Using a list in batch file

I need to copy a file if exist to a list of destinations. The Destination contain %variables% . When I run it appears to be using the %appdata% as stated in the array list instead of the c:UsersNAMEAppdataroaming

How can I make it use the variable in the array list?

The lnk and the Shortcut_Locations.txt are located in same folder as script.

@echo off

pushd "%~dp0" 

set source_file=App1.lnk

set destination_list=Shortcut_Locations.txt

for /f "tokens=*" %%I in (%destination_list%) do (
    if exist "%%I" (
        copy /Y "%source_file%" "%%I"
    )
)

POPD

Shortcut_Locations.txt content

\server1data\%username%Desktop\
%appdata%OpenShellPinned\
%appdata%OpenShellPinnedGGHC\