Li-Cycle (LICY) 10-Q7 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-40733
Entity Registrant Name	Li-Cycle Holdings Corp.
Entity Incorporation, State or Country Code	A6
Entity Address, Address Line One	207 Queens Quay West
Entity Address, Address Line Two	Suite 590
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Postal Zip Code	M5J 1A7
Entity Address, Country	CA
City Area Code	877
Local Phone Number	542-9253
Title of 12(b) Security	Common shares, without par value
Trading Symbol	LICY
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,219,938
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001828811

Unaudited condensed consolidate

Unaudited condensed consolidated interim statements of operations and comprehensive loss - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Revenues	$ 8.4	$ 4.7	$ 21	$ 11.9
Cost of sales
Cost of sales	(20)	(20.1)	(57.3)	(59.4)
Selling, general and administrative expense	(12.9)	(25.9)	(58.8)	(73.5)
Research and development	(0.7)	(2.7)	(1.2)	(4.9)
Loss from operations	(25.2)	(44)	(96.3)	(125.9)
Other income (expense)
Interest income	0.5	2.5	2	11.7
Interest expense	(17.3)	(0.2)	(44.4)	(1.4)
Foreign exchange gain (loss)	(0.7)	0.1	(0.9)	(0.9)
Fair value gain on financial instruments	99.2	10.9	110.1	17.5
Debt extinguishment loss (Note 11)	0	0	(58.9)	0
Interest expense and other costs	81.7	13.3	7.9	26.9
Net profit (loss) before taxes	56.5	(30.7)	(88.4)	(99)
Income tax	0	0	0	(0.1)
Net profit (loss)	56.5	(30.7)	(88.4)	(99.1)
Comprehensive loss	56.5	(30.7)	(88.4)	(99.1)
Net profit (loss) and comprehensive profit (loss) attributable to
Shareholders of Li-Cycle Holdings Corp., net profit (loss)	56.5	(30.7)	(88.4)	(99)
Shareholders of Li-Cycle Holdings Corp., comprehensive profit (loss)	56.5	(30.7)	(88.4)	(99)
Non-controlling interest, net profit (loss)	0	0	0	(0.1)
Non-controlling interest, comprehensive profit (loss)	$ 0	$ 0	$ 0	$ (0.1)
Profit (loss) per common share - basic (in dollars per share)	$ 2.15	$ (1.38)	$ (3.81)	$ (4.47)
Profit (loss) per common share - diluted (in dollars per share)	$ 2.43	$ (1.38)	$ (3.81)	$ (4.47)
Product revenue
Revenue
Revenues	$ 4.4	$ 3.5	$ 11.5	$ 9.7
Cost of sales
Cost of sales	(19.4)	(20.1)	(54.3)	(59.4)
Recycling service revenue
Revenue
Revenues	4	1.2	9.5	2.2
Cost of sales
Cost of sales	$ (0.6)	$ 0	$ (3)	$ 0

Unaudited condensed consolida_2

Unaudited condensed consolidated interim balance sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 32.2	$ 70.6
Restricted cash	9.9	9.7
Accounts receivable, net	8.2	1
Other receivables	1.2	1.9
Prepayments, deposits and other current assets	21.4	56.2
Inventories, net	9.2	9.6
Total current assets	82.1	149
Non-current assets
Property, plant and equipment, net	693.2	668.8
Operating lease right-of-use assets	88.5	56.4
Finance lease right-of-use assets	0	2.2
Other assets	6.8	9.6
Total non-current assets	788.5	737
Total assets	870.6	886
Current liabilities
Accounts payable	105.1	134.5
Accrued liabilities	24.2	17.6
Deferred revenue	0	0.2
Operating lease liabilities	6.5	4.4
Total current liabilities	135.8	156.7
Non-current liabilities
Accounts payable	3.3	0
Deferred revenue	5.8	5.3
Operating lease liabilities	86.7	56.2
Finance lease liabilities	0	2.3
Convertible debt	342.6	288.1
Asset retirement obligations	1.1	1
Total noncurrent liabilities	439.5	352.9
Total liabilities	575.3	509.6
Commitments and contingencies (Note 14)
Equity
Common stock and additional paid-in capital Authorized unlimited shares, Issued and outstanding - 23.2 million shares at September 30, 2024 (22.2 million shares at December 31, 2023)	655.6	648.3
Accumulated deficit	(360)	(271.6)
Accumulated other comprehensive loss	(0.3)	(0.3)
Total equity	295.3	376.4
Total liabilities and equity	$ 870.6	$ 886

Unaudited condensed consolida_3

Unaudited condensed consolidated interim balance sheets (Parenthetical) - shares shares in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, shares, issued (in shares)	23.2	22.2
Common stock, shares, outstanding (in shares)	23.2	22.2

Unaudited condensed consolida_4

Unaudited condensed consolidated interim statements of equity - USD ($) $ in Millions	Total	Equity attributable to the shareholders of Li-Cycle Holdings Corp.	Number of common shares	Common stock and additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss	Non-controlling interest
Beginning balance, common shares, outstanding (in shares) at Dec. 31, 2022			22,012,500
Beginning balance, equity at Dec. 31, 2022	$ 501.6	$ 501.4		$ 635.3	$ (133.6)	$ (0.3)	$ 0.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Settlement of RSUs (in shares)			100,000
Settlement of RSUs	0
Exercise of stock options (in shares)			162,500
Exercise of stock options	0
Stock-based compensation - RSUs	8.5	8.5		8.5
Stock-based compensation - options	2.8	2.8		2.8
Payment to the holders of non-controlling interest in subsidiary	(0.6)	(0.4)		(0.4)			(0.2)
Comprehensive loss	(99.1)	(99.1)			(99.1)
Net loss	(99.1)	(99.1)			(99.1)
Ending balance, common shares, outstanding (in shares) at Sep. 30, 2023			22,275,000
Ending balance, equity at Sep. 30, 2023	413.2	413.2		646.2	(232.7)	(0.3)	0
Beginning balance, common shares, outstanding (in shares) at Jun. 30, 2023			22,225,000
Beginning balance, equity at Jun. 30, 2023	439.9	439.9		642.2	(202)	(0.3)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Settlement of RSUs (in shares)			37,500
Settlement of RSUs	0
Exercise of stock options (in shares)			12,500
Exercise of stock options	0
Stock-based compensation - RSUs	3	3		3
Stock-based compensation - options	1	1		1
Comprehensive loss	(30.7)	(30.7)			(30.7)
Net loss	(30.7)	(30.7)			(30.7)
Ending balance, common shares, outstanding (in shares) at Sep. 30, 2023			22,275,000
Ending balance, equity at Sep. 30, 2023	$ 413.2	413.2		646.2	(232.7)	(0.3)	0
Beginning balance, common shares, outstanding (in shares) at Dec. 31, 2023	22,200,000		22,200,000
Beginning balance, equity at Dec. 31, 2023	$ 376.4	376.4		648.3	(271.6)	(0.3)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Settlement of RSUs (in shares)			300,000
Settlement of RSUs	0
Issuance of common stock in connection with the ATM Program (in shares)			700,000
Issuance of common stock in connection with the ATM Program	1.2	1.2		1.2
Stock-based compensation - RSUs	6.1	6.1		6.1
Stock-based compensation - options	0	0		0
Comprehensive loss	(88.4)	(88.4)			(88.4)
Net loss	$ (88.4)	(88.4)			(88.4)
Ending balance, common shares, outstanding (in shares) at Sep. 30, 2024	23,200,000		23,200,000
Ending balance, equity at Sep. 30, 2024	$ 295.3	295.3		655.6	(360)	(0.3)	0
Beginning balance, common shares, outstanding (in shares) at Jun. 30, 2024			22,500,000
Beginning balance, equity at Jun. 30, 2024	235.7	235.7		652.5	(416.5)	(0.3)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Settlement of RSUs (in shares)			0
Settlement of RSUs	0
Issuance of common stock in connection with the ATM Program (in shares)			700,000
Issuance of common stock in connection with the ATM Program	1.2	1.2		1.2
Stock-based compensation - RSUs	3	3		3
Stock-based compensation - options	(1.1)	(1.1)		(1.1)
Comprehensive loss	56.5	56.5			56.5
Net loss	$ 56.5	56.5			56.5
Ending balance, common shares, outstanding (in shares) at Sep. 30, 2024	23,200,000		23,200,000
Ending balance, equity at Sep. 30, 2024	$ 295.3	$ 295.3		$ 655.6	$ (360)	$ (0.3)	$ 0

Unaudited condensed consolida_5

Unaudited condensed consolidated interim statements of cash flows - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Operating activities
Net loss for the period	$ 56.5	$ (30.7)	$ (88.4)	$ (99.1)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation			6.1	10.7
Depreciation and amortization			11.2	6.4
Foreign exchange loss on translation			0.5	(0.3)
Fair value (gain) on financial instruments	(99.2)	(10.9)	(110.1)	(17.5)
Bad debt expense			0	1
Adjustment to net realizable value	(1.6)	0.8	(1.8)	4.4
Loss on write off of fixed assets			0.1	0
Interest and accretion on convertible debt			44.4	1.4
Interest paid			(0.8)	0
Debt extinguishment loss (Note 11)	0	0	58.9	0
Non-cash lease expense			(1.8)	0.1
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities			(81.7)	(92.9)
Changes in working capital items:
Accounts receivable			(7.2)	0.9
Other receivables			0.7	6.4
Prepayments and deposits			(1.2)	(15.3)
Inventories			2.2	(0.8)
Deferred revenue			0.3	5.3
Accounts payable and accrued liabilities			(5.6)	7.1
Net cash used in operating activities			(92.5)	(89.3)
Investing activities
Purchases of property, plant, equipment, and other assets			(20.6)	(290.8)
Net cash used in investing activities			(20.6)	(290.8)
Financing activities
Proceeds from convertible debt			75	0
Issuance of common shares			1.2	0
Payments of transaction costs			(1.3)	0
Purchase of non-controlling interest			0	(0.4)
Net cash provided (used in) by financing activities			74.9	(0.4)
Net change in cash, cash equivalents and restricted cash			(38.2)	(380.5)
Cash, cash equivalents and restricted cash, beginning of period			80.3	517.9	$ 517.9
Cash, cash equivalents and restricted cash, end of period	$ 42.1	$ 137.4	42.1	137.4	$ 80.3
Supplemental non-cash investing activities:
Purchases of property and equipment included in liabilities			23.9	16.1
Supplemental information:
Bad debt recovery			$ 1	$ 0

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Polices	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Polices	Basis of Presentation and Summary of Significant Accounting Polices The accompanying unaudited condensed consolidated interim financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“ U.S. GAAP ”) for interim financial reporting and applicable quarterly reporting regulations of the SEC and are presented in U.S. Dollars. These condensed consolidated interim financial statements of the Company, including the condensed consolidated interim balance sheet as of September 30, 2024, the condensed consolidated interim statements of operations and comprehensive loss, condensed consolidated interim statement of equity and condensed consolidated interim statement of cash flows for the nine months ended September 30, 2024 and 2023, as well as other information disclosed in the accompanying notes, are unaudited. The condensed consolidated balance sheet at December 31, 2023, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of its financial position as of September 30, 2024, and the results of operations for the three and nine months ended September 30, 2024, and 2023, and cash flows for the nine months ended September 30, 2024, and 2023, have been included. Interim results are not necessarily indicative of financial results for a full year or any future years or interim periods. The Company reclassified certain amounts in the condensed consolidated interim financial statements to conform to the current period's presentation. Going concern The going concern basis of accounting assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the unaudited condensed consolidated interim financial statements are issued. Based on its recurring losses from operations since inception, which included losses from operations of $25.2 million and $96.3 million for the three and nine months ended September 30, 2024 ($44.0 million and $125.9 million for the three and nine months ended September 30, 2023), net cash used in operating activities of $92.5 million during the nine months ended September 30, 2024 ($89.3 million for the nine months ended September 30, 2023), and the pause on construction of the Rochester Hub project (as described below), the Company has concluded that there is substantial doubt about its ability to continue as a going concern for a period of one year from the date that these unaudited condensed consolidated interim financial statements were issued. As of September 30, 2024, the Company had $9.9 million in restricted cash of which $3.0 million was held as security for waste disposal obligations related to the Germany Spoke operations, and $5.6 million was a bank guarantee against a reservation fee for future battery waste recycling services. Additionally, the Company has $1.3 million held as cash collateral with its bank as security for credit cards and a performance bond. As these funds are contractually restricted, and the Company cannot use them for general operating purposes, they are classified as restricted cash in the consolidated balance sheets . To date, the Company has financed its operations primarily through proceeds received in connection with: (i) the Business Combination; (ii) the concurrent $315.5 million private placement of common shares; (iii) other private placements of Li-Cycle securities (including convertible notes and common shares); (iv) the ATM Program; and (v) government grants. On March 11, 2024, the Company entered a private placement agreement (the “ Glencore Senior Secured Convertible Note Purchase Agreement ”) to issue a senior secured convertible note in an aggregate principal amount of $75.0 million to an affiliate of Glencore plc (the “ Glencore Senior Secured Convertible Note ”) which closed on March 25, 2024. On November 7, 2024, the Company entered an agreement for a loan facility (“ DOE Loan Facility ”) of up to $475 million (including up to $445 million of principal and up to $30 million in deferred and accrued interest) through the United States Department of Energy’s (" DOE ") Loan Programs Office’s Advanced Technology Vehicles Manufacturing Program (“ ATVM Program ”). The Company is actively exploring additional financing and strategic alternatives for a complete funding package needed to restart construction at the Rochester Hub (of which the DOE Loan Facility is a key component) and for general corporate purposes. The funding package would assist in satisfying the conditions required to draw against the DOE Loan Facility, including funding the remaining Base Equity Contribution (which includes reserve account requirements) and a minimum cash balance. There can be no assurance that the Company will be able to secure additional funding at attractive commercial terms or at all. Furthermore, any additional financing, including the recent Glencore Senior Secured Convertible Note investment, and any borrowings that become available under the DOE Loan Facility, and any future sales made under the ATM Program may be insufficient to provide adequate liquidity for ongoing operations, to fund the Company’s future growth or capital projects, including the Rochester Hub, or otherwise satisfy any of the Company’s funding needs and obligations. The Glencore Convertible Notes, and the DOE Loan Facility have, or will have restrictive covenants that significantly limit the Company’s operating and financial flexibility or its ability to obtain future funding. In addition, there are inherent risks associated with the Company’s ability to execute its growth strategy. There can be no assurance that the Company will develop the manufacturing capabilities and processes, secure reliable sources of component supply to meet quality, engineering, design or production standards, or meet the required production volumes to grow into a viable, cash-flow-positive business successfully. These factors, in addition to potential rising inflation, commodity and labor prices and other challenging macroeconomic conditions, have led the Company to undertake mitigation initiatives to strengthen its financial position, enhance liquidity and preserve cash flow, including: • On October 23, 2023, Li-Cycle announced that it had paused construction work on its Rochester Hub, pending completion of a comprehensive review of the project’s future strategy. • In connection with the comprehensive review of the go-forward strategy of the Rochester Hub project, the Board of Directors (the “Board ”) established the Special Committee to, among other things, (1) oversee and supervise a strategic review of all or any of the Company’s operations and capital projects including its sales, general and administration functions, and (2) consider financing and other strategic alternatives. • The Special Committee selected Moelis and other advisors to assist with exploring financing options to increase the liquidity of Li-Cycle and strategic alternatives managing short-term liquidity and implementing liquidity generating initiatives. • On November 1, 2023, the Company initiated the implementation of the Cash Preservation Plan which continued to be updated and executed during the quarter ended September 30, 2024. Preservation activities include reducing staffing in its corporate support functions, pausing production and working towards closure of the Company’s Ontario Spoke and warehouse facility, suspending other development projects pending strategic review, and pursuing reductions in overhead and selling, general and administrative costs. These factors represent material uncertainties that cast substantial doubt about the Company’s ability to continue as a going concern. These unaudited consolidated interim financial statements do not reflect adjustments that would be necessary if the going concern assumption were not appropriate. If the going concern basis were not appropriate for these unaudited condensed consolidated interim financial statements, adjustments to the carrying value of assets and liabilities or reported expenses may be necessary, and these adjustments could be material. Impairment of long-lived assets The Company reviews long-lived assets such as plant and equipment, intangible assets with finite useful lives and right-of-use assets (“ ROU assets ”) for impairment whenever events or changes in circumstances indicate that the carrying value of the asset or asset group may not be recoverable. These events and circumstances may include significant decreases in the market price of an asset or asset group, significant changes in the extent or manner in which an asset or asset group is being used by the Company or in its physical condition, a significant change in legal factors or in the business climate, a history or forecast of future operating or cash flow losses, significant disposal activity, a significant decline in the Company’s share price, a significant decline in revenue or adverse changes in the economic environment. The existence of an individual indicator outlined above, or otherwise, is not automatically an indicator that a long-lived asset may not be recoverable. Instead, management exercises judgment and considers the combined effect of all potential indicators and developments present, potentially positive or negative, when determining whether a long-lived asset may not be recoverable. For further information and details of the Company’s significant accounting policies, refer to the consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K, and “Part I. Financial Information—Item 2. Management’s discussion and analysis of financial condition and results of operations - Material Accounting Policies and Critical Estimates” in this Quarterly Report on Form 10-Q.

