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NYSE: LZM LIFEZONEMETALS.COM The Solution for Cleaner Metals Corporate Presentation September 2025
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2NYSE: LZM LIFEZONEMETALS.COM Certain statements made herein are not historical facts but may be considered “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the “safe harbor” provisions under the Private Securities Litigation Reform Act of 1995 regarding, amongst other things, the plans, strategies, intentions and prospects, both business and financial, of Lifezone Metals Limited and its subsidiaries. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward -looking statements. Forward-looking statements may be accompanied by words such as “believes,” “estimates,” “expects,” “predicts,” “projects,” “forecasts,” “may,” “might,” “will,” “could,” “should,” “would,” “seeks,” “plans,” “schedu led,” “possible,” “continue,” “potential,” “anticipates” or “intends” “or the negatives of these terms or variations of them or similar terminology or expressions that predict or indicate future events or trends or that are not statements of historical matters; provided that the absence of these does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding future events, the estimated or anticipated future results of Lifezone Metals, future opportunities for Lifezone Metals, including the efficacy of Lifezone Metals’ hydrometallurgical technology (Hydromet Technology) and the development of, and pr ocessing of mineral resources and reserves at, the Kabanga Nickel Project, and other statements that are not historical facts. These statements are based on the current expectations of Lifezone Metals’ management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Lifezone Metals and its subsidia ries. These statements are subject to a number of risks and uncertainties regarding Lifezone Metals’ business, and actual results may differ materially. These risks and uncertainties include, but are not limited to: general economic, political and business conditions, including but not limited to economic and operational disruptions; global inflation and cost increases for materials and services; reliability of sampling; success of any pilot w ork; capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; changes in government regulations, legislation and rates of taxation; inflation; changes in exchange rates and the availability of foreign exchange; fluctuations in commodity prices; delays in the development of projects and other factors; our ability to obtain additional capital, including use of the debt market, future capital requirements and sources and uses of cash; the risks related to the rollout of Lifezone Metals’ business; the efficacy of the Hydromet Technology; the acquisition of, maintenance of and protect ion of intellectual property; Lifezone’s ability to achieve projections and anticipate uncertainties (including economic or geopolitical uncertainties) relating to our business, operations and financial performance, including: expectations with respect to financial and business performance, future operating results, financial projections and business metrics and any underlying assumptions; expectations regarding product and technology development and pipeline and market size; expectations regarding product and technology development and pipeline; future acquisitions, partnerships, or other relationships with third parties; maintaining key strategic relationships with partners and customers; the timing and significance of contractual relationships; the effects of competition on Lifezone Metals’ business; the ability of Lifezone Metals to execute its growth strategy, the development and processing of the mineral resources and reserves at the Kabanga Nickel Project; manage growth profitably and retain its key employees; the ability of Lifezone Metals to reach and maintain profitability; enhancing future operating and financial results; complying with laws and regulations applicable to Lifezone Metals’ business; Lifezone Metals’ ability to continue to comply with applicable listing standards of the NYSE; our ability to comply with applicable laws and regulations; stay abreast of accounting standards, or modified or new laws and regulations applying to our business, including privacy regulation; and other risks that will be detailed from time to time in filings with the U.S. Securities and Exchange Commission (SEC) meeting future liquidity requirements and complying with restrictive covenants related to long-term indebtedness; and dealing effectively with litigation, complaints, and/or adverse publicity. The foregoing list of risk factors is not exhaustive. There may be additional risks that Lifezone Metals presently does not k now or that Lifezone Metals currently believes are immaterial that could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements provide Lifezone Metals’ expectations, plans or forecasts of future events and views as of the date of this communication. Lifezone Metals anticipates that subsequent events and developments will cause Lifezone Metals’ assessments to change. These forward-looking statements should not be relied upon as representing Lifezone Metals’ assessments as of any date subsequent to the date of this communication. You should not place undue reliance on forward-looking statements in this communication, which are based upon information available to us as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. In all cases where historical performance is presented, please note that past performance is not a credible indicator of future results. Except as otherwise required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data, or methods, future events, or other changes after the date of this communication. Forward-Looking Statements
