Li-Cycle Holdings Corp (LICY) 2024 Q3 法說會逐字稿

Hello, everyone, and welcome to the Li-Cycle Holdings Corp. Q3 2024 financial results.

大家好，歡迎閱讀 Li-Cycle Holdings Corp. 2024 年第三季財務業績。

My name is Charlie and I'll be coordinating the call today.

我叫查理，今天我將協調通話。

(Operator Instructions) I will now hand over to our host, Louie Diaz of Li-Cycle to begin.

（操作員指示） 現在請我們的主持人 Li-Cycle 的 Louie Diaz 開始。

Louie, please go ahead.

路易，請繼續。

Thank you, operator.

謝謝你，接線生。

Good afternoon, and thank you, everyone, for joining us for Li-Cycle business update and review of unaudited financial results for the three-month period ended September 30, 2024.

下午好，謝謝大家參加我們的 Li-Cycle 業務更新以及截至 2024 年 9 月 30 日的三個月期間未經審計的財務業績審查。

We will start today with formal remarks from Ajay Kochhar, President and Chief Executive Officer; and Craig Cunningham, Chief Financial Officer.

我們將從今天開始由總裁兼執行長 Ajay Kochhar 發表正式演講；克雷格‧坎寧安（Craig Cunningham），財務長。

We will then follow with a Q&A session.

然後我們將進行問答環節。

Ahead of this call, Li-Cycle issued a press release and a presentation which can be found in the Investor Relations section of our website at investors.li-cycle.com.

在此次電話會議之前，Li-Cycle 發布了一份新聞稿和演示文稿，您可以在我們網站 Investors.li-cycle.com 的投資者關係部分找到這些內容。

On this call, management will be making statements based on current expectations, plans, estimates and assumptions, which are subject to significant risks and uncertainties.

在本次電話會議上，管理層將根據當前的預期、計劃、估計和假設發表聲明，這些聲明面臨重大風險和不確定性。

Most of which are difficult to predict and many of which are beyond the control of life cycle.

其中大多數難以預測，並且許多超出生命週期的控制範圍。

Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect including because of the factors discussed in today's press release.

如果我們的任何關鍵假設不正確（包括由於今天新聞稿中討論的因素），實際結果可能與我們的前瞻性陳述有重大差異。

During this conference call or in our past reportion filings, the US Securities and Exchange Commission and the Ontario Securities Commission in Canada.

在本次電話會議或我們過去提交的報告中，美國證券交易委員會和加拿大安大略省證券委員會。

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

這些文件可以在我們的網站 Investors.li-cycle.com 上找到。除非有要求，否則您不承擔更新本次電話會議期間或不時做出的任何前瞻性陳述（無論是書面還是口頭）的義務，以反映新資訊、未來事件或其他情況。

These forward-looking statements should not be relied upon as representing Li-Cycle assessments as of any date subsequent to the date of this call.

這些前瞻性陳述不應被視為代表 Li-Cycle 在本次電話會議之後的任何日期的評估。

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

至此，我很高興將電話轉給 Ajay。

Thank you, Louie, and good afternoon.

謝謝你，路易，下午好。

Starting on slide 3.

從投影片 3 開始。

We are excited to announce that we have closed an agreement with the US Department of Energy for a loan of up to $475 million, following detailed technical, market, financial and legal due diligence.

我們很高興地宣布，經過詳細的技術、市場、財務和法律盡職調查，我們已與美國能源部達成協議，提供高達 4.75 億美元的貸款。

This loan values an increase of $100 million over the previously announced initial payment, up $375 million and is expected to support the development of our flagship Rochester Hub project in Upstate New York.

這筆貸款價值比先前宣布的首期付款增加了 1 億美元，即 3.75 億美元，預計將支持我們位於紐約州北部的旗艦羅徹斯特中心項目的開發。

This is the first TV loan to be finalized for a sustainable lithium-ion battery materials company, and a significant milestone for Li-Cycle.

