Lifezone Metals (LZM) Corporate presentation summary

Market context and nickel supply chain

• Nickel is essential for energy storage, AI, aerospace, stainless steel, and defense sectors, with high supply risk due to concentration in Indonesia and China-backed investments dominating refining capacity.

• LME nickel prices rose 18% since late 2025, supported by Indonesian policy measures, supply constraints, and environmental enforcement.

Kabanga Nickel Project overview

• Kabanga is one of the world's largest, highest-grade nickel sulfide deposits, with copper and cobalt by-products, and is development-ready with a first quartile cost position.

• July 2025 Feasibility Study confirms robust economics: $1.58B after-tax NPV, 23.3% IRR, and AISC of $3.36/lb Ni net of credits.

• Lifezone holds 84% ownership, with the Government of Tanzania holding 16%; all key permits and licenses are in place or well progressed.

Project execution and operational progress

• Advanced technical studies, optimized project scale, and increased ownership achieved; $60M bridge loan secured for pre-FID activities.

• Pre-FID activities include geotechnical investigations, infrastructure upgrades, and procurement readiness for $380M in key packages.

• Power, rail, and port infrastructure enhancements underway, including new transmission lines and improved port facilities.