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3NYSE: LZM LIFEZONEMETALS.COM Disclaimer This presentation (this “Presentation”) is provided for informational purposes only and has been prepared to provide interested parties with certain information about Lifezone Metals Limited and its subsidiaries (collectively, “Lifezone”, “Lifezone Metals” or the “Company”) and for no other purpose. This Presentation does not constitute an offer to s ell, a solicitation of an offer to buy, or a recommendation to purchase any equity, debt or other financial instruments of Lifezone. No representations or warranties, express or implied are given in, or in respect of, the accuracy or completeness of this Pre sentation or any other information (whether written or oral) that has been or will be provided to you. To the fullest extent permitted by law, in no circumstances will Lifezone or any of its subsidiaries, stockholders, affiliates, repr esentatives, control persons, members, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentat ion, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. In addition, this Presentation does not purport to be all -inclusive or to contain all of the information that may be required to make a full analysis of Lifezone. Viewers of this Presentation should each make their own evaluation of Lifezone and of the relevance and adequacy of the information prov ided in this Presentation and should make such other investigations as they deem necessary before making an investment decision. Nothing herein should be construed as legal, financial, tax or other advice. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning anything described herein, and, by accepting this Presentation, you confirm that you are not relying solely upon the information contained herein to make any investment d ecision. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. Lifezone owns or has rights to various trademarks, service marks and trade names, as applicable, that it uses in connection w ith the operation of its business. This Presentation also contains trademarks, service marks, copyrights and trade names of third parties, which are the property of their respective owners. The use or display of third parties’ trademarks, service marks, trade names or products in this Presentation is not intended to, and does not imply, a relationship with Lifezone, or an endorsement or sponsorship by or of Lifezone. Solely for convenience, the trademarks, ser vice marks and trade names referred to in this Presentation may appear with or without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that Lifezone will not assert, to the fullest extent u nder applicable law, its rights or the right of the applicable licensor to these trademarks, service marks and trade names. Certain information in this Presentation is sourced from the “Feasibility Study – Technical Report Summary Kabanga Nickel Project” (FS TRS) with an effective date of July 18, 2025, and was prepared by DRA Projects (Pty) Ltd. and Sharron Sylvester in accordance with the United States Securities and Exchange Commission’s (Modernized Property Disclosure R equirements under Subpart 229.1300 of Regulation S-K and Item 601(b)(96). The purpose of the Feasibility Study is to declare Mineral Reserves and to provide an independently validated assessment of the Project’s technical and economic viability. Sharron Sylvester, BSc (Geol), RPGeo AIG (10125), is employed as Technical Director – Geology, OreWin Pty Ltd, and was responsible for the preparation of the sections relating to geology and Mineral Resources as the QP (individual). DRA is a third-party firm comprising mining experts in their respective fields in accordance with 17 CFR § 229.1302(b)(1). Lifezone has determined that the appointed consultants meet the qualifications specified under the definition of QP in 17 CFR § 229.1300. Refer to Table 2-1 of the FS TRS for additional detail on the QPs' responsibility per report section. The reader is encouraged to review the FS TRS, which is available on our website. No Offer or Solicitation This communication is for informational purposes only. It is not an offer to purchase, nor a solicitation of an offer to sell , subscribe for or buy any securities, nor will there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. Disclaimer & No Offer
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4NYSE: LZM LIFEZONEMETALS.COM Lifezone’s Hydromet Technology A more sustainable, efficient, and cost-effective approach to metal refining and recycling1 New opportunities to deliver cleaner metals Developing the Kabanga Nickel Project in partnership with the Government of Tanzania One of the largest and highest-grade development-ready nickel sulfide deposits Project to recycle platinum, palladium and rhodium in the United States underway with Glencore Enabling domestic production of critical metals Supported by industry-leading partners, investors and governments Taurus, Cinctive, BlackRock, GMO, U.S. DFC, Japan’s JOGMEC The Solution for Cleaner Metals 1 – Relative to smelting and refining.