這是可持續鋰離子電池材料公司最終確定的首筆電視貸款，也是 Li-Cycle 的一個重要里程碑。

We are only the fifth company in recent years to close a loan under the DOE's [ATD] program, which is indicative of the significant amount of diligence and work needed to finalize the direct loan.

我們是近年來根據美國能源部 [ATD] 計劃結清貸款的第五家公司，這表明最終確定直接貸款需要大量的盡職調查和工作。

Our loan agreement is a strong vote of confidence for our patented recycling technology and underscores the importance of our role as a critical battery material supplier in the US battery supply chain.

我們的貸款協議是對我們的專利回收技術投下的一張強有力的信任票，並強調了我們作為美國電池供應鏈中關鍵電池材料供應商的重要性。

The Rochester Hub is expected to be North America's first commercial-scale (inaudible) logical resource recovery facility and a significant domestic source of recycled critical materials for producing lithium batteries, including aggregate listing permits and mixed hydroxide precipitate for MHP, which is an intermediate product containing nickel, cobalt and negative metals.

羅徹斯特中心預計將成為北美第一個商業規模（聽不清楚）的邏輯資源回收設施，也是國內生產鋰電池的關鍵回收材料的重要來源，包括骨材上市許可和MHP（一種中間產品）的混合氫氧化物沉澱物含有鎳、鈷和負極金屬。

This strategic financing achieves our goal of executing a low-cost long-term debt financing, which will help optimize our capital structure.

本次策略融資實現了我們執行低成本長期債務融資的目標，有利於優化我們的資本結構。

We'd like to sincerely thank the DOE for their continued support in Li-Cycle and the Rochester Hub project.

我們衷心感謝能源部對 Li-Cycle 和羅徹斯特中心計畫的持續支持。

And we're pleased to partner with them as we work to build a sustainable domestic supply chain for critical battery materials in North America.

我們很高興與他們合作，努力為北美的關鍵電池材料建立可持續的國內供應鏈。

We're also grateful for the biopart support for battery recycling, and how we can underpin the development of a strong domestic batteries supply chain.

我們也感謝 Biopart 對電池回收的支持，以及我們如何支持強大的國內電池供應鏈的發展。

Turning to slide 4 for some additional details in loan.

請參閱幻燈片 4 以了解貸款的一些其他詳細資訊。

The loan facility offers attractive terms relative to other third-party financing alternatives (inaudible) and is a critical step towards our goal of restarting construction at the Rochester Hub project.

與其他第三方融資替代方案（聽不清楚）相比，該貸款融資提供了有吸引力的條款，是實現我們重啟羅徹斯特樞紐專案建立目標的關鍵一步。

The $475 million loan facility includes a principal amount of up to $445 million and capitalized interest of up to $30 million during the construction period.

4.75 億美元的貸款融資包括高達 4.45 億美元的本金和施工期間高達 3,000 萬美元的資本化利息。

Final maturity is on March 15, 2040, for an approximately 15-year term.

最終到期日為 2040 年 3 月 15 日，期限約 15 年。

Principal and the interest rate construction period will not be payable for [Boston] tiers after first event.

首次活動後，[波士頓] 級別將不再支付本金和利率構建期。

The interest rate is fixed from the date of each event to the maturity date of the loan and the applicable long-dated US treasury and more importantly, with no spread.

從每次事件發生之日到貸款和適用的長期美國國庫券到期日，利率都是固定的，更重要的是，沒有利差。

The first advantage full loan will subject of satisfaction or labor of certain conditions and requirements, including completing our base equity contribution to the project.

第一筆優勢全額貸款將取決於某些條件和要求的滿足或勞動，包括完成我們對該專案的基本股權貢獻。

The base equity contribution includes selling commitments related to the project for costs incurred in [IFA] which is approximately $92 million as of September 30, 2024.

