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NYSE: LZM LIFEZONEMETALS.COM The Solution for Cleaner Metals TD Securities 2025 16th Annual Global Mining Conference January 14-16, 2025 Toronto, Canada
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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, among st other things, the plans, strategies, and prospects, both business and financial, of Lifezone Metals Limited and its subsidiaries and/or affiliates. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticip ate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” or the negatives of these terms or variations of them or similar terminology or expressio ns 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 t he efficacy of Lifezone Metals’ hydrometallurgical technology (Hydromet Technology) and the development of, and processing of mineral resources at, the Kabanga Project, and other statements that are not histor ical facts. These statements are based on the current expectations of Lifezone Metals’ management and are not predictions of actual perfo rmance. 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 pr ediction 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 a re beyond the control of Lifezone Metals and its subsidiaries. These statements are subject to a number of risks and uncertainties regarding Lifezone Metals’ business, and actual results may differ materially. These risks and uncert ainties include, but are not limited to: general economic, political and business conditions, including but not limited to the economic and operational disruptions, global inflation an d cost increases for materials and services; reliability of sampling, success of any test-work; 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; the outcome of any legal proceedings that may be instituted against the Lifezone Metals; the risks related to the ro llout of Lifezone Metals’ business; the efficacy of the Hydromet Technology, and the timing of expected business milestones; the effects of competition on Lifezone Metals’ business; the ability of Lifezone Meta ls to execute its growth strategy, manage growth profitably and retain its key employees; the ability of Lifezone Metals to reach and maintain profitability; enhancing future operating and financial resul ts; complying with laws and regulations applicable to Lifezone’s business; Lifezone’s ability to continue to comply with applicable listing standards of the NYSE; the ability of Lifezone Metals to maintain the listing of its securities on a U.S. national securities exchange; and other risks that will be detailed from time to time in filings with the U.S. Securities and Exchange Commission (SEC). 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 the expectations, plans or forecasts of future events and views of Lifezone Metals as of the date of this communication. Lifezone Metals anticipates that subsequent events and developments will cause Lifezone Metals’ assessments to change. However, while Lifezone Metals may elect to update these forward-looking statements in the future, Lifezone Metals specifically disclaims any obligation to do so, except as otherwise required by applicable law. These forward-looking statements should not be relied upon as representing the assessments of Lifezone Metals as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements. Nothing herein should be regarded as a representation by any person th at the forward-looking statements set forth herein will be achieved or that any of the contemplated results in such forward-looking statements will be achieved. 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 s tatements 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, except as required by applicable law. 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 interest ed 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 sell, 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, stockh olders, affiliates, representatives, control persons, members, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of pr ofit arising from the use of this Presentation, 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 provided in this Presentation and should make such other investigations as they deem necessary before making an i nvestment 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 decision. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or fi nancial needs. The data and information herein provided by Wood Mackenzie should not be interpreted as advice and you should not rely on it for any purpose. You may not copy or use this data and information except as expressly permitted by Wood Mackenzie in writing. To the fullest extent permitted by law, Wood Mackenzie accepts no responsib ility for your use of this data and information except as specified in a written agreement you have entered into with Wood Mackenzie for the provision of such of such data and information. 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 dis play 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, service 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 under 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 Kabanga 2024 Mineral Resource Update Technical Report Summary (2 024MRU) with an effective date of December 4, 2024, which has been prepared in accordance with the U.S. Securities and Exchange Commission (US SEC) Regulation S -K subpart 1300 rules for Property Disclosures for Mining Registrants (S-K 1300) for Lifezone Metals Ltd on the Kabanga nickel project. The 2024 MRU is a preliminary technical and economic study of the economic potential of the Project m ineralization to support the disclosure of Mineral Resources. The Mineral Resource estimates are current as at December 4, 2024. Sharron Sylvester, BSc (Geol), RPGeo AIG (10125), Technical Director – Geology at OreWin Pty Ltd and Bernard Peters, BEng (Mining), FAusIMM (201743), Technical Director – Mining at OreWin Pty Ltd. served as the Qualified Persons as defined in S -K 1300 and are considered independent of Lifezone Metals. The reader is encouraged to review the 2024MRU, 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 Partnership with BHP to develop the Kabanga Nickel Project in Tanzania One of the largest and highest-grade undeveloped nickel sulfide deposits Partnership with Glencore to recycle platinum, palladium and rhodium in the United States Enabling a circular economy for precious metals Supported by industry-leading partners, investors and governments Cinctive, BlackRock, GMO, US DFC, Japan’s JOGMEC, Government of Tanzania The Solution for Cleaner Metals 1 – Relative to smelting and refining.
