Lifezone Metals : J.P. Morgan Energy, Power & Renewables Conference, New York Presentation

The supply chain solution for cleaner metals

	J.P. Morgan Energy, Power &
	Renewables Conference
NYSE:LZM	New York, NY
www.lifezonemetals.com	June 17-18, 2024

Forward-looking statements

Certain statements made herein are not historical facts but may be considered "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 regarding, amongst other things, the plan s, strategies, and prospects, both business and financial, of Lifezone Metals Limited and its subsidiaries

and/or affiliates.

Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook" or the negatives of these terms or variations of them or similar terminology or expressions that predict or indicate future events or trends or that are not statements of historical matters; provided that the absence of these

does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding future events, the estimated or anticipated future results of Lifezone Metals, future opportunities for Lifezone Metals, including the efficacy of Lifezone Metals' hydrometallurgical technology (Hydromet Technol ogy) and the development of, and processing of mineral resources at, the Kabanga Project, and other statements that are not historical facts.

These statements are based on the current expectations of Lifezone Metals' management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not

intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive s tatement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Lifezone Metals and its subsidiaries. These statements are subject to a number of risks and uncertainties regarding Lifezone Metals' business, and actual results may differ materially. These risks and uncertainties include, but are not limited to: general economic, political and business conditions, including but not limited to the economic and operational disruptions, global inflation and cost increases for materials and services; reliability of sampling, success of any test-work; capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; changes in government regulations, legislation and rates of taxation; inflation; changes in exchange rates and the availability of foreign exchange; fluctuations in commodity prices; delays in

the development of projects and other factors; the outcome of any legal proceedings that may be instituted against the Lifezone Metals; the risks related to the rollout of Lifezone Metals' business; the efficacy of the Hydromet Technology, and the timing of expected business milestones; the effects of competition on Lifezone Metals' business; the abil ity of Lifezone Metals to execute its growth strategy, manage growth profitably and retain its key

employees; the ability of Lifezone Metals to reach and maintain profitability; enhancing future operating and financial results; complying with laws and regulations applicable to Lifezone's business; Lifezone's ability to continue to comply with applicable listing standards of the NYSE; the ability of Lifezone Metals to maintain the listing of its securities on a U.S. national securities exchange; and other risks that will be detailed from time to time in filings with the U.S. Securities and Exchange Commission (SEC).

The foregoing list of risk factors is not exhaustive. There may be additional risks that Lifezone Metals presently does not know or that Lifezone Metals currently believes are immaterial that could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements provide the expectations, plans or forecasts of future events and views of Lifezone Metals as of the date of this communication. Lifezone Metals

anticipates that subsequent events and developments will cause Lifezone Metals' assessments to change. However, while Lifezon e Metals may elect to update these forward-looking statements in the future, Lifezone Metals

specifically disclaims any obligation to do so, except as otherwise required by applicable law.

These forward-looking statements should not be relied upon as representing the assessments of Lifezone Metals as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements. Nothing herein should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results in such forward- looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which are based upon information available to us as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. In all cases where historical performance is presented, please note that past performance is not a credible indicator of future results.

Except as otherwise required by applicable law, we disclaim any obligation to publicly update or revise any forward -looking statement to reflect changes in underlying assumptions or factors, new information, data, or methods, future events, or other changes after the date of this communication, except as required by applicable law.

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Disclaimer

This presentation (this "Presentation") is provided for informational purposes only and has been prepared to provide interested parties with certain information about Lifezone Metals Limited and its subsidiaries (collectively, "Lifezone", "Lifezone Metals" or the "Company") and for no other purpose. This Presentation does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any equity, debt or other financial

instruments of Lifezone.

No representations or warranties, express or implied are given in, or in respect of, the accuracy or completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. To the fullest extent permitted by law, in no circumstances will Lifezone or any of its subsidiaries, stockholders, affiliates, representatives, control persons, members, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. In addition, this Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Lifezone. Viewers of this Presentation should each make their own evaluation of Lifezone and of the relevance and adequacy of the information provided in this Presentation and should make such other investigations as they deem necessary before making an investment decision.

Nothing herein should be construed as legal, financial, tax or other advice. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning anything described herein, and, by accepting this Presentation, you confirm that you are not relying solely upon the information contained herein to make any investment decision. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs.