Accounting Changes

Accounting Changes	9 Months Ended
Accounting Changes	Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Accounting Changes	Accounting Changes Recently issued accounting standards Segment Reporting Disclosures Standard/Description – Issuance date: November 2023. This guidance requires the disclosure of significant segment expenses that are regularly provided to a company's chief operating decision maker and included within each reported measure of segment profit or loss. The Company must also disclose “other segment items,” which is the difference between segment revenue less significant expenses for each reported measure of segment profit or loss, and a description of its composition. This guidance also requires all segment annual disclosures to be provided on an interim basis. Effective Date and Adoption Considerations – The guidance is effective for annual periods beginning after December 15, 2024, and for interim periods beginning January 1, 2025, and is required to be applied on a retrospective basis to all prior periods presented. Early adoption is permitted. The Company will adopt the guidance as of the effective date. Effect on Financial Statements or Other Significant Matters – The Company is currently evaluating the impact of adoption on its financial statements; however, as the guidance is a change to disclosures only, no impacts to the consolidated financial results are expected. Income Tax Disclosures Standard/Description – Issuance date: December 2023. This guidance requires disaggregated disclosure of the tax rate reconciliation into eight categories, with further disaggregation required for items greater than a specific threshold. Additionally, the guidance requires the disclosure of income taxes paid disaggregated by federal, state and foreign jurisdictions. Effective Date and Adoption Considerations – The guidance is effective January 1, 2025 and early adoption is permitted. The Company expects to adopt the guidance as of the effective date.

Revenue - product sales and rec

Revenue - product sales and recycling services	9 Months Ended
Revenue - product sales and recycling services	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue - product sales and recycling services	Revenue – product sales and recycling services For the three months ended September 30, 2024 For the three months ended September 30, 2023 For the nine months ended September 30, 2024 For the nine months ended September 30, 2023 Product revenue recognized in the period $ 4.3 $ 3.5 $ 10.7 $ 15.7 Fair value pricing adjustments 0.1 — 0.8 (6.0) Product revenue $ 4.4 $ 3.5 $ 11.5 $ 9.7 Recycling service revenue recognized in the period 4.0 1.2 9.5 2.2 Revenue $ 8.4 $ 4.7 $ 21.0 $ 11.9 During the currently paused construction of the Rochester Hub project, the Company's principal lines of business are the sale of products (including Black Mass & Equivalents and shredded metal) and lithium-ion battery recycling services which together account for 100% of sales. The principal markets for the Company's products and recycling services are the United States, Canada, Germany, and Asia. Product revenue, and the related trade accounts receivables are measured at initial recognition using provisional prices for the constituent metals and any unsettled sales are remeasured at the end of each reporting period using the market prices of the constituent metals. 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. Accounts receivable, net The Company recognizes current estimated credit losses (“ CECL ”) for trade receivables not subject to provisional pricing. The CECL for accounts receivable are estimated based on days past due consisting of customers with similar risk characteristics that operate under similar economic environments. The Company determines the CECL based on an evaluation of certain criteria and evidence of collection uncertainty including client industry profile. When specific customers are identified as no longer sharing the same risk profile as their current pool, they are removed from the pool and evaluated separately. The allowance for credit losses as at September 30, 2024 was $nil (December 31, 2023 : $nil) and no expected credit loss provisions were recognized for the nine months ended September 30, 2024. Bad debt expense recovery for the three and nine months ended September 30, 2024 was $nil and $1.0 million (Bad debt expense for the three and nine months ended September 30, 2023: $nil and $0.9 million). Accounts receivable are stated at the amount the Company expects to collect. The Company generally does not require collateral or other security in support of accounts receivable. To reduce credit risk, the Company performs ongoing credit evaluations of its customers’ financial condition. Deferred revenue In the normal course of business, the Company receives advances from customers for the sale of products and the provision of lithium-ion battery recycling services. The table below depicts the activity in the deferred revenue account during the nine months ended September 30, 2024 and twelve months ended December 31, 2023. Product Revenue September 30, 2024 December 31, 2023 Balance, beginning of the period $ — $ — Additions 7.8 — Revenue recognized (7.8) — Balance, end of the period $ — $ — Current deferred revenue — — Non-current deferred revenue $ — $ — Recycling Service Revenue September 30, 2024 December 31, 2023 Balance, beginning of the period $ 5.5 $ — Additions — 5.4 Foreign exchange revaluation 0.3 0.1 Balance, end of the period $ 5.8 $ 5.5 Current deferred revenue — 0.2 Non-current deferred revenue $ 5.8 $ 5.3

Prepayments, deposits and other

Prepayments, deposits and other current assets	9 Months Ended
Prepayments, deposits and other current assets	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepayments, deposits and other current assets	Prepayments, deposits and other current assets As at September 30, 2024 December 31, 2023 Prepaid equipment deposits $ 1.0 $ 40.1 Prepaid transaction costs 11.1 7.8 Prepaid lease deposits 5.3 5.6 Prepaid insurance 4.5 4.6 Prepaid construction charges 0.9 2.6 Other prepaids 3.7 3.3 Total prepayments, deposits and other current assets $ 26.5 $ 64.0 Non-current security deposits (5.0) (5.0) Non-current insurance (0.1) (2.8) Current prepayments and deposits $ 21.4 $ 56.2 Other prepaids consist principally of other deposits, prepaid subscriptions and environmental deposits. Non-current security deposits and non-current insurance are recorded in other assets on the condensed consolidated interim statements of financial position. Prepaid transaction costs primarily consist of prepayments made in connection with the conditional commitment with the U.S. Department of Energy Loan Programs Office for a loan.

Inventories, net

Inventories, net	9 Months Ended
Inventories, net	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories, net	Inventories, net As at September 30, 2024 December 31, 2023 Raw materials $ — $ 0.8 Finished goods 4.4 3.7 Parts and tools 4.8 5.1 Total inventories, net $ 9.2 $ 9.6 The inventory balances for raw materials and finished goods are presented at the lower of cost and net realizable value. For the three and nine months ended September 30, 2024, the net realizable impact resulted in a favorable inventory adjustment of $1.6 million and $1.8 million (three and nine months ended September 30, 2023: write down of $0.8 million and $4.4 million). The adjustments are recorded in cost of sales in the unaudited condensed consolidated interim statements of operations and comprehensive income (loss).

Property, plant and equipment,

Property, plant and equipment, net	9 Months Ended
Property, plant and equipment, net	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property, plant and equipment, net	Property, plant and equipment, net As at September 30, 2024 December 31, 2023 Building $ 58.8 $ 58.8 Plant equipment 51.2 55.3 Computer software and equipment 4.9 4.5 Vehicles 0.2 0.2 Leasehold improvements 14.7 13.5 Assets under construction 588.5 552.6 $ 718.3 $ 684.9 Less – accumulated depreciation (25.1) (16.1) Total property, plant and equipment, net $ 693.2 $ 668.8 For the three and nine months ended September 30, 2024, $nil and $nil in borrowing costs (for the three and nine months ended September 30, 2023: $5.4 million and $29.9 million) were capitalized to assets under construction due to the pause of construction at the Rochester Hub. Depreciation expense for the three and nine months ended September 30, 2024 was $4.2 million and $9.0 million compared to $2.2 million and $3.9 million in the corresponding periods of 2023. In the nine months ended September 30, 2024, the Company received proceeds of $5.8 million (€5.3 million) of the $6.9 million (€6.4 million) approved grant for the Germany Spoke from the State of Saxony-Anhalt, Germany and recognized this amount as a reduction in plant equipment. Refer to Note 14 (Commitments and contingencies) for details of contractual commitments to purchase fixed assets.

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2024
Leases [Abstract]
Leases	Leases The Company’s lease portfolio is predominantly operating leases for plant operations, storage facilities, and office space. The Company presents operating and finance lease balances separately on the consolidated balance sheets. The Company’s finance leases relate to plant operations. The Company does not include options to extend leases in the lease term until they are reasonably certain to be exercised. The following table presents the Company's lease balances and their classification on the unaudited condensed consolidated interim statements of operations and comprehensive loss: September 30, 2024 September 30, 2023 Finance lease Amortization of ROU assets $ — $ — Interest on lease liabilities 0.1 — Total finance lease cost $ 0.1 $ — Operating lease cost $ 9.8 $ 7.0 Short-term lease cost — — Variable lease cost 1.4 1.2 Total lease cost $ 11.3 $ 8.2 The weighted average remaining lease term of the Company's premises and equipment operating leases is 20.59 years as at September 30, 2024 and 14.48 years as at December 31, 2023. The weighted average remaining lease term of the Company's premises and equipment finance leases is 2.37 years as at September 30, 2024 and 46.78 years as at December 31, 2023. The weighted average lease discount rate of the Company's premises and equipment operating leases is 8.01% as at September 30, 2024 and 7.69% as at December 31, 2023. The weighted average lease discount rate of the Company's premises and equipment finance leases is 11.61% as at September 30, 2024 and 9.49% as at December 31, 2023. Supplemental Cash Flow Related Disclosures For the nine months ended September 30, 2024 For the nine months ended September 30, 2023 Cash paid for amounts related to lease liabilities: Operating cash flows from operating leases $ 10.1 $ 7.2 Operating cash flows from finance leases 0.1 — Financing cash flows from finance leases — — Recognition of ROU assets and lease liabilities for new operating leases $ 36.6 $ 18.7 Derecognition of ROU assets and lease liabilities for new finance leases (2.2) — Maturities of lease liabilities as of September 30 were as follows: Operating Leases Finance Leases 2025 $ 13.6 — 2026 13.4 — 2027 12.6 — 2028 12.0 — 2029 12.0 — Thereafter 159.4 — Total future minimum lease payments $ 223.0 $ — Imputed interest (129.8) — Total lease liabilities $ 93.2 $ — At September 30, 2024, none of the Company's executed leases that had not yet commenced will create significant rights or obligations in the future and sublease transactions are not material. The Company's leases did not impose any restrictions or covenants.
Leases	Leases The Company’s lease portfolio is predominantly operating leases for plant operations, storage facilities, and office space. The Company presents operating and finance lease balances separately on the consolidated balance sheets. The Company’s finance leases relate to plant operations. The Company does not include options to extend leases in the lease term until they are reasonably certain to be exercised. The following table presents the Company's lease balances and their classification on the unaudited condensed consolidated interim statements of operations and comprehensive loss: September 30, 2024 September 30, 2023 Finance lease Amortization of ROU assets $ — $ — Interest on lease liabilities 0.1 — Total finance lease cost $ 0.1 $ — Operating lease cost $ 9.8 $ 7.0 Short-term lease cost — — Variable lease cost 1.4 1.2 Total lease cost $ 11.3 $ 8.2 The weighted average remaining lease term of the Company's premises and equipment operating leases is 20.59 years as at September 30, 2024 and 14.48 years as at December 31, 2023. The weighted average remaining lease term of the Company's premises and equipment finance leases is 2.37 years as at September 30, 2024 and 46.78 years as at December 31, 2023. The weighted average lease discount rate of the Company's premises and equipment operating leases is 8.01% as at September 30, 2024 and 7.69% as at December 31, 2023. The weighted average lease discount rate of the Company's premises and equipment finance leases is 11.61% as at September 30, 2024 and 9.49% as at December 31, 2023. Supplemental Cash Flow Related Disclosures For the nine months ended September 30, 2024 For the nine months ended September 30, 2023 Cash paid for amounts related to lease liabilities: Operating cash flows from operating leases $ 10.1 $ 7.2 Operating cash flows from finance leases 0.1 — Financing cash flows from finance leases — — Recognition of ROU assets and lease liabilities for new operating leases $ 36.6 $ 18.7 Derecognition of ROU assets and lease liabilities for new finance leases (2.2) — Maturities of lease liabilities as of September 30 were as follows: Operating Leases Finance Leases 2025 $ 13.6 — 2026 13.4 — 2027 12.6 — 2028 12.0 — 2029 12.0 — Thereafter 159.4 — Total future minimum lease payments $ 223.0 $ — Imputed interest (129.8) — Total lease liabilities $ 93.2 $ — At September 30, 2024, none of the Company's executed leases that had not yet commenced will create significant rights or obligations in the future and sublease transactions are not material. The Company's leases did not impose any restrictions or covenants.

Other assets

Other assets	9 Months Ended
Other assets	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other assets	Other assets As at September 30, 2024 December 31, 2023 Non-current security deposits $ 5.0 $ 5.0 Non-current insurance 0.1 2.8 Intangible assets, net 1.7 1.8 Total other assets $ 6.8 $ 9.6 As of September 30, 2024 and December 31, 2023, the Company's intangible assets consisted of the following: As at September 30, 2024 December 31, 2023 Internal-use software $ 0.7 $ 0.7 Cloud computing arrangements 1.4 1.3 $ 2.1 $ 2.0 Less - accumulated amortization (0.4) (0.2) Intangible assets, net $ 1.7 $ 1.8

Related party transactions

Related party transactions	9 Months Ended
Related party transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related party transactions	Related party transactions For information about Li-Cycle’s related party transactions, refer to Note 9 (Related party transactions) to the Consolidated Financial Statements and the section of the Annual Report on Form 10-K titled “Item 13. Certain Relationships and Related Transactions and Director Independence—Certain Relationships and Related Transactions”. The Company has convertible debt instruments with affiliates of Glencore plc. (“ Glencore ”). Refer to Note 11 (Convertible debt) for more information. The Company has agreements with Glencore to sell certain products from its Spokes. During the three and nine months ended September 30, 2024, product revenue from sales to Glencore was $1.3 million and $1.0 million, respectively. This was driven by losses from the finalization of provisional sales from prior periods, which exceeded sales in the period (revenue from sales to Glencore was $0.6 million and $1.8 million for the three and nine months ended September 30, 2023). On May 31, 2022, the Company entered into agreements with Glencore, pursuant to which the Company pays (i) sourcing fees on feed purchased for the Company's Spokes; and (ii) marketing fees on the sale of Black Mass to third parties. Sourcing fees and marketing fees for the three months ended September 30, 2024 were below $nil, compared to below $nil in the three months ended September 30, 2023. The sourcing and marketing fees for the nine months ended September 30, 2024, were below $0.1 million (for the nine months ended September 30, 2023: below $0.1 million). The net account payable to Glencore as of September 30, 2024 was $0.1 million (net account receivable as of December 31, 2023: $0.2 million). Since 2017, the Company has engaged Fade In Production Pty. Ltd., which is controlled by certain members of the immediate family of the former interim non-executive Chair of the Company’s Board, to provide it with corporate video production services since 2017. Total expenses were below $0.1 million for the nine months ended September 30, 2024 (below $0.1 million for the nine months ended September 30, 2023). On September 1, 2020, the Company engaged Consulero Inc., which is controlled by certain members of the immediate family of the Company's President and Chief Executive Officer, to provide it with technology services in relation to the Company's inventory management system. Total expense and accrual was $nil and below $0.1 million for the three and nine months ended September 30, 2024 (below $0.1 million and below $0.1 million for the three and nine months ended September 30, 2023, respectively).

