Q1 2026 Lifezone Metals Ltd Earnings Call

April 30, 2026

Catherine: The Lifezone Metals webcast to discuss the Q1 2026 financial results summary and to provide an operational update. We'll finish today's event with a question answer session. You can submit a question using the Q&A box at the top of your 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 will 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 30 April news release on our website at lifezonemetals.com. Please see additional disclaimers, which I'd encourage you to read in your own time. Joining us today are Lifezone Metals' Chief Executive Officer, Chris Showalter, and Chief Financial Officer, Ingo Hofmaier.

Catherine Nichas: The Lifezone Metals webcast to discuss the Q1 2026 Financial Results summary and to provide an operational update. We'll finish today's event with a question-and-answer session. You can submit a question using the Q&A box at the top of your 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 will contain forward-looking statements that involve risks and uncertainties that can cause actual results to differ materially from those in the forward-looking statements.

Speaker #1: The Lifezone Metals webcast to discuss the Q1 2026 financial results summary. And to provide an operational update. We'll finish today's event with a question-answer session.

Speaker #1: You can submit a question using the Q&A box at the top of your page. Please feel free to contact us directly for any questions, not addressed in this webcast.

Speaker #1: Before we begin, I would like to remind everyone that today's event will contain forward-looking statements, that involve risks and uncertainties that can cause actual results to differ materially from those in the forward-looking statements.

Speaker #1: Details of the forward-looking statements are contained in our April 30th news release on our website at www.lifezonemetals.com. Please see additional disclaimers which I'd encourage you to read in your own time.

Catherine Nichas: Details of the forward-looking statements are contained in our 30 April news release on our website at lifezonemetals.com. Please see additional disclaimers, which I'd encourage you to read in your own time. Joining us today are Lifezone Metals' Chief Executive Officer, Chris Showalter, and Chief Financial Officer, Ingo Hofmaier. Without any further to do, I'd like to turn things to Ingo Hofmaier for his introduction and the presentation.

Speaker #1: Joining us today are Lifezone Metals' Chief Executive Officer, Chris Shorwater, and Chief Financial Officer, Ingo Hofmeyer. Without any further ado, I'd like to turn things to Ingo for his introduction and the presentation.

Catherine: Without any further to do, I'd like to turn things to Ingo Hofmaier for his introduction and the presentation.

Speaker #2: Thank you, Kathleen. And welcome to our webinar. If you can please turn to the next page. As we all know, we had a very challenging period in the nickel market over the last two years, predominantly caused by oversupply from Indonesia.

Ingo Hofmaier: Thank you, Catherine, and welcome to our webinar. If you can please turn to the next page. As we all know, we had a very challenging period in the Nickel market over the last 2 years, predominantly caused by oversupply from Indonesia. Since the start of this year, things look a lot brighter. As of the end of last week, Nickel prices actually reached a 2-year high, and they're up 37% from one of the low points in late 2025. Today, spot prices for Nickel, Copper, and Cobalt, the products that the mine will produce, are all higher than the long-term price assumptions in the feasibility study that we released in July 2025.

Ingo Hofmaier: Thank you, Catherine, and welcome to our webinar. If you can please turn to the next page. As we all know, we had a very challenging period in the Nickel market over the last two years, predominantly caused by oversupply from Indonesia. Since the start of this year, things look a lot brighter. As of the end of last week, Nickel prices actually reached a two-year high, and they're up 37% from one of the low points in late 2025. Today, spot prices for Nickel, Copper, and Cobalt, the products that the mine will produce, are all higher than the long-term price assumptions in the feasibility study that we released in July 2025.

Speaker #2: Since the start of this year, things look a lot brighter. As of the end of last week, nickel prices actually reached a two-year high, and they're up 37% from one of the low points in late 2025.

Speaker #2: Today, spot prices for nickel, copper, and cobalt—the products that the mine will produce—are all higher than the long-term price assumptions in the visibility study that we released in July 2025.

Speaker #2: For nickel, the price increase has various reasons. But most of all, there is, we believe, a realization in Indonesia that the relatively uncontrolled oversupply from lateritic operations in Indonesia needs to be brought under control.

Ingo Hofmaier: For nickel, the price increase has various reasons, but most of all, there is, we believe, a realization in Indonesia that the relatively uncontrolled oversupply from lateritic operations in Indonesia needs to be brought under control. That seems to be driven by a desire in Indonesia to increase the tax break take from royalties and from taxes. So what have the Indonesians done in the recent past? First of all, they have reduced the nickel ore mining quota quite significantly compared to apparent demand. To better manage output, they've also reduced the validity from, of the quota system from 3 years to 1 year, so they can really turn the dial on a much shorter timeline. They've also revised the benchmark pricing mechanism, which means all the by-products are now included.

Speaker #2: And that seems to be driven by a desire in Indonesia to increase the tax break take from royalties and from taxes. So what have the Indonesians done in the recent past?

Speaker #2: First of all, they have reduced the nickel ore mining quota quite significantly compared to apparent demand. To better manage output, they've also reduced the validity of the quota system from three years to one year.

Speaker #2: So they can really turn the dial on a much shorter timeline. They've also revised the benchmark pricing mechanism, which means all the byproducts are now included with that in the results for that is that the costs are ultimately go up because you're also paying for instance, royalties on cobalt, which is a very valuable byproduct.

Ingo Hofmaier: With that, the net size for that is that the costs ultimately go up because you're also paying, for instance, royalties on cobalt, which is a very valuable by-product, but you're paying the royalties, so that's the price increase. There was the implementation of a tiered royalty system. That means if you look at the chart on the right side, that at current nickel prices, the royalty is 15% compared to 10% at the start of last year. That's a 50% increase of royalty rates. That's quite significant. There is other factors that I think are well documented, which is number 1, mining in Indonesia has happened for decades now, and therefore the best parts are already mined, and ores well rates are declining.

Speaker #2: But you're paying the royalties. So that's the price increase. And then there was the implementation of a tiered royalty system. So that means if you look at the chart on the right side, that at current nickel prices, the royalty is 15% compared to 10% at the start of last year.

Speaker #2: So that's a 50% increase of royalty rates. So that's quite significant. And then there is other factors that I think are well documented, which is number one, mining in Indonesia has happened for decades now, and therefore the best parts are already mined.

Speaker #2: And ores work rates are declining. And also there is an understanding in Indonesia and authorities to enforce environmental regulations more strictly. There were quite a few incidences over the couple of years that the local communities were very upset about.

Ingo Hofmaier: Also there is an understanding in Indonesia and authorities to enforce environmental regulations more strictly. There were quite a few incidences over the couple of years that the local communities were very upset about, and I think this is very much driven by Indonesians considering the demands and needs of Indonesian communities. A very recent change and an upside risk, and probably most significant of all, LME metals impacted is nickel, is the increase in Sulfuric acid prices and the potential shortage of Sulfuric acid globally. China has implemented an export ban on Sulfuric acid, and every leach operation in Indonesia leaches Sulfuric acid. Around 15% to 20% of Indonesian output is highly dependent on this.

Speaker #2: And I think this is very much driven by Indonesians considering the demands and needs of Indonesian communities. A very recent change in an upside risk, probably most significant of all LME metals, impacted is nickel, is the increase in sulfuric acid prices.

Speaker #2: And the potential shortage of sulfuric acid globally—China has implemented an export ban on sulfuric acid. And every leach operation in Indonesia needs sulfuric acid.

Speaker #2: So around 15% to 20% of Indonesian output is highly dependent on this. The growing consensus is that ultimately fertilizer production will have priority in the next couple of weeks and months over other metal or chemical implications.

Ingo Hofmaier: The growing consensus is that ultimately fertilizer production will have priority in the next couple of weeks and months over other metal or chemical implications. That nickel is probably at the very low end of the pecking order in terms of the ability to pay for or getting priority for sulfuric acid delivery. There's quite a few things here where our analysts and traders expect the nickel price still to have a lot to go for and there's an upside risk. For the first time also in years, the International Nickel Study Group published last week that the market outlook for this year is a deficit compared to, I think, the last 3 years, but you can see how big the number was in 2025, a significant surplus that suppressed prices.

