of the period $ 208.1 $ — Issuance of convertible notes 8.4 208.1 Principal of convertible notes at end of the period 216.5 208.1 Conversion feature at beginning of the period 16.5 — Conversion feature issued — 46.2 Fair value loss (gain) on embedded derivative (5.9) (29.7) Conversion feature at end of the period 10.6 16.5 Debt component at beginning of the period 164.9 — Debt component issued 8.4 162.0 Transaction costs — (1.3) Accrued interest paid in kind (8.4) (8.1) Accrued interest expense and accretion 11.3 12.3 Debt component at end of the period 176.2 164.9 Total convertible debt at end of the period $ 186.8 $ 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 June 30, 2023, no conversions had taken place. The conversion feature under the Glencore Convertible Note has been recorded as an embedded derivative liability as the conversion ratio does not always result in a conversion of a fixed dollar amount of liability for a fixed number of shares. The Glencore Convertible Note has a conversion price of approximately $9.95 per Li-Cycle common share, subject to customary anti-dilution adjustments. The Company has elected to pay interest by PIK since the first interest payment on November 30, 2022. The Glencore Convertible Note and the PIK notes issued thereunder are referred to collectively as the "Glencore Convertible Notes", and as at 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 PIK Note May 31, 2023 8.4 Total $ 216.5 The fair value of the embedded derivative liability upon issuance of the Glencore Convertible Note was determined to be $46.2 million with the remaining $153.8 million, net of transaction costs of $1.3 million, allocated to the initial amortized cost of the host debt instrument. During the three and six months ended June 30, 2023, the Company recognized a fair value gain of $6.4 million and $5.9 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 June 30, 2023 Risk free interest rate 2.9% 4.2% 4.4% Expected life of options 5 years 4.4 years 3.9 years Expected dividend yield 0.0% 0.0% 0.0% Expected stock price volatility 68% 63% 48% Share Price $8.15 $4.76 $5.55 Expected volatility was determined by calculating the average implied volatility of a group of listed entities that are considered similar in nature to the Company. |
Restoration Provision
Restoration Provision | 6 Months Ended |
Jun. 30, 2023 | |
Provision for decommissioning, restoration and rehabilitation costs [abstract] | |
Restoration Provision | Restoration Provision The Company has a legal obligation to complete the site restoration and decommissioning of its leased plant properties in Germany, New York and Ontario. The provision for decommissioning and site restoration is determined using the estimated costs provided by the State of Saxony-Anhalt, Germany, New York Department of Environmental Conservation and Ontario Ministry of the Environment, Conservation and Parks. The following table represents the continuity of the restoration provision associated with the Company’s leased plant properties: As at June 30, 2023 December 31, 2022 Balance, beginning of the period $ 0.4 $ 0.3 Additions 2.3 0.1 Balance, end of the period $ 2.7 $ 0.4 |
Warrants
Warrants | 6 Months Ended |
Jun. 30, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Warrants | WarrantsIn connection with the completion of the Business Combination on August 10, 2021, the Company assumed obligation for Peridot Acquisition Corp.’s warrants to purchase up to 23,000,000 common shares at their fair market value of $2.10 per share for a total acquired liability of $48.3 million. The total number of warrants was made up of 15,000,000 Public Placement Warrants ("Public Warrants") and 8,000,000 Private Placement Warrants ("Private Warrants"). All of the warrants had a 5-year term, expiring on September 24, 2025. The Public Warrants had an exercise price of $11.50 per share, with a redemption price of $0.10 per warrant if the Company's share price exceeded $10.00, on a cashless basis. If the Company's share price exceeded $18.00 for any 20 trading days within the 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 six months ended June 30, 2022 Number of warrants Balance, beginning of the period 22,997,712 $ 57.1 Cash exercises (7,396) — Cashless exercises (22,540,651) (46.0) Redemptions (449,665) — Fair value (gain) on warrants (11.1) Balance, end of the period — $ — Warrants were re-measured through profit or loss at each period end, using first level inputs. As of June 30, 2022, there were no warrants outstanding. |
Share capital and share-based c
Share capital and share-based compensation | 3 Months Ended |
Jun. 30, 2023 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Share capital and share-based compensation | Share capital and share-based compensation Authorized share capital Li-Cycle Holdings Corp. is authorized to issue an unlimited number of voting common shares without par value. All issued shares are fully paid. The changes in the Company’s outstanding common shares were as follows: For the Six months ended Year ended June 30, 2023 December 31, 2022 Number of shares (in millions) Capital Stock Number of shares (in millions) Capital Stock Balance, beginning of the period 176.1 $ 772.4 163.2 $ 672.1 Exercise of RSUs 0.5 4.2 0.3 4.1 Exercise of stock options 1.2 0.6 1.6 0.5 Exercise of warrants (Note 17) — — 5.7 46.0 Issuance of shares to LG Energy Solution, Ltd. and LG Chem, Ltd. — — 5.3 49.7 Unwinding of Non-controlling interest — (0.4) — — Balance, end of the period 177.8 $ 776.8 176.1 $ 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 six months ended June 30, 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 1,088,500 5.76 687,993 7.61 Exercised (1,475,618) 0.74 (1,186,547) 0.34 Forfeited (124,133) 10.32 (2,619) 10.93 Balance, end of the period 3,857,481 6.20 4,827,106 4.17 Exercisable stock options 1,835,320 4.92 3,367,088 1.90 During the six months ended June 30, 2023, 1,475,618 stock options were exercised on a cashless basis (2022: 1,186,547), resulting in the issuance of 1,244,036 common shares (2022: 6,846,906) of the Company, net of stock option issuance costs. A summary of the outstanding stock options is as follows: As of June 30, 2023 Plan Range of exercise prices Number of stock options Weighted-average remaining contractual life (years) Expiration year Legacy Plans $ 0.37-2.15 1,078,057 5.90 April 2024- February 2031 LTIP Plans 4.94-13.20 2,779,424 8.83 August 2031 - May 2033 3,857,481 The Company recognized total expenses of $1.1 million and $1.8 million related to stock options during the three and six months ended June 30, 2023, respectively (three and six months ended June 30, 2022: $1.3 million and $4.6 million, respectively). The fair value of the stock options granted during the three and six months ended June 30, 2023 was determined to be $nil and $3.6 million, respectively (three and six months ended June 30, 2022: $nil and $3.3 million, respectively), using the Black-Scholes Merton option pricing model. The assumptions used in the stock option pricing model for the grants during the six months ended June 30, 2023 were as follows: Risk free interest rate 3.45% - 3.59% Expected life of options 6 years Expected dividend yield 0% Expected stock price volatility 57.81% - 58.65% Expected forfeiture rate 0.146% - 4.127% Expected volatility was determined by calculating the average historical volatility of a group of listed entities that are considered similar in nature to the Company. Restricted share units Under the terms of the Company's LTIP Plan, restricted share units ("RSUs") have been issued to executives, directors, employees and advisors. The RSU vesting periods ranged from several months to 3 years. The RSUs represent the right to receive common shares from the Company. RSUs issued under the LTIP Plan are expected to be settled in common shares. RSUs issued under the LTIP Plan are classified as equity on the consolidated statements of financial position. The Company recognized share-based compensation expense relating to RSUs totaling $2.8 million and $5.5 million in the three and six months ended June 30, 2023, respectively (three and six months ended June 30, 2022: $3.2 million and $6.9 million, respectively). A summary of RSU activities is as follows: For the six months ended June 30, 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 2,261,496 5.63 1,377,985 7.70 Exercised (544,000) 7.67 (40,404) 13.20 Forfeited (206,821) 7.92 (24,613) 9.15 Balance, end of the period 3,511,355 6.92 2,251,720 9.16 RSUs granted in the three and six months ended June 30, 2023 vest over 1 to 3 years. For the three and six months ended June 30, 2023, RSU and stock option costs capitalized to assets under construction were $0.2 million and $0.4 million, respectively (three and six months ended June 30, 2022: $nil and $nil, respectively). |
