Summary of Lifezone Metals Conference Call Company Overview - **Company**: Lifezone Metals (NYSE:LZM) - **Core Project**: Kabanga Nickel Project in Tanzania, the largest development-ready nickel sulfide project globally, also includes copper and cobalt [3][5] Key Points Industry Context - **Nickel Supply Chain**: Currently dominated by Indonesia, which controls approximately 70% of the nickel supply chain through Chinese companies, posing a strategic risk for the West [5][42] - **Market Dynamics**: Nickel prices are currently low, around $14,000-$15,000 per ton, with many Indonesian companies operating at a loss due to oversupply [15][42] Project Economics - **Kabanga Nickel Project**: - Net asset value of $1.6 billion with an internal rate of return (IRR) of 23% [5] - High-grade nickel deposit at 2% nickel, significantly above many North American projects (0.2%-0.3%) [14][41] - All-in sustaining cost of $7,800 per ton, making it economically viable even at current nickel prices [15] Financing and Partnerships - **Funding Strategy**: - Currently raising $500 million in equity and $800 million in debt financing, with Standard Chartered and SOC Gen involved [8][9] - Engaging with the U.S. International Development Finance Corporation for project financing and political risk insurance [6][7] - **Government Partnership**: The Tanzanian government holds a 16% free carry in the project, fostering a partnership model for better collaboration [18][19] Future Milestones - **Key Announcements**: - Anticipated announcement regarding equity partners in Q2 2026, which is expected to positively impact stock valuation [20][21] - Final investment decision (FID) expected around Q2 2026, with production anticipated to start approximately 2.5 years post-FID, targeting late 2028 [45] Technology and Innovation - **Hydrometallurgy Expertise**: Lifezone Metals holds over 120 global patents in hydrometallurgy, which is more energy-efficient than traditional smelting [4][22] - **Recycling Initiatives**: Partnership with Glencore to recycle catalytic converters, with potential to produce 200,000 ounces of platinum, palladium, and rhodium annually from a $30 million facility [25][26] Strategic Importance - **Non-Indonesian Nickel Source**: Kabanga is positioned as a critical source of nickel and cobalt for Western supply chains, addressing U.S. demand for cobalt [41][43] - **Infrastructure Development**: Tanzania is investing in infrastructure, including rail and power, to support the Kabanga project, enhancing its economic viability [35][36] Labor and Local Impact - **Labor Supply**: The project will draw from Tanzania's established mining industry, with plans to train local workers while bringing in specialists as needed [37][38] Additional Insights - **Market Positioning**: Kabanga is expected to be one of the top 10 nickel mines globally upon production, with a focus on producing nickel sulfate or nickel powder for market demand [40][39] - **Long-term Vision**: Lifezone Metals aims to leverage its hydromet technology across multiple projects, indicating a shift towards becoming a technology-driven company [11][32]

Certain statements made herein are not historical facts but may be considered "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 regarding, amongst other things, the plans, strategies, intentions and prospects, both business and financial, of Lifezone Metals Limited and its subsidiaries. Generally, statements that are not histori ...

Core Insights - Lifezone Metals Limited is making significant progress on the Kabanga Nickel Project, aiming for a Final Investment Decision (FID) in 2026 [1][2] - The project is recognized as one of the largest and highest-grade nickel sulfide deposits globally, with a robust feasibility study completed in July 2025 [2][4] - The company has successfully raised $75 million in capital to fund pre-FID activities, demonstrating strong financial backing [2][4] Project Development - Early works are underway, including geotechnical drilling and site preparation, to support final designs [4][5] - The project has reported zero health, safety, environmental, or security incidents in the second half of 2025 [4] - Infrastructure coordination is ongoing with local power and logistics providers, ensuring reliable support for the project [4][10] Environmental and Social Governance - Lifezone's local subsidiary, Tembo Nickel, received a Compliance Excellence Award for environmental and regulatory performance [4][11] - Cash compensation payments have been completed for 97% of Project Affected Households, aligning with IFC Performance Standards [4][10] - The Kabanga Environmental and Social Management Plan is awaiting approval, with a focus on community well-being and livelihood restoration [4][10] Financial Strategy - Lifezone is advancing a multi-track financing strategy, engaging with strategic and financial investors for potential project-level investments [6][10] - The bankability review of the Kabanga Feasibility Study has been completed, indicating strong debt capacity due to the project's high-grade nature [10] - The targeted FID for the Kabanga Nickel Project is set for mid-2026, with financial close of a multi-source funding package anticipated [9][10] Economic Impact - The Kabanga Nickel Project is positioned to become a first-quartile cost producer with an All-In Sustaining Cost (AISC) of $3.36 per pound of nickel [7] - The after-tax Net Present Value (NPV) is estimated at $1.58 billion, with an Internal Rate of Return (IRR) of 23.3% [7] - The project is expected to significantly contribute to Tanzania's economy and the global supply of critical nickel metal [4][10]

