Slide 1: The Solution for Cleaner Metals
The Solution for Cleaner Metals Kabanga Nickel Project Feasibility Study Webcast July 21, 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: On today's call:
Lifezone Metals Ltd. (NYSE: LZM) On today’s call: CHRIS SHOWALTER GERICK MOUTON CHIEF EXECUTIVE OFFICER CHIEF OPERATING OFFICER 1 – Relative to smelting and refining. NYSE: LZM 4 LIFEZONEMETALS.COM
Slide 5: Kabanga Nickel Project
Kabanga Nickel Project Lifezone consolidates 100% ownership of Kabanga Nickel Ltd. (KNL) Acquires BHP’s 17% interest in KNL via deferred consideration First-ever declaration of Mineral Reserves after 50 years of exploration Feasibility Study confirms world-class, high-grade, development-ready nickel
Slide 6: Strategic Transaction with BHP
Strategic Transaction with BHP Full control of the Kabanga Nickel Project Lifezone acquires BHP’s 17% stake in Kabanga Nickel Ltd. (KNL) Government of Tanzania KNL owns 84% of Tembo Nickel Corporation Ltd. (TNCL) • 16% held by Government of Tanzania 100% Lifezone has full control of Kabanga and 100%
Slide 7: Ongoing Strategic Financing Initiatives
Ongoing Strategic Financing Initiatives Short-term financing - Standard Chartered Bank Near finalizing short-term development financing package • For early works construction and resettlement activities • To progress to Kabanga Final Investment Decision and financial close of multi-source finance pa
Slide 8: Kabanga Confirmed as a Low-Cost, High-Grade Source of Critical Metals
Kabanga Confirmed as a Low-Cost, High-Grade Source of Critical Metals Feasibility Study Technical Report Summary filed under S-K 1300 Focus on initial development phase: 3.4 Mtpa underground mine, mill, concentrator, TSF and supporting infrastructure First-ever declaration of Mineral Reserves at Kab
Slide 9: First-Ever Declaration of High-Grade Mineral Reserves
First-Ever Declaration of High-Grade Mineral Reserves 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 Ultramafic Estima
Slide 10: Industry-Standard Froth Flotation with High Metallurgical Recoveries
Industry-Standard Froth Flotation with High Metallurgical Recoveries High-grade ore feed from underground mine 52.2 Mt (100%) @ 1.98% Ni, 0.27% Cu, 0.15% Co Sourced from massive sulfide and ultramafic-hosted zones Conventional flowsheet Crushing > Grinding > Flotation > Dewatering Optimized through
Slide 11: Industry-Leading Cost Performance
Industry-Leading Cost Performance $0.82 $4.48 ($/lb payable nickel in concentrate) -$0.41 $0.76 All-In Sustaining Cost $3.36 -$0.71 $0.52 $0.03 $2.90 $0.19 $0.41 $1.75 NYSE: LZM 11 LIFEZONEMETALS.COM
Slide 12: Industry-Leading Cost Performance
Industry-Leading Cost Performance First quartile of global nickel cost curve Supports robust margins and resilient cash flows AISC: $3.36/lb (or $7,408/t) payable Ni High-grade mineralization and strong recoveries Total Site Operating Cost: $70.10/t milled Valuable copper and cobalt by-product credi
Slide 13: Robust Economics to Drive Long-Term Value
Robust Economics to Drive Long-Term Value Confirmed technical and economic strength of one of the world’s most significant undeveloped nickel sulfide deposits Life of Mine Revenue: $14.1B After-Tax Free Cash Flow: $4.6B After-Tax NPV (8%): $1.58B After-Tax IRR: 23.3% Payback: 4.5 years from first pr
Slide 14: Resilient Across a Wide Range of Nickel Price Scenarios
Resilient Across a Wide Range of Nickel Price Scenarios At $7.00/lb Ni: At $10.00/lb Ni: After-tax NPV: $909M After-tax NPV: $2.3B IRR: +17% IRR: +28%. NYSE: LZM 14 LIFEZONEMETALS.COM
Slide 15: Aligning with Leading International ESG Frameworks
Aligning with Leading International ESG Frameworks Kabanga Nickel project aligned with global standards Tanzanian regulatory requirements, IFC Performance Standards, Equator Principles, GISTM, ANCOLD, ICMM Approved ESIAs Kabanga site and resettlement sites received approval certificates from Tanzani
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: 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 • Government receives dividends, taxes, royalties, duties, levies Supports Tanza
Slide 18: A Defining Moment for Lifezone and the Kabanga Nickel Project
A Defining Moment for Lifezone and the Kabanga Nickel Project 100% ownership of Kabanga Nickel Ltd Lifezone has full control of development and offtake Robust Feasibility Study complete Confirms world-class, high-grade, low-cost nickel-copper-cobalt sulfide project Positive economics $1.58B after-ta
Slide 19: Questions?
Questions? lifezonemetals.com info@lifezonemetals.com lifezone-metals @LifezoneMetals NYSE: LZM LIFEZONEMETALS.COM