Speaker #2: And that nickel is probably at the very low end of the pecking order in terms of the ability to pay for or getting priority for sulfuric acid delivery.

Speaker #2: So there's quite a few things here where analysts and traders expect the nickel price still to have a lot to go for and there's an upside risk.

Speaker #2: For the first time also, in years, the international nickel study group published last week that the market outlook for this year is a deficit compared to, I think, the last three years.

Speaker #2: But you can see how big the number was in 2025—a significant surplus that suppressed prices. So, in short, in today’s world, under today’s spot prices, the carbon nickel MPV is around $300 million higher than the MPV in the study on the long-term prices.

Ingo Hofmaier: In short, in today's world, under today's spot prices. The Kabanga Nickel NPV is around $300 million higher than the NPV in the study on the long-term prices. I think this outlines the very significant change in the nickel market environment. Let's stop here for a moment. We can speak about this more in the Q&A, I guess. I am sure there will be questions. In the meantime, I hand over to Chris to continue with the operational update.

Speaker #2: And I think this outlines the very significant change in the nickel market environment. As a topic for a moment, we can speak about this more in the Q&A, I guess.

Speaker #2: I'm sure there will be questions. In the meantime, I hand over to Chris to continue with the operational update.

Speaker #3: Okay. Thanks, Ingo. Okay. What I'll transition to now is really kind of an update of where we are. I mean, we are in this transition process from really guiding through this strategic process to the transition into the feed execution readiness.

Chris Showalter: Okay. Thanks, Ingo. Okay, what I'll transition to now is really kind of an update of where we are. I mean, we are in this transition process from really guiding through the strategic process to, you know, the transition into the FEED execution readiness. As we've, you know, talked to the market about, we are in this, you know, period where we are utilizing the $60 million bridge loan from Taurus. I'll show some slides that really goes to the deployment of that capital. You know, what are the priority areas we're focused on in terms of execution readiness, local infrastructure, and all the details of, you know, what we're actually, you know, focused on with the local Tembo team.

Speaker #3: So as we've talked to the market about, we are in this period where we are utilizing the $60 million bridge loan for Taurus. And I'll show some slides that really goes to the deployment of that capital.

Speaker #3: One of the priority areas we're focused on in terms of execution readiness, local infrastructure, and all the details of what we're actually focused on with the local Tembo team.

Speaker #3: Importantly, we updated on the last public webcast that we are advancing the long-term strategic partnership process. We have been very, I think, clear to the market that we are very much focused on shareholder value and really tabling to the board of directors what is going to be the most shareholder-driven value creative recommendation based on the offers we've received.

Chris Showalter: Importantly, we updated on the last public webcast that we are advancing the long-term strategic partnership process. We have been very, I think, clear to the market that we are very much focused on shareholder value and really tabling to the board of directors, you know, what is gonna be, you know, the most, you know, shareholder-driven, value-accretive recommendation based on the offers we've received. This is very advanced, and this is something that we're gonna continue to. You know, this is a large amount of management's time and effort right now is considering the proposals that have come in, finalizing negotiations, and getting prepared for recommendations to the board. This is at a very advanced stage, and we will be updating the market as soon as we can regarding this process.

Speaker #3: So this is very advanced, and this is something that we're going to continue to this is a large amount of management's time and effort right now is considering the proposals that have come in, finalizing negotiations, and getting prepared for recommendations to the board.

Speaker #3: So this is at a very advanced stage, and we will be updating the market as soon as we can regarding this process. But this is the number one priority for us right now as executive management is to conclude this process.

Chris Showalter: This is, this is the number one priority for us right now as executive management, is to conclude this process, and that's getting most of our time and attention. In parallel to this, we are very focused on the project finance. This is something that Ingo's been leading on his side. This is really a process that is. I mean, this does take quite a bit of time. It's very detailed. There are a lot of stakeholders involved. What we can say on this process is that the indications we've had are very, very positive, specifically regarding the nature and size, cash flow generation, duration of the mine longevity. This is a very attractive project for project financiers. We've had a very, very positive engagement with a number of potential lenders. This is something that we'll kick off.

Speaker #3: And that's getting most of our time and attention. In parallel to this, we are very focused on the project finance. This is something that Ingo has been leading on his side.

Speaker #3: This is really a process that is I mean, this does take quite a bit of time. It's very detailed. There are a lot of stakeholders involved.

Speaker #3: But what we can see on this process is that the indications we've had are very, very positive. Specifically regarding the nature and size cash flow generation duration of the mine longevity, this is a very attractive project.

Speaker #3: For project financiers, and we've had a very, very positive engagement with a number of potential lenders. So this is something that will kick off.

Speaker #3: Once we finalize and announce the long-term strategic partnership or alternative and that process of stamp chart, we'll be able to make some material updates on the process with SOCGEN.

Chris Showalter: Once we finalize and announce the long-term strategic partnership or alternative, and that process is Standard Chartered, we will be able to make some material updates on the process with Societe Generale. This has been progressing in parallel very nicely. We will have more updates for the market shortly. Okay, next. Okay, as we are building up on the strategic process, there are a number of things we are doing in parallel, and this is very important because there are a number of work streams in terms of execution readiness that we are focused on.

Speaker #3: But this has been progressing in parallel very nicely. So we'll have more updates for the market shortly. Okay. Next. Okay. So as we're building up on the strategic process, there are a number of things we're doing in parallel.

Speaker #3: And this is very important because there are a number of workstreams in terms of execution readiness that we are focused on. And a lot of this, just to outline and highlight, this is getting a series of elements on the ground, projects set up in governance, engineering, and technical delivery, procurement and contracting, construction readiness, commissioning, and external delivery, project controls, and risks.

Chris Showalter: A lot of this, just to outline and highlight, this is, you know, getting a series of elements on the ground, project set up and governance, engineering and technical delivery, procurement and contracting, construction, readiness, commissioning, and external delivery, project controls and risks. Our Chief Operating Officer, Gerick Mouton, and his team are working hand-in-hand with the Tembo team and bringing in a number of consultants that we are scaling up. This is all in preparation for the pathway to FID. The Taurus funds are enabling us and giving us the ability to maintain timelines, maintain all the execution readiness, all the development works that need to be put in place to put us in the strongest position to, once we hit FID, to maintain the timelines and forecasts for the project delivery. There's a number of things.

Speaker #3: And so our chief operating officer, Herrick Mouton, and his team are working hand in hand with the Tembo team and bringing a number of consultants that we are scaling up.

Speaker #3: This is all in preparation for the pathway to FID. And so the Taurus funds are enabling us and giving us the ability to maintain timelines and maintain all the execution readiness, all the development works that need to be put in place to put us in the strongest position to, once we hit FID, maintain the timelines and forecasts for the project delivery.

Speaker #3: And there's a number of things, obviously, we're in continual negotiations and engagement with the government of Tanzania. That's very important because as we go through the strategic process, we have to work very closely with our partners in Tanzania to outline and keep them informed.

Chris Showalter: Obviously, we're in continual negotiations and engagement with the government of Tanzania. That's very important because as we go through the strategic process, we have to work very closely with our partners in Tanzania to outline and keep them informed. That is a big priority right now. Also, I'd like to highlight that we have concluded the U.S. Development Finance Corporation process, their E&A, E&S process, and the standard we need to achieve in terms of IFC Performance Standard 5. We did pass that milestone, so that is a very big credential for us to have concluded. That's something I would like to note. Next stage, or next slide.

Speaker #3: And so that is a big priority right now. Also, I'd like to highlight that we have concluded the US development finance corporation process. Their ENS process and the standard we need to achieve in terms of IFC performance standard five we did pass that milestone.

Speaker #3: So that is a very big credential for us to have concluded. So that's something I would like to note. Next stage or next slide.

Speaker #3: Okay. Just to kind of continue here's the some photos and just some snapshots of some of the activity on the ground. But to highlight, one of the biggest activities is North Boxcut.

