Li-Cycle (LICY) 14 Aug 232023 Q2 Earnings call transcript

Good day, everyone. My name is Todd, and I will be your conference operator today. At this time, I would like to welcome everyone to the Second Quarter 2023 Li-Cycle Holdings Earnings Call and Webcast. [Operator Instructions] Thank you. I will now turn the call over to Nahla Azmy, Head of Investor Relations. ahead. go Please

morning, today Good financial you, for everyone, ended Thank Li-Cycle’s and review us for XX, and of joining June you. XXXX. thank our results business

today Tim Johnston, and Kochhar, start We Financial from Simpson, and Co-Founder formal Officer. Chief Officer; and Executive Ajay will Executive Co-Founder, with Debbie President Chief Chairman; remarks

of We call, which press section a a presentation, website Li-Cycle can Investor follow found our release the the session. Q&A with then investors.li-cycle.com. issued will Ahead this on be of at and Relations

statements On management Actual expectations, of our our during and many filings difficult call, could press reports results today’s to which will Canada. this are our key discussed are of Commission based Securities be in if and Li-Cycle. release, with because risks and on U.S. plans, are from and of in which and assumptions differ past factors call materially making are current any uncertainties, significant assumptions, Exchange which including predict statements incorrect, Commission most beyond Securities of the estimates in the Ontario and to the of subject and control this conference forward-looking

events be duty otherwise, written during We at our on not undertake or except or from statements, do call this as new any can website future or reflect documents to These information, forward-looking found any made required. update investors.li-cycle.com. whether oral, to time-to-time

to that, With turn Ajay. to call the I’m pleased

trends & government morning, strategy. everyone. the we made supportive continues advance good Hub excited continue and has as Spoke during policy. strong capitalize progress on Li-Cycle of Nahla, you, quarter team our network implementation secular to discuss second and Thank I’m to the the our to

Li-Cycle producer the a Li-Cycle leading in establishing our electrification to plans global and the carbonate role battery-grade key recycling lithium network grow Our materials ecosystem. to of in position become will top

this to we’ll I call. Beginning in greater would with the on which progress, like detail discuss highlights of cover our of X, some Slide key

Energy, our the On the From explore advanced the of largest continue of business. Rochester one lithium-ion battery significantly understanding XXXX. commercial signed operational an with battery continued build manufacturers. recycling collaborate & Spoke expectation a memorandum to world’s construction front, we we and EVE perspective, Hub lithium-ion momentum solutions we of our with North in strong commissioning in America, of to At start late for Hub cell

with Hub, line For expected our European and the mid-XXXX. first two we Portovesme one first of the Europe, by operations follow our completed the to August progressed of late development startup work feasibility to with in in the And study the with be definitive XXXX. line on began Spoke Glencore in expected

the on financial front. Finally,

loan we at million the close We’re September to expect stages the process are LPO $XXX of the DOE also completing loan report pleased that our to programs final and office or XXXX. with in

I’ll Li-Cycle’s in on Hub X. Slide global network & our our discuss global Spoke executing strategy. to portfolio and Turning continued progress growth

black capacity commercial tons and the expect and centers of to of America customers, to recycling left demand tons on on illustrated and As forms growth our of supply North Europe. network current in post-processing batteries year. of this lithium-ion global projected see the footprint localizing in Based we’re covalent lithium-ion achieve per to portfolio, all demand close mass with with meaningful capacity battery significant strategically XXX,XXX by customers. battery online, capacity come to XX,XXX we gigafactory expanding tons our for both Aligning we XXX,XXX pre-processing to of key excess slide, chain expect of of

of lithium leading XX,XXX year. lithium Li-Cycle global of tons first-mover to into producer become uniquely and the put is these and up carbonate capacity With will Importantly, Portovesme facilities are positioned operation, carbonate battery-grade advantage, Hubs materials. other and to to context, per in a Rochester total once it full have and key production sustainable this

