Slide 1: The Solution for Cleaner Metals
The Solution for Cleaner Metals Red Cloud Pre-PDAC 2025 Mining Showcase February 27-28, 2025 Toronto, Canada 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: 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 5: Benefits of Lifezone’s Hydromet Technology
Benefits of Lifezone’s Hydromet Technology Lower emissions Reduces greenhouse gas emissions by eliminating the emissions-intensive smelting phase, leading to a cleaner process1 Energy efficiency Lowers energy requirements and minimizes environmental footprint through direct-to-metals extraction Cost
Slide 6: Kabanga Nickel Project
Kabanga Nickel Project NYSE: LZM 6 LIFEZONEMETALS.COM
Slide 7: Kabanga Nickel Project in Tanzania
Kabanga Nickel Project in Tanzania Kabanga nickel deposit and Kahama Hydromet refinery One of the largest and highest-grade undeveloped nickel sulfide deposits More than $400 million invested with over 620 kilometers of drilling completed Partnership with BHP and the Government of Tanzania Located i
Slide 8: A World-Scale, High-Grade Nickel Deposit
A World-Scale, High-Grade Nickel Deposit One of the largest and highest-grade undeveloped nickel sulfide deposits L ttri t le eso rces M 4 . Mt . 9 i, . 9 Cu, .1 Co ng nf 11.3 Mt . i, . Cu, .15 Co g sl nd L m l l n o i n o m i ilo y ni el ic el r de c re onoc i est lon m l oronezh ermelho le ize e r
Slide 9: Low Cost per Tonne of Nickel
Low Cost per Tonne of Nickel Nickel industry all-in sustaining cost curve for 20321 (real 2024$ terms) All-In Sustaining Cost ($ per tonne nickel) m l ti e rod ction ’s tonnes nic el 1 – Data: CRU Cost Analysis Tool, 2024 Q2. Note: curve excludes outlier PGM miners with nickel by-products. NYSE: LZM
Slide 10: Low Carbon Dioxide Emissions per Tonne of Nickel
Low Carbon Dioxide Emissions per Tonne of Nickel Nickel industry CO2e emissions curve 20301 (tonnes CO2e per tonne nickel equivalent) Emissions Intensity Production (cumulative centile) 1 – Bespoke Nickel Market Outlook for Lifezone, a product of Wood Mackenzie, August 2022. The population is based
Slide 11: Nickel, copper and cobalt produced from Kabanga using Hydromet
Nickel, copper and cobalt produced from Kabanga using Hydromet Lifezone team has developed Hydromet Technology over +40 years of research and implementation Four main processing steps applied at scale in other operations • Pressure oxidation (POX), copper solvent extraction/electrowinning (SX/EW), c
Slide 12: Partnership with BHP to Develop the Kabanga Nickel Project
Partnership with BHP to Develop the Kabanga Nickel Project BHP invested $100 million to-date into Lifezone and Kabanga1,2 Tanzania highlighted as a BHP exploration region $10 million into Lifezone $90 million into the Kabanga Nickel Project H ’s ng ic el ro ect in estment o tion Option to increase o
Slide 13: BHP Option to Majority Control of Kabanga Nickel Project
BHP Option to Majority Control of Kabanga Nickel Project BHP to contribute cash at 0.7x Kabanga Nickel Ltd. NAV valuation Valuation determined by three independent experts Based on the results of the Definitive Feasibility Study and the Joint Financial Model Current Ownership Following BHP T2 Invest
Slide 14: BHP Option Exercise Example
BHP Option Exercise Example Current Ownership Following BHP T2 Investment3 111,252 new Kabanga Nickel shares1 at 0.7x NAV per share2,3 82,992 shares1 / 83% 17,008 shares1 / 17% 82,992 shares1 / 39% 128,260 shares1 / 61% Illustrative calculation based on a range of hypothetical valuations1 Net Asset
Slide 15: International Relations through Responsible Minerals Development
International Relations through Responsible Minerals Development Kabanga is supported by U.S. initiatives Supported by the Partnership for Global Infrastructure and Investment (PGI) Recognized as a Project within the Minerals Security Partnership (MSP) Supported by U.S. International Development Fin
Slide 16: Collaborating with Tanzania for Enhanced Economic Growth
Collaborating with Tanzania for Enhanced Economic Growth Critical milestones achieved with our Government of Tanzania partner Kabanga Special Mining Licence received October 2021 Kahama Multi-Metal Refinery Licence received March 2024 Kahama Area declared a Special Economic Zone (SEZ), providing cer
Slide 17: Leveraging Significant Investments in Tanzanian Infrastructure