基本股權出資包括與該項目相關的出售承諾，以支付 [IFA] 產生的成本，截至 2024 年 9 月 30 日，該成本約為 9,200 萬美元。

Additionally, we also obtained financing of approximately $173 million to fund our reserve account requirements for first events.

此外，我們還獲得了約 1.73 億美元的融資，以滿足首屆活動的儲備帳戶需求。

Of note, approximately $97 million of these reserves can be satisfied by letters of print.

值得注意的是，其中大約 9,700 萬美元可以透過印刷信件來滿足。

These amounts represent a significant portion of the remaining base equity contribution, and they're based on current estimates, which may change prior first events.

這些金額佔剩餘基本股本貢獻的很大一部分，並且它們基於當前的估計，這可能會改變先前的第一個事件。

There are also, among other components of [base asset] contribution that will need to be satisfied prior to first events.

除[基礎資產]貢獻的其他組成部分外，還需要在首次活動之前滿足。

For some added detail, the loan reserve account cards include reserves for construction, ramp-up and spoke capital expenditures.

對於一些額外的細節，貸款準備金帳戶卡包括建設、擴大和輻條資本支出的準備金。

Funding of these reserve accounts is not part of the CapEx of the project due to mechanical conclusion.

由於機械結論，這些儲備帳戶的資金不屬於專案資本支出的一部分。

The majority of the reserves are also expected to be released back to the company on or before the completion of the project.

預計大部分儲備金也將在專案完成時或之前退還給公司。

We are actively evaluating financing and strategic alternatives for a full funding package needed to restart construction of the Rochester Hub.

我們正在積極評估融資和策略替代方案，以獲得重啟羅徹斯特樞紐建設所需的全額資金方案。

Turning to slide 5.

轉到投影片 5。

We continue to make strong progress on our key objectives.

我們繼續在我們的關鍵目標上取得重大進展。

Today, we completed a priority for the year, closing the US DOE loan.

今天，我們完成了今年的首要任務，結束了美國能源部的貸款。

Our next steps for our key objectives are: first, to secure a full funding package needed for the restart of construction at the Rochester Hub project.

我們為實現主要目標而採取的下一步措施是：首先，獲得重啟羅徹斯特樞紐計畫建設所需的全額資金。

I wish the GE loan is a keeping potent.

我希望通用電氣的貸款能夠保持效力。

The full funding tactic will also assist in the funding of the base equity contribution needed to act as first event on DOE Loan.

全額融資策略還將有助於為能源部貸款的第一個活動所需的基本股權捐款提供資金。

Second, complete our open review of the Hub product which includes the technical and economic analysis for the go forward decision on the industry's code.

其次，完成我們對 Hub 產品的公開審查，其中包括對行業代碼的前進決策進行技術和經濟分析。

We've made great progress in effort, including completing the technical review of the industry code and establishing a strong commercial framework for

我們的努力已經取得了很大的進展，包括完成了行業代碼的技術審查，並建立了強大的商業框架

(inaudible)

（聽不清楚）

In parallel with these objectives, we are continuing our ongoing work on optimizing our spoken word.

在實現這些目標的同時，我們正在繼續努力優化我們的口語。

We are defining ways to extract more value from these assets to build a self-sufficient and financially accretive spoke business.

我們正在尋找從這些資產中提取更多價值的方法，以建立自給自足且具有財務增值能力的輻條業務。

We are focused on our Gen 3 Spoke in Arizona, Alabama and Germany, and as part of the optimization work we have curtailed operations at or near Spoke and our continuing closure activity at our Ontario Spoke as previously indicated.

我們專注於亞利桑那州、阿拉巴馬州和德國的第 3 代 Spoke，作為優化工作的一部分，我們已經減少了 Spoke 處或附近的運營，以及我們之前指出的安大略省 Spoke 的持續關閉活動。

Turning to slide 6.

轉到投影片 6。

For a recap of the industry process.

回顧行業流程。

Black Mass will be processed at the Hub to produce MHP, a combination of nickel, cobalt and magnesiums.