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5NYSE: 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 Africa under the then -applicable conditions in 2020 and assuming reagents not manufactured on -site; actual results could differ). Results will vary for specific PGM projects.
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6NYSE: LZM LIFEZONEMETALS.COM 6NYSE: LZM LIFEZONEMETALS.COM Kabanga Nickel Project
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7NYSE: LZM LIFEZONEMETALS.COM Kabanga nickel deposit and Kahama Hydromet refinery One of the largest and highest-grade undeveloped nickel sulfide deposits More than $400 million invested with over 620 kilometers of drilling completed Partnership with BHP and the Government of Tanzania Special Mining Licence and Refinery Licence in-hand Supported by US International Development Finance Corporation (DFC) and Japan Organization for Metals and Energy Security (JOGMEC) Societe Generale selected by Lifezone and BHP to run the project financing process for the Kabanga Nickel Project Hydromet Technology: low emissions relative to traditional smelting Low carbon dioxide emissions and zero harmful sulfur dioxide emissions1 Reduced carbon footprint from mine to LME Grade nickel, copper and cobalt Refined metals produced locally in Tanzania Eliminates need to transport concentrates globally Ability for Tanzania to capture increased in-country value benefits Tanzania is a 16% owner of the Kabanga Nickel Project and Kahama Hydromet Refinery Kabanga Nickel Project in T anzania 1 – Nickel Class 1 downstream processing CO 2 e emissions baseline from 2020 Nickel Institute LCA. Estimated Kabanga refinery expected emissions from internal Company anal ysis. Located in Tanzania, the “hub” of West Africa
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8NYSE: LZM LIFEZONEMETALS.COM lgoorlie i n o m i ilo g sl nd indoro L m l entr l sgr e onoc ermelho y ni el m re lon erill t i est o o l n o id rsi l dstone o ng ing sh n nie o er oronezh slo s oe r ford mont T rn g in ec r e ediel i ol i h ome indie ng ic el h onn c en lim r g r L lisi l ogli ic el r de ont ined ic el t le ize e resents n Situ alue per Tonne ( t) ickel Sul de Deposit ickel Sul de Deposit (Russia) Laterite Deposit L ttri t le eso rces M 4 . Mt . 9 i, . 9 Cu, .1 Co nf 11.3 Mt . i, . Cu, .15 Co A World-Scale, High-Grade Nickel Deposit Data source: S&P Capital IQ. Copyright © 2024, S&P Global Market Intelligence (and its affiliates, as applicable). In Situ Va lue per Tonne is Total In Situ Value divided by Total Tonnage. Total In Situ Value is the combined value of all commodities in re serves and resources at S&P Global Market Intelligence nominal prices for the current year. Largest projects by contained nickel shown with nickel as the primary commo dity, active status and early- or late-stage development. For additional information on the Kabanga resources refer to the December 2024 Kabanga Mineral Resource Update Technical Report Summary . One of the largest and highest-grade undeveloped nickel sulfide deposits
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9NYSE: LZM LIFEZONEMETALS.COM Low Cost per T onne of Nickel Nickel industry all-in sustaining cost curve for 20321 (real 2024$ terms) 1 – Data: CRU Cost Analysis Tool, 2024 Q2. Note: curve excludes outlier PGM miners with nickel by -products. All-In Sustaining Cost ($ per tonne nickel) m l ti e rod ction ’s tonnes nic el
