Lifezone Metals Ltd (LZM) 2025 Q4 法說會逐字稿

Hi, everyone, and welcome to the Lifezone Metals webcast to discuss the 2025 full year results and 20-F as filed this morning. We'll finish today's event with a question-and-answer session. (Operator Instructions) Please free to contact us directly for any questions not addressed in this webcast.

各位好，歡迎收看 Lifezone Metals 的網路直播，我們將討論 2025 全年業績以及今天上午提交的 20-F。今天的活動最後將以問答環節作結。(接線員指示) 若本次直播未能涵蓋您的問題，請隨時直接與我們聯繫。

Before we begin, I would like to remind everyone that today's event may 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 March 19, 2026, news release on our website at www.lifezonemetals.com. Please see additional disclaimers, which I'd encourage you to read in your own time. Joining me today are: Lifezone Metals' Chief Executive Officer, Chris Showalter; and Chief Financial Officer, Ingo Hofmaier.

在開始之前，我想提醒各位，今天的活動可能包含前瞻性陳述，這些陳述涉及風險與不確定性，可能導致實際結果與前瞻性陳述所述內容出現重大差異。有關前瞻性陳述的詳細資訊載於我們於 2026 年 3 月 19 日在官網 www.lifezonemetals.com 發布的新聞稿中。請參閱其他免責聲明，我也鼓勵各位在方便時自行閱讀。今天與我一同出席的有：Lifezone Metals 執行長 Chris Showalter，以及財務長 Ingo Hofmaier。

And without further ado, I'd like to turn this over to Chris and Ingo for their introductions and the presentation.

事不宜遲，我想把時間交給 Chris 和 Ingo，請他們自我介紹並進行簡報。

Thank you, Catherine.

謝謝你，Catherine。

Excellent. Thank you, Catherine. And welcome, everyone here today to Lifezone Metals 2025 Results and Webcast. To reinforce and just remind everyone; Lifezone Metals, we are a critical metals company, and our real focus is centered around our flagship asset, which is the Kabanga Nickel project. This is one of the largest, highest grade nickel sulfide deposits.

很好。謝謝你，Catherine。也歡迎今天在場的各位收看 Lifezone Metals 2025 年業績與網路直播。再次強調並提醒各位：Lifezone Metals 是一家關鍵金屬公司，我們的核心重點聚焦於旗艦資產——Kabanga 鎳專案。這是全球規模最大、品位最高的硫化鎳礦床之一。

This is a development-ready critically important source of nickel and cobalt. And importantly, it is an alternative to what is a very tightly controlled nickel market controlled by Indonesia specifically. So that puts Lifezone Metals and this flagship asset in a very important part of the discussion for alternative supply chains throughout the globe.

這是一項具備開發就緒條件、極其重要的鎳與鈷來源。更重要的是，它可作為目前由印尼特別嚴格掌控的鎳市場之外的替代選項。因此，Lifezone Metals 及其旗艦資產在全球替代供應鏈的討論中占據非常重要的位置。

The other important part of Lifezone Metals is the Kabanga project has demonstrated over the past year, the release of our feasibility study has demonstrated that we are at the lower end of the cost curve, which is a competitively positioned point for us to be able to compete specifically with the Indonesian market. And so we've demonstrated that through the results of the studies and the hard work the team has done over the past year.

Lifezone Metals 的另一個重要面向是：Kabanga 專案在過去一年已證明——我們發布的可行性研究顯示——我們位於成本曲線的低端，這使我們具備具競爭力的定位，能夠與印尼市場直接競爭。我們透過研究成果以及團隊過去一年的努力，已經證明了這一點。

Additionally, we have been undertaking several different funding processes to get to conclusive FID. And what we've been able to do is really bring in some of the top-tier potential funders throughout the world, specifically when it comes to ECAs, DFIs, a project like Kabanga that demonstrates the ability to be at the low end of the cost curve, we're fortunate to be able to attract a lot of potential sources of funding, specifically for the project finance side. So it's a very attractive project for specifically that pool of capital. When it comes to Lifezone, we also blend in the technological advantage of our hydromet expertise. And I think where we're very well positioned and once we commence the Kabanga Nickel project formally post FID, we are going to be demonstrating that our core strategic focus will be on unlocking the processing and refining bottlenecks that exist around the globe on these specific supply chains.

此外，我們也在推進多項不同的融資流程，以達成具結論性的 FID。我們所做到的是，真正吸引到全球一些頂級的潛在資金提供者，特別是在出口信貸機構（ECA）與開發性金融機構（DFI）方面；像 Kabanga 這樣能位於成本曲線低端的專案，我們很幸運能吸引許多潛在資金來源，尤其是在專案融資端。因此，對於這一資本池而言，這是一個非常具吸引力的專案。就 Lifezone 而言，我們也結合了在濕法冶金（hydromet）方面的技術優勢。我認為我們的定位非常好；一旦 Kabanga 鎳專案在 FID 後正式啟動，我們將展現核心策略重點：解鎖全球在這些特定供應鏈中存在的加工與精煉瓶頸。

That's I think people have understood in the advent of a tremendous amount of focus on the supply chains that it's actually the downstream processing and refining that has to be solved. And we are uniquely positioned given our technological expertise in hydrometallurgy to provide these solutions across the supply chain. And that will be a big focus for us going forward. And we will be updating on one of the exciting new products we have in the pipeline, where in a partnership with Glencore on the catalytic converter recycling, and we'll go into that a little bit later.

我想大家在供應鏈受到高度關注的背景下已經理解到，真正需要解決的是下游加工與精煉。憑藉我們在濕法冶金方面的技術專長，我們具備獨特優勢，能在整個供應鏈中提供這些解決方案。這將是我們未來的一大重點。我們也會更新一項令人振奮、正在研發管線中的新產品：我們與嘉能可（Glencore）合作進行汽車觸媒轉換器回收；稍後我們會再多談一些。

Okay. Next. So I wanted to touch base on just the milestones over the past year. This is really a result of a tremendous amount of work and effort from our project team led by our COO, Gerick Mouton. The real important updates are where we progress in terms of the development readiness, really getting up to this execution readiness.

好的。下一頁。我想簡要回顧一下過去一年的里程碑。這些成果是由我們的專案團隊在營運長 Gerick Mouton 的帶領下，投入大量工作與努力的結果。最重要的更新在於：我們在開發就緒度方面的推進，真正提升到執行就緒的階段。

The completion of the resettlement plan is a big milestone for us. So we have advanced the project further than any other prior owner has. We have provided compensation to the local people.

完成安置計畫對我們而言是一個重大里程碑。因此，我們已將專案推進到任何先前持有人都未曾達到的程度。我們已向當地居民提供補償。

So a tremendous amount of engagement with the local community, and that's really the starting point to really earn that social license to operate on the mine site. So we take a lot of pride on how far we've advanced that part of the process. That has really led into the conclusion of the SK-1300. So this is the first US regulatory publishing of an SK-1300 Initial Assessment, and that has advanced all the way into the DFS study that we've released in July.

我們與當地社區進行了大量互動，而這正是取得礦區營運社會許可（social license to operate）的起點。我們對於在這一流程中推進到目前的程度感到非常自豪。這也進一步促成 SK-1300 的完成。這是首次在美國監管框架下發布的 SK-1300 初步評估（Initial Assessment），並一路推進至我們在 7 月發布的 DFS 研究。

Importantly, the opportunity for us to acquire back the shareholding from BHP was concluded in July. That was a very -- in our view, a very accretive, very attractive transaction because we were able to do that on a highly deferred basis, which is valuable to shareholders to be able to do that on that deferred basis. So I think that's something that we were very happy we were able to close and that was able to give us 100% of the project. And that has now led into engagement on several other processes that we'll touch on in terms of bringing in new strategic partners into the project.

