Lifezone Metals (LZM) Status Update summary

Project ownership and strategic transactions

• Achieved 100% ownership of Kabanga Nickel Limited by acquiring BHP's 17% stake, consolidating full control, product development, and offtake rights; all prior agreements with BHP terminated, with no trailing royalties or offtake and a deferred consideration structure capped at $83M.

• Kabanga Nickel Ltd. owns 84% of Tembo Nickel Corporation, with the remaining 16% held by the Government of Tanzania, which remains a supportive partner fully aligned with the project's direction.

Feasibility study results and project overview

• First-ever declaration of Mineral Reserves: 52.2 Mt at 1.98% Ni, 0.27% Cu, 0.15% Co, supporting an 18-year mine life at 3.4 Mtpa, with total production of 902,000 t Ni, 134,000 t Cu, and 69,000 t Co in concentrate.

• Mineral Reserves prepared in accordance with S-K 1300, based only on Measured and Indicated Resources.

• Utilizes industry-standard froth flotation with high metallurgical recoveries: 87.3% Ni, 95.6% Cu, 89.6% Co; produces a premium nickel intermediate product averaging 17.5% Ni grade.

• Steady-state concentrate production of 350,000 t/year (dry), with indicative, non-binding offtake terms received.

• Underground mine development with longhole stoping and paste backfill; ore sourced from North, Tembo, and Main zones; logistics supported by road and rail to Dar es Salaam, with SGR expected operational at Isaka by Nov 2026.

Cost structure and economic performance

• All-in sustaining cost of $3.36/lb Ni, placing the project in the first quartile of the global nickel cost curve.

• Pre-production capex: $942M; total life-of-mine capex: $2.49B; after-tax NPV (8%): $1.58B; IRR: 23.3%; payback: 4.5 years at $8.49/lb Ni price.

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

• Project is resilient to nickel price fluctuations, with after-tax NPV ranging from $909M at $7/lb Ni to $2.3B at $10/lb Ni.