The Solution for Cleaner Metals TD Securities 2025 16th Annual Global Mining Conference January 14-16, 2025 Toronto, Canada NYSE: LZM LIFEZONEMETALS.COM Forward-Looking Statements 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 othe ...

Kabanga Nickel Project Initial Assessment Webcast June 3, 2025 NYSE: LZM LIFEZONEMETALS.COM Forward-Looking Statements The Solution for Cleaner Metals 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, strateg ...

Lifezone Metals (LZM) Update / Briefing June 03, 2025 10:00 AM ET Speaker0 Good morning, everyone, and thank you for joining us today. I'm very pleased to welcome you to LifeZone's webcast on the initial assessment for our flagship Kibanga nickel project. My name is Evan Young, and I'm the Senior Vice President of Investor Relations and Capital Markets. We will finish today's event with a question and answer session. You can indicate your intention to ask a question by clicking the raise hand button at the ...

Financial Data and Key Metrics Changes - The company received approval for the financial accounts for the fiscal year ended December 31, 2024, indicating a successful completion of the financial reporting process [8][9]. Business Line Data and Key Metrics Changes - No specific data or metrics related to individual business lines were provided in the meeting [1][2]. Market Data and Key Metrics Changes - No specific market data or metrics were discussed during the meeting [1][2]. Company Strategy and Development Direction and Industry Competition - The meeting focused on the formal business of the annual general meeting, with resolutions proposed for the re-election of directors, indicating a stable governance structure [8][9]. Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting [1][2]. Other Important Information - The meeting was conducted in a virtual format to enhance inclusivity for shareholders [3][4]. - The inspector of election confirmed that more than 50% of shares were represented, constituting a quorum for the meeting [6]. Q&A Session All Questions and Answers - No questions or answers were recorded during the meeting [1][2].