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5NYSE: LZM LIFEZONEMETALS.COM 5NYSE: LZM LIFEZONEMETALS.COM Kabanga Nickel Project
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6NYSE: LZM LIFEZONEMETALS.COM Lifezone owns 84% of the Kabanga Nickel Project / 16% held by Government of Tanzania Completed acquisition of BHP’s minority interest in July 2025 Full control of operations and 100% of offtake rights July 2025 Feasibility Study confirms world-class, high-grade, development-ready nickel-copper-cobalt sulfide deposit First-ever declaration of Mineral Reserves after ~50 years of exploration 52.2 Mt P&P Mineral Reserves (100%) @ 1.98% Ni, 0.27% Cu, 0.15% Co 18-year mine life with 3.4 Mtpa steady state Low-cost critical metals with robust economics First quartile AISC of $3.36/lb Ni net of credits $1.58B after-tax NPV8% and 23.3% IRR at $8.49/lb Ni High capital efficiency of 1.4x (NPV/pre-production CAPEX) 4.5-year payback from first production ESG & strategic impact Alignment with IFC PS, Equator Principles, and Tanzanian ESG regulations Kabanga Nickel Project
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7NYSE: LZM LIFEZONEMETALS.COM July 2025 Feasibility Study Technical Report Summary filed under S-K 1300 Focus on initial development phase: 3.4 Mtpa underground mine, mill, concentrator, TSF and supporting infrastructure First-ever declaration of Mineral Reserves at Kabanga after ~50 years of exploration Proven & Probable: 52.2 Mt (100%) grading 1.98% Ni, 0.27% Cu, 0.15% Co 18-year mine life with steady state production rate of 3.4 Mtpa Total LOM production: 902 kt Ni, 134 kt Cu and 69 kt Co in concentrate (100%) Confirms Kabanga as a low-cost, high-grade source of critical metals Mechanized underground mine using longhole stoping and paste backfill • Ore production from North, Tembo and Main zones only Conventional concentrator producing high-grade intermediate product (17.5% Ni) with low levels of deleterious elements Pre-production capex: $942M (incl. 9.7% contingency) • Total LOM capex: $2.49B (incl. sustaining and closure) • Low initial capital intensity of ~$18,800/tpa Ni production Kabanga Confirmed as a Low-Cost, High-Grade Source of Critical Metals
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8NYSE: LZM LIFEZONEMETALS.COM Industry-Leading Cost Performance $0.41 $0.19 $0.52 $0.03 $0.76 $0.82 -$0.41 $1.75 $2.90 $4.48 -$0.71 $3.36 All-In Sustaining Cost ($/lb payable nickel in concentrate)
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9NYSE: LZM LIFEZONEMETALS.COM First quartile of global nickel cost curve AISC: $3.36/lb (or $7,408/t) payable Ni Total Site Operating Cost: $70.10/t milled Benchmarking by CRU Group Lowest quartile of global nickel producers Supports robust margins and resilient cash flows High-grade mineralization and strong recoveries Valuable copper and cobalt by-product credits Competitive against other nickel sulfide and laterite producers Industry-Leading Cost Performance Data source: CRU Nickel Cost Model and CRU Nickel Asset Services. Cost estimates for the Kabanga Project have been provided b y Lifezone Metals using CRU price assessments for by -product credits. The chart excludes a small volume of platinum group metals (P GM) miners that produce nickel as a by-product. In USD 2024 real terms. Kabanga
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10NYSE: LZM LIFEZONEMETALS.COM Confirmed technical and economic strength of one of the world’s most significant undeveloped nickel sulfide deposits Life of Mine Revenue: $14.1B After-Tax Free Cash Flow: $4.6B After-Tax NPV (8%): $1.58B After-Tax IRR: 23.3% Payback: 4.5 years from first production Using long-term consensus pricing Ni: $8.49/lb (or $18,717/t) Cu: $4.30/lb (or $9,480/t) Co: $18.31/lb (or $40,367/t) High Capital Efficiency NPV / (pre-production capex & capitalized opex) = 1.4x Supports early cash flow and strong returns Robust Economics to Drive Long-T erm Value