Accounts payable and accrued li

Accounts payable and accrued liabilities	9 Months Ended
Accounts payable and accrued liabilities	Sep. 30, 2024
Payables and Accruals [Abstract]
Accounts payable and accrued liabilities	Accounts payable and accrued liabilities As at September 30, 2024 December 31, 2023 Accounts payable $ 108.4 $ 134.5 Accrued expenses 17.4 14.5 Accrued compensation 6.8 3.1 Total accounts payable and accrued liabilities $ 132.6 $ 152.1 Non-current accounts payable (3.3) — Current accounts payable and accrued liabilities $ 129.3 $ 152.1 During the nine months ended September 30, 2024, the Company reached new agreements and renegotiated certain previous agreements with certain suppliers to extend the payment terms for the amounts invoiced beyond one year. The Company recorded these amounts as non-current accounts payable in the unaudited condensed consolidated interim balance sheet as of September 30, 2024. On March 25, 2024, the Board approved plans to reduce approximately 17% of its workforce, primarily at the corporate level, as part of the Company’s ongoing efforts to right size and right shape its organization as part of the Cash Preservation Plan. The workforce reduction provided certain executives and non-executives with contractual termination benefits as well as one-time termination benefits. Related to this event, the Company recorded an expense of $0.8 million in cost of sales and $5.6 million

Convertible debt

Convertible debt	9 Months Ended
Convertible debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Convertible debt	Convertible debt As at September 30, 2024 December 31, 2023 KSP Convertible Notes (a) $ 114.1 $ 99.1 Glencore Convertible Notes (b) 228.5 189.0 Total convertible debt at end of the period $ 342.6 $ 288.1 The KSP Convertible Notes and the A&R Glencore Convertible Notes are all unsecured debt instruments and the Glencore Senior Secured Convertible Note is a secured debt instrument. The amount of maturities and sinking fund requirements for convertible debt instruments, with interest components rolled into principal, for each of the next five years are as follows as of September 30: 2025 $ — 2026 163.7 2027 314.5 2028 — 2029 130.9 Total $ 609.1 (a) KSP Convertible Notes As at September 30, 2024 December 31, 2023 Principal of convertible note at beginning of period $ 119.3 $ 110.2 Issuance of convertible notes 7.2 9.1 Principal of convertible notes at end of the period $ 126.5 $ 119.3 Conversion feature at beginning of period $ — $ 6.0 Fair value (gain) loss on embedded derivative — (6.0) Conversion feature at end of period $ — $ — Debt component at beginning of the period $ 99.1 $ 85.4 Debt component issued 7.2 9.1 Accrued interest paid in kind (7.2) (9.1) Accrued interest expense 15.0 13.7 Debt component at end of period $ 114.1 $ 99.1 Total KSP convertible debt at end of period $ 114.1 $ 99.1 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. Initially, interest payments made in cash were 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% per year, with a LIBOR floor of 1% and a cap of 2%. Since July 1, 2023, as the LIBOR interest rate is no longer published, under the terms of the KSP Note Purchase Agreement, the interest rate is instead based on the sum of the SOFR and the average spread between the SOFR and LIBOR during the three-month period ending on the date on which LIBOR ceases to be published, subject to a floor of 1% and cap of 2%. On March 25, 2024, the Company amended the KSP Note Purchase Agreement to modify the interest rate terms of the KSP Convertible Note, by removing the SOFR floor of 1% and cap of 2% and including penalty interest upon an event of default consistent with the penalty interest provision of the Glencore Senior Secured Convertible Note. The amendment was accounted for as a debt modification and no gain or loss was recognized. After the amendment, the effective interest rate of the KSP Convertible Note is 18.7%. Interest payments are based on an interest rate of the SOFR for a tenor comparable to the relevant interest payment period plus 0.58%. 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 Notes as at September 30, 2024, comprised the following: Note Date Issued Amount Issued Initial KSP 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 PIK Note December 31, 2023 4.7 PIK Note June 30, 2024 7.2 Total $ 126.5 At the option of the holder, the KSP Convertible Notes may be converted into common shares of the Company at a conversion price of $106.73 ($13.34 prior to the Share Consolidation), subject to customary anti-dilutive adjustments. The conversion price was adjusted from $107.44 to $106.73 in accordance with the repricing mechanism under the KSP Convertible Notes terms. This adjustment was triggered by shares issued under the ATM Program during the quarter, resulting in an aggregate issuance of 701,323 of the Company’s common shares. If the Company’s share price is equal to or greater than $139.68 ($17.46 before the Share Consolidation), for a period of twenty consecutive days, the Company can force conversion of the KSP Convertible Notes at an amount equal to the sum of principal, accrued but unpaid interest, plus any make-whole amount which equal to the undiscounted interest that would have been payable from the date of conversion to the maturity date. At the Company’s option at any time, the Company can also redeem all of the KSP Convertible Notes at any time for a cash purchase price equal to 130% of the principal plus unpaid interest until maturity. The conversion feature under the KSP Convertible Notes has been recorded as a bifurcated 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 due to the optionality of the interest rate utilized on conversion at the Company’s option. The KSP Convertible Notes are also subject to redemption upon a change of control event or an event of default. Under an event of default, redemption happens upon the occurrence of an event at the holder’s discretion. Under a change of control event, mandatory redemption happens upon the occurrence of an event. Both the change of control and event of default options under the KSP Convertible Notes have been recorded as bifurcated embedded derivative liabilities as the redemption price triggered by these features represents a substantial premium over the principal amount. The bifurcated embedded derivatives are measured at fair value bundled together as a single compound embedded derivative. As at September 30, 2024, no conversions or redemptions had taken place. The fair value of the compound embedded derivative upon issuance of the KSP Convertible Notes was determined to be a liability of $27.7 million whereas the remaining $72.3 million, net of transaction costs of $1.6 million, was allocated to the principal portion of the debt. During the three and nine months ended September 30, 2024, the Company recognized a fair value gain of less than $0.1 million and less than $0.1 million on the embedded derivatives (for the nine months ended September 30, 2023: gain of $4.1 million). The embedded derivatives were valued using the Binomial Option Pricing Model. The assumptions used in the model were as follows: (Issuance date) December 31, 2023 September 30, 2024 Risk free interest rate 1.1% 4.2% 3.7% Expected life of options 5.0 years 3.8 years 2.0 years Expected dividend yield 0.0% 0.0% 0.0% Expected stock price volatility 66% 63% 75% Share Price $12.56 $4.76 $2.19 Expected volatility was determined by calculating the average implied volatility of a group of listed entities that are considered similar in nature to the Company. (b) Glencore Convertible Notes As at September 30, 2024 December 31, 2023 Principal of convertible note at beginning of period $ 225.3 $ 208.1 Issuance of convertible notes 75.0 17.2 Principal of convertible note at end of period $ 300.3 $ 225.3 Conversion feature at beginning of period $ 0.4 $ 16.5 Change in the period: Fair value gain for the year ended December 31, 2023 — (16.1) Fair value loss on the conversion features embedded in the A&R Glencore Convertible Notes from January 1, 2024 to March 25, 2024 1.8 — Extinguishment of the conversion feature embedded in the A&R Glencore Convertible Notes as part of the modification (2.2) — Issuance of conversion feature embedded in Glencore Senior Secured Convertible Note 59.0 — Issuance of the conversion feature embedded in the A&R Glencore Convertible Notes as part of the modification 99.2 — Fair value gain on the conversion features from March 26, 2024 to September 30, 2024 (111.9) — Conversion feature at end of period $ 46.3 $ 0.4 Debt component at beginning of period $ 188.6 $ 164.9 Change in the period: Issuance of debt component — 17.2 Accrued interest paid in kind — (17.2) Accrued interest expense for the year ended December 31, 2023 — 23.7 Accrued interest and accretion expense from January 1, 2024 to March 25, 2024 5.9 — Extinguishment of the debt component related to A&R Glencore Convertible Notes as part of the modification (194.5) — Issuance of debt component of the Glencore Senior Secured Convertible Note 48.0 — Issuance of the debt component of the A&R Glencore Convertible Notes as part of the modification 124.4 Transaction costs (8.6) — Accrued interest expense from March 26, 2024 to September 30, 2024 18.4 — Debt component at end of period $ 182.2 $ 188.6 Total Glencore convertible debt at end of period $ 228.5 $ 189.0 Reconciliation of net change in Convertible debt to Debt extinguishment loss in the nine months ended September 30, 2024 Extinguishment of the conversion feature embedded in the A&R Glencore Convertible Notes as part of the modification $ (2.2) Issuance of conversion feature embedded in Glencore Senior Secured Convertible Note 59.0 Issuance of the conversion feature embedded in the A&R Glencore Convertible Notes as part of the modification 99.2 Total change in the conversion features 156.0 Extinguishment of the debt component related to A&R Glencore Convertible Notes as part of the modification (194.5) Issuance of debt component of the Glencore Senior Secured Convertible Note 48.0 Issuance of the debt component of the A&R Glencore Convertible Notes as part of the modification 124.4 Total change in the debt components (22.1) Total net change in convertible debt in the nine months ended September 30, 2024 133.9 Proceeds from convertible debt (75.0) Debt extinguishment loss $ 58.9 On March 25, 2024, the Company amended, restated and consolidated, the Glencore Unsecured Convertible Note and the PIK notes issued thereunder, such that they were split into two tranches, and certain terms of the Glencore Unsecured Convertible Note and the PIK notes issued thereunder were amended, effective from the occurrence of: (a) for the first tranche (the “ First A&R Glencore Note ”), the earliest of the date that is one month after the effectiveness and closing of a project loan financing for the Rochester Hub, and December 31, 2024, and (b) for the second tranche (the “ Second A&R Glencore Note ” and together with the First A&R Glencore Note, the “ A&R Glencore Convertible Notes ”), the earliest of (i) the first commercial production from the Rochester Hub, (ii) construction costs exceeding the construction budget set forth in the project loan financing, and (iii) June 1, 2026 (each such date in the case of the foregoing clauses (a) and (b), an applicable “ Modification Date ”). Upon the occurrence of the applicable Modification Date, the terms of the applicable A&R Convertible Note shall automatically be modified to be consistent with the corresponding provisions of the Glencore Senior Secured Convertible Note (as defined and described below): the maturity will be amended to be five (5) years from the applicable Modification Date, the interest rate will be amended to match the interest rate applicable to the Glencore Senior Secured Convertible Note, mandatory redemption will be required (including, from the applicable Modification Date, the amount equal to a specified percentage of the excess cash flow generated by the Company and its subsidiaries for the applicable fiscal year (less certain deductions and subject to pro rata application to certain other debt of the Company) in a pro rata amount across the A&R Glencore Convertible Notes (to the extent the applicable Modification Date with respect thereto has occurred) and the Glencore Senior Secured Convertible Note), and the Company will provide guarantees and pari passu security for the A&R Glencore Convertible Notes on substantially the same terms with the Glencore Senior Secured Convertible Note. In addition, at each Modification Date, the conversion price for the applicable A&R Glencore Convertible Notes will be adjusted to be the lesser of (x) an amount determined on the basis of a 30-Day VWAP (volume weighted average trading price) having a reference date equal to the applicable Modification Date plus a 25% premium per share, and (y) $79.09 ($9.89 before the Share Consolidation) per share. The amendment was accounted for as a debt extinguishment and the Company recorded $58.9 million as a debt extinguishment loss presented in the unaudited condensed consolidated statement of operations and comprehensive loss for the three and nine months ended March 31, 2024 and September 30, 2024. After the amendment, the effective interest rate of the A&R Glencore Convertible Notes and Glencore Senior Secured Convertible Note is 20.6%. On March 25, 2024, the Company issued the Glencore Senior Secured Convertible Note for an aggregate principal amount of $75 million to Glencore Canada Corporation, a subsidiary of Glencore plc (LON: GLEN). The Glencore Senior Secured Convertible Note will mature on March 25, 2029, unless there is an earlier repurchase, redemption or conversion. Interest on the Glencore Senior Secured Convertible Note is payable semi-annually, with Li-Cycle permitted to pay interest on the Glencore Senior Secured Convertible Note in cash or by PIK, at its election. Interest payments made in cash are based on an interest rate of the SOFR for a tenor comparable to the relevant interest payment period plus 5% per annum if interest is paid in cash or plus 6% per annum if interest is paid in PIK. If an event of default has occurred and is continuing, the interest rate will be the rate stated above, plus one percent (1%) per annum (an additional 1% will be payable in cash). The PIK election results in the capitalization of the interest by adding such interest amounts to the aggregate outstanding principal balance of the Glencore Senior Secured Convertible Note then outstanding on the applicable Interest Date. All obligations of the Company with respect to the Glencore Senior Secured Convertible Note are guaranteed by Li-Cycle Corp., Li-Cycle Americas Corp., Li-Cycle U.S. Inc., Li-Cycle Inc., and Li-Cycle North America Hub, Inc (the “ Issuance Date Note Guarantors ”), each a subsidiary of the Company. Li-Cycle Europe AG and Li-Cycle Germany GmbH (the “ Post-Closing Guarantors ” and together with the Issuance Date Guarantors, collectively the “ Note Guarantors ”), both subsidiaries of the Company, are required to guaranty all obligations of the Company with respect to the Glencore Senior Secured Convertible Note as Note Guarantors within a certain time period following the issuance of the Glencore Senior Secured Convertible Note. Effective May 31, 2024, Li-Cycle Europe AG and Li-Cycle Germany GmbH guaranteed all obligations of the Company as noted above. The Company and the Issuance Date Note Guarantors have also granted perfected, first priority security interests (subject to customary exceptions and permitted liens) in all of their respective assets, including intellectual property and a pledge of the equity interests of each other Note Guarantor to secure the obligations of the Company with respect to the Glencore Senior Secured Convertible Note. Within a certain time period following the issuance of the Glencore Senior Secured Convertible Note, the Post-Closing Guarantors are required to grant a perfected, first priority security interest (subject to customary exceptions and permitted liens) in all intra-group receivables owing to them and over all bank accounts held by such entities in their respective jurisdictions of organization and Li-Cycle Europe AG is require to further pledge its equity interests in Li-Cycle Germany GmbH to secure the obligations of the Company with respect to the Glencore Senior Secured Convertible Note. The Post-Closing Guarantors successfully granted a perfected, first priority security interest effective May 31, 2024. The Company has elected to pay interest by PIK since the first interest payment on the Glencore Unsecured Convertible Note on November 30, 2022. The First A&R Glencore Note, the Second A&R Glencore Note and the Glencore Senior Secured Convertible Note are referred to collectively as the “ Glencore Convertible Notes ”, and as at September 30, 2024, comprised the following: Note Date Issued Amount Issued First A&R Glencore Note March 25, 2024 $ 116.6 Second A&R Glencore Note March 25, 2024 114.6 Glencore Senior Secured Convertible Note March 25, 2024 75.0 Total 306.2 At the option of the holder, the A&R Glencore Convertible Notes may be converted into common shares of the Company at a conversion price which shall be adjusted to be the lesser of (x) an amount determined on the basis of a 30-Day VWAP (volume weighted average trading price) having a reference date equal to applicable Modification Date plus a 25% premium, and (y) $79.09 ($9.89 prior to the Share Consolidation) per share (the current conversion price of the A&R Glencore Convertible Notes), subject to customary anti-dilutive adjustments. The conversion price was adjusted from $79.60 to $79.09 in accordance with the repricing mechanism under the Glencore Convertible Notes terms. This adjustment was triggered by shares issued under the ATM Program during the quarter. At the option of the holder, the Glencore Senior Secured Convertible Note may be converted into common shares of the Company at a conversion price of $4.23 ($0.53 before the Share Consolidation) per share. The conversion feature under the Glencore Convertible Notes 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 due to the optionality of the interest rate utilized on conversion at the Company’s option. The A&R Glencore Convertible Notes are also subject to redemption upon a change of control event or an event of default. Under an event of default, redemption happens upon the occurrence of an event at the holder’s discretion. Under a change of control event, mandatory redemption happens upon the occurrence of an event. The Glencore Senior Secured Convertible Note is subject to redemption at any time by payment of the required redemption payment. Commencing with the delivery of the financial statements for the fiscal year ending December 31, 2026, the Company will be required to redeem a portion of the outstanding principal amount of the Glencore Senior Secured Convertible Note in an amount equal to a specified percentage of the excess cash flow generated by the Company and its subsidiaries for the applicable fiscal year (less certain deductions and subject to pro rata application to certain other debt of the Company). The Company is also required to redeem the Glencore Senior Secured Convertible Note in the event of certain continuing events of default upon request by the holder, certain bankruptcy-related events of default and upon a change of control transaction, unless in each case, the Glencore Senior Secured Convertible Note is first converted by the holder. The change of control, an event of default, and mandatory redemption provisions under the Glencore Convertible Notes have been recorded as bifurcated embedded derivative liabilities. The bifurcated embedded derivatives are measured at fair value bundled together as a single compound embedded derivative. As at September 30, 2024, no conversion or redemption had taken place. In connection with any optional redemption, and with respect to the Glencore Senior Secured Convertible Note and A&R Glencore Convertible Notes, any mandatory redemption and provided that the applicable holder has not elected to convert the Glencore Convertible Notes into common shares, the Company must issue Glencore Warrants to the applicable holder on the optional redemption date or receipt of notice of redemption, as applicable, that entitle the holder to acquire, until the end of the applicable exercise period, a number of common shares equal to the principal amount of the Glencore Convertible Notes 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 applicable redemption date. The fair value of the embedded derivative liability upon issuance of the Glencore Convertible Notes was determined to be $46.2 million with the remaining $153.8 million, net of transaction costs of $1.3 million, allocated to the initial amortized cost of the host debt instrument. During the three and nine months ended September 30, 2024, the Company recognized a fair value gain of $99.2 million and $110.1 million on the embedded derivatives (three and nine months ended September 30, 2023: gain of $19.3 million and $13.4 million). The embedded derivatives were valued using the Finite Difference Method. The assumptions used in the model were as follows: (Issuance date) December 31, 2023 September 30, 2024 Risk free interest rate 2.9% 4.2% 4.1% to 3.5% Expected life of options 5.0 years 4.4 years 4.5 to 6.7 years Expected dividend yield 0.0% 0.0% 0.0% Expected stock price volatility 68% 63% 75% Share Price $8.15 $4.76 $2.19 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.

