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• Albemarle for nickel and copper, focused on cleaner processing for EV batteries.
• A green-tech challenger to traditional mining giants like Glencore, specializing in sustainable nickel for EV batteries.

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• Nickel: Production of battery-grade nickel, a critical metal for electric vehicle batteries and energy storage systems.
• Copper: Production of copper metal, an essential material for electrical wiring, construction, and various industrial applications.
• Cobalt: Production of cobalt metal, primarily used in rechargeable batteries and high-strength alloys.

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Lifezone Metals (LZM) is developing the Kabanga Nickel Project and is not yet in full commercial production of refined metals. Therefore, it does not currently have "major customers" in the sense of regular, large-volume sales. However, the company has secured a significant off-take agreement for a portion of its future production, which represents its primary identified customer relationship.

Lifezone Metals sells primarily to other companies (B2B). Its major identified customer for future production is:

• BHP Group Limited (Symbol: BHP)

BHP has an off-take agreement for a portion of the future nickel production from the Kabanga project. BHP is a global resources company that would then typically supply this nickel to battery manufacturers or other industrial users in the electric vehicle (EV) battery supply chain or other industrial sectors.

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Chris Showalter, Chief Executive Officer, Director

Chris Showalter brings an accomplished corporate finance and merchant banking background to Lifezone Metals, combining a Wall Street career with extensive experience in Africa. He has core expertise in originating, sourcing, and developing relationships and transactions across Africa, having served as a Director and Partner at the merchant bank Hannam & Partners in Zimbabwe, where he focused on the African mining sector. Mr. Showalter led Lifezone Metals' acquisition of the Kabanga Nickel project. Earlier in his career, he was co-CEO of Renaissance Capital in Zimbabwe, developing expertise in the platinum sector, and spent nine years as a Vice President at Goldman Sachs in New York, holding various sales roles in equity and capital markets.

Ingo Hofmaier, Chief Financial Officer

Ingo Hofmaier possesses vast corporate finance, financial, and risk management experience across global commodity markets in diverse geographies, including Africa and the Americas. He has over 20 years of experience as a market-facing finance executive, with expertise in capital markets, financial reporting, tax, commercial contracts, project & corporate finance, and M&A and investment banking.

Dr. Mike Adams, Chief Technology Officer

Dr. Mike Adams is a co-inventor of Lifezone Metals' patented Hydromet Technology. He has over 40 years of experience in metallurgical engineering, focusing on process and resource development for metals recovery. For more than 10 years, his work has concentrated on the development, implementation, and commercialization of Lifezone Technology for the recovery of Platinum Group Metals (PGMs), gold, base, and rare metals.

Gerick Mouton, Chief Operating Officer

Gerick Mouton has 25 years of global experience in strategic mining and mineral processing development, capital raising, organizational establishment, and the execution of multifaceted capital-intensive mining, processing, and refining projects. His experience includes multi-stakeholder integration for large-scale development projects to drive social performance, and he has a track record of optimizing the development of large-scale projects in emerging markets.

Benedict Busunzu, Tembo Nickel Chief Executive Officer

Benedict Busunzu is an experienced Tanzanian mining executive. He has 15 years of experience at Barrick Gold, where he previously served as Mine Manager for Barrick's Buzwagi and Bulyanhulu gold mines.

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The key risks to Lifezone Metals (LZM) primarily revolve around its financial viability as a pre-production company, its exposure to volatile commodity markets, and the inherent challenges in developing its flagship project and commercializing its core technology.

1. Financial Health and Funding for Project Development: Lifezone Metals faces significant financial risks, characterized by poor business operations, negative revenue growth, and ongoing profitability struggles. The company has reported a low Piotroski F-Score and an Altman Z-Score in the distress zone, indicating a potential risk of bankruptcy. The company has been operating at a loss, burning through cash, and needs substantial capital to advance its Kabanga Nickel Project, despite securing some bridge funding.
2. Commodity Price Volatility, particularly Nickel: As a metals and mining company, Lifezone Metals is highly susceptible to fluctuations in commodity prices, especially nickel. Recent financial reports highlight a challenging nickel price environment due to increased supply, which has directly impacted the company's development plans for the Kabanga project and led to cost reduction measures.
3. Project Execution and Technology Risk of the Kabanga Nickel Project: Lifezone Metals' core asset is the Kabanga Nickel Project in Tanzania, which is a large-scale, undeveloped nickel sulfide deposit. There are inherent risks in the development and operation of such a complex underground mining project, including technical challenges and significant capital expenditure requirements. Furthermore, the efficacy and widespread adoption of Lifezone Metals' proprietary Hydromet Technology, central to its "cleaner metals" value proposition, present a risk, as no active refinery currently licenses this technology.