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11NYSE: LZM LIFEZONEMETALS.COM Short-term financing – $60M bridge loan from Taurus Mining Finance Short-term development financing facility closed in August 2025 • For early works and development activities, following completion of Feasibility Study • To progress to Final Investment Decision and financial close of multi-source finance package Long-term financing - Standard Chartered Bank Advanced process with an International list of major miners, sovereigns, private equity and off-take focused parties for long-term strategic investment and partnership Several NBIO’s and term sheets received with due diligence and negotiations progressing, with some site visits concluded and otherwise planned for August 2025 Project finance process led by Societe Generale (as announced Sep 2024) Progressing well with meaningful interest received from potential project lenders – anchor expression of interest from U.S. DFC • Including DFI and ECA from Europe, Japan and the U.S., often with an off-take link. Ongoing Strategic Financing Initiatives
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12NYSE: LZM LIFEZONEMETALS.COM Important strategic public-private partnership 84% Lifezone / 16% Government of Tanzania ownership Framework Agreement ensures equitable sharing of economic benefits • Government receives dividends, taxes, royalties, duties, levies Supports Tanzania’s industrialization as an important supplier of critical metals products Key driver of regional economic growth ~1,090 direct jobs at steady state • ~91% of roles expected filled by Tanzanian nationals Thousands of indirect jobs through local supply chains Skills development and localization strategy in place Infrastructure investments strengthen development platform Enhancements to power, rail and port capacity • Julius Nyerere Hydropower project • Standard Gauge Rail project • DP World investment into the port of Dar es Salaam Partnered for Success with Supportive Host Government Top image source: Fitch Solutions. Bottom image source: Daily News Tanzania’s hydropower project reaches 99.55pc completion.
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13NYSE: LZM LIFEZONEMETALS.COM Kabanga Nickel project aligned with global standards Tanzanian regulatory requirements, IFC Performance Standards, Equator Principles, GISTM, ANCOLD, ICMM Approved ESIAs Kabanga site and resettlement sites received approval certificates from Tanzania’s NEMC • Both updated to meet international standards Resettlement Action Plan (RAP) Kabanga Nickel Project needs 4,073 ha of land RAP aligned with IFC PS 5 As of July 2025, 96% of cash compensation agreements paid • Clear steps to enable project construction and relocation activities Comprehensive and sustainable tailings management strategy Non-pyrrhotite tailings for underground backfill with crushed waste rock Remaining tailings in lined TSF with subaqueous deposition Reviewed by Independent Tailings Review Board and in line with international standards Aligning with Leading International ESG Frameworks
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14NYSE: LZM LIFEZONEMETALS.COM LZM Board approved commencement of execution readiness phase Advance pending permitting, remaining approvals and commercial tenders Finalizing technical work to support critical path construction activities Diversified funding strategy is underway Active engagement with DFIs, commercial lenders, and potential strategic investors Clear Path to Final Investment Decision Expected in 2026
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15NYSE: LZM LIFEZONEMETALS.COM Project partners Kabanga Nickel Project: Government of Tanzania U.S.-based PGM Recycling Project: Glencore $60M bridge loan facility (closed Aug 2025) Taurus Mining Finance Convertible debentures investors Harry Lundin (Bromma Asset Management) Rick Rule Key institutional shareholders1 Cinctive, Blackrock, GMO Kabanga: a globally significant project Bipartisan U.S. support through DFC, MSP , PGI Strategic partnership with JOGMEC Backed by Industry-Leading Partners, Investors and Governments Includes: Basic shares outstanding3 79.3M Warrants (NYSE:LZMW; $11.50 exercise price; Jun 2028) 14.4M Earnout shares (50% $14.00 / 50% $16.00 trigger; Jun 2028)4 26.8M Fully-diluted total shares 120.5M Market Capitalization (basic; $4.48/share Aug 29, 2025) $355.3M Cash (Jun 30, 2025) $12.5M Conv. Debt with Embedded Derivatives (Jun 30, 2025) $37.0M Enterprise Value $379.8M 1 – Each own >1% of basic shares outstanding as per Bloomberg. 2 – Source: Bloomberg. 3 - As at Jun 30, 2025. 4 - Held by previous LHL shareholders and includes sponsor earnout shares. Shareholder composition (basic)2 Chair Early Investors Other Mgmt Directors BHP Institutional Holders Other