Common stock and additional pai

Common stock and additional paid-in capital	9 Months Ended
Common stock and additional paid-in capital	Sep. 30, 2024
Equity [Abstract]
Common stock and additional paid-in capital	Common stock and additional paid-in capital The following details the changes in issued and outstanding common shares for the three and nine months ended September 30, 2024. (in millions) Number of shares outstanding Amount Common shares and additional paid-in capital outstanding as at June 30, 2024 22.5 $ 652.5 Settlement of RSUs — — Issuance of common stock in connection with the ATM Program 0.7 1.2 Stock-based compensation – RSUs — 3.0 Stock-based compensation – options — (1.1) Common shares and additional paid-in capital outstanding as at September 30, 2024 23.2 $ 655.6 Common shares and additional paid-in capital outstanding as at December 31, 2023 22.2 $ 648.3 Settlement of RSUs 0.3 — Issuance of common stock in connection with the ATM Program 0.7 1.2 Stock-based compensation – RSUs — 6.1 Stock-based compensation – options — — Common shares and additional paid-in capital outstanding as at September 30, 2024 23.2 $ 655.6 At the annual general and special meeting of the Company’s shareholders on May 23, 2024, the shareholders approved an amendment to the Company’s articles to consolidate all of the Company’s issued and outstanding common shares on the basis of a consolidation ratio within a range between two pre-consolidation common shares for one post-consolidation common share and eight pre-consolidation common shares for one post-consolidation common share, and granted to the Board the authority to fix the consolidation ratio. The Board subsequently approved a share consolidation and fixed the consolidation ratio at one post-consolidation common share for every eight pre-consolidation common shares. On June 3, 2024, the Company obtained from the Ontario Ministry of Public and Business Service Delivery a certificate of amendment in respect of the articles of amendment filed to effect a share consolidation of all the common shares at a ratio of one post-consolidation common share for every eight pre-consolidation common shares effective on June 3, 2024 (the “ Share Consolidation” ). Subsequently, the Company restated the provisions of its existing articles, without any changes to such provisions, by filing restated articles of incorporation on July 18, 2024. As a result of the Share Consolidation, every eight common shares have been automatically consolidated into one common share. Any fractional shares resulting from the Share Consolidation have been deemed to have been tendered by the holder thereof immediately following the Share Consolidation to the Company for cancellation for no consideration. The Share Consolidation did not affect the total number of authorized common shares or modify any voting rights or other terms of the common shares. The common shares began trading on the NYSE on a post-consolidation basis on June 4, 2024. As a result of the Share Consolidation, the exercise or conversion price and the number of common shares issuable under any of the Company’s outstanding securities that are exercisable or convertible into common shares, including under equity awards, warrants, rights, convertible notes and other similar securities, were proportionally adjusted in accordance with the terms of such securities. All per share amounts, common shares outstanding, and stock-based compensation amounts with respect thereto in the unaudited condensed consolidated interim financial statements have been retroactively adjusted to reflect the Share Consolidation, as if the consolidation occurred at the beginning of the earliest period presented in this Quarterly Report on Form 10-Q. On June 28, 2024, the Company entered into an At The Market Issuance Sales Agreement (the “ ATM Agreement ”) to offer and sell up to $75.0 million aggregate amount of our common shares. As of September 30, 2024, the Company raised $1.1 million of net proceeds under the ATM Program by issuing an aggregate of 701,323 of the Company’s common shares at a weighted average price of $1.67 per share, generating gross proceeds of $1.2 million inclusive of issuance costs of $0.1 million. The remaining capacity under the ATM Program as of September 30, 2024 was $73.8 million.

Financial assets and liabilitie

Financial assets and liabilities	9 Months Ended
Financial assets and liabilities	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Financial assets and liabilities	Financial assets and liabilities Fair value measurements The Company’s financial assets and financial liabilities measured at fair value on a recurring basis are as follows: As at September 30, 2024 Balance Level 1 Level 2 Accounts receivable (subject to provisional pricing) $ 0.1 $ — $ — Conversion feature of convertible debt (refer to Note 11 (Convertible debt) ) 46.3 — 46.3 As at December 31, 2023 Balance Level 1 Level 2 Accounts receivable (subject to provisional pricing) $ 0.6 $ — $ 0.6 Conversion feature of convertible debt (refer to Note 11 (Convertible debt) ) 0.4 — 0.4 Refer to Note 3 (Revenue – product sales and recycling services) above for additional details related to the measurement of accounts receivable and the concentration of credit risk of accounts receivable. Certain non-financial assets such as property, plant and equipment, operating right-of-use assets, goodwill and intangible assets are also subject to non-recurring fair value measurements if deemed impaired. The impairment models used for non-financial assets depend on the type of asset. There were no material impairments of non-financial assets for the three and nine months ended September 30, 2024 and 2023, respectively. Financial assets and liabilities not measured at fair value Current Receivables and Payables Current receivables, prepaids and deposits are financial assets with carrying values that approximate fair value. Accounts payable (including the non-current portion) and other accrued expenses are financial liabilities with carrying values that approximate fair value. These financial instruments would be classified as Level 2 in the fair value hierarchy if measured at fair value in the financial statements.

Commitments and contingencies

Commitments and contingencies	9 Months Ended
Commitments and contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies 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. Shareholder Litigation relating to the October 23, 2023 Announcement of Rochester Hub Construction Pause Three shareholder lawsuits were launched following the Company’s announcement on October 23, 2023 that it would be pausing construction on the Rochester Hub project, described below. On November 8, 2023, a putative federal securities class action lawsuit was filed in the U.S. District Court for the Southern District of New York against the Company, and certain of its officers and directors, on behalf of a proposed class of purchasers of the Company’s common shares during the period from June 14, 2022 through October 23, 2023. On March 15, 2024, the lead plaintiff filed an amended complaint on behalf of a proposed class of purchasers of the Company’s common shares during the period from January 27, 2022 through November 13, 2023. See Hubiack v. Li-Cycle Holdings Corp., et al., 1:23-cv-09894 (S.D.N.Y.) (the “Hubiack Securities Action” ). The amended complaint asserts claims under Sections 10(b) and 20(a) of the Exchange Act, and alleges that the defendants issued false and misleading statements regarding the Rochester Hub’s construction budget, costs and timeline, which were allegedly revealed beginning on October 23, 2023, when the Company announced that it would pause construction on the Rochester Hub project. The complaint seeks compensatory damages and an award of costs. On April 12, 2024, the defendants moved to dismiss the amended complaint in its entirety. On June 10, 2024, the court granted the motion to dismiss in full and with prejudice. On July 9, 2024, the lead plaintiff filed a notice of appeal. In view of the uncertainties inherent in litigation, we do not express a judgment as to the outcome of this litigation. On November 27, 2023, a putative Ontario securities class action claim was filed in the Ontario Superior Court of Justice against the Company and its CEO. The claim was amended on February 8, 2024, again on May 6, 2024, and once more on August 26, 2024 as a result of the defendants' settled motion (described below). The claim is on behalf of a proposed class of purchasers of the Company’s common shares who acquired their shares during the period from February 27, 2023 through November 10, 2023. The claim, which is captioned as Wyshynski v. Li-Cycle Holdings Corp. et al., Court File No. CV-23-00710373-00CP, alleges common law secondary market misrepresentations. It also seeks an oppression remedy under s. 248 of the Ontario Business Corporations Act, based primarily on allegations of misconduct of senior management. The Wyshynski claim alleges that the Company’s public disclosures through the class period contained misrepresentations because they omitted material facts regarding the cost of the Rochester Hub project and the availability of financing. The Wyshynski claim alleges that the purported misrepresentations were publicly corrected on (i) October 23, 2023, when the Company announced that it would pause construction on the Rochester Hub project; and (ii) November 13, 2023, with the release of the Company’s Q3 2023 earnings report. The putative class includes all Canadian resident beneficial owners who acquired Li-Cycle common shares during the class period and who held some or all of those common shares until after the release of at least one of the alleged corrective disclosures. The claim seeks compensatory damages and an award of costs, along with the appointment of a third party monitor. On April 5, 2024, the defendants moved to stay the action on the basis that New York is the more appropriate forum for the litigation. The defendants agreed to settle the motion on August 1, 2024, in exchange for certain concessions from the plaintiff which resulted in narrowing of the claims and the proposed class. The plaintiff agreed to abandon their claims under the Ontario Securities Act and constrain the class to only the Canadian resident beneficial owners of the Company's shares. In view of the uncertainties inherent in litigation, we do not express a judgment as to the outcome of this litigation. On December 4, 2023, a putative shareholder derivative action was filed in the Supreme Court of the State of New York, Monroe County, purportedly on behalf of the Company (as nominal defendant) against certain of the Company’s current and/or former officers and directors. The action, which is captioned as Nieves v. Johnston, et. al., Index No. E2023014542 (N.Y. Sup. Ct.), principally concerns the same alleged misstatements or omissions at issue in the Hubiack Securities Action, and asserts common law claims for breach of fiduciary duty, waste, unjust enrichment, and gross mismanagement. The action seeks to recover unspecified compensatory damages on behalf of the Company, an award of costs and expenses and other relief. On February 29, 2024, the parties agreed to stay the action pending resolution of the Hubiack Securities Action. In view of the uncertainties inherent in litigation, we do not express a judgment as to the outcome of this litigation. Subrogation Liability Claim On or around January 2, 2024, the Company received a notice of a subrogation liability claim by an insurance company on behalf of one of the other tenants of the New York Spoke’s warehouse. The claim relates to a small fire which occurred at the building on December 23, 2023, involving lithium-ion batteries being stored at the warehouse. The claimant has not provided details of potential damages and the Company’s general liability insurer is providing coverage for this claim, including defense of the claim. Commercial Claim – Pike Conductor DEV 1, LLC On January 17, 2024, Pike Conductor DEV 1, LLC (“ Pike ”) sent the Company a purported notice of default claiming that the Company failed to pay certain amounts in connection with leasing a warehouse and administrative building related to the Rochester Hub, and failed to clear certain liens levied on the property. On January 26, 2024, the Company filed a lawsuit in New York State Court in Monroe County, seeking an order requiring Pike to amend and restate the agreement as a ground lease and to pay damages of at least $39.0 million - $53.0 million. The Company also sought an order barring Pike from seeking to, among other things, terminate the agreement or evict the Company from the property while the lawsuit is pending. Under the agreement between the parties, Pike agreed to construct the property and lease it to the Company. The Company agreed to finance up to $58.6 million of Pike’s construction costs, including $14.5 million in tenant’s improvements. Based on the agreement between the parties, if, by November 1, 2023, Pike had not repaid the pre-financing costs, less the tenant improvements, then the parties would restate the agreement as a ground lease and the Company would own the Warehouse. To date, the Company has funded approximately $53.5 million of the construction costs. Following certain court-ordered settlement conferences, the parties reached a settlement. The parties entered into an Amended and Restated Ground Sublease Agreement date May 31, 2024 that provides for, among other things, the resolution of the lawsuit. Following the delivery of certain releases and satisfactions of mechanic’s liens, the parties filed a Stipulation of Discontinuance on June 24, 2024. Dispute with MasTec, its Subcontractors and other Contractors Regarding Rochester Hub Construction Contract On April 9, 2024, Mastec Industrial Corp. (“ MasTec ”) commenced (i) arbitration proceedings against the Company’s subsidiary, Li-Cycle North America Hub, Inc., under the terms of the construction contract for the Rochester Hub project, and (ii) a foreclosure action in the Supreme Court, County of Monroe, New York. The arbitration proceedings are being conducted with the American Arbitration Association and seek recovery of $48.7 million allegedly due under the construction contract for the Rochester Hub project, plus interest, fees, costs and expenses. The Company is defending its interests and has made certain counter-claims against MasTec. Amounts owed, if any, are expected to be determined in the arbitration, and Li-Cycle intends to file a motion for a stay of the foreclosure action pending determination of the arbitration. Additionally, on July 22, 2024, MasTec North America Inc. (an affiliate of MasTec) commenced a separate foreclosure action on behalf of several subcontractors from whom it has taken assignments. Li-Cycle will seek to consolidate this foreclosure action into the already pending MasTec foreclosure action. For reporting purposes, the amount claimed in the arbitration proceedings has been reflected in the Company’s accounts payable. Contractual Obligations and Commitments The following table summarizes Li-Cycle’s contractual obligations and other commitments for cash expenditures as of September 30, 2024, and the years in which these obligations are due: $ millions, undiscounted Payment due by period Contractual Obligations Total Less than 1 - 3 years 3 - 5 years More than 1 year 5 years Accounts payable and accrued liabilities $ 132.6 $ 129.3 $ 3.3 $ — $ — Lease liabilities 221.8 13.6 13.4 36.6 158.2 Restoration provisions 1.6 0.2 — 0.3 1.1 Convertible debt principal 375.0 — 100.0 275.0 — Convertible debt interest 234.1 — 63.7 170.4 — Total as of September 30, 2024 $ 965.1 $ 143.1 $ 180.4 $ 482.3 $ 159.3