Leveraging Significant Investments in Tanzanian Infrastructure Kabanga: Connected to regional infrastructure and grid power Existing camp with 200-person capacity Connected to Tanzanian power grid, 80 km from 220 / 33kV substation 340 km by road to Kahama Hydromet refinery Kahama: A modern metals pr
Slide 18: PGM Recycling Project
PGM Recycling Project NYSE: LZM 18 LIFEZONEMETALS.COM
Slide 19: Hydromet To Recover Precious Metals from Recycled Catalytic Converters
Hydromet To Recover Precious Metals from Recycled Catalytic Converters Responsible platinum group metals recycling partnership with Glencore A faster, more efficient and less emissions-intensive way to recycle PGMs1 Profitably deliver high purity, refined PGMs from 100% recycled sources Testing unde
Slide 20: NYSE:LZM
NYSE:LZM NYSE: LZM 20 LIFEZONEMETALS.COM
Slide 21: Backed by Industry-Leading Partners, Investors and Governments
Backed by Industry-Leading Partners, Investors and Governments Shareholder composition (basic)2 Project partners BHP: Kabanga Nickel Project Glencore: PGM Recycling Project in the US Includes: Convertible debentures investors Harry Lundin (Bromma Asset Management) Rick Rule Key institutional shareho
Slide 22: Research Analyst Coverage
Research Analyst Coverage BTIG – Greg Lewis: SCP – Brandon Gaspar: “The company has a tier 1 asset in “Why we like Lifezone: 1. One of the the Kabanga Nickel Project in largest and highest-grade Africa, which is underpinned by a undeveloped nickel-sulphide ~$100M investment from a global assets glob
Slide 23: lifezonemetals.com
lifezonemetals.com info@lifezonemetals.com lifezone-metals @LifezoneMetals NYSE: LZM 23 LIFEZONEMETALS.COM
Slide 24: Appendix
Appendix NYSE: LZM 24 LIFEZONEMETALS.COM
Slide 25: Track Record of Achieving Key Milestones
Track Record of Achieving Key Milestones 2023 Feb: BHP’s nd investment tranche of 5 million (1st tranche of 5 million received Oct. ' 1) Jul: Public listing on the New York Stock Exchange Jul: Acquisition of Simulus Labs in Perth, Australia Nov: Kabanga Mineral Resource Update Dec: U.S. PGM recyclin
Slide 26: Board of Directors
Board of Directors KEITH LIDDELL CHRIS SHOWALTER ROBERT EDWARDS FOUNDER AND CHAIR CHIEF EXECUTIVE OFFICER, LEAD INDEPENDENT DIRECTOR DIRECTOR JOHN DOWD GOVIND FRIEDLAND JENNIFER HOUGHTON DIRECTOR DIRECTOR DIRECTOR MWANAIDI MAAJAR BEATRIZ ORRANTIA DIRECTOR DIRECTOR NYSE: LZM 26 LIFEZONEMETALS.COM
Slide 27: Management
Management CHRIS SHOWALTER DR. MIKE ADAMS SPENCER DAVIS CHIEF EXECUTIVE CHIEF TECHNOLOGY CHIEF LEGAL OFFICER OFFICER OFFICER INGO HOFMAIER GERICK MOUTON BENEDICT BUSUNZU CHIEF FINANCIAL CHIEF OPERATING TEMBO NICKEL OFFICER OFFICER CHIEF EXECUTIVE OFFICER DAYNA DANKBAAR ANTHONY VON CHRISTIERSON EVAN
Slide 28: Multiple Opportunities Identified to Continue to Grow the Resource
Multiple Opportunities Identified to Continue to Grow the Resource More than $400 million invested with over 620 kilometers of drilling Lifezone attributable Mineral Resources (69.7% of total)1 46.8 million tonnes Measured and Indicated grading 2.09% nickel, 0.29% copper and 0.16% cobalt (2.62% nick
Slide 29: December 2024 Mineral Resource Upgrades High-Grade Resources
December 2024 Mineral Resource Upgrades High-Grade Resources Lifezone’s attributable Mineral Resources shown (69.7% of total) 1 of Kabanga’s tonnes now classified as higher 21% increase in contained nickel in M&I at North Zone confidence Measured and Indicated relative to Inferred orth Zone represen
Slide 30: Mineral Resource Update (December 4, 2024)
Mineral Resource Update (December 4, 2024) Grades Attributable Contained Metals Attributable Kabanga is 69.7% owned by Lifezone and all Mineral Resource Tonnage NiEq24 Ni Cu Co NiEq23 Ni Cu Co Classification Mineral Resources are shown on an attributable (Mt) (%) (%) (%) (%) (kt) (kt) (kt) (kt) to L
Slide 31: Hydromet Flowsheet Tailored for Kabanga through Pilot Testing
Hydromet Flowsheet Tailored for Kabanga through Pilot Testing CONCENTRATE PRESSURE KABANGA COPPER COPPER COPPER KABANGA FROM OXIDATION PREGNANT SOLVENT STRONG ELECTROWINNING COPPER KABANGA (POX) LEACH EXTRACTION ELECTROLYTE (EW) CATHODE SOLUTION (SX) (SX) IRON RESIDUE COBALT COBALT COBALT KABANGA SO
Slide 32: lifezonemetals.com
lifezonemetals.com info@lifezonemetals.com lifezone-metals @LifezoneMetals NYSE: LZM LIFEZONEMETALS.COM