Lifezone Metals Limited · NYSE:LZM
Lifezone Metals — SPAC Merger (April 2023)
54 slides from Lifezone Metals's SPAC merger presentation, Apr 17, 2023
Slide 1: Lifezone Metals Business Combination with GoGreen Investments
The supply chain solution for clean metals Lifezone Metals Business Combination with GoGreen Investments April 17, 2023
Slide 2: Disclaimer
Disclaimer This presentation (together with oral statements made i n connection herewith, this “Presentation”) is provided for informational purposes only and has been prepared to assist interested parties i n a proposed private placement i n making their own evaluation with respect to a potential b
Slide 3: Disclaimer (Continued)
Disclaimer (Continued) INDUSTRY AND MARKET DATA Although certain information and opinions expressed in this Presentation, including market data and other statistical information, were obtained from sources believed to be reliable and are included in good faith, Lifezone, GoGreen and their respective
Slide 4: Disclaimer (Continued) - Use of Projections
Disclaimer (Continued) USE OF PROJECTIONS This Presentation contains projected financial information with respect to Lifezone, including revenue and Adjusted EBITDA . Such projected financial information constitutes forward - looking information, is for illustrative purposes only and should not b e
Slide 5: Risk Factors
Risk Factors All references to “we,” “us” or “our” refer to the Company prior to the consummation of the Proposed Business Combination with GoGreen . The risks described below are a non - exhaustive list of the key risks related to the Company and the factors that could cause actual results to diffe
Slide 6: Risk Factors (Continued)
Risk Factors (Continued) – If our operations do not perform in line with expectations, we may be required to write down the carrying value of our investments, which could affect any future profitability and our ability to pay dividends. – Once the Kabanga Project is commissioned, we expect to recogn
Slide 7: Risk Factors (Continued)
Risk Factors (Continued) Risks Related to Potential Refineries which may license our Hydromet Technology — The construction of the potential refinery at SRL’s Pilanesberg Platinum Mine in South Africa that would process PGMs, and gold, nickel, copper and cobalt, applying the Hydromet Technology lice
Slide 8: Risk Factors (Continued)
Risk Factors (Continued) – Our mining rights and licenses, including our SML and the framework agreement entered into with the Government of Tanzania in relation to the Kabanga Project, could be altered, suspended or cancelled for a variety of reasons, including breaches in our obligations in respec
Slide 9: Risk Factors (Continued)
Risk Factors (Continued) – Mail sent to Lifezone Metals may be delayed. – In the event BHP completes the tranche 3 investment pursuant to the Tranche 3 Option Agreement and gains majority ownership of KNL, LHL and Lifezone Limited may be classified as inadvertent investment companies for the purpose
Slide 10: Transaction Overview
Transaction Overview Proposed Transaction Summary Overview • Lifezone owns a controlling interest in one of the world’s largest, highest - grade, undeveloped nickel sulphide deposits (1) (the “Kabanga Project”). BHP is Lifezone’s partner and has an option to acquire a controlling stake in the Kabang
Slide 11: GoGreen Investments Corporation Overview (GOGN)
GoGreen Investments Corporation Overview (GOGN) Chief Executive Officer 30+ years energy investing experience Managed multi - billion - dollar portfolios for Fidelity Investments for 14 years focused on energy and natural resources; co - led the Fidelity Energy Research Team Awarded 6 Lipper a
