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.

So I would like to speak about and give an update on the strategic financing initiatives. We are currently progressing two main pillars, and that's underpins and financed by the bridge facility that Chris talked about. So the $60 million from Torres Mining Finance is re-financed for Kabanga, and financing is all the activities in there, which means pre-F&E activities, feeds, operational readiness, and also the project financing activities at Kabanga. And the two pillars that we are currently progressing is, on the one side, finding a long-term strategic partner. That's led by Standard Chartered Bank, and this process started ahead of the official exit of BHB. The writing there was on the wall when, a year before we announced that BHP announced that it has mothballed its Nickel West operations and therefore this process is very progressed. We have received multiple offers in terms of negotiations essentially complete. We have seen interest from multiple geographies and various different types of investors. We have cast the rights relatively tight because it's a big project and it's a significant project with an interest from miners, from sovereign entities and private equity funds. The due diligence is also more or less concluded for most of these parties or at least the ones that are really in the final round. We are considering all options and that also means we have received offers. for transactions that would be considered a change of control, where we would then ultimately exit the project and sell the projects to a new owner. The second pillar is the pre-UFID activities and the project financing work stream. We are continuing to work with DIA, who have also been the lead engineering consultant for our feasibility study. And as we announced, I think, in late 2024, that we had appointed Societe Generale for the project financing process. This process has extremely well progressed. And I think it's a reflection of the high grades and high quality of the project or a lack of comparative projects in the current market. There's also not many project financings in the market at the moment globally. which is a benefit. And as most of you will have seen, also the nickel market backdrop has significantly improved since late 2025. Nickel prices are up $2,500 per ton since then, which really has also boosted this process. But lenders that come in obviously see this as, anyway, a long-term project. in the reserve and mine plan in the feasibility studies for 18 years and a significant amount of our resource or there is a significant amount of resource outside of the reserve. So the expectations of us and BHP in the past as well as other partners potentially, other potential partners is always that there will be a significant longer mine life than 18 years. The project finance pathfinders, which is a good mix of African, European, and North American DFIs and ECAs, is essentially complete. Also, the key lenders' due diligence advisors have been appointed, and the draft reports have been received. They will, of course, be updated before the lenders go to their own credit committees We have also appointed Salomon and Grommel as our council. The long-term concentrated off-take term sheets are well advanced. They underpin the financing in roughly the same tenures. We have also completed an ISO compliant life cycle assessment, which is important because it really shows the advantages of having a project that is high grade, hard rock, and predominantly powered by hydroelectricity. So also in this environment of increasing energy prices in the short term, hopefully, but it just brings back that hydroelectricity particularly has not just the green credentials, but also economic benefits. As we have outlined in the past, Tanzania has built three hydropower stations in the last couple of years. The closest is 80 kilometers from our site. It's not the biggest. The biggest has, in fact, has, in fact, doubled the capacity of Tanzania to produce electricity and make Tanzania an export of electricity to neighboring countries. And it reflects also in the positive view of investors in Tanzania. We have appointed critical technical consultants, DIA for engineering, PCC for all the procurement processes. Epoch is doing an update on the tailing storage facility and then we work with SLR on hydro and environmental aspects. We have, in the meantime, in full compliance with local content rules in Tanzania, issued expression of interests as part of the procurement process for a combined value of around $380 million. That's quite a significant amount. It's big packages. And so the $380 million in relationship to $930 million, which is the total capex. The value engineering has commenced and will ultimately support detailed layouts and engineering processes. I think it's important to say in this context that we did the feasibility study and invested $140 million. in the confirmation drilling, further drilling to upgrade the resource to a reserve, but then obviously also in the study. And far more than 90 percent of everything was bottom-up priced, so we were really in the market and have estimated CapEx assumptions from first principle. Next slide, please. So in terms of path to final investment decision, we are currently working through this. We're a couple of months away. We are largely permitted and we currently don't see any permits that can stop construction. We have a special mining license in place. We have prospecting licenses in place. The special mining license is for the life of mine. We have a lot of ancillary permits with an environmental management plan. We have the in place. As Chris mentioned, we have a resettlement action plan that was signed off more than two years ago, and pretty much all the compensation payments have been paid. The payments that we couldn't make, they're in escrow, and they relate to partners. We are in most of the cases, and that is just a handful. We really don't know who actually owns the land, but we have an agreement with the government and there's a solid valuation process that there's no holdouts with regards to land parcels. All the land parcels that are relevant to us have been valued and signed off by a government authority called the chief valuer, which gives us a lot of certainty. build an airstrip and so on. There is, of course, a couple of permits that we still need to get or updates. One example, the government of Tanzania laid power to our site more than one and a half years ago. So we currently don't rely on diesel generators. That's also the assumption in the feasibility study. And the major improvements to earlier studies undertaken by Klinko and Berberic. But we need an upgrade to this power line. That is the layout and where it should run that is already in progress. But we'll need to update, for instance, our environmental social impact assessment because of that. So that's an example of the permits that our team is currently working on. Once we are at FID, as you can see here in the slides, the project execution, and most of the senior members are already in place for this. We have a project COO, GMs, technical engineers, electrical engineers, et cetera, et cetera. So from an execution readiness, we are investing heavily in filling out gaps. We have also signed off the labor plan. You have also seen we have issued procurement orders to the market. But once we are at FID, it's another two and a half years to ultimately get to first ore and concentrate sales. Next page, please. I think I hand back to Chris with regards to the next two slides, which talk about our PGM recycling project and our recent announcement with regards to Lusangate.