Loss per share

Loss per share	9 Months Ended
Loss per share	Sep. 30, 2024
Earnings Per Share [Abstract]
Loss per share	Loss per share For the three months ended September 30, 2024 For the three months ended September 30, 2023 For the nine months ended September 30, 2024 For the nine months ended September 30, 2023 Total net income (loss) $ 56.5 $ (30.7) $ (88.4) $ (99.0) Weighted average number of common shares (in millions) 23.2 22.3 23.2 22.2 Effect of dilutive securities: Stock options — — — — Restricted share units 3.0 — — — Dilutive number of shares $ 26.2 $ 22.3 $ 23.2 $ 22.2 Profit (loss) per common share - diluted $ 2.15 $ (1.38) $ (3.81) $ (4.47) Profit (loss) per common share - basic $ 2.43 $ (1.38) $ (3.81) $ (4.47) Adjustments for diluted loss per share were not made for the nine months ending September 30, 2024 and and three and nine months ending September 2023, as they would be anti-dilutive. The following table presents shares (denominated in millions) from instruments that could dilute basic loss per share in the future, but were not included in the calculation of diluted loss per share because they are antidilutive for the periods presented: As at September 30, 2024 September 30, 2023 Stock options 0.2 0.5 Convertible debt KSP Convertible Notes 1.2 1.1 Glencore Convertible Notes 21.8 2.7 Restricted share units 3.0 0.4 Total 26.3 4.7

Segment reporting

Segment reporting	9 Months Ended
Segment reporting	Sep. 30, 2024
Segment Reporting [Abstract]
Segment reporting	Segment reporting The consolidated financial information presented in these financial statements is reviewed regularly by the Company’s chief operating decision maker (“ CODM ”) to make strategic decisions, allocate resources and assess performance. The information reviewed by CODM for decision making purposes aligns with the information provided above in the statements of operations and comprehensive (loss), financial position, and cash flows. The Company’s CODM is its Chief Executive Officer. The Company’s revenue primarily comes from eight key customers, as shown in the table below. The Company’s remaining customers do not make up significant percentages of these balances. For additional details on product sales and fair value adjustments recognized in the period, refer to Note 3 (Revenue – product sales and recycling services) . Revenue For the three months ended September 30, 2024 For the three months ended September 30, 2023 For the nine months ended September 30, 2024 For the nine months ended September 30, 2023 Customer D 29.0 % 1.0 % 28.0 % 1.0 % Customer I 21.0 % 0.0 % 9.0 % 0.0 % Customer F 15.0 % 12.0 % 5.0 % 15.0 % Customer A 3.0 % 33.0 % 3.0 % 30.0 % Customer H 0.0 % 0.0 % 12.0 % 0.0 % Customer G 0.0 % 0.0 % 12.0 % 0.0 % Customer B 0.0 % 21.0 % 0.0 % 9.0 % Customer C 0.0 % 0.0 % 0.0 % 16.0 % During the three months ended September 30, 2024, the Company operated in the United States and Germany, and during the three months ended September 30, 2023, the Company operated in the United States, Canada and Germany. 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 Revenue Three months ended September 30, 2024 $ — $ 5.9 $ 2.5 $ — $ 8.4 Three months ended September 30, 2023 0.1 4.3 — 0.3 4.7 Nine months ended September 30, 2024 0.3 16.6 4.1 — 21.0 Nine months ended September 30, 2023 1.0 10.6 — 0.3 11.9 Non-current assets As at September 30, 2024 $ 69.4 $ 670.1 $ 27.8 $ 21.2 $ 788.5 As at December 31, 2023 57.0 618.9 34.9 26.2 737.0 Revenue is attributed to each geographical location based on the location of the sale.

Subsequent events

Subsequent events	9 Months Ended
Subsequent events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent events	Subsequent events Appointment of New Independent Registered Public Accounting Firm As previously disclosed, on March 28, 2024, KPMG LLP (“ KPMG ”), the Company’s independent registered public accounting firm, notified the Company that it had decided to decline to stand for re-appointment as the Company’s independent registered public accounting firm to serve as independent auditor. On October 15, 2024, Marcum Canada LLP (“ Marcum ”) was appointed to replace KPMG as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024. Li-Cycle and Glencore Establish Commercial Framework for Rochester Hub Products On October 31, 2024, the Company entered into an agreement with Glencore Ltd. (“ Glencore ”) covering the off-take of 100% of the MHP to be produced at its Rochester Hub. By amending and restating certain of its existing commercial agreements with Glencore Ltd. and Traxys North America LLC (“ Traxys ”), the Company has established the commercial framework for the proposed MHP scope for the Rochester Hub project. These amendments do not affect Glencore Ltd. and Traxys’ existing off-take rights covering lithium carbonate production from the Rochester Hub. Under the amended and restated commercial agreements, Glencore Ltd. has agreed to purchase all of the Company’s MHP production at the Rochester Hub on agreed commercial terms based on market prices for the nickel and cobalt contained within the MHP. The parties have also agreed to extend the scope of the existing off-take agreements to cover material produced for Li- Cycle under tolling agreements with third parties. Traxys will also receive certain payments related to the MHP production for the duration of their off-take agreement, which has been adjusted to consider the proposed MHP scope for the Rochester Hub. The payment terms and working capital facilities under the Traxys and Glencore Ltd. commercial agreements have also been adjusted to align with the requirements of the DOE’s proposed loan (“DOE Loan”) under the DOE’s Advanced Technology Vehicles Manufacturing program. Finalized DOE Loan Facility On November 7, 2024, the Company entered into an agreement for a loan facility (“ DOE Loan Facility ”) of up to $475 million (including up to $445 million of principal and up to $30 million in deferred and accrued interest) through the U.S. Department of Energy (“ DOE ”) Loan Programs Office’s (“ LPO ”) Advanced Technology Vehicles Manufacturing (“ ATVM ”) program, to support the development of the Company’s Rochester Hub project.  The entry by Company into definitive documentation with the DOE follows the DOE's detailed technical, market, financial and legal due diligence. The DOE Loan Facility is expected to support the development of the Company’s flagship Rochester Hub project. Under the terms of the DOE Loan Facility the Company may access funds through periodic draws through March 31, 2027 as eligible costs are incurred. There are no scheduled principal repayments under the facility prior to June 15, 2027, and interest during the availability period may be capitalized, instead of being paid in cash, in an amount of up to approximately $30 million. The interest rate for each advance will be set by the Federal Financing Bank based on the cost of funds to the United States Department of the Treasury for obligations of comparable maturity at the date of the advance, with 0% spread. The final maturity date is March 15, 2040. The Company’s ability to borrow under the DOE Loan Facility is subject to the satisfaction or waiver of certain conditions precedent, including: • completing the first draw on the DOE Loan Facility (the “ First Advance ”) prior to the date that is twelve months after the Effective Date (i.e., November 7, 2025); • fully satisfying the obligation to make certain base equity contributions to the Rochester Hub Project (the “ Base Equity Contribution ”), on or prior to the date of First Advance; and • settling certain existing commitments relating to the Rochester Hub Project for costs incurred but not yet paid, on or prior to the date of First Advance (approximately $92 million as of September 30, 2024). The amount of the Base Equity Contribution includes an estimated approximately $173 million to fund reserve accounts required under the DOE Loan Facility (“ Reserve Accounts ”), of which up to approximately $97 million can be satisfied through delivery of letters of credit. The estimated amount of the Reserve Accounts required under the DOE Loan Facility is based on the Company’s current forecasts and may change prior to First Advance. The Reserve Accounts include project construction, ramp-up, and Spoke capital expenditure reserves. The majority of the Reserve Account funds are expected to be released to the Borrower on or before the completion of the Rochester Hub Project. The Company is also required to maintain a minimum unrestricted cash balance after First Advance of $20 million prior to completion of the Rochester Hub Project, and of $10 million following completion of the Rochester Hub Project (the “ Minimum Cash Balance ”)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Shareholders of Li-Cycle Holdings Corp., net profit (loss)	$ 56.5	$ (30.7)	$ (88.4)	$ (99)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Polices (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated interim financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“ U.S. GAAP ”) for interim financial reporting and applicable quarterly reporting regulations of the SEC and are presented in U.S. Dollars. These condensed consolidated interim financial statements of the Company, including the condensed consolidated interim balance sheet as of September 30, 2024, the condensed consolidated interim statements of operations and comprehensive loss, condensed consolidated interim statement of equity and condensed consolidated interim statement of cash flows for the nine months ended September 30, 2024 and 2023, as well as other information disclosed in the accompanying notes, are unaudited. The condensed consolidated balance sheet at December 31, 2023, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of its financial position as of September 30, 2024, and the results of operations for the three and nine months ended September 30, 2024, and 2023, and cash flows for the nine months ended September 30, 2024, and 2023, have been included. Interim results are not necessarily indicative of financial results for a full year or any future years or interim periods. The Company reclassified certain amounts in the condensed consolidated interim financial statements to conform to the current period's presentation.
Recently issued accounting standards	Recently issued accounting standards Segment Reporting Disclosures Standard/Description – Issuance date: November 2023. This guidance requires the disclosure of significant segment expenses that are regularly provided to a company's chief operating decision maker and included within each reported measure of segment profit or loss. The Company must also disclose “other segment items,” which is the difference between segment revenue less significant expenses for each reported measure of segment profit or loss, and a description of its composition. This guidance also requires all segment annual disclosures to be provided on an interim basis. Effective Date and Adoption Considerations – The guidance is effective for annual periods beginning after December 15, 2024, and for interim periods beginning January 1, 2025, and is required to be applied on a retrospective basis to all prior periods presented. Early adoption is permitted. The Company will adopt the guidance as of the effective date. Effect on Financial Statements or Other Significant Matters – The Company is currently evaluating the impact of adoption on its financial statements; however, as the guidance is a change to disclosures only, no impacts to the consolidated financial results are expected. Income Tax Disclosures Standard/Description – Issuance date: December 2023. This guidance requires disaggregated disclosure of the tax rate reconciliation into eight categories, with further disaggregation required for items greater than a specific threshold. Additionally, the guidance requires the disclosure of income taxes paid disaggregated by federal, state and foreign jurisdictions. Effective Date and Adoption Considerations – The guidance is effective January 1, 2025 and early adoption is permitted. The Company expects to adopt the guidance as of the effective date.
Accounts receivable	Accounts receivable, net The Company recognizes current estimated credit losses (“ CECL Accounts receivable are stated at the amount the Company expects to collect. The Company generally does not require collateral or other security in support of accounts receivable. To reduce credit risk, the Company performs ongoing credit evaluations of its customers’ financial condition.

Revenue - product sales and r_2

Revenue - product sales and recycling services (Tables)	9 Months Ended
Revenue - product sales and recycling services (Tables)	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	For the three months ended September 30, 2024 For the three months ended September 30, 2023 For the nine months ended September 30, 2024 For the nine months ended September 30, 2023 Product revenue recognized in the period $ 4.3 $ 3.5 $ 10.7 $ 15.7 Fair value pricing adjustments 0.1 — 0.8 (6.0) Product revenue $ 4.4 $ 3.5 $ 11.5 $ 9.7 Recycling service revenue recognized in the period 4.0 1.2 9.5 2.2 Revenue $ 8.4 $ 4.7 $ 21.0 $ 11.9
Contract with Customer, Contract Asset, Contract Liability, and Receivable	The table below depicts the activity in the deferred revenue account during the nine months ended September 30, 2024 and twelve months ended December 31, 2023. Product Revenue September 30, 2024 December 31, 2023 Balance, beginning of the period $ — $ — Additions 7.8 — Revenue recognized (7.8) — Balance, end of the period $ — $ — Current deferred revenue — — Non-current deferred revenue $ — $ — Recycling Service Revenue September 30, 2024 December 31, 2023 Balance, beginning of the period $ 5.5 $ — Additions — 5.4 Foreign exchange revaluation 0.3 0.1 Balance, end of the period $ 5.8 $ 5.5 Current deferred revenue — 0.2 Non-current deferred revenue $ 5.8 $ 5.3

Prepayments, deposits and oth_2

Prepayments, deposits and other current assets (Tables)	9 Months Ended
Prepayments, deposits and other current assets (Tables)	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure	As at September 30, 2024 December 31, 2023 Prepaid equipment deposits $ 1.0 $ 40.1 Prepaid transaction costs 11.1 7.8 Prepaid lease deposits 5.3 5.6 Prepaid insurance 4.5 4.6 Prepaid construction charges 0.9 2.6 Other prepaids 3.7 3.3 Total prepayments, deposits and other current assets $ 26.5 $ 64.0 Non-current security deposits (5.0) (5.0) Non-current insurance (0.1) (2.8) Current prepayments and deposits $ 21.4 $ 56.2

Inventories, net (Tables)

Inventories, net (Tables)	9 Months Ended
Inventories, net (Tables)	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	As at September 30, 2024 December 31, 2023 Raw materials $ — $ 0.8 Finished goods 4.4 3.7 Parts and tools 4.8 5.1 Total inventories, net $ 9.2 $ 9.6

Property, plant and equipment_2

Property, plant and equipment, net (Tables)	9 Months Ended
Property, plant and equipment, net (Tables)	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Plant and equipment, net	As at September 30, 2024 December 31, 2023 Building $ 58.8 $ 58.8 Plant equipment 51.2 55.3 Computer software and equipment 4.9 4.5 Vehicles 0.2 0.2 Leasehold improvements 14.7 13.5 Assets under construction 588.5 552.6 $ 718.3 $ 684.9 Less – accumulated depreciation (25.1) (16.1) Total property, plant and equipment, net $ 693.2 $ 668.8

