Lifezone Metals Limited · NYSE:LZM
Lifezone Metals — SPAC Merger (December 2022)
48 slides from Lifezone Metals's SPAC merger presentation, Dec 13, 2022
Slide 1: Lifezone Metals Business Combination with GoGreen Investments
The supply chain solution for clean metals Lifezone Metals Business Combination with GoGreen Investments December 13, 2022
Slide 2: Disclaimer
2 Disclaimer This presentation (together with oral statements made in connection herewith, this “Presentation”) is provided for informational purposes only and has been prepared to assist interested parties in a proposed private placement in making their own evaluation with respect to a potential bu
Slide 3: Disclaimer (Continued)
3 Disclaimer (Continued) NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES, PASSED UPON THE MERITS OF THIS OFFERING OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE . ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE . INDUSTRY AND MAR
Slide 4: Disclaimer (Continued) Financial Information; Non-GAAP Financial Measures
4 Disclaimer (Continued) FINANCIAL INFORMATION ; NON - GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S - X promulgated under the Securities Act . Accordingly, such information and data may not be included in,
Slide 5: Risk Factors
5 Risk Factors All references to “we,” “us” or “our” refer to the Company prior to the consummation of the potential business combination with GoGreen Investments Corporation (“GoGreen”) (the “Potential Business Combination”) . The risks described below are a non - exhaustive list of the key risks r
Slide 6: Risk Factors (Continued)
6 Risk Factors (Continued) – We are subject to global resource nationalism trends which encompass a range of measures, such as seeking the greater participation of historically disadvantaged or indigenous people, expropriation or taxation, whereby governments seek to increase the economic benefits d
Slide 7: Risk Factors (Continued)
7 Risk Factors (Continued) — The development and operation of the Kell - Sedibelo - Lifezone Refinery will rely substantially on the Pilanesberg Platinum Mine’s existing infrastructure . — Kellplant, as the owner of the Kell - Sedibelo - Lifezone Refinery, will not have any formal rights of access i
Slide 8: Risk Factors (Continued)
8 Risk Factors (Continued) Risks Related to Lifezone Metals Operating as a Public Company – Prior to the Business Combination, there will have been no public market for Lifezone Metals’ ordinary shares, and there is no guarantee that an active and liquid market will develop . – The market price of L
Slide 9: Risk Factors (Continued)
9 Risk Factors (Continued) Risks Related to Doing Business in Tanzania and South Africa – Investor perceptions of risks in developing countries or emerging markets, including in Tanzania and South Africa, could reduce investor appetite for investments in these countries or for the securities of issu
Slide 10: Transaction Overview
10 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 Ka
Slide 11: GoGreen Investments Corporation Overview (GOGN)
11 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 awar
Slide 12: Owning the Energy Transition Bottleneck with Technology Upside
12 Owning the Energy Transition Bottleneck with Technology Upside 549 SPACs in Market (1) Numerous Opportunities Reviewed by the GoGreen Team Batteries (2) Electric Vehicles (2) x Would be the first US - listed nickel mining and technology company x Lifezone rollover equity value in line with BHP’s
Slide 13: One Mission: Sourcing Green Metals to Accelerate Energy Transition
13 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
Slide 14: Two Key Tailwinds for Lifezone: Energy Transition and Green Sourcing
14 Two Key Tailwinds for Lifezone: Energy Transition and “Green Sourcing” Automobile Manufacturers (OEMs) Ramping Climate Commitments • OEMs increasingly focused on decarbonizing EV manufacturing, driven by consumer demand and regulatory targets in the US and Europe. • Nearly 96% of the 2,200 compan
Slide 15: Lifezone's Leadership Team
15 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 Afr
Slide 16: Investment Highlights
16 Investment Highlights Compelling Outlook for Nickel Supply/Demand and Responsibly Sourced “Green” Metals 1 One of the World's Largest & Highest - Grade Undeveloped Nickel Sulphide Deposits (1) 2 Leading Strategic Partner BHP Supports Economics & Enhances Project Execution 3 Meaningfully Lower Emi