Yeah, thanks, Igor. And these next two slides I'm actually quite excited to talk about because what it does, it shows kind of the extent to where we will migrate as a company and really kind of the next kind of growth opportunities for us. And we have discussed it. On the AutoCAD recycling, this is something where we're producing a solution for a domestic closed-loop processing and refining of critical metals within a host country, as we indicated. So for this, when you look at the U.S. list of critical metals, obviously rhodium, platinum, platinum are very high on there. And a lot of this material gets recycled out of – junk yards. It's a very fragmented series of events that eventually result in most of the material being sent overseas. So what we've done is we've been able to produce a much quicker domestic refining solution utilizing our HydroMed expertise. And this is something that we've actually really pioneered through the R&D process. This is something that we And the teams at Simulus undertook an enormous amount of time to get this progressed to the point where we are now closing off the piloting program. We are in the process of drafting up the feasibility study, and then we're going to be progressing very quickly to FID. And, again, this is a partnership we have with Glencore. But to give you an idea, just as an example, so rhodium, you can see on the right, very high on the list of critical metals. Only about 4,000 ounces of rhodium are produced domestically in the U.S., and that is from the Stillwater operations in Montana. That's the only domestically mined source of rhodium. This current scale of this first facility that we would – build in the U.S. would produce about 20,000 ounces of rhodium. So a material solution to what is a very high priority initiative within the government currently, which is to basically go through this list of critical metals and identify solutions as to how those how security of the supply chains can be produced. So this is another example of how we look forward to our growth strategy, which is really focusing on that downstream, the processing and refining, because that's going to be the area that if we unlock those, we're providing the solutions that governments around the world are looking for. And that's our competitive positioning. You hear me say it a lot, but I'm very excited about projects like this. And we've got a pipeline of about 10 other projects that we can focus on once we really Once we've progressed and gotten Kavag into FID and main construction, this is the type of project you're going to see Lifestone deliver as essentially these solutions. And then, yeah, next chapter. So another example of how we're well positioned to unlock additional opportunities. We announced several weeks ago that we had signed an exclusivity agreement with the government of Burundi. Now, why is this important? This is important because at the same time that Kabanga was discovered in the 1970s by the UN Development Program, they also discovered another very high, highly prospective nickel deposit in Burundi called Musangati. This is a different deposit. This is a laterite deposit, but it's right next door to Kabanga. Kabanga, as we're geographically positioned, is right on the border of Burundi, so it's Very similar to Kabanga, what has prevented Musangati is the establishment of infrastructure to access a landlocked deposit, the size and scale of Musangati. Now, the same unlocking variables that have allowed us to progress the Kabanga project the advent of power in Tanzania, the infrastructure development through the standard gauge rail, all those infrastructure developments extending to the Kabanga project are now going to be extending into Burundi. There's a railway that's going to be the fifth, I think, extension of the current standard gauge rail in Tanzania. It's going to go under and go directly through the Musangaji deposit. So what we're doing is capitalizing on a growth extension of our current operations. We have identified a number of synergies that we believe also materially impact the economic potential of Musangati. And so we see these two deposits as really the advent of a giant nickel province, again, that's going to compete on size and scale versus really the tightly controlled Indonesian market. And that's interesting. It's the size and scale of this larger nickel opportunity that is critically important to the overall supply chain security of certain governments around the world. Okay, next.