重要的是，我們在 7 月完成了向必和必拓（BHP）回購其持股的機會。在我們看來，這是一筆非常具增值性、非常有吸引力的交易，因為我們能以高度遞延的方式完成，對股東而言，以遞延方式進行具有價值。因此，我們很高興能完成這項交易，並使我們取得該專案 100% 的權益。而這也促成我們在其他多項流程上的推進；稍後我們會談到，包含為專案引入新的策略夥伴。

The Feasibility Study was published in July 2025. And then we transitioned into kind of the project pre-FID execution readiness and preparation for the FID process. And as part of that, post DFS, we were able to engage with the team from Taurus, who are very well-known established financiers in the mining space. And the $60 million bridge security -- bridge facility we secured, really what that's doing is bringing us from the exiting of BHP and the conclusion of the DFS, which was bankable and really getting us now to that FID process. So this is a traditional segment of the development timeline to bring in bridge financing for that period, and we are very successful, very happy with the Taurus team that's in there as partners right now.

可行性研究於 2025 年 7 月發布。之後我們轉入專案 FID 前的執行就緒與 FID 流程準備階段。作為其中一部分，在 DFS 之後，我們與 Taurus 團隊展開合作；Taurus 是礦業融資領域知名且成熟的融資方。我們取得的 6,000 萬美元過橋擔保——過橋融資，其作用是讓我們從 BHP 退出以及 DFS（具備可融資性）完成之後，順利銜接並推進到 FID 流程。因此，在開發時程中，於此期間引入過橋融資是傳統做法；我們非常成功，也非常高興 Taurus 團隊目前以合作夥伴身分加入。

The -- in November 2025, we did do a placement -- I think, the only thing I want to mention here is we were able to place this with existing shareholders, which is a demonstration of consistent support from some of our core anchor shareholders. So very happy to be able to provide that conclusive $15 million underwriting in December.

在 2025 年 11 月，我們確實進行了一次配售——我想在此唯一要提的是，我們能夠向現有股東完成配售，這顯示我們一些核心基石股東持續一致的支持。因此，我們很高興能在 12 月提供最終確定的 1,500 萬美元承銷。

Okay, Catherine. Next. Okay, just very quickly, I'll touch on Kabanga. I think everyone, hopefully, on this call is very familiar with Kabanga. But the -- what we really were able to demonstrate is -- in the feasibility study is everything we really anticipated, which was the superior quality of this asset.

好的，Catherine。下一頁。好的，我很快補充一下 Kabanga。我想希望在這通電話上的各位都非常熟悉 Kabanga。但我們在可行性研究中真正證明的是——一切都如我們所預期，也就是這項資產的卓越品質。

This is a development-ready asset. The partnership with Tanzania is very strong right now. And I think when we are able to provide more information on the processes we have underway in terms of bringing in new strategic partners, the quality of the asset will be demonstrated by the quality of the additional investors and partners we're looking to bring into this project.

這是一項具備開發就緒條件的資產。目前與坦尚尼亞的合作夥伴關係非常穩固。我認為，當我們能就正在進行、引入新策略夥伴的流程提供更多資訊時，這項資產的品質將透過我們希望引入的額外投資人與合作夥伴的品質而得到印證。

Importantly, this is -- we have all the special mining licenses in hand. This is the -- as development-ready as the project is going to get. And really now it's on us to progress the project through to FID and commence with the additional FID activities, pre-FID activities.

重要的是——我們已取得所有特別採礦許可證。就開發就緒而言，這個專案已經達到所能達到的最高程度。而現在真正取決於我們，將專案推進至 FID，並開始進行後續的 FID 活動與 FID 前活動。

Kabanga sits firmly within the lower quartile. That's really seen in the feasibility study where we have a $1.58 billion after-tax NPV with a very strong 23.3% IRR. That competes very, very well against other alternative nickel projects that you'll see in the pipeline around the world. We are very, very uniquely positioned to be the next large source of nickel and cobalt coming online to compete with Indonesia. We've heralded that throughout our entire process.

Kabanga 穩居於成本曲線的最低四分位。這在可行性研究中表現得非常明顯：稅後淨現值（NPV）為 15.8 億美元，且內部報酬率（IRR）高達 23.3%，非常強勁。這與全球管線中你會看到的其他替代性鎳專案相比，競爭力非常、非常強。我們具備非常、非常獨特的定位，有望成為下一個大型鎳與鈷供應來源上線，與印尼競爭。我們在整個過程中一直強調這一點。

And I think we've been able to firmly demonstrate that through the results of the study and then the next step of the process, we will be progressing towards FID.

我認為我們已透過研究結果穩健地證明了這一點，而在流程的下一步，我們將朝最終投資決策（FID）推進。

Another thing we're pretty -- as I mentioned, we're pretty excited about is the ESG qualifications, especially the standards we've reached and some of the qualifications with some of the project financiers we've hit -- it's very hard to hit some of these qualifications, especially some of the IFC performance standards. And so to be able to have progressed through that process to get those qualifications, it's a critical milestone for the project financiers. And so we've been able to hit those qualifications, and that's a very important part of how we're going to be progressing on the project finance side, which Ingo will touch on a little bit. Okay. Next.

另外一件我們相當——如我提到的，我們相當振奮的事情是 ESG 資格，特別是我們達到的標準，以及我們在一些專案融資方那裡取得的部分資格——要達成其中一些資格非常困難，尤其是某些 IFC 績效標準。因此，能夠在該流程中推進並取得那些資格，對專案融資方而言是一個關鍵里程碑。我們已達成那些資格，而這也是我們在專案融資端將如何推進的重要一環，Ingo 會稍後稍微談到。好的。下一頁。

Yes. Thank you, Chris. So I would like to speak about and give an update on the strategic financing initiatives. We are currently progressing two main pillars, and that's underpinned and financed by the bridge facility that Chris talked about. So the $60 million from Taurus Mining Finance is ring-fenced for Kabanga and financing is all the activities in there, which means pre-FID activities, FEEDs, operational readiness and also the project financing activities at Kabanga.

是的。謝謝你，Chris。我想談談並更新策略性融資倡議的進展。我們目前推進兩大支柱，而這些是由 Chris 提到的過橋融資額度所支撐並提供資金。來自 Taurus Mining Finance 的 6,000 萬美元已為 Kabanga 專案專款專用，用於資助其中所有活動，包括 FID 前活動、FEED、營運就緒，以及 Kabanga 的專案融資相關工作。

And the two pillars that we are currently progressing is on the one side, finding a long-term strategic partner that's led by Standard Chartered Bank, and this process started ahead of the official exit of BHP. The writing there was on the wall when a year before we announced that BHP would leave the project. BHP announced that it has mothballed its Nickel West operations. And therefore, this process is well progressed. We have received multiple offers and term sheets negotiations are essentially complete.

我們目前推進的兩大支柱，一方面是由渣打銀行（Standard Chartered Bank）主導，尋找長期策略夥伴；而這個流程在 BHP 正式退出之前就已啟動。在我們宣布 BHP 將離開該專案的一年前，跡象其實已很明顯。BHP 宣布已將其 Nickel West 業務暫停運作（mothballed）。因此，這個流程已相當成熟。我們已收到多份報價，且條款清單（term sheet）的談判基本上已完成。

We have seen interest from multiple geographies and various different types of investors. We have cast the rights relatively tight because it's a big project, and it's a significant project with interest from miners from sovereign entities and private equity funds. The due diligence is also more or less concluded for most of these parties or at least the ones that are really in the final round. We are considering all options. And that also means we have received offers for transactions that would be considered a change of control where we would then ultimately exit the project and sell the project to a new owner.

我們看到來自多個地區、各種不同類型投資人的興趣。由於這是一個大型且具重要性的專案，我們對參與權利的範圍設定得相對嚴謹，並吸引了礦業公司、主權實體以及私募股權基金的關注。對多數參與方——至少是那些真正進入最後一輪的——盡職調查也已大致完成。我們正在評估所有選項。這也意味著，我們已收到一些可能被視為控制權變更的交易提案；在那種情況下，我們最終將退出該專案，並將專案出售給新的所有者。

The second pillar is the pre-FID activities and the project financing work stream. We are continuing to work with DRA, who have also been the lead engineering consultant for our feasibility study. And as we announced, I think, in late 2024 that we had appointed Societe Generale for the project financing process. This process has extremely well progressed. And I think it's a reflection of the high grade and high quality of the project or a lack of comparative projects in the current market.