Chris Showalter: Yeah, just to kinda continue, here's the, you know, some photos and just, you know, some snapshots of some of the activity on the ground. But to highlight, you know, one of the biggest activities is North Box Cut and really getting all the earthworks and service works underway. You'll see us drilling boreholes for water. You're gonna see a number of test pits. This is, in terms of the project execution, readiness, preparation, you know, what this highlights is that we are busy on the ground. The teams are being deployed. We're scaling up. All the activities that are required for us to move the project forward are fully underway. You know, what I'd like to do is also compliment the teams on the ground.

Speaker #3: And really getting all the earthworks and surface works underway. You'll see us drilling boreholes for water. You're going to see a number of test pits.

Speaker #3: And so this is in terms of the project execution readiness preparation. What this highlights is that we are busy on the ground. The teams are being deployed.

Speaker #3: We're scaling up. And all the activities that are required for us to move the project forward are fully underway. And what I'd like to do is also complement the teams on the ground.

Speaker #3: They've been working very hard. And there's a lot of activity. And this is probably the most important commitment we're demonstrating, not only to investors and shareholders, but also to the government of Tanzania, is this pathway to progress the project.

Chris Showalter: They've been working very hard, and there is a lot of activity. This is probably the most important, you know, commitment we are demonstrating, not only to investors and shareholders but also to the government of Tanzania, is this pathway to progress the project while we get to FID. Okay, next. This is just another slide outlining, you know, some of the activities. The other example of what we are doing right now is working with the Mining Commission. There are a number of critical path expressions of interest that we are going out. In terms of the, you know, the work programs, the activities, the packages, we have gone through the process of releasing these to the market. Request for proposals, this is in the tune of roughly $380 million.

Speaker #3: While we get to FID. Okay. Next. Okay. So this is just another slide outlining some of the activities. The other example of what we're doing right now is working with the mining commission.

Speaker #3: There are a number of critical path expressions of interest that we're going out. So in terms of the work programs, the activities, the packages, we have gone through the process of releasing these to the market.

Speaker #3: So requests for proposals. This is in the tune of roughly $380 million. Everything from camp upgrade to infrastructure. Water treatment plant development, maintenance areas, camp storage and buildings.

Chris Showalter: Everything from camp upgrade to infrastructure, water treatment, plant development, maintenance areas, camp storage, and buildings. This is just another slide demonstrating the level of activity on the ground, all the preparation, all the readiness that's currently underway. This, you know, for us, it's important to demonstrate on these calls and show examples of the progress that's actually taking place on the ground while we continue the more confidential process of working on the strategic investment and the FID process. Then obviously, we're working with the government in terms of, you know, the pathway for beneficiation. You know, I'd like to note that this is something that is very important to the government of Tanzania.

Speaker #3: So this is just another slide demonstrating the level of activity on the ground. All the preparation, all the readiness that's currently underway. And this for us, it's important to demonstrate on these calls and show examples of the progress that's actually taking place on the ground.

Speaker #3: While we continue the more confidential process of working on the strategic investment and the FID process. And then, obviously, we're working with the government in terms of the pathway for beneficiation.

Speaker #3: I'd like to note that this is something that is very important to the government of Tanzania. It is one of their major policy initiatives is to show through our proposal of focusing on the mine and concentrator upfront, we continue to work with the government on a long-term downstream beneficiation pathway.

Chris Showalter: It is one of their major policy initiatives, is to show through our, through our proposal of focusing on the mine and concentrator up front, we continue to work with the government on a long-term downstream beneficiation pathway. That's something that we, you know, we have committed to, and that we're working very hard with them to, you know, to do those technical studies together. Okay. Okay. The standard through which we hold ourselves is very high. I think this goes back to some of the initial partnerships we've had with previous investors, BHP, for example. We've always adhered to a very high standard on the ground, and that continues through this transition process. When you see the occupational health and safety reports, this is something we're always gonna herald in board meetings and company presentations, project reports.

Speaker #3: And that's something that we have committed to. And then we're working very hard with them to do those technical studies together. Okay. Okay. The standard through which we hold ourselves is very high.

Speaker #3: I think this goes back to some of the initial partnerships we've had with previous investors. BHP, for example, we've always adhered to a very high standard on the ground.

Speaker #3: And that continues through this transition process. So when you see the occupational health and safety reports, this is something we're always going to herald in board meetings, in company presentations, project reports.

Speaker #3: But 2.7 million hours worked without a lost time, injury, or cabanga. This is obviously something we're going to be very much focused on. And I think when you look at the scale-up of the project, this becomes even more important to focus on as management.

Chris Showalter: Two point seven million hours worked without a lost time injury at Kabanga. This is obviously something we're gonna be, you know, very much focused on. I think when you look at the scale-up of the project, this becomes even more important to focus on as management. We have roughly 230 employees and contractors by the end of March currently, and the environmental monitoring that runs in parallel. This is all in a build-up to FID and going into the full construction process. Importantly, we've also completed an ISO compliant life cycle analysis or assessment, an LCA, for the Kabanga project. This is something we have not released yet, but we can say as management we're very pleased with the results.

Speaker #3: So we have roughly 230 employees and contractors. By the end of March, currently, and the environmental monitoring that runs in parallel, this is all in a build-up to FID.

Speaker #3: And going into the full construction process. Importantly, we've also completed an ISO-compliant lifecycle analysis or assessment at LCA. For the cabanga project, this is something we have not released yet, but we can say as management, we're very pleased with the results.

Speaker #3: And I think this is something that'll demonstrate the differentiating factor between us and Indonesia is really the low-emission impact and those credentials are very important to us still.

Chris Showalter: I think this is something that'll demonstrate the differentiating factor between us and Indonesia is really the low emission impact. Those credentials are very important to us still. That's something that we're gonna be able to release in the near term. That is concluded, and we are pleased with the results. Okay. Okay. Just an extension of the activity and the commitment on the ground. What's fundamental to us right now is in this transition period where there's the commencement of more material activity on the ground, it's really it's that social license to operate. The standard we strive to is to really overachieve when it comes to specifically engaging with the community. Catherine specifically and her team, this is a major focus.

Speaker #3: So that's something that we're going to be able to release in the near term. But that is concluded. And we are pleased with the results.

Speaker #3: Okay. Okay. Just an extension of the activity and the commitment on the ground. is in this transition period where there's the commencement of more material activity on the ground.

Speaker #3: It's really it's that social license to operate. And so the standard we strive to is to really overachieve when it comes to specifically engaging with the community.

Speaker #3: And Catherine specifically and her team, this is a major focus. The MOU that we've implemented for the CSR project this is something that's really a step forward.

Chris Showalter: The MOU that we've implemented for the CSR project, this is something that's really a step forward. This is not something we're required to do. In terms of health, education, you know, local sports activities, you know, assisting with local agricultural support, these are all things that we are continuing through this transition process as we bridge from conclusion of the DFS through to the process of funding and FID. That social license to operate and demonstrate to the local community that we are committed, we're there, and we're moving everything forward is paramount for us right now in this current stage. The resettlement plan obviously has progressed. We've compensated people, and we continue that extensive community engagement on the ground. That's, you know, I can't emphasize again the importance of this work stream in this current period.

Speaker #3: This is not something we're required to do. But in terms of health, education, local sports activities, assisting with local agricultural support, these are all things that we are continuing through this transition process as we bridge from conclusion of the DFS through to the process of funding and FID.

Speaker #3: That social license to operate and demonstrating to the local community that we are committed, we're there, and we're moving everything forward is paramount. For us right now in this current stage.

Speaker #3: The resettlement plan obviously has progressed. We've compensated people. And we continue that extensive community engagement on the ground. And that's I can't emphasize again the importance of this workstream in this current period.

Speaker #3: And next. Okay. So something we really wanted to highlight in this presentation specifically on the back of the additional capital we have raised for the deployment of additional projects.

