Slide 1: Kabanga Nickel Project Site Visit Presentation
Kabanga Nickel Project Site Visit Presentation January 2025 Tanzania 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 Secur
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: Introduction
Introduction NYSE: LZM 4 LIFEZONEMETALS.COM
Slide 5: The Solution for Cleaner Metals
The Solution for Cleaner Metals 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
Slide 6: Project Partners
Project Partners NYSE: LZM 6 LIFEZONEMETALS.COM
Slide 7: Key Permits Received from Government of Tanzania
Key Permits Received from Government of Tanzania Kabanga Framework Agreement Signed with Government of Tanzania Location of the Kabanga Site and Special Mining Licence area (Jan 2021) • Based on a principal of equitable sharing of economic benefits Kabanga Site Special Mining Licence (Nov 2021) EIA
Slide 8: BHP Option to Majority Control of Kabanga Nickel Project
BHP Option to Majority Control of Kabanga Nickel Project Current Ownership Following BHP T2 Investment3 1.5%1 1.5%1 Government Government of Tanzania of Tanzania 83% 17% 39% 61% New Kabanga Nickel shares at 0.7x NAV per share2,3 84% 16% 84% 16% 0.02% 0.02% 99.98% 99.98% 99.98% 99.98% Kabanga Deposit
Slide 9: Joint Financial Model is an Important Condition for BHP’s Option
Joint Financial Model is an Important Condition for BHP’s Option Joint Financial Model (JFM) remains outstanding Partners in the development of under the Framework Agreement (Schedule 8) the Kabanga Nickel Project Governs equitable sharing of economic benefits • Expected 50/50 stabilizer based on an
Slide 10: Kabanga Site
Kabanga Site NYSE: LZM 10 LIFEZONEMETALS.COM
Slide 11: Kabanga Discovered in the 1970’s by the UN Development Programme
Kabanga Discovered in the 1970’s by the UN Development Programme More than $400 million invested to date Over 630 km drilling completed Draft feasibility study completed by previous owners in 2014 Lifezone acquired Kabanga from the Glencore-Barrick JV in 2021 • Including the camp and all data, test
Slide 12: Textbook Example of a Nickel Massive Sulfide Deposit
Textbook Example of a Nickel Massive Sulfide Deposit Located in the East African Nickel Belt (EANB) 1,500 km north-east trend extending from Zambia though the DRC, Burundi, Rwanda, Tanzania, and Uganda Multiple academic papers written on Kabanga mineralization Variability of magmatic sulphide compos
Slide 13: Six Distinct Mineralized Zones Over 7.5 km of Strike Length
Six Distinct Mineralized Zones Over 7.5 km of Strike Length Main, MNB, Kima, North, Tembo, and Safari Zones Only 5 Zones included in current Mineral Resource (all except Safari) • +50% of Mineral Resources are contained in the North zone Safari Link indicated by a Tembo-style high conductance electr
Slide 14: Upgraded Nickel Copper and Cobalt Mineral Resources (Dec 4, 2024)
Upgraded Nickel Copper and Cobalt Mineral Resources (Dec 4, 2024) Grades Attributable Contained Metals Kabanga is 69.7% owned by Lifezone Attributable Mineral Resource Tonnage NiEq24 Ni Cu Co NiEq23 Ni Cu Co Classification (Mt) All Mineral Resources are shown on an (%) (%) (%) (%) (kt) (kt) (kt) (kt
Slide 15: Multiple Zones of High-Grade Nickel, Copper and Cobalt
Multiple Zones of High-Grade Nickel, Copper and Cobalt 21% increase in contained nickel in Measured and Indicated at North Zone – the largest Zone at Kabanga North Zone represents more than 50% of Kabanga’s total Mineral Resources Only Measured and Indicated Resources can support conversion to Prove
Slide 16: Mine Planning Includes Ramp Access with Two Declines
Mine Planning Includes Ramp Access with Two Declines Underground mine plan involving sublevel stoping with paste fill Both North and Tembo Zones expected to have small box cuts for portal access to underground Second decline at North Zone designed to enable trucking 'loop' and for future electrifica
Slide 17: Compact Site Layout Expected with Minimal Surface Footprint
Compact Site Layout Expected with Minimal Surface Footprint Paste Fill Plant Tembo Portal Permanent Camp Tailings Paste Fill Plant Storage Facility Concentrator North Portal Aerodrome NYSE: LZM 17 LIFEZONEMETALS.COM
Slide 18: Two Paste Fill Plants Required at North and Tembo
Two Paste Fill Plants Required at North and Tembo Use of non-pyrrhotite concentrator tails (55%) and crushed waste rock (45%) Test work shows required strength can be achieved with local cement 3D model of paste fill plant NYSE: LZM 18 LIFEZONEMETALS.COM