Slide 17: Supply Chains Increasingly Focused on Future Nickel Supply
17 Supply Chains Increasingly Focused on Future Nickel Supply April 26, 2022 Dec. 2, 2021 May 10, 2022 Compelling Outlook for Nickel Supply/Demand and Responsibly Sourced “Green” Metals 1
Slide 18: Energy Transition 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) Energy Transition Battery Demand Driving Nickel Sulphide Demand Compelling Outlook
Slide 19: Nickel Sulphide – Supply Shortage of Greener Nickel
19 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
Slide 20: Kabanga Project Overview
20 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 44Mt grading 2.61% Ni and containing 2,552 million lbs. of nickel (1) ▪ $293 million spent by p
Slide 21: Kabanga is One of the World's Largest and Highest Quality Nickel Deposits
21 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 Ca pital IQ Pro, as modified per public data on each mining project. 1 – The Kabanga Project's resource metrics reflect
Slide 22: Advantaged Economics Places Kabanga near Bottom of Global Nickel Cost Curve
22 Advantaged Economics Places Kabanga near Bottom of Global Nickel Cost Curve One of the World's Largest & Highest - Grade Undeveloped Nickel Sulphide Deposits 2 Norilsk - $41,000 Key Drivers of Kabanga Nickel’s Advantaged Cost Structure (2) ▪ Nickel sulphide resource with grade of 2.52% ▪ Lower -
Slide 23: Advantaged Carbon Footprint Towards Bottom of Carbon Curve
23 1 – Bespoke Nickel Market Outlook for Lifezone, a product of Wood Mackenzie, August 2022. The population is based on Wood Macken zie'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 d
Slide 24: World Class Resource with Open-Ended Mineralization
24 Attributable Tonnage of 44 Million Tonnes with 3.28% Nickel Equivalent Grade (4) One of the World's Largest & Highest - Grade Undeveloped Nickel Sulphide Deposits 2 World class resource with open - ended mineralization • Historical Mineral Resource estimate to Lifezone of 44 million tonnes at an
Slide 25: Meaningful Exploration Potential Providing Upside
25 Meaningful Exploration Potential Providing Upside One of the World's Largest & Highest - Grade Undeveloped Nickel Sulphide Deposits 2 Potential Regional Targets ▪ Existing SML area has numerous geological targets adjacent to main orebodies but not defined by previous owners ▪ Immediate target: co
Slide 26: Unlocking & Refining Tanzania's Nickel to Refined Products for Export
26 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 ▪
Slide 27: New Infrastructure Supports Development
27 New Infrastructure Supports Development One of the World's Largest & Highest - Grade Undeveloped Nickel Sulphide Deposits 2 Roads Rail Power Work Camp Road transportation from Kabanga mine to Kahama refinery ▪ Kabanga mine site to the Kahama refinery is 320km, of which 240km is paved ▪ TANROADS h
Slide 28: Estimated Development Timeline For 2.2 Mt/a Integrated Mine
28 Estimated Development Timeline For 2.2 Mt/a Integrated Mine (5) One of the World's Largest & Highest - Grade Undeveloped Nickel Sulphide Deposits 2 Targeted first ore from Kabanga Over 20 years and $293 million invested in the project to date Note: Timeline is based on internal company expectatio
Slide 29: BHP's Strategic Investment Supports Valuation
29 BHP’s Strategic Investment Supports Valuation Leading Strategic Partner BHP Supports Economics & Enhances Project Execution 3 84.0% Government of Tanzania Existing Pro Forma Ownership Structure (2) Potential Future Ownership (4)(5)(6) 83.0% 17.0% 16.0% • BHP invested $50 million in December 2021
Slide 30: Green Metals Paradox: the Airpocalypse
30 Green Metals Paradox: the “ Airpocalypse ” Meaningfully Lower Emissions via Lifezone’s Proprietary Green Hydromet Technology 4 Metals needed to enable energy transition largely rely on smelting – highly carbon emissive, energy intensive and produces toxic slag Lifezone’s hydromet technology has p
Slide 31: The Solution: Hydromet Significant Cost and Emissions Advantages Over Smelting
31 The Solution: Hydromet Significant Cost and Emissions Advantages Over Smelting Meaningfully Lower Emissions via Lifezone’s Proprietary Green Hydromet Technology 4 • Modular design with economies of scale • Traditional smelting / refining requires the use of electric arc furnaces, that melt concen