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10NYSE: LZM LIFEZONEMETALS.COM Low Carbon Dioxide Emissions per T onne of Nickel Nickel industry CO2e emissions curve 20301 1 – Bespoke Nickel Market Outlook for Lifezone, a product of Wood Mackenzie, August 2022. The population is based on Wood Macken zie's view on which current operations will be in production by 2030 and their base case projects. The estimates for Kabanga are based on a mine size of 2.2 Mt/a. The data for nickel production is taken through to a finished product and accordingly includes ce rtain Scope 3 emissions to allow for comparisons between various kinds of operations. Analysis assumes 2.2 Mt/a mine size. Emissions Intensity (tonnes CO2e per tonne nickel equivalent) Production (cumulative centile)
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11NYSE: LZM LIFEZONEMETALS.COM Lifezone team has developed Hydromet Technology over +40 years of research and implementation Four main processing steps applied at scale in other operations • Pressure oxidation (POX), copper solvent extraction/electrowinning (SX/EW), cobalt SX/EW, nickel EW Favorable test results achieved from concentrate samples at Lifezone’s labs in Perth, Australia • Demonstrated high recoveries for nickel, copper and cobalt are possible1 • Showed that short processing times are achievable Nickel, copper and cobalt produced from Kabanga using Hydromet 1 –Refer to LZM’s Feb 26, 2024, news release. First nickel, copper and cobalt from Kabanga 1 –Refer to LZM’s Feb 26, 2024, news release. Tanzanian Minister of Minerals visits Lifezone’s labs in Australia
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12NYSE: LZM LIFEZONEMETALS.COM BHP invested $100 million to-date into Lifezone and Kabanga1,2 $10 million into Lifezone $90 million into the Kabanga Nickel Project H ’s ng ic el ro ect in estment o tion Option to increase ownership to 60.7% of Kabanga Nickel Ltd. • 51% indirect ownership in the Kabanga Nickel Project BHP to contribute cash at 0.7x Kabanga Nickel Ltd. NAV valuation Valuation determined by three independent experts Based on the results of the Definitive Feasibility Study and the Joint Financial Model Partnership with BHP to Develop the Kabanga Nickel Project Image source: BHP Annual Report 2024 p15. 1 – BHP agreement dated December 24, 2021. 2 – Based on implied valuation of $161 million for Lifezone Metals (excluding interes t in Kabanga Nickel) and $466 million for the implied value of Kabanga Nickel to Lifezone Metals for a total of $627 million. 3 – Source: BHP’s Economic and Commodity Outlook, August 2024 p19 . Tanzania highlighted as a BHP exploration region “Turning to the longer–term fundamentals, we still believe that nickel will be a substantial beneficiary of the global electrification megatrend” -- BHP’s Economic and Commodity Outlook, August 20243 --
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13NYSE: LZM LIFEZONEMETALS.COM BHP Option to Majority Control of Kabanga Nickel Project Kabanga Deposit Tembo Nickel Mining Company Ltd. Kahama Refinery Tembo Nickel Refining Company Ltd. Government of Tanzania 83% 17% 84% 16% 99.98% 99.98% 0.02% 1.5%1 Kabanga Deposit Tembo Nickel Mining Company Ltd. Kahama Refinery Tembo Nickel Refining Company Ltd. Government of Tanzania 39% 61% 84% 16% 99.98% 99.98% 0.02% 1.5%1 Current Ownership Following BHP T2 Investment3 New Kabanga Nickel shares at 0.7x NAV per share2,3 1 – Source: Bloomberg. 2 – BHP agreement dated December 24, 2021. 3 – BHP’s potential future investment is in BHP’s sole discretion and is subject to certain conditions being satisfied , in particular, the satisfactory completion of and agreement on the feasibility study, agreement on the joint financial model in respect of the Kabanga project, the completion of an independent valuation of Kabanga Nickel Limited and r eceipt of any necessary regulatory and tax approvals.