Core Points - Lifezone Metals Limited has successfully closed its underwritten registered direct offering, raising approximately $15 million in gross proceeds [1] - The company plans to utilize the net proceeds for exploration of the Kabanga Nickel Project, project staffing, and other general corporate purposes [1]

Core Viewpoint - Lifezone Metals Limited has announced a registered direct offering of ordinary shares and accompanying warrants, indicating a strategic move to raise capital for future operations and growth [1] Group 1: Offering Details - The company is offering 4,411,764 ordinary shares at a price of $3.40 per share [1] - Accompanying the shares, there are warrants to purchase an additional 4,411,764 ordinary shares, with an exercise price of $4.00 per share [1] - The warrants will be exercisable for a period of four years, providing investors with a potential upside [1]

Group 1 - Lifezone Metals (NYSE: LZM) is positioned at the intersection of two significant industry trends: the battery metals revolution and the transition to cleaner metallurgy [1] - The company's primary asset is one of the largest and highest-grade undeveloped nickel sulphide deposits globally [1]

Financial Performance - Lifezone's income for the six months ended June 30, 2025, was $2.25 million, compared to a loss of $10.94 million for the same period in 2024 [36]. - Lifezone's accumulated losses at June 30, 2025, were $451.8 million, slightly down from $454.5 million at December 31, 2024 [36]. - For the six months ended June 30, 2025, total revenue was $325,451, a significant increase from $49,650 in the same period of 2024, representing a growth of 553% [89]. - The group reported an income of $2,065,048 for the six months ended June 30, 2025, compared to a loss of $10,941,387 in the same period of 2024 [118]. - Lifezone's net income for the six months ended June 30, 2025, was $2,705,578, a significant improvement from a net loss of $10,699,490 in the same period of 2024 [188]. - Basic earnings per share for the six months ended June 30, 2025, was $0.03, while diluted earnings per share was $(0.08) [188]. Cash and Liquidity - As of June 30, 2025, Lifezone had consolidated cash and cash equivalents of $12.5 million, a decrease of $16.8 million from $29.3 million as of December 31, 2024 [37]. - Lifezone's cash and cash equivalents decreased to $12,512,058 as of June 30, 2025, from $29,283,942 at the end of 2024 [97]. - Lifezone expects to fund its capital requirements and ongoing operations through current cash reserves, equity, mezzanine, debt funding, or monetizing the offtake from the Kabanga Nickel Project [195][204]. Debt and Financing - A $60 million senior secured bridge loan facility agreement was entered into on August 8, 2025, to support the advancement of the Kabanga Nickel Project [40]. - Lifezone's total liabilities as of June 30, 2025, were $67,301,686, with significant obligations due in the next two years [197]. - The bridge loan has a maturity date of July 31, 2027, with a possible six-month extension and an interest rate of 9.25% per annum [210]. - Lifezone completed a $50 million non-brokered private placement of unsecured convertible debentures on March 27, 2024, to fund the Kabanga Nickel Project [137]. - The effective interest rate on the convertible debentures is 33.8%, with the amortization of the host debt instrument included in finance costs [147]. Project Development - The Feasibility Study for the Kabanga Nickel Project was released on July 18, 2025, focusing on a 3.4 million tonnes per annum mechanized underground mine and supporting infrastructure [24]. - Lifezone capitalized exploration and evaluation costs based on the reasonable prospect of developing the Kabanga Nickel Project into a profitable operation [113]. - Lifezone acquired BHP's 17% equity interest in KNL, resulting in 100% ownership of KNL and full control of the Kabanga Nickel Project's offtake [209]. - Exploration and evaluation assets for the Kabanga Nickel Project reached $114,685,640 as of June 30, 2025, with additions of $9,854,252 during the period [112]. Operational Highlights - Lifezone invested $2 million into Lifezone Recycling US, LLC in May 2025 to complete a pilot testwork program and feasibility study for PGM recycling [30]. - The feasibility study for the hydromet PGM recycling facility is expected to be completed in the second half of 2025 [30]. - Lifezone's intellectual property includes six patent families related to enhancements in the Hydromet Technology process for metal production [110]. Tax and Regulatory Matters - Lifezone has provided $3,434,062 due to a court ruling related to a