NEW YORK, May 29, 2025 — Lifezone Metals Limited’s (NYSE: LZM) Chief Executive Officer, Chris Showalter, and Chief Operating Officer, Gerick Mouton, announce today that the Initial Assessment Technical Report Summary for the Kabanga Nickel Project will be filed before market open on June 2, 2025. The Initial Assessment Technical Report Summary will be submitted on Form 6-K with the U.S. Securities and Exchange Commission and made available on EDGAR and the Company’s investor relations website. The Initial Assessment Technical Report Summary is similar to a Preliminary Economic Assessment under Canadian National Instrument 43-101.
The Feasibility Study Technical Report Summary is expected to follow in July 2025. These reports will mark the fourth and fifth Kabanga technical reports issued under current Lifezone management, following three previous resource updates. Notably, the Feasibility Study will include the project’s first public declaration of Mineral Reserves.
Following the release of the new staging plan for the Kabanga Nickel Project (see Lifezone’s April 1, 2025 news release), Lifezone’s reporting strategy reflects the natural sequencing of technical studies and allows for timely disclosure of key project economics while finalizing the higher-standard Feasibility Study Technical Report Summary.
The Initial Assessment will present a complete view of the full scope of the Kabanga Project, including the planned hydrometallurgical refinery at Kahama to promote local beneficiation. While the Feasibility Study will provide a detailed analysis of the initial stage of development – a 3.4 million tonnes per annum underground mine and concentrator at Kabanga, and will be based on a life-of-mine plan for the entire Reserve.
Mr. Showalter commented: “This is a major milestone for Lifezone and for Tanzania. After years of work and over $120 million invested, we are proud to present the first of two technical studies that demonstrate the world-class potential of Kabanga. With permitting in place and project execution readiness advancing, we are excited to share our vision for a cleaner, more responsible source of critical metals. Our strong partnership with Tanzania continues to be a cornerstone of our success.”
Mr. Mouton added: “The Initial Assessment Technical Report Summary is the culmination of months of rigorous work and collaboration. Kabanga is a truly world-class nickel deposit, and this study reflects the depth of our understanding of mineralization, the strength of our mining and processing strategy, and the quality of our team.”
Sequential technical reporting strategy
The Initial Assessment will outline a staged approach beginning with the 3.4 million tonnes per annum underground mine and concentrator. The construction of the commercial-scale hydrometallurgical refinery at Kahama is deferred to approximately five years after initial concentrate production, allowing for a more efficient allocation of capital and resources.
The Feasibility Study will the conversion of Measured and Indicated Resources into Proven and Probable Reserves and will assess the technical and economic feasibility of the Kabanga underground mine and concentrator only.
The release date of the Feasibility Study Technical Report Summary and details for the webinar will be announced prior to its release.
Both reports will be prepared in accordance with U.S. Securities and Exchange Commission Regulation S-K 1300.
TUESDAY, JUNE 3: Webcast with Lifezone’s management team at 10:00 AM ET
The company invites shareholders, investors, and of the media to a virtual presentation and discussion of the key highlights of the Kabanga Initial Assessment. The presentation will be followed by a Q&A session where participants can engage directly with senior management.