Lifezone Metals Upgrades High-Grade Nickel Copper and Cobalt Mineral Resources at its Kabanga Nickel Project

21% Increase in Contained Nickel in Measured and Indicated at North Zone – the Largest Zone at Kabanga

3% Increase in Measured and Indicated Nickel Grade Across All Zones – Adding 3.3 Million Attributable Tonnes at 3.00% Nickel

81% of the Kabanga Mineral Resource Tonnage is Now in Higher Confidence Measured and Indicated Categories

Multiple Exploration Opportunities Identified to Add High-Grade Mineralization

NEW YORK--(BUSINESS WIRE)--Lifezone Metals Limited’s (NYSE: LZM) Chief Executive Officer, Chris Showalter, is pleased to announce the significant addition of high-grade nickel, copper and cobalt Mineral Resources to the Measured and Indicated categories at its Kabanga Nickel Project, located in north-west Tanzania. The December 2024 Mineral Resource Update is detailed in a Technical Report Summary, which has been filed on EDGAR.

The Kabanga Nickel Project is 69.713% owned by Lifezone Metals, and all Mineral Resources are shown on an attributable to Lifezone Metals basis and do not represent the total resource tonnage.

Highlights:

• Attributable Measured and Indicated Resources total 46.8 million tonnes grading 2.09% nickel, 0.29% copper and 0.16% cobalt (2.62% nickel-equivalent – 1.2 million tonnes contained nickel-equivalent).
• Plus, attributable Inferred Resources totaling 11.3 million tonnes grading 2.08% nickel, 0.28% copper and 0.15% cobalt (2.59% nickel-equivalent – 0.3 million tonnes contained nickel-equivalent).
• 3.3 million tonnes attributable to Lifezone with an average grade of 3.00% nickel (3.26% nickel-equivalent) for 98,000 tonnes attributable contained nickel have been added to the Measured and Indicated categories compared to the previous November 2023 Mineral Resource Update.
• 81% of Kabanga’s Mineral Resource tonnes are now classified as the higher confidence Measured and Indicated categories relative to Inferred. Only Measured and Indicated Resources can support the conversion to Proven and Probable Reserves.
• The nickel-equivalent formula and cut-off grade calculation has been revised to reflect updated assumptions and technical parameters, increasing to 0.73% nickel-equivalent (NiEq24) for the massive sulfide domain and 0.77% NiEq24 for ultramafic, compared to 0.58% nickel-equivalent (NiEq23) previously.
• Kabanga’s largest mineralized zone, the North Zone, has had a 21% increase in contained nickel in Measured and Indicated. The North Zone represents more than 50% of Kabanga’s total resources, with 24.7 million tonnes of attributable Measured and Indicated Resources grading 3.19% nickel-equivalent.
• Multiple opportunities identified to grow the current Kabanga resources, including at the Safari Link zone. High-priority regional targets include multiple identified geophysical anomalies, such as Rubona Hill.

Mr. Showalter commented: “Kabanga stands as one of the world’s largest and highest-grade undeveloped nickel sulfide deposits, and today’s update underscores its exceptional potential. With the addition of over 15,000 meters of new drilling data, we can refine the Definitive Feasibility Study mine plan to unlock maximum value from Kabanga’s rich mineralization. Upgrading high-grade nickel, copper and cobalt Mineral Resources into the Measured and Indicated categories is a pivotal step towards converting these into Proven and Probable Reserves.

With these upgrades to Kabanga’s Mineral Resources, we have identified opportunities for further enhancing the Definitive Feasibility Study. We will provide an update on the Definitive Feasibility Study timeline once we have completed these technical evaluations.

Facilitated by the Memorandum of Understanding with Japan Organization for Metals and Energy Security (JOGMEC), we are evaluating the potential for a strategic investment by a Japanese partner, alongside the sale of offtake through Lifezone’s marketing rights. These negotiations are progressing well and in close coordination with our project partners. We welcome the opportunity to bring on a strategically aligned Japanese partner to further advance the Kabanga Nickel Project. In parallel, we are working with our project partners to conclude the Joint Financial Model, which remains a crucial condition for BHP’s T2 investment.”