Slide 12: Owning the Energy Transition Bottleneck with Technology Upside
Owning the Energy Transition Bottleneck with Technology Upside 549 SPACs in Market During Search Period (1) Numerous Opportunities Reviewed by the GoGreen Team Batteries (2) Electric Vehicles (2) Lifezone rollover equity value in line with BHP’s recent investments (4) x x x One of the highest qualit
Slide 13: One Mission: Decarbonizing and Sourcing Green Metals
One Mission: To Help Towards Decarbonizing and Sourcing Green Metals to Accelerate Energy Transition Two business segments: one world class nickel asset, one compelling technology Lifezone Metals Hydromet Technology Proprietary technology with minority interest and royalty in a Hydromet refinery und
Slide 14: Two Key Tailwinds: Energy Transition and Green Sourcing
Two Key Tailwinds for Lifezone: Energy Transition and “Green Sourcing” Energy transition requires nickel with increasing focus on upstream environmental footprint Automobile Manufacturers (OEMs) Ramping Climate Commitments • OEMs increasingly focused on decarbonizing EV manufacturing, driven by cons
Slide 15: Lifezone's Leadership Team
Lifezone’s Leadership Team Chairman • Chairman since 2008 when Lifezone was founded • 40+ years experience in mining, developed 9 mines Keith Liddell Chief Executive Officer • CEO since 2019 when Kabanga was incorporated • 17+ years experience corporate finance and merchant banking focused on Africa
Slide 16: Investment Highlights
Investment Highlights 1 Compelling Outlook for Nickel Supply/Demand and Responsibly Sourced “Green” Metals 2 One of the World's Largest & Highest - Grade Undeveloped Nickel Sulphide Deposits (1) 3 Leading Strategic Partner BHP Supports Economics & Enhances Project Execution Meaningfully Lower Emissi
Slide 17: Supply Chains Increasingly Focused on Future Nickel Supply
Supply Chains Increasingly Focused on Future Nickel Supply Nov. 14, 2022 Dec. 2, 2021 May 6, 2022 Compelling Outlook for Nickel Supply/Demand and Responsibly Sourced “Green” Metals 1 17
Slide 18: Battery Demand Driving Nickel Sulphide Demand
18 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 TWh Battery Demand 0 10 20 30 40 50 60 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 EV Car Sales (million units) Compelling Outlook for Nickel Supply/Demand and Responsibly Sourced “Green” Metals
Slide 19: Nickel Sulphide – Supply Shortage of Greener Nickel
0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Nickel Precursors for EV / ESS Battery Demand (million tons) Nickel Sulphide – Supply Shortage of Greener Nickel 1 – Bespoke Nickel Market Outlook for Lifezone, a product of Wood Mackenzie, September 2022. Ba
Slide 20: Kabanga Project Overview
Kabanga Project Overview One of the World's Largest & Highest - Grade Undeveloped Nickel Sulphide Deposits 2 High Quality Mineral Resource ▪ Nickel sulphide attributable Mineral Resource to Lifezone of 25.8 Mt (Measured and Indicated resources) at 2.63% Ni and additional 14.6 Mt (Inferred resources)
Slide 21: Kabanga is One of the World's Largest and Highest Quality Nickel Deposits
One of the World's Largest & Highest - Grade Undeveloped Nickel Sulphide Deposits 2 Kabanga is One of the World’s Largest and Highest Quality Nickel Deposits (1)(2) Source: S&P Capital IQ Pro, as modified per public data on each mining project. 1 – NiEq. Values calculated using input prices of Nicke
Slide 22: Kabanga Near Bottom of Global Nickel Cost Curve
One of the World's Largest & Highest - Grade Undeveloped Nickel Sulphide Deposits 2 Advantaged Economics Places Kabanga near Bottom of Global Nickel Cost Curve Kabanga is forecast to be in the first quartile of the nickel industry C1 cash cost curve (1) Key Drivers of Kabanga Nickel’s Advantaged Cos