Asset Overview - Lifezone Metals' primary asset is the Kabanga Nickel Project, one of the world's largest and highest-grade nickel sulfide deposits located in north-west Tanzania[391]. - The Kabanga Nickel Project is expected to include a mine and concentrator plant, as well as a base metals refinery utilizing Hydromet Technology, with environmental studies being updated to international standards[424]. - The Kabanga Nickel Project is considered one of the world's largest and highest grade nickel sulfide deposits[439]. - The Kabanga deposit is located within the East African Nickel Belt, which extends approximately 1,500 km from Zambia to Uganda[506]. - The Kabanga Nickel Project comprises six distinct mineralized zones with a total strike length exceeding 7.5 km, contributing to a Mineral Resource estimate of 26.4 million tonnes grading 2.6% Ni[529]. Financial Investments and Transactions - BHP has invested a total of $60 million in KNL, increasing its ownership from 8.9% to 17.0% following a $50 million equity investment completed on February 15, 2023[397][425]. - The SPAC Transaction on July 6, 2023, resulted in Lifezone Metals acquiring GoGreen, with a significant increase in cash and cash equivalents of approximately $86.6 million from the PIPE transaction and GoGreen's cash[407]. - Lifezone Metals raised approximately $86.6 million from its NYSE listing, including about $70.2 million from PIPE Investors[462]. - A $50 million non-brokered private placement of unsecured convertible debentures was completed, enhancing the company's financial position[578]. Strategic Partnerships and Agreements - Lifezone Metals has a strategic partnership with BHP, which holds a 17.0% interest in KNL, while Lifezone retains an 83.0% interest[425]. - BHP has the option to invest further in KNL, potentially owning a 60.7% majority stake, contingent on certain conditions being met[427]. - The Framework Agreement stipulates a 16% non-dilutable free carried interest for the Government of Tanzania in TNCL, along with a 6% royalty on the gross value of minerals[480]. - The Framework Agreement includes provisions for local procurement and employment of Tanzanian nationals in management positions[482]. - The T2 Option Agreement allows Lifezone to retain 100% of the off-take marketing rights if BHP does not proceed with the investment[429]. Project Development and Operations - The company aims to support the clean energy transition through licensing its Hydromet Technology as an alternative to traditional smelting and refining processes[419]. - Following the SPAC Transaction, Lifezone Metals became a SEC-registered foreign private issuer listed on the NYSE, anticipating additional annual expenses as a public company[408]. - The Kabanga Nickel Project aims to increase mine production throughput from an initial 2.2 Mtpa to 3.4 Mtpa, necessitating amendments to the Environmental and Social Management Plan[500]. - KNL is required to commence mining activities within 18 months from the grant of the SML, or as determined by the Mining Commission[490]. - The Kabanga Nickel Project's multi-metal processing facility received a license from the Government of Tanzania, and the area has been declared a Special Economic Zone[578]. Environmental and Social Impact - Environmental and Social Impact Assessments (ESIA) for the Kabanga Nickel Project have been completed, securing approval certificates from the NEMC, confirming compliance with national standards[499]. - Ongoing efforts to upgrade ESIAs to meet international standards are expected to conclude in Q1 2025[501]. - The Kabanga Hydromet Refinery received its Environmental Impact Assessment Certificate, facilitating further project development[578]. Mineral Resource Estimates - The December 2024 Mineral Resource estimates show a total of 46.8 Mt of Measured + Indicated resources, an increase of 3.3 Mt (+7%) compared to the previous estimate[565]. - The updated estimates reflect a 2% increase in grade for NiEq24, resulting in a 9% increase in available metal for mine planning[565]. - The effective date for the Mineral Resource estimates is December 4, 2024, and they are reported in accordance with S-K 1300[559]. - The Kabanga Nickel Project's mineral resource estimates show a total of 46.8 million tonnes with 1,227 kt of nickel equivalent, including 979 kt of nickel, 134 kt of copper, and 74 kt of cobalt as of December 2024, reflecting a 7% increase in measured and indicated resources compared to November 2023[573][578]. Operational Performance - Revenue for the year ended December 31, 2024, was $140,522, a decrease of 90% from $1,477,826 in 2023, primarily due to no revenue from joint ventures and reduced services from Simulus[592][596]. - The company reported an operating loss of $48,274,621 for 2024, compared to a loss of $365,174,650 in 2023, indicating a significant reduction in losses year-over-year[592]. - The company expects continued substantial operating expenses as it advances the development of the Kabanga Nickel Project and the PGM recycling partnership with Glencore[588]. Exploration and Geological Insights - Exploration activities have been ongoing for over 45 years, with the first drilling conducted between 1976 and 1979, leading to extensive geological and geophysical interpretation[524][528]. - A total of 637,749 meters of drilling has been completed across various phases of exploration, with significant contributions from Barrick Gold Corporation and Glencore-Barrick Gold JV[527]. - The average core recovery during drilling operations is reported at 98%, ensuring high-quality data collection for resource estimation[538]. - Significant emphasis was placed on tightening geological interpretations across the project area[567]. - Structural modeling has been undertaken to support the current interpretation of the Kabanga Nickel Project area, which is found to be structurally complex with five identified fault sets[520].

Core Viewpoint - Lifezone Metals Limited (LZM) has shown a downtrend recently, losing 9.2% over the past week, but a hammer chart pattern suggests a potential trend reversal due to increased buying interest and support from bulls [1] Group 1: Technical Indicators - The formation of a hammer chart pattern indicates a possible bottoming out, suggesting that selling pressure may be subsiding [1] - Hammer patterns occur during downtrends, where the stock opens lower, makes a new low, but closes near or above the opening price, signaling a potential loss of control by bears [2] - Hammer candles can appear on various timeframes and should be used alongside other bullish indicators for confirmation [2] Group 2: Fundamental Indicators - LZM has experienced a 22.2% increase in the consensus EPS estimate for the current year over the last 30 days, indicating strong agreement among analysts for better earnings [3] - The company holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [3] - The Zacks Rank serves as a timing indicator, suggesting that LZM's prospects are improving, reinforcing the bullish case for a trend reversal [3]

Group 1 - Lifezone Metals reported earnings per share of -9 cents for the second quarter of 2024 [1] - The company generated revenue of $8,261 for the same quarter [1]