Table 1: Kabanga Nickel Project Mineral Resource Update shown on an attributable to Lifezone Metals basis (69.7%), as at December 4, 2024. Detailed tables are included as an Appendix to this news release.

Mineral Resource Classification	Attributable Tonnage (Mt)	Grades				Recovery
		NiEq24 (%)	Nickel (%)	Copper (%)	Cobalt (%)	Nickel (%)	Copper (%)		Cobalt (%)
OVERALL MINERAL RESOURCE – All Mineralization Types
Measured	15.9	2.48	1.95	0.26	0.16	82.7	92.0		85.4
Indicated	31.0	2.69	2.16	0.30	0.16	82.9	92.6		85.3
Measured + Indicated	46.8	2.62	2.09	0.29	0.16	82.8	92.4		85.3
Inferred	11.3	2.59	2.08	0.28	0.15	83.7	93.7		86.5
Mineral Resource Classification	Attributable Tonnage (Mt)	Grades				Attributable Contained Metals
		NiEq24 (%)	Nickel (%)	Copper (%)	Cobalt (%)	NiEq24 (kt)	Nickel (kt)	Copper (kt)	Cobalt (kt)
OVERALL MINERAL RESOURCE – All Mineralization Types
Measured	15.9	2.48	1.95	0.26	0.16	394	311	42	25
Indicated	31.0	2.69	2.16	0.30	0.16	833	668	93	49
Measured + Indicated	46.8	2.62	2.09	0.29	0.16	1,227	979	134	74
Inferred	11.3	2.59	2.08	0.28	0.15	293	235	32	17

1. This table reports the Mineral Resources for the combined massive sulfide and ultramafic mineralization types.
2. Mineral Resources are reported exclusive of Mineral Reserves. There are no Mineral Reserves to report.
3. Mineral Resources are reported showing only the LZM attributable tonnage portion, which is 69.713% of the total.
4. Cut-off applies to NiEq24, which is derived using a nickel price of $9.50/lb, copper price of $4.50/lb, and cobalt price of $23.00/lb with allowances for recoveries, payability, deductions, transport, and royalties.
5. NiEq24 formulae are: MSSX NiEq24 = Ni + (Cu x 0.454) + (Co x 2.497) and UMAF NiEq24 = Ni + (Cu x 0.547) + (Co x 2.480).
6. The point of reference for Mineral Resources is the point of feed into a concentrator.
7. All Mineral Resources in the 2024MRU were assessed for reasonable prospects for eventual economic extraction by reporting only material above cut off grades of: MSSX NiEq24>0.73% and UMAF NiEq24>0.77%.
8. Totals may vary due to rounding.

The Kabanga December 2024 Mineral Resource Update was independently prepared by Sharron Sylvester, Technical Director – Geology at OreWin Pty Ltd and in accordance with Regulation S-K subpart 1300 promulgated by the U.S. Securities and Exchange Commission (S-K 1300). Mineral Resources are reported exclusive of Mineral Reserves. There are no Mineral Reserves to report.

The December 2024 Mineral Resource Update reflects the results of a comprehensive review of the geology and mineralogy data, resulting in a tightening of the interpretations and higher confidence in the revised interpretations. It also includes assay results from 15,265 meters of drilling which were received after the September 2023 cut-off date applied to the previous November 2023 Mineral Resource Update.

Kabanga currently comprises six identified distinct mineralized zones, namely (from south-west to north-east) the Main, MNB, Kima, North, Tembo and Safari zones, which occur over a strike length exceeding 7.5 kilometers. The five mineralized zones that contribute 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 below surface.

The North Zone is the largest mineralized zone, representing more than 50% of Kabanga’s total Mineral Resources. On a standalone basis, it has 788,000 tonnes contained attributable nickel-equivalent in Measured and Indicated Resources. North Zone attributable Measured and Indicated Resources total 24.7 million tonnes grading 2.58% nickel, 0.34% copper and 0.18% cobalt (3.19% nickel-equivalent) plus attributable Inferred Mineral Resources totaling 5.8 million tonnes grading 2.62% nickel, 0.35% copper and 0.19% cobalt (3.25% nickel-equivalent).

