Lifezone Metals Announces Major Mineral Resource Update for Its Kabanga Nickel Project in Tanzania

8 December 2023

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

Lifezone Metals currently owns 69.7% of the Kabanga Nickel Project and all Mineral Resources are attributable to Lifezone Metals .

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, scheduled for completion by the end of the third quarter of 2024. We believe that Kabanga has the potential to become a low-cost, long-life and environmentally friendly producer of nickel, copper and cobalt. These metals are essential for the transition to green energy. We hope to advance the Project in close coordination with the Government of Tanzania, which has greatly supported our efforts.”

Highlights from the November 2023 Mineral Resources Update:

  • Attributable Measured and Indicated Resources amount to 43.6 million tonnes grading 2.02% nickel, 0.28% copper and 0.16% cobalt (2.57% nickel equivalent).
  • Additionally, attributable Inferred Resources totaling 17.5 million tonnes grading 2.23% nickel, 0.31% copper and 0.16% cobalt (2.79% nickel equivalent).
  • Significantly, 71% of Kabanga's Mineral Resource tonnage now falls into the most confident categories of Measured and Indicated versus Inferred Resource estimates.
  • The tonnage of the Measured and Indicated Mineral Resources has increased by 69% from the February 2023 Mineral Resource estimate. The nickel metal equivalent contained in the Measured and Indicated Resources has increased by 30%. The number of tons of Inferred Resources has also increased by 20% and the nickel metal equivalent contained has increased by 4%.
  • The Mineral Resources cut-off grade has remained unchanged at 0.58% nickel equivalent, as it was determined that the assumptions used previously remain in effect.
  • A significant proportion of the additional Mineral Resource tonnage in the November 2023 Mineral Resources Update is due to the inclusion of additional ultramafic mineralization. The change in the processing flow diagram, including the addition of a hydrometallurgical refinery, improves the prospects for economic extraction of the ultramafic material.
  • Bulk sulfide Mineral Resources have also increased in all categories, adding 10% more nickel metal equivalent.
  • In the Tembo Zone, located 1.0 km northeast of the North Zone, significant additional tonnages of Mineral Resources have been obtained. Tembo remains open along the northeast direction towards the Safari Zone, in an area called Safari Link.
  • Other Mineral Resource areas have also been incorporated in the North, Main and MNB Zones, and a Mineral Resource has been reported for the first time in the Kima Zone.

The Kabanga Mineral Resources Update has been prepared independently by Sharron Sylvester, Technical Director of Geology at OreWin Pty Ltd, in accordance with Regulation SK, Subpart 1300, published by the US Securities and Exchange Commission (SK 1300). Mineral Resources do not include Mineral Reserves. There are no Mineral Reserves to report.

Kabanga currently consists of six distinct identified mineralized zones, namely (from southwest to northeast) the Main, MNB, Kima, North, Tembo and Safari Zones, extending over more than 7.5 kilometers. The five mineralized zones contributing to the Mineral Resource Update are: Main, MNB, Kima, North and Tembo, which extend over a total strike length of 6.0 kilometers and to a depth of up to 1.7 kilometers beneath the surface.

Figure 2: Long oblique section showing mineralized zones and intersections greater than 0.58% nickel equivalent (looking northwest).

See Figure 2 of the press release on our website here .

Figure 3: Kabanga Nickel Project Mineral Resources Update by zones attributable to Lifezone Metals.

See Figure 2 of the press release on our website here .

Note: See metal prices, recoveries and other assumptions in Table 1 and accompanying notes.

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

The Tembo Zone is the second largest, and all Tembo Mineral Resources are 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).

Within the North and Tembo Zones, which form the bulk of the Mineral Resources contained in Kabanga, 74% of the Mineral Resources are classified as Measured and Indicated for highest confidence of estimate (71% in all Kabanga zones) in relationship with the Inferred. In comparison, the North and Tembo Zones combined had 63% of Resources classified as Measured and Indicated in the February 2023 Mineral Resource estimate.

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

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

Lifezone Metals carried out multiple drilling programs between 2021 and 2023 at the Kabanga Project and the results have been included in the Mineral Resources database (up to September 17, 2023; with the exception of holes not yet drilled). have measured or have pending test results). The breakdown of Lifezone Metals' drilling programs is as follows:

  • December 2021 to May 2022: 4,163 meters of drilling in 14 holes to provide 2,727 kilograms of metallurgical sample (in three bulk samples) from the North and Tembo zones for flotation work and hydrometallurgical testing in Perth, Australia.
  • May 2022 to December 31, 2022: 7,186 meters of infill drilling in 19 holes at Tembo North to increase estimate confidence in this Zone over a strike length of 700 meters and to provide additional bulk sample (464 kilograms ) for the flotation and hydrometallurgical test work in Perth, Australia. An additional 768 meters were completed in a well in the Safari Zone.
  • January 2023 to September 17, 2023: 9,274 meters of infill drilling in five wells at North to increase estimate confidence over a strike length of 500 meters, 16,727 meters of infill drilling in 23 wells at Tembo to increase confidence estimate over the entire strike length of the reservoir and 3,555 meters in six holes at Tembo for geotechnical purposes.

