Glencore plc bought LICY

Footnotes

In connection with any optional or mandatory redemption, and provided that Glencore Canada has not elected to convert the New Note and/or the A&R Notes (collectively, the "Notes") into Common Shares, following receipt of notice of such redemption the Issuer is required to issue a number of warrants to Glencore Canada that entitle it to acquire a number of Common Shares equal to the principal amount of the applicable Notes being redeemed divided by the then applicable conversion price and expiring on March 25, 2030 (if the New Note) or the maturity of the applicable A&R Notes.; The Issuer previously issued to Glencore Canada a senior secured convertible note (the "New Note"). The principal and accrued interest owing under the New Note may be converted at any time, subject to the satisfaction of applicable regulatory conditions, by the holder into Common Shares of the Issuer at the conversion price of $4.14 per share (as of December 9, 2024), subject to further adjustments. The New Note matures on March 25, 2029. Mandatory redemption of the New Note will be required in the amount equal to a specified percentage of the excess cash flow generated by the Issuer and its subsidiaries for the applicable fiscal year (less certain deductions and subject to proration).; Interest on the New Note is payable either in cash or by payment-in-kind ("PIK") at the Issuer's election, on a semi-annual basis, and is based on the secured overnight financing rate plus 6% per year if interest is paid by PIK. The Issuer elected to have all accrued and unpaid interest on the New Note to, but not including, the interest payment date of December 31, 2024 be paid by PIK, which resulted in the aggregate principal amount of the New Note increasing by an additional $6,573,643.75 (based on the $4.14 conversion price, convertible up to 1,587,836 Common Shares).; Not applicable.; Reflects the outstanding principal amount of the New Note and the applicable A&R Note, inclusive of the PIKs made through December 31, 2024 (each capitalized term as defined herein).; This form is being filed by each of the following reporting persons: Glencore plc, Glencore International AG and Glencore Canada Corporation (collectively, the "Reporting Persons"). Glencore plc is the parent company of Glencore International AG. Glencore Canada Corporation ("Glencore Canada") is an indirect wholly-owned subsidiary of Glencore International AG. Because of the relationships among the Reporting Persons, the Reporting Persons may be deemed to beneficially own the securities reported herein to the extent of their respective pecuniary interests. Each Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, if any.