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16NYSE: LZM LIFEZONEMETALS.COM BTIG – Greg Lewis: “The company has a tier 1 asset in the Kabanga Nickel Project in Africa” Research Analyst Coverage Hannam & Partners – Roger Bell: “The Taurus loan is a positive endorsement of Kabanga and evidence of strong interest in the project from alternative funding partners” SCP – Brandon Gaspar: “Why we like Lifezone: 1. One of the largest and highest-grade undeveloped nickel-sulphide assets globally” ROTH MKM – Mike Niehuser: “LZM produced a feasibility study defining the world’s largest, highest- grade, low-cost, undeveloped nickel-copper-cobalt sulfide project” Refer to Analysts’ research reports for full disclosures and determination of valuations, ratings and target prices. Quotes a re the opinions of the respective Analysts and do not reflect the opinion of Lifezone. Red Cloud – Taylor Combaluzier “We view the FS as an important tool/de-risking step to help with securing financing before a final investment decision”
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17NYSE: LZM LIFEZONEMETALS.COM 100% ownership of Kabanga Nickel Ltd Lifezone has full control of development and offtake Robust Feasibility Study complete Confirms world-class, high-grade, low-cost nickel-copper-cobalt sulfide project Positive economics $1.58B after-tax NPV , 23.3% IRR, 4.5-year payback Globally competitive with first quartile AISC $3.36/lb Ni (or $7,408/t Ni) net of Cu and Co credits Project development aligned with international ESG standards Tanzanian regulatory requirements, IFC Performance Standards, Equator Principles, GISTM, ANCOLD, ICMM Tanzania: Highly Supportive Partner and Host Government Positioned to become a key supplier of critical metals for the global energy transition A Defining Moment for Lifezone and the Kabanga Nickel Project
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18NYSE: LZM LIFEZONEMETALS.COM 18NYSE: LZM LIFEZONEMETALS.COM lifezonemetals.com info@lifezonemetals.com lifezone-metals @LifezoneMetals
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19NYSE: LZM LIFEZONEMETALS.COM 19NYSE: LZM LIFEZONEMETALS.COM Appendix
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20NYSE: LZM LIFEZONEMETALS.COM Lower emissions Reduces greenhouse gas emissions by eliminating the emissions-intensive smelting phase, leading to a cleaner process1 Energy efficiency Lowers energy requirements and minimizes environmental footprint through direct-to-metals extraction Cost effectiveness Minimizes capital and operating costs by using lower-temperature processes with less extensive infrastructure requirements In-country processing Allows for complete processing of metals within the host country to enhance local economic benefits and reduce transportation costs Fully traceable value chain Produces finished metals products ensuring a sustainable and traceable metals value chain Benefits of Lifezone’s Hydromet T echnology 1 – Nickel Class 1 downstream processing CO2 eq. emissions baseline from 2020 Nickel Institute LCA. Estimated Kabanga refinery e xpected emissions from internal Company analysis. Expected reductions are lower for PGMs, as they utilize a more complicated flowsheet and are more energy intensive. For example, a study from EY Cova (an independent South African National Accreditation System accredited energy M easurement and Verification inspection body) found 46% lower emissions utilizing our Hydromet Technology compared to traditional smelting and refining (EY Cova studied PGM metals at the originally proposed 110 ktpa concentrate feed rate refinery at the Sedibelo plant site in South Afr ica under the then-applicable conditions in 2020 and assuming reagents not manufactured on -site; actual results could differ). Resu lts will vary for specific PGM projects.