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Lifezone Metals (NYSE: LZM) operates primarily in two key addressable markets: the global nickel market and the global platinum group metals (PGM) recycling market, leveraging its proprietary Hydromet Technology for cleaner metals production and recycling.

Nickel

Lifezone Metals' flagship asset is the Kabanga Nickel Project in Tanzania, which aims to produce LME-grade nickel, copper, and cobalt for the global battery metals market.

• The global nickel market was valued at approximately USD 41.62 billion in 2024. This market is projected to reach approximately USD 83.77 billion by 2034, demonstrating a Compound Annual Growth Rate (CAGR) of 7.25% from 2025 to 2034. The Asia-Pacific region is a significant contributor to the nickel market, particularly due to its demand in stainless steel production and battery manufacturing.

Platinum Group Metals (PGMs) Recycling

Through a joint venture with Glencore in the United States, Lifezone Metals focuses on recycling platinum, palladium, and rhodium from spent automotive catalytic converters using its Hydromet Technology.

• The global platinum group metals market was valued at approximately USD 42.42 billion in 2024. The industry is expected to grow at a CAGR of 3.50% during the forecast period of 2025-2034, potentially reaching a valuation of approximately USD 59.84 billion by 2034. Demand for PGMs is largely driven by the automotive industry for catalytic converters, as well as increasing interest in hydrogen fuel cells and various industrial applications. Asia Pacific holds a significant share of the global PGM market.

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Expected Drivers of Future Revenue Growth for Lifezone Metals (LZM) over the Next 2-3 Years:

• Advancement and Production from the Kabanga Nickel Project: Lifezone Metals' flagship Kabanga Nickel Project in Tanzania is a major driver. The Feasibility Study, filed in July 2025, outlines an 18-year life of mine operation with significant nickel, copper, and cobalt reserves. Moving this project into production will be a primary source of revenue.
• Commercialization of Hydromet Technology: Lifezone Metals utilizes its proprietary Hydromet Technology for cleaner and more responsible metals production and recycling. This technology offers potential for lower energy consumption, lower emissions, and lower cost production compared to traditional smelting. Expanding the application and licensing of this technology for nickel, copper, and cobalt, and for platinum group metals recycling, is expected to drive revenue.
• Strategic Partnerships and Investments: The company's partnership with Glencore, which includes investment and collaboration on pilot work and feasibility studies, is crucial. Such partnerships can provide funding, expertise, and market access, accelerating project development and market penetration.
• Increased Demand for Battery Metals: Lifezone Metals is positioned in the battery metals supply chain, focusing on nickel, copper, and cobalt, which are essential for electric vehicle (EV) batteries. The growing global demand for EVs and sustainable energy solutions is expected to increase the need for these metals, thereby boosting Lifezone Metals' potential revenue as its projects come online.
• Consolidated Control over Kabanga Nickel Limited: Lifezone Metals completed the acquisition of BHP's 17% equity interest in Kabanga Nickel Limited, consolidating control over the Kabanga project. This allows Lifezone to fully align development, financing, and ESG priorities, streamlining the path towards a Final Investment Decision and ultimately production and revenue generation.

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Share Repurchases

• Lifezone Metals' 6-Month Share Buyback Ratio was 0.00% as of March 2023, indicating no significant share repurchases.

Share Issuance

• Lifezone Metals listed on the NYSE on July 6, 2023, following a business combination.
• Up to 79,887,917 Ordinary Shares were registered for issuance to securityholders of GoGreen and LHL in the Business Combination, including 14,467,500 shares issuable upon exercise of Warrants.
• As part of a $60 million bridge loan facility, Lifezone Metals issued 2.5 million five-year warrants to Taurus, exercisable at $5.42 per share.

Inbound Investments

• Lifezone Metals secured a $60 million bridge loan from Taurus Mining Finance in August 2025 to fund early works for the Kabanga Nickel Project.
• The company received $48.4 million in net cash from financing activities in 2024, primarily from a successful private placement of convertible debentures.

Outbound Investments

• Lifezone Metals acquired BHP's 17% equity interest in Kabanga Nickel Limited by July 18, 2025, consolidating control over the project.

Capital Expenditures

• Net cash used in investing activities totaled $52.7 million in 2024, including $50.0 million for the Kabanga Nickel Project and a final $4.0 million payment for related physical assets and intellectual property.
• As of June 30, 2025, Lifezone has invested $127.4 million in the Kabanga Nickel Project, including acquisition costs.
• The Feasibility Study for the Kabanga Nickel Project estimates pre-production capital expenditures of $942 million, focused on underground mine development, concentrator construction, tailings storage, and supporting infrastructure.