Turning the major into materials. Hungary and to that global MOU underpinned battery one largest Spoke and for solutions July, by sustainable selection. site BMW as cell on lithium-ion entered demand. our Bosch. for with contracting EVE EVE are EVE’s strategy, OEMs with combined lithium-ion of X, such Consistent is customers an for multiyear facilities local Slide world’s investments include commercial recycling and accelerating we a In the capital manufacturers Spoke market battery MOU discussion with global

and scale completed its recently to early be as will we’re an XXXX. customer. Hungary by selection EVE European plans excited with battery expected in be manufacturing announced to Accordingly, Hungary exploring timing in site facility its serve anchor first scope, with to build

to given markets of in region, end manufacturing largest Additionally, to Europe add the cell projected is one the the we expect the Hungary battery decade. OEM be by customers of in

Let to me our Tim for more on update network. now a it detailed over Hub & Spoke turn

Thanks, Ajay.

that an Slide share aerial Hub. significant progress in to to Turning we thrilled X, call has This quarter first since made the May. a been updated are our construction view image illustrates of Rochester

provide slides. Our Rochester continued Hub Li-Cycle talent, detailed a of to expertise is team. execution testament more the perspective the a I’ll commitment the on project and the on next few

X. to Slide Turning

our We cobalt buildings for nickel, are of major and process nearing manganese. completion

Within the in set. has received certificate has now of cobalt to building, The completed building, started May, warehouse which occupancy. equipment mechanical be the was

inventory have are black team as area to start prepping moved mass building, plan. receiving into our of part we operations the build and the Our storage

to construction X, Turning to achievements. Slide discuss major our

products As displayed flat installing warehouse will foundations transport and importantly, And activity track, bag as critical we pouring of it going a is are customers. finally, building products finished to photos for the the for plant the foundations main them before concrete building now well lithium in moving underway. the the the to building for main commissioning we the end are tanks, is the which clockwise, key plant, artery where

the needed. was equipment We procurement aspect of we construction construction process recap, accelerate materials. the bulk and key to ahead maintain cover and were proven Slide to our on, they be our on materials procurement of X. of To significant has our to equipment such that our project execute early on schedule. long-lead site Turning long-lead major a indicated of Ultimately, when to and in strategy of would advantage ability a milestones this construction terms well that they arrive

Displayed clockwise, crystallizers at equipment solvent are our Rochester on and Hub. extraction slide site on the going now this

sodium are the being lithium equipment critical impressive also site and finally, the bulk production for key largest for part Hub the an operations, Critical crystallizer Additional the ready of of and recovery materials image equipment for process carbonate. see on installation. piece And of is of the sulfate you installed.

the of the to near-term detailed Rochester Turning remaining support to Slide inflation construction ramping the on engineering activities. procurement complete, priority activities continued comments the up labor is for With XX near Hub. and our closing main

of continue execute As calls, labor construction relative we are the we focused $XXX sulfate actively materials to tons source of to a tons to nickel stated of budget to tons tons on in North sulfate, Hub million. X,XXX cobalt will on construction X,XXX of expected order tons carbonate, XX,XXX to of be XX,XXX tons prior to X,XXX and X,XXX battery-grade annual With America. of in leading lithium the the production Rochester managing

in partner in the Europe. to part on an of XX, Together Glencore’s hydrometallurgical Portovesme, operational, producers Turning of expected site the of Italy. our be is with provide Hub. I’ll facility we repurposing Once this Glencore, lithium one Portovesme carbonate largest update are to existing Slide battery-grade

an side anticipated project be to of existing progressing volumes a DFS, with which lithium refining completed existing of in use black for the Portovesme the including executing that are access mass mass strong actively is be end black facilitate logistics the infrastructure site, Li-Cycle’s operations benefits scope infrastructure number with this large the are this workforce that will and is can black battery-grade materials. experience mid-XXXX. products. for repurposed process at Optimization recovery an We by of of processing. There on metallurgical for of fit movement proprietary and of and equipment the to a mass

I’ll As the the briefly on the Portovesme Hub shown left on slide, at the of site. process proposed touch

process, lithium with product cobalt. and We leaching mixed start a have steps metals expedited nickel dissolve mass an beginning processing the of requires at of we solution. that sheet produce carbonate level, to black metal high into and the At flow to fewer