At the North Zone, 81% of the Mineral Resources are classified as higher confidence Measured and Indicated (81% across all zones), which can support conversion to Proven and Probable Reserves. For comparison, 71% of Mineral Resources were classified as Measured and Indicated in the November 2023 Mineral Resource Update.

Table 2: North Zone ONLY Mineral Resource Update shown on an attributable to Lifezone Metals basis (69.7%), as at December 4, 2024.

Mineral Resource Classification	Attributable Tonnage (Mt)	Grades				Recovery
		NiEq24 (%)	Nickel (%)	Copper (%)	Cobalt (%)	Nickel (%)	Copper (%)		Cobalt (%)
NORTH ZONE ONLY – All Mineralization Types
Measured	7.9	2.66	2.12	0.28	0.16	83.3	92.9		86.1
Indicated	16.8	3.44	2.80	0.37	0.19	85.1	94.8		88.0
Measured + Indicated	24.7	3.19	2.58	0.34	0.18	84.6	94.3		87.5
Inferred	5.8	3.25	2.62	0.35	0.19	85.8	95.2		88.7
Mineral Resource Classification	Attributable Tonnage (Mt)	Grades				Attributable Contained Metals
		NiEq24 (%)	Nickel (%)	Copper (%)	Cobalt (%)	NiEq24 (kt)	Nickel (kt)	Copper (kt)	Cobalt (kt)
NORTH ZONE ONLY – All Mineralization Types
Measured	7.9	2.66	2.12	0.28	0.16	211	168	22	13
Indicated	16.8	3.44	2.80	0.37	0.19	579	470	63	32
Measured + Indicated	24.7	3.19	2.58	0.34	0.18	790	638	85	45
Inferred	5.8	3.25	2.62	0.35	0.19	183	152	20	11
Note: refer to the metals’ prices, recoveries and other assumptions as shown in Table 1 and the provided notes.

The Mineral Resource cut-off grade calculation has been revised to reflect updated assumptions and technical parameters, increasing to 0.73% NiEq24 for the massive sulfide domain and 0.77% NiEq24 for the ultramafic domain. This compares to 0.58% NiEq23 cut-off grade applied to the previous November 2023 Mineral Resource Update. The metal price assumptions used for 2024 cut-off grade determination are: $9.50/lb nickel, $4.50/lb copper and $23.00/lb cobalt.

Safari Link Area and High-Priority Regional Geophysical Anomalies Provide Opportunities for Additional Upside

The Safari Link area spans a 1.4 kilometers strike length north-east of the Tembo Zone, incorporating the Safari Zone (refer to Figure 1 above and Lifezone’s January 28, 2024 news release).The Safari Link area is considered to be a possible strike-extension (continuation) of the Tembo mineralization, as indicated by a Tembo-style high conductance electromagnetic (EM) geophysical anomaly that exists to the north-east of the Tembo Zone. Lifezone completed 13 drill holes in 2022–23, and there is currently approximately 850 meters of strike length that remains untested.

Previous programs of geophysical surveying have identified multiple anomalies on the Kabanga Special Mining Licence area, which include the Rubona Hill anomaly – a high-priority for future regional exploration.

Qualified Persons

The Kabanga December 2024 Mineral Resource Update Technical Report Summary (2024MRU) with an effective date of December 4, 2024, has been prepared in accordance with the U.S. Securities and Exchange Commission (US SEC) Regulation S-K subpart 1300 rules for Property Disclosures for Mining Registrants (S-K 1300) for Lifezone Metals Ltd. on the Kabanga Nickel Project. The 2024MRU is a preliminary technical and economic study of the economic potential of the Project mineralization to support the disclosure of Mineral Resources. The Mineral Resource estimates are current as at December 4, 2024.