Chris Showalter: Next. Something we really wanted to highlight in this presentation, specifically on the back of the additional capital we have raised for the deployment of additional projects. For Lifezone Metals, we have our flagship project in Kabanga, but that has always been, you know, one major first demonstration of our capabilities. There obviously is a much larger vision for us as a company. One really good demonstration of that is the ability for us to have, you know, worked very closely with the Burundi government to begin the process of exploring, investigating this second large deposit that rests in the same region as Kabanga. Just by way of background, the Musongati deposit, we have an exclusivity agreement with the government of Burundi that we signed in March. This was discovered at the same time as Kabanga.

Speaker #3: Now, for Lifezone Metals, we have our flagship project in Cabanga. But that has always been one major first demonstration of our capabilities. But there obviously is a much larger vision for us as a company.

Speaker #3: And one really good demonstration of that is the ability for us to have worked very closely with the Burundi government to begin the process of exploring, investigating this second large deposit that rests in the same region as Kabanga.

Speaker #3: So just by way of background, so the Musingati deposit, we have an exclusivity agreement with the government of Burundi that we signed in March.

Speaker #3: This is discovered at the same time as Cabanga. It's a laterite deposit. It's different. But it is another very large very significant resource and the interest for us to look at this in parallel is when you look at the focus on critical supply chains globally around the world right now, when you look at Cabanga and potentially the bolt-on of a Musingati you're almost creating a completely separate independent nickel and cobalt supply chain away from the east.

Chris Showalter: It's a laterite deposit. It's different, it is another very large, very significant resource. The interest for us to look at this in parallel is when you look at the focus on critical supply chains globally around the world right now, when you look at Kabanga and potentially the bolt-on of a Musongati, you're almost creating a completely separate, independent Nickel and Cobalt supply chain away from the East. The scale and size of that is massively important, when it comes to, you know, the direction of Western governments to focus on critical supply chain security. This is another demonstration of how Lifezone is there providing solutions. Long-term scalable sources of critical metals, this is something that we're gonna be updating on, you know, more going forward.

Speaker #3: Now, the scale and size of that is massively important. When it comes to the direction of Western governments to focus on critical supply chain security.

Speaker #3: So this is another demonstration of how Lifezone is there providing solutions long-term scalable sources of critical metals and this is something that we're going to be updating on more going forward.

Speaker #3: But I think the adjacency of Musingati—it's a project that would be very challenged without the infrastructure, the shared operational potential. And then, there's some very key operational synergies that we've identified, that we're going to be investigating over the period.

Chris Showalter: I think the adjacency of Musongati, it's a project that would be very challenged without the infrastructure, the shared operational potential, there's some very key operational synergies that we've identified that we're gonna be investigating over the period. This is something where this is the largest potential economic driver for Burundi. It's a very small country. It's getting a tremendous amount of support right now from specifically the US. This is something that we see as a very complementary initiative that shows the scale and size of East Africa as a massive source of new critical supply chain solutions for the consortium of Western-aligned governments. Okay.

Speaker #3: So this is something where this is the largest potential economic driver for Burundi is a very small country. It's getting a tremendous amount of support right now from specifically the US.

Speaker #3: And so this is something that we see as a very complementary initiative that shows the scale and size of East Africa as a massive source of new critical supply chain solutions for the consortium of Western-aligned governments.

Speaker #3: Okay. Okay. And then very exciting. I know I kind of hit on this at the end of the presentations. But again, I emphasize this is something we are very, very excited to discuss in more detail.

Chris Showalter: Very exciting, I know I kinda hit on this at the end of the presentations, but again, I emphasize this is something we are very excited to discuss in more detail. We have concluded the piloting study and all the R&D for the platinum plating and rhodium recycling. This is a demonstration of our hydromet commercializing being deployed, and this is a much shorter pathway to market for us to demonstrate our key core advantage of being, you know, specialists in hydrometallurgy. We've been working very closely, you know, the consultant and the team member we have on this project right now, Justin Froneman, is working very closely with our team.

Speaker #3: We have concluded the pilot study and all the R&D for the platinum-plated and rhodium recycling. Again, this is a demonstration of our Hydromet commercializing being deployed.

Speaker #3: And this is a much shorter pathway to market for us to demonstrate our key core advantage of being specialists in hydrometallurgy. So we've been working very closely, and the consultant and the team member we have on this project right now, Justin Froneman, is working very closely with our team.

Speaker #3: This is right now where this is. We are going into the finalization, and we'll be concluding this in the coming weeks of the feasibility study.

Chris Showalter: This is, right now where this is, we are going into the finalization, and we'll be concluding this in the coming weeks of the feasibility study. All the piloting has concluded with very, very high recoveries. I would like to emphasize that this project had taken a little bit longer 'cause of some more extended R&D, but what we've done is we have, in our view, we have identified an innovative breakthrough process that will really be groundbreaking in terms of this industry, specifically this recycling industry. It is an industry right now that is fractured, and it has a number of different components in the value chain.

Speaker #3: All the piloting has concluded. With very, very high recoveries. And I would like to emphasize that this is this project had taken a little bit longer because of some more extended R&D.

Speaker #3: But what we've done is, we have, in our view, identified an innovative, breakthrough process that will really be groundbreaking in terms of this industry, specifically this recycling industry.

Speaker #3: It is an industry right now that is fractured and it has a number of different components in the value chain. We can consolidate that into one central collecting to final refining.

Chris Showalter: We can consolidate that into one central collecting to final refining, we would be solving one of the key requirements specifically for the United States, which is ticking off platinum plating and rhodium from the critical supply chain risk register. This is something we've also applied for 2 grants from the DOE. We should be hearing back from them within the next 2 to 4 weeks. That would be for both potentially grant and debt funding for co-investment with us on this. We tick all the boxes in terms of what we're proposing as a solution to deliver, which is final refined metals recycled domestically in the US. Again, to emphasize, this is a partnership with Glencore.

Speaker #3: And we would be solving one of the key requirements specifically for the United States, which is ticking off platinum-plated and rhodium from the critical supply chain risk register.

Speaker #3: So this is something we've also applied for two grants from the DOE. We should be hearing back from them within the next two to four weeks.

Speaker #3: That would be for both potentially grant and debt funding for co-investment with us on this. So we tick all the boxes in terms of what we're proposing as a solution to deliver, which is final refined metals recycled, domestically in the US.

Speaker #3: And again, to emphasize, this is a partnership with Glencore. And what we really like about that partnership is this is something where Glencore doesn't have an extensive amount of exposure to the PGM market.

Chris Showalter: What we really like about that partnership is this is something where Glencore doesn't have an extensive amount of exposure to the PGM market. The partnership with Lifezone and on this project gives them a rapid ability to scale up their metal book in partnership with us in recycling, which is a core strategic initiative for them right now. We're always, you know, focusing on Kabanga as our flagship project, but these are the type of solutions. Importantly, when you hear a lot of these governments talk, it's not about getting and securing licenses for mining rights or mineral rights. If you're really gonna solve the supply chain challenges in the world right now, you need the downstream processing and refining to be solved.

Speaker #3: The partnership with Lifezone and on this project gives them a rapid ability to scale up their metal book in partnership with us in recycling, which is a core strategic initiative for them right now.

Speaker #3: So we're always focusing on Cabanga as our flagship project. But these are the type of solutions and importantly, when you hear a lot of these governments talk, it's not about getting and securing licenses for mining rights or mineral rights.

Speaker #3: If you're really going to solve the supply chain challenges in the world right now, you need to downstream processing and refining to be solved.

Speaker #3: And that is how we're positioned as a company. And this is a really good example of how we're going to continue to provide solutions through a competitive advantage of applying our technology.

Chris Showalter: That is how we're positioned as a company, and this is a really good example of how we're gonna continue to provide solutions through a competitive advantage of applying our technology. Again, really excited about this one. Okay? Okay, I'll turn it back over to Ingo.

Speaker #3: So again, really excited about this one. Okay. Okay, I'll try to tackle this too, and go.