第二個支柱是 FID 前活動以及專案融資工作流。我們持續與 DRA 合作，他們同時也是我們可行性研究的首席工程顧問。並且如我們所宣布的，我想是在 2024 年底，我們已任命法國興業銀行（Societe Generale）負責專案融資流程。這個流程進展非常順利。我認為這反映了該專案的高品位與高品質，或是當前市場上缺乏可比較的專案。

There's also not many project financings in the market at the moment globally, which is a benefit. And as most of you will have seen, also the nickel market backdrop has significantly improved since late 2025. Nickel prices are up $2,500 per tonne since then, which really has also boosted this process. But lenders that come in obviously see this as anyway a long-term project. I mean we will need 2.5 years for the construction and then the reserve and mine plan in the feasibility studies for 18 years and a significant amount of our resource -- or there is a significant amount of resource outside of the reserve.

目前全球市場上的專案融資案也不多，這反而是一項優勢。而且各位多半也看到，自 2025 年底以來，鎳市場的背景已顯著改善。自那時起鎳價每噸上漲 2,500 美元，這也確實推動了這個流程。但進場的放款人顯然會把這視為一個長期專案。我的意思是，我們需要 2.5 年的建設期，而可行性研究中的儲量與礦山計畫為 18 年，且我們的資源量——或者說，在儲量之外仍有相當可觀的資源量。

So the expectations of us and BHP in the past as well as other partners, potentially -- other potential partners is always that there will be a significant longer mine life than 18 years.

因此，我們以及過去的 BHP，還有其他夥伴——潛在的其他夥伴——一直以來的預期都是，礦山壽命將顯著長於 18 年。

The project finance pathfinders, which is a good mix of African, European, and North American DFIs and ECAs is essentially complete. Also the key lenders due diligence advisors have been appointed, and the draft reports have been received. They will, of course, be updated before the lenders go to their own credit committees.

專案融資的前期探路（pathfinders）工作——由非洲、歐洲與北美的開發金融機構（DFIs）與出口信貸機構（ECAs）所組成的良好組合——基本上已完成。同時，主要放款人的盡職調查顧問也已任命，且已收到報告草稿。當然，在放款人提交各自的授信委員會之前，這些報告將會更新。

We have also appointed Sullivan & Cromwell as our Counsel. The long-term concentrate offtake term sheets are well advanced. They underpin the financing in roughly the same 10 years. We have also completed an ISO-compliant Lifecycle Assessment, which is important because it really shows the advantages of having a project that is high grades, hard rock and predominantly powered by hydroelectricity. So also in this environment of increasing energy prices as the short term, hopefully, but it just brings back that hydroelectricity particularly has not just the green credentials, but also economic benefits.

我們也已任命 Sullivan & Cromwell 擔任我們的法律顧問。長期精礦承購（offtake）條款清單已進展良好。它們在大約同樣的 10 年期間內為融資提供支撐。我們也已完成符合 ISO 的生命週期評估（Lifecycle Assessment），這很重要，因為它清楚展現了該專案具備高品位、硬岩礦體，且主要由水力發電供電的優勢。因此，在這個能源價格上升的環境下——希望只是短期——也再次凸顯水力發電不僅具備綠色資質，也帶來經濟效益。

As we have outlined in the past, Tanzania has built three hydropower stations in the last couple of years. The closest is 80 kilometers from our site. It's not the biggest. The biggest is, in fact the Julius Nyerere Dam has, in fact, doubled the capacity of Tanzania to produce electricity and make Tanzania a net exporter of electricity to neighboring countries. So a massive achievement, which reflects also in the positive view of investors in Tanzania.

如我們過去所說，坦尚尼亞在過去幾年建成了三座水力發電站。距離我們場址最近的一座在 80 公里外。它不是最大的。最大的其實是朱利葉斯・尼雷爾水壩（Julius Nyerere Dam），它實際上使坦尚尼亞的發電能力翻倍，並使坦尚尼亞成為向鄰國淨出口電力的國家。這是一項巨大的成就，也反映在投資人對坦尚尼亞的正面觀感上。

We have appointed critical technical consultants, DRA for engineering, PCC for all the procurement processes. Epoch is doing an update on the tailings storage facility and then we work with SLR on hydro and environmental aspects. We have, in the meantime, in full compliance with local content rules in Tanzania issued Expression of Interests as part of the procurement process for a combined value of around $380 million. That's quite a significant amount. It's big packages. And so the $380 million in relationship to $930 million, which is the total CapEx.

我們已任命關鍵技術顧問：DRA 負責工程，PCC 負責所有採購流程。Epoch 正在更新尾礦儲存設施（tailings storage facility），而我們與 SLR 合作處理水文與環境面向。同時，我們已在完全遵循坦尚尼亞在地內容（local content）規定下，作為採購流程的一部分，發布了意向徵詢（Expression of Interests），合計金額約 3.8 億美元。這是相當可觀的金額。這些都是大型標案包。因此，3.8 億美元相對於 9.3 億美元（總資本支出 CapEx）。

The value engineering has commenced and will ultimately support detailed layouts and front-end engineering as the FEED processes. I think important to say in this context that we did the feasibility study and invested $140 million in the confirmation drilling, further drilling to upgrade the resource to reserve, but then obviously, also in the study and far more than 90% of everything was bottom-up priced as we were really in the market and have estimated CapEx assumptions from first principle.

價值工程（value engineering）已啟動，最終將支援詳細佈置與前端工程設計（front-end engineering），也就是 FEED 流程。在此背景下我認為重要的是：我們完成可行性研究，並在確認性鑽探、進一步鑽探以將資源升級為儲量方面投入了 1.4 億美元；但同時也投入在研究本身，而且超過 90% 的所有項目都是以自下而上（bottom-up）方式定價，因為我們確實深入市場，並以第一原理（from first principle）估算資本支出假設。

Next page, please. So in terms of path to final investment decision, we are currently working through this. We're a couple of months away. We are largely permitted, and we currently don't see any permits that can stop construction. We have a special mining license in place.

請下一頁。就通往最終投資決策的路徑而言，我們目前正在推進這些工作。我們距離完成大約還有幾個月。我們已大致取得許可，目前也未看到任何可能阻礙開工建設的許可問題。我們已取得特別採礦許可證。

We have prospecting licenses in place, the special mining licenses for the life of mine. We have a lot of ancillary permits. We have an environmental management plan. We have the ESIAs in place. As Chris mentioned, we have a resettlement action plan that was signed off more than two years ago and pretty much all the compensation payments have been paid.

我們已取得探勘許可，並持有礦山全壽命期間的特殊採礦許可證。我們也有許多附屬許可。我們有環境管理計畫。我們已完成並具備環境與社會影響評估（ESIA）。如 Chris 所提到，我們的安置行動計畫在兩年多前已獲簽核，且幾乎所有補償款項都已支付。

The payments that we couldn't make, they are in escrow and they relate to parties where in most of the cases, and there is just a handful, we really don't know who actually owns the land. But we have an agreement with the government and there's a solid valuation process that there's no holdouts with regards to land parcels. All the land parcels that are relevant to us have been valued and signed off by a government authority called the Chief Valuer which gives us a lot of certainty to move forward.

我們無法支付的款項已存入託管帳戶（escrow），主要涉及部分當事人；在多數情況下（而且只是少數幾件），我們確實無法確認實際土地所有權人。但我們已與政府達成協議，並有一套健全的估值流程，對於土地地塊並不存在所謂的「釘子戶」問題。所有與我們相關的土地地塊都已完成估值，並由一個稱為「首席估價官」（Chief Valuer）的政府機關簽核，這讓我們在推進上具備很高的確定性。

We have water abstraction licenses, we can build an air strip and so on. There is, of course, a couple of permits that we still need to get or update. One example, the Government of Tanzania laid power to our site more than 1.5 years ago. So we currently don't rely on diesel generators. That's also the assumption in the feasibility study and the major improvement to earlier studies undertaken by Glencore and Barrick.

