Kabanga: Supported by the Partnership for Global Infrastructure and Investment and Recognized as a Project within the Minerals Security Partnership

Lifezone Metals Limited’s (NYSE: LZM) Chief Executive Officer, Chris Showalter is pleased to announce that Lifezone has engaged in high-level discussions with U.S. and Tanzanian Government officials to further investment initiatives in critical minerals projects in Africa.

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From left to right: Keith Liddell (Chair, Lifezone), Benedict Busunzu (CEO, Lifezone’s Tanzania subsidiary, Tembo Nickel), K. Danae Pauli (Senior Advisor, PGI), Chris Showalter (CEO, Lifezone), Hon. Anthony Mavunde (Tanzanian Minister of Minerals), Michael Battle (U.S. Ambassador to Tanzania), Helaina Matza (Acting Special Coordinator, PGI), Buberwa Mukurasi (Economics Advisor, U.S. Embassy) and George Karumuna (Tanzanian Ministry of Foreign Affairs) in Dar es Salaam, Tanzania on August 26, 2024. (Photo: Business Wire)

The Kabanga Nickel Project, located in north-west Tanzania, is being advanced through a strategic partnership between Lifezone, the Government of Tanzania and BHP Group Limited. Kabanga is believed to be one of the world's largest and highest-grade undeveloped nickel sulfide deposits. The Project is expected to establish first-of-its-kind nickel, copper and cobalt processing in Tanzania, delivering value addition and driving sustainable development for the benefit of Tanzania’s citizens.

During a visit to Dar es Salaam on August 26, 2024, Mr. Showalter, alongside key U.S. representatives including Acting Special Coordinator for the Partnership for Global Infrastructure and Investment (“PGI”), Helaina Matza and Ambassador of the United States to Tanzania, Michael Battle, met with Tanzanian Government officials. These meetings, which included discussions with the Minister of Minerals, the Honorable Anthony Mavunde, focused on the ongoing progress and future potential of the Kabanga Nickel Project.

The U.S. Government highlighted the importance of the Kabanga Nickel Project to help advance the energy transition and as a model of strategic economic cooperation between the United States and Tanzania. This collaboration was previously showcased at the U.S.-Africa Summit in 2022 and reinforced by Vice President Harris during her visit to Tanzania in 2023.

Lifezone’s subsidiary, Kabanga Nickel Limited, has signed a retainer letter with the U.S. International Development Finance Corporation (“DFC”) to commence the evaluation process for political risk insurance coverage for future investments into the Kabanga underground nickel-copper-cobalt mine site and the Kahama Hydromet refinery site.

Lifezone is proposing a comprehensive investment plan that seeks to secure the future of the Kabanga Nickel Project. Through these collaborative efforts and discussions, Lifezone aims to strengthen partnerships and secure investments that will contribute to the sustainable development of critical minerals resources in Africa.

Mr. Showalter stated: “Our partnership with the United States and Tanzania continues to deepen as we pursue our common goals of building resilient supply chains for critical minerals, while fostering sustainable economic development. Further, the U.S. Government’s recognition through the Partnership for Global Infrastructure and Investment and identification of Kabanga as a project within the Mineral Security Partnership demonstrates the Project’s significance for like-minded partners as well as for the United States. We look forward to working closely with DFC on this Project. None of this would be possible without our partners in Tanzania and their ongoing and demonstrated support of the Project.”

Ms. Matza added: “PGI, as the overarching U.S. Government approach to supporting sustainable infrastructure development, has been a supporter of the Kabanga Nickel Project, which will positively impact the battery supply chain security for both the U.S. and its partners. The Kabanga Project exemplifies the goals of sustainable development — ‘for Tanzanians, by Tanzanians’ — that Vice President Harris articulated during her 2023 visit.”

The Kabanga Nickel Project is expected to be a fully integrated mine-to-metal operation that will enable a fully auditable supply chain with production of refined, LME-grade nickel, copper and cobalt metals. Lifezone will apply its Hydromet Technology, which provides an alternative to traditional pyrometallurgical smelting, and is able to significantly reduce carbon dioxide and sulfur dioxide emissions (relative to smelting) with lower expected operating and capital costs. The Kabanga Definitive Feasibility Study is progressing towards completion in September.