The 2024MRU scientific and technical information in this news 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 S-K 1300 and are considered independent of Lifezone Metals.

Appendix : Kabanga Nickel Project Mineral Resource Update by zone on an attributable to Lifezone Metals basis (69.7%), as at December 4, 2024.

Mineral Resource Classification	Attributable Tonnage (Mt)	Grades				Recovery
		NiEq24	Nickel	Copper	Cobalt	Nickel	Copper	Cobalt
		(%)	(%)	(%)	(%)	(%)	(%)	(%)
MAIN ZONE - Massive Sulfide plus Ultramafic
Measured	-	-	-	-	-	-	-	-
Indicated	8.7	1.53	1.18	0.19	0.10	73.4	85.9	75.6
Measured + Indicated	8.7	1.53	1.18	0.19	0.10	73.4	85.9	75.6
Inferred	-	-	-	-	-	-	-	-
MNB ZONE - Massive Sulfide plus Ultramafic
Measured	-	-	-	-	-	-	-	-
Indicated	-	-	-	-	-	-	-	-
Measured + Indicated	-	-	-	-	-	-	-	-
Inferred	1.8	1.59	1.25	0.18	0.10	75.3	88.9	78.6
KIMA ZONE - Massive Sulfide plus Ultramafic
Measured	-	-	-	-	-	-	-	-
Indicated	-	-	-	-	-	-	-	-
Measured + Indicated	-	-	-	-	-	-	-	-
Inferred	3.4	2.01	1.60	0.24	0.12	81.4	92.3	84.2
NORTH ZONE - Massive Sulfide plus Ultramafic
Measured	7.9	2.66	2.12	0.28	0.16	83.3	92.9	86.1
Indicated	16.8	3.44	2.80	0.37	0.19	85.1	94.8	88.0
Measured + Indicated	24.7	3.19	2.58	0.34	0.18	84.6	94.3	87.5
Inferred	5.8	3.25	2.62	0.35	0.19	85.8	95.2	88.7
TEMBO ZONE - Massive Sulfide plus Ultramafic
Measured	8.0	2.30	1.79	0.25	0.15	81.9	91.1	84.5
Indicated	5.5	2.22	1.75	0.24	0.14	82.0	90.5	84.9
Measured + Indicated	13.5	2.27	1.78	0.24	0.15	82.0	90.9	84.7
Inferred	0.3	2.49	2.01	0.23	0.15	84.2	90.3	87.0
OVERALL MINERAL RESOURCE – Massive Sulfide plus Ultramafic
Measured	15.9	2.48	1.95	0.26	0.16	82.7	92.0	85.4
Indicated	31.0	2.71	2.16	0.30	0.16	82.9	92.6	85.3
Measured + Indicated	46.8	2.63	2.09	0.29	0.16	82.8	92.4	85.3
Inferred	11.3	2.60	2.08	0.28	0.15	83.7	93.7	86.5
Note: refer to the metals’ prices, recoveries and other assumptions as shown in Table 1 and the provided notes.

Appendix: Kabanga Nickel Project Mineral Resource Update by zone on an attributable to Lifezone Metals basis (69.7%), as at December 4, 2024.