The data and information herein provided by Wood Mackenzie should not be interpreted as advice and you should not rely on it for any purpose. You may not copy or use this data and information except as expressly permitted by Wood Mackenzie in writing. To the fullest extent permitted by law, Wood Mackenzie accepts no responsibility for your use of this data and information except as specified in a written agreement you have entered into with Wood Mackenzie for the provision of such of such data and information.

Lifezone owns or has rights to various trademarks, service marks and trade names, as applicable, that it uses in connection with the operation of its business. This Presentation also contains trademarks, service marks, copyrights and trade names of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this Presentation is not intended to, and does not imply, a relationship with Lifezone, or an endorsement or sponsorship by or of Lifezone. Solely for convenience, the trademarks, service marks and trade names referred to in this Presentation may appear with or without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that Lifezone will not assert, to the fullest extent under applicable law, its rights or the right of the applicable licensor to these trademarks, service marks and trade names.

Certain information in this Presentation is sourced from the Kabanga 2023 Mineral Resource Update Technical Report Summary (2023MRU) with an effective date of November 30, 2023, which has been prepared in accordance with the U.S. Securities and Exchange Commission (US SEC) Regulation S-K subpart 1300 rules for Property Disclosures for Mining Registrants (S-K 1300) for Lifezone Metals Ltd on the Kabanga nickel project. The 2023MRU is a preliminary technical and economic study of the economic potential of the Project mineralization to support the disclosure of Mineral Resources. The Mineral Resource estimates are current as at November 30, 2023. Sharron Sylvester, BSc (Geol), RPGeo AIG (10125), Technical Director - Geology at OreWin Pty Ltd and Bernard Peters, BEng (Mining), FAusIMM (201743), Technical Director - Mining at OreWin Pty Ltd. served as the Qualified Persons as defined in S-K 1300 and are considered independent of Lifezone Metals. The reader is encouraged to review the 2023MRU, which is available on our website.

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Lifezone Metals Ltd. | NYSE:LZM

The supply chain solution for cleaner metals

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Hydromet Technology: an innovative method for metals extraction and recycling

Strategic partnership with BHP to develop the Kabanga Nickel Project in Tanzania - one of the world's largest and highest-grade undeveloped nickel sulfide deposits

Partnership with Glencore to recycle platinum, palladium and rhodium in the United States, enabling a circular economy for precious metals

Applications of Hydromet Technology to other opportunities and delivering cleaner metals for the battery and electric vehicle markets

Backed by industry-leading partners and investors

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Lifezone | Benefits of Hydromet Technology

Up to 73% less CO2 emissions 1,2,3 and zero SO2 emissions1

Lower capital and operating expenses

Refined end-product expected to translate into reduced freight costs and related emissions

In-country beneficiation intended to increase value recognition, job creation Potential green

premium

Faster processing times vs.	Lifecycle benefit, traceable
smelting and refining	production, designed to
	enhance transparency
Fewer metallurgical constraints and	Potential for recycling applications
no cyanide

1 - Nickel Class 1 downstream processing CO2 eq. emissions baseline from 2020 Nickel Institute LCA. Estimated Kabanga refinery e xpected emissions from internal Company analysis.

2 - Expected reductions are lower for PGMs, as they utilize a more complicated flowsheet and are more energy intensive. For example, a study from EY Cova (an independent South African National Accreditation System accredited energy Measurement and Verification inspection body) found 46% lower emissions utilizing our Hydromet Technology compared to traditional smelting and refining (EY Cova studied PGM metals at the originally proposed 110 ktpa concentrate feed rate refinery at the Sedibelo plant site in South Africa under the then-applicable conditions in 2020 and assuming reagents not manufactured on-site; actual results could differ). Results will vary for specific PGM projects.

3 - This diagram is a comparison to smelting.

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Lifezone | Kabanga Nickel Project & Kahama Hydromet Refinery

One of the world's largest and highest-grade undeveloped nickel sulfide deposits

Kabanga is a globally significant deposit for high-grade nickel, copper and cobalt

Advancing through partnerships with BHP and the Government of Tanzania

Special Mining Licence and Refinery Licence in-hand

Definitive Feasibility Study (DFS) expected Q3 2024

Kahama Hydromet Refinery expects significant reduction in emissions relative to traditional smelting