我們持有取水許可證，也可以興建簡易跑道等。當然，仍有少數許可需要取得或更新。例如，坦尚尼亞政府在 1.5 年多前已將電力接入我們的場址。因此我們目前不再依賴柴油發電機。這也是可行性研究中的假設，並且相較於 Glencore 與 Barrick 先前所做的研究，是一項重大改進。

But we need an upgrade to this power line, that is the layout and where it should run that is already in progress, but we will need to update, for instance, our environmental social impact assessment because of that. So that's an example of the permits that our team is currently working on.

但我們需要對這條輸電線進行升級；其線路配置與應走向的規劃已在進行中，不過因此我們將需要更新例如環境與社會影響評估。這就是我們團隊目前正在處理的許可事項之一。

Once we are at FID, as you can see here on the slide, the project execution and most of the senior members are already in place for this. We have a project COO, GMs, technical engineers, electrical engineers, et cetera, et cetera. So from an execution readiness, we are investing heavily in filling out gaps. We have also signed up the labor plan. You've also seen we have issued procurement orders to the market. But once we are at FID, it's another 2.5 years to ultimately come -- get to first ore and concentrate sales.

一旦我們進入最終投資決策（FID），如投影片所示，專案執行團隊以及多數資深成員都已就位。我們有專案營運長（COO）、總經理（GM）、技術工程師、電機工程師等等。因此就執行準備度而言，我們正大力投入以補齊缺口。我們也已簽署勞動力計畫。各位也看到我們已向市場發出採購訂單。但一旦進入 FID，距離最終達到首次出礦並銷售精礦，仍需再約 2.5 年。

Next page, please. I think, I hand back to Chris with regards to the next two slides, which talk about our PGM recycling project and our recent announcement with regards to Musongati.

請看下一頁。我想接下來兩張投影片交回給 Chris，內容將談到我們的 PGM 回收專案，以及我們近期關於 Musongati 的公告。

Yes. Thanks, Ingo. And these next two slides, I'm actually quite excited to talk about because what it does, it shows kind of the extent to where we will migrate as a company and really kind of the next kind of growth opportunities for us. And we have discussed -- on the autocat recycling, this is something where we're producing a solution for domestic closed-loop processing and refining of critical metals within a host country as we indicated.

好的。謝謝你，Ingo。接下來這兩張投影片我其實很期待，因為它們展示了我們公司未來將轉型遷移到的方向，以及我們下一階段的成長機會。我們先前談過汽車觸媒（autocat）回收；這是一項我們正在打造的解決方案，用於在東道國境內進行關鍵金屬的國內閉環處理與精煉，如我們所指出的。

So for this, when you look at the US list of critical metals, obviously, rhodium, platinum and palladium are very high on there. And a lot of this material gets recycled out of junkyards. It's a very fragmented series of events that eventually result in most of the material being sent overseas. So what we've done is we've been able to produce a much quicker domestic refining solution, utilizing our hydromet expertise.

就此而言，當你看美國的關鍵金屬清單時，顯然銠、鉑與鈀都名列前茅。而其中大量材料是從廢車場回收而來。整個流程非常分散，最終導致大部分材料被送往海外。因此我們所做的是，運用我們的濕法冶金（hydromet）專長，打造更快速的國內精煉解決方案。

And this is something that we've actually really pioneered through the R&D process. This is something that we and the teams at Simulus undertook an enormous amount of time to get this progressed at the point where we are now closing off the piloting program.

這其實是我們透過研發流程真正開創出來的成果。我們與 Simulus 的團隊投入了大量時間推進，才走到目前即將完成試點（pilot）計畫收尾的階段。

We are in the process of drafting up the feasibility study, and then we're going to be progressing very quickly to FID. And again, this is a partnership we have with Glencore. But to give you an idea, just as an example, so rhodium, you can see on the right, very high on the list of critical metals. Only about 4,000 ounces of rhodium are produced domestically in the US, and that is from the Stillwater operations in Montana. That's the only domestically mined source of rhodium.

我們正在撰寫可行性研究，接著將非常快速地推進至最終投資決策（FID）。同樣地，這是我們與 Glencore 的合作夥伴關係。但舉例來說，銠在右側你可以看到，在關鍵金屬清單上排名非常高。美國國內每年僅生產約 4,000 盎司的銠，來源是蒙大拿州 Stillwater 的營運。那是美國境內唯一的銠礦產來源。

This current scale of this first facility that we would build in the US would produce about 20,000 ounces of rhodium. So a material solution to what is a very high priority initiative within the government currently, which is to basically go through this list of critical metals and identify solutions as to how those -- how security of the supply chains can be produced. So this is another example of how we look forward to our growth strategy, which is really focusing on that downstream, the processing and refining, because that's going to be the area that if we unlock those, we're providing the solutions that governments around the world are looking for. And that's our competitive positioning.

我們在美國要建的第一座設施，以目前規模估算，將可生產約 20,000 盎司的銠。因此，這將為目前政府高度優先的倡議提供實質解方：也就是檢視這份關鍵金屬清單，並找出如何建立供應鏈安全的解決方案。這也再次說明我們的成長策略：聚焦於下游的加工與精煉，因為一旦我們解鎖這些能力，就能提供全球各國政府正在尋找的解決方案。這就是我們的競爭定位。

You hear me say it a lot, but I'm very excited about projects like this, and we've got a pipeline of about 10 other projects that we can focus on once we really -- once we've progressed and gotten Kabanga into FID and main construction, this is the type of project you're going to see Lifezone deliver as essentially these solutions. And then -- yes, next chapter.

你們常聽我這麼說，但我對這類專案非常興奮；而且我們還有約 10 個其他專案的管線可供聚焦。一旦我們推進並讓 Kabanga 進入 FID 與主體建設階段，這就是你們將看到 Lifezone 交付的專案類型——本質上就是這些解決方案。然後——是的，下一章。

So another example of how we're well positioned to unlock additional opportunities. We announced several weeks ago that we had signed an exclusivity agreement with the government of Burundi.

再舉一個例子，說明我們如何具備良好條件去解鎖更多機會。我們在幾週前宣布，已與蒲隆地政府簽署一份排他性協議。

Now why is this important? This is important because the same time that Kabanga was discovered in the 1970s by the UN Development Program, they also discovered another very high -- highly prospective nickel deposit in Burundi called Musongati. This is a different deposit. This is a laterite deposit, but it's right next door to Kabanga. Kabanga, as we're geographically positioned is right on the border of Burundi.

那為什麼這很重要？這很重要，因為 1970 年代聯合國開發計畫署發現 Kabanga 的同一時期，他們也在蒲隆地發現了另一個非常具前景的高品位鎳礦床，名為 Musongati。這是一個不同的礦床。這是一個紅土型（laterite）礦床，但就在 Kabanga 隔壁。Kabanga 的地理位置就在蒲隆地邊境上。

So -- very similar to Kabanga, what has prevented Musongati is the establishment of infrastructure to access a landlocked deposit, the size and scale of Musongati.

因此——與 Kabanga 非常類似，Musongati 之所以一直未能推進，原因在於缺乏基礎設施來進入這個內陸型礦床，以及 Musongati 的規模與體量。

Now the same unlocking variables that have allowed us to progress the Kabanga project, the advent of power in Tanzania, the infrastructure development through the standard gauge rail, all that -- all those infrastructure developments extending to the Kabanga project are now going to be extending into Burundi. There's a railway that's going to be the fifth, I think, extension of the current standard gauge rail in Tanzania. It's going to go under and go directly through the Musongati deposit. So what we're doing is capitalizing on a growth extension of our current operations.

而讓我們得以推進 Kabanga 專案的同樣解鎖變數——坦尚尼亞電力的到位、標準軌鐵路帶動的基礎設施發展——所有延伸至 Kabanga 專案的基建發展，現在也將延伸進入蒲隆地。將有一條鐵路，我想會是坦尚尼亞現有標準軌鐵路的第五段延伸。它將一路延伸並直接穿越 Musongati 礦床。因此我們正在把握現有營運的成長延伸機會。

We have identified a number of synergies that we believe also materially impact the economic potential of Musongati. And so, we see these two deposits as really the advent of a giant nickel province. Again, that's going to compete on size and scale versus really the tightly controlled Indonesian market. And that's -- it's the size and scale of this larger nickel opportunity that is critically important to the overall supply chain security of certain governments around the world. Okay, next?