historical withholding tax assessment in Tanzania, with potential additional liability of up to $4,663,387 if additional interest charges are not waived [205]. - The company is engaged in discussions with the TRA regarding an out-of-court settlement for disputed tax matters, with expectations of waiving additional interest charges [132]. - Lifezone's effective tax rate is 0% as no taxable income was recognized for the current and prior periods [118]. Shareholder Information - The Liddell family holds approximately 30% of all outstanding Lifezone Metals shares as of June 30, 2025, indicating significant influence over the company [152]. - Lifezone granted 2,600,000 RSUs on July 1, 2024, with 933,333 RSUs vesting immediately and the remaining 1,666,667 subject to market price performance conditions of $14.50 and $16.00 per share [180]. - The total share-based payment expense related to RSU awards for the six months ended June 30, 2025, was $nil, compared to $32,457 for the same period in 2024 [182]. Management and Governance - Lifezone Metals is classified as a Foreign Private Issuer (FPI) under U.S. securities laws, allowing it to follow home country corporate governance practices [54]. - Lifezone is recognized as an Emerging Growth Company (EGC), which provides exemptions from certain reporting requirements, including auditor attestation under Section 404 of the Sarbanes-Oxley Act [59]. - The company is required to reassess its FPI status annually, which could lead to compliance with more extensive U.S. domestic issuer requirements if it loses this status [57].

Summary of Lifezone Metals (LZM) Update - July 21, 2025 Company and Industry - **Company**: Lifezone Metals (LZM) - **Industry**: Nickel Mining Key Points and Arguments Strategic Developments - Lifezone Metals announced a significant milestone with the first public economic study of the Kibanga nickel project, declaring 52.2 million tons of proven and probable reserves grading 1.98% nickel [5][6] - The company has consolidated 100% ownership of Kabanga Nickel Limited after acquiring BHP's 17% stake, allowing full control over product development and timelines [6][10] Financial Metrics - The feasibility study indicates an after-tax NPV of $1.58 billion with a pre-production CapEx of $942 million and an IRR of 23.3%, with a payback period of 4.5 years [6][22] - The all-in sustaining cost is $3.36 per pound of nickel, positioning Kabanga in the first quartile of global nickel producers [6][21] Project Economics - The project is expected to generate $14.1 billion in life-of-mine revenue and $4.6 billion in after-tax free cash flow [22] - The capital intensity ratio is estimated at $18,800 per ton of annual nickel production, indicating a low overall capital intensity [19] Funding Strategy - Lifezone has initiated alternative financing processes, engaging with tier-one international investment banks for funding options [12][14] - The company is focused on a mix of debt and equity financing, with a projected split of approximately 60% debt and 40% equity [42] Environmental and Social Governance (ESG) - Lifezone is committed to high ESG standards, with a resettlement action plan aligned with IFC performance standards, having already compensated 96% of affected landowners [25][53] - The company aims to minimize its environmental footprint while ensuring community engagement throughout the project [24][25] Government Relations - Lifezone has maintained close communication with the Tanzanian government, ensuring alignment and support for the Kibanga project [27][28] - The government is fully informed and supportive of the project's transition and development [28] Future Outlook - The company is targeting a final investment decision (FID) in 2026, with ongoing preparations for execution readiness and advanced permitting [26][47] - Lifezone is optimistic about the project's potential, emphasizing its strategic importance as a new source of critical metals, particularly nickel, copper, and cobalt [31][32] Market Position - The project is seen as a competitive alternative to Indonesian nickel sources, attracting interest from various stakeholders, including top mining companies and export credit agencies [45][46] - Lifezone is positioned to leverage its strong economic study to negotiate favorable terms with potential partners and investors [84] Additional Important Information - The feasibility study utilized long-term consensus pricing for nickel, copper, and cobalt, ensuring robust economic modeling [51][52] - The company has received positive feedback from shareholders regarding its strategic direction and project developments [29][30]