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2024
Leases [Abstract]
Lease, Cost	The following table presents the Company's lease balances and their classification on the unaudited condensed consolidated interim statements of operations and comprehensive loss: September 30, 2024 September 30, 2023 Finance lease Amortization of ROU assets $ — $ — Interest on lease liabilities 0.1 — Total finance lease cost $ 0.1 $ — Operating lease cost $ 9.8 $ 7.0 Short-term lease cost — — Variable lease cost 1.4 1.2 Total lease cost $ 11.3 $ 8.2 Supplemental Cash Flow Related Disclosures For the nine months ended September 30, 2024 For the nine months ended September 30, 2023 Cash paid for amounts related to lease liabilities: Operating cash flows from operating leases $ 10.1 $ 7.2 Operating cash flows from finance leases 0.1 — Financing cash flows from finance leases — — Recognition of ROU assets and lease liabilities for new operating leases $ 36.6 $ 18.7 Derecognition of ROU assets and lease liabilities for new finance leases (2.2) —
Lessee, Operating Lease, Liability, to be Paid, Maturity	Maturities of lease liabilities as of September 30 were as follows: Operating Leases Finance Leases 2025 $ 13.6 — 2026 13.4 — 2027 12.6 — 2028 12.0 — 2029 12.0 — Thereafter 159.4 — Total future minimum lease payments $ 223.0 $ — Imputed interest (129.8) — Total lease liabilities $ 93.2 $ —
Finance Lease, Liability, to be Paid, Maturity	Maturities of lease liabilities as of September 30 were as follows: Operating Leases Finance Leases 2025 $ 13.6 — 2026 13.4 — 2027 12.6 — 2028 12.0 — 2029 12.0 — Thereafter 159.4 — Total future minimum lease payments $ 223.0 $ — Imputed interest (129.8) — Total lease liabilities $ 93.2 $ —

Other assets (Tables)

Other assets (Tables)	9 Months Ended
Other assets (Tables)	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	As at September 30, 2024 December 31, 2023 Non-current security deposits $ 5.0 $ 5.0 Non-current insurance 0.1 2.8 Intangible assets, net 1.7 1.8 Total other assets $ 6.8 $ 9.6
Schedule of Finite-Lived Intangible Assets	As of September 30, 2024 and December 31, 2023, the Company's intangible assets consisted of the following: As at September 30, 2024 December 31, 2023 Internal-use software $ 0.7 $ 0.7 Cloud computing arrangements 1.4 1.3 $ 2.1 $ 2.0 Less - accumulated amortization (0.4) (0.2) Intangible assets, net $ 1.7 $ 1.8

Accounts payable and accrued _2

Accounts payable and accrued liabilities (Tables)	9 Months Ended
Accounts payable and accrued liabilities (Tables)	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	As at September 30, 2024 December 31, 2023 Accounts payable $ 108.4 $ 134.5 Accrued expenses 17.4 14.5 Accrued compensation 6.8 3.1 Total accounts payable and accrued liabilities $ 132.6 $ 152.1 Non-current accounts payable (3.3) — Current accounts payable and accrued liabilities $ 129.3 $ 152.1

Convertible debt (Tables)

Convertible debt (Tables)	9 Months Ended
Convertible debt (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Convertible Debt	As at September 30, 2024 December 31, 2023 KSP Convertible Notes (a) $ 114.1 $ 99.1 Glencore Convertible Notes (b) 228.5 189.0 Total convertible debt at end of the period $ 342.6 $ 288.1 KSP Convertible Notes As at September 30, 2024 December 31, 2023 Principal of convertible note at beginning of period $ 119.3 $ 110.2 Issuance of convertible notes 7.2 9.1 Principal of convertible notes at end of the period $ 126.5 $ 119.3 Conversion feature at beginning of period $ — $ 6.0 Fair value (gain) loss on embedded derivative — (6.0) Conversion feature at end of period $ — $ — Debt component at beginning of the period $ 99.1 $ 85.4 Debt component issued 7.2 9.1 Accrued interest paid in kind (7.2) (9.1) Accrued interest expense 15.0 13.7 Debt component at end of period $ 114.1 $ 99.1 Total KSP convertible debt at end of period $ 114.1 $ 99.1 Note Date Issued Amount Issued Initial KSP 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 PIK Note December 31, 2023 4.7 PIK Note June 30, 2024 7.2 Total $ 126.5 Glencore Convertible Notes As at September 30, 2024 December 31, 2023 Principal of convertible note at beginning of period $ 225.3 $ 208.1 Issuance of convertible notes 75.0 17.2 Principal of convertible note at end of period $ 300.3 $ 225.3 Conversion feature at beginning of period $ 0.4 $ 16.5 Change in the period: Fair value gain for the year ended December 31, 2023 — (16.1) Fair value loss on the conversion features embedded in the A&R Glencore Convertible Notes from January 1, 2024 to March 25, 2024 1.8 — Extinguishment of the conversion feature embedded in the A&R Glencore Convertible Notes as part of the modification (2.2) — Issuance of conversion feature embedded in Glencore Senior Secured Convertible Note 59.0 — Issuance of the conversion feature embedded in the A&R Glencore Convertible Notes as part of the modification 99.2 — Fair value gain on the conversion features from March 26, 2024 to September 30, 2024 (111.9) — Conversion feature at end of period $ 46.3 $ 0.4 Debt component at beginning of period $ 188.6 $ 164.9 Change in the period: Issuance of debt component — 17.2 Accrued interest paid in kind — (17.2) Accrued interest expense for the year ended December 31, 2023 — 23.7 Accrued interest and accretion expense from January 1, 2024 to March 25, 2024 5.9 — Extinguishment of the debt component related to A&R Glencore Convertible Notes as part of the modification (194.5) — Issuance of debt component of the Glencore Senior Secured Convertible Note 48.0 — Issuance of the debt component of the A&R Glencore Convertible Notes as part of the modification 124.4 Transaction costs (8.6) — Accrued interest expense from March 26, 2024 to September 30, 2024 18.4 — Debt component at end of period $ 182.2 $ 188.6 Total Glencore convertible debt at end of period $ 228.5 $ 189.0 Reconciliation of net change in Convertible debt to Debt extinguishment loss in the nine months ended September 30, 2024 Extinguishment of the conversion feature embedded in the A&R Glencore Convertible Notes as part of the modification $ (2.2) Issuance of conversion feature embedded in Glencore Senior Secured Convertible Note 59.0 Issuance of the conversion feature embedded in the A&R Glencore Convertible Notes as part of the modification 99.2 Total change in the conversion features 156.0 Extinguishment of the debt component related to A&R Glencore Convertible Notes as part of the modification (194.5) Issuance of debt component of the Glencore Senior Secured Convertible Note 48.0 Issuance of the debt component of the A&R Glencore Convertible Notes as part of the modification 124.4 Total change in the debt components (22.1) Total net change in convertible debt in the nine months ended September 30, 2024 133.9 Proceeds from convertible debt (75.0) Debt extinguishment loss $ 58.9 The Company has elected to pay interest by PIK since the first interest payment on the Glencore Unsecured Convertible Note on November 30, 2022. The First A&R Glencore Note, the Second A&R Glencore Note and the Glencore Senior Secured Convertible Note are referred to collectively as the “ Glencore Convertible Notes ”, and as at September 30, 2024, comprised the following: Note Date Issued Amount Issued First A&R Glencore Note March 25, 2024 $ 116.6 Second A&R Glencore Note March 25, 2024 114.6 Glencore Senior Secured Convertible Note March 25, 2024 75.0 Total 306.2
Schedule of Maturities of Long-Term Debt	The amount of maturities and sinking fund requirements for convertible debt instruments, with interest components rolled into principal, for each of the next five years are as follows as of September 30: 2025 $ — 2026 163.7 2027 314.5 2028 — 2029 130.9 Total $ 609.1
Fair Value Measurement Inputs and Valuation Techniques	The assumptions used in the model were as follows: (Issuance date) December 31, 2023 September 30, 2024 Risk free interest rate 1.1% 4.2% 3.7% Expected life of options 5.0 years 3.8 years 2.0 years Expected dividend yield 0.0% 0.0% 0.0% Expected stock price volatility 66% 63% 75% Share Price $12.56 $4.76 $2.19 (Issuance date) December 31, 2023 September 30, 2024 Risk free interest rate 2.9% 4.2% 4.1% to 3.5% Expected life of options 5.0 years 4.4 years 4.5 to 6.7 years Expected dividend yield 0.0% 0.0% 0.0% Expected stock price volatility 68% 63% 75% Share Price $8.15 $4.76 $2.19

Common stock and additional p_2

Common stock and additional paid-in capital (Tables)	9 Months Ended
Common stock and additional paid-in capital (Tables)	Sep. 30, 2024
Equity [Abstract]
Schedule of Stockholders Equity	The following details the changes in issued and outstanding common shares for the three and nine months ended September 30, 2024. (in millions) Number of shares outstanding Amount Common shares and additional paid-in capital outstanding as at June 30, 2024 22.5 $ 652.5 Settlement of RSUs — — Issuance of common stock in connection with the ATM Program 0.7 1.2 Stock-based compensation – RSUs — 3.0 Stock-based compensation – options — (1.1) Common shares and additional paid-in capital outstanding as at September 30, 2024 23.2 $ 655.6 Common shares and additional paid-in capital outstanding as at December 31, 2023 22.2 $ 648.3 Settlement of RSUs 0.3 — Issuance of common stock in connection with the ATM Program 0.7 1.2 Stock-based compensation – RSUs — 6.1 Stock-based compensation – options — — Common shares and additional paid-in capital outstanding as at September 30, 2024 23.2 $ 655.6

Financial assets and liabilit_2

Financial assets and liabilities (Tables)	9 Months Ended
Financial assets and liabilities (Tables)	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The Company’s financial assets and financial liabilities measured at fair value on a recurring basis are as follows: As at September 30, 2024 Balance Level 1 Level 2 Accounts receivable (subject to provisional pricing) $ 0.1 $ — $ — Conversion feature of convertible debt (refer to Note 11 (Convertible debt) ) 46.3 — 46.3 As at December 31, 2023 Balance Level 1 Level 2 Accounts receivable (subject to provisional pricing) $ 0.6 $ — $ 0.6 Conversion feature of convertible debt (refer to Note 11 (Convertible debt) ) 0.4 — 0.4

Commitment and contingencies (T

Commitment and contingencies (Tables)	9 Months Ended
Commitment and contingencies (Tables)	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contractual Obligation, Fiscal Year Maturity	The following table summarizes Li-Cycle’s contractual obligations and other commitments for cash expenditures as of September 30, 2024, and the years in which these obligations are due: $ millions, undiscounted Payment due by period Contractual Obligations Total Less than 1 - 3 years 3 - 5 years More than 1 year 5 years Accounts payable and accrued liabilities $ 132.6 $ 129.3 $ 3.3 $ — $ — Lease liabilities 221.8 13.6 13.4 36.6 158.2 Restoration provisions 1.6 0.2 — 0.3 1.1 Convertible debt principal 375.0 — 100.0 275.0 — Convertible debt interest 234.1 — 63.7 170.4 — Total as of September 30, 2024 $ 965.1 $ 143.1 $ 180.4 $ 482.3 $ 159.3

Loss per share (Tables)

Loss per share (Tables)	9 Months Ended
Loss per share (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	For the three months ended September 30, 2024 For the three months ended September 30, 2023 For the nine months ended September 30, 2024 For the nine months ended September 30, 2023 Total net income (loss) $ 56.5 $ (30.7) $ (88.4) $ (99.0) Weighted average number of common shares (in millions) 23.2 22.3 23.2 22.2 Effect of dilutive securities: Stock options — — — — Restricted share units 3.0 — — — Dilutive number of shares $ 26.2 $ 22.3 $ 23.2 $ 22.2 Profit (loss) per common share - diluted $ 2.15 $ (1.38) $ (3.81) $ (4.47) Profit (loss) per common share - basic $ 2.43 $ (1.38) $ (3.81) $ (4.47)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table presents shares (denominated in millions) from instruments that could dilute basic loss per share in the future, but were not included in the calculation of diluted loss per share because they are antidilutive for the periods presented: As at September 30, 2024 September 30, 2023 Stock options 0.2 0.5 Convertible debt KSP Convertible Notes 1.2 1.1 Glencore Convertible Notes 21.8 2.7 Restricted share units 3.0 0.4 Total 26.3 4.7

Segment reporting (Tables)

Segment reporting (Tables)	9 Months Ended
Segment reporting (Tables)	Sep. 30, 2024
Segment Reporting [Abstract]
Schedules of Concentration of Risk, by Risk Factor	The Company’s revenue primarily comes from eight key customers, as shown in the table below. The Company’s remaining customers do not make up significant percentages of these balances. For additional details on product sales and fair value adjustments recognized in the period, refer to Note 3 (Revenue – product sales and recycling services) . Revenue For the three months ended September 30, 2024 For the three months ended September 30, 2023 For the nine months ended September 30, 2024 For the nine months ended September 30, 2023 Customer D 29.0 % 1.0 % 28.0 % 1.0 % Customer I 21.0 % 0.0 % 9.0 % 0.0 % Customer F 15.0 % 12.0 % 5.0 % 15.0 % Customer A 3.0 % 33.0 % 3.0 % 30.0 % Customer H 0.0 % 0.0 % 12.0 % 0.0 % Customer G 0.0 % 0.0 % 12.0 % 0.0 % Customer B 0.0 % 21.0 % 0.0 % 9.0 % Customer C 0.0 % 0.0 % 0.0 % 16.0 %
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	The following is a summary of the Company’s geographical information: Canada United States Germany Other Total Revenue Three months ended September 30, 2024 $ — $ 5.9 $ 2.5 $ — $ 8.4 Three months ended September 30, 2023 0.1 4.3 — 0.3 4.7 Nine months ended September 30, 2024 0.3 16.6 4.1 — 21.0 Nine months ended September 30, 2023 1.0 10.6 — 0.3 11.9 Non-current assets As at September 30, 2024 $ 69.4 $ 670.1 $ 27.8 $ 21.2 $ 788.5 As at December 31, 2023 57.0 618.9 34.9 26.2 737.0

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Polices - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Nov. 07, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 11, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Operating income (loss)		$ (25.2)	$ (44)	$ (96.3)	$ (125.9)
Net cash used in operating activities				(92.5)	$ (89.3)
Restricted cash		9.9		9.9			$ 9.7
Glencore Convertible Notes
Restricted Cash and Cash Equivalents Items [Line Items]
Amount Issued		306.2		306.2
Glencore Convertible Notes \| Convertible Debt
Restricted Cash and Cash Equivalents Items [Line Items]
Amount Issued		300.3		300.3		$ 75	$ 225.3	$ 208.1
Subsequent Event
Restricted Cash and Cash Equivalents Items [Line Items]
Sale of stock, consideration received on transaction	$ 315.5
Subsequent Event \| DOE Loan Facility \| Line of Credit
Restricted Cash and Cash Equivalents Items [Line Items]
Amount Issued	475
Line of credit facility, maximum borrowing capacity	445
Line of credit facility, maximum capitalized interest	$ 30
Waste Disposal Obligation Securities
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash		3		3
Bank Guarantee
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash		5.6		5.6
Cash Collateral
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash		$ 1.3		$ 1.3

Revenue - product sales and r_3

Revenue - product sales and recycling services - Schedule of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 8.4	$ 4.7	$ 21	$ 11.9
Product revenue
Disaggregation of Revenue [Line Items]
Product revenue recognized in the period	4.3	3.5	10.7	15.7
Fair value pricing adjustments	0.1	0	0.8	(6)
Revenue	4.4	3.5	11.5	9.7
Recycling service revenue recognized in the period
Disaggregation of Revenue [Line Items]
Revenue	$ 4	$ 1.2	$ 9.5	$ 2.2