Yeah, thank you, Chris.

Now, turning over to our financial results of 2025. Important for junior companies, that means pre-cash flows is of course the cash balance. We closed the year with $20.1 million. We secured funding of $30.9 million in terms of net proceeds. In terms of additional liquidity, the Taurus facility is for $60 million and we had drawn down $20 million last year. We have in the meantime this week drawn down another $5 million from Taurus. which is presented as a subsequent event in our accounts. And this was an advance to the second larger drawdown of 21.7 million that currently is going through CPs. In terms of our cash usage, we invested 21.3 million into investing activities and 21.8 million went into the Kabanga project. The difference here in terms of cash inflows is 700,000 of interest earned. We went through at the start of the year, which completed in Q2, a cost optimization that regrettably also led to the departure of employees at the corporate level, but in particular also in Tanzania, where we kind of right-sized but also reoriented the organization away from an exploration organization into a development organization. There were just under a million of kind of reorganization and compensation payments included in here. The team size at the end of the year was still 93 employees. Of course, a lot of people in Tanzania, which is good. This 93 employees include also long-term contractors. We had a net loss of 14.1 million and basically diluted loss per share of 0.17. In terms of, if you look at the white side, In terms of the operating activities they increased but because of cost controls we managed more or less to keep the cash outflows at the same level. Investment activities reduced from 52 to 21 because last year was really a year of tidying up and then ultimately publishing the feasibility study while in 2024 there were of course the study activities itself were at a higher intensity and we were also drilling at the start of the year. From the financing perspective, debt is reduced and also the financing is offset by lease payments, interest payments, and transaction costs. Next page please. We will just look into the accounting treatment of two transactions that happened. bridge loan facility from Toros. It carries an interest rate of 9.25%. The maturity is in July 31st, 2027. We also issued 2.5 million warrants and an exercise price of 5.42, which was 125% of the share price roughly at that point of time. The fair value at the end of the year was 5.65 million of that. The total financing costs, including the 5.65, were 8.66. That included also arrangement fees. 3.44 are offset and amortized against the first branch, and the remaining 5.22 are recorded as The amortization uses the effective interest rate method over the term of the facility. As mentioned before, the funds here are ring-fenced to the board, which is Kabanga Nickel, and of course the subsidiaries, which is the project company. We loan the funds down to Tanzania at zero percent interest at the moment. And it covers the scope and uses of funds. financing, and so on. Anything that we need to raise at the corporate level, so that was the 2025 offering and future offerings, happens then at LifeSummon covers what is our IP segment, which is the similar laboratory, but also the PGM project, which is coming to coming to a really mature situation now where possibly we will have to carve that out as a segment in itself as we go into FID also for that and we will probably have some exciting announcement about the pilot test results in the next couple of weeks. Next page please. Which also brings me to the final one in this presentation before we go to Q&A. position of the 17% from BHB. We acquired it on the 18th of July, which was the same date as the announcement of the feasibility study. Then this transaction also terminated all the other BHB agreements, including the T2 option agreement. And we assumed 100% of the offtake that we're currently marketing. In terms of consideration structure, we will pay $10 million. It's a fixed payment, 12 months after post-FIP or upon raising $250 million in aggregate. And there's a final deferred payment of $28 million that will be paid 12 months after first commercial production. BHP, which I think had an overall positive experience with us and also especially Tanzania as a host country, I think they didn't want to stand in the way of the developments. So it gives them an opportunity to earn back their investments. But it is kept at $83 million. And the $28 million is indexed by $4.16 per share. So it's a scale that runs up to $83. There is an opportunity to reduce the $83 to $75 if we can demonstrate that alignment that we are very comfortable and confident in. In terms of valuation, currently this is a... As obvious from the above, it's fair values at every reporting date and it's probability rated. And currently this liability sits at 25.7 million and there's three probability scenarios about an FID date in the middle of this year, a first commercial production date of March. first 2029 and the change of control event. The discount rate reflects the risk and the costs of that as we have currently outstanding And this is going to be re-measured every time we release results and therefore has also an impact on the comprehensive loss. The strategic impact was that we have now at KNL full control over the project direction and the economic upsides and enhanced financing flexibility. I think this concludes my part. I hand over to Chris for the Oh, there's one more page, sorry about that. So in terms of our current shareholder structure and partner structure, the Cabanga Nickel project has a 16% free carry interest from the government of Tanzania. It's a very fruitful and helpful relationship. I think many of the permits and many of the smaller roadblocks we had would not have been overcome as easily as if the government was not a partner of us, especially in terms of the resettlement activities. For the U.S. project, we have as a partner. Of course, we consider in our existing shareholders. And the investors here are Erwin Lundin, Rick Rule and three other related investors or close investors to them. We have had in the past a lot of interest from various jurisdictions and of course also significant project support from entities like the DSC via the Mineral Security Partnership and also a strategic partnership with ChocMEC which might crystallize in off-stake going forward. to Japan. Currently, our market capitalization is $325 million. And on the right side, you can see our basic share outstanding, going to the fully diluted share count. Thank you, and I hope there will be some questions at the end. I hand over to Chris for the final pitch.