Following product, battery-grade a by production the The the impurity nickel cobalt. involves and next aluminum, the removal of removal hydroxide step lithium containing of is carbonate. of recovery MHP, the step key for mixed or final manganese followed

flow battery-grade battery nickel accelerated Glencore’s This refining produce cobalt sulfates, from or value for sheet cobalt production for and MHP manufacturing. we’ll precursor to additional path flexibility differs assets our allows at existing the i.e., within an processing where producers Hub, Rochester battery The products, Portovesme and process and a Hub attract nickel higher use for the for provides manufacturing. approach which

fully of tons contained to up total an cobalt making black once The a will to Portovesme battery-grade and operational, of facilities the To and in per annual XX,XXX have Hub production other to carbonate top Rochester year, up and these Portovesme Hubs reiterate, of of tons and lithium carbonate, expected a processing X,XXX is tons key carbonate combined global of nickel mass, producer have MHP. us to tons XX,XXX capacity XX,XXX tons producing XX,XXX capacity lithium up of sustainable materials. lithium both of are

battery for environmentally early materials, at all technology one This directly on Spoke battery of discharging, process Germany packs Spoke. the friendly European for announced our Li-Cycle’s X lithium-ion patented August, our the XX full Generation In without an thermal update vehicle dismantling electric and line Turning startup processing. utilizes to of Slide including Spoke. to we need or forms

manufacturing reminder, commissioning Germany of with Europe. are Supported in lithium-ion for we largest batteries commercial XXXX. represents by line battery market scrap X multiple the both EV contracts in As late targeting battery manufacturers, and end-of-life a and

review. I for to over Debbie financial to hand it would now like a

Thank you, Tim.

Turning a our XX on second to quarter for results. discussion Slide

chart, the at mass year. the the Arizona XXX the on and in our double the were and more start-up Sales Spoke. black top of the tons upgrade X,XXX more of year we York left our achieved the New the prior tons operations X,XXX mass, seen prior level than Spokes in X.Xx Alabama As of black produced driven tons, than of of by

for Moving period. to revenue the

sell before from value adjustments black to increased market products, product. services attributed non-cash and contained mass prior and are time cobalt product lithium to the intermediate our $X.X we reminder, Revenue fair an content year. in as no recycling sales from a of in market prices at continue notably with As $X.X nickel, value revenues million influenced to as this by metals our million

While impacted a from these decline and cobalt days prices, we volume expanding metal sales namely our of nickel. in results operations, deliver higher product by were

$X.X was year sales Total period, value prior the $X.X nil which for $X.X to year. revenue of in adjustment in compared prior million million compared million an value included second quarter total to nil. market the quarter the in revenue the non-cash fair unfavorable took to Total XXXX

our for value. feedstock purpose The cobalt which our unlocking Hubs, production is of to a significant main mass products, incremental nickel produce black lithium utilize and

As of sale Hubs. black Rochester such, at point interim lead-up Li-Cycle’s mass an a of The to in profile. inflection represent the financial of our the Hub revenue operationalization significant will our the is start and operations in strategy

update to Turning XX the on Slide progress loan. an on for DOE our

timing track competitive support on expansion build our of to record continue We in of network our strategic plan. and financing

know, further of spread. of Energy, a the of you XX no position loan February, be we with applicable As a and domestic term from a on loan $XXX based announced commitment rate for XX-year will conditional The Department be in of the as in validating battery-grade million U.S. materials treasury our supplier years late will the

depicted loan the the stages, noted process. X great advanced Ajay and we As documentation to LPO at in final earlier, made DOE here strides Stage

to loan is DOE’s agreement are intra-agency through now working We the its share way our that excited process.

expecting September transaction close in XXXX. We’re the to

strength update sheet. flow the our to our an cash Turning of on balance and of a XX for Slide review

commitment million we quarter, on balance forma period growth Energy Hub the the second invested from Department our cash loan focused more than the Adding with in nearly million $XXX network the hand. of of the During our ending to will on take $XXX million. million pro $XX Rochester current cash of $XXX

