Lifezone Metals Limited

Hi everyone and welcome to the Life Zone Metals webcast to discuss the 2025 full year results and 20F as filed this morning. We'll finish today's event with a question on secession. Please can you submit a question using the Q&A box at the top of the page. Please feel free to contact us directly for any questions not addressed in this webcast. Before we begin, I would like to remind everyone that today's event may contain forward-looking statements that involve risks and uncertainties that can cause actual results to differ materially from those in the forward-looking statements. Details of the forward-looking statements are contained in our March 19, 2026 news release on our website at www.lifezonementals.com. Please see additional disclaimers, which I'd encourage you to read in your own time. Joining me today are Light for Stone Metals Chief Executive Officer Chris Shorter and Chief Financial Officer Ingo Hofmeyer. And without further to do, I'd like to turn this over to Chris and Ingo for their introductions and the presentation.

Thank you, Catherine. Excellent. Thank you, Catherine. and welcome everyone here today to Lifestone Metals 2025 results and webcast. To reinforce and just remind everyone, Lifestone Metals, we are a critical metals company and our Our real focus is centered around our flagship asset, which is the Cabanga Nickel Project. This is one of the largest, highest-grade nickel sulfide deposits. This is a development-ready, critically important source of nickel and cobalt. And importantly, it is an alternative to what is a very tightly controlled nickel market. controlled by Indonesia specifically. So that puts Life Zone Metals and this flagship asset in a very important part of the discussion for alternative supply chains throughout the globe. The other important part of Life Zone Metals is the Kabanga project has demonstrated over the past year, the release of our feasibility study has demonstrated that we are at the lower end of the cost curve, which is a competitively positioned point for us to be able to compete specifically with the Indonesian market. And so we've demonstrated that through the results of the studies and the hard work the team has done over the past year. Additionally, we have been undertaking several different funding processes to get to conclusive FID, and what we've been able to do is really bring in some of the top-tier potential funders throughout the world, specifically when it comes to ECAs and DFIs. A project like Kavanga that demonstrates the ability to be at the low end of the cost curve We're fortunate to be able to attract a lot of potential sources of funding, specifically from the project finance side. So it's a very attractive project for specifically that pool of capital. When it comes to Livestone, we also blend in the technological advantage of our hydromat expertise. And I think where we're very well positioned, and once we commence the Cabanga Nickel project formally, post-FID, we are going to be demonstrating that our core strategic focus will be on unlocking the processing and refining bottlenecks that exist around the globe on these specific supply chains. That's I think people have understood in the advent of a tremendous amount of focus on the supply chains that it's actually the downstream processing and refining that has to be solved. And we are uniquely positioned, given our technological expertise in hydrometallurgy, to provide these solutions across the supply chain. And that'll be a big focus for us going forward. And we will be updating on one of the exciting new projects we have in a pipeline in a partnership with Glencore on the catalytic converter recycling. And we'll go into that a little bit later. Okay, next. So I wanted to touch base on just the milestones over the past year. This is really a result of a tremendous amount of work and effort from our project team led by our COO, Eric Mouton. The real important updates are where we progressed in terms of the development readiness, really getting up to this execution readiness. The completion of the resettlement plan is a big milestone for us, so we have advanced the project further than any other prior owner has. We have provided compensation to the local people, so a tremendous amount of engagement with the local community, and that's really the starting point to really earn that social license to operate on the mine site. So we take a lot of pride on how far we've advanced that part of the process. That has really led into the conclusion of the SK-1300. So this is the first U.S. regulatory publishing of an SK-1300 initial assessment, and that has advanced all the way into the DFS study that we released in July. Importantly, the opportunity for us to acquire back the shareholding from BHP was concluded in July. That was a very, in our view, very accretive, very attractive transaction because we were able to do that on a highly deferred basis, which is valuable to shareholders to be able to do that on that deferred basis. So I think that's something that we were very happy we were able to close, and that was able to give us 100% of the project. And that has now led into engagement on several other processes that we'll touch on in terms of bringing in new strategic partners into the project. The feasibility study was published in July 2025, and then we transitioned into kind of the project pre FID Execution readiness and preparation for the FID process and as part of that post DFS We were able to engage with the team from Taurus who are very well known established financiers in the mining space and the 60 million bridge security a bridge facility we secured really what that's doing is bringing us from the exit of BHP and the conclusion of the DFS which was bankable and and really getting us now to that FID process. So this is a traditional segment of the development timeline to bring in bridge financing for that period. And we were very successful, very happy with the Taurus team that's in there as partners right now. In November 2025, we did do a placement. I think the only thing I want to mention here is we were able to place this with existing shareholders, which is a demonstration of consistent support from some of our core anchor shareholders. So very happy to be able to provide that conclusive $15 million underwriting in December. Okay, Catherine, next. Just very quickly, I'll touch on Kabanga. I think everyone hopefully on this call is very familiar with Kabanga. But what we really were able to demonstrate in the feasibility study is everything we really anticipated, which was the superior quality of this asset. This is a development-ready asset. The partnership with Tanzania is very strong right now. And I think when we are able to provide more information on the processes we have underway in terms of bringing in new strategic partners, The quality of the asset will be demonstrated by the quality of the additional investors and partners we're looking to bring into this project. Importantly, this is – we have all the special mining licenses in hand. This is as development-ready as a project is going to get, and really now it's on us to progress the project through to FID and commence with the additional FID activities, pre-FID activities. Cabanga sits firmly within the lower quartile. That's really seen in the feasibility study where we have a $1.58 billion after-tax NPV with a very strong 23.3% IRR. That competes very, very well against other alternative nickel projects that you'll see in the pipeline around the world. We are very, very uniquely positioned to be the next large source of nickel and cobalt coming online to compete with Indonesia. We've heralded that throughout our entire process, and I think we've been able to firmly demonstrate that through the results of the study, and then the next step of the process, we will be progressing towards FID. Another thing we're pretty, as I mentioned, we're pretty excited about is the ESG qualifications, especially the standards we've reached and some of the qualifications with some of the project financiers we've hit. it's very hard to hit some of these qualifications, especially some of the IFC performance standards. And so to be able to have progressed through that process to get those qualifications, it's a critical milestone for the project financiers. And so we've been able to hit those qualifications, and that's a very important part of how we're going to be progressing on the project finance side, which Ingo will touch on a little bit. Okay, next.

Yeah, thank you, Chris.