KNL drillings up to September 17, 2023 have been incorporated into the Mineral Resources database, with the exception of wells pending measurement or with pending assay results.

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

See Figure 2 of the press release on our website here .

Note: See metal prices, recoveries and other assumptions in Table 1 and accompanying notes.

A significant proportion of the additional November 2023 Mineral Resource Update tonnage is due to the inclusion of ultramafic mineralization, which had previously been omitted from the interpreted ultramafic boundaries in the North and Tembo zones based on theoretical cut-off grades. The change in the processing flow diagram, incorporating a hydrometallurgical refinery, improves prospects for economic extraction of the ultramafic material, and the ultramafic mineralization has been interpreted and grade estimated for the November 2010 Mineral Resources Update. 2023.

The Mineral Resource cut-off grade has remained unchanged at 0.58% nickel equivalent, allowing for a direct comparison between the February 2023 Mineral Resource Estimate and the November 2023 Mineral Resource Update. Metal prices used to determine the cut-off grade were $9.50/lb for nickel, $4.00/lb for copper and $26.00/lb for cobalt.

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

See Figure 2 of the press release on our website here .

Note: See metal prices, recoveries and other assumptions in Table 1 and accompanying notes.

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 of the press release on our website here .

Note: See metal prices, recoveries and other assumptions in Table 1 and accompanying notes.

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

Specific work focuses on completing geotechnical studies, underground mine design, placement of surface infrastructure, and location of the waste storage facility. Water monitoring wells are providing the basis for in situ hydrological studies and metallurgical testing is also being carried out with variability samples drilled and collected. Underground mining is expected to leave a small surface footprint and have a low environmental impact compared to open pit mining.

Anticipating an increase in Mineral Resources at Kabanga, Lifezone Metals suspended exploration drilling programs in November 2023. With the completion of the November 2023 Mineral Resources Update and the significant conversion of Inferred Mineral Resources to Measured and Indicated, Lifezone Metals has decided that there are now sufficient Mineral Resources to support the Definitive Feasibility Study. The Mineral Resources do not constitute Mineral Reserves and have not demonstrated economic viability. There is no certainty that the Final Feasibility Study will result in Mineral Reserves.

Eleven exploratory surveys have been carried out on Safari Link and the results will be communicated when the tests are received. Lifezone Metals geologists have stated that the Safari Link Zone represents the best opportunity to incorporate resources in the future.

Safety is the top priority in Kabanga

The Kabanga Nickel Project has logged more than one and a half million hours of work with no time lost due to injury. The "Your safety is my safety" campaign continues to be successfully implemented and training of employees and contractors continues.

Safety initiatives carried out to date include additional training for field managers, updating defensive driving training for all plant vehicle operators, and reviewing Standard Operating Procedures, assessments task-based risk assessment and task-based observations.

Safety is the top priority at Kabanga and is a permanent and priority initiative at all levels.

Lifezone Metals: Address Update

We regret to announce that Natasha Liddell, our Chief Sustainability Officer, will be leaving her role at Lifezone Metals effective February 2024. Liddell has been instrumental in leading our corporate and local sustainability teams and is committed to ensuring a smooth transition of its function. We are grateful for her contribution and wish her the best in her future endeavors.

Qualified people

The Summary of the 2023 Kabanga Mineral Resources Update Technical Report (2023MRU), effective November 30, 2023, has been prepared in accordance with the rules of subpart 1300 of Regulation SK of the Securities and Exchange Commission. (US SEC) on Property Disclosure for Registered Miners (SK 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's mineralization to support the disclosure of Mineral Resources. Mineral Resource estimates are current as of November 30, 2023.

The scientific and technical information from 2023MRU contained 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 - Mining at OreWin Pty Ltd. Both individuals are Qualified Persons in accordance with SK 1300 and are considered independent of Lifezone Metals.

All other scientific and technical information contained 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. Kohlsmith is employed by Tembo Nickel Corporation Limited, an indirect subsidiary of Lifezone Metals, and serves as Exploration Geology Manager.

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About Lifezone Metals

Lifezone Metals (NYSE: LZM) is a modern metals company that creates value across the entire metals supply chain, from resources to metal production and recycling. Our mission is to provide cleaner metals production through a scalable platform supported by our Hydromet technology. This technology has the potential to be a less polluting and less expensive alternative compared to traditional smelting, achieving a cleaner supply of metals in a responsible manner.