XXXX metrics. Turning business outlook XX to our to Slide reaffirm

reiterate, unlocking and their black market our year-to-date Hub, annual optimize for start-up to materials. mass results, are future track grade lithium of needs. meet targeted battery with for are To on our our to value needs Rochester looking other we production mass, the pacing For production carbonate well fleet customer future of stock production and with of we black our

start mass of XXXX. result, we building inventory the intend to second in black As half a

of DOE are more with the the expect Spoke we of $XXX September. $XXX for network. Rochester team total LPO investment, And Due of targeted allocate construction of million this the million capital a heavily of Hub, second $XXX will weighted be for to Hub the of a Regarding the to loan half close timing the development finally, million to & XXXX. working to closely we this

leading carbonate financial with expected per close to and DOE flexibility relationships setting us Turning focused commercial continued Hungary with Spoke Hub Spoke on Energy producer completing a plans our EVE tons commencing capacity optimization in continued and as up focused XXXX, late to & commercial participants and strategy, aligning Spoke Hub on We Rochester closing. new XX,XXX growth our to sustainable execution be our network year, exploring the supply chain Portovesme battery for such for increasing Slide and of of loan Hub, global up with We specifically to Hub diversifying progressing remain growing key remain in with & demand. XX prudently the in with lithium global global site expanding network with the September.

we take our formal Operator, to questions. ready concludes remarks. That are

And Instructions] from first Markets. question our Capital Dobson we’ll Brian take Chardan [Operator with

good Hi, morning.

morning. Good Brian. Hey,

morning. good Hey,

So as Rochester near you color what facility bit think completion of once of look to like build its opens earnings process could the buybacks? the that on ramp a the do our will facility, doors us give Hub we little you up

Yes.

a couple there’s of we’ve and these think a things. I of here, couple So phases communicated

first is commissioning. the So

also start the we topic, as news and reiterating today be to good to continue through the certainly, important both the phase. get close as and ramp-up going that an we and year. phase this commissioning of end So is commissioning that’s that, And of

about. can industry it I for There benchmarks could facilities. So facilities for will that style we the say that suffice of are more something chat to metallurgical coal – to come. say is

piloted, thing one off-the-shelf smaller a to recycling obviously those recovery keep is but where say much in resource Just mind mining. extensively at lot versus scale a operations. leveraging obviously of facility We unit a

these taking are in projects, directionally that with look style. those you a So it benchmarks associated any definitely sense mining verbatim, of term, at of to the but for ramp-up caution are lot a can benchmarks there get

So just happy more, general a that reference. to as chat about

still and And Yes, local support? in good. How Italy, support do have developing a very certainly then relationship that authorities you about the in Italy you is local Rochester, similar facility you with thinking region. are your as positive national government in about and see

Yes. At high yes, collaboration this level, a mean, with is the in I Glencore.

for it transition. that metallurgical site, long track One to always It’s Hub, in our they also locally a next in been an key And and to important, that they new public and have they the high for a the that’s that on of in skilled great this Europe. be is a strikes couple is for So a which transition and Portovesme have one, our background, a operating time. Hub, notes going to locally, Sardinia very there, broadly really is workforce. this were both workforce and exists this And location opportunity a And workforce. recycling old Europe. – turning the parts an and for into into of transition assets, old asset is

more angle strategic down really market statement lithium resource from European view, produce on here per that scale over to a it’s Europe, That’s and mass our and fairway view. don’t you recycled for faster, we the battery very the with a for that with of there being in opportunity this and very local carbonate. to end European operational around often much more us taken content us broader regulation minimum to efficient, black to capital from produce really products. were strategic XX,XXX for efficiency. track recovery angle of efficient, what’s being get that then significance And have So first refined is from folks time. tons from not intentional and year of very I the domestically angle think terms And very the that of this broadly right up larger

the So behind yes, color it. that’s

I just the very and color appreciate want thanks Thanks to for that. much.