我們已辨識出多項協同效益，並相信這些也將對 Musongati 的經濟潛力產生實質影響。因此，我們將這兩個礦床視為一個巨大鎳礦省的開端。同樣地，它將在規模與體量上與高度受控的印尼市場競爭。而這個更大型鎳機會的規模與體量，對於全球某些政府的整體供應鏈安全而言至關重要。好的，下一頁？

Yes. Thank you, Chris.

好的。謝謝你，Chris。

Thanks Ingo.

謝謝你，Ingo。

And now, turning over to our financial results of 2025. Important for junior companies, that means free cash flows is, of course, the cash balance. We closed the year with $20.1 million. We secured funding of $30.9 million in terms of net proceeds. In terms of additional liquidity, the Taurus facility is for $60 million, and we had drawn down $20 million last year.

現在，轉到我們 2025 年的財務結果。對於初階公司而言，重要的是，自由現金流當然就是現金餘額。我們在年底的現金為 2,010 萬美元。我們以淨募資所得取得 3,090 萬美元資金。就額外流動性而言，Taurus 融資額度為 6,000 萬美元，而我們去年已提用 2,000 萬美元。

We have, in the meantime, this week, drawn down another $5 million from Taurus, which is presented as a subsequent event in our accounts. And this was in advance to the second larger draw down of $21.7 million that currently is going through CPs.

同時，我們在本週又自 Taurus 再提用 500 萬美元，並在我們的帳目中作為期後事項呈列。這是在目前正進行先決條件（CPs）程序的第二筆較大提用額 2,170 萬美元之前先行提用的。

In terms of our cash usage, we invested $21.3 million into investing activities and $21.8 million went into the Kabanga project. The difference here in terms of cash inflows is $700,000 of interest earned. We went through at the start of the year, which completed in Q2, a cost optimization that regrettably also led to the departure of employees at the corporate level; but in particular, also in Tanzania, where we kind of rightsized but also reoriented the organization away from an exploration organization into a development organization. There were just under $1 million of kind of reorganization and compensation payments included in here.

就我們的現金使用而言，我們在投資活動上投入 2,130 萬美元，其中 2,180 萬美元投入 Kabanga 專案。此處現金流入的差異為賺取的利息收入 70 萬美元。我們在年初啟動並於第二季完成成本優化；遺憾的是，這也導致公司層級員工離職；尤其是在坦尚尼亞，我們一方面調整人力規模，另一方面也將組織從勘探型組織重新導向為開發型組織。其中包含略低於 100 萬美元的重組與補償金支付。

The team size at the end of the year was still 93 employees. Of course, a lot of people in Tanzania, which is good. And these 93 employees include also long-term contractors. We had a net loss of $14.1 million and basically diluted loss per share of $0.17. In terms of -- if you look at the right side, in terms of the operating activities, they increased, but because of cost controls, we managed more or less to keep the cash outflows at the same level.

年底團隊規模仍為 93 名員工。當然，其中很多人在坦尚尼亞，這是好事。這 93 名員工也包含長期承包商。我們的淨損為 1,410 萬美元，基本上稀釋後每股虧損為 0.17 美元。就右側所示的營運活動而言，雖然有所增加，但由於成本控管，我們大致將現金流出維持在相同水準。

Investment activities reduced from $52 million to $21 million because last year was really a year of tidying up and then ultimately publishing the feasibility study, while in 2024, there were, of course, the study activities itself were higher intensity, and we were also drilling at the start of the year. From a financing perspective, that reduced, and also the financing activities offset by lease payments, interest payment, the stamp duty payment, and transaction costs.

投資活動由 5,200 萬美元降至 2,100 萬美元，因為去年主要是整理收尾並最終發布可行性研究；而在 2024 年，研究活動本身強度更高，且我們也在年初進行鑽探。從融資角度來看，融資規模下降，且融資活動亦被租賃付款、利息支付、印花稅支付及交易成本所抵銷。

Next page, please. We will just look at the -- into the accounting treatment of two transactions that happened during the year. One is the $ 60 million senior secured bridge loan facility from Taurus. It carries an interest rate of 9.25% and the maturity is in July 31, 2027. We also issued 2.5 million warrants at an exercise price of $5.42, which was 125% of the share price roughly at that point of time.

請看下一頁。我們將簡要說明本年度發生的兩筆交易之會計處理。其中一筆是來自 Taurus 的 6,000 萬美元優先擔保過橋貸款融資額度。其利率為 9.25%，到期日為 2027 年 7 月 31 日。我們亦發行 250 萬份認股權證，行使價為 5.42 美元，約為當時股價的 125%。

The fair value at the end of the year was $5.65 million of that.

該等認股權證於年底的公允價值為 565 萬美元。

The total financing costs, including the $5.65 million were $8.66 million that included also arrangement fees. $3.44 million offset and amortized against the first tranche and the remaining $5.22 million recorded as a deferred asset and will be offset against future draw down so they currently sit on the balance sheet. The amortization uses the effective interest rate method over the term of the facility.

包含該 565 萬美元在內的總融資成本為 866 萬美元，亦包含安排費。其中 344 萬美元沖減並攤銷至第一期提用額，其餘 522 萬美元記錄為遞延資產，將沖減未來提用額，因此目前列示於資產負債表上。

As mentioned before, the funds here are ring-fenced to the borrower, which is Kabanga Nickel and of course, the subsidiaries, which is the project company. We loan the funds down to Tanzania at 0% interest at the moment. And it covers as the scope and uses of funds is early stage pre-FID, project financing and so on. Anything that we need to raise at the corporate level, so that was the 2025 offering and future offerings happens then at Lifezone covers what is our IP segment, which is the Simulus laboratory but also the PGM project, which is coming to a really mature situation now where possibly we will have to carve that out as a segment in itself as we go into FID also for that. And we will probably have some exciting announcement about the pilot test results in the next couple of weeks.

如前所述，此處資金係專款專用於借款人，即 Kabanga Nickel，當然也包括其子公司（即專案公司）。我們目前以 0% 利率將資金下貸至坦尚尼亞。其資金用途範圍涵蓋早期、FID 前的專案融資等。任何我們需要在公司層級籌措的資金（例如 2025 年的發行及未來發行）則由 Lifezone 進行，涵蓋我們的 IP 事業部門（即 Simulus 實驗室），以及 PGM 專案；該專案目前已進入相當成熟的階段，當我們也朝該專案的 FID 推進時，可能需要將其獨立劃分為一個事業部門。而我們可能會在接下來幾週就試點測試結果發布一些令人振奮的公告。

Next page, please? Which also brings me to the final one in this presentation before we go to Q&A. And this is the accounting treatment of the acquisition of the 17% from BHP. We acquired it on July 18, which was the same date as the announcement of the feasibility study. Then this transaction also terminated all the other BHP agreements, including the T2 option agreement, and we assumed 100% of the offtake that we are currently marketing.

請看下一頁？這也帶我來到本簡報在進入問答前的最後一項。也就是收購 BHP 持有之 17% 權益的會計處理。我們於 7 月 18 日完成收購，該日亦為可行性研究公告發布之日。此交易亦終止了其他所有 BHP 協議，包括 T2 選擇權協議；同時我們承接了目前正在行銷的 100% 承購權（offtake）。

In terms of consideration structure, we will pay $10 million. It's a fixed payment, 12 months after post FID or upon raising $250 million in aggregate. And there is a final deferred payment of $28 million that will be paid 12 months after first commercial production. BHP, which I think had an overall positive experience with us and also especially Tanzania as a host country, I think we didn't want to stand in the way of the development. So it gives them an opportunity to earn back their investment, but it is kept at $83 million.

就對價結構而言，我們將支付 1,000 萬美元。這是一筆固定付款，於 FID 後 12 個月或累計募資達 2.5 億美元時支付。另有一筆最終遞延付款 2,800 萬美元，將於首次商業化生產後 12 個月支付。BHP 我認為與我們合作的整體經驗是正面的，尤其是坦尚尼亞作為東道國；我想他們不希望阻礙開發進程。因此這讓他們有機會收回其投資，但上限設定為 8,300 萬美元。

And the $28 million is indexed by $4.16 per share. So it's a scale that runs up to $83 million. There is an opportunity to reduce the $83 million to $75 million, if we can demonstrate the RAP alignment that we are very comfortable and confident in.