Hey, thanks, Ingo. So really, what are we looking forward to in 2026? As I alluded to, the flagship project, Kabanga, really is getting this through to FID, and it's bringing in the strategic partner capital and really a conclusion to that process, which, as we said, is meaningfully progressed, and we'll be informing the market on the conclusion of that in due course. But for the project itself, we are updating the framework agreement. That's part of the staging concept that we presented to the government of Tanzania. And that really materially focuses on the mine concentrator as the step one process. All the major processes as part of the pre-FID that the team are working on, really the core activities, including going out for tender for the EPCM contract, major bulk earthworks, roads, getting some of the geotechnical drilling commenced. So on the actual mine site, there's a lot of activity as we ramp up these pre-development works ahead of FID. And in parallel to that, there's a lot of commercial negotiations in the offtake. The offtake's really interesting because there's a tremendous amount of interest in the offtake for Kabanga. We have not committed the offtake to anyone at this point. But these are some of the most intense and important negotiations we're having right now because where the nickel, copper, and cobalt goes is a very, very competitive process. And it's in our interest as Lifestone to ensure that we're maximizing the value of these contracts, you know, for shareholders. So this is taking a lot of management's time to make sure that we, you know, we provide a creative result to the off-take negotiations. The additional stuff in the back half of 2026, you're going to see some more permanent infrastructure commitments to really the power supply. You're going to see, you know, more advanced opening up of box cuts, and you're going to see really us progressing on the commercial side. to the uh fid process um in conclusion so so it's going to be a very very busy period once we announce the strategic result of our the process of um uh the strategic partner and or funding or other alternative and that progresses us firmly to the fid process in terms of sustainability milestones um I think what's going to be very exciting is when we do release this lifecycle analysis, this is something that's going to demonstrate to the market that we are just incredibly, incredibly differentiated from the nickel. coming out of Indonesia. This is something that is a hallmark of how we're looking at this project, you know, really putting ourselves in a much lower CO2 category than the alternative. And that is still incredibly important to a number of downstream consumers in the market. So we are going to be able to really differentiate this product as being a cleaner And a lot of that is the power in Tanzania. You know, 52% of that's hydro and gas. So Tanzania has really put projects like Kabanga in a very, very strong position to maximize the credentials of being clean sources of new metals coming online. And then as I indicated on the recycling side, I'll be very thrilled to make the announcements of the results of the pilot study and next steps because I think this is, again, This is how Lifestone is going to demonstrate additional solutions to solving, you know, really these bottlenecks that exist in the industry in the supply chain overall. And that's going to be really our growth strategy going forward. I think when you see how we pull that project together, the attractiveness in terms of the capital intensity, the low cap X, and how we do this closed loop solution, mitigating a lot of the margin that's lost in a very, very segmented and fragmented process and involves a lot of shipment around the world. That's going to be a demonstration of what we're going to be focused on in the future. So with that, I'd like to thank everyone, and I think we will hand it back to Catherine in case we have any questions coming through.