Non-Controlling Interest
Non-Controlling Interest | 6 Months Ended |
Jun. 30, 2023 | |
Non-Controlling Interest [Abstract] | |
Non-Controlling Interest | Non-controlling interest On January 26, 2022, the Company entered into an agreement with ECO STOR AS (“ECO STOR”) and Morrow Batteries AS (“Morrow”) to form Li-Cycle Norway AS for the purpose of developing a new Spoke facility in southern Norway. Li-Cycle became the majority owner of Li-Cycle Norway AS with a 67% ownership interest, while Nordic-headquartered strategic partners ECO STOR and Morrow held a 31% and 2% ownership interest, respectively. On June 29, 2023 the Company purchased all shares of Li-Cycle Norway AS held by ECO STOR and Morrow, eliminating all non-controlling interests in the entity. The Company paid $0.4 million for these shares, bringing its ownership interest in Li-Cycle Norway AS from 67% to 100%. This transaction created a loss of $0.6 million which is reflected in equity and had no impact on the Statement of loss and comprehensive loss. The carrying amount of Li-Cycle Norway AS net assets in the Company's consolidated financial statements on the date of acquisition was $0.6 million. in millions of US dollars Carrying amount of NCI acquired ($0.6 million x 33%) $ 0.2 Consideration paid to NCI 0.4 A decrease in equity attributable to owners of the Company $ 0.6 |
Financial instruments and finan
Financial instruments and financial risk factors | 6 Months Ended |
Jun. 30, 2023 | |
Financial Instruments [Abstract] | |
Financial instruments and financial risk factors | Financial instruments and financial risk factors Fair values The Company’s financial instruments consist of cash equivalents, accounts receivable, other receivables, accounts payable and accrued liabilities, and convertible debt. The carrying amounts of other receivables, accounts payable and accrued liabilities approximate fair value due to the short-term maturity of these instruments. Fair value hierarchy levels 1 to 3 are based on the degree to which the fair value is observable: • Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and • Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). There were no transfers between the levels during the current or prior period. The Company’s financial assets and financial liabilities measured at fair value on a recurring basis are measured under level 2 of the hierarchy and were calculated as follows: As at June 30, 2023 December 31, 2022 Conversion feature of convertible debt (refer to Note 15) $ 15.9 $ 22.5 Accounts receivable $ 0.9 $ 4.3 Refer to Note 5 above for additional details related to measurement of accounts receivable. Currency risk The Company is exposed to currency risk as its cash is mainly denominated in U.S. dollars, while its operations also require Canadian dollars and other currencies in addition to U.S. dollars. As at June 30, 2023, the impact of a 5% change in these respective currencies versus the U.S. dollar, would result in an immaterial impact. Interest rate risk Interest rate risk is the risk arising from the effect of changes in prevailing interest rates on the Company’s financial instruments. The Company is exposed to interest rate risk, as it has variable interest rate debt that includes an interest rate floor and cap. Refer to Note 15. 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 June 30, 2023 Total Less than 1 year 1 - 3 years 3 - 5 years More than 5 years Accounts payable and accrued liabilities $ 77.9 $ 77.9 $ — $ — $ — Lease liabilities 81.9 8.8 17.1 14.8 41.2 Restoration 3.1 — 0.1 — 3.0 Convertible debt principal 331.1 — — 331.1 — Convertible debt interest 115.0 — — 115.0 — Total $ 609.0 $ 86.7 $ 17.2 $ 460.9 $ 44.2 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 June 30, 2023 and December 31, 2022, in relation to the impact of movements in the cobalt and nickel price for the provisionally invoiced sales volume of Black Mass & Equivalents by metric tonne: Cobalt Nickel As at June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 BM&E Metric tonnes subject to fair value pricing adjustments 4,977 4,428 4,977 4,428 10% increase in prices $ 0.5 $ 0.8 $ 0.9 $ 1.4 10% decrease in prices $ (0.5) $ (0.8) $ (0.9) $ (1.4) The following table sets out the period end commodity prices for cobalt and nickel as at June 30, 2023 and December 31, 2022: Market price per tonne As at June 30, 2023 December 31, 2022 Cobalt $ 31,416 $ 41,337 Nickel 20,075 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 | 6 Months Ended |
Jun. 30, 2023 | |
Commitments [Abstract] | |
Commitments and contingencies | Commitments and contingencies As of June 30, 2023, there were $11.8 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 | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Loss per share | s per share For the three and six months ended June 30, 2023 2022 2023 2022 In millions Total net loss $ (35.2) $ (28.1) $ (74.6) $ (38.2) Weighted average number of common shares 177.2 168.6 176.7 168.4 Basic and diluted loss per common share $ (0.20) $ (0.17) $ (0.42) $ (0.23) |
Segment reporting
Segment reporting | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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: Canada United States Germany Other Total Revenues Three months ended June 30, 2023 $ 1.4 $ 2.2 $ — $ — $ 3.6 Three months ended June 30, 2022 0.6 (0.6) — — — Six months ended June 30, 2023 $ 0.9 $ 6.3 $ — $ — $ 7.2 Six months ended June 30, 2022 2.8 5.2 — — 8.0 Non-current assets As at June 30, 2023 $ 54.7 $ 363.6 $ 28.8 $ 11.1 $ 458.2 As of December 31, 2022 38.1 213.0 11.6 2.7 265.4 Revenue is attributed to each geographical location based on location of sale. The Company does not currently have active operations in any other geographical regions. |
Basis of preparation (Policies)
Basis of preparation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
List Of Accounting Policies [Abstract] | |
Statement of compliance | Statement of compliance On December 21, 2022, the Company announced a change in its financial year end from October 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 August 14, 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 June 30, 2023 are set forth in the table below: Company Location Ownership interest Li-Cycle Corp. Ontario, Canada 100% Li-Cycle Americas Corp. Ontario, Canada 100% Li-Cycle U.S. Inc. Delaware, U.S. 100% Li-Cycle Inc. Delaware, U.S. 100% Li-Cycle North America Hub, Inc. Delaware, U.S. 100% Li-Cycle Europe AG Switzerland 100% Li-Cycle APAC PTE. LTD. Singapore 100% Li-Cycle France SARL France 100% Li-Cycle Germany GmbH Germany 100% Li-Cycle Norway AS Norway 100% Intercompany transactions, balances and unrealized gains/losses on transactions between the Company and its subsidiaries have been eliminated. |
Basis of preparation | 2.4 Presentation currency These interim financial statements are presented in U.S. dollars, which is the Company's functional currency. All figures are presented in millions of U.S. dollars unless otherwise specified. |
Foreign currencies | Foreign currencies The reporting and functional currency of the Company is the U.S. dollar. Transactions in currencies other than the U.S. dollar are recorded at the rates of exchange prevailing on the dates of transactions. At the end of each reporting period, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that date. |
Basis of preparation (Tables)
Basis of preparation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
List Of Accounting Policies [Abstract] | |
Summary of Principal Subsidiaries and their Geographic Location | The Company’s principal subsidiaries and their geographic location as at June 30, 2023 are set forth in the table below: Company Location Ownership interest Li-Cycle Corp. Ontario, Canada 100% Li-Cycle Americas Corp. Ontario, Canada 100% Li-Cycle U.S. Inc. Delaware, U.S. 100% Li-Cycle Inc. Delaware, U.S. 100% Li-Cycle North America Hub, Inc. Delaware, U.S. 100% Li-Cycle Europe AG Switzerland 100% Li-Cycle APAC PTE. LTD. Singapore 100% Li-Cycle France SARL France 100% Li-Cycle Germany GmbH Germany 100% Li-Cycle Norway AS Norway 100% |
Revenue - product sales and r_2
Revenue - product sales and recycling services (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Product sales revenue [Abstract] | |
Schedule of product sales revenue | For the Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Product revenue recognized in the period $ 5.0 $ 4.3 $ 12.2 $ 7.6 Fair value pricing adjustments (1.9) (4.7) (6.0) (0.3) Product sales 3.1 (0.4) 6.2 7.3 Recycling services 0.5 0.4 1.0 0.7 Revenue $ 3.6 $ — $ 7.2 $ 8.0 For the Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Product revenue recognized in the period $ 5.0 $ 4.3 $ 12.2 $ 7.6 Recycling services 0.5 0.4 1.0 0.7 Total revenue before FV pricing adjustment $ 5.5 $ 4.7 $ 13.2 $ 8.3 |
