Lifezone Advances Kabanga Nickel Project in Q1/24

Lifezone Metals Provides Q1 2024 Update

Operational Highlights

• 1.8+ million hours worked at Kabanga without lost time injury
• Two-phased development plan for Kabanga mine and refinery announced
• Exploration drilling found additional high-grade nickel mineralization
• Received key permit and economic zone designation from Tanzania government
• Connected Kabanga project to national power grid

Recycling Partnership

• Funded Phase 1 of platinum group metals recycling JV with Glencore in US

Financial Position

• Closed $50M convertible note offering
• Cash balance of $79.6M as of March 31
• Basic and diluted loss per share of $0.05 vs $0.10 in Q1 2023

The Investment Thesis for Lifezone Metals

• Kabanga is a world-class nickel sulfide project in an emerging supply jurisdiction
• Definitive feasibility study on track for completion in Q3 2024
• Hydromet technology enables cleaner, lower-cost nickel production vs. smelting
• Recycling JV demonstrates the applicability of Hydromet tech to a growing market
• Well-funded to continue advancing Kabanga after recent financing
• Consider for exposure to growing battery metals thematic and ESG-friendly production

Lifezone continues to methodically derisk and advance its flagship Kabanga nickel project in Tanzania, which can potentially be a globally significant source of responsibly produced battery-grade nickel and copper. The company's proprietary Hydromet technology is central to its value proposition of cleaner, lower-cost base metals production. While still in development, Lifezone presents an appealing opportunity for investors seeking exposure to the electric vehicle and energy storage supply chain.

The global transition to clean energy drives unprecedented demand for battery metals like nickel. Electric vehicle adoption is accelerating, but concerns around supply constraints and ESG considerations in the nickel industry are growing. Sulfide nickel deposits such as Kabanga are coveted for their suitability for battery-grade nickel production. However, new nickel projects often face lengthy timelines and high capital intensity.

Against this backdrop, Lifezone Metals offers a compelling investment case. The company's Kabanga project is one of the largest and highest-grade undeveloped nickel sulfide deposits globally. Lifezone's Hydromet technology enables it to produce battery-grade nickel at lower costs and with lower emissions than traditional smelting. As Lifezone CEO Chris Showalter states,

"We are working to unlock a new source of LME-grade nickel, copper and cobalt for the global battery metals markets, and empower Tanzania to achieve full in-country value creation."

With a healthy balance sheet, experienced management team, and strong government support, Lifezone is well-positioned to emerge as a leading supplier of responsibly sourced nickel and copper to the EV battery supply chain.