Slide 19: Conventional Froth Flotation Expected to Produce Clean Concentrate
Conventional Froth Flotation Expected to Produce Clean Concentrate Simple, conventional froth flotation concentrator Simplified concentrator flowsheet and 3D model Phased approach to 3.4 Mtpa: 2x 1.7 Mtpa circuits with some common infrastructure 2-Stage Crushing & Screening Test work complete Ball M
Slide 20: Tailings Storage Facility Designed to International Standards
Tailings Storage Facility Designed to International Standards Excess capacity with 50 Mt of designed storage Tailings Storage Facility layout at end of deposition Predominantly pyrrhotite tailings stored sub-aqueously (less than 0.8 m water cover) • To suppress oxidation and maintain neutral pH 2 mm
Slide 21: Kahama Refinery
Kahama Refinery NYSE: LZM 21 LIFEZONEMETALS.COM
Slide 22: Located Within the Buzwagi Special Economic Zone
Located Within the Buzwagi Special Economic Zone Preliminary view of Kahama Hydromet refinery within the Special Economic Zone NYSE: LZM 22 LIFEZONEMETALS.COM
Slide 23: Hydromet Flowsheet Tailored for Kabanga through Pilot Testing
Hydromet Flowsheet Tailored for Kabanga through Pilot Testing Simple, full oxidation with conventional Simplified Kahama Refinery flowsheet leach chemistry Kabanga Pregnant Leach Copper Strong Kabanga Copper Industry standard unit operations Solution Electrolyte Cathode Pressure leach autoclave – fi
Slide 24: Pilot Plant Test Work Completed at Lifezone’s Labs in Perth, Australia
Pilot Plant Test Work Completed at Lifezone’s Labs in Perth, Australia Successful production of LME-grade nickel, copper and cobalt with opportunities to optimize The proposed refinery hydrometallurgical flowsheet is robust and can be ramped up quickly Consistent and very high base metal extractions
Slide 25: Regional Infrastructure
Regional Infrastructure NYSE: LZM 25 LIFEZONEMETALS.COM
Slide 26: Tanzanian Standard Gauge Rail Project Improving Connectivity
Tanzanian Standard Gauge Rail Project Improving Connectivity Upgrade of Tanzania’s central railway to new standard gauge underway • Plans in place to extend the rail network to neighboring landlocked countries Tanzania’s new central railway construction Walikale UGANDA Goma KENYA To Kisangani Kigali
Slide 27: High-Voltage Power Supply and Water
High-Voltage Power Supply and Water Tanzania Electric Supply Company (TANESCO) engaged for power infrastructure 33 kV line to Kabanga Camp TANESCO to provide engineering design for 80 km transmission line from existing substation to Kabanga • TANESCO responsible for all environmental and social lice
Slide 28: Southern Access Road is a Core Focus for the Movement of Concentrate
Southern Access Road is a Core Focus for the Movement of Concentrate Upgrade of Kabanga-Kahama road with Kabanga to Kahama transport route with Southern Access Road highlighted Tanzania National Roads Agency (TANROADS) Initial desktop study completed for road upgrade requirements Engagement underway
Slide 29: Kabanga Aerodrome to Enable Direct Access to Kabanga Site
Kabanga Aerodrome to Enable Direct Access to Kabanga Site Kabanga aerodrome will enable direct Drawing showing detail of the Kabanga aerodrome access to Kabanga Site Kabanga site access is 2-3 hours by road from Ngara Airport Improved emergency response opportunities with 2.5-hour direct flight to D
Slide 30: Environment and Social
Environment and Social NYSE: LZM 30 LIFEZONEMETALS.COM
Slide 31: Environment, People and Social Performance
Environment, People and Social Performance ESIAs Uplifts to Internation Standards Underway Water samples for baseline monitoring With our commitment to environmental stewardship, 3 Environmental and Social Impact Assessments (ESIAs) have been completed • Covering Kabanga, Kahama and the relocation s
Slide 32: Resettlement Implementation and Livelihood Restoration
Resettlement Implementation and Livelihood Restoration Current status of the Resettlement Action Plan (RAP) Feedback session on model houses 5 project affected communities: Bugarama, Rwinyana, Nyabihanga, Mukubu, Muganza • 349 physically displaced households and 990 economically displaced households
Slide 33: Karibu!
lifezonemetals.com info@lifezonemetals.com lifezone-metals @LifezoneMetals Karibu! NYSE: LZM 33 LIFEZONEMETALS.COM