Revenue - product sales and r_4

Revenue - product sales and recycling services - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Accounts receivable, allowance for credit loss, current	$ 0		$ 0		$ 0
Accounts receivable, credit loss expense (reversal)			0
Accounts receivable, allowance for credit loss, writeoff, excluding noncash portion	$ 0	$ 0	$ 1,000,000	$ (900,000)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months		3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01 \| Service
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 5,800,000		$ 5,800,000
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 years		3 years
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	5 years		5 years

Revenue - product sales and r_5

Revenue - product sales and recycling services - Movement In Deferred Revenue (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Movement in Deferred Revenue [Roll Forward]
Current deferred revenue	$ 0	$ 0.2
Non-current deferred revenue	5.8	5.3
Product revenue
Movement in Deferred Revenue [Roll Forward]
Balance, beginning of the period	0	0
Additions	7.8	0
Revenue recognized	(7.8)	0
Balance, end of the period	0	0
Current deferred revenue	0	0
Non-current deferred revenue	0	0
Service
Movement in Deferred Revenue [Roll Forward]
Balance, beginning of the period	5.5	0
Additions	0	5.4
Foreign exchange revaluation	0.3	0.1
Balance, end of the period	5.8	5.5
Current deferred revenue	0	0.2
Non-current deferred revenue	$ 5.8	$ 5.3

Prepayments, deposits and oth_3

Prepayments, deposits and other current assets - Schedule of Prepaids (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid equipment deposits	$ 1	$ 40.1
Prepaid transaction costs	11.1	7.8
Prepaid lease deposits	5.3	5.6
Prepaid insurance	4.5	4.6
Prepaid construction charges	0.9	2.6
Other prepaids	3.7	3.3
Total prepayments, deposits and other current assets	26.5	64
Non-current security deposits	(5)	(5)
Non-current insurance	(0.1)	(2.8)
Prepayments, deposits and other current assets	$ 21.4	$ 56.2

Inventories, net - Schedule of

Inventories, net - Schedule of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 0	$ 0.8
Finished goods	4.4	3.7
Parts and tools	4.8	5.1
Inventories, net	$ 9.2	$ 9.6

Inventories, net - Narrative (D

Inventories, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Inventory Disclosure [Abstract]
Adjustment to net realizable value	$ (1.6)	$ 0.8	$ (1.8)	$ 4.4

Property, plant and equipment_3

Property, plant and equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 718.3	$ 684.9
Less – accumulated depreciation	(25.1)	(16.1)
Total property, plant and equipment, net	693.2	668.8
Building
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	58.8	58.8
Plant equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	51.2	55.3
Computer software and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4.9	4.5
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	0.2	0.2
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	14.7	13.5
Assets under construction
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 588.5	$ 552.6

Property, plant and equipment_4

Property, plant and equipment, net - Narrative (Details) € in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 EUR (€)
Property, Plant and Equipment [Line Items]
Property, plant and equipment, capitalized borrowing costs	$ 0	$ 5,400,000	$ 0		$ 29,900,000
Depreciation	4,200,000	$ 2,200,000	9,000,000		$ 3,900,000
Spoke Network
Property, Plant and Equipment [Line Items]
Proceeds from government assistance			5,800,000	€ 5.3
Government assistance, award amount	$ 6,900,000		$ 6,900,000			€ 6.4

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Finance lease
Amortization of ROU assets	$ 0	$ 0
Interest on lease liabilities	0.1	0
Total finance lease cost	0.1	0
Operating lease cost	9.8	7
Short-term lease cost	0	0
Variable lease cost	1.4	1.2
Total lease cost	$ 11.3	$ 8.2

Leases - Narrative (Details)

Leases - Narrative (Details)	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease, weighted average remaining lease term	20 years 7 months 2 days	14 years 5 months 23 days
Finance lease, weighted average remaining lease term	2 years 4 months 13 days	46 years 9 months 10 days
Operating lease, weighted average discount rate, percent	8.01%	7.69%
Finance lease, weighted average discount rate, percent	11.61%	9.49%

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash paid for amounts related to lease liabilities:
Operating cash flows from operating leases	$ 10.1	$ 7.2
Operating cash flows from finance leases	0.1	0
Financing cash flows from finance leases	0	0
Recognition of ROU assets and lease liabilities for new operating leases	36.6	18.7
Derecognition of ROU assets and lease liabilities for new finance leases	$ (2.2)	$ 0

Leases - Schedule of Lease Matu

Leases - Schedule of Lease Maturity (Details) $ in Millions	Sep. 30, 2024 USD ($)
Operating Leases
2025	$ 13.6
2026	13.4
2027	12.6
2028	12
2029	12
Thereafter	159.4
Total future minimum lease payments	223
Imputed interest	(129.8)
Total lease liabilities	93.2
Finance Leases
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	0
Total future minimum lease payments	0
Imputed interest	0
Total lease liabilities	$ 0

Other assets - Schedule of Othe

Other assets - Schedule of Other Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Non-current security deposits	$ 5	$ 5
Non-current insurance	0.1	2.8
Intangible assets, net	1.7	1.8
Other assets	$ 6.8	$ 9.6

Other assets - Schedule of Inta

Other assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 2.1	$ 2
Less - accumulated amortization	(0.4)	(0.2)
Intangible assets, net	1.7	1.8
Internal-use software
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	0.7	0.7
Cloud computing arrangements
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 1.4	$ 1.3

Other assets - Narrative (Detai

Other assets - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Other assets - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cloud computing arrangements
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 100,000	$ 0	$ 200,000	$ 0

Related party transactions (Det

Related party transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
Related party transactions (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Revenues	$ 8,400,000	$ 4,700,000	$ 21,000,000	$ 11,900,000
Accounts payable	105,100,000		105,100,000		$ 134,500,000
Accounts receivable, net	8,200,000		8,200,000		1,000,000
Product revenue
Related Party Transaction [Line Items]
Revenues	4,400,000	3,500,000	11,500,000	9,700,000
Related Party
Related Party Transaction [Line Items]
Accounts payable	100,000		100,000
Accounts receivable, net					$ 200,000
Related Party \| Glencore
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	0	0	100,000	100,000
Related Party \| Fade In Production Pty
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction			100,000	100,000
Related Party \| Consulero Inc
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	0	100,000	100,000	100,000
Related Party \| Product revenue
Related Party Transaction [Line Items]
Revenue from contract with customer, gain (loss) from settlement of prior period sales	$ 1,300,000		$ 1,000,000
Revenues		$ 600,000		$ 1,800,000

Accounts payable and accrued _3

Accounts payable and accrued liabilities - Schedule of accounts payable and accrued liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 108.4	$ 134.5
Accrued expenses	17.4	14.5
Accrued compensation	6.8	3.1
Total accounts payable and accrued liabilities	132.6	152.1
Non-current accounts payable	(3.3)	0
Current accounts payable and accrued liabilities	$ 129.3	$ 152.1

Accounts payable and accrued _4

Accounts payable and accrued liabilities - Narrative (Details) - USD ($) $ in Millions		9 Months Ended
	Mar. 25, 2024	Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, payment extensions, term of original payment		1 year
Restructuring and related cost, number of positions expected to be eliminated, percent	17%
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Severance costs		$ 0.8
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Severance costs		5.6
Accrued Salaries
Restructuring Cost and Reserve [Line Items]
Severance costs		$ 3.7

Convertible debt - Schedule of

Convertible debt - Schedule of Total Convertible Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Conversion [Line Items]
Convertible debt	$ 342.6	$ 288.1
KSP Convertible Notes
Debt Conversion [Line Items]
Convertible debt	114.1	99.1
Glencore Convertible Notes
Debt Conversion [Line Items]
Convertible debt	$ 228.5	$ 189

Convertible debt - Schedule o_2

Convertible debt - Schedule of Convertible Debt Maturities (Details) $ in Millions	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 0
2026	163.7
2027	314.5
2028	0
2029	130.9
Total	$ 609.1

Convertible debt - Schedule O_3

Convertible debt - Schedule Of KSP and Glencore Debt Activity (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Mar. 25, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Principal Of Convertible Note [Roll Forward]
Issuance of convertible notes					$ 75	$ 0
Debt Component [Roll Forward]
Total Glencore convertible debt at end of period	$ 342.6			$ 342.6	342.6		$ 288.1
Reconciliation of net change in Convertible debt to Debt extinguishment loss in the nine months ended September 30, 2024
Total change in the conversion features					156
Total change in the debt components					(22.1)
Total net change in convertible debt in the nine months ended September 30, 2024					133.9
Proceeds from convertible debt					(75)	0
Debt extinguishment loss (Note 11)	0		$ 0		58.9	0
KSP Convertible Notes
Conversion Feature Of Convertible Debt [Roll Forward]
Conversion feature at beginning of period		$ 0			0	6	6
Fair value (gain) loss on embedded derivative	(0.1)				(0.1)	(4.1)	(6)
Conversion feature at end of period	0			0	0		0
Debt Component [Roll Forward]
Debt component at beginning of the period		99.1			99.1	85.4	85.4
Issuance of debt component					7.2		9.1
Accrued interest paid in kind					(7.2)		(9.1)
Accrued interest expense					15		13.7
Debt component at end of period	114.1			114.1	114.1		99.1
Total Glencore convertible debt at end of period	114.1			114.1	114.1		99.1
Reconciliation of net change in Convertible debt to Debt extinguishment loss in the nine months ended September 30, 2024
Issuance of debt component					7.2		9.1
KSP Convertible Notes \| Convertible Debt
Principal Of Convertible Note [Roll Forward]
Principal of convertible note at beginning of period		119.3			119.3	110.2	110.2
Issuance of convertible notes					7.2		9.1
Principal of convertible notes at end of the period	126.5			126.5	126.5		119.3
Reconciliation of net change in Convertible debt to Debt extinguishment loss in the nine months ended September 30, 2024
Proceeds from convertible debt					(7.2)		(9.1)
Glencore Convertible Notes
Principal Of Convertible Note [Roll Forward]
Principal of convertible notes at end of the period	306.2			306.2	306.2
Conversion Feature Of Convertible Debt [Roll Forward]
Conversion feature at beginning of period		0.4			0.4	16.5	16.5
Fair value (gain) loss on embedded derivative	(99.2)		$ (19.3)	(111.9)	(110.1)	(13.4)	(16.1)
Conversion feature at end of period	46.3			46.3	46.3		0.4
Debt Component [Roll Forward]
Debt component at beginning of the period		188.6			188.6	164.9	164.9
Issuance of debt component					0		17.2
Accrued interest paid in kind					0		(17.2)
Accrued interest expense					18.4		23.7
Accrued interest and accretion expense from January 1, 2024 to March 25, 2024					5.9		0
Transaction costs					(8.6)		0
Debt component at end of period	182.2			182.2	182.2		188.6
Total Glencore convertible debt at end of period	228.5			228.5	228.5		189
Reconciliation of net change in Convertible debt to Debt extinguishment loss in the nine months ended September 30, 2024
Issuance of debt component					0		17.2
Glencore Convertible Notes \| Convertible Debt
Principal Of Convertible Note [Roll Forward]
Principal of convertible note at beginning of period		225.3			225.3	$ 208.1	208.1
Issuance of convertible notes					75		17.2
Principal of convertible notes at end of the period	300.3			300.3	300.3		225.3
Reconciliation of net change in Convertible debt to Debt extinguishment loss in the nine months ended September 30, 2024
Proceeds from convertible debt					(75)		(17.2)
A&R Glencore Convertible Notes
Conversion Feature Of Convertible Debt [Roll Forward]
Fair value (gain) loss on embedded derivative		1.8					0
Extinguishment of the conversion feature embedded in the A&R Glencore Convertible Notes as part of the modification					(2.2)		0
Issuance of conversion feature					99.2		0
Debt Component [Roll Forward]
Issuance of debt component					124.4
Extinguishment of the debt component related to A&R Glencore Convertible Notes as part of the modification					(194.5)		0
Reconciliation of net change in Convertible debt to Debt extinguishment loss in the nine months ended September 30, 2024
Extinguishment of the conversion feature embedded in the A&R Glencore Convertible Notes as part of the modification					(2.2)
Issuance of conversion feature					99.2		0
Extinguishment of the debt component related to A&R Glencore Convertible Notes as part of the modification					(194.5)		0
Issuance of debt component					124.4
Senior Secured Convertible Glencore Note
Conversion Feature Of Convertible Debt [Roll Forward]
Issuance of conversion feature					59		0
Debt Component [Roll Forward]
Issuance of debt component					48		0
Reconciliation of net change in Convertible debt to Debt extinguishment loss in the nine months ended September 30, 2024
Issuance of conversion feature					59		0
Issuance of debt component					48		$ 0
Senior Secured Convertible Glencore Note \| Convertible Debt
Principal Of Convertible Note [Roll Forward]
Principal of convertible note at beginning of period				75
Principal of convertible notes at end of the period	$ 75	$ 75		$ 75	$ 75

Convertible debt - Narrative (D

Convertible debt - Narrative (Details) $ / shares in Units, $ in Millions					3 Months Ended				6 Months Ended	9 Months Ended		12 Months Ended
	Jun. 03, 2024 $ / shares	Jun. 02, 2024 $ / shares	Mar. 25, 2024 USD ($) tranche $ / shares	Sep. 29, 2021 USD ($) day $ / shares	Sep. 30, 2024 USD ($) shares	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 11, 2024 USD ($)	Dec. 31, 2022 USD ($)	May 31, 2022 USD ($) $ / shares
Debt Instrument [Line Items]
Conversion feature of convertible debt (refer to Note 11 (Convertible debt))					$ 46.3				$ 46.3	$ 46.3		$ 0.4
Debt extinguishment loss (Note 11)					0		$ 0			58.9	$ 0
Initial KSP Note \| Convertible Debt
Debt Instrument [Line Items]
Amount Issued				$ 100	100				100	100
KSP Convertible Notes
Debt Instrument [Line Items]
Conversion feature of convertible debt (refer to Note 11 (Convertible debt))				27.7
Debt instrument, liability component of convertible debt				72.3	114.1				114.1	114.1		99.1		$ 85.4
Debt issuance costs, net				$ 1.6
Embedded derivative, gain on embedded derivative, net					0.1					0.1	4.1	6
KSP Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
Amount Issued					$ 126.5				126.5	126.5		119.3		110.2
Debt instrument, interest rate, effective percentage				18.70%
Debt instrument, convertible, conversion price (in dollars per share) \| $ / shares	$ 106.73	$ 13.34		$ 107.44
Debt conversion, converted instrument, shares issued (in shares) \| shares					701,323
Debt instrument, convertible, stock price trigger (in dollars per share) \| $ / shares	139.68	17.46
Debt instrument, convertible, threshold trading days \| day				20
Debt instrument, redemption price, percentage				130%
KSP Convertible Notes \| Convertible Debt \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1%
KSP Convertible Notes \| Convertible Debt \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			2%
KSP Convertible Notes \| Convertible Debt \| London Interbank Offered Rate and Secured Overnight Financing Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate								1%
KSP Convertible Notes \| Convertible Debt \| London Interbank Offered Rate and Secured Overnight Financing Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate								2%
KSP Convertible Notes \| Convertible Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				0.58%
KSP Convertible Notes \| Convertible Debt \| Variable Rate Component One \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				5%
KSP Convertible Notes \| Convertible Debt \| Variable Rate Component Two \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				6%
KSP Convertible Notes \| Convertible Debt \| Variable Rate Component Two \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1%
KSP Convertible Notes \| Convertible Debt \| Variable Rate Component Two \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				2%
Glencore Unsecured Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, number of tranches \| tranche			2
First A&R Glencore Note \| Convertible Debt
Debt Instrument [Line Items]
Amount Issued					$ 116.6				116.6	116.6
Debt instrument, modification date, term after initial funding			1 month
Debt instrument, maturity, additional term			5 years
A&R Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, convertible, conversion price (in dollars per share) \| $ / shares	79.09	9.89	$ 79.60
Debt instrument, convertible, conversion price adjustment, volume weighted average trading price, duration from modification date			30 days
Debt instrument, convertible, conversion price adjustment, premium, percentage			25%
Debt extinguishment loss (Note 11)						$ 58.9				58.9
A&R Convertible Notes And Senior Secured Convertible Glencore Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, convertible, conversion price (in dollars per share) \| $ / shares															$ 0.206
Senior Secured Convertible Glencore Note \| Convertible Debt
Debt Instrument [Line Items]
Amount Issued			$ 75		75				75	75
Debt instrument, convertible, conversion price (in dollars per share) \| $ / shares	$ 4.23	$ 0.53
Senior Secured Convertible Glencore Note \| Convertible Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1%
Senior Secured Convertible Glencore Note \| Convertible Debt \| Variable Rate Component One \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			5%
Senior Secured Convertible Glencore Note \| Convertible Debt \| Variable Rate Component Two \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			6%
Senior Secured Convertible Glencore Note \| Convertible Debt \| Variable Rate Component Three \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1%
Glencore Convertible Notes
Debt Instrument [Line Items]
Amount Issued					306.2				306.2	306.2
Conversion feature of convertible debt (refer to Note 11 (Convertible debt))															$ 46.2
Debt instrument, liability component of convertible debt					182.2				182.2	182.2		188.6		164.9	153.8
Debt issuance costs, net															$ 1.3
Embedded derivative, gain on embedded derivative, net					99.2		$ 19.3		111.9	110.1	$ 13.4	16.1
Glencore Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
Amount Issued					$ 300.3				$ 300.3	$ 300.3		$ 225.3	$ 75	$ 208.1