Lifezone Metals Overview - Lifezone Metals partners with BHP to develop the Kabanga Nickel Project in Tanzania, one of the largest and highest-grade undeveloped nickel sulfide deposits[17] - The company partners with Glencore to recycle platinum, palladium, and rhodium in the United States, enabling a circular economy for precious metals[18] - Lifezone Metals' Hydromet Technology offers a more sustainable, efficient, and cost-effective approach to metal refining and recycling compared to smelting and refining[23] - The company is supported by industry-leading partners, investors, and governments, including Cinctive, BlackRock, GMO, US DFC, Japan's JOGMEC, and the Government of Tanzania[19] Kabanga Nickel Project - BHP has invested $100 million to-date into Lifezone and Kabanga[52] - Tanzania is a 16% owner of the Kabanga Nickel Project and Kahama Hydromet Refinery[37] - The Kabanga Nickel Project has more than 620 kilometers of drilling completed[37] - Lifezone Metals attributable Mineral Resources at North Zone are 24.7 million tonnes Measured and Indicated grading 3.19% nickel-equivalent and 5.8 million tonnes Inferred grading 3.25% nickel-equivalent[111] - Overall Mineral Resource is 46.8 million tonnes Measured + Indicated grading 2.09% nickel, 0.29% copper and 0.16% cobalt and 11.3 million tonnes Inferred grading 2.08% nickel, 0.28% copper and 0.15% cobalt[113] Financials - As of January 14, 2025, the Market Capitalization (basic) is $524.8 million, with $63.5 million in Cash (as of June 30, 2024) and $50.4 million in Conv Debt & Embedded Derivatives (as of June 30, 2024), resulting in an Enterprise Value of $511.7 million[84]

Project Overview - Kabanga Nickel Project的首次经济研究发布，该项目有近50年的历史[25] - 该项目包括在Kabanga的地下矿山和选矿厂，以及在Kahama的湿法冶金精炼厂[25] - 矿山计划为22年，基于测量、指示和推断的资源[29] - 选矿厂的镍平均回收率为87.3%，铜为95.7%，钴为89.6%[37, 39] - 湿法冶金精炼厂的镍回收率为97.2%，铜为93.0%，钴为97.7%[42] Production and Infrastructure - 矿山年处理量为340万吨[34, 39] - 生产的精矿平均镍品位为17.3%[38, 39] - 计划年产5万吨镍（以硫酸镍六水合物形式），7千吨铜阴极（LME A级，99.99%），4千吨钴（以硫酸钴七水合物形式）[44] - 通过新的标准轨距铁路（SGR）从Isaka到Dar es Salaam运输精矿和最终产品[46, 53] Economics and Future Plans - 项目总收入预计为236.8亿美元[77] - 税后自由现金流为80.3亿美元[77] - 税后净现值（8%）为23.7亿美元[77] - 预计在2025年7月完成可行性研究[25, 81] - 确定了四个高优先级的勘探目标，估计总量为1750万吨至2350万吨，镍当量品位为1.9%至2.1%[25, 62, 64]