Other income (expense) (Tables)
Other income (expense) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Financial Instruments [Abstract] | |
Disclosure of other operating income (expense) | The following table summarizes the Company's other income (expense): For the Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Interest income on short-term investments $ 4.2 $ 1.3 $ 9.2 $ 1.5 Interest income 4.2 1.3 9.2 1.5 Interest expense and accretion on convertible debt (net of capitalized interest) (2.7) (3.3) (5.7) (6.7) Interest expense on leases (0.9) (0.5) (1.8) (0.9) Other finance costs (0.1) (0.1) (0.2) (0.1) Foreign exchange losses (0.6) 0.1 (1.1) (0.2) Interest expense and other costs (4.3) (3.8) (8.8) (7.9) Fair value gain (loss) on embedded derivatives (Note 15) 7.3 7.7 6.6 11.5 Fair value gain on warrants (Note 17) — — — 11.1 Gains (losses) on financial instruments 7.3 7.7 6.6 22.6 Total $ 7.2 $ 5.2 $ 7.0 $ 16.2 |
Accounts receivable (Tables)
Accounts receivable (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Trade and other current receivables [abstract] | |
Schedule of other receivables | As at June 30, 2023 December 31, 2022 Trade receivables $ 0.9 $ 4.3 Total accounts receivable 0.9 4.3 Non-trade receivables $ — $ 3.5 Sales taxes receivable 3.2 4.1 Other 1.8 2.4 Total other receivables $ 5.0 $ 10.0 |
Prepayments and deposits (Table
Prepayments and deposits (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Prepayments And Deposits [Abstract] | |
Schedule of prepayments and deposits | As at June 30, 2023 December 31, 2022 Prepaid lease deposits $ 0.7 $ 0.5 Prepaid transaction costs 2.9 0.6 Prepaid construction charges 3.6 1.4 Prepaid equipment deposits 87.2 86.1 Prepaid insurance 6.3 4.2 Other prepaids 2.8 2.4 Prepaids and deposits $ 103.5 $ 95.2 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventories [Abstract] | |
Schedule of inventory | As at June 30, 2023 December 31, 2022 Raw materials $ 0.1 $ 5.8 Finished goods 1.8 1.8 Parts and tools 0.6 0.7 Total inventories $ 2.5 $ 8.3 |
Plant and equipment (Tables)
Plant and equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of plant and equipment | For the six months ended June 30, 2023 Assets under construction Plant equipment and other Computer equipment Vehicles Leasehold improvements Total Cost Balance, beginning of the period $ 167.1 $ 38.2 $ 2.1 $ 0.3 $ 9.9 $ 217.6 Additions 185.1 — 0.6 — 0.2 185.9 Transfers (3.1) 3.1 — — — — Balance, end of the period 349.1 41.3 2.7 0.3 10.1 403.5 Accumulated depreciation Balance, beginning of the period — (5.3) (0.3) (0.1) (1.5) (7.2) Depreciation — (2.8) (0.5) — (0.6) (3.9) Balance, end of the period — (8.1) (0.8) (0.1) (2.1) (11.1) Net book value $ 349.1 $ 33.2 $ 1.9 $ 0.2 $ 8.0 $ 392.4 |
Right-of-use assets (Tables)
Right-of-use assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Leases [Abstract] | |
Schedule of right-of-use assets | For the six months ended June 30, 2023 Premises Equipment Total Cost Balance, beginning of the year $ 58.5 $ 0.7 $ 59.2 Additions 9.6 0.1 9.7 Termination/derecognition (0.7) — (0.7) Balance, end of the year 67.4 0.8 68.2 Accumulated depreciation Balance, beginning of the year (8.3) (0.1) (8.4) Termination/derecognition 0.7 — 0.7 Depreciation (3.7) (0.1) (3.8) Balance, end of the year (11.3) (0.2) (11.5) Carrying amounts $ 56.1 $ 0.6 $ 56.7 |
Other assets (Tables)
Other assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Miscellaneous non-current assets [abstract] | |
Other Assets | As at June 30, 2023 December 31, 2022 Prepaid lease deposits $ 4.8 $ 2.4 Prepaid insurance 1.2 1.8 Restoration deposit 3.1 — Total other assets $ 9.1 $ 4.2 |
Related party transactions (Tab
Related party transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of transactions between related parties [abstract] | |
Related party transactions | The remuneration of the executive officers and directors, who are the key management personnel of the Company, is set out below: For the Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Salaries $ 0.9 $ 1.0 $ 1.8 $ 1.8 Share-based compensation 2.4 3.2 4.6 8.7 Fees and benefits 1.1 1.0 2.0 1.9 Post employment benefits — — 0.1 — Total remuneration of key management personnel $ 4.4 $ 5.2 $ 8.5 $ 12.4 Outstanding balances of remuneration of the executive officers and directors are summarized as follows: As at June 30, 2023 December 31, 2022 Accounts payable and accrued liabilities $ 1.7 $ 2.8 Outstanding balances 1.7 2.8 |
Accounts payable and accrued _2
Accounts payable and accrued liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of accounts payable and accrued liabilities | As at June 30, 2023 December 31, 2022 Trade payables $ 21.0 $ 26.5 Accrued fixed assets 37.7 35.4 Accrued expenses 9.3 4.4 Accrued compensation 9.9 9.6 Total accounts payable and accrued liabilities $ 77.9 $ 75.9 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Leases [Abstract] | |
Schedule of Lease Liabilities | For the six months ended June 30, 2023 Premise Equipment Total Balance, beginning of the period $ 53.3 $ 0.6 $ 53.9 Additions 7.3 0.3 7.6 Lease repayments (3.3) (0.1) (3.4) Foreign exchange gains (losses) 0.4 — 0.4 Balance, end of the period $ 57.7 $ 0.8 $ 58.5 Non-current portion of lease liabilities $ (52.4) $ (0.6) $ (53.0) Current Lease Liabilities $ 5.3 $ 0.2 $ 5.5 |
Lease liabilities | The Company’s lease obligations include leases for plant operations, storage facilities, and office space for employees. Maturity analysis (undiscounted) As at June 30, 2023 Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter Total Premises $ 8.2 $ 8.2 $ 7.8 $ 7.6 $ 6.9 $ 41.2 $ 79.9 Equipment 0.6 0.6 0.5 0.2 0.1 — 2.0 Total $ 8.8 $ 8.8 $ 8.3 $ 7.8 $ 7.0 $ 41.2 $ 81.9 Maturity analysis (undiscounted) As at December 31, 2022 Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter Total Premises $ 8.7 $ 7.7 $ 7.3 $ 7.1 $ 6.4 $ 40.7 $ 77.9 Equipment 0.2 0.1 0.1 0.1 0.1 — 0.6 Total $ 8.9 $ 7.8 $ 7.4 $ 7.2 $ 6.5 $ 40.7 $ 78.5 |
Deferred revenue (Tables)
Deferred revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Contract liabilities [abstract] | |
Schedule of deferred revenue | As at June 30, 2023 December 31, 2022 Balance, beginning of the period $ — $ — Additions 5.4 — Balance, end of the period $ 5.4 $ — |
Convertible Debt (Tables)
Convertible Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Financial Instruments [Abstract] | |
Summary of Convertible Debt | As at June 30, 2023 December 31, 2022 KSP Convertible Notes (a) $ 97.4 $ 91.5 Glencore Convertible Notes (b) 186.8 181.4 Total convertible debt at end of the period $ 284.2 $ 272.9 (a) KSP Convertible Notes As at June 30, 2023 December 31, 2022 Principal of convertible notes at beginning of the period $ 110.2 $ 101.8 Issuance of convertible notes 4.4 8.4 Principal of convertible notes at end of the period 114.6 110.2 Conversion feature at beginning of the period 6.0 19.9 Fair value loss (gain) on embedded derivative (0.7) (13.9) Conversion feature at end of the period 5.3 6.0 Debt component at beginning of the period 85.5 74.2 Debt component issued 4.4 8.4 Accrued interest paid in kind (4.4) (8.4) Accrued interest expense and accretion 6.6 11.3 Debt component at end of the period 92.1 85.5 Total convertible debt at end of the period $ 97.4 $ 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 PIK Note June 30, 2023 4.4 Total $ 114.6 (b) Glencore Convertible Notes As at June 30, 2023 December 31, 2022 Principal of convertible notes at beginning of the period $ 208.1 $ — Issuance of convertible notes 8.4 208.1 Principal of convertible notes at end of the period 216.5 208.1 Conversion feature at beginning of the period 16.5 — Conversion feature issued — 46.2 Fair value loss (gain) on embedded derivative (5.9) (29.7) Conversion feature at end of the period 10.6 16.5 Debt component at beginning of the period 164.9 — Debt component issued 8.4 162.0 Transaction costs — (1.3) Accrued interest paid in kind (8.4) (8.1) Accrued interest expense and accretion 11.3 12.3 Debt component at end of the period 176.2 164.9 Total convertible debt at end of the period $ 186.8 $ 181.4 Note Date Issued Amount Issued Glencore Convertible Note May 31, 2022 $ 200.0 PIK Note November 30, 2022 8.1 PIK Note May 31, 2023 8.4 Total $ 216.5 |
Summary of assumptions used in stock option pricing | The assumptions used in the model were as follows: (Issuance date) December 31, 2022 June 30, 2023 Risk free interest rate 1.1% 4.2% 4.6% Expected life of options 5 years 3.8 years 3.3 years Expected dividend yield 0.0% 0.0% 0.0% Expected stock price volatility 66% 63% 49% Share Price $12.56 $4.76 $5.55 (Issuance date) December 31, 2022 June 30, 2023 Risk free interest rate 2.9% 4.2% 4.4% Expected life of options 5 years 4.4 years 3.9 years Expected dividend yield 0.0% 0.0% 0.0% Expected stock price volatility 68% 63% 48% Share Price $8.15 $4.76 $5.55 |