Speaker #1: Thank you. Perfect. And the final slides, we want to speak on the financial results. And there's two things that really matter. And I'm material for our investors.

Ingo Hofmaier: Thank you, Chris. Thank you. Perfect. In the final slides, we wanna speak on the financial results, there's 2 things that really matter and are material for our investors, which is cash, liquidity, and cash flows for the period. The period in this case is 1 January this year to 31 March. We want to also speak about cash uses in terms of the funds that we have recently raised, I come back to this in a second. First of all, let's look at the cash flow statement. We had an opening cash balance of $20.1 million with operating activities or cash outflows in this department of $1.2 million. Significant improvements to the $3.3 million cash outflows in the comparable period a year before.

Speaker #1: Which is cash and liquidity. And cash flows for the period. And the period in this case is the 1st of January. This year to the 31st of March.

Speaker #1: We want to also speak about cash uses in terms of the funds that we have recently raised. And I come back to this in a second.

Speaker #1: But first of all, let's look at the cash flow statement. So we had an opening cash balance of 20.1 million. We had operating activities.

Speaker #1: So cash outflows in this department of 1.2 million. Significant improvement to the 3.3 million cash outflows in the comparable period a year before. And the main driver for this is and this is important to stress that we have a cash-generating already cash-generating business in Perth with the similar slip.

Ingo Hofmaier: The main driver for this is, and this is important to stress that we have a cash generating, already cash generating business in Perth with the Simulus lab. The Simulus lab in the last 2 years was highly focused on the flow sheet for Kabanga. That means the Kabanga Refinery, which is to a large degree complete. Secondly, what Chris just alluded to, the PGM recycling flow sheet. While these things have come to a close, there's still work to be done, of course. We have refocused the efforts of the Simulus lab on external revenue generation, and that drives this positive view. Of course, as our investors know and readers know, we have also been trying to optimize our operating structure, and costs have come down in that sense as well.

Speaker #1: The similar slip in the last two years was highly focused on the flow sheet for Cabanga. That means the Kabhama refinery, which is to a large degree complete.

Speaker #1: And secondly, what Chris just alluded to, the PGM recycling flow sheet. While these things have come to a close there's still work to be done, of course.

Speaker #1: We have refocused the efforts of the similar slip on external revenue generation. And that drives this positive view. Of course, as our investors know and readers know, we have also been trying to optimize our operating structure, and costs have come down in that sense as well.

Speaker #1: With regards to investing activities, they are now increasing you have seen that we have with owner's team employees in Temple Nichol in Tanzania. And many short-term contractors in various areas of execution readiness and geotech and hydrotech drilling there is, of course, more happening.

Ingo Hofmaier: With regards to investing activities, they are now increasing. You have seen that we have with all this team employees in Tembo Nickel in Tanzania, many short-term contractors in various areas of execution readiness and geotech and hydrotech drilling. There is of course more happening, so this number is up and is going to go up in the next couple of months until we reach FID, then it goes up a lot further for obvious reasons. The financing activities is a net number. That means the USD 2.48 million is a cash inflow. That was USD 5 million we received from Taurus as part of the second drawdown. The rest were interest payments under the convertible loan notes that we issued, announced 2 years ago.

Speaker #1: So this number is up and is going to go up in the next couple of months until we reach FID and then it goes up a lot further.

Speaker #1: For obvious reasons. The financing activities is a net number. That means the 2.48 million is a cash inflow that was 5 million we received from Taurus as part of the second drawdown.

Speaker #1: The rest were interest payments under the convertible loan notes that we issued around two years ago. The convertible loan note because it is now in place for more than two years.

Ingo Hofmaier: The convertible loan note, because it is now in place for more than 2 years, the second anniversary was the 27 March. From now on, we are paying the interest in cash. Before it was a component between share interest and PIK. That big outflow here was the big payment. Another part of that big payment was actually paid at the start of April. In terms of the liquidity, we had $15.27 million in the bank at 31 March, plus undrawn amounts under the Taurus facility of $35 million, made $50 million. It is worthwhile to update this number, even though this is a Q1 focus for recent events. We have last week raised $23.3 million in net proceeds via issuing 5.7 million shares at $4.40.

Speaker #1: The second anniversary was on the 27th of March. From now on, we are paying the interest in cash; before, it was a component between share interest and PIC.

Speaker #1: That big outflow here was the PIC payment. Another part of that PIC payment was actually paid at the start of April. In terms of the liquidity, we had 15.27 million in the bank at 31st of March.

Speaker #1: Plus Andron amounts under the Taurus facility of 35 million made 50 million. It is worthwhile to update this number even though this is a Q1 focus for a recent events we have last week raised 23.3 million in net proceeds via issuing 5.7 million shares at 4.4 US dollars.

Speaker #1: Plus we have received yesterday out of this 35 million available, 16.7 million which completes the second drawdown under the Taurus bridge loan facility. That means only 18.3 million is remaining to be drawn down and in our opinion, this is also sufficient to get to FID.

Ingo Hofmaier: Plus, we have received yesterday, out of this $35 million available, $16.7 million, which completes the second drawdown under the Taurus bridge loan facility. That means only $18.3 million is remaining to be drawn down. In our opinion, this is also sufficient to get to FID. The point I want to clarify is that Taurus is earmarked for the Kabanga Nickel project and can't be used for anything else. The funds that we have raised from existing and new investors in the US last week is for some of the initiatives that Chris has just spoken about. It means it is there if we want to undertake further activities in Burundi at Musongati. It's there for regional exploration. That means outside, so expanding the mine plan, for instance, in Tanzania. It's there for PGM recycling.

Speaker #1: The point I want to clarify is that Taurus is earmarked for the Cabanga nickel project. And can't be used for anything else. So the funds that we have raised from existing and new investors in the US last week is for some of the initiatives that Chris has just spoken about.

Speaker #1: It means it is there if you want to undertake further activities in Burundi at Musangati. It's there for regional exploration that means outside as expanding the mine plant for instance in Tanzania.

Speaker #1: It's there for PGM recycling. It's for research projects. And so on and so on for corporate working capital expenses. Income before tax was 2.4 million.

Ingo Hofmaier: It's for research projects and so on, and it's also for corporate working capital expenses. Income before tax was $2.4 million, and quite a lot of this income, and I will speak about this because there's all these things here, was driven by fair value gains. In our case, in Q1, this was $8.7 million in terms of fair value gains. There's three things or three situations that we are fair valuing on a quarterly or on a regular basis. Next page, please. To explain the profit before tax number, all of these are gains, and they were basically driven that our share price was lower at the end of the quarter than at the start of the quarter.

Speaker #1: And quite a lot of this income and we will speak about this because there's always things here it was driven by fair value gains.

Speaker #1: And in our case in the first quarter, this was 8.7 million in terms of fair value gains in this three things or three situations that we are fair valuing on a quarterly or on a regular basis.

Speaker #1: Next page please. So to explain the profit before tax number, all of these are gains and they were basically driven that our share price was lower at the end of the quarter than at the start of the quarter.

Speaker #1: And from a speculative but quite a lot of this was driven because of the uncertainty caused by the conflict in the Middle East. Our share price has since then it was 3.36 at the end of the quarter also quite significantly recovered.

Ingo Hofmaier: I don't want to speculate here, but quite a lot of this was driven because of the uncertainty caused by the conflict in the Middle East. Our share price has since then, it was $3.36 at the end of the quarter, also quite significantly recovered. As I mentioned at the outset, there is a significant amount of upside risk in the Nickel price, where many observers believe the upside risk in Nickel is the highest of all LME metals for reasons related to the shortage or potential shortages of sulfuric acid. What we are currently fair valuing is on the ones that we embedded derivatives, and that is currently the main driver here is the conversion right itself in the convertible at $8 per share.

Speaker #1: And as I mentioned at the outset, there is a significant amount of upside risk in the nickel price where many observers believe the upside risk in nickel is the highest of all LME metals.

Speaker #1: For reasons related to the shortage or potential shortages of sulfuric acid. So what we are currently fair valuing is on the ones that we embedded derivatives.