Slide 23: Kabanga Emissions Intensity vs Global Nickel Production
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 2030 and their base case projects. The estimates for Kabanga are based on a mine size of 2.2 Mt/a. The data
Slide 24: Attributable Tonnage of 25.8 Mt (M&I) Plus 14.6 Mt (Inferred)
One of the World's Largest & Highest - Grade Undeveloped Nickel Sulphide Deposits 2 Attributable Tonnage of 25.8 Mt (M&I) Plus 14.6 Mt (Inferred) – NiEq Grade of 3.33% (M&I) & 3.21% (Inferred) (4) World class resource with open - ended mineralization • Kabanga Mineral Resource estimate as of 15 Febr
Slide 25: Meaningful Exploration Potential Providing Upside
One of the World's Largest & Highest - Grade Undeveloped Nickel Sulphide Deposits 2 Meaningful Exploration Potential Providing Upside Over 10 identified exploration targets (1) for 2023 - 2024 (2) Potential Regional Targets ▪ 5 Prospecting Licenses (and 1 Pending) around the Special Mining License (
Slide 26: Unlocking & Refining Tanzania's Nickel to Refined Products for Export
Unlocking & Refining Tanzania’s Nickel to Refined Products for Export One of the World's Largest & Highest - Grade Undeveloped Nickel Sulphide Deposits 2 Refined End Product Transport ▪ Containerised rail to export facility ▪ Hydromet refinery to port ▪ Kahama to Dar es Salaam ▪ Distance: 970km ▪ Re
Slide 27: Rail Refined Metal Products to Dar es Salaam Port
27 Rail refined metal products from Kahama refinery to Dar es Salaam port for international export ▪ The Kahama refinery location is 30km from the rail terminal at Isaka where refined metals will be loaded to transport to Dar es Salaam port ▪ Tanzania has been upgrading the railway line to standard
Slide 28: Estimated Development Timeline For 2.2 Mt/a Integrated Mine
28 One of the World's Largest & Highest - Grade Undeveloped Nickel Sulphide Deposits 2 Estimated Development Timeline For 2.2 Mt/a Integrated Mine (5) Over 20 years and $293 million invested in the project to date Note: Timeline is based on internal company expectations and assumes BHP executing its
Slide 29: Key Upcoming Kabanga Project Milestones
29 Key Upcoming Kabanga Project Milestones One of the World's Largest & Highest - Grade Undeveloped Nickel Sulphide Deposits 2 Event / Goal Date (3) Comments / Outcomes Mine Optimization Modeling May - Jul 2023 Evaluate optimized mine size: 2.2Mt/a, 2.8Mt/a, 3.0Mt/a, 3.4Mt/a, or 4.0 Mt/a Resource De
Slide 30: Leading Strategic Partner BHP Supports Economics
Leading Strategic Partner BHP Supports Economics & Enhances Project Execution 3 BHP’s Strategic Investment Supports Valuation GoGreen merger price at BHP valuation while nickel price +17% (1) 84.0% Government of Tanzania Current Ownership Structure Potential Future Ownership (3)(4)(5) 83.0% 17.0% 16
Slide 31: Lifezone Minority Protection in Kabanga if BHP Exercises Control Option
Lifezone Minority Protection in Kabanga if BHP Exercises Control Option Lifezone is entitled to certain off - take marketing rights in respect of Kabanga and will be entitled to certain minority shareholder protections in respect of Kabanga in the event that BHP exercises its option to become the ma
Slide 32: Meaningfully Lower Emissions via Green Hydromet Technology
Meaningfully Lower Emissions via Lifezone’s Proprietary Green Hydromet Technology 4 Green Metals Paradox: the “Airpocalypse” Metals needed to enable energy transition largely rely on smelting – highly carbon emissive, energy intensive and produces toxic slag Lifezone’s Hydromet Technology has potent
Slide 33: Hydromet: Significant Cost Advantages Over Smelting