Brian. Thanks

you. Thank

Please We our with go Baird. ahead. take Kallo will question Ben from next

are just those and if heard Hub morning Good the anything in you prepared how just about Hey, And Hub about balanced but – remarks progress. or the I know you to why a about match differences. the guys. your differences you to then said else with guys market, I making time progress talk and to congratulations could lot, made in Maybe the part. we Spoke you have because Europe do of want how built a a from on Rochester? lot lot Spokes think you many the on

about to more we just Thank how or I’m that? should after you. come wondering So think that’s Hungary

Yes, Ben. for this It’s will the so bit sort interesting around introduce up wanted our a to I to sure. little the and for plant. way to Hey, back this sheet on flow and of about the Yes, think and part explain. first Rochester

be course, sulfate. core lithium is difference and of Rochester, to cobalt really around here sulfate, nickel going the pretty the So is nickel And same, carbonate, cobalt. the

the looked are we here going this we for added MHP. battery just precipitate, and the mixed at higher garner of industry precursor, into on which hydroxide because Page product have can say even actually value it’s go they metal. certainly path. is Rochester, form There XX, which at as imagine, We So the is common intermediate, shown to you manufacturing have other which right sulfates, called

has in the made of Rochester. economically sense of Europe, meaning America, sulfate that product, why actually Rochester [indiscernible]. to So, go And refining so, we In go for take lot there technically from real and the to mining captive us in facility it’s a Glencore path common Norway, at case a didn’t product North refining. more is a is to the that asset path primary, no refining actually

So that refine facility and can then intermediates take further. it in

that’s in see you both actually off path, one flow for on extensively case, this In back speed, but a choice. point both case-by-case is sheet that and X a other of the sheet for of years building piloted Portovesme bit that the flow we terms getting Rochester very a also it’s So efficient ago.

leveraging effectively, in done already that are the the have collaboration we So with just work we Glencore.

So the that’s the first Hub. around part

the the in on in are profile side, you we EVE top looking lithium Spoke of also That’s collaboration for Hungary. is then that selection rising a while. at actually the saw Spoke indicated that manufacturing for the a Europe. we has announced And yes, of terms in a battery manufacturers. on with star X, and XX today our It with site battery of been back Hungary

there from model growth of roadmap in terms a for [ph], have look In how incentive done would what Germany. say good I is, and to their folks that and you example, we

closer moat our a approach existing our first our and to Hungary. then obviously. So, we here second presence the I that, up imagine a double need people probably lines be like where really to because Then would we you have That will it’s efficient, right, additional already is But faster, and some much have alongside more customers, sites example, foremost, of from to can sites. for for first going to well, be looking it’s at as look efficient, Spoke operationally model, that’s a be capital the perspective. where nearly and we new

it’s to with how So, step to you customers. about going expand are and as continue been think both we lock

building affecting mass should add we just Rochester? How that sales and...? about do are since I just you. commissioning in Thank inventory we more, black if think could about you the getting And how forward one just going up to close of think

needed. And and can I on add then For will sure. as start, Debbie

say half have the this reiterated the of are the going build start we track towards second we of of Hub also we commissioning start that year. end to inventory the And that obviously, to on are yes, year. So, in

affects it end come, So, to vis-à-vis the And sales the profile and to those how I of at it really on turn our over day. will go Debbie. what’s together, right,

super it’s something we So to Ben, keen get And timing. a question just it’s underway. are of

ready. is warehouse Our

the back that case we up we some you business Hub. in have through commissioning down of for step somewhere of this a our inventory to So, that space down set the inventory. half the got preparation begin in to and would ramp plan, should it’s And just but expect working

continue and what which mass that be will production, see, our we start how clearly, selling kind gate. a line is But XXX% once buildup revenue we Spoke still of But right of are to good of gradual ramp go network. So, through black record inventory. to of our of in is up will be do impact use have our we operating some around we a that as this the out It it won’t will you we indication will will inventory anymore. we the be –

build value right do line. it reminder, will But So, a revenue the mass implications revenue. lithium great not now, are inventory there just selling because There for be makes any this of in mix economic we capture as sense for us a black product. in

down with in inventory opportunity better value So, operating. that have to it we the once the to set Hub got capture

you. Thank

Thanks Ben.