Black Mass 將在該中心進行加工，以生產 MHP（鎳、鈷和鎂的組合）。

MHP could be sold to a refiner ahead of supply to the battery cathode prefer service route.

MHP 可以在供應給電池陰極首選服務路線之前出售給精煉廠。

In our case, we have secured an offtake agreement with Glencore, covering all of our MHP production.

就我們而言，我們已與嘉能可簽訂了一份承購協議，涵蓋我們所有的 MHP 生產。

We also have existing offtake agreements for lithium carbonate produced at the Rochester Hub with (inaudible) In the long term, we retain the optionality of the project to produce nickel and cobalt cell base.

我們也與（聽不清楚）在羅徹斯特中心生產的碳酸鋰簽訂了現有承購協議。

For clarity, the production of lithium carbonate remains as was planned.

為清楚起見，碳酸鋰的生產仍按計劃進行。

The MHP process is not new for the company, and it was actually part of our large-scale pilot program completed in 2019 to 2020 and is included in our candidate technology portfolio.

MHP工藝對公司來說並不新鮮，它實際上是我們在2019年至2020年完成的大規模試點計劃的一部分，並包含在我們的候選技術組合中。

Turning to slide 7 for an update on the Rochester Hub project and the MHP scope.

請參閱投影片 7，以了解羅徹斯特樞紐計畫和 MHP 範圍的最新情況。

As mentioned, we are excited to have completed the technical review of the Rochester Hub project.

如前所述，我們很高興完成了羅徹斯特樞紐計畫的技術審查。

We also continue to advance the go-forward project execution plan.

我們也繼續推進專案執行計劃。

The estimated total capital cost of the project to mechanical inflation is unchanged at approximately $960 million.

該項目機械通貨膨脹的估計總資本成本維持在約 9.6 億美元不變。

Our current estimated cost to complete the project is approximately $487 million, which is inclusive of commitments for costs incurred and not yet paid of approximately $92 million.

我們目前估計完成該項目的成本約為 4.87 億美元，其中包括已發生但尚未支付的約 9,200 萬美元的承諾成本。

The total capital cost for the project through to cancel completion does not include commissioning, working capital, rent and financial rate costs.

項目至取消完工為止的總資本成本不包括調試、營運資金、租金及財務費用。

We expect an annual production of up to approximately 8,250 tonnes of battery lithium carbonate and up to approximately 72,000 tonnes of MHP.

我們預計電池碳酸鋰的年產量​​將高達約8,250噸，MHP的年產量將高達約72,000噸。

The expected nameplate processing fact remains at 35,000 tonnes of Black Mass anyway.

無論如何，預計銘牌加工量仍為 35,000 噸黑塊。

As we announced last week, we entered into an agreement with Glencore covering the offtake of 100% of the MHP we produce at Rochester Hub.

正如我們上週宣布的，我們與 Glencore 簽訂了一項協議，涵蓋我們在羅徹斯特中心生產的 100% MHP。

I'd like to note that Glencore and TrakSYS existing offtake rights coming with in carbonate production from the hub are not affected by these bins.

我想指出的是，Glencore 和 TrakSYS 現有的碳酸鹽生產承購權不受這些垃圾箱的影響。

With these amended agreements, we have established a commercial framework that provides a strong market foundation for the project.

透過這些修訂後的協議，我們建立了一個商業框架，為該專案提供了堅實的市場基礎。

We're pleased to have strong industry partners as we continue to work towards our goal of restarting construction of the Rochester Hub.

我們很高興能擁有強大的產業合作夥伴，並繼續努力實現重新啟動羅徹斯特樞紐建設的目標。

Turning to slide 8.

轉到投影片 8。

We'll take a look at the evolution of Li-Cycle's expected revenue and financial profile.

我們將了解 Li-Cycle 預期收入和財務狀況的演變。

We currently provide services with corresponding revenue for the recycling public

我們目前為回收公眾提供服務並獲得相應的收入

(inaudible).