Restoration Provision (Tables)
Restoration Provision (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Provision for decommissioning, restoration and rehabilitation costs [abstract] | |
Restoration provision rollforward | The following table represents the continuity of the restoration provision associated with the Company’s leased plant properties: As at June 30, 2023 December 31, 2022 Balance, beginning of the period $ 0.4 $ 0.3 Additions 2.3 0.1 Balance, end of the period $ 2.7 $ 0.4 |
Warrants (Tables)
Warrants (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Warrant Rollforward | For the six months ended June 30, 2022 Number of warrants Balance, beginning of the period 22,997,712 $ 57.1 Cash exercises (7,396) — Cashless exercises (22,540,651) (46.0) Redemptions (449,665) — Fair value (gain) on warrants (11.1) Balance, end of the period — $ — |
Share capital and share-based_2
Share capital and share-based compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Schedule of Outstanding Shares | The changes in the Company’s outstanding common shares were as follows: For the Six months ended Year ended June 30, 2023 December 31, 2022 Number of shares (in millions) Capital Stock Number of shares (in millions) Capital Stock Balance, beginning of the period 176.1 $ 772.4 163.2 $ 672.1 Exercise of RSUs 0.5 4.2 0.3 4.1 Exercise of stock options 1.2 0.6 1.6 0.5 Exercise of warrants (Note 17) — — 5.7 46.0 Issuance of shares to LG Energy Solution, Ltd. and LG Chem, Ltd. — — 5.3 49.7 Unwinding of Non-controlling interest — (0.4) — — Balance, end of the period 177.8 $ 776.8 176.1 $ 772.4 |
Summary of number and weighted average exercise prices of stock options | A summary of stock option activities is as follows: For the six months ended June 30, 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 1,088,500 5.76 687,993 7.61 Exercised (1,475,618) 0.74 (1,186,547) 0.34 Forfeited (124,133) 10.32 (2,619) 10.93 Balance, end of the period 3,857,481 6.20 4,827,106 4.17 Exercisable stock options 1,835,320 4.92 3,367,088 1.90 A summary of the outstanding stock options is as follows: As of June 30, 2023 Plan Range of exercise prices Number of stock options Weighted-average remaining contractual life (years) Expiration year Legacy Plans $ 0.37-2.15 1,078,057 5.90 April 2024- February 2031 LTIP Plans 4.94-13.20 2,779,424 8.83 August 2031 - May 2033 3,857,481 |
Summary of assumptions used in stock option pricing | The assumptions used in the stock option pricing model for the grants during the six months ended June 30, 2023 were as follows: Risk free interest rate 3.45% - 3.59% Expected life of options 6 years Expected dividend yield 0% Expected stock price volatility 57.81% - 58.65% Expected forfeiture rate 0.146% - 4.127% |
Summary of restricted stock unit activity | A summary of RSU activities is as follows: For the six months ended June 30, 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 2,261,496 5.63 1,377,985 7.70 Exercised (544,000) 7.67 (40,404) 13.20 Forfeited (206,821) 7.92 (24,613) 9.15 Balance, end of the period 3,511,355 6.92 2,251,720 9.16 |
Non-Controlling Interest (Table
Non-Controlling Interest (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Non-Controlling Interest [Abstract] | |
Schedule of non-controlling interest | The carrying amount of Li-Cycle Norway AS net assets in the Company's consolidated financial statements on the date of acquisition was $0.6 million. in millions of US dollars Carrying amount of NCI acquired ($0.6 million x 33%) $ 0.2 Consideration paid to NCI 0.4 A decrease in equity attributable to owners of the Company $ 0.6 |
Financial instruments and fin_2
Financial instruments and financial risk factors (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Financial Instruments [Abstract] | |
Schedule of fair value measurement of assets | The Company’s financial assets and financial liabilities measured at fair value on a recurring basis are measured under level 2 of the hierarchy and were calculated as follows: As at June 30, 2023 December 31, 2022 Conversion feature of convertible debt (refer to Note 15) $ 15.9 $ 22.5 Accounts receivable $ 0.9 $ 4.3 |
Schedule of fair value measurement of liabilities | The Company’s financial assets and financial liabilities measured at fair value on a recurring basis are measured under level 2 of the hierarchy and were calculated as follows: As at June 30, 2023 December 31, 2022 Conversion feature of convertible debt (refer to Note 15) $ 15.9 $ 22.5 Accounts receivable $ 0.9 $ 4.3 |
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 June 30, 2023 Total Less than 1 year 1 - 3 years 3 - 5 years More than 5 years Accounts payable and accrued liabilities $ 77.9 $ 77.9 $ — $ — $ — Lease liabilities 81.9 8.8 17.1 14.8 41.2 Restoration 3.1 — 0.1 — 3.0 Convertible debt principal 331.1 — — 331.1 — Convertible debt interest 115.0 — — 115.0 — Total $ 609.0 $ 86.7 $ 17.2 $ 460.9 $ 44.2 |
Schedule of fair value measurement of price | The following table sets out the Company's exposure, as at June 30, 2023 and December 31, 2022, in relation to the impact of movements in the cobalt and nickel price for the provisionally invoiced sales volume of Black Mass & Equivalents by metric tonne: Cobalt Nickel As at June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 BM&E Metric tonnes subject to fair value pricing adjustments 4,977 4,428 4,977 4,428 10% increase in prices $ 0.5 $ 0.8 $ 0.9 $ 1.4 10% decrease in prices $ (0.5) $ (0.8) $ (0.9) $ (1.4) The following table sets out the period end commodity prices for cobalt and nickel as at June 30, 2023 and December 31, 2022: Market price per tonne As at June 30, 2023 December 31, 2022 Cobalt $ 31,416 $ 41,337 Nickel 20,075 30,400 |
Loss per share (Tables)
Loss per share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Summary of earnings per share | For the three and six months ended June 30, 2023 2022 2023 2022 In millions Total net loss $ (35.2) $ (28.1) $ (74.6) $ (38.2) Weighted average number of common shares 177.2 168.6 176.7 168.4 Basic and diluted loss per common share $ (0.20) $ (0.17) $ (0.42) $ (0.23) |
Segment reporting (Tables)
Segment reporting (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of operating segments [abstract] | |
Schedule of geographical areas | The following is a summary of the Company’s geographical information: Canada United States Germany Other Total Revenues Three months ended June 30, 2023 $ 1.4 $ 2.2 $ — $ — $ 3.6 Three months ended June 30, 2022 0.6 (0.6) — — — Six months ended June 30, 2023 $ 0.9 $ 6.3 $ — $ — $ 7.2 Six months ended June 30, 2022 2.8 5.2 — — 8.0 Non-current assets As at June 30, 2023 $ 54.7 $ 363.6 $ 28.8 $ 11.1 $ 458.2 As of December 31, 2022 38.1 213.0 11.6 2.7 265.4 |
Basis of preparation - Summary
Basis of preparation - Summary of Subsidiary Ownership (Details) | 6 Months Ended | ||
Jun. 29, 2023 | Jan. 26, 2022 | Jun. 30, 2023 | |
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 67% | |
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 | 100% | ||
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 ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Product sales revenue [Abstract] | ||||
Product revenue recognized in the period | $ 5,000,000 | $ 4,300,000 | $ 12,200,000 | $ 7,600,000 |
Fair value pricing adjustments | (1,900,000) | (4,700,000) | (6,000,000) | (300,000) |
Product sales | 3,100,000 | (400,000) | 6,200,000 | 7,300,000 |
Recycling services | 500,000 | 400,000 | 1,000,000 | 700,000 |
Revenue before Fair Value Pricing Adjustment | 5,500,000 | 4,700,000 | 13,200,000 | 8,300,000 |
Revenue | $ 3,600,000 | $ 0 | $ 7,200,000 | $ 8,000,000 |
Other income (expense) (Details
Other income (expense) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Financial Instruments [Abstract] | |||||
Interest income | $ 4,200,000 | $ 1,300,000 | $ 9,200,000 | $ 1,500,000 | |
Convertible Debt, Accretion Expense | 2,700,000 | 3,300,000 | 5,700,000 | 6,700,000 | |
Interest expense on lease liabilities | (900,000) | (500,000) | (1,800,000) | (900,000) | |
Other finance costs | (100,000) | (100,000) | (200,000) | (100,000) | |
Foreign exchange losses | (600,000) | 100,000 | (1,100,000) | (200,000) | |
Interest expense and other costs | (4,300,000) | (3,800,000) | (8,800,000) | (7,900,000) | |
Gains (losses) on change in fair value of derivatives | 7,300,000 | 7,700,000 | $ 11,500,000 | 6,600,000 | |
Fair value (gain) on warrants | 0 | 0 | 11,100,000 | 0 | |
Gain on financial instruments | 7,300,000 | 7,700,000 | 6,600,000 | 22,600,000 | |
Other income (expense) | $ 7,200,000 | $ 5,200,000 | $ 16,200,000 | $ 7,000,000 | $ 16,200,000 |