Thank you.

you. Thank

We take will Matthew with O’Keefe from question Fitzgerald. next our Cantor

morning. Good Hi.

for question just DOE that? around your or United get on applicable approved, And loan, in a the do be domestic States? only me will Europe, when in to what – that Just you get have it be specifically start to in are The covenants build-out when of it that, the will kind that. you build-out with do

Matthew morning. Hey can then add needed. and as I start Debbie on good will

really yes, of proceeds. dealt these So, part these so

business. our for to be have it does the U.S. build-out actually in So,

So, the to Hub. key actually process there is the

high of capital And cost costs at the capital dynamic spend. and that of this really A bit to there is with cost. folks a a lot obviously, of level eligible program is the come. Now, more a tracking are

right. imagine as continue way through there next are course draw on of best, the capital towards it’s is is can So, that draw the and to We there against And you that. we we can can no essentially more then can as work cost, then get to is actually going you cost, go eligible to come. against

ramp-up So, etcetera. working of there is capital,

is would but would level money co capital for where eligible level, that that build level. drawn the for, use that to obviously fund at co for be can a at AKA top So, being against top used have us U.S. that’s that does cost. But been it’s that what

they have Europe at it’s Debbie go thing, The up it So, or add And looking that do. site. next next thing anything, and obviously, in comments our also been the and opens we can really general? around

Matt. Good morning Yes.

Good morning.

financing then versus have of I this structure. now on albeit can the from looking that our albeit get we closed, to are the our Those this So, much that the if really this would the that secured for we project have and is fully think it’s at talk that U.S. be signed beautiful finalized one before structure can commercial financing bank goes think bond expect documentation. project typical about is are priced I can of that types no And and treasuries, U.S. type covenants guide, you all it the a spreads. that’s with documentation, thing it preference that there with perspective, very you different a arrangement, structuring we pretty government. up in the and But is you from think along a

that for long back, mentioned with around of So, share that the of the piece building, has think now is flexibility. are a but then flexibility, which we degree it is those for right lot I And other it life before, have paying assets this a secured I would we us gives right.

the secured entire but is asset, not company. against it So, Hub that

Right.

appreciate that’s particular explained. ask And the a – does mechanics have it, wonder on as just Okay. this. of you way I it side. just I guess because it deal that. provides If with more seem Thanks. a around you technical like on one question great I flexibility. I just could the great that’s

can is down being U.S. and Are uptick have chemistry up in LFP, into plants battery LFP LFP correct? We EVs. an is seen the their going guys built you – There accept

yes. Correct, Matt,

Yes.

Okay.

doesn’t as – affect I next any of really for least at the that – nickel-based batteries there plenty for is to decade? So, satisfy guess well the

Yes.

very this our to and hearts. sure, is for So, something close

we as we batteries mentioned batteries, accept said, lithium So, and briefly, a you say, commercially. LFP just ion phosphate I

through the I on the and way-out. So, way-in will walk it

of a can the also Rochester have hydroxide. mechanical discussion capability, can they to production the are Spoke, chemistry. a imagine their and way-out in our around thing some lithium agnostic aspect cobalt, as at way-in nickel for the One So, processing you Hub. whole other from we so on but Hubs looking looking manganese Hub, on carbonate the similar And we the our there And is facilities, LFP. as Portovesme for are or take sodium course

lithium then begun America not and we we of were [indiscernible] was North the in to off adding not. producing if see carbonate LFP in but choice, path good, and But and So, risk-adjusted which to much – is lithium a carbonate, do technical there have too demand, path. hydroxide too, angle continue the that’s be growth complexity, lithium Europe, from of

and As coming we it look pipeline at America North Europe, the and dominated nickel gigafactories is that the online, are online for still by higher chemistries.

there of is when chemistry. we to a case, So, bit a high still very we see And quite sensitize LFP coming in, gradual. aggressive even that but it’s nickel

be aspect going the see that’s a is Hubs, venture [ph] battery and that to So, as to But concern. our take our chemistry. key feed our able to of customers don’t for the from we continue

Appreciate so Thanks much. Great. it.