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14NYSE: LZM LIFEZONEMETALS.COM Net Asset Value for Kabanga Nickel 100% Basis (US$M) 0.7x Multiple to Kabanga Nickel Net Asset Value (US$M) Kabanga Nickel Share Price (nominal 100,000 existing shares)1 BHP T2 Investment into Kabanga Nickel (US$M)2,3 $0 $0 $0 / share $0 $500 $350 $3,500 / share $389 $1,000 $700 $7,000 / share $779 $1,500 $1,050 $10,500 / share $1,168 $2,000 $1,400 $14,000 / share $1,558 $2,500 $1,750 $17,500 / share $1,947 $3,000 $2,100 $21,000 / share $2,336 BHP Option Exercise Example Illustrative calculation based on a range of hypothetical valuations1 82,992 shares1 / 39% 128,260 shares1 / 61% 82,992 shares1 / 83% 17,008 shares1 / 17% 1 – Illustrative share amounts only. 2 – BHP agreement dated December 24, 2021. 3 – BHP’s potential future investment is in BHP’s sole discretion and is subject to certain conditions being satisfied, in partic ular, the satisfactory completion of and agreement on the feasibility study, agreement on the joint financial model in respect of the Kabanga project, the completion of an independent valuation of Kabanga Nickel Limited and receipt of any necessary regulatory and tax approvals. 111,252 new Kabanga Nickel shares1 at 0.7x NAV per share2,3 Current Ownership Following BHP T2 Investment3
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15NYSE: LZM LIFEZONEMETALS.COM Kabanga is supported by bipartisan US initiatives Supported by the Partnership for Global Infrastructure and Investment (PGI) Recognized as a Project within the Minerals Security Partnership (MSP) Supported by US International Development Finance Corporation (DFC) • Letter of Interest for loan application, evaluation of political risk insurance coverage Memorandum of Understanding with Japan Organization for Metals and Energy Security (JOGMEC) Strategic partnership to secure cleaner nickel, copper and cobalt for the Japanese battery industry International Relations through Responsible Minerals Development “The Kabanga Nickel Project represents a significant opportunity to advance responsible mineral development in Tanzania, diversifying critical supply chains and fostering economic resilience in the region. ” -- Scott Nathan, CEO of DFC, 09/23/2024 -- 1 – Source: https://africapractice.com/africa-trends-to-watch-in-2025/. From left to right: Benedict Busunzu (CEO, Tembo Nickel), Chris Showalter (CEO, Lifezone), Hon. Anthony Mavunde (Tanzanian Minister of Minerals), Helaina Matza (Acting Special Coordinator, PGI), Michael Battle (U.S. Ambassador to Tanzania) in Dar es Salaam, Tanzania on August 26, 2024. “Although a Trump presidency is likely to prompt stakeholder and policy changes at the US International Development Finance Corporation, the agency is unlikely to backtrack on commitments to finance and insure the Kabanga Nickel project in Tanzania.” -- Africa Practice, Africa: Trends to watch in 20251 --
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16NYSE: LZM LIFEZONEMETALS.COM Critical milestones achieved with our Government of Tanzania partner Kabanga Special Mining Licence received October 2021 Kahama Multi-Metal Refinery Licence received March 2024 Kahama Area declared a Special Economic Zone (SEZ), providing certain tax and other economic benefits Environmental Impact Assessment Certificates received Kabanga, Kahama and Relocation Sites Preliminary view of Kahama Hydromet refinery within the Special Economic Zone Collaborating with T anzania for Enhanced Economic Growth