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21NYSE: LZM LIFEZONEMETALS.COM First-Ever Declaration of High-Grade Mineral Reserves Kabanga Mineral Reserves prepared in accordance with S-K 1300 Estimated by calculating optimized economic cut-off values for mining underground stopes, in various locations within the mine design Based only on Measured and Indicated Resources converted to Proven and Probable Reserves • Does not include any Inferred Resources in mine plan or economic analysis 1. The effective date of the Mineral Reserves is July 18, 2025. 2. Mineral Reserves are reported based on the December 2024 Mineral Resource model. 3. Mineral Reserves are reported showing the LZM-attributable tonnage portion, which is 84.0% of the total. 4. Mineral Reserve cut-offs grades are based on a USD8.50/lb nickel price, USD4.24/lb copper price and USD18.34/lb cobalt price; the overall average nickel, copper and cobalt metallurgical recoveries are 81%, 89%, and 84%, respectively. 5. Elevated net sales return (NSR) cut-off values were selected for each mine, namely, USD 170/t at North (upper), USD 100/t at North (lower) and Tembo, and USD 85/t at Main. 6. All the cut-off values include allowances for metallurgical recoveries, payability, deductions, transport and royalties. 7. An economic analysis has been conducted using a long-term nickel price of USD 8.49/lb, copper price of USD 4.30/lb and cobalt price of USD 18.31/lb. 8. The point of reference for the Mineral Reserves is the point of feed into the processing facility. 9. Totals may vary due to rounding. 10. Ni, Cu, and Co recovery estimates for the respective MSSX and UMIN categories have been calculated using the metallurgical recovery algorithm formulas detailed in Section 10 (Table 10 12 and Table 10 13) and the combined Proven and Probable recovery for each reflects the weighted average recovery based on the tonnage and grade. The total combined recovery for the blend (MSSX+UMIN) reflects the outputs of the same recovery formula applied to the FS mine production and processing schedule. Lifezone Tonnage3 (million tonnes) Nickel Copper Cobalt Nickel Copper Cobalt Total: Massive Sulfide plus Ultramafic Proven 14.9 1.84 0.25 0.15 86.4 94.9 88.9 Probable 29.0 2.05 0.28 0.14 87.7 96.0 90.0 Proven + Probable 43.9 1.98 0.27 0.15 87.3 95.6 89.6 Lifezone Tonnage3 (million tonnes) Nickel Copper Cobalt Nickel Copper Cobalt Total: Massive Sulfide plus Ultramafic Proven 14.9 1.84 0.25 0.15 273 37 22 Probable 29.0 2.05 0.28 0.14 594 81 42 Proven + Probable 43.9 1.98 0.27 0.15 868 118 64 Mineral Reserve Classification Grades (%) Metallurgical Recovery (%) Mineral Reserve Classification Grades (%) Contained Metals (kt)
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22NYSE: LZM LIFEZONEMETALS.COM Lifezone attributable Mineral Reserves and Resources (84% of total)1 43.9 million tonnes Proven & Probable Reserves grading 1.98% nickel, 0.27% copper and 0.15% cobalt Plus 18.3 million tonnes Measured & Indicated Resources grading 1.20% nickel, 0.18% copper and 0.10% cobalt Plus 13.5 million tonnes Inferred Resources grading 2.08% nickel, 0.28% copper and 0.15% cobalt Large Resource with Multiple Opportunities for Exploration Growth 300-meter step-out hole (KL23-29): Intercepted 15.1 m @ 2.83% NiEq2 Schematic projected long-section of the Kabanga mineralized zones1 (looking north-west) 1 – Mineral Resources in Table 3 are reported exclusive of Mineral Reserves. Mineral Resources are reported showing only the LZM -attributable tonnage portion, which is 84.0% of the total. Cut -off applies to NiEq24, which is derived using a nickel price of USD 9.50/lb, copper price of USD 4.50/lb, and cobalt price of USD 23.00/lb with allowances for recoveries, payability, deductions, transpo rt, and royalties. NiEq24 formulas are: MSSX NiEq24 = Ni + (Cu x 0.454) + (Co x 2.497) and UMIN NiEq24 = Ni + (Cu x 0.547) + (Co x 2.480). The point of reference for Mineral Resources is the point of feed into a concentrator. All Mineral Resources in the 2024MRU were assess ed for reasonable prospects for economic extraction by reporting only material above cut -off grades of: MSSX NiEq24>0.73% and UMAF NiEq24>0.77%. Totals may vary due to rounding. . 2 – Refer to LZM news release dated January 29, 2024.
