Lifezone Metals (LZM) Investor 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.

• Recent Indonesian policy changes have tightened supply, raising LME nickel prices by 27% since late 2025.

• Western producers face structural disadvantages, mirroring rare earth dependency risks.

Kabanga Nickel Project overview

• Kabanga is one of the world's largest, highest-grade nickel sulfide deposits, with copper and cobalt by-products.

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

• Lifezone holds 84% ownership, with the Government of Tanzania holding 16%; full operational control and offtake rights.

• Special Mining Licence and key permits are in place; over 620 km of drilling and $435M historical investment.

Project execution and operational progress

• Advanced technical studies and feasibility completed; project optimized for efficient underground mining.

• $60M bridge loan secured; $1.58B after-tax NPV and 23.3% IRR validated.

• Pre-FID activities include geotechnical investigations, infrastructure upgrades, and procurement for early works.

• Engagement with Tanzanian government and international agencies for project finance and risk insurance is ongoing.