（聽不清楚）。

And in some cases, we pay for battery materials based on discount to metal prices, and this is all from a diverse pool of suppliers to produce and sell Black Mass under contractual arrangements.

在某些情況下，我們根據金屬價格的折扣來支付電池材料的費用，而這全部來自不同的供應商，根據合約安排生產和銷售 Black Mass。

This results in Black Mass revenues that are based on current metal prices at the point of sale.

這導致 Black Mass 收入是基於銷售點的當前金屬價格。

A goal of our Spoke optimization initiative is to make this part of our business financially accretive and self-sufficient.

我們 Spoke 優化計劃的目標是使我們的這部分業務實現財務增值和自給自足。

Our mid- to long-term goal is to utilize our Black Mass production of feedstock for the Hub, which will produce battery lithium carbonate in MHP, unlocking significant incremental value.

我們的中長期目標是利用我們的黑色大規模生產的原料，這將生產 MHP 電池碳酸鋰，釋放顯著的增量價值。

The operationalization of our Rochester Hub will represent a key step change in life cycle evolution.

我們的羅徹斯特中心的運作將代表生命週期演變的關鍵一步變化。

Utilizing the forecasted underlying metrics at the bottom of the chart, with the expected pump production of these critical batteries (inaudible) should give you a sense of the inflection point we anticipate in our revenue profile.

利用圖表底部的預測基礎指標，以及這些關鍵電池的預期泵浦產量（聽不清楚），應該能讓您了解我們在收入狀況中預期的轉折點。

It is worth highlighting that under the MHP scope, the metal (inaudible) for nickel and cobalt are consistent with the previous sulfate plan.

值得強調的是，在MHP範圍內，鎳和鈷的金屬（聽不清楚）與先前的硫酸鹽計畫一致。

Turning to slide 9.

轉到投影片 9。

For an overview of Li-Cycle's commercial updates.

了解 Li-Cycle 商業更新的概述。

We've established a broad and diversified global base of battery supply customers, including a leading US headquartered (inaudible) EV and battery manufacturing, which is our largest customer source of revenue for the first nine months of the year and in Q3.

我們已經建立了廣泛且多元化的全球電池供應客戶群，其中包括總部位於美國的領先（聽不清楚）電動車和電池製造商，這是我們今年前九個月和第三季最大的客戶收入來源。

We continue to demonstrate our expertise in processing all type of [lithium] batteries, independent of form factor and chemistry and are particularly leveraging our Gen 3 technology to support our customers.

我們繼續展示我們在處理所有類型的[鋰]電池方面的專業知識，不受形狀因素和化學成分的影響，並且特別利用我們的第三代技術來支持我們的客戶。

As shown on the bar chart, manufacturing scrap continues to make up a large part of our battery to book feed.

如長條圖所示，製造廢料繼續構成我們電池預訂供應的很大一部分。

The manufacturing scrapping process includes large battery pack formats, which we focus on to leverage the value centers provided by our Gen 3 capabilities in processing this material.

製造報廢過程包括大型電池組格式，我們專注於利用我們的第三代能力在處理這種材料時提供的價值中心。

We continue to see broad-based support for our differentiated technologies reflected in our position as a preferred recycling partner for leading global battery, EV and energy storage OEMs.

我們的差異化技術繼續獲得廣泛的支持，這體現在我們作為全球領先電池、電動車和儲能原始設備製造商的首選回收合作夥伴的地位。

Notably, 4 of our top 5 partners from (inaudible) during Q3 amongst the largest global EV OEMs.

值得注意的是，第三季我們前 5 名的合作夥伴中有 4 個來自（聽不清楚）全球最大的電動車 OEM 廠商。

Turning to slide 10 for highlights on our Black Mass production and scope opiate initiatives.

