Lifezone Metals Limited · NYSE:LZM
Lifezone Metals — SPAC Merger (May 2023)
54 slides from Lifezone Metals's SPAC merger presentation, May 24, 2023
Slide 1: Investor Presentation
Investor Presentation May 24, 2023
Slide 2: Disclaimer
Disclaimer This presentation (together with oral statements made in connection herewith, this “Presentation”) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Lifezon
Slide 3: Disclaimer (continued)
Disclaimer (continued) ADDITIONAL INFORMATION AND WHERE TO FIND IT In connection with the business combination, Holdings filed a registration statement on Form F-4 (File No. 333-271300) (as amended from time to time, the “Registration Statement”) with the SEC, which includes a preliminary prospectus
Slide 4: Presenters
Presenters 〉 The Lifezone Story – Keith Liddell, Founder & Chairman 〉 Introducing Lifezone Metals – Chris Showalter, Chief Executive Officer 〉 Why Lifezone Metals – John Dowd, Chief Executive Officer, GoGreen Investments 〉 The Hydromet Story – Dr. Mike Adams, Chief Technology Officer 〉 Sustainabilit
Slide 5: The Lifezone Story
The Lifezone Story KEITH LIDDELL, FOUNDER AND CHAIRMAN • Founder of Lifezone Metals since incorporation • Co-inventor of patented Hydromet Technology • 40+ years experience in resources, developed nine mines • Experienced metallurgical engineer and resource company director; technical and corporate,
Slide 6: Introducing Lifezone Metals
Introducing Lifezone Metals CHRIS SHOWALTER, CHIEF EXECUTIVE OFFICER • 17+ years experience in corporate finance and merchant banking • Extensive experience and key roles in new country entry for project and firms • Strong expertise originating, sourcing and developing relationships across Africa •
Slide 7: Transition momentum increasing, critical requirement for green sourcing
INTRODUCING LIFEZONE METALS Transition momentum increasing, critical requirement for “green sourcing” ENERGY TRANSITION TAILWIND GREEN SOURCING TAILWIND 3.5 Increasing Demand for Batteries(1) CO2e for Lithium-ion Battery Production(3) 3.0 31% TWh Battery Demand 2.5 23% 2.0 18% 1.5 13% 8% 1.0 4% 2% 1
Slide 8: Lifezone Metals: The right solution at the right time
INTRODUCING LIFEZONE METALS Lifezone Metals: The right solution at the right time Smelting(1) Lifezone Metals Hydromet Technology Highly carbon intensive Long processing time Cleaner Hydromet Technology SO2 emissions High CAPEX Kabanga nickel project Tanzania open for business Higher shipping and Hi
Slide 9: Kabanga: Among world's largest high-grade nickel orebodies
INTRODUCING LIFEZONE METALS Kabanga: Among world’s largest high-grade nickel orebodies (1) (2) (3) Source: S&P CapitalIQ Pro, as modified per public data on each mining project. 1 – The Kabanga nickel project's resource metrics reflect the measured, indicated and inferred resources referred to in th
Slide 10: Kabanga: First quartile on cost curve
INTRODUCING LIFEZONE METALS Kabanga: First quartile on cost curve Nickel industry C1 cash cost curve 2030(1) 1 – Bespoke Nickel Market Outlook for Lifezone, a product of Wood Mackenzie, August 2022. The population is based on Wood Mackenzie's view on which current operations will be in production by
Slide 11: Kabanga: First quartile on CO2 curve
INTRODUCING LIFEZONE METALS Kabanga: First quartile on CO2 curve Nickel industry CO2e emissions curve 2030(1) 1 – Bespoke Nickel Market Outlook for Lifezone, a product of Wood Mackenzie, August 2022. The population is based on Wood Mackenzie's view on which current operations will be in production b
Slide 12: Tanzania: A new era for mining and investment
INTRODUCING LIFEZONE METALS Tanzania: A new era for mining and investment 〉 Kabanga Framework Agreement is a landmark development for the country 〉 Government of Tanzania has granted five mining Framework Agreements and issued five special mining licences since late 2021 〉 Strengthening ties between
Slide 13: Solution and value proposition
INTRODUCING LIFEZONE METALS Solution and value proposition Lifezone Metals Hydromet Technology • Meaningfully lower emissions(1) expected via Lifezone Metals Proprietary Green Hydromet Technology, with licensing opportunities and recycling capabilities Kabanga nickel project • Among world’s largest,
Slide 14: Why Lifezone Metals