Speaker #1: And that is currently as the main driver here is the conversion rate itself in the convertible at $8 per share. Then it's the fair value gain on warrants that we issued as part of the 2025 offering it's 4.4 million warrants.

Ingo Hofmaier: It's the fair value gain on warrants that we issued as part of the 2025 offering, $4.4 million warrants. There is the deferred consideration. There's a reminder on that. That's the deferred consideration payable to BHP. It's a 2-stage where $10 million has to be paid 12 months after FID. $28 million indexed to our share price payable 12 months after commercial production. That's why it is called a deferred consideration. It's ultimately an outstanding and a liability, a financial instrument to BHP. The $28 million is indexed to the share price. If the share price falls, the value of this falls, there's a gain because that liability reduces.

Speaker #1: And then there is the deferred consideration as a reminder on that. That's the deferred consideration payable to BHB, and it's a two-stage where $10 million has to be paid 12 months after FID.

Speaker #1: And then 28 million sorry 28 million indexed to our share price payable 12 months after commercial production. So it was a that's why it is called a deferred consideration but it's ultimately an outstanding and a liability a financial instrument to BHB and the 28 million is indexed the share price and the share price falls then the value of this falls and then there is a gain because that liability reduces.

Speaker #1: I want to stress to readers, of course, there is an expectation of a significant amount of volatility in these calculations, as well as there are assumptions underpinning all of this.

Ingo Hofmaier: I want to stress to readers, of course, there is an expectation of a significant amount of volatility in these calculations, as well as there's assumptions underpinning all of this. There could be a reversal to the trends. For instance, if our share price is going up, that means these things could become ultimately losses on the P&L and impact in-income. Next page, please. Having talked about cash and cash flows and the liquidity, an update here which is relevant on the capital structure. After the, what we call the 2026 offering that closed Thursday a week ago, we have 89.9 million ordinary shares outstanding. The rest there is no changes here. We have warrants. These are the warrants from our listing. We have earnout shares.

Speaker #1: And there could be a reversal to the trend for instance if our share price is going up that means these things could become ultimately losses on the PNL and impact income.

Speaker #1: Next page please. Having talked about cash and cash flows and liquidity, an update here which is relevant on the capital structure. After the what we call the 2026 offering, that closed first a week ago, we have 89.9 million ordinary shares outstanding.

Speaker #1: The rest there is no changes here. We have warrants. These are the warrants from our listing. We have earnout shares. These were the earnout shares under our business combination agreement.

Speaker #1: We have warrants to Taurus. These are not fair values. They're an equity instrument. Then the warrants that were issued in November last year, they are liability but in this calculation they are shown as of course potential dilution.

Ingo Hofmaier: These were the earnout shares under our business combination agreement. We have warrants to growers. These are not fair values. They are equity instruments. The warrants that were issued in November last year, they are liability, but in this calculation, they are shown as, of course, potential dilution. There's stock options and RSUs to key management personnel and employees. The market capitalization as of yesterday was $435 million. With this, I would like to conclude our operational update and financial results and open it up for questions and answers. Thank you very much for joining.

Speaker #1: And then the stock options and RSUs to key management personnel and employees. The market capitalization as of yesterday was 435 million dollars. With this, I would like to conclude our operational update and financial results and open it up for questions and answers.

Speaker #1: Thank you very much for joining.

Speaker #2: Thank you Chris and Inga. And as a reminder to everyone, if you have a question, there's a Q&A box at the top of your screen.

Catherine: Thank you, Chris and Ingo. As a reminder to everyone, if you have a question, there's a Q&A box at the top of your screen. Please could you submit questions via that. Starting off, I've had an anonymous question come through regarding the nickel price outlook. The question, I think it goes to you, Ingo, would be: where do you think the nickel market is likely to be in the next couple of years, specifically around the time that Kabanga is expected to come online?

Catherine Nichas: Thank you, Chris and Ingo. As a reminder to everyone, if you have a question, there's a Q&A box at the top of your screen. Please could you submit questions via that. Starting off, I've had an anonymous question come through regarding the nickel price outlook. The question, I think it goes to you, Ingo, would be: where do you think the nickel market is likely to be in the next couple of years, specifically around the time that Kabanga is expected to come online?

Speaker #2: Please could you submit questions via that. Starting off, I've had an anonymous question come through regarding the nickel price outlook. The question I think it goes to you Inga would be where do you think the nickel market is likely to be in the next couple of years?

Speaker #2: Specifically around the time that Cabanga is expected to come online.

Speaker #1: Yeah. This is very much a forward-looking statement. I would even say this is probably something which is more my opinion. There were a lot of people that were very wrong about the nickel outlook.

Ingo Hofmaier: Well, yeah, this is very much a forward-looking statement. I would even say this is probably something which is more my opinion. There were a lot of people that were very wrong about the nickel outlook. Most of us, the nickel outlook as of the end of last year, probably including most of us, the view was that nickel will be oversupplied because there are still quite a significant amount of developments and expansion projects in Indonesia. The view was somehow related, and this was relayed by consultants and participants in the industry, that probably after 2028 or 2029, the market will be oversupplied.

Speaker #1: Most of us the nickel outlook as of the end of last year probably including most of us. The few was that because there are still quite a significant amount of developments and expansion projects in Indonesia.

Speaker #1: And the few was somehow related and this was relayed by consultants and participants in the industry that probably under 28 or 29, the market will be oversupplied.

Speaker #1: As the slide and the press release for the International Nickel Study Group outlined, there is now the belief both in Asia where there was earlier realization the market is a lot tighter as well as in the rest of the world that the market can be quite tight.

Ingo Hofmaier: As the slide and the press release for the International Nickel Study Group outline, there is now the belief, both in Asia, where there was this earlier realization the market is a lot tighter, as well as the rest of the world, that the market can be quite tight. Ultimately, it's very much in the hands of the Indonesian government, and I think listeners need to make up their mind what they think is the driver ultimately. Indonesia, like many other countries, has financial, GDP, trade deficits and GDP, deficits. From that perspective, there is a view that the government is looking for avenues to increase revenues. The whole metal space, the royalties particularly, seem to be an area where, especially if you have a strong market share, you, you can do something there. There's a toolbox there.

Speaker #1: Ultimately, it's very much in the hands of the Indonesian government and I think listeners need to make up their mind what they think is the driver ultimately.

Speaker #1: Indonesia like many other countries has financial GDP as a trade deficits and GDP deficits. So from that perspective, there is a few that the government is looking for avenues to increase revenues.

Speaker #1: And the whole metal space as a warrant is particularly, it seems to be an area where, especially if you have a strong market share, you can do something there.

Speaker #1: There's a toolbox there and we can see it already. I mean, costs are definitely going up. There's also the view that costs are going up because energy prices are going up, and supply chain restrictions.

Ingo Hofmaier: We can see it already. I mean, costs are definitely going up. There's also the view that costs are going up because energy prices are going up, supply chain restrictions, grades are going down. You can see, as we have shown this slide, that there's more and more imports of nickel ore into Indonesia from neighboring countries, particularly from the Philippines. Also what is an available standpoint is that the Indonesian government wants also further downstream beneficiation. First step was export ban for ore. That means the next step of beneficiation. Next step now is really going down into the battery space. This was always like in ten-year blocks, we are now entering the third phase of this. We can only speculate if the export tax comes.

Speaker #1: Rates are going down and you can see this we haven't shown this slide that there's more and more imports of nickel ore into Indonesia from neighboring countries particularly from the Philippines.

Speaker #1: Also what is a well-understood point is that the Indonesian government wants also further downstream beneficiation. So first step was export ban for ore. That means the next step of beneficiation next step now is really going down into the battery space.

Speaker #1: But this was always like in 10-year blocks, and we are now entering the third phase of this. We can only speculate if the export tax comes.

Speaker #1: It might well be that because of the developments in the Middle East that that is being put on hold currently. But it is a fact that the royalty rate is 50% higher today than it was at the start of 2025.