Meaningfully Lower Emissions via Lifezone’s Proprietary Green Hydromet Technology 4 The Solution: Hydromet Significant Cost Advantages Over Smelting Analysis of Lifezone hydromet efficacy in PGM metals illustrates potentially superior economic attributes Superior Economic Profile Key Attributes • Mo
Slide 34: Licensing Opportunity with Strong Global IP Protection
Licsensing Opportunity with Strong Global IP Protection and Over 100 Patents in Lifezone’s Portfolio Patent number Filing date Patent’s area of focus US6,579,504 (2) 12/07/2013 PGM Kell process original concept presentation US9,540,706 12/07/2013 PGM Kell process iron and sulphur separation and remo
Slide 35: Hydromet Recovery Rates Across Ore Types
A UG2 99 97 93 99 97 93 99 B UG2 99 98 96 97 95 96 83 C Merensky 99 98 97 99 99 99 98 D UG2 - Merensky 99 98 96 99 98 99 93 E Platreef 99 98 96 99 99 99 99 F Platreef 98 99 97 96 99 99 99 G Polymetallic Great Lakes 97 99 95 96 99 99 99 H Polymetallic Great Lakes 99 99 - 99 99 99 99 I UG2 - Merensky
Slide 36: Compelling Valuation Under Various Scenarios
$14,661 $16,755 $25,133 $27,227 – 30% – 20% + 20% + 30% $400 $457 $686 $743 $117 4.6x 3.8x 2.2x 2.0x $132 4.8x 4.0x 2.3x 2.1x $146 5.2x 4.2x 2.4x 2.1x $161 5.5x 4.4x 2.4x 2.2x $14,661 $16,755 $25,133 $27,227 – 30% – 20% + 20% + 30% $400 $457 $686 $743 $117 $390 $471 $796 $878 $132 $367 $449 $774 $85
Slide 37: Public Valuation Comps
$0.44 $0.37 $0.17 avg. $0.10 $0.08 $0.07 $0.06 $0.04 Talon Chalice Centaurus Poseidon Magna Mining SPC Nickel Blackstone Minerals $0.87 $0.52 $0.44 $0.38 $0.34 $0.33 $0.19 $0.13 Mincor Nickel Industries Nickel 28 Panoramic PT Vale Norilsk Nickel Asia Sherritt Public Valuation Comps Attractive Valuat
Slide 38: Flexibility to Fully Fund Kabanga Project Enhanced by Proposed Transaction
Flexibility to Fully Fund Kabanga Project Enhanced by Proposed Transaction Potential catalysts over next 18 months • Kabanga expects to launch competitive offtake process for our potentially “greener” nickel upon closing the Transaction and announce offtake partner(s) prior to FID • Lifezone is expl
Slide 39: Proposed Transaction Overview
Proposed Transaction Overview 1 – Assumes no redemptions by GOGN’s public shareholders and cash in trust as of December 31, 2022. 2 – Lifezone Metals consolidated cash balance as of December 31, 2022 and excludes impact of BHP’s February 2023 investment of an additional $50 million in Kabanga Nickel
Slide 40: Conclusion
Conclusion 1 Compelling Outlook for Nickel Supply/Demand and Responsibly Sourced “Green” Metals 2 One of the World's Largest & Highest - Grade Undeveloped Nickel Sulphide Deposits (1) 3 Leading Strategic Partner BHP Supports Economics & Enhances Project Execution Meaningfully Lower Emissions (2) Exp
Slide 41: Appendix
APPENDIX
Slide 42: Lifezone Technology Timeline
Lifezone Technology Timeline 1981 1996 1999 2006 2010 2014 2016 2008 1981 - 1988: Keith Liddell and Mike Adams work together on major PGM and gold projects in South Africa, receiving several medals for industry advancements 2000 2020 1996: Lifezone’s PGM Hydromet Technology conceptualized by Liddell
Slide 43: Largest Nickel Deposits
Largest 20 Nickel Deposits Source: S&P Capital IQ Pro, as modified per public data on each project. 1 – NiEq. Values calculated using input prices of Nickel:$20,944/T, Copper $8,818/T and Cobalt $57,320/T, Chrome $4,409/T, Platinum $1,046/oz, Palladium $1,946/oz, Gold $1,798oz, Zinc $3,247/T, Silver
Slide 44: Exploration and Community Development Activity at Kabanga
Meaningful Exploration and Community Development Activity at Kabanga Gwenzaza Primary School CSR Project (April 2023) Resettlement Livelihood Restoration Planning (February 2023) Core from the Kabanga deposit (April 2023) 44 Tembo Nickel Team at a drill pad with the CMS drilling team (January 2023)