請參閱投影片 10，以了解我們的黑色大規模生產和範圍阿片類藥物計劃的重點內容。

During the quarter, our Spokes produced 1,459 tonnes of Black Mass and equivalents progressively higher each quarter this year.

本季度，我們的 Spokes 生產了 1,459 噸 Black Mass，而今年每季的產量都在逐步增加。

Our goal is to take near-term steps towards creating a financially accretive Spoke business.

我們的目標是採取近期措施創造具有經濟效益的 Spoke 業務。

Building a self-sufficient spoke business will also support our work on securing for the financing.

建立自給自足的輻條業務也將支持我們的融資工作。

As noted, we are prioritizing our Gen 3 Spoke, which can process full battery pots without the need for those metals.

如前所述，我們正在優先考慮 Gen 3 Spoke，它可以處理完整的電池罐，而不需要這些金屬。

We are optimizing our Spoke facility to maximize and sustained throughput rates and recoveries, reduce costs and enhance the quality of our Black Mass.

我們正在優化我們的輻條設施，以最大限度地提高和維持吞吐率和回收率，降低成本並提高黑料的品質。

In addition, as you've seen in the last few quarters, (inaudible) as are a growing share of our revenue.

此外，正如您在過去幾季所看到的（聽不清楚）我們收入的份額也在不斷增長。

We will continue working on these initiatives and focus on our Gen 3 Spokes to build a self-sufficient Spoke business.

我們將繼續致力於這些舉措，並專注於我們的第三代輻條，以建立自給自足的輻條業務。

In line with the strategy, we have curtailed operations of year Spoke and our continuing closure activities in our Ontario Spoke as (inaudible) can.

根據該策略，我們已經盡可能地（聽不清楚）減少了 Spoke 年度的營運以及安大略 Spoke 的持續關閉活動。

With that, I'll now turn it over to Craig to provide a review of the financials.

有了這個，我現在將把它交給克雷格來提供財務審查。

Thank you, Ajay.

謝謝你，阿傑。

Turning to slide 11 through a review of our 2024 third-quarter financial results.

轉向投影片 11，回顧我們的 2024 年第三季財務表現。

Highlights include strong year-over-year revenue growth and lower SG&A for the third quarter of 2024 versus 2023.

亮點包括強勁的同比收入成長以及 2024 年第三季的 SG&A 低於 2023 年。

Although the year-to-date production is lower than in the prior year, we were pleased to see that the quarterly production of Black Mass in total increased compared to the same period last year.

儘管今年迄今的產量低於上年，但我們很高興看到 Black Mass 的季度總產量與去年同期相比有所增加。

Black Mass sold also increased with almost 2,000 tonnes sold in the quarter versus 892 tonnes sold in 2023.

Black Mass 銷量也有所增加，本季銷量接近 2,000 噸，而 2023 年銷量為 892 噸。

Total revenue increased 79% to $8.4 million.

總營收成長 79%，達到 840 萬美元。

This increase reflects higher recycling service revenue, higher metal prices and favorable mix of substituents levels and lower unfavorable noncash fair value pricing adjustments.

這一增長反映了回收服務收入的增加、金屬價格的上漲、有利的替代品水平組合以及不利的非現金公允價值定價調整的減少。

We'd like to highlight that are $8.4 million in revenue for Q3 was consistent with the record revenue from Q2 2024, demonstrating continued positive momentum this year.

我們想強調的是，第三季的營收為 840 萬美元，與 2024 年第二季的創紀錄收入一致，顯示今年持續的正面動能。

Moving to cost of sales, which were slightly lower at $20 million.

銷售成本略低，為 2000 萬美元。

Cost of sales attributable to product revenue decreased approximately 3% compared to last year as a result of lower reduction levels.

由於降幅較低，產品收入所佔銷售成本較去年下降約 3%。

This was offset by an increase of $0.6 million in cost of sales of attributable service revenue compared to last year due to new service contract ventures.

