Lifezone Metals (LZM) investor relations material

Strategic project overview

• Operates the largest development-ready nickel sulfide project with copper and cobalt, leveraging proprietary hydrometallurgical technology with over 120 global patents.

• Kabanga Nickel Project in Tanzania has a $1.6B–$1.58B net asset value and 23%–23.3% IRR, with strong strategic importance for Western supply chains.

• U.S. Development Finance Corporation is engaged for project financing and political risk insurance, with Standard Chartered, SocGen, and other global partners leading equity and debt processes.

• $500M equity and $800M debt raises are in advanced stages, with a $60M bridge loan secured and a $15M direct offering, aiming for a final investment decision between Q2 2025 and 2026.

• The project is positioned as a top-tier, non-China, non-DRC source of critical metals, attracting significant Western and bipartisan U.S. support.

Project economics and competitive advantages

• Kabanga’s high-grade ore (over 2% nickel) places it in the first quartile for costs, with an all-in sustaining cost of $7,800/ton, well below current market prices.

• Indonesia dominates 70% of the nickel supply chain, but Kabanga’s superior grade and cost structure offer insulation from price volatility.

• Project will produce up to 50,000 tons of nickel, 6,000–8,000 tons of copper, and 4,000–5,000 tons of cobalt annually, with cobalt output able to supply over half of current U.S. demand.

• The project is structured as a partnership with the Tanzanian government, which holds a 16% free carry at the project level and supports regional economic growth.

• July 2025 Feasibility Study declared first-ever mineral reserves: 52.2 Mt @ 1.98% Ni, 0.27% Cu, 0.15% Co, with 18-year mine life and significant exploration growth potential.

Infrastructure, milestones, and timeline

• Tanzania’s new standard gauge rail and hydroelectric power developments are key enablers for the project’s logistics and economics.

• Labor will be sourced from Tanzania’s established mining sector, with plans to train and upskill local workers.

• Initial exports will be limited, with downstream processing and refining in Tanzania planned as a second phase.

• Major milestone: $500M equity raise announcement expected soon, with targeted production start in late 2028, about 2.5 years after FID.

• Project aligned with international ESG frameworks, with approved environmental and resettlement plans, sustainable tailings management, and 96% of compensation agreements paid as of July 2025.