Mineral Resource Classification	Attributable Tonnage (Mt)	Grades				Attributable Contained Metals
		NiEq24	Nickel	Copper	Cobalt	NiEq24	Nickel	Copper	Cobalt
		(%)	(%)	(%)	(%)	(kt)	(kt)	(kt)	(kt)
MAIN ZONE – Massive Sulfide plus Ultramafic
Measured	-	-	-	-	-	-	-	-	-
Indicated	8.7	1.53	1.18	0.19	0.10	133	102	17	9
Measured + Indicated	8.7	1.53	1.18	0.19	0.10	133	102	17	9
Inferred	-	-	-	-	-	-	-	-	-
MNB ZONE – Massive Sulfide plus Ultramafic
Measured	-	-	-	-	-	-	-	-	-
Indicated	-	-	-	-	-	-	-	-	-
Measured + Indicated	-	-	-	-	-	-	-	-	-
Inferred	1.8	1.59	1.25	0.18	0.10	28	22	3	2
KIMA ZONE – Massive Sulfide plus Ultramafic
Measured	-	-	-	-	-	-	-	-	-
Indicated	-	-	-	-	-	-	-	-	-
Measured + Indicated	-	-	-	-	-	-	-	-	-
Inferred	3.4	2.01	1.60	0.24	0.12	69	55	8	4
NORTH ZONE – Massive Sulfide plus Ultramafic
Measured	7.9	2.66	2.12	0.28	0.16	211	168	22	13
Indicated	16.8	3.44	2.80	0.37	0.19	579	470	63	32
Measured + Indicated	24.7	3.19	2.58	0.34	0.18	790	638	84	45
Inferred	5.8	3.25	2.62	0.35	0.19	183	152	20	11
TEMBO ZONE – Massive Sulfide plus Ultramafic
Measured	8.0	2.30	1.79	0.25	0.15	184	143	20	12
Indicated	5.5	2.22	1.75	0.24	0.14	122	96	13	8
Measured + Indicated	13.5	2.27	1.78	0.24	0.15	305	239	33	20
Inferred	0.3	2.49	2.01	0.23	0.15	6	6	1	0
OVERALL MINERAL RESOURCE – Massive Sulfide plus Ultramafic
Measured	15.9	2.48	1.95	0.26	0.16	394	311	42	25
Indicated	31.0	2.69	2.16	0.30	0.16	833	668	93	49
Measured + Indicated	46.8	2.62	2.09	0.29	0.16	1,227	979	134	74
Inferred	11.3	2.59	2.08	0.28	0.15	293	235	32	17
Note: refer to the metals’ prices, recoveries and other assumptions as shown in Table 1 and the provided notes.

Appendix: December 2024 Mineral Resource Update compared to the November 2023 Mineral Resource Update, shown on an attributable to Lifezone Metals basis (69.7%).

Mineral Resource Classification	Attributable Tonnage (Mt)	Grades				Attributable Contained Metals
		NiEq24 (%)	Nickel (%)	Copper (%)	Cobalt (%)	NiEq24 (kt)	Nickel (kt)	Copper (kt)	Cobalt (kt)
December 2024 – Massive Sulfide plus Ultramafic
Measured	15.9	2.48	1.95	0.26	0.16	394	311	42	25
Indicated	31.0	2.69	2.16	0.30	0.16	833	668	93	49
Measured + Indicated	46.8	2.62	2.09	0.29	0.16	1,227	979	134	74
Inferred	11.3	2.59	2.08	0.28	0.15	293	235	32	17
November 2023 – Massive Sulfide plus Ultramafic
Measured	14.1	2.61	2.03	0.28	0.17	368	286	39	24
Indicated	29.5	2.55	2.02	0.28	0.15	753	595	83	45
Measured + Indicated	43.6	2.57	2.02	0.28	0.16	1,121	881	122	69
Inferred	17.5	2.79	2.23	0.31	0.16	489	391	54	27
Percentage Change (December 2024 vs. November 2023)
Measured	13%	-5%	-4%	-6%	-6%	7%	9%	6%	6%
Indicated	5%	6%	7%	7%	4%	11%	12%	12%	9%
Measured + Indicated	7%	2%	3%	2%	1%	9%	11%	10%	8%
Inferred	-35%	-7%	-7%	-8%	-2%	-40%	-40%	-41%	-37%
Note: refer to the metals’ prices, recoveries and other assumptions as shown in Table 1 and the provided notes.

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About Lifezone Metals

Lifezone Metals (NYSE: LZM) is committed to delivering cleaner and more responsible metals production and recycling. Through the application of 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 it 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.

Through our US-based recycling partnership, we are working to demonstrate that our Hydromet Technology can process and recover platinum, palladium and rhodium from responsibly sourced spent automotive catalytic converters. Our process is expected to be cleaner and more efficient than conventional smelting and refining methods, enabling the circular economy for precious metals.

https://lifezonemetals.com

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