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17NYSE: LZM LIFEZONEMETALS.COM Kabanga: Connected to regional infrastructure and grid power Existing camp with 200-person capacity Connected to Tanzanian power grid, 80 km from 220 / 33kV substation 340 km by road to Kahama Hydromet refinery Kahama: A modern metals production facility in a Special Economic Zone Located at Barrick’s Buzwagi gold mine (closed) 30 km from rail terminal for transport to Dar es Salaam port (970 km) Existing airstrip and connection to regional highways Tanzania Power System Master Plan Increase grid reliability, become a regional power exporter 80 MW Rusumo Hydroelectric Power Station; 2.1 GW Julius Nyerere Hydropower Station (commissioning underway); 88 MW Kakono Hydroelectric Power Station (expected 2028) Tanzania Standard Gauge Railway (SGR) project Modernization and expansion of railway to facilitate faster and more reliable movement Replacing outdated meter-gauge railway system with a new, electrified standard gauge railway Leveraging Significant Investments in T anzanian Infrastructure
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18NYSE: LZM LIFEZONEMETALS.COM 18NYSE: LZM LIFEZONEMETALS.COM PGM Recycling Project
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19NYSE: 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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20NYSE: LZM LIFEZONEMETALS.COM 20NYSE: LZM LIFEZONEMETALS.COM NYSE:LZM
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21NYSE: LZM LIFEZONEMETALS.COM Project partners BHP: Kabanga Nickel Project Glencore: PGM Recycling Project in the US Convertible debentures investors Harry Lundin (Bromma Asset Management) Rick Rule Key institutional shareholders1 Cinctive, Grantham Mayo van Otterloo (GMO), Blackrock Kabanga: a globally significant project Bipartisan US support through DFC, MSP , PGI Strategic partnership with JOGMEC Government of Tanzania is a 16% free-carried partner Backed by Industry-Leading Partners, Investors and Governments Chair Early nvestors Other Mgmt Directors nstitutional Holders BHP All Other Free Float Includes: Basic shares outstanding3 80.8M Warrants (NYSE:LZMW; $11.50 exercise price; Jun 2028) 14.4M Earnout shares (50% $14.00 / 50% $16.00 trigger; Jun 2028)4 25.1M Fully-diluted total shares 120.3M Market Capitalization (basic; $6.56/share Jan 14, 2025) $524.8M Cash (Jun 30, 2024) $63.5M Conv. Debt & Embedded Derivatives (Jun 30, 2024) $50.4M Enterprise Value $511.7M 1 – Each own >1% of basic shares outstanding as per Bloomberg. 2 – Source: Bloomberg. 3 - As at July 30, 2024, includes 1,725,000 earn-out shares (862,500 at $14.00 / $16.00 trigger respectively) held in escrow. 4 - Held by previous LHL shareholders. Shareholder composition (basic)2
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22NYSE: LZM LIFEZONEMETALS.COM BTIG – Greg Lewis: “The company has a tier 1 asset in the Kabanga Nickel Project in Africa, which is underpinned by a ~$100M investment from a global mining partner in BHP . ” Research Analyst Coverage Hannam & Partners – Roger Bell: “We expect [LZM’s] expertise to unlock the value of the asset and deliver one of the world’s cheapest, least CO2-intensive sources of Class I nickel, into a market which we expect will see steep supply deficits over the coming decade. ” SCP – Brandon Gaspar: “Why we like Lifezone: 1. One of the largest and highest-grade undeveloped nickel-sulphide assets globally; 2. BHP partnership de-risks project and provides downside protection. ” ROTH MHM – Mike Niehuser: “We believe that at current nickel prices, high-cost nickel producers should come under pressure, possibly reducing supply, resulting in stable or higher prices and a favorable outlook for low-cost nickel producers like the Kabanga Nickel Project. ” 1 – Refer to Analysts’ research reports for full disclosures and determination of valuations, ratings and target prices. Quotes are the opinions of the respective Analysts and do not reflect the opinion of Lifezone.