而這 2,800 萬美元是以每股 4.16 美元作為指數化基準。因此這是一個最高可達 8,300 萬美元的級距機制。若我們能證明 RAP 對齊（alignment），而我們對此非常安心且有信心，則有機會將 8,300 萬美元降至 7,500 萬美元。

In terms of valuation, currently, this is a -- this deferred consideration is obvious from the above. It's fair valued at every reporting date and is probability weighted. And currently, this liability sits at $25.7 million, and there's three probability scenarios about an FID date in the middle of this year, a first commercial production date of March 1, 2029, and the change of control event. The discount rate reflects the risk and the cost of debt as we are currently outstanding. And this is going to be remeasured every time we release results and therefore, has also an impact on the comprehensive loss.

就估值而言，目前這筆遞延對價如上所示。其於每個報導日按公允價值衡量，並採用機率加權。目前該負債列示為 2,570 萬美元，並有三種機率情境，涉及今年年中 FID 日期、2029 年 3 月 1 日首次商業化生產日期，以及控制權變更事件。折現率反映風險以及我們目前未償債務的資金成本。每次我們發布業績時都將重新衡量，因此也會影響綜合損失。

The strategic impact was that we have now at KNL full control over the project direction and the economic upside and enhanced financing flexibility. I think this concludes my part. I hand over to Chris for the upcoming catalysts this year. There's one more, sorry about that. So in terms of our current shareholder structure and partner structure, the Kabanga Nickel project has a 16% free carried interest from the Government of Tanzania.

策略面的影響是，我們現在在 KNL 對專案方向與經濟上行空間擁有完全控制權，並提升了融資彈性。我想這就結束我這部分。我把時間交給 Chris，談談今年即將到來的催化劑。還有一頁，抱歉。就我們目前的股東結構與合作夥伴結構而言，Kabanga Nickel 專案由坦尚尼亞政府持有 16% 的免費承擔權益（free carried interest）。

It's a very fruitful and helpful relationship. I think many of the permits and many of the smaller roadblocks we had would not have been overcome as easily as -- if the government was not a partner of us, especially in terms of the resettlement activities.

這是一段非常富有成果且具支持性的合作關係。我認為我們遇到的許多許可事項以及許多較小的障礙，若政府不是我們的合作夥伴，尤其是在安置（resettlement）活動方面，就不可能如此容易克服。

For the US project, we have Glencore as a partner. Of course, we consider Taurus and our existing shareholders as key to our success. And we also have a convertible debenture and the investors here at Harry Lundin, Rick Rule and three other related investors are close investors to them. We have had in the past a lot of interest from various jurisdictions and of course, also significant project support from entities like the DFC via the Minerals Security Partnership and also a strategic partnership with JOGMEC, which might crystallize an offtake going to Japan.

就美國專案而言，我們有嘉能可（Glencore）作為合作夥伴。當然，我們也將 Taurus 以及現有股東視為我們成功的關鍵。我們亦有可轉換公司債（convertible debenture），其中投資人包括 Harry Lundin、Rick Rule 以及另外三位相關投資人，都是與他們關係密切的投資人。過去我們曾獲得來自不同司法管轄區的高度興趣，當然也獲得如 DFC 透過「礦產安全夥伴關係」（Minerals Security Partnership）等機構的重大專案支持，並且與 JOGMEC 建立策略夥伴關係，未來可能促成承購權落地至日本。

Currently, our market capitalization is $325 million. And on the right side, you can see our basic share outstanding going to the fully diluted share count.

目前，我們的市值為3.25億美元。在右側，您可以看到我們的基本流通股數如何過渡到完全稀釋後的股數。

Thank you, and I hope there will be some questions at the end. I hand over to Chris for the final page.

謝謝大家，我希望最後會有一些提問。我把最後一頁交給Chris。

Okay. Thanks, Ingo. So really, what are we looking forward to in 2026. As I alluded to, the flagship project, Kabanga, really, it's getting this through the FID and it's bringing in the strategic partner capital and really a conclusion of that process, which, as we said, is meaningfully progressed and we'll be informing the market on the conclusion of that in due course. But for the project itself, we are updating the framework agreement. That's part of the staging concept that we presented to the Government of Tanzania. And that really materially focuses on the mine concentrator is the step 1 process.

好的。謝謝你，Ingo。那麼，我們在2026年真正期待的是什麼。如我先前提到的，旗艦專案Kabanga，重點就是推進至FID並引入策略夥伴資金，並真正完成該流程；正如我們所說，這項工作已取得實質進展，我們將在適當時候向市場通報其結論。但就專案本身而言，我們正在更新框架協議。這是我們向坦尚尼亞政府提出之分期概念的一部分。而這在實質上聚焦於：礦山選礦廠是第一步流程。

All the major processes as part of the pre-FID that the team are working on, really the core activities, including going out for tender for the EPCM contract, major bulk earthworks, roads, getting some of the geotechnical drilling commenced. So on the actual mine site, there's a lot of activity as we ramp up these predevelopment works ahead of FID. And in parallel to that, there's a lot of commercial negotiations in the offtake.

團隊在pre-FID階段所推進的所有主要流程，核心工作包括：就EPCM合約進行招標、主要大宗土方工程、道路建設，以及啟動部分岩土鑽探。因此在實際礦區現場，隨著我們在FID之前加速這些前期開發工程，活動非常頻繁。同時，在承購（offtake）方面也有大量商務談判在進行。

The offtake is really interesting because there's a tremendous amount of interest in the offtake for Kabanga. We have not committed the offtake to anyone at this point. But these are some of the most intense and important negotiations we're having right now because where the nickel, copper and cobalt goes is a very, very competitive process. And it's in our interest as Lifezone to ensure that we're maximizing the value of these contracts for shareholders. So this is taking a lot of management's time to make sure that we provide an accretive result to the offtake negotiations.

承購安排非常有意思，因為市場對Kabanga的承購有極大的興趣。目前我們尚未把承購承諾給任何一方。但這些是我們現在正在進行的最密集、也最重要的談判之一，因為鎳、銅與鈷的去向是一個競爭非常激烈的流程。而作為Lifezone，我們有責任確保為股東最大化這些合約的價值。因此，管理層投入大量時間，確保我們在承購談判中取得具增值性的結果。

The additional stuff in the back half of 2026, you're going to see some more permanent infrastructure commitments to really the power supply. You're going to see more advanced opening up of box cuts and you're going to see really us progressing on the commercial side to the FID process in conclusion. So it's going to be a very, very busy period once we announce the strategic result of our -- the process of the strategic partner and/or funding or other alternative, and that progresses us firmly to the FID process.

至於2026年下半年額外的工作，您將會看到我們對更永久性的基礎設施作出承諾，特別是電力供應。您也會看到更進一步的箱形切口（box cuts）開挖，以及我們在商務面推進並最終完成FID流程。因此，一旦我們宣布策略夥伴流程和/或融資或其他替代方案的策略性結果，並使其明確推進至FID流程，將會是一段非常、非常忙碌的期間。

In terms of sustainability milestones, I think what's going to be very exciting is when we do release this life cycle analysis, this is something that's going to demonstrate to the market that we are just incredibly, incredibly differentiated from the nickel coming out of Indonesia. This is something that is a hallmark of how we're looking at this project, really putting ourselves in a much lower CO2 category than the alternative. And that is still incredibly important to a number of downstream consumers in the market. So we are going to be able to really differentiate this product as being a cleaner alternative. And a lot of that is the power in Tanzania, almost 52% of that's hydro and gas. So Tanzania has really put projects like Kabanga in a very, very strong position to maximize the credentials of being clean sources of new metals coming online.