Up to 73% reduction in estimated CO2e emissions expected1,2

Zero harmful SO2 emissions

Eliminates need to transport concentrates globally

Reduced carbon footprint from mine to LME Grade nickel, copper and cobalt

Refined metals produced locally in Tanzania

Ability for Tanzania to capture increased in-country value benefits

Tanzania is a 16% owner of the Kabanga Nickel Project and Kahama Refinery

1 - Nickel Class 1 downstream processing CO2 e emissions baseline from 2020 Nickel Institute LCA. Estimated Kabanga refinery expected emissions from internal Company anal ysis. 2 - Expected reductions are lower for PGMs, as they utilize a more complicated flowsheet and are more energy intensive. For example, a study from EY Cova (an independent South African National Accreditati on System accredited energy Measurement and Verification inspection body) found 46% lower emissions utilizing our Hydromet Technology compared to traditional smelting and refining (EY Cova studied PGM metals at the originally proposed 110 ktpa concentrate fee d rate refinery at the Sedibelo plant site in South Africa under the then-applicable conditions in 2020 and assuming reagents not manufactured on-site; actual results could differ). Results will vary for specific PGM projects.

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Kabanga | A World-Scale,High-Grade Nickel Deposit

Kabanga compared to other globally significant nickel projects

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Data source: S&P Capital IQ. Copyright © 2024, S&P Global Market Intelligence (and its affiliates, as applicable). In Situ Va lue per Tonne is Total In Situ Value divided by Total Tonnage. Total In Situ Value is the combined value of all commodities in re serves and resources at S&P Global Market Intelligence nominal prices for the current year. Largest projects by contained nickel shown with nickel as the primary commodity, active status and early- or late-stage development.

For additional information on the Kabanga resources refer to the November 2023 Kabanga Mineral Resource Update Technical Report Summary.

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Kabanga & Kahama | Strategic Project Partnership with BHP

Current Ownership Structure

83.0%

1.5%1

17.0%

14.3% indirect

Government of

Tanzania

16.0%

84.0%

KABANGA NICKEL PROJECT

& KAHAMA REFINERY

BHP Tranche 1 investment

2021: BHP invested $10 million in Lifezone and $40 million in Kabanga Nickel2,3

2023: BHP invested additional $50 million in Kabanga Nickel BHP's current ownership 1 .

Government of Tanzania has a 16.0% free-carried interest in the Project

1 - Estimated current ownership based on LZM basic shares outstanding as at February 29, 2024. 2 - BHP agreement dated December 24, 2021. 3 - Based on implied valuation of $161 million for Lifezone Metals (excluding interest in Kabanga Nickel) and $466 million for the implied value of Kabanga Nickel to Lifezone Metals for a total of $627 million.

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Kabanga & Kahama | Strategic Project Partnership with BHP

Potential Future Ownership3

39.3%

1.5%1,2

60.7%

51.0% indirect

Government of

Tanzania

16.0%

84.0%

KABANGA NICKEL PROJECT

& KAHAMA REFINERY

BHP Tranche 2 investment

Option to 60.7% of Kabanga Nickel following completion of the Definitive Feasibility Study (DFS) expected in Q3 2024

• ncreases BHP's indirect ownership to 51.

control of Tembo ickel

Upon exercise, BHP will contribute cash at 0.7x Kabanga Nickel NAV valuation

• Valuation determined by three independent experts
• Funds will be used for Project capital expenditures

1 - Estimated current ownership based on LZM basic shares outstanding as at February 29, 2024. 2 - Does not factor for any potential share issuance from: exercise of warrants, conversion of debt and/or trigger of earnout events. 3- BHP's potential future investment is in BHP's sole discretion and is subject to certain conditions being satisfied, in particular, the satisfactory completion of and agreement on the feasibility study, agreement on the joint financial model in respect of the Kabanga project, the completion of an independent valuation of Kabanga Nickel Limited and receipt of any necessary regulatory and tax approvals.

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Kabanga | Expected First Quartile Cash Costs

Nickel industry C1 cash cost curve 20301

1 - Bespoke Nickel Market Outlook for Lifezone, a product of Wood Mackenzie, August 2022. The population is based on Wood Macken zie's view on which current operations will be in production by 2030 and their base case projects. The cost estimates for Kab anga are based on a mine size of 2.2 Mt/a. By-product credits are the attributable net revenues for products other than nickel. Any metal specific costs have been deducted from the by-product in question. Assumes $9.82/lb selling price for nickel, $3.40/lb selling price for copper, and $18.10/lb selling price for cobalt; based on 2022-USD terms. C1 cash costs defined as represents the cash cost incurred at each processing stage, from mining through to recoverable nickel delivered to market, less net by-product credits, if any.

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