Accounts receivable - Schedule
Accounts receivable - Schedule of other receivables (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Oct. 31, 2022 |
Trade and other current receivables [abstract] | |||
Accounts receivable | $ 0.9 | $ 4.3 | |
Non-trade receivables | 0 | 3.5 | |
Current receivables from taxes other than income tax | 3.2 | 4.1 | |
Other Current Accrued Receivables | 1.8 | 2.4 | |
Other receivables | $ 5 | $ 10 | $ 10 |
Accounts receivable - Narrative
Accounts receivable - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Trade and other current receivables [abstract] | ||||
Fair value pricing adjustments | $ (1,900,000) | $ (4,700,000) | $ (6,000,000) | $ (300,000) |
Allowance account for credit loss | $ 0 | $ (900,000) | $ 0 | |
Reversal, allowance account for credit losses of financial assets | $ 100,000 |
Prepayments and deposits (Detai
Prepayments and deposits (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Prepayments And Deposits [Abstract] | ||
Prepaid lease deposits | $ 0.7 | $ 0.5 |
Prepaid transaction costs | 2.9 | 0.6 |
Prepaid construction charges | 3.6 | 1.4 |
Prepaid equipment deposits | 87.2 | 86.1 |
Prepaid insurance | 6.3 | 4.2 |
Other prepaids | 2.8 | 2.4 |
Prepaids and deposits | $ 103.5 | $ 95.2 |
Inventories (Details)
Inventories (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Inventories [Abstract] | ||||||
Raw materials | $ 100,000 | $ 100,000 | $ 5,800,000 | |||
Finished goods | 1,800,000 | 1,800,000 | 1,800,000 | |||
Parts and tools | 600,000 | 600,000 | 700,000 | |||
Inventories | 2,500,000 | 2,500,000 | $ 8,300,000 | |||
Cost of inventories recognised as expense | 9,800,000 | $ 8,700,000 | 20,800,000 | |||
Inventory Write-Up, Raw Materials | 1,700,000 | $ (400,000) | 1,900,000 | $ 200,000 | ||
Write-downs (reversals of write-downs) of inventories | $ (600,000) | $ 0 | $ (1,600,000) | $ 0 |
Plant and equipment (Details)
Plant and equipment (Details) - USD ($) | 2 Months Ended | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 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 | $ 210,400,000 | $ 392,400,000 | 392,400,000 | ||
Employee salaries capitalized to assets under construction | 2,300,000 | 4,300,000 | |||
Share-based compensation cost capitalized to assets under construction | 200,000 | $ 0 | 400,000 | $ 0 | |
Borrowing costs capitalised | $ 6,500,000 | 12,200,000 | |||
Capitalisation rate of borrowing costs eligible for capitalisation | 12.50% | ||||
Purchase of plant and equipment in payables and accruals | 48,500,000 | $ 58,200,000 | |||
Construction in progress | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Property, plant and equipment at end of period | 349,100,000 | 349,100,000 | |||
Machinery | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Property, plant and equipment at end of period | 33,200,000 | 33,200,000 | |||
Computer equipment | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Property, plant and equipment at end of period | 1,900,000 | 1,900,000 | |||
Vehicles | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Property, plant and equipment at end of period | 200,000 | 200,000 | |||
Leasehold improvements | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Property, plant and equipment at end of period | 8,000,000 | 8,000,000 | |||
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 | 185,900,000 | ||||
Increase (decrease) through transfers from construction in progress, property, plant and equipment | 0 | ||||
Property, plant and equipment at end of period | 217,600,000 | 403,500,000 | 403,500,000 | ||
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 | 185,100,000 | ||||
Increase (decrease) through transfers from construction in progress, property, plant and equipment | (3,100,000) | ||||
Property, plant and equipment at end of period | 167,100,000 | 349,100,000 | 349,100,000 | ||
Gross carrying amount | Machinery | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Property, plant and equipment at beginning of period | 38,200,000 | ||||
Increase (decrease) through transfers from construction in progress, property, plant and equipment | 3,100,000 | ||||
Property, plant and equipment at end of period | 38,200,000 | 41,300,000 | 41,300,000 | ||
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 | 600,000 | ||||
Property, plant and equipment at end of period | 2,100,000 | 2,700,000 | 2,700,000 | ||
Gross carrying amount | Vehicles | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Property, plant and equipment at beginning of period | 300,000 | ||||
Property, plant and equipment at end of period | 300,000 | 300,000 | 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 | 9,900,000 | 10,100,000 | 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 | (3,900,000) | ||||
Property, plant and equipment at end of period | (7,200,000) | (11,100,000) | (11,100,000) | ||
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 | 0 | 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 | (2,800,000) | ||||
Property, plant and equipment at end of period | (5,300,000) | (8,100,000) | (8,100,000) | ||
Accumulated depreciation | Computer equipment | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Property, plant and equipment at beginning of period | (300,000) | ||||
Depreciation | (500,000) | ||||
Property, plant and equipment at end of period | (300,000) | (800,000) | (800,000) | ||
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) | (100,000) | (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 | (600,000) | ||||
Property, plant and equipment at end of period | $ (1,500,000) | $ (2,100,000) | $ (2,100,000) |
Right-of-use assets (Details)
Right-of-use assets (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Reconciliation Of Changes In Right-Of-Use Assets | |
Right-of-use assets, beginning balance | $ 50.8 |
Right-of-use assets, ending balance | $ 56.7 |
Lease term | 3 years 5 months 1 day |
Gross carrying amount | |
Reconciliation Of Changes In Right-Of-Use Assets | |
Right-of-use assets, beginning balance | $ 59.2 |
Additions | 9.7 |
Termination/derecognition | (0.7) |
Right-of-use assets, ending balance | 68.2 |
Accumulated depreciation | |
Reconciliation Of Changes In Right-Of-Use Assets | |
Right-of-use assets, beginning balance | (8.4) |
Termination/derecognition | 0.7 |
Depreciation | (3.8) |
Right-of-use assets, ending balance | (11.5) |
Premise | |
Reconciliation Of Changes In Right-Of-Use Assets | |
Right-of-use assets, ending balance | 56.1 |
Premise | Gross carrying amount | |
Reconciliation Of Changes In Right-Of-Use Assets | |
Right-of-use assets, beginning balance | 58.5 |
Additions | 9.6 |
Termination/derecognition | (0.7) |
Right-of-use assets, ending balance | 67.4 |
Premise | Accumulated depreciation | |
Reconciliation Of Changes In Right-Of-Use Assets | |
Right-of-use assets, beginning balance | (8.3) |
Termination/derecognition | 0.7 |
Depreciation | (3.7) |
Right-of-use assets, ending balance | (11.3) |
Equipment | |
Reconciliation Of Changes In Right-Of-Use Assets | |
Right-of-use assets, ending balance | 0.6 |
Equipment | Gross carrying amount | |
Reconciliation Of Changes In Right-Of-Use Assets | |
Right-of-use assets, beginning balance | 0.7 |
Additions | 0.1 |
Termination/derecognition | 0 |
Right-of-use assets, ending balance | 0.8 |
Equipment | Accumulated depreciation | |
Reconciliation Of Changes In Right-Of-Use Assets | |
Right-of-use assets, beginning balance | (0.1) |
Termination/derecognition | 0 |
Depreciation | (0.1) |
Right-of-use assets, ending balance | $ (0.2) |
Other assets (Details)
Other assets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Miscellaneous non-current assets [abstract] | ||
Prepaid lease deposits | $ 4.8 | $ 2.4 |
Prepaid insurance | 1.2 | 1.8 |
Long-term deposits | 3.1 | 0 |
Other assets | $ 9.1 | $ 4.2 |
Related party transactions - Su
Related party transactions - Summary of Remuneration of Directors (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of transactions between related parties [abstract] | ||||
Salaries | $ 0.9 | $ 1 | $ 1.8 | $ 1.8 |
Share-based compensation | 2.4 | 3.2 | 4.6 | 8.7 |
Fees and benefits | 1.1 | 1 | 2 | 1.9 |
Post employment benefits | 0 | 0 | 0.1 | 0 |
Total remuneration of key management personnel | $ 4.4 | $ 5.2 | $ 8.5 | $ 12.4 |
Related party transactions - Na
Related party transactions - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of transactions between related parties [abstract] | ||||
Key management personnel compensation, directors fees | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.2 |
Services received, related party transactions | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.2 |
Related party transactions - Ou