由於新的服務合約合資企業，歸屬服務收入的銷售成本較去年增加了 60 萬美元，抵消了這一成長。

We are pleased to note that SG&A has decreased 50% to $12.9 million versus $25.9 million in 2023, primarily driven by lower recurring personal costs, resulting from restructuring initiatives implemented since the positive construction of the Rochester Hub.

我們很高興地註意到，SG&A 下降了 50%，至 1290 萬美元，而 2023 年為 2590 萬美元，這主要是由於羅徹斯特樞紐積極建設以來實施的重組舉措導致經常性個人成本下降。

Adjusted EBITDA improved year-over-year, largely driven by a decrease in SG&A and higher revenue.

調整後 EBITDA 年比改善，主要是由於 SG&A 減少和收入增加。

This quarter, our net cash outflows were $22 million less than the previous quarter, driven by lower expenditures from our cash observation initiatives and 1.1 million raised through our ATM program.

本季度，我們的淨現金流出比上一季減少了 2,200 萬美元，原因是我們的現金觀察計畫支出減少以及透過 ATM 計畫籌集了 110 萬美元。

I will now turn it back to Ajay.

現在我將把它轉回給 Ajay。

Thanks, Craig.

謝謝，克雷格。

Turning to slide 12, I want to provide an update on the market dynamics in today's battery expansion.

轉向幻燈片 12，我想提供有關當今電池擴展市場動態的最新資訊。

While this year has been dynamic, we believe the long-term fundamentals remain strong for Li-Cycle due to two factors.

儘管今年充滿活力，但我們認為，由於兩個因素，鋰循環的長期基本面仍然強勁。

First, the increasing supply of recycling materials and the lack of domestic post processing capacity.

一是回收材料供應量不斷增加，國內後處理能力不足。

And second, the continued support for building a localized battery and critical material supply chains.

其次，持續支援建置本地化電池和關鍵材料供應鏈。

The chart on the left shows the rising sales of EDs in North America with a CAGR of approximately 20% from 2025 to 2030 despite current industry headwinds.

左圖顯示，儘管目前產業面臨阻力，但 2025 年至 2030 年，北美 ED 銷售仍呈現成長趨勢，複合年增長率約 20%。

As shown on the right, the widespread adoption of EV supports the increase in battery materials available for cycle.

如右圖所示，電動車的廣泛採用支持了可循環電池材料的增加。

The increase in recycling materials near to midterm is largely driven by manufacturing scrap, which currently makes a large part of our current feedstock.

臨近中期回收材料的增加主要是由製造廢料推動的，目前製造廢料占我們目前原料的很大一部分。

By 2030, the supply of recycling materials is projected to increase to 3 times versus 2025 as more end-of-life battery feedstock becomes available.

到 2030 年，隨著更多報廢電池原料的出現，回收材料的供應量預計將比 2025 年增加 3 倍。

To summarize, the long-term fundamentals for the battery recycling industry remains strong, with Li-Cycle well positioned to help bridge the large gap in domestic postprocessing recycling capacity with the Roster Hub.

總而言之，電池回收行業的長期基本面仍然強勁，Li-Cycle 處於有利地位，可以透過 Roster Hub 幫助縮小國內後處理回收能力的巨大差距。

Turning to slide 13.

轉到投影片 13。

We believe the current trends towards energy and critical material independents will also continue to be a positive to the battery supply chain industry in our company.

我們相信，當前能源和關鍵材料獨立企業的趨勢也將繼續對我們公司的電池供應鏈產業產生積極影響。

Another example includes the recently finalized guidance on the US 45x tax credit, which provides direct financial incentives to the hub and support the development of a domestic circular US battery project.

另一個例子包括最近最終確定的美國 45 倍稅收抵免指南，該指南為該中心提供直接的財政激勵，並支持美國國內循環電池計畫的發展。

Specifically, it includes a 10% production tax credit on the lithium carbon expected to be produced to Rochester Hub, including certain direct and indirect production costs and is available through 2032.