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lifezonemetals.com info@lifezonemetals.com lifezone-metals @LifezoneMetals 23NYSE: LZM LIFEZONEMETALS.COM
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24NYSE: LZM LIFEZONEMETALS.COM 24NYSE: LZM LIFEZONEMETALS.COM Appendix
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25NYSE: LZM LIFEZONEMETALS.COM 2023 Feb: BHP’s nd investment tranche of 5 million (1st tranche of 5 million received Oct. ' 1) Jul: Public listing on the New York Stock Exchange Jul: Acquisition of Simulus Labs in Perth, Australia Nov: Kabanga Mineral Resource Update Dec: US PGM recycling partnership with Glencore 2024 Mar: Tanzania issues Kabanga Refinery Licence Mar: $50 million convertible debt placement Apr : Inaugural Annual Report for 2023 published Jul: First-ever metal from Kabanga mineralization via Hydromet pilot program Dec: Kabanga Mineral Resource Update with 11% increase in contained nickel in M&I Track Record of Achieving Key Milestones
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26NYSE: 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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27NYSE: 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 TECHNOLOGY OFFICER GERICK MOUTON CHIEF OPERATING OFFICER EVAN YOUNG SENIOR VICE PRESIDENT: INVESTOR RELATIONS AND CAPITAL MARKETS CHRIS MEDWAY SENIOR VICE PRESIDENT: PROJECTS
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28NYSE: LZM LIFEZONEMETALS.COM More than $400 million invested with over 620 kilometers of drilling Lifezone attributable Mineral Resources (69.7% of total)1 46.8 million tonnes Measured and Indicated grading 2.09% nickel, 0.29% copper and 0.16% cobalt (2.62% nickel equivalent) Plus 11.3 million tonnes Inferred grading 2.08% nickel, 0.28% copper and 0.15% cobalt (2.59% nickel equivalent) Safari Link is a possible strike-extension of Tembo, as indicated by an electromagnetic anomaly High-priority regional targets include multiple identified geophysical anomalies, such as Rubona Hill Multiple Opportunities Identified to Continue to Grow the Resource LZM Attributable (69.7%) at North1: M&I: 24.7 Mt @ 3.19% NiEq; 788 kt contained NiEq Inf: 5.8 Mt @ 3.25% NiEq; 189 kt contained NiEq 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 – Refer to the December 2024 Kabanga Mineral Resource Update Technical Report Summary. 2 – Refer to LZM news release dated January 29, 2024.
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29NYSE: LZM LIFEZONEMETALS.COM 1 of Kabanga’s tonnes now classified as higher confidence Measured and Indicated relative to Inferred Only Measured and Indicated Resources can support the conversion to Proven and Probable Reserves December 2024 Mineral Resource Upgrades High-Grade Resources Lifezone’s attributable Mineral Resources shown (69.7% of total) 21% increase in contained nickel in M&I at North Zone orth Zone represents +5 of Kabanga’s total resources • 24.7 million tonnes of attributable Measured and Indicated Resources grading 3.19% nickel-equivalent 1 - This table reports the Mineral Resources for the combined massive sulfide and ultramafic mineralization types. 2 - Mineral Resources are reported exclusive of Mineral Reserves. There are no Mineral Reserves to report. 3 - Mineral Resources are reported showing only the Lifezone Metals attributable tonnage portion, which is 69.713% of the total. 4 - Cut-off uses the NiEq23 using a nickel price of $9.50/lb, coppe r price of $4.00/lb and cobalt price of $26.00/lb with allowances for recoveries, payability, deductions, transport and royal ties. NiEq23% = Ni% + Cu% x 0.411 + Co% x 2.765. 5 - The Mineral Resource metallurgical recovery assumptions are: nickel 87.2%, copper 85.1% and cobalt 88.1% 6 - The point of reference for Mineral Resources is the point of feed into a processing facility. 7 - All Mineral Resources in the 2023MRU w ere assessed for reasonable prospects for eventual economic extraction by reporting only material above a cut -off grade of 0.58% NiEq23. 8 - Totals may vary due to rounding.