Why Lifezone Metals JOHN DOWD, CHIEF EXECUTIVE OFFICER, GOGREEN INVESTMENTS • 30+ years energy investing experience • 14 years at Fidelity Investments managed multi-billion-dollar portfolios focused on energy and natural resources and co- leader of Fidelity Energy Research Team 14
Slide 15: GoGreen: Unlocking Lifezone's potential
WHY LIFEZONE METALS GoGreen: Unlocking Lifezone’s potential Business combination brings Lifezone public; increases fund-raising ability $291m $70m cash in trust for PIPE at $10 per share to GoGreen – SPAC(1) support transaction GoGreen Investments brings: • Management experience from wind, solar, en
Slide 16: Lifezone Metals meets GoGreen's key investment criteria
WHY LIFEZONE METALS Lifezone Metals meets GoGreen’s key investment criteria Over 100 companies; over 35 NDAs signed in search for best business combination A technology solution for cleaner metals Deep technical skills and experience One of the highest quality undeveloped nickel projects Established
Slide 17: Investment case: well-timed proposition; right value drivers
WHY LIFEZONE METALS Investment case: well-timed proposition; right value drivers Investment potential Proprietary IP Application opportunities One of the highest quality undeveloped Portfolio of almost 100 patents Potential of Hydromet nickel projects at the low end of global for hydrometallurgical
Slide 18: Lifezone Metals attractively priced relative to public valuations
WHY LIFEZONE METALS Lifezone Metals attractively priced relative to public valuations As per the Investor Presentation, April 17, 2023 1 – Factset as of December 12, 2022, company filings. 2 – Adjusted to remove non-resource value. Numerator is transaction enterprise value of $698 million less $161
Slide 19: Hydromet – A cleaner alternative
Hydromet – A cleaner alternative DR. MIKE ADAMS, CHIEF TECHNOLOGY OFFICER • Co-inventor of patented Hydromet Technology • 40+ years in metallurgical engineering with focus on process and resource development for metals recovery • 10+ years focus on development, implementation and commercialization o
Slide 20: Hydromet Video
HYDROMET VIDEO 20 Se HEALS
Slide 21: Hydromet: Proprietary technology with extensive testing
HYDROMET – A CLEANER ALTERNATIVE Hydromet: Proprietary technology with extensive testing 1981 – 1988: Liddell and 1999: Bateman Ltd 2006 – 2021: Development Adams work together on conclude process has of engineering, process major PGM and gold no flaws following flowsheets and process projects in So
Slide 22: Hydromet: Meaningful cost and environmental advantages over smelting
HYDROMET – A CLEANER ALTERNATIVE Hydromet: Meaningful cost and environmental advantages over smelting CAPITAL COSTS (US$M) (1) OPERATING COSTS (US$/4E OZ) (1) (2) EMISSIONS (TON CO2 EQ./TON CONC) (1) Source: Lifezone proprietary research, SFA (Oxford) Ltd, Gates Notes. 1 – Internal data from indepen
Slide 23: Laterites dominate new Ni supply, sulphides offer lower GHG intensity
HYDROMET – A CLEANER ALTERNATIVE Laterites dominate new Ni supply, sulphides offer lower GHG intensity NICKEL SULFIDES HAVE LOWER GHG INTENSITY – FURTHER MOST SUPPLY GROWTH EXPECTED FROM NICKEL LATERITES (1) ENHANCED BY KABANGA’S INTEGRATED REFINING (2) 1 – Bespoke Nickel Market Outlook for Lifezone
Slide 24: Recycling can decarbonise secondary supply chain
HYDROMET – A CLEANER ALTERNATIVE Lifezone recycling can decarbonise secondary supply chain The Problem The Solution(1) Raw Materials Extraction Hydromet Processing Multiple cycles of recycling via Lifezone Hydromet - potential to smelting dramatically increases cleanly, economically recycle critical
Slide 25: Leveraging hydromet's global potential across the metals industry
HYDROMET – A CLEANER ALTERNATIVE Leveraging hydromet’s global potential across the metals industry World-class team with Test results Metallurgical Panton PGM project Leading highly rich base of indicate Kabanga testwork continues initial assessment of specialized in-house engineering, technical nic
Slide 26: Sustainability Operations
Sustainability Operations NATASHA LIDDELL, CHIEF SUSTAINABILITY OFFICER • 17 + years in the resources industry • Background in Environmental Science and Natural Resource Management • Career spanning business development, corporate affairs and external relations • Corporate and technical experience i