就永續里程碑而言，我認為非常令人振奮的是，當我們發布這份生命週期分析（LCA）時，它將向市場證明：我們與印尼產出的鎳相比，具有極其、極其明顯的差異化。這也是我們看待此專案的標誌性特徵之一——讓我們自身處於比替代方案更低的CO2排放類別。而這對市場上許多下游消費者而言仍然極其重要。因此，我們將能夠把這項產品明確區隔為更潔淨的替代選擇。其中很大一部分原因在於坦尚尼亞的電力結構，約52%來自水力與天然氣。因此，坦尚尼亞確實讓像Kabanga這樣的專案處於非常、非常有利的位置，能夠最大化其作為潔淨新金屬供應來源的資質。

And then as I indicated on the recycling side, I'll be very thrilled to make the announcements of the results of the pilot study and next steps because I think this is -- again, this is how Lifezone is going to demonstrate additional solutions to solving really these bottlenecks that exist in the industry in the supply chain overall. And that's going to be really our growth strategy going forward. I think when you see how we pull that project together, the attractiveness in terms of the capital intensity, the low CapEx and how we do this closed-loop solution, mitigating a lot of the margin that's lost in a very, very segmented and fragmented process that involves a lot of shipment around the world. That's going to be a demonstration of what we're going to be focused on in the future.

然後如我在回收端所提到的，我會非常期待宣布試點研究結果與下一步，因為我認為這——再次強調——將是Lifezone展示額外解決方案、用以解決產業整體供應鏈中存在之瓶頸的方式。而這將是我們未來的成長策略。我想當您看到我們如何把該專案整合起來，其在資本強度、低資本支出（CapEx），以及我們如何打造閉環解決方案方面的吸引力——並減少在高度分段且碎片化、需要大量全球運輸的流程中所流失的利潤——就會非常清楚。這將展示我們未來將聚焦的方向。

So with that, I'd like to thank everyone, and I think we will hand it back to Catherine in case we have any questions coming through.

那麼，謝謝各位，我想我們把時間交回給Catherine，看看是否有任何問題進來。

(Operator Instructions) So first question that we have is from [Stan Ackerman]. Will the nickel refinery from the Kabanga project still be implemented in Tanzania after five years of mine operations?

（接線員指示）第一個問題來自[Stan Ackerman]。Kabanga專案的鎳精煉廠是否仍會在礦山營運五年後於坦尚尼亞落實？

Yes, I'll take that. Thanks, Stan. Yes. And what we've basically done is we've gone to the Tanzanian government. And when we had the conclusion of the feasibility study, we went with a very pragmatic and also realistic assessment of the current nickel market.

是的，我來回答。謝謝你，Stan。是的。我們基本上已與坦尚尼亞政府溝通。在可行性研究完成時，我們基於對當前鎳市場非常務實且現實的評估提出方案。

And when we dissected the economics coming out of the feasibility study, we presented a scenario where we basically do a stage approach. The upfront capital intensity and the economic result of doing all these downstream processes in parallel to the mine build-out, they did present a less attractive alternative versus doing a staging process. And so this is a very natural series of progressive steps. You want to get these mines built first. Downstream naturally comes as an extension of an existing mining -- mine or mines existing in the country.

當我們拆解可行性研究的經濟性時，我們提出了一個情境：基本上採取分期方式。在礦山建設的同時並行推進所有下游流程，其前期資本強度與經濟結果，相較於採取分期流程，是較不具吸引力的替代方案。因此，這是一系列非常自然的循序漸進步驟。您會希望先把礦山建起來。下游環節自然會作為在該國既有礦業——已存在的礦山或多座礦山——的延伸而到來。

So this is just smart economic rationale where we showed we will commence with the additional updated studies for the downstream beneficiation. We are committed to that. And what we'll be doing is updating the refinery study. And also, we have presented to the Tanzanian government the option of doing a demonstration plant in-country to advance the demonstration of producing metal in-country. And so that's been very well received.

因此，這只是明智的經濟邏輯；我們也說明我們將啟動針對下游選礦/增值（beneficiation）的額外更新研究。我們對此是承諾的。我們將更新精煉廠研究。此外，我們也向坦尚尼亞政府提出在國內建置示範工廠的選項，以推進在國內生產金屬的示範。而這項提案獲得非常正面的回應。

So to answer the question, yes, the plan is to have a fully vertically integrated project in Tanzania, but we're going to be smart about this. We want to do this in a way that is in the best interest of shareholders and the host government. And that, in our view, is doing a staged process with the mining concentrator upfront.

所以回答這個問題：是的，計畫是在坦尚尼亞打造一個完全垂直整合的專案，但我們會以更聰明的方式來做。我們希望以符合股東與東道國政府最佳利益的方式推進。而在我們看來，這就是先以前端的採礦與選礦廠作為起點，採取分期流程。

Thanks, Chris. Second question, the potential partner that you're searching for, will they join at a premium? Or are you happy with today's prices? Also, what will be the cost to own Musongati? Has the government of Burundi discussed this? Or will we hand over -- or will they hand over the 84% and keep their share?

謝謝你，Chris。第二個問題：你們正在尋找的潛在合作夥伴，是否會以溢價加入？或者你們對今天的價格也滿意？另外，取得Musongati的成本會是多少？蒲隆地政府是否已討論過？還是我們會交出——或他們會交出84%並保留其持股？

Ingo, do you want to take the first one and I'll take Musongati.

Ingo，你要先回答第一個問題嗎？Musongati的部分我來回答。

Yes. So yes, the simple answer is our current share price is, in our view and also in the view of most of the long-term partners, not reflective of the real value of the asset. So when we present it to the shareholders, if it's either a change of control or the strategic partnership, yes, this will definitely be more reflective of the long-term value of the asset. Which route we go is ultimately a question for our shareholders. So this is to be decided in the next -- in the near term.

是的。所以，簡單的答案是：我們目前的股價，在我們看來、也在多數長期合作夥伴看來，並未反映該資產的真實價值。因此，當我們向股東提出方案時，無論是控制權變更或策略合作夥伴關係，是的，價格一定會更能反映該資產的長期價值。最終走哪一條路，歸根結底是股東的決定。因此，這將在接下來——在近期內——作出決定。

Thanks, Ingo. And I think what our shareholders and what the market can rely on is that management is absolutely focused on shareholder value. And so that really drives our strategic assessment of the alternatives. And so we are 100% aligned with our shareholders to see what is going to be the route that allows us to unlock the most potential return to our shareholders.

謝謝你，Ingo。我認為我們的股東以及市場可以信賴的是，管理層絕對專注於股東價值。因此，這確實驅動了我們對各種替代方案的策略性評估。因此，我們與股東百分之百一致，去判斷哪一條路徑能讓我們為股東釋放最大的潛在回報。

The second part of that question on Musongati, this is very early days for Musongati. We are in a process now where we've committed to doing a very rapid kind of in-country reconnaissance scoping study, getting on the ground, assessing what information exists, where is all the historic drill data, where is the core. So it's a bit of a quick sprint to kind of get into Burundi and really do a critical assessment of what information there is, and then we can start incorporating that into a conceptual plan of what work we would intend to do. So as of right now, on the Burundi side, there's no capital committed right now until we put forward over the next 60 days a proposal of what our assessment is of what is the next step in the process. That would lead to either a pre-feasibility study or feasibility study.

關於問題的第二部分、Musongati，Musongati 目前仍處於非常早期的階段。我們現在正在推進一個流程：我們已承諾要在當地非常快速地進行一種類似國內偵察式的範疇界定研究（reconnaissance scoping study），到現場落地，評估現有哪些資訊、所有歷史鑽探資料在哪裡、岩心在哪裡。所以這有點像一次短跑，盡快進入蒲隆地，對現有資訊做關鍵性評估，然後我們就能開始把這些納入一個概念性計畫，來界定我們打算進行哪些工作。因此截至目前，在蒲隆地這一端，在我們於未來 60 天內提出一份提案、說明我們對流程下一步的評估之前，暫時沒有投入任何資本承諾。接下來可能會導向預可行性研究或可行性研究。

But right now, we're kind of in that exciting investigative period where the teams are busy looking at, number 1, where is the information, what do they have? And number 2, how can we potentially unlock some of these synergies and operational efficiencies between the two projects. And I think that's where our team is most excited is really can we demonstrate that and some of the synergies between the nickel laterite and nickel sulfide is going to be one of the key kernels of what we're trying to establish from a technical viability standpoint.