Ingo Hofmaier: It might well be that because of the developments in the Middle East, that that is being put on hold currently. It is a fact that the royalty rate is 50% higher today than it was at the start of 2025. It also affects its grades are falling. Most commodity analysts are now believing that there is, in the short and significant upside risk because of sulfuric acid in the midterm, that this is probably a new price environment. Looking a lot better than last year. A last point here.

Speaker #1: It's also affected greater foreign. So most commodity analysts are now believing that there is in the short term significant upside risk because of sort of acid in the long and the mid-term that this is probably a new price environment.

Speaker #1: So looking a lot better than last year which so I lost point here. What is also very encouraging around this is that from a project financing and from a funding perspective I mean you can the listener can see that it was significantly easier and at better prices to raise equity at this time of the year than only a couple of months before.

Ingo Hofmaier: What is also very encouraging around this is that from a project financing and from a funding perspective, you can, the listener can see that it was significantly easier and at better prices to raise equity at this time of the year than only 2 months before, number 1. Also, we have a lot more incomings from equity and debt investors this year. It is also much easier to fill roadshows this year. Where I think last year it was basically nickel was parked, and it was a show that was happening in the silver and gold space, this is broadening out. You can see in the precious metals that the peaks have not been reached again, while on the base metals, this seems to be moving quite nicely to the upside. Thank you.

Speaker #1: Number one but also we have a lot more incomings from equity and debt investors this year. It's also much easier to fill road shows this year where I think last year it was basically nickel was parked and it was a show that was happening in the rare earth, silver and gold space.

Speaker #1: And I think this is broadening out. You can see in the precious metals that the peaks have not been reached again while on the base metals this seems to be moving quite nicely to the upside.

Speaker #1: Thank you.

Speaker #2: Thank you Inga. The next question I think will be for Chris. Chris. Pre-development is significant. What is the potential to move forward with the strategic partners as with BHP?

Catherine: Thank you, Ingo. The next question I think will be for Chris. Chris, pre-development is significant. What is the potential to move forward with the strategic partners, as with BHP?

Catherine Nichas: Thank you, Ingo. The next question I think will be for Chris. Chris, pre-development is significant. What is the potential to move forward with the strategic partners, as with BHP?

Speaker #3: Thanks. I think as we've outlined it there's the process we're running with Stanchart has been a very comprehensive process and we've gone into this with a very with a director from our board of directors to look at all possible avenues with a steering from the board that we need to look at what's in the best interest of shareholder value.

Chris Showalter: Thanks. I think as we, as we've outlined, the process we're running with Stanchart has been a very comprehensive process, and we've gone into this with a very, with a directive from our board of directors to look at all possible avenues with a steering from the board that we need to look at what's in the best interest of shareholder value. That's been really our marching orders as executives for the company. I think what we've done is we've looked at all alternatives, and that's everything from. Then we have disclosures that we've looked at outright. We've entertained, you know, offers for 100% of the project. We've looked at strategic partnerships. We looked at scenarios where we have, you know, financial investors come in to partner with Lifezone.

Speaker #3: So that's been really our marching orders as executives for the company. And I think what we've done is we've looked at all alternatives and that's everything from then we have disclosures that we've looked at outright.

Speaker #3: We've entertained offers for 100% of the project. We've looked at strategic partnerships. We've looked at scenarios where we have financial investors come in to partner with Lifezone.

Speaker #3: So what I can say is we've been very fortunate just given the quality and the size well the quality and tier one status of Cabanga the strategic importance of Cabanga as an alternative nickel supply chain source to the east.

Chris Showalter: What I can say is we've been very fortunate, just given the quality and the size, the quality and tier one status of Kabanga, the strategic importance of Kabanga as an alternative nickel supply chain source to the East. We've had an incredibly competitive process. I think that I can say categorically that is why this has taken some time. We've had a number of very strong contenders that we've entertained offers from, and we've been very thoughtful, and we've been, you know, really analyzing and looking at what is gonna be in the best interest of shareholders. I think we've done a very, very detailed, thorough process analyzing those, and we're really at the end of the process.

Speaker #3: We've had an incredibly competitive process. I think that is that I can say categorically that is why this has taken some time. We've had a number of very strong contenders that we've entertained offers from and we've been very thoughtful and we've been really analyzing and looking at what is going to be in the best interest of shareholders.

Speaker #3: And I think we've done a very, very detailed thorough process analyzing those and we're really at the end of the process. And I can't really give an indication of what direction we're going to go but I can give assurances to our shareholders that this is a as I said very competitive.

Chris Showalter: You know, I can't really give an indication of what direction we're gonna go, but I can give assurances to our shareholders that this is a, as I said, very competitive. We have all the right interested parties you would hope for as part of this process, and that we're gonna have some pretty, you know, tough decisions. You know, we have very, very good decisions to make in the near term. That really echoes back to the quality of the asset and the strategic importance. I think we're in a very strong position. I look forward to making that update to the market once we're ready.

Speaker #3: We have all the right interested parties you would hope for as part of this process and that we're going to have some pretty tough decisions.

Speaker #3: But we have very, very good decisions to make. In the near term. So and that really echoes back to the quality of the asset and the strategic importance.

Speaker #3: So I think we're in a very strong position. I look forward to making that update to the market once we're ready.

Speaker #2: Thank you Chris. The next question is regarding the PGM recycling. Actually I have two questions. The first one is what is the cost and scale of the PGM recycling project in the US and how is the partnership with Glenclaw w structured?

Catherine: Thank you, Chris. The next question is regarding the PGM recycling. I actually have two questions. The first one is, what is the cost and scale of the PGM recycling project in the US, and how is the partnership with Glencore structured? That tagged onwards, are there any indications from Glencore in how they're thinking about the recycling opportunity in terms of increasing funding, or could there be alternative options?

Catherine Nichas: Thank you, Chris. The next question is regarding the PGM recycling. I actually have two questions. The first one is, what is the cost and scale of the PGM recycling project in the US, and how is the partnership with Glencore structured? That tagged onwards, are there any indications from Glencore in how they're thinking about the recycling opportunity in terms of increasing funding, or could there be alternative options?

Speaker #2: That tagged onwards. Are there any indications from Glenclaw in how they're thinking about the recycling opportunity in terms of increasing funding, or could there be alternative options?

Speaker #3: Sure. I'll take that one. I think in terms of the cost I mean I really like to kind of benchmark this against if you were going to bring on a new source of several hundred thousand ounces of three PGMs you would have to build a mid to large scale mine in South Africa which would be close to a billion US.

Chris Showalter: Sure. I'll take that one. I think in terms of the cost, I mean, you know, I really like to kind of benchmark this against if you were gonna bring on a new source of several hundred thousand ounces of 3 PGMs, you would have to build a, you know, mid to large scale mine in South Africa, which would be, you know, close to $1 billion. You compare that versus the capital intensity ratio of us building a roughly $30 million recycling plant in North America to produce just over 200,000 ounces of 3 PG through a recycling plant. That is a massive de-risked alternative to be doing that in North America versus South Africa.

Speaker #3: You compare that versus the capital intensity ratio of us building a roughly $30 million recycling plant in North America to produce just over 200,000 ounces of three PG through a recycling plant.

Speaker #3: That is a massive de-risked alternative to be doing that in North America versus South Africa so that's a major component of how Glenclaw is looking at this.

Speaker #3: And how we look at it as well. The partnership with Glenclaw is approximately well it is a 50/50 partnership. So we have jointly funded on a 50/50 basis the piloting and the R&D to this point.

Chris Showalter: That's a major component of how Glencore is looking at this, and how we look at it as well. The partnership with Glencore is approximately, well, it is a 50/50 partnership. We have jointly funded on a 50/50 basis the piloting and R&D to this point. There will be a continued capital call once we reach FID to the shareholders on a 50/50 basis. We do have mechanisms in the agreement to increase our shareholding over time, that we'll be able to outline. Obviously for Glencore, the value, as I mentioned earlier, is really this gives them a low cost, immediate PGM book. Obviously they care about the metals and the offtake primarily, given that's the core of their business. They do have a very big emphasis on recycling.