Slide 45: Conceptual Kabanga Hydromet Process Flow Sheet
Conceptual Kabanga Hydromet Process Flow Sheet Pressure Oxidation Leaching Pre Neutralisation Cu SX - EW Iron Removal Ni - Co SX Tailings Neutralisation Tailings Filtration Kabanga Ni - Co - Cu Concentrate Oxygen Limestone NaOH Co SX - EW Ni EW Gypsum/Fe(OH) 3 Residue Blackhaul to Pastefill Cu Catho
Slide 46: Aligned with Lifezone's Partner, the Government of Tanzania
Aligned with Lifezone’s Partner, the Government of Tanzania “The United States and Tanzania have enjoyed relations for the last 60 years; my government would like to see the relations grow further and strengthened to greater heights. I would like to express my government’s appreciation to the US gov
Slide 47: Tanzania Constructing New Central Railway Line
47 Tanzania is Constructing its New Central Railway Line to Connect Landlocked Countries to Port Facilities KENYA UGANDA ZAMBIA TANZANIA Kindu Bukavu Rusomo Kigali Uvinza Tabora Kaliua Uvira Bujumbura Karema Mpanda Dar es Salaam Kigoma Musongati To Kisangani Morogoro Mwanza Goma Walikale Gitega Mobi
Slide 48: Hydromet Technology Provides Licensing Growth Opportunity
Lifezone’s Hydromet Technology Provides Licensing Growth Opportunity Cyanide - free In - country beneficiation: Increased value recognition and job creation Equitable share of benefits with stakeholders Estimated up to 73% less CO 2 emissions (1)(2) Zero SO 2 emissions (1) 80% lower capital costs &
Slide 49: Lifezone Recycling Can Decarbonize Secondary Supply Chain
Lifezone Recycling Can Decarbonize Secondary Supply Chain of Green Metals The Problem Multiple cycles of recycling through smelting dramatically increases the carbon footprint of “green” metals Circular Supply Chain Raw Materials Extraction Hydromet Processing End Customers Refined End Products Recy
Slide 50: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Illustrative sensitivity analysis 1 – Base operating cost assumptions of $146/ton is based on the following assumptions: Mining Costs ($50/ton), Processing Costs ($13/ton), Refinery Costs ($62/ton), Transport Costs ($9/ton) and G&A ($13/ton). Analysis presents a sensit
Slide 51: Adjusted EBITDA Reconciliation (Cont.)
51 Adjusted EBITDA Reconciliation (Cont.) Illustrative sensitivity analysis 1 – Base operating cost assumptions of $146/ton is based on the following assumptions: Mining Costs ($50/ton), Processing Costs ($13/ton), Refinery Costs ($62/ton), Transport Costs ($9/ton) and G&A ($13/ton). Analysis presen
Slide 52: Adjusted EBITDA Reconciliation (Cont.)
52 Adjusted EBITDA Reconciliation (Cont.) Illustrative sensitivity analysis 1 – Base operating cost assumptions of $146/ton is based on the following assumptions: Mining Costs ($50/ton), Processing Costs ($13/ton), Refinery Costs ($62/ton), Transport Costs ($9/ton) and G&A ($13/ton). Analysis presen
Slide 53: Adjusted EBITDA Reconciliation (Cont.)
53 Adjusted EBITDA Reconciliation (Cont.) Illustrative sensitivity analysis 1 – Base operating cost assumptions of $146/ton is based on the following assumptions: Mining Costs ($50/ton), Processing Costs ($13/ton), Refinery Costs ($62/ton), Transport Costs ($9/ton) and G&A ($13/ton). Analysis presen
Slide 54: Adjusted EBITDA Reconciliation (Cont.) - Metal Price Sensitivity
54 Based on Cost per Ton of: $175 Nickel price ($/ton) $14,661 $16,755 $18,850 $20,944 $23,038 $25,133 $27,227 Copper price ($/ton) $6,173 $7,055 $7,937 $8,818 $9,700 $10,582 $11,464 Cobalt price ($/ton) $40,124 $45,856 $51,588 $57,320 $63,052 $68,784 $74,516 Metal Price Sensitivity – 30% – 20% – 10