具體來說，它包括對羅徹斯特中心預計生產的鋰碳提供 10% 的生產稅收抵免，包括某些直接和間接生產成本，並可在 2032 年之前享受。

In the US, batteries of lithium recycling continues to be a strong bipartisan topic.

在美國，鋰回收電池仍然是兩黨的熱門話題。

As there is a clear understanding that building of battery supply chain domestically is in both the economic and national security trust of the country.

人們清醒地認識到，國內電池供應鏈建設攸關國家經濟和國家安全。

We believe these are positive trends that will help create for momentum for Li-Cycle and Rochester will help create value for our investors and stakeholders.

我們相信這些積極的趨勢將有助於為 Li-Cycle 創造動力，而羅徹斯特將有助於為我們的投資者和利害關係人創造價值。

Turning to slide 14 and reiterate our go-forward strategy and key objectives.

轉向投影片 14，重申我們的前進策略和主要目標。

First, we have completed today a key priority by finalizing the DOE loan.

首先，我們今天完成了一項關鍵優先事項，最終確定了能源部貸款。

Second, we are actively evaluating financing and strategic options for a full funding package needed to restart construction of the Rochester Hub project, which includes many requirements for the first advance of the (inaudible) loans.

其次，我們正在積極評估重啟羅徹斯特樞紐計畫建設所需的全額融資方案的融資和策略選擇，其中包括許多首次預付（聽不清楚）貸款的要求。

Third, we made significant advancements on our review of the Rochester Hub.

第三，我們對羅徹斯特中心的審查取得了重大進展。

And the next step when ready will be a formal updated final investment decision, or FID, which will be underpinned by the full financing package we're looking to secure, and this will mark the completion of the comprehensive review.

準備就緒後的下一步將是正式更新的最終投資決定（FID），該決定將以我們希望獲得的完整融資方案為基礎，這將標誌著全面審查的完成。

And finally, we are continuing to maximize value process book networks by working to build a financially accretive Spoke business that focuses on our Gen 3 technology.

最後，我們將繼續致力於建立一個專注於我們的第三代技術的具有財務增值能力的 Spoke 業務，從而繼續最大化流程圖書網絡的價值。

Before we get to Q&A, I want to thank our employees and our partners for their continuing support.

在進行問答之前，我要感謝我們的員工和合作夥伴的持續支持。

While the last 12 months have been very dynamic for our company, we have been able to work through challenges and achieved significant milestones because of the support and dedication of these groups.

雖然過去 12 個月對我們公司來說非常充滿活力，但由於這些團體的支持和奉獻，我們能夠克服挑戰並實現重要的里程碑。

Li-Cycle is clear adjective going forward, and we're focused on capitalizing on these opportunities.

Li-Cycle 是一個明確的未來形容詞，我們專注於利用這些機會。

Operator, we're now ready for questions.

接線員，我們現在準備好提問了。

(Operator Instructions)

（操作員說明）

We have no call registered on today's call, so I'll hand back over to the management team for any further or final remarks.

我們在今天的電話會議上沒有登記任何電話會議，因此我將轉交管理團隊進行進一步或最後的評論。

Thank you.

謝謝。

So as I discussed, we continue to believe strongly in this market and the role that will play as a Li-Cycle and securing energy in critical material independence and as discussed strongly by part of the topic and with great fundamental secular tailwinds, even in the long term, of course, the dynamic period has been going through near term.

因此，正如我所討論的，我們仍然堅信這個市場以及它將作為鋰循環發揮的作用，並在關鍵的物質獨立性中確保能源，正如主題的一部分所強烈討論的那樣，並且具有巨大的基本長期順風，即使在當然，從長期來看，動態時期已經經歷了近期。

So we look forward to providing everyone with further updates as we continue to progress.

因此，隨著我們的不斷進步，我們期待為大家提供進一步的更新。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you for joining.

感謝您的加入。

You may now disconnect your lines.

現在您可以斷開線路。