Slide 1: The Solution for Cleaner Metals: Kabanga Nickel Project Initial Assessment Webcast
The Solution for Cleaner Metals Kabanga Nickel Project Initial Assessment Webcast June 3, 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: Unlocking a World-Class Battery Metals Opportunity
Unlocking a World-Class Battery Metals Opportunity On today’s call: CHRIS SHOWALTER DR. MIKE ADAMS GERICK MOUTON CHIEF EXECUTIVE OFFICER CHIEF TECHNOLOGY OFFICER CHIEF OPERATING OFFICER 1 – Relative to smelting and refining. NYSE: LZM 4 LIFEZONEMETALS.COM
Slide 5: Kabanga Nickel Project – Initial Assessment Highlights
Kabanga Nickel Project – Initial Assessment Highlights Historic milestone First published economic study in nearly 50-year history of Kabanga First Initial Assessment Technical Report Summary filed under U.S. SEC Regulation S-K 1300 Vertically integrated development strategy Underground mine and con
Slide 6: World-Scale, High-Grade Nickel Deposit
World-Scale, High-Grade Nickel Deposit tt ta l so c s : M . Mt . 9 Ni, . 9 Cu, .1 Co a an a nf 11. Mt . Ni, . Cu, .15 Co a a a sland a a ala lan ao an o a lo ayan l ad aca onoc l st alon a ala c o on l o l s nts: a a ndo o n Situ alue per Tonne ( t) t a o o a al oo l Nickel Sul de Deposit al s a a n
Slide 7: Long-Life Nickel Project with Global Significance
Long-Life Nickel Project with Global Significance 22-year mine plan based on Measured, Indicated and Inferred Resources 3.4 Mtpa underground mining operation Accessing 5 mineralized zones: Main, MNB, Kima, North, Tembo Mining method: Longhole stoping with paste backfill 25 m level spacing, 20 – 30 m
Slide 8: Efficient Sulfide Concentrate Production with High Recoveries
Efficient Sulfide Concentrate Production with High Recoveries High-grade mill feed 67.9 Mt grading 1.93% Ni, 0.26% Cu, 0.14% Co Kabanga Mine and Concentrator Mine Plan 22 years Standard flowsheet Total Mill Feed 67.9 Mt Crushing > Wet grinding > Flotation > Dewatering Nameplate Mill Throughput 3.4 M
Slide 9: Battery-Grade Metals Products via Hydrometallurgical Refining at Kahama
Battery-Grade Metals Products via Hydrometallurgical Refining at Kahama o n ston o on ’s t cally nt at d n -to-refinery strategy Flowsheet tested at Lifezone’s Simulus laboratory in Perth, Australia Located in the Buzwagi Special Economic Zone Demonstration plant to be built before full-scale refine
Slide 10: Leveraging National Infrastructure for Efficient Export Pathways
Leveraging National Infrastructure for Efficient Export Pathways New rail infrastructure and innovative logistics solutions Concentrate transport in Flexible Bulk Containers Concentrate logistics (pre-refinery) • 348 km road to Isaka Dry Port > Transfer to Standard Gauge Railway (SGR) > Export via D
Slide 11: Strong ESG Credentials Aligned with Global Best Practices
Strong ESG Credentials Aligned with Global Best Practices Committed to aligning with Tanzanian requirements and internationally recognized standards IFC Performance Standards, Equator Principles, Global Industry Standard on Tailings Management (GISTM), Australian National Committee on Large Dams (AN
Slide 12: 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: 7.5 – 23.5 Mt grading 1.9–2.1% NiEq Well-established targets Geophysical anomalies Safari Prospe
Slide 13: Low-Cost Production of Refined Nickel Products
Low-Cost Production of Refined Nickel Products Low-cost producer of refined 5.00 nickel product 4.50 0.64 4.47 Expected to be one of the lowest-cost nickel producers Project All-In Sustaining Cost ($/lb 4.00 0.72 (0.56) globally 3.50 0.81 3.11 Enabling competitiveness and 3.00 2.71 helping to ensure
Slide 14: CRU All-In Sustaining Costs
CRU All-In Sustaining Costs Data Source: CRU Nickel Cost Model and CRU Nickel Asset Services. Cost estimates for the Kabanga project have been provided by Lifezone Metals using CRU price assessments for by-product credits. NYSE: LZM 14 LIFEZONEMETALS.COM
Slide 15: Robust Economics with Strong Cash Flow and Capital Efficiency
Robust Economics with Strong Cash Flow and Capital Efficiency Positive Initial Assessment outcomes Total revenue: $23.68 billion 1,000 10,000 After-tax free cash flow: $8.03 billion 800 8,000 After-tax NPV (8%): $2.37 billion 600 6,000 After-tax IRR: 22.9% Pre-production capital cost: $991M Cumulati
Slide 16: Resilience at Low Nickel Prices, Outsized Returns at Higher Prices
Resilience at Low Nickel Prices, Outsized Returns at Higher Prices NYSE: LZM 16 LIFEZONEMETALS.COM
Slide 17: Looking Ahead
Looking Ahead Kabanga Feasibility Study in July 2025 Focused on underground mine and concentrator Will include Mineral Reserve Statement Kabanga supported by U.S. initiatives Supported by U.S. International Development Finance Corporation (DFC) • Letter of Interest for loan application, evaluation o
Slide 18: Questions?
Questions? lifezonemetals.com info@lifezonemetals.com lifezone-metals @LifezoneMetals NYSE: LZM LIFEZONEMETALS.COM