Lifezone Metals Limited Q2 FY2025 earnings call

1. Chris introduced Lifestone Metals as a critical metals company focused on the Cabanga Nickel Project, a large, high-grade nickel sulfide deposit. The project is development-ready and competitive with the Indonesian market. They've been working on funding processes and have technological expertise in hydrometallurgy. 2. Milestones over the past year include completing the resettlement plan, concluding the SK-1300, acquiring back the shareholding from BHP, publishing the feasibility study, securing bridge financing, and a placement. 3. Ingo spoke about strategic financing initiatives, including progressing two main pillars: finding a long-term strategic partner and pre-FID activities. They're working on project financing, have appointed various consultants, and issued expressions of interest for procurement. 4. Discussed PGM recycling project and partnership with Glencore, as well as the Musangati deposit in Burundi and its synergies with Kabanga.

1. Kabanga project is working towards FID, with activities like updating the framework agreement, going out for tender for EPCM contract, and progressing commercial negotiations. 2. In 2026, will see more permanent infrastructure commitments for power supply and progressing on the commercial side to FID. 3. Expect announcements on pilot test results for PGM project in the next couple of weeks.

Q: Will the nickel refinery from the Kabanga project still be implemented in Tanzania after five years of mine operations?

A: Yes, the plan is to have a fully vertically degraded project in Tanzania but will be done in a staged process with the mining concentrator up front.

Q: 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?

A: Current share price not reflective of asset value; partners may join at a premium. For Masangati, early days, doing reconnaissance scoping study; no capital committed yet, will propose next steps in 60 days.

Q: What's your opinion on the recent continuous decline in the nickel prices? And 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.

A: Nickel price decline influenced by political events in Middle East, Indonesia regulations. Kabanga project has $1.6 billion valuation; management working on process, extended process in best interest of shareholders, look forward to near-term announcement on FID