但目前我們正處於令人興奮的調查期，團隊正忙著看兩件事：第一，資訊在哪裡、他們有哪些資料？第二，我們如何在兩個專案之間潛在地釋放一些協同效益與營運效率。我認為團隊最興奮的地方在於：我們是否能證明這些協同效益；而紅土鎳（nickel laterite）與硫化鎳（nickel sulfide）之間的一些協同，將是我們從技術可行性角度試圖建立的關鍵核心之一。

So early days in Burundi, a lot of work to do, but this natural bolt-on is very exciting in terms of upside potential for not only us, but for shareholders and for the larger potential of this new emerging nickel province as I alluded to in East Africa. Okay, Catherine, probably time for one more?

所以蒲隆地仍是早期階段，還有很多工作要做，但這個天然的附加（bolt-on）在上行潛力方面非常令人振奮，不僅對我們如此，對股東也是如此；也如我先前提到的，對東非這個正在形成的新興鎳礦省的更大潛力亦然。好的，Catherine，可能還有時間再來一題？

We are at time, but let's quickly answer one more. And this -- the starting question I'll go with is a combination of a few. What's your opinion on the recent continuous decline in the nickel prices? And I think linked to that will be on FID, what plans do we have? There are two options for final investment of Kabanga project. The first is to sell the project. The second is to secure bank loans.

我們時間到了，但我們快速再回答一題。我想用一個綜合了幾個問題的開場問題。你對近期鎳價持續下跌有何看法？我想與此相關的還有 FID（最終投資決定），我們有什麼計畫？Kabanga 專案的最終投資有兩個選項。第一是出售該專案。第二是取得銀行貸款。

Maybe on the nickel prices currently, I can't answer the question what exactly is meant with that. If it's the recent, meaning the last couple of days or this week, I think that's probably more influenced by political events in the Middle East. But of course, what we have seen over the last two years was sliding nickel prices up to the end of 2025, influenced by an increase in market share in Indonesia. That then turned around and it turned around from around mid-December and was driven by changes to the regulations in Tanzania -- in Indonesia.

關於目前的鎳價，我不太能回答這個問題所指的「到底是什麼意思」。如果是指近期、也就是過去幾天或本週，我認為這可能更多受到中東政治事件的影響。但當然，我們在過去兩年看到的是鎳價一路走低，直到 2025 年底，主要受到印尼市占率提升的影響。之後情勢反轉，大約從 12 月中旬開始反彈，並且是由印尼的法規變動所驅動——在坦尚尼亞——在印尼。

Indonesia, basically if it wants can make the nickel price -- and Indonesia benefits from higher nickel prices and particularly benefits from higher ore prices, which most of the royalties in Tanzania attach to, and that's what we have seen in the last three months that Indonesia has started to play around with its own resources trying to preserve them, but also to increase their take via a royalty structure, for instance, at 18,000, the royalties today are 50% higher than they were a year ago before regulations have changed. There's quite a few different things that have changed.

印尼基本上如果它願意，就能影響鎳價——而印尼也確實受益於較高的鎳價，尤其受益於較高的礦石價格；坦尚尼亞的大多數權利金是與此掛鉤的，而這正是我們在過去三個月看到的：印尼開始在自有資源上做一些調整，試圖保留資源，同時也透過例如權利金結構來提高其分成；舉例來說，在 18,000 的價位下，今天的權利金比一年前、法規變更前高出 50%。有相當多不同的事情都已改變。

The royalties went up, but also the whole quota system has changed to a yearly system and the amount has come down. And this is an ore quota. It's not nickel-contained quota. So with falling prices, even if you would leave this more or less the same, you will produce less and less nickel. There is also some changes.

權利金上調了，但整個配額制度也改成按年度的制度，而且配額量也下降了。而這是礦石配額。不是含鎳量配額。因此在價格下跌時，即使你大致維持不變，你生產的鎳也會越來越少。另外也有一些變化。

So there are some individual cases where licenses have not been given, and there is also some cases where it seems in the last couple of days, they will increase the licenses again. So it will have to be seen how the whole situation in the Middle East settles down.

所以有一些個案是許可證沒有核發，另外也有一些個案顯示，在過去幾天他們似乎又會增加許可證。因此還需要觀察中東整體局勢將如何趨於穩定。

There is, of course, one thing that people look very, very carefully, which is sulfur prices and sulfur availability. Indonesia has all laterite nickel. Everything that gets leached in Indonesia needs sulfuric acid and 78% of Indonesian sulfur source comes from the Middle East and there are -- and Indonesia has around one to maximum two months of storage. So that could go on the one side that there is simply not enough sulfur, but it is very clear that the sulfur prices are going up.

當然，有一件事大家看得非常、非常仔細，那就是硫磺價格與硫磺供應。印尼全部都是紅土鎳。在印尼進行浸出（leaching）的所有流程都需要硫酸，而印尼 78% 的硫磺來源來自中東；此外——印尼大約只有一到最多兩個月的庫存。因此一方面可能會出現硫磺根本不夠的情況，但很明顯的是硫磺價格正在上漲。

Then also coming back to the valuation question, our project has a $1.6 billion valuation. We used conservative -- or we used consensus prices and this consensus prices means that our valuation of $1.6 billion was for most of this year, significantly higher. Also coming back to the point at what price do you want to ultimately delay it, but our current share price doesn't reflect that at all. I stop here. And Chris, do you want to add anything around that?

另外回到估值問題，我們的專案估值為 16 億美元。我們採用了保守——或者說我們採用了市場共識價格，而這個共識價格意味著：在今年大部分時間裡，我們 16 億美元的估值其實顯著更高。也回到你提到的「在什麼價格下你最終會想延後」這一點，但我們目前的股價完全沒有反映這些。我先說到這裡。Chris，你想補充什麼嗎？

No, I think just last comment is the management worked very hard in terms of this process. And we probably would have liked to have concluded this end of last year. But I think the continual interest we had coming in, I think with some of the geopolitical events with some of the developments in the nickel industry, we had -- we continue to get a number of interested parties that came in relatively late in the process, but was in the best interest of us to allow them to progress to a point just given the quality of these potential partners.

沒有，我想最後補充一句：管理層在這個流程上非常努力。我們可能原本希望在去年年底就能完成。但我認為，持續有新的興趣方進來；再加上一些地緣政治事件以及鎳產業的一些發展，我們——我們持續收到一些相對較晚才進入流程的意向方，但基於這些潛在合作夥伴的品質，讓他們推進到一定程度是符合我們最佳利益的。

It was in shareholders' best interest to allow us to extend the process and take a little bit longer. And I think when we do make announcements, I think shareholders will be pleased that we are really acting in their best interest to deliver a result that's going to be positive for Tanzania, positive for Lifezone, positive for shareholders. So we'll look forward to that announcement in the near term.

讓我們延長流程、花多一點時間，是符合股東最佳利益的。我認為當我們發布公告時，股東會很高興看到我們確實是以他們的最佳利益行事，交付一個對坦尚尼亞有利、對 Lifezone 有利、對股東有利的正面結果。因此我們也期待在近期發布該項公告。

Thank you, Chris and Ingo. We are past time, so I'm going to wrap up this webcast. A quick reminder that if you do have any further questions or where we haven't addressed your question on this Q&A, please feel free to follow up directly by e-mail at info@lifezonemetals.com.

謝謝你，Chris 和 Ingo。我們已經超時了，所以我將結束本次網路直播。快速提醒：如果你還有任何其他問題，或我們在本次問答中尚未回覆到你的問題，歡迎直接寄電子郵件至 info@lifezonemetals.com 進一步聯繫。

This concludes our webcast. I'd like to thank everyone for attending today's event, and we look forward to speaking with you soon. Thank you.

本次網路直播到此結束。感謝各位參加今天的活動，我們期待很快再與各位交流。謝謝。

Thank you, everyone. Thank you.

謝謝大家。謝謝。

Thank you. Thank you everyone for joining. Bye.

謝謝。謝謝大家的參與。再見。