Lifezone Metals (LZM) investor relations material

Nickel market backdrop

• Nickel at $16,040/t, up from the 2026 YTD low of $15,019/t on Oct. 15 but below $19,454/t in May; INSG shifted its 2026 outlook from a 32 kt deficit to a 19 kt surplus.

• Indonesia’s RKAB quotas rose to ~290 wmt from 250–270 wmt; analysts forecast ~320–330 wmt for 2027 as new HPAL capacity comes online.

• Indonesian policy changes include annual mining-quota validity, higher ore benchmarks and tiered royalties; sulfur costs, ore grades and environmental enforcement also affect supply economics.

Kabanga feasibility economics and scale

• July 2025 feasibility study: $1.58B after-tax NPV, 23.3% after-tax IRR and first-quartile AISC of $3.36/lb payable Ni, net of Cu and Co credits.

• Mine plan: 18-year life, 3.4 Mtpa concentrator throughput and 52.2 Mt reserves at 1.98% Ni, 0.27% Cu and 0.15% Co on a 100% basis.

• Average refined output forecast at 45 ktpa nickel sulfate, 3 ktpa cobalt sulfate and 6 ktpa copper sulfate; refinery recoveries of 97.2% Ni, 93% Cu and 97.7% Co.

• Ownership is 84%, with Tanzania holding 16%; operations are under full control and offtake rights are 100%.

• More than 620 km of drilling and over $435M of historical investment underpin the project; the feasibility study declared Kabanga’s first Mineral Reserves.

Financing and execution readiness

• A $60M Taurus bridge facility had $41.7M drawn and $18.3M undrawn; the bridge supports advancement toward a final investment decision.

• Advanced-stage negotiations with Orion Critical Mineral Consortium concern a strategic equity investment; Standard Chartered leads the strategic investment and partnership process.

• Societe Generale leads project finance; DFI and ECA pathfinders have been selected, with a Board FID targeted for Q1 2027.

• Execution planning, detailed engineering, procurement readiness and the 220 kV power connection advanced; material permits for current activities are in place.

• Project start remains contingent on FID, permitting, financing and execution readiness; the schedule targets first concentrate in Year 2 and 3.4 Mtpa production in Year 3.