Lifezone Metals Limited is a modern metals company that adds value across the entire battery metals supply chain, from resources to metal production and recycling. Lifezone Metals Executive Director Chris Showalter is pleased to announce the Mineral Resource Update for the Kabanga Nickel Project located in northwest Tanzania. The November 2023 Mineral Resource Update reflects the results of Lifezone Metals' 2021-2023 drilling programs and an updated interpretation of mineralization, which reconfirms the continuity of high-grade nickel mineralization at Kabanga.

The Kabanga Nickel Project is currently 69.7% owned by Lifezone Metals and all Mineral Resources are shown on an attributable basis to Lifezone Metals .

Mr Showalter commented: “Kabanga continues to demonstrate its exceptional quality and global scale. The significant increase in Measured and Indicated Mineral Resources provides a solid foundation for the ongoing Definitive Feasibility Study, which is expected to be completed by the end of the third quarter of 2024. We believe that Kabanga has the potential to become a producer of nickel, copper and cobalt with low cost, long term and environmental responsibility, whose metals are vital for the ecological energy transition. We look forward to moving forward with the Project in close coordination with the Government of Tanzania, which has greatly supported our efforts."

November 2023 Mineral Resources Update Highlights:

• The Measured and Indicated Attributable Resources total 43.6 million tons with a content of 2.02% nickel, 0.28% copper and 0.16% cobalt (2.57% nickel equivalent).
• In addition, attributable Inferred Resources total 17.5 million tons with a content of 2.23% nickel, 0.31% copper and 0.16% cobalt (2.79% nickel equivalent).
• Significantly, 71% of Kabanga Mineral Resources tonnage is now classified in the more reliable Measured and Indicated categories than Inferred.
• Tonnages of Measured and Indicated Mineral Resources increased by 69% from the February 2023 Mineral Resource Estimate. Nickel-equivalent metal contained in Measured and Indicated Resources increased by 30%. Inferred Resources also increased in tonnage by 20%, with the nickel equivalent metal contained increasing by 4%.
• The Mineral Resources cutoff grade remained unchanged at 0.58% nickel equivalent as it was determined that the previous assumptions used remained current.
• A significant proportion of the additional Mineral Resources tonnage in the November 2023 Mineral Resources Update results from the inclusion of additional ultramafic mineralization. The change in the processing flowchart, including the addition of a hydrometallurgical refinery, improves the prospects for economic extraction of ultramafic material.
• The immense sulfide mineral resource also increased across all categories by adding 10% more nickel-equivalent metal.
• Significant additional tonnes of Mineral Resources were obtained from the Tembo Zone, which is located 1.0 km northeast of the North Zone. Tembo remains open along the northeast extension towards the Safari Zone, in an area known as Safari Link.
• Other areas of Mineral Resource accretion include the North, Main and MNB zones, and the first report of a Mineral Resource in the Kima Zone.

The Kabanga Mineral Resource Update was prepared independently by Sharron Sylvester, Technical Director of Geology at OreWin Pty Ltd. and in accordance with Regulation SK, subpart 1300, promulgated by the US Securities and Exchange Commission (SK 1300). Mineral Resources are reported exclusively from Mineral Reserves. There are no Mineral Reserves to report.

The North Zone remains the largest of the mineralized zones currently identified at Kabanga, with attributable Measured and Indicated Resources totaling 20.6 million tonnes grading 2.53% nickel, 0.34% copper and 0.18% cobalt (3.18% nickel equivalent) and attributable Inferred Mineral Resources totaling 12.2 million tonnes grading 2.60% nickel, 0.35% copper and 0.18% cobalt (3.24% equivalent to the level).

The Tembo Zone is the second largest zone, with all Mineral Resources in Tembo classified as Measured or Indicated, with a combined attributable total of 13.8 million tonnes grading 1.80% nickel, 0.25% copper and 0.15% cobalt (2.32% nickel equivalent).

In the North and Tembo zones, which constitute the majority of the Mineral Resources contained in Kabanga, 74% of the Mineral Resources are classified as Measured and Indicated with greater confidence (71% across all zones in Kabanga) than Inferred. As a comparison, the North and Tembo zones combined were 63% classified as Measured and Indicated Resources in the February 2023 Mineral Resource Estimate.

Significant increase in tonnage and metal contained when compared to the previous Mineral Resource Estimate of February 2023

Overall Measured and Indicated Mineral Resources increased by 69% and Inferred Mineral Resources increased by 20% at the Kabanga Nickel Project compared to the previous Mineral Resource Estimate of February 2023. This reflects the results of drilling programs between 2021 and 2023 from Lifezone Metals and an updated interpretation of the mineralization.

Lifezone Metals has conducted several drilling programs between 2021 and 2023 at the Kabanga project and the results have been included in the Mineral Resources database (until September 17, 2023; with the exception of drillings that have not yet been surveyed or have excellent test results ). A breakdown of Lifezone Metals' drilling programs is as follows:

• December 2021 to May 2022: 4,163 m of drilling in 14 holes to provide 2,727 kg of metallurgical sample (in three bulk samples) from the North and Tembo zones for flotation and hydrometallurgical testing in Perth, Australia.
• From May 2022 to 31 December 2022: 7,186 m of additional drilling in 19 holes in Tembo North to increase confidence in this Zone over a length of 700 m and provide an additional bulk sample (464 kg) for flotation and works hydrometallurgical test site in Perth, Australia. An additional 768 m of drilling has been completed in the Safari Zone.
  • From January 2023 to 17 September 2023: 9,274 m of additional drilling in five holes in the North to increase confidence in a 500 m length, 16,727 m of additional drilling in 23 holes in Tembo to increase confidence throughout the length of the deposit and 3,555 m in six drillings at Tembo for geotechnical purposes.