Thanks Matt.

from Osborne with Jeff will Cowen. question next take Instructions] [Operator our TD We

side. It opine just was thinking morning. would on Good I operating a questions crept couple you the bit of could Debbie, seems I flattish. my got if a up, I was on and more it Hey. like expense be wondering level. it’s

what the would the talk is about year second you as commissioning into of you helpful. could be outlook move the just for If half

out follow math, it is up. is that in problem. what am sure expenses. complicated to statement. Hi not back a non-cash little It some bit creeping income I the really do Yes. no I you Jeff, And your really need

of and that for the to and balance indicator year QX or think QX of on the you a be I it level. same for should this good expect are XXXX, year around

and you then if of in sort Got for scope, ton in Ajay, rule you faster be of an difference elevator as on this trying which what just on, are we of were you precision. Italy thumb to in in market, touched the then that with time scope? and ton the the is stuck of CapEx the well if more feasibility pitch it. as to you there the And per with it helpful a terms per were maybe articulate study, of percent could facility could a me different ahead of terms terms EBITDA It would just x financial ramifications do in bit

Sure. time look, it’s Jeff. elaborate going the would streamlined I of flow to course, sheet. that may good we is bottom get Hey say, that. line more not probably faster, on a And to

revenue sulfate. the provided of at nickel that, range. of impact up common and a contain It it’s way, to making Of reporting the indexes MHP, the nickel the of actually cobalt. is the like same course, to numerous give has the time, cobalt nickel sense But not to on indices agencies get of and bit higher – intermediate. we a a by a sense from rough value payables cobalt have pretty

keep Just it’s again, the mining mind, to not same exactly in product. as

faster, capital facility then would So, for Rochester. Glencore, expect talked it’s the in intensity bottom intensity, And we around tailored Europe capital the the about it’s versus of a refining I Norway. line, lower terms in collaboration with

looking of will the So, be forward on that’s qualitatively. Obviously, back be to to which full the the DFS results, full sharing. we elevator are able pitch enabled

Have the is I see And the you presentation. will didn’t Got PTC expectation the for that to able tax you the of reference XX% credit timing production and the any eligible in to been then that? it. be what confirm

Yes.

said today, based the that have based we BTCU. continues to engagement on seem that to that are does this that latest guidance look to do guidance, fall for BTCU understand that but XX% We eligible for we the is [ph]. to It think engagement on do we specific and the the be like likely eligible we yes, our on continue XX% So, get.

Great. Thank you.

Jeff. Thanks

appears questions. Thank turn to have we it time, back you. will or remarks. the Kochhar At additional this now any closing further no call I for Ajay

chain America leading loop And became plan you, back, recycler strategic lithium anniversary we public on since it’s materials and looking pure-play that electrification company. our delivered have supplier and and or sustainable we an time, carbonate. global processing Europe, the we Spoke and the significant leading including enabling business supply ion Li-Cycle actually integrated of Hub Thank John. built first-mover of battery-grade recap are post And that X-year By the pre a battery lithium & , network to to which battery-grade North from ecosystem. key during validate unparalleled down network materials. materials, our positions in closing supplier achievements innovative a our model, Li-Cycle the be domestic become to

into Coke, arrangements financing OEMs. VinES, $XXX we since in chain, commercial EVE, long-term KION, with players support, Traxys, government achieved LG, strategic with partners public, other competitive entered in the the LG Glencore including addition And DOE. and totaling supply have leading have million strategic global Glencore, to including battery being We and

strategic and leading demonstrating and become So, look to on the industry-leading in forward we proud Li-Cycle execution global further to significant battery-grade technology extremely that top driving a of And value sustainable materials with summary, continued expertise, we focus path our with our producer are team quarters a in of puts partnerships. progress for shareholders. on coming key a

support thanks Li-Cycle. for your So, interest for and time,

This XXXX webcast. second call does Li-Cycle quarter conclude earnings today’s and

may a your day. time line wonderful have and You at disconnect this