The Supply Chain Solution for Clean Metals 2025 Full Year Results March 19, 2026 The foregoing list of risk factors is not exhaustive. There may be additional risks that Lifezone Metals presently does not know or that Lifezone Metals currently believes are immaterial that could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements provide Lifezone Metals' expectations, plans or forecasts of future events and views as of the date of th ...

Core Insights - Lifezone Metals Limited has signed an exclusivity agreement with the Government of Burundi for the Musongati nickel laterite project, which is part of the East African Nickel Belt [1] - The Musongati project has a defined resource of over 140 million tons, indicating its significance as a large-tonnage open-pittable resource [1] - The agreement includes a 30-day scoping phase to develop a long-term exploration and economic feasibility plan for the project [1] - The exclusivity period can be extended to cover the duration of the exploration program, allowing Lifezone to leverage its geological expertise [1] - The Musongati project is positioned to enhance the competitive landscape of nickel supply, particularly against Southeast Asian sources [1] Company Overview - Lifezone Metals is focused on cleaner and more responsible metals production through its Hydromet Technology, which aims to reduce energy consumption and emissions [1] - The company’s Kabanga Nickel Project in Tanzania is considered one of the largest and highest-grade nickel sulfide deposits globally [1] - Lifezone is working towards unlocking new sources of nickel, copper, and cobalt for the battery metals market while promoting in-country beneficiation in Tanzania [1] Strategic Importance - The agreement is seen as a cornerstone investment in the U.S.-Burundi relationship, emphasizing the importance of securing critical mineral supply chains for U.S. national security [1] - The U.S. government views partnerships with African nations like Burundi as vital for building resilient and transparent critical mineral supply chains [1] - The collaboration aims to unlock the potential of the Musongati project for the benefit of the local population and the broader economic landscape [1]

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]