Slide 27: Technology provides intrinsic ESG benefits vs smelting
SUSTAINABILITY OPERATIONS Technology provides intrinsic ESG benefits vs smelting Estimated up to 73% less CO2 emissions (1)(2); Reduced shipping volumes Zero SO2 emissions (1) and transport impact Lower CAPEX and operating costs In-country beneficiation: Increased value recognition; job creation Pot
Slide 28: Lifezone Metals' response to evolving macro drivers
SUSTAINABILITY OPERATIONS Lifezone Metals’ response to evolving macro drivers Decarbonising Wider industry Tackling climate supply chains benefits change Health, safety and Building partner of Social impact security choice strategy Alignment with Risk management and Governance stakeholders across ri
Slide 29: Kabanga – building on a social legacy
SUSTAINABILITY OPERATIONS Kabanga – building on a social legacy Local Community Engagement (April 2023) Resettlement Livelihood Restoration Planning (February 2023) 29
Slide 30: Kabanga resettlement and implementation workstreams
SUSTAINABILITY OPERATIONS Kabanga resettlement and implementation workstreams Community development Community social responsibility Safety and security Ongoing community engagement Access and Critical RAP study Compensation Livelihood and Construction and Construction Livelihoods Securing Ongoing Pe
Slide 31: Tembo Nickel teams active on the ground
SUSTAINABILITY OPERATIONS Tembo Nickel teams active on the ground Water Sampling and Fluvial Assessment, Muruhamba Confluence (April 2023) Gwenzaza Primary School CSR Project (April 2023) 31
Slide 32: Projects and Operations
Projects and Operations GERICK MOUTON, CHIEF 0PERATING OFFICER • 25 years experience global in strategic mining and mineral processing development, capital raising, leadership, organizational establishment and execution of multifaceted capital-intensive mining, processing and refining projects • Exp
Slide 33: Building a sustainability-driven portfolio
PROJECTS AND OPERATIONS Building a sustainability-driven portfolio Proposed acquisition of Hydromet autocatalytic Kabanga nickel project Kahama refinery specialist hydromet lab(1) recycling DFS: critical workstreams to build Project value are underway: Operating hydromet lab: Recycling • Infill dril
Slide 34: Kabanga: Large resource; exploration potential providing upside
PROJECTS AND OPERATIONS Kabanga: Large resource; exploration potential providing upside Over 20 years; $293 million invested in Kabanga resource definition and early studies • Shallow mineralization, supports early production / cash flow FAVOURABLE GEOLOGICAL • 6km strike length identified CHARACTER
Slide 35: Kabanga: Encouraging results from 2023-24 drilling program
PROJECTS AND OPERATIONS Kabanga: Encouraging results from 2023-24(1) (2) drilling program Only Ni%>0.5 shown for pre-2021 drillholes [0.5-0.7] [0.75-1] [1-1.5] [1.5-2] [2-2.5] [2.5+] Planned DFS Holes to raise Inferred to Indicated or better define UMAF mineralization (Tembo South) Potential New Res
Slide 36: Kabanga: Early works underway
PROJECTS AND OPERATIONS Kabanga: Early works underway Simultaneous critical path activities and key studies Kabanga camp site, Ngara (April 2023) Tembo Nickel Team at drill site (January 2023) 36
Slide 37: Kahama: Refinery being designed for CO2 reduction
PROJECTS AND OPERATIONS Kahama: Refinery being designed for CO2 reduction Aerial view of Kahama Source: Google Earth 37
Slide 38: Building the pipeline of skills to support Kabanga's future
PROJECTS AND OPERATIONS Building the pipeline of skills to support Kabanga’s future Tembo Nickel Young Talent Program (April 2023) 38
Slide 39: Kabanga and Kahama: The new metals supply chain solution
PROJECTS AND OPERATIONS Kabanga and Kahama: The new metals supply chain solution REFINED PRODUCT EXPORT KABANGA SITE – Mine + Concentrator KAHAMA – Hydromet Refinery Ni, Cu & Co Concentrate Transport Refinery Waste Disposal Refined End Product Transport Leveraging Established Infrastructure • Existi
Slide 40: Kabanga and Kahama: Supported by new investment in infrastructure
PROJECTS AND OPERATIONS Kabanga and Kahama: Supported by new investment in infrastructure Tanzania’s new central railway construction progress + Port of Dar Es Salaam Walikale UGANDA Goma KENYA To Kisangani Kigali RWANDA Rusomo Bukavu Mwanza KabangaLot Kabanga Mine MineV Arusha Kindu BURUNDI 24% Uvi