About PGI

The Office of the U.S. Coordinator for the Partnership for Global Infrastructure and Investment (PGI) leads and coordinates the U.S. President’s flagship G7+ initiative for the advancement of strategic, values-driven and high standard infrastructure and investment in low- and middle-income countries. Through PGI, the U.S. government alongside our G7 partners aims to mobilize $600 billion over the next five years in global infrastructure investments that will make a difference in people’s lives around the world, strengthen and diversify our supply chains, and advance shared national security interests.

The Partnership for Global Infrastructure and Investment - United States Department of State

About MSP

The Minerals Security Partnership (MSP) aims to accelerate the development of diverse and sustainable critical energy minerals supply chains through working with host governments and industry to facilitate targeted financial and diplomatic support for strategic projects along the value chain. MSP partners include Australia, Canada, Estonia, Finland, France, Germany, India, Italy, Japan, Norway, the Republic of Korea, Sweden, the United Kingdom, the United States, and the European Union (represented by the European Commission). The MSP considers projects along the full clean energy value chain, from mining, extraction, and secondary recovery, to processing and refining, and ultimately to recycling. MSP Partners strive to elevate environmental, social, and governance principles across the minerals sector, supporting projects that promote local value addition and uplift communities.

Minerals Security Partnership - United States Department of State

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About Lifezone Metals

At Lifezone Metals (NYSE: LZM), our mission is to provide cleaner and more responsible metals production and recycling. Using a scalable platform underpinned by our Hydromet Technology, we offer the potential for lower energy consumption, lower emissions and lower cost metals production compared to traditional smelting.

Our Kabanga Nickel Project in Tanzania is believed to be one of the world's largest and highest-grade undeveloped nickel sulfide deposits. By pairing with our Hydromet Technology, we are working to unlock a new source of LME-grade nickel, copper and cobalt for the global battery metals markets, to empower Tanzania to achieve full in-country value creation and become the next premier source of Class 1 nickel. A Definitive Feasibility Study for the mine-to-metals project is due for completion in Q3 2024.

Through our US-based, platinum, palladium and rhodium recycling partnership, we are working to demonstrate that our Hydromet Technology can process and recover platinum group metals from responsibly sourced spent automotive catalytic converters in a cleaner and more efficient way than conventional smelting and refining methods.

https://lifezonemetals.com

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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 plans, strategies, intentions and prospects, both business and financial, of Lifezone Metals Limited and its subsidiaries.

Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. 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 Technology) 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 statement 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 pilot 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; our ability to obtain additional capital, including use of the debt market, future capital requirements and sources and uses of cash; the risks related to the rollout of Lifezone Metals’ business, the efficacy of the Hydromet Technology, and the timing of expected business milestones; the acquisition of, maintenance of and protection of intellectual property; Lifezone’s ability to achieve projections and anticipate uncertainties (including economic or geopolitical uncertainties) relating to our business, operations and financial performance, including: expectations with respect to financial and business performance, financial projections and business metrics and any underlying assumptions; expectations regarding product and technology development and pipeline and market size; expectations regarding product and technology development and pipeline; the effects of competition on Lifezone Metals’ business; the ability 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 Metals’ business; Lifezone Metals’ 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; our ability to comply with applicable laws and regulations; stay abreast of accounting standards, or modified or new laws and regulations applying to our business, including privacy regulation; 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 Lifezone Metals’ expectations, plans or forecasts of future events and views as of the date of this communication. Lifezone Metals anticipates that subsequent events and developments will cause Lifezone Metals’ assessments to change.

These forward-looking statements should not be relied upon as representing Lifezone Metals’ assessments 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240827168809/en/

Investor Relations – North America
Evan Young
SVP: Investor Relations & Capital Markets
evan.young@lifezonemetals.com

Media Enquiries
David Petrie
Manager: Corporate Communications
david.petrie@lifezonemetals.com

Investor Relations – Europe
Ingo Hofmaier
Chief Financial Officer
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