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23NYSE: LZM LIFEZONEMETALS.COM Four high-priority Exploration Targets Safari Link, Safari Extension, Rubona Hill and Block 1 South Total size of combined Targets: 17.5 – 23.5 Mt grading 1.9–2.1% NiEq Well-established targets Geophysical anomalies Historical drilling Geological continuity with known zones Potential to extend mine life Significant Resource Growth Potential from High-Priority T argets 1 KM Safari Link/ Safari Extension Target Areas Background VTEM Magdv TEM survey contours - S1dvx Safari Prospect N Exploration Target Estimated Tonnage (Mt) Estimated Grade (NiEq24%) Safari Link 4.5 - 5.5 2.1 - 2.3% Safari Extension 3.0 - 4.0 1.8 - 2.0% Rubona Hill 8.0 - 10.0 1.8 - 2.0% Block 1 South 2.0 - 4.0 1.8 - 2.0% Total All 17.5 - 23.5 1.9 - 2.1%
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24NYSE: LZM LIFEZONEMETALS.COM Responsible platinum group metals recycling partnership with Glencore A faster, more efficient and less emissions-intensive way to recycle PGMs1 Profitably deliver high purity, refined PGMs from 100% recycled sources Phased project implementation Phase 1: • $3 million cost jointly funded (complete) • Confirmatory program of pilot work (underway) Phase 2 (following successful completion of Phase 1): • Construction of commercial-scale facility in USA • Initial capital ~$15-20 million for ~115,000 oz/year PGMs • Joint funding of the initial capital • Glencore working capital facility and marketing expertise Hydromet T o Recover Precious Metals from Recycled Catalytic Converters 1 – Relative to smelting and refining. Testing underway at Lifezone’s labs in Perth, Australia
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25NYSE: LZM LIFEZONEMETALS.COM Board of Directors KEITH LIDDELL FOUNDER AND CHAIR CHRIS SHOWALTER CHIEF EXECUTIVE OFFICER, DIRECTOR JENNIFER HOUGHTON DIRECTOR MWANAIDI MAAJAR DIRECTOR GOVIND FRIEDLAND DIRECTOR JOHN DOWD DIRECTOR BEATRIZ ORRANTIA DIRECTOR ROBERT EDWARDS LEAD INDEPENDENT DIRECTOR
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26NYSE: LZM LIFEZONEMETALS.COM Management CHRIS SHOWALTER CHIEF EXECUTIVE OFFICER ANTHONY VON CHRISTIERSON SENIOR VICE PRESIDENT: COMMERCIAL AND BUSINESS DEVELOPMENT DAYNA DANKBAAR HEAD OF PEOPLE BENEDICT BUSUNZU TEMBO NICKEL CHIEF EXECUTIVE OFFICER INGO HOFMAIER CHIEF FINANCIAL OFFICER SPENCER DAVIS CHIEF LEGAL OFFICER DR. MIKE ADAMS CHIEF TECHNOLOG OFFICER GERICK MOUTON CHIEF OPERATING OFFICER EVAN YOUNG SENIOR VICE PRESIDENT: INVESTOR RELATIONS AND CAPITAL MARKETS CATHERINE NICHAS HEAD OF SUSTAINABILITY
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27NYSE: LZM LIFEZONEMETALS.COM Notes
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lifezonemetals.com info@lifezonemetals.com lifezone-metals @LifezoneMetals NYSE: LZM LIFEZONEMETALS.COM