Speaker #3: And then there will be a continued capital call once we reach FID to the shareholders on a 50/50 basis and we do have mechanisms in the agreement to increase our shareholding over time that we'll be able to outline but obviously for Glenclaw the value as I mentioned earlier is really this gives them a low-cost immediate PGM book.

Speaker #3: And obviously they care about the metals and the offtake primarily given that's a core of their business but they do have a very big emphasis on recycling.

Speaker #3: And so this was a very easy relationship. We've known the team at Glenclaw for a very long time. We work really well with them.

Speaker #3: And I think when you look at some of the initiatives they have in the recycling space this is very very, very compatible with their direction.

Chris Showalter: This was a very easy relationship. We've known the team at Glencore for a very long time. We work really well with them. I think when you look at some of the initiatives they have in the recycling space, this is very, you know, very compatible with their direction. Yeah, we're looking forward to talking more about this project.

Speaker #3: So yeah we're looking forward to talking more about this project.

Speaker #2: Thanks Chris. Mike I see your hands up. Are you able to add your question to the Q&A? I think that would be the easiest.

Catherine: Thanks, Chris. Mike, I see your hand's up. Are you able to add your question to the Q&A? I think that would be the easiest. We do have 3 minutes left, so it'll probably be one or two questions, and then we'll revert and email you directly. That's a new question. Any indication around the timing for the DOE decisions for the PGM funding?

Catherine Nichas: Thanks, Chris. Mike, I see your hand's up. Are you able to add your question to the Q&A? I think that would be the easiest. We do have 3 minutes left, so it'll probably be one or two questions, and then we'll revert and email you directly. That's a new question. Any indication around the timing for the DOE decisions for the PGM funding?

Speaker #2: We do have three minutes left, so we'll probably be able to take one or two more questions and then we'll revert and email you directly. That's a new question.

Speaker #2: Any indication around the timing for the DOE decisions for the PGM funding?

Speaker #3: Yeah. So that we have a communicated with them. We should be hearing back mid to end of May. So this is two to four weeks in our estimation.

Chris Showalter: Yeah. That we have communicated with them. We should be hearing back mid to end of May. This is 2 to 4 weeks in our estimation. You know, what I can say is there already have been people in the process that have been told that they would not qualify for the funding, and we're still very advanced in the process. We're, you know, we're hopeful that we, you know, that we will qualify for that. That remains to be approved in 2 to 4 weeks.

Speaker #3: And what I can say is they're already have been people in the process that have been told that they would not qualify for the funding and we're still very advanced in the process.

Speaker #3: So we're hopeful that we will qualify for that, but that remains to be approved in two to four weeks.

Speaker #2: Thank you. Oh we get on them hot and fast. Sorry I'm just trying to figure out which one came first. Paris has asked strategic partners who are negotiated during lower nickel prices any thought of the difference will affect the potential deal?

Catherine: Thank you. We're getting them hot and fast. Sorry, I'm just trying to figure out which one came first. Harris says, our strategic partners were negotiated during lower Nickel prices. Any thought if the difference will affect the potential deal?

Catherine Nichas: Thank you. We're getting them hot and fast. Sorry, I'm just trying to figure out which one came first. Harris says, our strategic partners were negotiated during lower Nickel prices. Any thought if the difference will affect the potential deal?

Speaker #3: Yeah. I mean it's a good question. I think with the gyrations in the nickel market I think we've been through a number of chapters in our existence here.

Chris Showalter: Yeah, I mean, it's a good question. I think with the gyrations in the Nickel market, I think, you know, we've been through a number of chapters in our existence here. I mean, obviously with BHP and the effect that the Nickel market had on BHP closing of their projects during, you know, the point when they were a shareholder in our project and then transitioning. The Nickel price volatility has definitely impacted, you know, where we've gone from, you know, beginning of our journey in Tanzania to now. I think what you'll see in some of the decisions we'll make is we would be equally aligned with several potential scenarios. Any swing in the Nickel price will directly benefit the shareholders jointly.

Speaker #3: I mean obviously with BHP and the effect that the nickel market had on BHP closing of their projects during the point when they were a shareholder in our project and then transitioning.

Speaker #3: So the nickel price volatility has definitely impacted where we've gone from the beginning of our journey in Tanzania to now. I think what you'll see in some of the decisions we'll make is we would be equally aligned with several potential scenarios any swing in the nickel price will directly benefit the shareholders jointly.

Speaker #3: So I think there has been some negotiability just given where prices have gone but this recent price we're very, very advanced in negotiation. So I wouldn't say that we're going to try to day trade negotiations around intermittent nickel price spikes.

Chris Showalter: There has been some negotiability, just given where prices have gone. This recent price, we're very advanced in negotiations. I wouldn't say that we're gonna try to day trade negotiations around intermittent nickel price spikes. I mean, if anything, we know the future potential of nickel. We have a very strong view that, you know, we would be coming into construction and commencement of mining at a point when nickel prices should be going into deficit. I think that's the longer term view. I wouldn't see short-term gyrations as giving us a lot of leverage 'cause we're all focused on the long-term potential of Kabanga right now.

Speaker #3: I mean, if anything, we know the future potential of nickel. We have a very strong view that we would be coming into construction and commencement of mining at a point when nickel prices should be going into deficit.

Speaker #3: So I think that's the longer-term view. I wouldn't see short-term gyrations as giving us a lot of leverage, because we're all focused on the long-term potential of Cabanga right now.

Speaker #2: Thanks Chris. Unfortunately we are at time and nearing overtime so for all remaining questions we will reply to you directly. And a quick reminder that if you do have any further questions please feel free to follow up with us directly via email at info@lifezone metals.com.

Catherine: Thanks, Chris. Unfortunately, we are at time and nearing overtime. For all remaining questions, we will reply to you directly. A quick reminder that if you do have any further questions, please feel free to follow up with us directly via email at info@lifezonemetals.com. Ingo, I see you have your hand up. I think you wanna quickly answer one.

Catherine Nichas: Thanks, Chris. Unfortunately, we are at time and nearing overtime. For all remaining questions, we will reply to you directly. A quick reminder that if you do have any further questions, please feel free to follow up with us directly via email at info@lifezonemetals.com. Ingo, I see you have your hand up. I think you wanna quickly answer one.

Speaker #2: Ingo, I see you have your hand up. I think you want to quickly answer one.

Speaker #4: Yeah. First of all as Kirsten said if you want to get in touch please simply mail us. Secondly we will also put a conferences or long deal roadshows on our homepage.

Ingo Hofmaier: Yeah. First of all, as Kirsten said, if you wanna get in touch, please simply email us. Secondly, we will also put conferences or non-deal roadshows on our homepage. The next event that we are taking part at is the EU Raw Material Summit or the EIT RawMaterials Summit. We will meet several of our European and African partners at that event in Brussels in May. Please reach out. If you're participating, you can meet us there. Otherwise, we are always open for one-on-one calls, and particularly we will have follow-up calls with the research community next week. Thank you very much for joining.

Speaker #4: The next event that we are taking part in is the EU Raw Materials Summit, or the EIT Raw Materials Summit. We will meet several of our European and African partners at that event in Brussels in May.

Speaker #4: So please reach out if you're participating. You can meet us there. Otherwise yeah always open for one-on-one calls and particularly we will have follow-up calls with the research community next week.

Speaker #4: Thank you very much for joining.

Speaker #3: Thank you.

Speaker #2: Thank you. That concludes our webcast. Thank you for attending, and we look forward to speaking with you.

Speaker #4: Thank you.

Chris Showalter: Thank you.

Catherine: Thank you. That concludes our webcast. Thank you for attending, and we look forward to speaking with you.

Catherine Nichas: Thank you. That concludes our webcast. Thank you for attending, and we look forward to speaking with you.

Ingo Hofmaier: Thank you.

Chris Showalter: Thanks, everyone. Bye.

Q1 2026 Lifezone Metals Ltd Earnings Call

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