Slide 41: Kabanga and Kahama: Clean energy to enhance low carbon credentials
PROJECTS AND OPERATIONS Kabanga and Kahama: Clean energy to enhance low carbon credentials Rusumo Falls hydro power project Source: World Bank 41
Slide 42: Kabanga and Kahama: Key upcoming project catalysts
PROJECTS AND OPERATIONS Kabanga and Kahama: Key upcoming project catalysts KABANGA First Ore MINE Mining Development / RAP (1) Implementation Early Site Works / RAP(1) Commencement SML(1) Approved Feasibility Study / FEED (1) Environmental & RAP (1) Planning / Permitting Update SML(1) Exploration 20
Slide 43: Commercial Opportunities
Commercial Opportunities ANTHONY VON CHRISTIERSON, EXECUTIVE VICE PRESIDENT, COMMERCIAL AND BUSINESS DEVELOPMENT • 13+ years experience in commercial finance, with focus on the resources and technology • Lead of business development, partnerships and commercialization since 2017, specifically on the
Slide 44: Lifezone value proposition to shareholders
COMMERCIAL OPPORTUNITIES Lifezone value proposition to shareholders Equity Value Proposition Royalty Value Proposition Focused on Realizing Value Once capitalised – Pursue further equity value Hydromet can unlock stranded assets Royalty income – Recurring revenue More refineries; more recurring reve
Slide 45: Green metals are essential to combat climate change
COMMERCIAL OPPORTUNITIES Green metals are essential to combat climate change METALS DEMAND DRIVERS Base EV batteries, energy metals storage PGMs Hydrogen fuel cells Rare Solar, wind, renewables earths EV batteries, energy Lithium storage Gold Cyanide free Source: U.S. Government 100-day Review of Cr
Slide 46: Current valuation: Attractive proposition for world-class asset
COMMERCIAL OPPORTUNITIES Current valuation: Attractive proposition for world-class asset Transaction valued in line with • Opportunity: participate in value curve in period between lead up to DFS and construction latest private investment • De-risked funding profile - BHP’s future option; Lifezone M
Slide 47: Conclusion & Outlook
Conclusion & Outlook CHRIS SHOWALTER, CHIEF EXECUTIVE OFFICER • 17+ years experience in corporate finance and merchant banking • Extensive experience across Africa • Strong expertise originating, sourcing and developing relationships across Africa 47
Slide 48: The supply chain solution for clean metals
CONCLUSION & OUTLOOK The supply chain solution for clean metals Lifezone Metals Hydromet Technology Kabanga nickel project Partnerships Attractive valuation Sustainability & Governance 48
Slide 49: Appendix
APPENDIX sen IETALS
Slide 50: Board members
CONCLUSION & OUTLOOK Board members KEITH LIDDELL – FOUNDER AND CHAIRMAN CHRIS SHOWALTER – CHIEF EXECUTIVE DIRECTOR • Experienced metallurgical engineer, resource company director • Extensive experience across Africa; strong expertise in originating, and investor in minerals and natural resources sou
Slide 51: Board members
CONCLUSION & OUTLOOK Board members JOHN DOWD - NON – EXECUTIVE DIRECTOR GOVIND FRIEDLAND – NON – EXECUTIVE DIRECTOR • More than 30 years' experience in energy sector • More than 20 years' experience working internationally to finance, explore and develop strategic mineral deposits critical for comba
Slide 52: Board members
CONCLUSION & OUTLOOK Board members JENNIFER HOUGHTON - NON – EXECUTIVE DIRECTOR BEATRIZ ORRANTIA - NON – EXECUTIVE DIRECTOR • Independent non-executive director for Santander International • Consultant in ESG, decarbonisation and Just Transition for EY’s Centre of Excellence for Metals and Mining an
Slide 53: Board members
CONCLUSION & OUTLOOK Board members MWANAIDI MAAJAR - NON – EXECUTIVE DIRECTOR ROBERT EDWARDS - NON – EXECUTIVE DIRECTOR • Former Tanzanian Ambassador to USA after four years as Tanzanian High • 30 years in mining production, new business, equity research, investment Commissioner to UK from 2006 to 2
Slide 54: Kabanga Resource Estimate, February 15, 2023
APPENDIX Kabanga Resource Estimate, February 15, 2023 Mineral Resource LHL 〉 Kabanga Mineral Resource estimate as Grades Recovery Classification Tonnage NiEq23 (%) Ni (%) Cu (%) Co (%) Nickel (%) Copper (%) Cobalt (%) of February 15, 2023 as attributable to (Mt) MAIN Lifezone of 25.8 Mt (Measured an