Financial Data and Key Metrics Changes - At the end of Q1 2024, Lifezone Metals had a cash balance of $79.6 million, an increase of $30.2 million compared to previous figures, reflecting proceeds from convertible debentures and a partnership with Glencore [45][46]. - The company reported a net loss of $4 million, with a basic and diluted loss of $0.05 per share, compared to a loss of $0.10 per share in the same quarter the previous year [53]. Business Line Data and Key Metrics Changes - The partnership with Glencore involves a $1.5 million investment for a 6% stake in the US recycling subsidiary, with a fully funded Phase 1 budget of $3 million progressing well [23]. - The company is focused on two key projects: the Kabanga Nickel project and the PGM recycling project with Glencore, which are expected to drive future growth [62]. Market Data and Key Metrics Changes - The nickel industry faced structural changes in 2023 and early 2024, leading to reduced earnings and valuations, but Lifezone Metals successfully raised $50 million through a private placement to strengthen its financial position [26]. Company Strategy and Development Direction - Lifezone Metals aims to provide clean processing solutions to the mineral supply chain, emphasizing sustainability and local community empowerment [4][12]. - The company is on track to complete the definitive feasibility study (DFS) for the Kabanga Nickel project by the end of Q3 2024, with a focus on increasing production capacity [30][48]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing collaboration with BHP and the Tanzanian government, highlighting the strong support for the Kabanga project and the establishment of a special economic zone [41][42]. - The management team is optimistic about the scalability of the PGM recycling project, viewing current market conditions as an opportunity for growth [62]. Other Important Information - Lifezone Metals has successfully established partnerships with major industry players, including BHP and Glencore, to enhance its technological capabilities and market presence [10][5]. - The company has implemented cost-cutting measures, including a 29% reduction in workforce, to ensure effective capital allocation towards critical work streams [52]. Q&A Session Summary Question: Has BHP's challenges in Western Australia impacted the relationship with Lifezone? - Management confirmed that the relationship with BHP remains strong and collaborative, with no changes affecting the Kabanga project [57]. Question: How is the cash balance allocated, and what opportunities exist in the recycling side? - The cash balance is primarily earmarked for the Kabanga project, but there is flexibility for general usage. The recycling project with Glencore is seen as scalable and timely given current market conditions [61][62]. Question: What is the timeline for the PGM recycling project and its broader rollout? - Management indicated that the first plant's success will drive aggressive scaling, with a clear timeline for feasibility studies and execution already in place [69][70].

