Lifezone Metals Limited Q1 FY2026 earnings call

1. Nickel market: Prices reached a two-year high, up 37% from late 2025 low. Indonesians reduced nickel ore mining quota, changed quota validity, implemented tiered royalty system (15% royalty now vs 10% start of 2025), and there are other factors like declining mining work rates and stricter environmental regulations. Also, sulfuric acid price increase and potential shortage globally impact nickel. 2. Operational updates: Utilizing $60 million bridge loan from Taurus for deployment, advancing long-term strategic partnership process, focused on project finance, working on execution readiness work streams (project setup, engineering, procurement, etc.), concluded U.S. Development Finance Corporation E&S process, active on-ground activities like North Boxcut earthworks, working with Mining Commission on RFP, working with Tanzanian government on beneficiation, completed ISOC-compliant LCA for Camanga project, ongoing community engagement for social license, exploring Musangati deposit in Burundi, concluded piloting study and R&D for PGM recycling with plan to finalize feasibility study, applied for DOE grants.

No specific product segment financial performance details provided in a structured way for absolute terms and revenue contribution % as per the transcript content given. The transcript mainly focuses on market conditions and project updates rather than detailed segment-wise financials in the required format.

1. Nickel price outlook: Analysts and traders expect nickel price to have upside risk with factors like Indonesian measures and sulfuric acid situation. 2. Strategic partnership: Advancing long-term strategic partnership process with focus on shareholder value, at advanced stage. 3. Project finance: Indications positive regarding project finance, will kick off once strategic partnership is finalized. 4. PGM recycling: Expecting DOE grant decisions within 2 - 4 weeks regarding funding for PGM recycling project.

1. Nickel market risks: Uncertainties in Indonesian actions and sulfuric acid supply affecting nickel prices. 2. Volatility risks: Volatility in fair value calculations of financial instruments like deferred consideration and warrants which could impact income. 3. Project execution risks: Delays or issues in execution readiness work streams and community engagement affecting project timelines.

Q: Anonymous question regarding nickel price outlook for next couple of years around Cabanga's expected online time.

A: Ingo discussed nickel market outlook with factors like Indonesian measures, sulfuric acid situation, and expectation of new price environment.

Q: Question for Chris about potential to move forward with strategic partners like BHP.

A: Chris talked about comprehensive process looking at all alternatives for shareholder value, with competitive process and analyzing various scenarios.

Q: Question about PGM recycling cost, scale, partnership with Glencore and Glencore's thoughts.

A: Chris discussed cost comparison, 50 - 50 partnership structure, and Glencore's view on low - cost immediate PGM book.

Q: Question about timing for DOE decisions for PGM funding.

A: Chris said expected to hear back mid to end of May.

Q: Question about strategic partners and nickel price difference affecting deals.

A: Chris said nickel price volatility has impacted journey but recent advanced negotiations not likely to be affected by short - term variations as long - term view is nickel going into deficit.