Thank you, Chris and Ingo. And as a reminder to everyone, if you have a question, please raise it via the Q&A box located at the top of your screen. So the first question that we have is from Stan Ackermans. Will the nickel refinery from the Kabanga project still be implemented in Tanzania after five years of mine operations?

I'll take that. Thanks, Sandy. Yeah, what we've basically done is we've gone to the Tanzanian government, and when we had the conclusion of the feasibility study, we went with a very pragmatic and also realistic assessment of the current nickel market. And when we dissected the economics coming out of the feasibility study, we presented a scenario where we basically do a stage approach. The upfront capital intensity and the economic result of doing all these downstream processes in parallel to the mine build-out, they did present a less attractive alternative versus doing a stadium process. And so this is a very natural series of, you know, progressive steps. You want to get these mines built first. Downstream naturally comes as an extension of an existing mining mine or mines existing in the country. So this is just smart economic rationale where we showed we will commence with the additional updated studies for the downstream beneficiation. We are committed to that. And what we'll be doing is updating the refinery study. And also we have presented to the Tanzanian government the option of doing a demonstration plant in-country to advance, you know, the demonstration of producing metal in-country. And so that's been very well received. So to answer the question, yes, the plan is to have a fully vertically degraded project in Tanzania, but we're going to be smart about this. We want to do this in a way that is in the best interest of shareholders and the host government, and that, in our view, is doing a staged process with the mining concentrator up front.

Thanks, Chris. Second question. The potential partner that you're searching for, will they join at a premium, or are you happy with today's prices? Also, what will be the cost to own Masangati? Has the government already discussed this, or will they hand over the 84% and keep their share?

Ingrid, you want to take the first one, and I'll take Masangati?

Yeah. Yeah.

So yeah, the Our current share price is, in our view and also in the view of most of the long-term partners, not reflective of the real value of the asset. So when we present to the shareholders, if it's either a change of control or the strategic partnership, yeah, this will definitely be more reflective of the long-term value of the asset. Which route we go is ultimately a question for shareholders, so this is to be decided in the near term.

Thanks, Ngo. And I think what our shareholders and what the market can rely on is that management is absolutely focused on shareholder value. And so that really drives our strategic assessment of the alternatives. And so we are 100% aligned with our shareholders to see what is going to be the route that allows us to unlock the most potential return to our shareholders. The second part of that question on Musangati, this is very early days for Musangati. We are in a process now where we've committed to doing a very rapid kind of in-country reconnaissance scoping study, getting on the ground, assessing what information exists, where is all the historic drill data, where is the core. So it's a bit of a quick sprint to get into Burundi and really do a critical assessment of what information there is, and then we can start incorporating that into a a conceptual plan of what work we would intend to do. So as of right now, on the Burundi side, there's no capital committed right now until we put forward over the next 60 days a proposal of what our assessment is of what is the next step in the process. That would lead to either a pre-feasibility study or feasibility study. But right now, we're kind of in that exciting investigative period where the teams are busy looking at number one, where is the information? What do they have? And number two, how can we potentially unlock some of these synergies and operational efficiencies between the two projects? And that's where our team is most excited is really can we demonstrate that and some of the synergies between a nickel laterite and nickel sulfide is going to be one of the key kernels of what we're trying to establish from a technical viability standpoint. So early days in Burundi, a lot of work to do, but this natural bolt-on is very exciting in terms of upside potential for not only us, but for shareholders and for the larger potential of this new emerging nickel province that I alluded to in East Africa.

