• Kahama Area Formally Declared a Special Economic Zone
• Marks Another Important Step for Tanzania Towards Establishing Transformational Method of Metals Recovery and Full In-Country Beneficiation

NEW YORK / Mar 21, 2024 / Business Wire / Lifezone Metals Limited’s (NYSE: LZM) Chief Executive Officer, Chris Showalter, is pleased to announce that the Company has received a Multi-Metal Processing Facility Licence from the Government of Tanzania to refine nickel, copper and cobalt from its Kabanga Nickel Project at Kahama, located beside Barrick Gold’s former Buzwagi Gold Mine.

The Kabanga Nickel Project is located in the north-west Tanzania and is believed to be one of the world’s largest and highest-grade undeveloped nickel sulfide deposits. The Kahama Multi-Metal Processing Facility (“the Kahama Refinery”) site is located approximately 340 kilometers south-west of Kabanga. Lifezone’s subsidiary, Tembo Nickel Corporation Ltd. (“Tembo Nickel”) is the operating entity for Kabanga and Kahama, and is 16% owned by the Government of Tanzania.

Notably, through the application of Lifezone’s Hydromet Technology, Kabanga and Kahama will be able to produce finished metals in-country, potentially reducing capital and operating costs, as well as reducing costs associated with transport of concentrate or other intermediate products. Full in-country beneficiation will contribute towards local content optimization and eventually national development through the principle of equitable sharing of economic benefits. A Definitive Feasibility Study for the Kabanga Nickel Project remains on track for completion by Q3 2024.

Lifezone Metals’ Hydromet Technology is a transformational method of metals recovery that has the potential to replace smelting for base and precious metals refining. Pyrometallurgical smelting is one of the largest contributors to pollutive gas emissions, greenhouse gases and energy inefficiency in the production of metals products and the use of Hydromet Technology will help to unlock nickel, copper and cobalt from Kabanga, providing lower cost, lower emissions (relative to smelting) and traceable metals for Electric Vehicles batteries and to support the global energy transition.

Mr. Showalter stated: “The ongoing level of commitment and support that we have received from the Government of Tanzania in the advancement of our Kabanga Nickel Project is exemplary. With the receipt of our Kabanga Special Mining Licence, and now the Kahama Refinery Licence, we have a clear path to delivering a direct-to-metal solution and enabling the production of nickel, copper and cobalt in Tanzania and by Tanzanians.”

Speaking at the ceremony, Minister of Minerals, Hon. Anthony Mavunde stated (translated from Swahili): “The construction of a multi-metals refinery will be a solution to metals mining companies in country that are forced to export concentrates to refineries abroad. I urge all miners who have been experiencing this challenge to work closely with the Government to ensure that we all succeed in ensuring full in-country beneficiation is achieved in the mining sector, by processing in-country and exporting finished products. […] Today’s event is a historical one for our country, as we progress to having a large multi-metal refinery that will use hydrometallurgy technology.”

In addition, the Shinyanga Regional Commissioner, Hon. Anamringi Macha said (translated from Swahili): “The investment by Tembo Nickel’s Multi-Metals Refinery will help change the face of the Kahama district and the Shinyanga Region by increasing formal and informal employment opportunities for citizens, but it is also another step in the history of Shinyanga region; where the mining sector has played a major role in the economic development of our region.”

The issuance of the Kahama Refinery License follows the formal gazettement of the Special Economic Zone (Declaration) Notice, 2024 which declared the Buzwagi Mining Area, within Kahama District in Shinyanga Region, a Special Economic Zone. The Kahama Refinery will be located within the Special Economic Zone, which will provide certain tax and other economic benefits for the Project.

In addition, the Kahama Refinery stands to benefit from access to a highly trained workforce and legacy infrastructure from the Buzwagi Gold Mine, including existing camp and office buildings, regional power connections, airstrip, road connections and railway in near proximity. This “plug-and-play” industrial hub brings significant project execution and capital cost benefits, as well as turning a past-producing mine liability into a long-term asset. Lifezone will not be taking on any legacy liabilities in relation to the closure of the Buzwagi Gold Mine.

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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 lower energy, lower emission 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, and 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 project is due for completion by Q3 2024.

Through our US-based, platinum, palladium and rhodium recycling joint venture, 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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