Lifezone Metals (LZM) Status Update summary

Project overview and milestones

• First economic study in nearly 50 years for Kabanga, outlining a vertically integrated, capital-efficient development strategy with staged mining and refining processes.

• 22-year mine plan with 3.4 Mtpa underground operation, processing 70 Mt of ore at high nickel, copper, and cobalt grades, using longhole stoping and paste backfill.

• Hydrometallurgical refinery at Kahama/Buzwagi SEZ to produce high-purity battery-grade nickel, copper, and cobalt products, leveraging proprietary technology and achieving high recoveries.

• Logistics leverage new rail and road infrastructure, including the Standard Gauge Railway and port upgrades, for efficient export of concentrate and refined products.

• Definitive Feasibility Study (DFS) is scheduled for July 2025, anchoring project financing and including a Mineral Reserve Statement.

Resource scale, mining plan, and processing

• Kabanga hosts 46.8 Mt Measured & Indicated at 2.09% Ni, 0.29% Cu, 0.16% Co, plus 11.3 Mt Inferred at 2.08% Ni, 0.28% Cu, 0.15% Co, making it a world-class, high-grade nickel deposit.

• Mining produces 1.15 Mt nickel, 171 kt copper, and 87 kt cobalt in concentrate over 22 years, with high metallurgical recoveries (87.3% Ni, 95.7% Cu, 89.6% Co in concentrator; 97.2% Ni, 93.0% Cu, 97.7% Co in refinery).

• Initial production will export high-grade concentrate, with the refinery planned to start five years after mine commissioning.

• Hydrometallurgical refinery designed for 50,000 tpa nickel sulfate, 7,000 tpa copper cathode, and 4,000 tpa cobalt sulfate.

• Project is 69.713% owned by Lifezone Metals, with strong partnership with the Government of Tanzania for equitable value sharing.

Economic and competitive positioning

• All-in sustaining cost is $2.71/lb for refined nickel, positioning the project among the lowest-cost nickel producers globally, aided by copper and cobalt byproduct credits.

• Project NPV is $2.37B (8% after-tax), IRR 22.9%, $8.03B after-tax free cash flow, $23.68B total revenue, and $991M pre-production capex.

• Capital efficiency exceeds 1 for both the mining concentrator and the fully integrated project.

• Project demonstrates resilience at low nickel prices and strong returns at higher prices.

• Strategic partnerships and government support, including from U.S. International Development Finance Corporation, U.S. EXIM, and MOU with Japan's JOGMEC, strengthen funding prospects.