Thank you, Christopher.

Time for one more?

Yes. We are at time, but let's quickly answer one more. And the starting question I'd go with is a combination of a few. What's your opinion on the recent continuous decline in the nickel prices? And I think linked to that will be on FID, what plans do we have? There are two options for final investment of Kabanga Project. The first is to sell the project. The second is to secure bank loans.

Okay. Maybe on the NIC devices currently, I can't ask the question what exactly is meant with that. If it's the reason, meaning the last couple of days of this week, I think that's probably more influenced by political events in the Middle East. But, of course, what we have seen over the last two years was sliding nickel prices up to the end of 2025, influenced by an increase in market share in Indonesia. That then turned around, and it turned around from around mid-December and was driven by changes to the regulations in Indonesia. Basically, if it once can make the nickel price, and Indonesia benefits from higher nickel prices, and particularly benefits from higher ore prices, which most of the royalties in Tanzania attach to, and that's what we have seen in the last three months that Indonesia has started to play around with its own resources, trying to preserve them, but also to increase their take and buy a royalty structure. For instance, at 18,000, the royalty is today are 50% higher than they were a year ago before regulations have changed. There's quite a few different things that have changed. The royalties went up, but also the whole quota system has changed to a yearly system, and the amount has come down. And this is an ore quota. It's not a nickel-contained quota, so with falling prices, even if you would leave this more or less the same, you will produce less and less nickel. There is also some changes, so there is some individual cases where licenses have not been given and there is also some cases where it seems in the last couple of days they will increase the licenses again. So it will have to be seen how the whole situation in the Middle East settles down. There is, of course, one thing that people look very, very carefully, which is SALFA prices. and sulfur availability. Indonesia has all that terrific nickel. Everything that gets leached in Indonesia needs sulfuric acid and 78% of Indonesian sulfur source comes from the Middle East and Indonesia has around one to maximum two months of storage. So, that could go on the one side that there is simply not enough sulfur, but it's very clear that the sulfur prices are going up. Then also coming back to the valuation question, our project has a $1.6 billion valuation. We used conservative, or we used consensus prices, and these consensus prices meant that our valuation of $1.6 billion was for most of this year significantly higher, also coming back to the point of what price do you want to ultimately raise. our current share price doesn't reflect that at all. I'll stop here. Chris, do you want to add anything along that?

No, I think just last comment is, you know, that management worked very hard in terms of this process, and we probably would have liked to have concluded this end of last year, but I think the continual interest we had coming in, I think with some of the geopolitical events, with some of the developments in the nickel industry, we continued to get a number of parties that came in relatively late in the process, but it was in the best interest of us to allow them to progress to a point, just given the quality of these potential partners. It was in the shareholders' best interest to allow us to extend the process and take a little bit longer. And I think when we do make announcements, I think shareholders will be pleased that we are really acting in their best interest to deliver a result that's going to be positive for Tanzania, positive for LifeZone, positive for shareholders. So we'll look forward to that announcement in near term.

Thank you, Chris and Inga. We are past time, so I'm going to wrap up this webcast. A quick reminder that if you do have any further questions or where we haven't addressed your question on this Q&A, please feel free to follow up directly by email at info at lifezonementals.com. This concludes our webcast. I'd like to thank everyone for attending today's event, and we look forward to speaking with you soon. Thank you. Thank you, everyone. Thank you.

Thank you for joining. Bye.