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30NYSE: LZM LIFEZONEMETALS.COM Kabanga is 69.7% owned by Lifezone and all Mineral Resources are shown on an attributable to Lifezone basis 46.8 million tonnes M&I grading 2.09% nickel, 0.29% copper and 0.16% cobalt (2.62% nickel-equivalent) Plus 11.3 million tonnes Inferred grading 2.08% nickel, 0.28% copper and 0.15% cobalt (2.59% nickel-equivalent) 81% of tonnes are classified in the higher confidence M&I relative to Inferred Six identified mineralized zones: Main, MNB, Kima, North, Tembo and Safari, over a +7.5-kilometer strike length Mineral Resource Update (December 4, 2024) Mineral Resource Classification Attributable Tonnage (Mt) Grades Attributable Contained Metals NiEq24 Ni Cu Co NiEq23 Ni Cu Co (%) (%) (%) (%) (kt) (kt) (kt) (kt) MAIN ZONE – All Mineralization Types Indicated 8.7 1.53 1.18 0.19 0.10 133 102 17 9 MNB ZONE – All Mineralization Types Inferred 1.8 1.59 1.25 0.18 0.10 28 22 3 2 KIMA ZONE – All Mineralization Types Inferred 3.4 2.01 1.60 0.24 0.12 69 55 8 4 NORTH ZONE – All Mineralization Types Measured 7.9 2.66 2.12 0.28 0.16 211 168 22 13 Indicated 16.8 3.44 2.80 0.37 0.19 579 470 63 32 Measured + Indicated 24.7 3.19 2.58 0.34 0.18 790 638 84 45 Inferred 5.8 3.25 2.62 0.35 0.19 183 152 20 11 TEMBO ZONE – All Mineralization Types Measured 8.0 2.30 1.79 0.25 0.15 184 143 20 12 Indicated 5.5 2.22 1.75 0.24 0.14 122 96 13 8 Measured + Indicated 13.5 2.27 1.78 0.24 0.15 305 239 33 20 Inferred 0.3 2.49 2.01 0.23 0.15 6 6 1 0 OVERALL MINERAL RESOURCE – All Mineralization Types Measured 15.9 2.48 1.95 0.26 0.16 394 311 42 25 Indicated 31.0 2.69 2.16 0.30 0.16 833 668 93 49 Measured + Indicated 46.8 2.62 2.09 0.29 0.16 1,227 979 134 74 Inferred 11.3 2.59 2.08 0.28 0.15 293 235 32 17 1 - This table reports the Mineral Resources for the combined massive sulfide and ultramafic mineralization types. 2 - Mineral Resources are reported exclusive of Mineral Reserves. There are no Mineral Reserves to report. 3 - Mineral Resources are reported showing only the Lifezone Metals attributable tonnage portion, which is 69.713% of the total. 4 - Cut-off uses the NiEq23 using a nickel price of $9.50/lb, coppe r price of $4.00/lb and cobalt price of $26.00/lb with allowances for recoveries, payability, deductions, transport and royal ties. NiEq23% = Ni% + Cu% x 0.411 + Co% x 2.765. 5 - The Mineral Resource metallurgical recovery assumptions are: nickel 87.2%, copper 85.1% and cobalt 88.1% 6 - The point of reference for Mineral Resources is the point of feed into a processing facility. 7 - All Mineral Resources in the 2023MRU w ere assessed for reasonable prospects for eventual economic extraction by reporting only material above a cut -off grade of 0.58% NiEq23. 8 - Totals may vary due to rounding.
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31NYSE: LZM LIFEZONEMETALS.COM Hydromet Flowsheet T ailored for Kabanga through Pilot T esting 1 –Refer to LZM’s Feb 26, 2024, news release. 1 –Refer to LZM’s Feb 26, 2024, news release. Nickel EW Copper Solvent Extraction (SX) Cobalt EW Pressure Oxidation (POX) Iron Residue Concentrate from Kabanga Kabanga Pregnant Leach Solution Copper Electrowinning (EW) Cobalt SX Copper Strong Electrolyte Cobalt Strong Electrolyte Nickel Strong Electrolyte Kabanga Copper Cathode Kabanga Cobalt Rounds Kabanga Nickel Cathode
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32NYSE: LZM LIFEZONEMETALS.COM Notes
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33NYSE: LZM LIFEZONEMETALS.COM Notes
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