Our Kabanga Nickel Project in Tanzania is estimated to be one of the largest untapped high-grade nickel sulphide deposits in the world. When combined with our Hydromet technology, we will work to unlock a new source of LME quality nickel, copper and cobalt for global battery metals markets. At Kabanga, we are working to enable Tanzania to achieve full value creation in the country and become the next major source of Class 1 nickel.

www.lifezonemetals.com

Forward-looking statements

Certain statements included in this release are not historical facts, but rather "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, the Securities Act of 1934, as amended, and the protective provisions of the Private Securities Litigation Reform Act of 1995 relating to, among other things, the business and financial plans, strategies and prospects of Lifezone Metals Limited and its subsidiaries and/or associated companies.

Forward-looking statements are often accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "could," "plan." ", "predict", "potential", "appear", "seek", "future", "outlook" or the negatives of such terms or terminology or similar expressions that predict or indicate future events or trends or that do not constitute statements of historical facts; taking into account that the lack thereof does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, those regarding expectations regarding future events, estimates or anticipated future results of Lifezone Metals, future opportunities of Lifezone Metals, including the effectiveness of Lifezone Metals' hydrometallurgical technology (Hydromet) and the development and mineral resource processing at the Kabanga Project, and other claims that are not historical facts.

These statements are based on the current expectations of Lifezone Metals' management and are not predictions of actual results. These forward-looking statements are provided for illustrative purposes only and are not intended to be, nor should they be relied upon by any investor as, a guarantee, assurance, prediction or definitive statement of facts or probabilities. Actual facts 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 relating to 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, economic and operational disruptions, global inflation and increasing costs of materials and services; the inability to establish mineral reserves and resources, the grade and recovery of extracted metals and/or minerals, the success of future exploration, the reliability of samples and data, the success of test work, the significant variation of capital and operating costs with respect to estimates, delays or inability to obtain governmental, environmental or other authorizations necessary for projects, changes in government regulations, legislation and tax rates, inflation, variations in exchange rates and the availability of foreign currency, fluctuations in raw material prices, delays in the development of projects and other factors, the outcome of any legal proceedings that may be brought against Lifezone Metals, in relation to business or other combination; the failure to realize the anticipated benefits of the business combination, including the difficulty of integrating the businesses of LHL and GoGreen; risks related to the expansion of Lifezone Metals' business, the effectiveness of Hydromet technology and the timing of anticipated business milestones; the development and processing of mineral resources from the Kabanga project by Lifezone Metals; the effects of competition on Lifezone Metals' business; Lifezone Metals' ability to execute its growth strategy, manage growth profitably and retain its key employees; Lifezone Metals' ability to achieve and maintain profitability; improving future operating and financial results; compliance with the laws and regulations applicable to Lifezone's activity; the volatility of the trading price of Lifezone's common stock; Lifezone's ability to continue to comply with applicable NYSE listing standards; Lifezone's ability to maintain listing of its securities on a U.S. national stock exchange; costs related to the business combination; and other risks that will be detailed from time to time in documents filed with the U.S. Securities and Exchange Commission (SEC).

The above list of risk factors is not exhaustive. There may be additional risks that Lifezone Metals is not currently aware of or that Lifezone Metals currently believes are irrelevant and which could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements provide Lifezone Metals' expectations, plans or forecasts regarding future events and views as of the date of this communication. Lifezone Metals anticipates that subsequent events and developments will cause Lifezone Metals' valuations to change. However, although Lifezone Metals may elect to update these forward-looking statements in the future, Lifezone Metals specifically disclaims any obligation to do so.

These forward-looking statements should not be considered representative of Lifezone Metals' valuations as of any date subsequent to the date of this release. Accordingly, you should not place undue reliance on forward-looking statements. Nothing herein should be considered a representation that the forward-looking statements set forth herein will occur or that any of the results contemplated by such forward-looking statements will be achieved. You should not place undue reliance on the forward-looking statements contained in this communication, which are based on the information available to Lifezone Metals on the date they are made and are qualified in their entirety by reference to the cautionary statements contained herein.

Certain statements contained herein include references to "clean" or "green" metals, production methods for such metals, energy or the future in general. These references refer to environmental benefits such as the reduction of greenhouse gas (GHG) emissions and energy consumption involved in the production of metals using Hydromet technology compared to the use of traditional production methods and the use of metals such as nickel in electric vehicle batteries.

Although third party studies (commissioned by Lifezone Metals) have shown that Hydromet technology, under certain conditions, produces fewer greenhouse gas emissions and lower electricity consumption, compared to smelting when it comes to refining platinum group metals, no active refineries are currently licensed to use Lifezone Metals' Hydromet technology. Consequently, Lifezone Metals' Hydromet technology and the resulting metals may not achieve environmental benefits to the extent Lifezone Metals expects or at all. Any exaggeration of environmental benefits may have adverse implications for Lifezone Metals and its stakeholders. Except as otherwise required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statements to reflect changes in assumptions or underlying factors, new information, data or methods, future events or other changes after the date of this communication. .

The original text in the source language of this statement is the official authorized version. Translations are only provided as an adaptation and must be checked against the source language text, which is the only version of the text that will have legal effect.

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evan.young@lifezonemetals.com

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