Related party transactions - Outstanding Balances Of Remunerations Of Directors (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of transactions between related parties [line items] | ||
Amounts payable, related party transactions | $ 1.7 | $ 2.8 |
Accounts Payable And Accrued Liabilities | ||
Disclosure of transactions between related parties [line items] | ||
Amounts payable, related party transactions | $ 1.7 | $ 2.8 |
Accounts payable and accrued _3
Accounts payable and accrued liabilities - Schedule of accounts payable and accrued liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade payables | $ 21 | $ 26.5 |
Accrued fixed assets | 37.7 | 35.4 |
Accrued expenses | 9.3 | 4.4 |
Accrued compensation | 9.9 | 9.6 |
Accounts payable and accrued liabilities | $ 77.9 | $ 75.9 |
Lease liabilities (Details)
Lease liabilities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jan. 01, 2022 | |
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Balance, beginning of the period | $ 53,900,000 | |||||
Additions | 7,600,000 | |||||
Lease repayments | (3,400,000) | |||||
Foreign exchange gains (losses) | 400,000 | |||||
Balance, end of the period | $ 58,500,000 | 58,500,000 | $ 53,900,000 | |||
Non-current portion of lease liabilities | 53,000,000 | 53,000,000 | 48,300,000 | |||
Lease liabilities | 5,500,000 | 5,500,000 | 5,600,000 | |||
Interest expense on leases | 900,000 | $ 500,000 | 1,800,000 | $ 900,000 | ||
Undiscounted lease liabilities | 81,900,000 | 81,900,000 | 78,500,000 | |||
Deferred revenue | 5,400,000 | 5,400,000 | 0 | $ 0 | ||
Additions | 5,400,000 | 0 | ||||
Year 1 | ||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Undiscounted lease liabilities | 8,800,000 | 8,800,000 | 8,900,000 | |||
Year 2 | ||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Undiscounted lease liabilities | 8,800,000 | 8,800,000 | 7,800,000 | |||
Year 3 | ||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Undiscounted lease liabilities | 8,300,000 | 8,300,000 | 7,400,000 | |||
Year 4 | ||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Undiscounted lease liabilities | 7,800,000 | 7,800,000 | 7,200,000 | |||
Year 5 | ||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Undiscounted lease liabilities | 7,000,000 | 7,000,000 | 6,500,000 | |||
Thereafter | ||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Undiscounted lease liabilities | 41,200,000 | 41,200,000 | 40,700,000 | |||
Premise | ||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Balance, beginning of the period | 53,300,000 | |||||
Additions | 7,300,000 | |||||
Lease repayments | (3,300,000) | |||||
Foreign exchange gains (losses) | 400,000 | |||||
Balance, end of the period | 57,700,000 | 57,700,000 | 53,300,000 | |||
Non-current portion of lease liabilities | 52,400,000 | 52,400,000 | ||||
Lease liabilities | 5,300,000 | 5,300,000 | ||||
Undiscounted lease liabilities | 79,900,000 | 79,900,000 | 77,900,000 | |||
Premise | Year 1 | ||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Undiscounted lease liabilities | 8,200,000 | 8,200,000 | 8,700,000 | |||
Premise | Year 2 | ||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Undiscounted lease liabilities | 8,200,000 | 8,200,000 | 7,700,000 | |||
Premise | Year 3 | ||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Undiscounted lease liabilities | 7,800,000 | 7,800,000 | 7,300,000 | |||
Premise | Year 4 | ||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Undiscounted lease liabilities | 7,600,000 | 7,600,000 | 7,100,000 | |||
Premise | Year 5 | ||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Undiscounted lease liabilities | 6,900,000 | 6,900,000 | 6,400,000 | |||
Premise | Thereafter | ||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Undiscounted lease liabilities | 41,200,000 | 41,200,000 | 40,700,000 | |||
Equipment | ||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Balance, beginning of the period | 600,000 | |||||
Additions | 300,000 | |||||
Lease repayments | (100,000) | |||||
Foreign exchange gains (losses) | 0 | |||||
Balance, end of the period | 800,000 | 800,000 | 600,000 | |||
Non-current portion of lease liabilities | 600,000 | 600,000 | ||||
Lease liabilities | 200,000 | 200,000 | ||||
Undiscounted lease liabilities | 2,000,000 | 2,000,000 | 600,000 | |||
Equipment | Year 1 | ||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Undiscounted lease liabilities | 600,000 | 600,000 | 200,000 | |||
Equipment | Year 2 | ||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Undiscounted lease liabilities | 600,000 | 600,000 | 100,000 | |||
Equipment | Year 3 | ||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Undiscounted lease liabilities | 500,000 | 500,000 | 100,000 | |||
Equipment | Year 4 | ||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Undiscounted lease liabilities | 200,000 | 200,000 | 100,000 | |||
Equipment | Year 5 | ||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Undiscounted lease liabilities | 100,000 | 100,000 | 100,000 | |||
Equipment | Thereafter | ||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Undiscounted lease liabilities | $ 0 | $ 0 | $ 0 |
Deferred revenue (Details)
Deferred revenue (Details) € in Millions | 6 Months Ended | 12 Months Ended | |
Mar. 28, 2023 EUR (€) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Contract liabilities [abstract] | |||
Balance, beginning of the period | $ 0 | ||
Additions | 5,400,000 | $ 0 | |
Balance, end of the period | $ 5,400,000 | $ 0 | |
Reservation fee received | € | € 5 |
Convertible Debt - Summary of C
Convertible Debt - Summary of Convertible Debt (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Sep. 29, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
Disclosure of detailed information about borrowings [line items] | |||||||
Issuance of convertible notes | $ 4,400,000 | $ 8,400,000 | |||||
Gains (losses) on change in fair value of derivatives | $ (7,300,000) | $ (7,700,000) | $ (11,500,000) | (6,600,000) | |||
Total convertible debt at end of the period | 284,200,000 | 284,200,000 | 272,900,000 | ||||
Koch Strategic Platforms Convertible Note | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Principal of convertible notes at beginning of the period | 110,200,000 | 101,800,000 | 110,200,000 | 101,800,000 | |||
Principal of convertible notes at end of the period | $ 100,000,000 | 114,600,000 | 114,600,000 | 110,200,000 | |||
Conversion feature at beginning of the period | 6,000,000 | 19,900,000 | 6,000,000 | 19,900,000 | |||
Gains (losses) on change in fair value of derivatives | (900,000) | (700,000) | (13,900,000) | ||||
Conversion feature at end of the period | 5,300,000 | 5,300,000 | 6,000,000 | ||||
Debt component at beginning of the period | 85,500,000 | 74,200,000 | 85,500,000 | 74,200,000 | |||
Debt component issued | 72,300,000 | 4,400,000 | 8,400,000 | ||||
Transaction costs | $ 1,600,000 | ||||||
Accrued interest paid in kind | (4,400,000) | (8,400,000) | |||||
Accrued interest expense and accretion | 6,600,000 | 6,600,000 | 11,300,000 | ||||
Debt component at end of the period | 92,100,000 | 92,100,000 | 85,500,000 | ||||
Current debt instruments issued | 97,400,000 | 97,400,000 | $ 91,500,000 | ||||
Total convertible debt at end of the period | 97,400,000 | 97,400,000 | 91,500,000 | ||||
Glencore Convertible Note | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Principal of convertible notes at beginning of the period | 208,100,000 | ||||||
Issuance of convertible notes | 8,400,000 | 208,100,000 | |||||
Principal of convertible notes at end of the period | 216,500,000 | 216,500,000 | 208,100,000 | ||||
Conversion feature at beginning of the period | 0 | 16,500,000 | 0 | ||||
Conversion feature issued | 0 | 46,200,000 | |||||
Gains (losses) on change in fair value of derivatives | (6,400,000) | (5,900,000) | (29,700,000) | ||||
Conversion feature at end of the period | 10,600,000 | 10,600,000 | 16,500,000 | ||||
Debt component at beginning of the period | 0 | 164,900,000 | 0 | ||||
Debt component issued | 8,400,000 | 162,000,000 | |||||
Transaction costs | 0 | 1,300,000 | |||||
Accrued interest paid in kind | (8,400,000) | (8,100,000) | |||||
Accrued interest expense and accretion | 11,300,000 | 11,300,000 | 12,300,000 | ||||
Debt component at end of the period | 176,200,000 | 176,200,000 | 164,900,000 | ||||
Total convertible debt at end of the period | 186,800,000 | 186,800,000 | 181,400,000 | ||||
Payment in Kind Note | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Principal of convertible notes at beginning of the period | $ 1,800,000 | 4,300,000 | 1,800,000 | ||||
Principal of convertible notes at end of the period | $ 4,400,000 | $ 4,100,000 | $ 4,400,000 | $ 4,300,000 |
Convertible Debt - Narrative (D
Convertible Debt - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