Slide 32: Hydromet Metal Recovery Rates by Sample
32 Sample IDType Pt Pd Rh Au Ni Cu Co - - - - 98.5 96.9 97.5 - - - - 99.7 99.6 99.8 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
Slide 33: Lifezone Hydromet to be used at Sedibelo Plant in South Africa
33 Lifezone Hydromet to be used at Sedibelo Plant in South Africa Hydromet Technology Licensing Growth Potential in Mining & Recycling 5 Development underway with first production expected in late 2024 or early 2025 ▪ First Lifezone Hydromet Refinery under development at Sedibelo Resources’ Pilanesb
Slide 34: Compelling Valuation Under Various Scenarios
34 $14,661 $16,755 $18,850 $20,944 $23,038 $25,133 $27,227 – 30% – 20% – 10% + 10% + 20% + 30% $400 $457 $515 $572 $629 $686 $743 $117 4.5x 3.7x 3.2x 2.8x 2.5x 2.2x 2.0x $132 4.8x 3.9x 3.3x 2.9x 2.5x 2.3x 2.1x $146 5.1x 4.1x 3.5x 3.0x 2.6x 2.3x 2.1x $161 5.5x 4.4x 3.6x 3.1x 2.7x 2.4x 2.2x $175 5.9x
Slide 35: Public Valuation Comps
35 $0.56 $0.48 $0.37 $0.13 $0.08 $0.07 $0.01 Talon Azure Chalice Centaurus Poseidon Cannon Blackstone Minerals $0.95 $0.47 $0.47 $0.40 $0.37 $0.30 $0.17 $0.13 Mincor Nickel Industries Panoramic Nickel 28 PT Vale Norilsk Nickel Asia Sherritt Public Valuation Comps Attractive Valuation 6 1 – Factset a
Slide 36: Flexibility to Fully Fund Kabanga Project Enhanced by Proposed Transaction
36 Flexibility to Fully Fund Kabanga Project Enhanced by Proposed Transaction • 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 exploring upsizing the annual capacity of
Slide 37: Proposed Transaction Overview
37 Proposed Transaction Overview 1 – Assumes no redemptions by GOGN’s public shareholders and cash in trust as of June 30, 2022. 2 – Lifezone Metals consolidated cash balance as of June 30, 2022 and excludes impact from BHP’s October 2022 agreement to invest $50 million in Kabanga Nickel Limited, a
Slide 38: Conclusion
38 Conclusion Compelling Outlook for Nickel Supply/Demand and Responsibly Sourced “Green” Metals 1 One of the World's Largest & Highest - Grade Undeveloped Nickel Sulphide Deposits (1) 2 Leading Strategic Partner BHP Supports Economics & Enhances Project Execution 3 Meaningfully Lower Emissions (2)
Slide 39: Appendix
APPENDIX tm LIFEZONE} (s)-
Slide 40: Lifezone Technology Timeline
40 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: Lifezon e’s PGM Hydromet technology conceptualized by Lid
Slide 41: Largest Nickel Deposits
41 Largest 20 Nickel Deposits Source: S&P Ca pital 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,
Slide 42: Aligned with Lifezone's Partner, the Government of Tanzania
42 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
Slide 43: Strong Global IP Protection
43 Strong Global IP Protection with Over 100 Patents in Lifezone’s Portfolio Patent number Filing date Patent ’s area of focus US6,579,504 (1) 12/07/2013 PGM Kell process original concept presentation US9,540,706 12/07/2013 PGM Kell process iron and sulphur separation and removal AU2013263848 29/11/
Slide 44: Lifezone's Hydromet Technology Provides Licensing Growth Opportunity
44 Lifezone’s Hydromet Technology Provides Licensing Growth Opportunity Traceable production In - country beneficiation: Increased value recognition and job creation Equitable share of benefits with stakeholders Estimated up to 81% less CO 2 & zero SO 2 emissions (1) Estimated up to 87% less electri
Slide 45: Lifezone Recycling Can Decarbonize Secondary Supply Chain of Green Metals
45 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 R
Slide 46: Adjusted EBITDA Reconciliation
46 Adjusted EBITDA Reconciliation Illustrative sensitivity analysis 1 – Revenue includes ( i ) revenue from sale of nickel, copper and cobalt; (ii) Annual rate of production: 2.2 million tons; (iii) Refinery recovery: Ni= 98%, Cu=99%, Co=99%; (iv) Concentrate recovery: Ni=89%, Cu=86%, Co=89%; (v) Or
Slide 47: Adjusted EBITDA Reconciliation (Cont.)
47 Adjusted EBITDA Reconciliation (Cont.) Illustrative sensitivity analysis Based on Cost per Ton of: $146 Nickel price ($/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
Slide 48: Adjusted EBITDA Reconciliation (Cont.)
48 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