Slide 1: Strengthening Critical Metal Supply Chains
Strengthening Critical Metal Supply Chains Mining Indaba 202C February 9 – 11, 2026 Cape Town, South Africa NYSE: LZM LIFEZONEMETALS.COM
Slide 2: 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 Securities Litigation Reform
Slide 3: Disclaimer
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 “Company”) and for no oth
Slide 4: Why is Nickel so Important?
Why is Nickel so Important? Critical U.S. industries are dependent on nickel Battery Energy Storage for AI Industry Nickel - rich cathodes in batteries provide high energy density to power data centers Aerospace Industry Nickel superalloys are very strong and essential for jet engines Defense G Nucl
Slide 5: Nickel Supply Chain Dominated by China
Nickel Supply Chain Dominated by China C4% of 2025E global nickel production comes from Indonesia 1 Chinese - backed investment dominates Indonesian refining Western producers face structural disadvantage Nickel supply chain risk mirrors dependency on “Rare Earth” elements Indonesia + China Indonesi
Slide 6: Lifezone's Kabanga Project is a strategic critical metals asset
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 :3.3C/lb Ni net of credits and robust economics 1 Fully pe
Slide 7: Track Record of Achieving Key Deliverables at Kabanga
Track Record of Achieving Key Deliverables at Kabanga Advanced technical studies complete Optimized project scale 1 Robust economics 1 Increased project ownership 2 New financing secured 3 Initial Assessment Completed: June 2025 3.4 Mtpa Nameplate throughput rate $G42 million Pre - production capita
Slide 8: Kabanga Nickel Project
Kabanga Nickel Project 8 N Y S E: LZM LIFEZONEMETALS.COM NYSE: LZM 8 LIFEZONEMETALS.COM
Slide 9: Kabanga Nickel Project overview
G LIFEZONEMETALS.COM 1 – Refer to the July 2025 Kabanga Feasibility Study Technical Report Summary . NYSE: LZM 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 inv
Slide 10: Kabanga vs. global nickel sulfide and laterite deposits
Crawford Nikolai Turnagain Decar Zebediela Mulga Tank Dumont Reid Mann Shaw Dome Julimar Yakabindie Kabanga Nickel Shaw Ronnbacken Lubalisi Ferguson Lake Maslovskoe Kingash Souker Deloro Kalgoorlie Gag Island Biankouma - Sipilou Jacare Central Musgrave Mindoro La Sampala Sampala Maba Niwest Kun - Ma
Slide 11: First quartile of global nickel cost curve
First quartile of global nickel cost curve 1 AISC: :3.3C/lb payable Ni (:7,408/t) Total Site Operating Cost: $70.10/t milled Supports robust margins and resilient cash flows 1 High - grade mineralization and strong recoveries Valuable copper and cobalt by - product credits Industry - Leading Cost Pe
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 1 – Data source: S&P Capital IǪ. Copyright © 2025, S&P Global Market Intelligence (and its affiliates, as applicable). 2 – In Situ Value per Tonne is Total In Situ Value divided by Tota
Slide 13: High-grade, low-cost, long-life asset
High - grade, low - cost, long - life asset 1 Life of Mine Revenue: $14.1B After - Tax Free Cash Flow: $4.6B After - Tax NPV8%: :1.58B After - Tax IRR: 23.3% Payback: 4.5 years from first production Strong returns using consensus pricing 1 Ni: $8.49/lb (or $18,717/t) Cu: $4.30/lb (or $9,480/t) Co: $
Slide 14: 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 driver of regional economic growth ~1,090 direct jobs at
Slide 15: Financing the path to Final Investment Decision
Short - term financing – $60M bridge loan from Taurus Mining Finance 1 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 finance package Long - term parties for
Slide 16: Clear Path to Final Investment Decision
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 underway Active engagement with DFIs, commercial lenders, and
Slide 17: Platinum, Palladium and Rhodium Recycling with Glencore
Hydromet to recycle critical metals from catalytic converters (“autocats”) A faster, more efficient and less emissions - intensive way to recycle PGMs 1 Merging smelting and refining steps of value chain to capture margin Closed loop (autocats feed to refined 99.95% PGMs) enhancing ability to captur
Slide 18: Appendix
Appendix 1 8 N Y S E: LZM LIFEZONEMETALS.COM NYSE: LZM 18 LIFEZONEMETALS.COM
Slide 19: Backed by Industry-Leading Partners, Investors and Governments
LIFEZONEMETALS.COM Project partners Kabanga Nickel Project: Government of Tanzania U.S. - based PGM Recycling Project: Glencore $60M bridge loan facility (closed Aug 2025) Taurus Mining Finance $15M Registered Direct Offering (closed Nov 2025) Existing shareholders Convertible debentures investors H
Slide 20: First-Ever Declaration of High-Grade Mineral Reserves
First - Ever Declaration of High - Grade Mineral Reserves Kabanga Mineral Reserves prepared in accordance with S - K 1300 Estimated by calculating optimized economic cut - off values for mining underground stopes, in various locations within the mine design Based only on Measured and Indicated Resou
Slide 21: Large Resource with Multiple Opportunities for Exploration Growth
Large Resource with Multiple Opportunities for Exploration Growth 300 - meter step - out hole (KL23 - 2G): Intercepted 15.1 m @ 2.83% NiEq 2 Lifezone attributable Mineral Reserves and Resources (84% of total) 1 43.9 million tonnes Proven C Probable Reserves grading 1.98% nickel, 0.27% copper and 0.1
Slide 22: Significant Resource Growth Potential from High-Priority Targets
Four high - priority Exploration Targets Safari Link, Safari Extension, Rubona Hill and Block 1 South Total size of combined Targets: 17.5 – 23.5 Mt grading 1.3 – 2.1% NiEq Well - established targets Geophysical anomalies Historical drilling Geological continuity with known zones Potential to extend
Slide 23: Aligning with Leading International ESG Frameworks
Kabanga Nickel project aligned with global standards 1 Tanzanian regulatory requirements, IFC Performance Standards, Equator Principles, GISTM, ANCOLD, ICMM Approved ESIAs Kabanga site and resettlement sites received approval certificates from Tanzania’s NEMC • Both updated to meet international sta
Slide 24: Board of Directors
Board of Directors KEITH LIDDELL FOUNDER AND CHAIR NYSE: LZM 24 LIFEZONEMETALS.COM 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
Slide 25: Executive Management
Executive Management INGO HOFMAIER CHIEF FINANCIAL OFFICER SPENCER DAVIS CHIEF LEGAL OFFICER BENEDICT BUSUNZU TEMBO NICKEL CHIEF EXECUTIVE OFFICER DR. MIKE ADAMS CHIEF TECHNOLOG OFFICER CHRIS SHOWALTER CHIEF EXECUTIVE OFFICER GERICK MOUTON CHIEF OPERATING OFFICER NYSE: LZM 25 LIFEZONEMETALS.COM
Slide 26: l ifezonemetals .com info@lifezonemetals.com l ifezone - metals @LifezoneMetals
l ifezonemetals .com info@lifezonemetals.com l ifezone - metals @LifezoneMetals NYSE: LZM LIFEZONEMETALS.COM