Glencore plc → Li-Cycle Holdings Corp.

Item 4 of the Schedule 13D is hereby supplemented as follows: On January 31, 2025, the Issuer amended and restated the Senior Secured Convertible Note (the "A&R Senior Secured Convertible Note"), A&R Convertible Note No. 1 (the "Second A&R Convertible Note No. 1") and A&R Convertible Note No. 2 (the "Second A&R Convertible Note No. 2" and together with the Second A&R Convertible Note No. 1 and A&R Senior Secured Convertible Note, the "Glencore Notes"). Additionally, the Issuer, Glencore Canada Corporation, Glencore Ltd. and Glencore Canada Corporation, as collateral agent, entered into Amendment No. 1 to the New Note Purchase Agreement, as amended and restated (the "NPA Amendment"). Among other things, the amendments to the Glencore Notes and the NPA Amendment: Entitle Glencore Canada Corporation (and any warrants issued in accordance with the Glencore Notes) to equivalent pro rata distributions made to common shareholders; Entitle any warrants issued in accordance with the Glencore Notes to have the Issuer repurchase the warrants for cash upon a change of control, at the holder's election, based on a Black-Scholes lite valuation; Entitle Glencore Canada Corporation (and any warrants issued in accordance with the Glencore Notes) to an economic anti-dilution adjustment, in addition to modification of the conversion or exchange price, as applicable, in the event of a reverse stock split or similar share combination; Add provisions to the Glencore Notes (and any warrants issued in accordance with the Glencore Notes) that specify conversion or exchange price adjustments, as applicable, in connection with the future issuance by the Issuer of additional Common Shares or instruments exchangeable or convertible into Common Shares; Add provisions to the Glencore Notes (and any warrants issued in accordance with the Glencore Notes) that provide for compensation in the event that the Company fails to timely deliver Common Shares upon conversion of the Glencore Notes or exercise of the related warrants, as applicable; and Remove contractual transfer restrictions on the warrants issued in accordance with the Glencore Notes and the Common Shares underlying such warrants. The conversion price for the A&R Senior Secured Convertible Note, Second A&R Convertible Note No. 1 and Second A&R Convertible Note No. 2 remains $3.02, $2.33, and $49.60, respectively, with each subject to future adjustments in accordance with the terms of the applicable notes.