Capital Requirements and Financial Obligations - Lifezone Metals requires significant additional capital estimated between $15 million to $20 million for the construction of its first recycling facility in partnership with Glencore[172]. - BHP has invested a total of $100 million in Lifezone Metals, including $40 million in KNL and a further $50 million for ongoing funding of the Kabanga Project[175]. - Lifezone Metals has ongoing payment obligations totaling $13.52 million related to KNL acquisitions, with $4 million due by December 9, 2024[179]. - The company may need to raise additional funds through debt or equity financing, which could dilute existing shareholders[177]. - Lifezone Metals anticipates significant ongoing maintenance expenditures for its mining and refining operations, impacting future capital requirements[178]. - The company may have to sell existing assets to raise necessary funds, which would dilute interests in those assets and any returns[224]. - The company has never generated substantial revenue or profit, raising doubts about its ability to continue as a going concern without additional financing[229]. - If the Definitive Feasibility Study produces a low net present value, it could reduce the funding amount under the Tranche 3 Investment, adversely impacting financial condition and investor confidence[230]. - The Simulus acquisition required $8.5 million in cash and the issuance of 500,000 shares, causing dilution of existing shareholders' interests[237]. - The company may need to explore additional funding through debt or equity financing if BHP does not proceed with the Tranche 3 Investment, which could delay project timelines[232]. Project Development and Operational Risks - The company expects to materially increase capital expenditures to support growth at the Kabanga Project, with an accuracy range of capital cost estimates of ±15%[174]. - Production from the Kabanga Project has not yet commenced, with activities focused on capital raising and infrastructure setup, and ramp-up to maximum capacity will be phased[194]. - The regulatory approval process for the Kabanga Nickel Project may take longer than expected, leading to increased costs and potential delays in project timelines[199]. - The partnership with Sedibelo and IDC for the Kell-Sedibelo-Lifezone Refinery development may face challenges, impacting returns and future licensing opportunities[204]. - The partnership with Glencore for recycling PGMs in the US could require shared capital expenditures estimated between $15 million to $20 million for the first recycling facility[205]. - The company lacks an operating history, with no active refinery licensed for its Hydromet Technology, and has only generated revenue from consulting fees[193]. - The potential Kell-Sedibelo-Lifezone Refinery's initial production was expected in late 2024 or early 2025, but this estimate is now uncertain due to the discontinuation of the existing mine plan at the Pilanesberg Platinum Mine[330]. - The potential refinery may face challenges such as operating losses and funding difficulties, particularly under tighter monetary policies in South Africa[332]. - The potential refinery's success is uncertain, with risks including equipment failure, higher operating costs, and compliance with Broad-Based Black Economic Empowerment requirements[334]. Geopolitical and Regulatory Challenges - Lifezone Metals faces risks related to geopolitical conditions and regulatory compliance in Tanzania and South Africa, which could impact operations[165]. - The company's operations in Tanzania may be adversely affected by geopolitical conditions, including potential instability from upcoming elections in 2024 and 2025, which could discourage investment and delay processes[185]. - Regulatory hurdles and increased taxation may arise due to changes in the political regime in Tanzania, impacting the mining and telecom industries[186]. - The development of the Kell-Sedibelo-Lifezone Refinery in South Africa is contingent on sufficient electricity supply from Eskom, which has faced prolonged power outages and load shedding, potentially impacting operations[188]. - The Kabanga Project is subject to various anti-corruption laws, including the Prevention and Combating of Corruption Act, 2007, which imposes significant penalties for breaches[281]. - Resource nationalism trends may impact operations, including increased taxation and local content requirements, which could affect profitability[285]. - The Tanzania Mining Act mandates a minimum 16% free carried interest for the GoT in mining companies, impacting ownership structures[286]. Market and Economic Conditions - Changes in consumer demand for nickel and other metals could significantly affect profitability, as revenue is expected to derive primarily from nickel sales[238]. - Nickel prices are currently depressed, which could lead to a reduction in long-term price assumptions and negatively impact project valuations[230]. - Nickel prices are closely linked to the demand for stainless steel and batteries, with stainless steel production being the largest demand segment for nickel[239]. - The Kabanga Nickel Project faces significant challenges due to inflation and escalating capital costs, which could adversely affect its commercial viability[241]. - An increase in labor costs and inflation in Tanzania is expected to continue, impacting the company's financial condition and operational efficiency[249]. - Fluctuations in nickel, cobalt, and copper prices significantly affect the profitability and cash flows of metals extraction operations[352]. - Oversupply of metals may negatively impact prices, potentially leading to production not being economically viable[353]. - The Mining Commission in Tanzania sets indicative prices for minerals, which may lead to higher costs if market prices fall[357]. Operational and Management Risks - The company relies on third-party operators and contractors, which poses risks to its operational effectiveness[165]. - The company is monitoring the rapid changes in battery technology, which may impact the demand for nickel and cobalt in the future[239]. - Competition for skilled labor in the metals extraction industry is intense, which may hinder the company's ability to attract necessary talent[245]. - The metals refining industry is experiencing a shortage of qualified senior management and technically skilled employees, which could adversely affect operations[243]. - Labor unrest and compliance with labor legislation may disrupt operations, leading to increased costs and potential shutdowns[266]. - The company relies on third-party operators for key services, and any disruptions could impair production and increase costs, negatively affecting earnings[261]. - Legal and administrative proceedings may pose risks to the company's financial performance and operational stability[255]. - The company is subject to various legal proceedings that could delay project development or increase operational costs, potentially impacting financial results[257]. Intellectual Property and Technology Risks - The company faces risks related to the protection of its intellectual property rights, which are critical for maintaining its competitive position and the value of its intangible assets[308]. - The proprietary Kell Process Technology has not been deployed at a commercial scale, and operational difficulties may arise when scaling up[314]. - A feasibility study in 2013 indicated a positive net present value for the Kell Process Technology based on a concentrate feed rate of 110 ktpa, but it has not been tested at active refineries[314]. - The company anticipates that one of its patent applications will apply to the Kabanga Hydromet Technology, but there is no guarantee of timely patent protection[320]. - Future growth and financial performance depend on the ability to develop, market, and integrate the Hydromet Technology into other projects and customer preferences[323]. - Licensing revenues may be impacted if third parties do not license the Hydromet Technology or switch to substitute technologies[326]. - Customers may not renew agreements for professional services related to the Hydromet Technology, which could adversely affect operational results[327]. - The company may need to modify its Hydromet Technology to refine different types of ores, which could require sophisticated and costly efforts[328]. Social and Community Impact - Resettlement of host communities for the Kabanga Nickel Project is crucial; failure may result in legal suits and reputational damage[359]. - Inadequate planning for resettlement sites may lead to infrastructure challenges and project delays[360]. - Social and cultural impacts of resettlement efforts could result in unrest and challenges in workforce management[361].