Lifezone Metals Initiates Process for Risk Insurance with U.S. International Development Finance Corporation for the Kabanga Nickel Project in Tanzania

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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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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