KNL drilling through September 17, 2023 has been incorporated into the Mineral Resources database, with the exception of drilling holes yet to be surveyed or with excellent test results.

Figure 4: Comparison of overall attributable tonnes and grades between the February 2023 Mineral Resource Estimate and the November 2023 Mineral Resource Update.

See Figure 2 in the Press Release on our website here .

Note: See metal prices, recoveries, and other assumptions as shown in Table 1 and the notes provided.

A significant proportion of the additional Mineral Resource tonnage in the November 2023 Mineral Resource Update results from the inclusion of ultramafic mineralization that was previously omitted from the interpreted ultramafic boundaries in the North and Tembo zones based on hypothetical cut-off grades. The change in the processing flowchart, by adding a hydrometallurgical refinery, improves the prospects for economic extraction of ultramafic material, with ultramafic mineralization being interpreted and grade estimated for the November 2023 Mineral Resources Update.

The Mineral Resource cutoff grade remained unchanged at 0.58% nickel equivalent, which allows for a direct comparison between the February 2023 Mineral Resource Estimate and the November 2023 Mineral Resource Update. metal used to determine the cut grade were US$9.50/lb for nickel, US$4.00/lb for copper and US$26.00/lb for cobalt.

Figure 5: Overall attributable tonnes and grade shown by mineralization type for the November 2023 Mineral Resources Update.

See Figure 2 in the Press Release on our website here .

Note: See metal prices, recoveries, and other assumptions as shown in Table 1 and the notes provided.

Figure 6: Significant additions made to the Tembo Zone between the February 2023 Mineral Resource Estimate and the November 2023 Mineral Resource Update.

See Figure 2 in the Press Release on our website here .

Note: See metal prices, recoveries, and other assumptions as shown in Table 1 and the notes provided.

Definitive feasibility study for a low-impact, small surface area underground mine scheduled for the end of the third quarter of 2024

Specific work is focused on finalizing geotechnical studies, underground mine designs, placement of surface infrastructure and positioning of the tailings storage facility. Water monitoring holes have been informing hydrological studies at the site and metallurgical testing is also ongoing with variability samples drilled and collected. Underground mining is expected to have a small surface area with a lower environmental impact than open pit mining.

In anticipation of an increase in Mineral Resources at Kabanga, Lifezone Metals ceased exploration drilling programs in November 2023. With the completion of the November 2023 Mineral Resources Update and the significant conversion of Inferred Mineral Resources into the Measured and Nominated, Lifezone Metals has decided that there are now sufficient mineral resources to support the Definitive Feasibility Study. Mineral Resources are not Mineral Reserves, nor do they have demonstrated economic viability. There is no certainty that the Definitive Feasibility Study will result in Mineral Reserves.

Eleven diamond exploration drillings have been completed at Safari Link, with results to be reported when tests are received. Lifezone Metals geologists said the Safari Link area represents the best opportunity for future resource addition.

Safety is the top priority in Kabanga

The Kabanga Nickel Project recorded more than one and a half million hours worked without accidents and lost time. The "Your Safety is My Safety" campaign continues to be successfully implemented and training continues with employees and service providers.

Safety initiatives completed to date include additional management training in the field; defensive driving refresher training for all on-site vehicle operators; as well as reviews of standard operating procedures, risk assessments and observations, the latter two being task-based.

Safety is the top priority at Kabanga and is an ongoing and priority initiative at all levels.

Lifezone Metals Management Update

We are sad to announce that Natasha Liddell, our Chief Sustainability Officer, will be leaving her role at Lifezone Metals effective February 2024. Ms. Liddell has been instrumental in leading our corporate and local sustainability teams and is committed to ensuring a smooth transition from positions. We are grateful for her contributions and wish her all the best in her future projects.

Qualified people

The 2023 Kabanga Mineral Resources Update Technical Report Summary (2023MRU) with an effective date of November 30, 2023, has been prepared in accordance with the rules of subpart 1300 of the US Securities and Exchange Commission (US SEC) Regulation SK for Disclosures of Property to Mining Registrants (SK 1300) for Lifezone Metals Ltd. at the Kabanga Nickel Project. The 2023MRU is a preliminary technical and economic study of the economic potential of the project's mineralization to support the disclosure of Mineral Resources. Mineral Resource estimates are current as of November 30, 2023.

The 2023MRU scientific and technical information in this press release has been prepared and approved by Sharron Sylvester, BSc (Geol), RPGeo AIG (10125), Technical Director Geology at OreWin Pty Ltd. and Bernard Peters, BEng (Mining), FAusIMM ( 201743 ), Technical Director of Mining at OreWin Pty Ltd. Both are Qualified Persons under SK 1300 and are considered independent of Lifezone Metals.

Other scientific and technical information in this press release has been reviewed and approved by Raymond Kohlsmith, BSc (Hons.) (Geol) 1980, P.Geo (1044) PGO Canada, a Qualified Person under SK 1300. Mr. Kohlsmith is employed of Tembo Nickel Corporation Limited, an indirect subsidiary of Lifezone Metals, as Exploration Geology Manager.

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Source:businesswire.com

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