May 31, 2022 | Sep. 29, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [line items] | |||||||
Gains (losses) on change in fair value of derivatives | $ (7,300,000) | $ (7,700,000) | $ (11,500,000) | $ (6,600,000) | |||
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 | (900,000) | (700,000) | $ (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 | $ (6,400,000) | $ (5,900,000) | $ (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 | Jun. 30, 2023 USD ($) $ / shares yr | May 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) yr $ / shares | Nov. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | May 31, 2022 USD ($) yr $ / shares | Jan. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 29, 2021 USD ($) $ / shares yr |
Koch Strategic Platforms Convertible Note | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Amount Issued | $ 114.6 | $ 110.2 | $ 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 | 4.6 | 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 | 3.3 | 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 | 0.49 | 0.63 | 0.66 | |||||||
Koch Strategic Platforms Convertible Note | Share Price | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Significant unobservable input, liabilities | $ / shares | 5.55 | 4.76 | 12.56 | |||||||
Payment in Kind Note | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Amount Issued | $ 4.4 | $ 8.4 | $ 4.3 | $ 8.1 | $ 4.1 | $ 1.8 | ||||
Glencore Convertible Note | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Amount Issued | $ 216.5 | $ 208.1 | $ 200 | $ 0 | ||||||
Glencore Convertible Note | Risk free interest rate | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Significant unobservable input, liabilities | 4.4 | 4.2 | 2.9 | |||||||
Glencore Convertible Note | Expected life of options | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Significant unobservable input, liabilities | yr | 3.9 | 4.4 | 5 | |||||||
Glencore Convertible Note | Expected dividend yield | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Significant unobservable input, liabilities | 0 | 0 | 0 | |||||||
Glencore Convertible Note | Expected stock price volatility | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Significant unobservable input, liabilities | 0.48 | 0.63 | 0.68 | |||||||
Glencore Convertible Note | Share Price | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Significant unobservable input, liabilities | $ / shares | 5.55 | 4.76 | 8.15 |
Restoration Provision Rollforwa
Restoration Provision Rollforward (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Provision for decommissioning, restoration and rehabilitation costs [abstract] | ||
Balance, beginning of the period | $ 400,000 | |
Additions | 2,300,000 | $ 100,000 |
Balance, end of the period | $ 2,700,000 | $ 400,000 |
Restoration Provision (Details)
Restoration Provision (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Provision for decommissioning, restoration and rehabilitation costs [abstract] | |||
Restoration provision | $ 2,700,000 | $ 400,000 | $ 300,000 |
Present value input, risk-free interest rate | 1.55% |
Warrants (Details)
Warrants (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||||||||
Mar. 31, 2022 USD ($) shares | Jan. 30, 2022 $ / shares shares | Jan. 01, 2022 USD ($) shares | Aug. 10, 2021 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) shares | Oct. 31, 2021 shares | Jun. 30, 2023 USD ($) | 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 | $ | $ 0 | $ 0 | 11.1 | $ 0 | |||||||
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 | 6 Months Ended | ||||
May 12, 2022 USD ($) d $ / shares shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) shares | Mar. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) shares | |
Disclosure of classes of share capital [line items] | ||||||
Proceeds from sale of stock, net of transaction costs | $ 49.7 | |||||
Exercise of stock options (in shares) | shares | 1,475,618 | 1,186,547 | ||||
Share-based compensation | $ 3.7 | $ 4.5 | $ 6.9 | $ 11.5 | ||
Fair value of stock options granted | 0 | $ 0 | 3.6 | 3.3 | ||
Share-based compensation cost capitalized to assets under construction | 0.2 | 0 | $ 0.4 | $ 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 | 1,475,618 | 1,186,547 | ||||
Share-based compensation | $ 1.1 | $ 1.3 | $ 1.8 | $ 4.6 | ||
Employee Stock Option | Li-Cycle Holdings Corp. | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares issued (in shares) | shares | 1,244,036 | 6,846,906 | 1,244,036 | 6,846,906 | ||
Restricted share units | ||||||
Disclosure of classes of share capital [line items] | ||||||
Share-based compensation | $ (2.8) | $ (3.2) | $ (5.5) | $ (6.9) | ||
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 | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 USD ($) shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Disclosure of classes of share capital [line items] | |||||
Equity | $ 430.2 | $ 430.2 | $ 526.3 | $ 498 | $ 457 |
Share issuance (in shares) | shares | 5,300,000 | ||||
Share issuance | $ 49.7 | ||||
Exercise of stock options (in shares) | shares | 1,475,618 | 1,186,547 | |||
Exercise of stock options | $ 0 | ||||
Unwinding of Non-controlling interest | $ (0.6) | $ 0.3 | |||
Restricted share units | |||||
Disclosure of classes of share capital [line items] | |||||
Settlement of RSUs (in shares) | shares | 544,000 | 40,404 | |||
Issued capital | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares outstanding (in shares) | shares | 177,800,000 | 177,800,000 | 175,300,000 | 176,100,000 | 163,200,000 |
Equity | $ 776.8 | $ 776.8 | $ 768.5 | $ 772.4 | $ 672.1 |
Exercise of stock options (in shares) | shares | 1,200,000 | 1,100,000 | |||
Exercise of stock options | $ 0.6 | $ 0.2 | |||
Unwinding of Non-controlling interest | $ (0.4) | ||||
Issued capital | Restricted share units | |||||
Disclosure of classes of share capital [line items] | |||||
Settlement of RSUs (in shares) | shares | 500,000 | ||||
Outstanding Capital | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares outstanding (in shares) | shares | 177,800,000 | 177,800,000 | 176,100,000 | 163,200,000 | |
Equity | $ 776.8 | $ 776.8 | $ 772.4 | $ 672.1 | |
Share issuance (in shares) | shares | 5,300,000 | ||||
Share issuance | $ 49.7 | ||||
Exercise of stock options (in shares) | shares | 1,200,000 | 1,600,000 | |||
Exercise of stock options | $ 0.6 | $ 0.5 | |||
Exercise of warrants (in shares) | shares | 5,700,000 | ||||
Surrender of Warrants Due to Make-Whole Exercise, USD | $ 46 | ||||
Unwinding of Non-controlling interest | $ (0.4) | ||||
Outstanding Capital | Restricted share units | |||||
Disclosure of classes of share capital [line items] | |||||
Settlement of RSUs (in shares) | shares | 500,000 | 300,000 | |||
Restricted share units settled | $ 4.2 | $ 4.1 |
Share capital and share-based_5
Share capital and share-based compensation - Summary of Stock Option Activity (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 shares $ / shares | Jun. 30, 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 | 1,088,500 | 687,993 | |
Exercised (in shares) | shares | (1,475,618) | (1,186,547) | |
Forfeited (in shares) | shares | (124,133) | (2,619) | |
Number of stock options, ending balance (in shares) | shares | 3,857,481 | 4,827,106 | 4,368,732 |
Number of share options exercisable (in shares) | shares | 1,835,320 | 3,367,088 | |
Weighted average exercise price per stock option, beginning of period (in dollars per share) | $ / shares | $ 4.58 | $ 2.88 | $ 2.88 |
Granted (in dollars per share) | $ / shares | 5.76 | 7.61 | |
Exercised (in dollars per share) | $ / shares | 0.74 | 0.34 | |
Forfeited (in dollars per share) | $ / shares | 10.32 | 10.93 | |
Weighted average exercise price per stock option, end of period (in dollars per share) | $ / shares | 6.20 | 4.17 | $ 4.58 |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares | $ 4.92 | $ 1.90 | |
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) | 6 Months Ended | |||
Jun. 30, 2023 shares $ / shares | Dec. 31, 2022 shares | Jun. 30, 2022 shares | Dec. 31, 2021 shares | |
Disclosure of classes of share capital [line items] | ||||
Number of stock options (in shares) | shares | 3,857,481 | 4,368,732 | 4,827,106 | 5,328,279 |
Minimum | ||||
Disclosure of classes of share capital [line items] | ||||
Exercise price of outstanding stock options (in shares) | $ / shares | $ 2.15 | |||
Minimum | Legacy Plans | ||||
Disclosure of classes of share capital [line items] | ||||
Exercise price of outstanding stock options (in shares) | $ / shares | 0.37 | |||
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 | $ 4.94 | |||
Tranche One | ||||
Disclosure of classes of share capital [line items] | ||||
Number of stock options (in shares) | shares | 3,857,481 | |||
Tranche One | Legacy Plans | ||||
