Lifezone Metals Limited · NYSE:LZM
Lifezone Metals — Sidoti's Year-End Virtual Investor Conference 2025
28 slides from Lifezone Metals's conference presentation, Dec 11, 2025
Slide 1: The Solution for Cleaner Metals
The Solution for Cleaner Metals Sidoti’s Year-End Virtual Investor Conference December 10-11, 2025 NYSE: LZM LIFEZONEMETALS.COM
Slide 2: Forward-Looking Statements
Forward-Looking Statements 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 Secu
Slide 3: Disclaimer & No Offer
Disclaimer & No Offer 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 “Co
Slide 4: Why is Nickel so Important?
Why is Nickel so Important? Critical U.S. industries are dependent on nickel Nickel is critical for U.S. energy requirements To power the future of U.S. technology and Artificial Intelligence Battery Energy Storage for AI Industry Aerospace Industry Nickel-rich cathodes in batteries provide Nickel s
Slide 5: Nickel Supply Chain Dominated by China
Nickel Supply Chain Dominated by China 64% of 2025E global nickel production comes from Indonesia1 Western producers face structural disadvantage Chinese-backed investment dominates Indonesian refining Nickel supply chain risk mirrors dependency on “Rare Earth” elements Indonesian upstream productio
Slide 6: A U.S. Critical Metals Solution
A U.S. Critical Metals Solution Lifezone’s Kabanga Project is a strategic critical metals asset One of the largest and highest-grade development-ready nickel sulfide deposits Kabanga is development-ready and sits in the first quartile of the global cost curve AISC of $3.36/lb Ni net of credits and r
Slide 7: Track Record of Achieving Key Deliverables at Kabanga
Track Record of Achieving Key Deliverables at Kabanga Advanced technical Optimized Robust Increased project New financing studies complete project scale1 economics1 ownership2 secured3 Initial 3.4 Mtpa $1.58 billion 69% $60 million Assessment Nameplate throughput rate After-tax NPV8% Bridge loan fac
Slide 8: Kabanga Nickel Project
Kabanga Nickel Project NYSE: LZM 8 LIFEZONEMETALS.COM
Slide 9: Kabanga Nickel Project
Kabanga Nickel Project Lifezone owns 84% of the Kabanga Nickel Project / 16% held by Government of Tanzania Full control of operations and 100% of offtake rights More than 620 km of drilling and +$435 million invested Special Mining Licence in hand July 2025 Feasibility Study confirms world-class, h
Slide 10: A World-Scale, High-Grade Nickel Deposit
A World-Scale, High-Grade Nickel Deposit One of the largest and highest-grade development-ready nickel sulfide deposits Kabanga eser es 52.2 Mt 1.98 Ni, 0.2 Cu and 0.15 Co Kabanga aba La am ala ag sland ian o ma i ilo ayani el ic el rade acare onoc am ala ermelho ambare alon ag ar entral sgra e bble
Slide 11: Industry-Leading Cost Performance
Industry-Leading Cost Performance First quartile of global nickel cost curve1 Supports robust margins and resilient cash flows1 AISC: $3.36/lb payable Ni ($7,408/t) High-grade mineralization and strong recoveries Total Site Operating Cost: $70.10/t milled Valuable copper and cobalt by-product credit
Slide 12: Comparable to the Best-In-Class Copper Deposits
Comparable to the Best-In-Class Copper Deposits Kabanga Compares Favorably to Select Prominent Copper Deposits In Situ Ni Grade Cu Grade NiEq Grade CuEq Grade Mine/Project Owner Country Status Value (%) (%) (%) (%) ($/t) Lifezone Metals 84% 1 Kabanga Tanzania FS Complete $396.26 2.09% 0.29% 2.48% 4.
