Lifezone Metals (LZM) Corporate Presentation summary

Strategic vision and technology

• Hydromet Technology offers a sustainable, efficient, and cost-effective alternative to traditional metal refining, reducing emissions and energy use while enabling in-country processing and a fully traceable value chain.

• Partnerships with Glencore and support from major investors and governments drive projects in both Africa and the U.S.

Kabanga Nickel Project highlights

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

• July 2025 Feasibility Study confirms a world-class, high-grade, low-cost nickel-copper-cobalt sulfide deposit with 52.2 Mt Proven & Probable Reserves at 1.98% Ni.

• 18-year mine life, 3.4 Mtpa steady-state production, and first quartile AISC of $3.36/lb Ni net of credits.

• After-tax NPV8% of $1.58B, IRR of 23.3%, and 4.5-year payback from first production.

Financials and cost performance

• All-in sustaining cost (AISC) of $3.36/lb Ni, placing the project in the lowest quartile of global nickel producers.

• Life of Mine revenue projected at $14.1B, with after-tax free cash flow of $4.6B.

• High capital efficiency (NPV/pre-production CAPEX of 1.4x) and robust margins supported by valuable copper and cobalt by-product credits.