Convertible debt - Schedule o_4

Convertible debt - Schedule of KSP PIK Notes (Details) - Convertible Debt - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 29, 2021
KSP Convertible Notes
Debt Conversion [Line Items]
Amount Issued	$ 126.5	$ 119.3	$ 110.2
Initial KSP Note
Debt Conversion [Line Items]
Amount Issued	100			$ 100
KSP PIK Note, Issued December 31, 2021
Debt Conversion [Line Items]
Amount Issued	1.8
KSP PIK Note, Issued June 30, 2022
Debt Conversion [Line Items]
Amount Issued	4.1
KSP PIK Note, Issued December 31, 2022
Debt Conversion [Line Items]
Amount Issued	4.3
KSP PIK Note, Issued June 30, 2023
Debt Conversion [Line Items]
Amount Issued	4.4
KSP PIK Note, Issued December 31, 2023
Debt Conversion [Line Items]
Amount Issued	4.7
KSP PIK Note, Issued June 30, 2024
Debt Conversion [Line Items]
Amount Issued	$ 7.2

Convertible debt - Schedule o_5

Convertible debt - Schedule of KSP Convertible Notes Valuation Assumptions (Details) - KSP Convertible Notes	Sep. 30, 2024	Dec. 31, 2023	Sep. 29, 2021
Risk free interest rate
Debt Conversion [Line Items]
Embedded derivative liability, measurement input	0.037	0.042	0.011
Expected life of options
Debt Conversion [Line Items]
Embedded derivative liability, measurement input	2	3.8	5
Expected dividend yield
Debt Conversion [Line Items]
Embedded derivative liability, measurement input	0	0	0
Expected stock price volatility
Debt Conversion [Line Items]
Embedded derivative liability, measurement input	0.75	0.63	0.66
Share Price
Debt Conversion [Line Items]
Embedded derivative liability, measurement input	2.19	4.76	12.56

Convertible debt - Schedule o_6

Convertible debt - Schedule of Glencore PIK Notes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Mar. 25, 2024	Mar. 11, 2024	Dec. 31, 2023	Dec. 31, 2022
Glencore Convertible Notes
Debt Conversion [Line Items]
Amount Issued	$ 306.2
Glencore Convertible Notes \| Convertible Debt
Debt Conversion [Line Items]
Amount Issued	300.3		$ 75	$ 225.3	$ 208.1
First A&R Glencore Note \| Convertible Debt
Debt Conversion [Line Items]
Amount Issued	116.6
Second A&R Glencore Note \| Convertible Debt
Debt Conversion [Line Items]
Amount Issued	114.6
Senior Secured Convertible Glencore Note \| Convertible Debt
Debt Conversion [Line Items]
Amount Issued	$ 75	$ 75

Convertible debt - Schedule o_7

Convertible debt - Schedule of Glencore Convertible Notes Valuation Assumptions (Details) - Glencore Convertible Notes	Sep. 30, 2024	Dec. 31, 2023	May 31, 2022
Risk free interest rate
Debt Conversion [Line Items]
Embedded derivative liability, measurement input		0.042	0.029
Risk free interest rate \| Minimum
Debt Conversion [Line Items]
Embedded derivative liability, measurement input	0.041
Risk free interest rate \| Maximum
Debt Conversion [Line Items]
Embedded derivative liability, measurement input	0.035
Expected life of options
Debt Conversion [Line Items]
Embedded derivative liability, measurement input		4.4	5
Expected life of options \| Minimum
Debt Conversion [Line Items]
Embedded derivative liability, measurement input	4.5
Expected life of options \| Maximum
Debt Conversion [Line Items]
Embedded derivative liability, measurement input	6.7
Expected dividend yield
Debt Conversion [Line Items]
Embedded derivative liability, measurement input	0	0	0
Expected stock price volatility
Debt Conversion [Line Items]
Embedded derivative liability, measurement input	0.75	0.63	0.68
Share Price
Debt Conversion [Line Items]
Embedded derivative liability, measurement input	2.19	4.76	8.15

Common stock and additional p_3

Common stock and additional paid-in capital - Schedule of Stockholders' Equity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, common shares, outstanding (in shares)			22,200,000
Beginning balance, equity	$ 235.7	$ 439.9	$ 376.4	$ 501.6
Issuance of common stock in connection with the ATM Program	1.2		1.2
Stock-based compensation - RSUs	3	3	6.1	8.5
Stock-based compensation - options	$ (1.1)	1	$ 0	2.8
Ending balance, common shares, outstanding (in shares)	23,200,000		23,200,000
Ending balance, equity	$ 295.3	$ 413.2	$ 295.3	$ 413.2
Number of common shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, common shares, outstanding (in shares)	22,500,000	22,225,000	22,200,000	22,012,500
Settlement of RSUs (in shares)	0	37,500	300,000	100,000
Issuance of common stock in connection with the ATM Program (in shares)	700,000		700,000
Ending balance, common shares, outstanding (in shares)	23,200,000	22,275,000	23,200,000	22,275,000
Common stock and additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, equity	$ 652.5	$ 642.2	$ 648.3	$ 635.3
Issuance of common stock in connection with the ATM Program	1.2		1.2
Stock-based compensation - RSUs	3	3	6.1	8.5
Stock-based compensation - options	(1.1)	1	0	2.8
Ending balance, equity	$ 655.6	$ 646.2	$ 655.6	$ 646.2

Common stock and additional p_4

Common stock and additional paid-in capital - Narrative (Details) $ / shares in Units, $ in Millions					9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Jun. 28, 2024 USD ($)	Jun. 03, 2024	May 23, 2024	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)
Class of Stock [Line Items]
Stockholders' equity note, stock split, conversion ratio			0.125
Proceeds from issuance of common stock					$ 1.2	$ 0
ATM Agreement
Class of Stock [Line Items]
Sale of stock maximum aggregate offering price		$ 75
Proceeds from issuance of common stock	$ 1.1
Sale of stock, number of shares issued in transaction (in shares) \| shares	701,323
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 1.67				$ 1.67
Sale of stock, consideration received on transaction	$ 1.2
Payments of issuance costs	0.1
Sale of stock, remaining authorized amount	$ 73.8				$ 73.8
Minimum
Class of Stock [Line Items]
Stockholders' equity note, stock split, conversion ratio				2
Maximum
Class of Stock [Line Items]
Stockholders' equity note, stock split, conversion ratio				8

Financial assets and liabilit_3

Financial assets and liabilities - Assets and Liabilities Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts receivable (subject to provisional pricing)	$ 0.1	$ 0.6
Conversion feature of convertible debt (refer to Note 11 (Convertible debt))	46.3	0.4
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts receivable (subject to provisional pricing)	0	0
Conversion feature of convertible debt (refer to Note 11 (Convertible debt))	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts receivable (subject to provisional pricing)	0	0.6
Conversion feature of convertible debt (refer to Note 11 (Convertible debt))	$ 46.3	$ 0.4

Commitments and contingencies -

Commitments and contingencies - Narrative (Details) $ in Millions	Nov. 07, 2024 USD ($)	Apr. 09, 2024 USD ($)	Jan. 26, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 23, 2023 lawsuit
Other Commitments [Line Items]
Number of shareholder lawsuits \| lawsuit						3
Committed purchase orders				$ 5.9	$ 8.3
Pike
Other Commitments [Line Items]
Construction payable			$ 58.6
Tenant improvements payable			14.5
Pike \| Subsequent Event
Other Commitments [Line Items]
Payments for construction in process	$ 53.5
MasTec
Other Commitments [Line Items]
Loss contingency, damages sought, value		$ 48.7
Minimum \| Pike
Other Commitments [Line Items]
Loss contingency, damages sought, value			39
Maximum \| Pike
Other Commitments [Line Items]
Loss contingency, damages sought, value			$ 53

Commitments and contingencies_2

Commitments and contingencies - Schedule of Contractual Obligations (Details) $ in Millions	Sep. 30, 2024 USD ($)
Other Commitments [Line Items]
Total	$ 965.1
Less than 1 year	143.1
1 - 3 years	180.4
3 - 5 years	482.3
More than 5 years	159.3
Accounts payable and accrued liabilities
Other Commitments [Line Items]
Total	132.6
Less than 1 year	129.3
1 - 3 years	3.3
3 - 5 years	0
More than 5 years	0
Lease liabilities
Other Commitments [Line Items]
Total	221.8
Less than 1 year	13.6
1 - 3 years	13.4
3 - 5 years	36.6
More than 5 years	158.2
Restoration provisions
Other Commitments [Line Items]
Total	1.6
Less than 1 year	0.2
1 - 3 years	0
3 - 5 years	0.3
More than 5 years	1.1
Convertible debt principal
Other Commitments [Line Items]
Total	375
Less than 1 year	0
1 - 3 years	100
3 - 5 years	275
More than 5 years	0
Convertible debt interest
Other Commitments [Line Items]
Total	234.1
Less than 1 year	0
1 - 3 years	63.7
3 - 5 years	170.4
More than 5 years	$ 0

Loss per share - Schedule of EP

Loss per share - Schedule of EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total net income (loss)	$ 56.5	$ (30.7)	$ (88.4)	$ (99)
Weighted average number of common shares (in shares)	23.2	22.3	23.2	22.2
Effect of dilutive securities:
Dilutive number of shares (in shares)	26.2	22.3	23.2	22.2
Profit (loss) per common share - basic (in dollars per share)	$ 2.15	$ (1.38)	$ (3.81)	$ (4.47)
Profit (loss) per common share - diluted (in dollars per share)	$ 2.43	$ (1.38)	$ (3.81)	$ (4.47)
Stock options
Effect of dilutive securities:
Effect of dilutive securities, Stock options and Restricted share units (in shares)	0	0	0	0
Restricted share units
Effect of dilutive securities:
Effect of dilutive securities, Stock options and Restricted share units (in shares)	3	0	0	0

Loss per share - Schedule of An

Loss per share - Schedule of Antidilutive Shares (Details) - shares shares in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	26.3	4.7
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.2	0.5
Convertible debt \| KSP Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1.2	1.1
Convertible debt \| Glencore Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	21.8	2.7
Restricted share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3	0.4

Segment reporting - Schedule of

Segment reporting - Schedule of Revenue by Major Customers (Details) - customer	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, Major Customer [Line Items]
Number of key customers	8		8
Revenue Benchmark \| Customer Concentration Risk \| Customer D
Revenue, Major Customer [Line Items]
Concentration risk, percentage	29%	1%	28%	1%
Revenue Benchmark \| Customer Concentration Risk \| Customer I
Revenue, Major Customer [Line Items]
Concentration risk, percentage	21%	0%	9%	0%
Revenue Benchmark \| Customer Concentration Risk \| Customer F
Revenue, Major Customer [Line Items]
Concentration risk, percentage	15%	12%	5%	15%
Revenue Benchmark \| Customer Concentration Risk \| Customer A
Revenue, Major Customer [Line Items]
Concentration risk, percentage	3%	33%	3%	30%
Revenue Benchmark \| Customer Concentration Risk \| Customer H
Revenue, Major Customer [Line Items]
Concentration risk, percentage	0%	0%	12%	0%
Revenue Benchmark \| Customer Concentration Risk \| Customer G
Revenue, Major Customer [Line Items]
Concentration risk, percentage	0%	0%	12%	0%
Revenue Benchmark \| Customer Concentration Risk \| Customer B
Revenue, Major Customer [Line Items]
Concentration risk, percentage	0%	21%	0%	9%
Revenue Benchmark \| Customer Concentration Risk \| Customer C
Revenue, Major Customer [Line Items]
Concentration risk, percentage	0%	0%	0%	16%

Segment reporting - Schedule _2

Segment reporting - Schedule of Geographical Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	1
Revenue	$ 8.4	$ 4.7	$ 21	$ 11.9
Non-current assets	788.5		788.5		$ 737
Canada
Segment Reporting Information [Line Items]
Revenue	0	0.1	0.3	1
Non-current assets	69.4		69.4		57
United States
Segment Reporting Information [Line Items]
Revenue	5.9	4.3	16.6	10.6
Non-current assets	670.1		670.1		618.9
Germany
Segment Reporting Information [Line Items]
Revenue	2.5	0	4.1	0
Non-current assets	27.8		27.8		34.9
Other
Segment Reporting Information [Line Items]
Revenue	0	$ 0.3	0	$ 0.3
Non-current assets	$ 21.2		$ 21.2		$ 26.2

Subsequent events (Details)

Subsequent events (Details) - USD ($) $ in Millions	Nov. 07, 2024	Oct. 31, 2024	Sep. 30, 2024
DOE Loan Facility \| Line of Credit
Subsequent Event [Line Items]
Debt instrument, commitments settled by first advance			$ 92
Subsequent Event \| Glencore
Subsequent Event [Line Items]
Disposal group, production of mixed hydroxide precipitate, percentage		100%
Subsequent Event \| DOE Loan Facility \| Line of Credit
Subsequent Event [Line Items]
Amount Issued	$ 475
Line of credit facility, maximum borrowing capacity	445
Line of credit facility, maximum capitalized interest	$ 30
Debt instrument, basis spread on variable rate	0%
Debt instrument, fund reserve, required amount	$ 173
Debt instrument, fund reserve, required amount funded by letters of credit	97
Debt instrument, requirement for the minimum unrestricted cash condition prior to completion	20
Debt instrument, requirement for the minimum unrestricted cash condition following the completion	$ 10