Slide 13: Robust Economics Drive Long-Term Value
Robust Economics Drive Long-Term Value High-grade, low-cost, long-life asset1 Life of Mine Revenue: $14.1B Steady cash flow generation shown in the After-Tax Free Cash Flow: $4.6B Kabanga July 2025 Feasibility Study1 After-Tax NPV8%: $1.58B After-Tax IRR: 23.3% Payback: 4.5 years from first producti
Slide 14: Partnered for Success with Supportive Host Government
Partnered for Success with Supportive Host Government Important strategic public-private partnership 84% Lifezone / 16% Government of Tanzania ownership Framework Agreement ensures equitable sharing of economic benefits Supports Tanzania as an important supplier of critical metals products Key drive
Slide 15: Ongoing Strategic Financing Initiatives
Ongoing Strategic Financing Initiatives Short-term financing – $60M bridge loan from Taurus Mining Finance1 Short-term development financing facility closed in August 2025 • For early works and development activities to progress to Final Investment Decision and financial close of multi-source financ
Slide 16: Clear Path to Final Investment Decision Expected in 2026
Clear Path to Final Investment Decision Expected in 2026 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 unde
Slide 17: Platinum, Palladium and Rhodium Recycling with Glencore
Platinum, Palladium and Rhodium Recycling with Glencore Hydromet to recycle critical metals from catalytic converters “a tocats” A faster, more efficient and less emissions-intensive way to recycle PGMs1 Merging smelting and refining steps of value chain to capture margin Rh Closed loop (autocats fe
Slide 18: A Defining Moment for Lifezone and the Kabanga Nickel Project
A Defining Moment for Lifezone and the Kabanga Nickel Project Strategic Asset for U.S. Supply Chain Security Positioned to deliver critical metals in support of U.S. energy, defense and AI industries Consolidated ownership and control of the Kabanga Nickel Project Lifezone has control of development
Slide 19: lifezonemetals.com
lifezonemetals.com info@lifezonemetals.com lifezone-metals @LifezoneMetals NYSE: LZM 19 LIFEZONEMETALS.COM
Slide 20: Appendix
Appendix NYSE: LZM 20 LIFEZONEMETALS.COM
Slide 21: Backed by Industry-Leading Partners, Investors and Governments
Backed by Industry-Leading Partners, Investors and Governments Shareholder composition (basic)2 Project partners Kabanga Nickel Project: Government of Tanzania U.S.-based PGM Recycling Project: Glencore Includes: Chair Early nvestors Cinctive Other Mgmt Directors BlackRock $60M bridge loan facility
Slide 22: First-Ever Declaration of High-Grade Mineral Reserves
First-Ever Declaration of High-Grade Mineral Reserves Kabanga Mineral Reserves Lifezone Mineral Reserve Grades (%) Metallurgical Recovery (%) prepared in accordance Tonnage 3 Classification with S-K 1300 (million tonnes) Nickel Copper Cobalt Nickel Copper Cobalt Total: Massive Sulfide plus Ultramafi
Slide 23: Large Resource with Multiple Opportunities for Exploration Growth
Large Resource with Multiple Opportunities for Exploration Growth 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.
Slide 24: Significant Resource Growth Potential from High-Priority Targets
Significant Resource Growth Potential from High-Priority Targets Four high-priority Exploration Targets 1 KM Safari Link, Safari Extension, Rubona Hill and Block 1 South N Total size of combined Targets: 17.5 – 23.5 Mt grading 1.9–2.1% NiEq Well-established targets Geophysical anomalies Safari Prosp
Slide 25: Aligning with Leading International ESG Frameworks
Aligning with Leading International ESG Frameworks Kabanga Nickel project aligned with global standards1 Tanzanian regulatory requirements, IFC Performance Standards, Equator Principles, GISTM, ANCOLD, ICMM Approved ESIAs Kabanga site and resettlement sites received approval certificates from Tanzan
Slide 26: Board of Directors
Board of Directors KEITH LIDDELL CHRIS SHOWALTER JOHN DOWD FOUNDER AND CHAIR CHIEF EXECUTIVE OFFICER, DIRECTOR DIRECTOR ROBERT EDWARDS GOVIND FRIEDLAND JENNIFER HOUGHTON LEAD INDEPENDENT DIRECTOR DIRECTOR DIRECTOR MWANAIDI MAAJAR BEATRIZ ORRANTIA DIRECTOR DIRECTOR NYSE: LZM 26 LIFEZONEMETALS.COM
Slide 27: Executive Management
Executive Management CHRIS SHOWALTER DR. MIKE ADAMS BENEDICT BUSUNZU CHIEF EXECUTIVE OFFICER CHIEF TECHNOLOG OFFICER TEMBO NICKEL CHIEF EXECUTIVE OFFICER SPENCER DAVIS INGO HOFMAIER GERICK MOUTON CHIEF LEGAL OFFICER CHIEF FINANCIAL OFFICER CHIEF OPERATING OFFICER NYSE: LZM 27 LIFEZONEMETALS.COM
Slide 28: lifezonemetals.com
lifezonemetals.com info@lifezonemetals.com lifezone-metals @LifezoneMetals NYSE: LZM LIFEZONEMETALS.COM
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