Disclosure of classes of share capital [line items] | ||||
Number of stock options (in shares) | shares | 1,078,057 | |||
Weighted average remaining contractual life of outstanding share options | 5 years 10 months 24 days | |||
Tranche One | LTIP Plans | ||||
Disclosure of classes of share capital [line items] | ||||
Number of stock options (in shares) | shares | 2,779,424 | |||
Weighted average remaining contractual life of outstanding share options | 8 years 9 months 29 days |
Share capital and share-based_7
Share capital and share-based compensation - Schedule of Assumptions (Details) | 6 Months Ended |
Jun. 30, 2023 yr | |
Disclosure of classes of share capital [line items] | |
Option life, share options granted | 6 |
Expected dividend as percentage, share options granted | 0% |
Minimum | |
Disclosure of classes of share capital [line items] | |
Risk free interest rate, share options granted | 3.45% |
Expected volatility, share options granted | 57.81% |
Expected Forfeiture As Percentage, Share Options Granted | 0.146% |
Maximum | |
Disclosure of classes of share capital [line items] | |
Risk free interest rate, share options granted | 3.59% |
Expected volatility, share options granted | 58.65% |
Expected Forfeiture As Percentage, Share Options Granted | 4.127% |
Share capital and share-based_8
Share capital and share-based compensation - Summary of RSU Activities (Details) - Restricted share units | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 shares $ / shares | Jun. 30, 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) | 2,261,496 | 1,377,985 | ||
Number of other equity instruments exercised (in shares) | (544,000) | (40,404) | ||
Forfeited (in shares) | (206,821) | (24,613) | ||
Ending balance (in shares) | 3,511,355 | 2,251,720 | 2,000,680 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Granted (in dollars per share) | $ / shares | $ 5.63 | $ 7.70 | ||
Exercised (in dollars per share) | $ / shares | 7.67 | 13.20 | ||
Forfeited (in dollars per share) | $ / shares | 7.92 | 9.15 | ||
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement | $ / shares | $ 6.92 | $ 9.16 | $ 8.69 | $ 11.47 |
Non-Controlling Interest - Narr
Non-Controlling Interest - Narrative (Details) - USD ($) | 3 Months Ended | ||
Jun. 29, 2023 | Jan. 26, 2022 | Jun. 30, 2023 | |
Disclosure of classes of share capital [line items] | |||
Proportion of ownership interest in subsidiary | 100% | 67% | |
Consideration paid to NCI | $ 400,000 | $ 400,000 | |
Loss reflected in equity | $ 600,000 | ||
ECO STOR | |||
Disclosure of classes of share capital [line items] | |||
Non-Controlling Interest | 31% | ||
Morrow | |||
Disclosure of classes of share capital [line items] | |||
Non-Controlling Interest | 2% |
Non-Controlling Interest - Sche
Non-Controlling Interest - Schedule of non-controlling interest (Details) - USD ($) | 3 Months Ended | |
Jun. 29, 2023 | Jun. 30, 2023 | |
Non-Controlling Interest [Abstract] | ||
Carrying amount of NCI acquired ($0.6 million x 33%) | $ 200,000 | |
Consideration paid to NCI | $ 400,000 | $ 400,000 |
A decrease in equity attributable to owners of the Company | $ 600,000 |
Financial instruments and fin_3
Financial instruments and financial risk factors - Assets measured at fair value (Details) - Recurring fair value measurement - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | $ 15.9 | $ 22.5 |
December 31, 2022 | Accounts receivable | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | $ 4.3 |
Financial instruments and fin_4
Financial instruments and financial risk factors - Narrative (Details) | 6 Months Ended |
Jun. 30, 2023 customer | |
Disclosure of detailed information about financial instruments [line items] | |
Number Of Key Customers | 3 |
Currency risk | Currency in which supplementary information is displayed | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 5% |
Financial instruments and fin_5
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 | $ 4,977 | $ 4,428 |
10% increase in prices | 500,000 | 800,000 |
10% decrease in prices | (500,000) | (800,000) |
Nickel | ||
Disclosure of detailed information about financial instruments [line items] | ||
BM&E Metric tonnes subject to fair value pricing adjustments | 4,977 | 4,428 |
10% increase in prices | 900,000 | 1,400,000 |
10% decrease in prices | $ (900,000) | $ (1,400,000) |
Financial instruments and fin_6
Financial instruments and financial risk factors - Schedule of maturity of financial liabilities (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | $ 609,000,000 | |
Less than 1 year | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | 86,700,000 | |
1 - 3 years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | 17,200,000 | |
3 - 5 years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | 460,900,000 | |
More than 5 years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | 44,200,000 | |
Accounts Payable And Accrued Liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | 77,900,000 | |
Accounts Payable And Accrued Liabilities | Less than 1 year | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | 77,900,000 | |
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 | 81,900,000 | |
Lease liabilities | Less than 1 year | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | 8,800,000 | |
Lease liabilities | 1 - 3 years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | 17,100,000 | |
Lease liabilities | 3 - 5 years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | 14,800,000 | |
Lease liabilities | More than 5 years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | 41,200,000 | |
Restoration | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | 3,100,000 | |
Restoration | Less than 1 year | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | 0 | |
Restoration | 1 - 3 years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | 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 | 3,000,000 | |
Convertible debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | 331,100,000 | |
Convertible debt | Less than 1 year | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | 0 | |
Convertible debt | 1 - 3 years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | 0 | |
Convertible debt | 3 - 5 years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | 331,100,000 | |
Convertible debt | More than 5 years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | 0 | |
Convertible Debt interest | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | 115,000,000 | |
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 | 115,000,000 | |
Convertible Debt interest | More than 5 years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at amortised cost | 0 | |
Cobalt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Market Price Per Tonne of Metals | 31,416 | $ 41,337 |
Nickel | ||
Disclosure of detailed information about financial instruments [line items] | ||
Market Price Per Tonne of Metals | $ 20,075 | $ 30,400 |
Commitments and contingencies (
Commitments and contingencies (Details) $ in Millions | 6 Months Ended | |
Dec. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) d | |
Commitments [Abstract] | ||
Purchase orders | $ | $ 9.5 | $ 11.8 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings per share [abstract] | ||||
Net loss | $ (35.2) | $ (28.1) | $ (74.6) | $ (38.2) |
Weighted average number of ordinary shares, basic (in shares) | 177.2 | 168.6 | 176.7 | 168.4 |
Loss per common share - basic (in dollars per share) | $ (0.20) | $ (0.17) | $ (0.42) | $ (0.23) |
Loss per common share - diluted (in dollars per share) | $ (0.20) | $ (0.17) | $ (0.42) | $ (0.23) |
Segment reporting (Details)
Segment reporting (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure of geographical areas [line items] | |||||
Revenues | $ 3,600,000 | $ 0 | $ 7,200,000 | $ 8,000,000 | |
Non-current assets | 458,200,000 | 458,200,000 | $ 265,400,000 | ||
CANADA | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 1,400,000 | 600,000 | 900,000 | 2,800,000 | |
Non-current assets | 54,700,000 | 54,700,000 | 38,100,000 | ||
United States | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 2,200,000 | (600,000) | 6,300,000 | 5,200,000 | |
Non-current assets | 363,600,000 | 363,600,000 | 213,000,000 | ||
Germany | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Non-current assets | 28,800,000 | 28,800,000 | 11,600,000 | ||
Other | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 0 | $ 0 | 0 | $ 0 | |
Non-current assets | $ 11,100,000 | $ 11,100,000 | $ 2,700,000 |
Uncategorized Items - _IXDS
Label | Element | Value |
Public Shares [Member] | ||
Proceeds from issue of ordinary shares | ifrs-full_ProceedsFromIssueOfOrdinaryShares | $ 49,700,000 |
Proceeds from issue of ordinary shares | ifrs-full_ProceedsFromIssueOfOrdinaryShares | $ 0 |