NEW YORK -- Lifezone Metals Limited’s (NYSE: LZM) Chief Executive Officer, Chris Showalter is pleased to announce that Lifezone has engaged in high-level discussions with U.S. and Tanzanian Government officials to further investment initiatives in critical minerals projects in Africa.

The Kabanga Nickel Project, located in north-west Tanzania, is being advanced through a strategic partnership between Lifezone, the Government of Tanzania and BHP Group Limited. Kabanga is believed to be one of the world's largest and highest-grade undeveloped nickel sulfide deposits. The Project is expected to establish first-of-its-kind nickel, copper and cobalt processing in Tanzania, delivering value addition and driving sustainable development for the benefit of Tanzania’s citizens.

During a visit to Dar es Salaam on August 26, 2024, Mr. Showalter, alongside key U.S. representatives including Acting Special Coordinator for the Partnership for Global Infrastructure and Investment (“PGI”), Helaina Matza and Ambassador of the United States to Tanzania, Michael Battle, met with Tanzanian Government officials. These meetings, which included discussions with the Minister of Minerals, the Honorable Anthony Mavunde, focused on the ongoing progress and future potential of the Kabanga Nickel Project.

The U.S. Government highlighted the importance of the Kabanga Nickel Project to help advance the energy transition and as a model of strategic economic cooperation between the United States and Tanzania. This collaboration was previously showcased at the U.S.-Africa Summit in 2022 and reinforced by Vice President Harris during her visit to Tanzania in 2023.

Lifezone’s subsidiary, Kabanga Nickel Limited, has signed a retainer letter with the U.S. International Development Finance Corporation (“DFC”) to commence the evaluation process for political risk insurance coverage for future investments into the Kabanga underground nickel-copper-cobalt mine site and the Kahama Hydromet refinery site.

Lifezone is proposing a comprehensive investment plan that seeks to secure the future of the Kabanga Nickel Project. Through these collaborative efforts and discussions, Lifezone aims to strengthen partnerships and secure investments that will contribute to the sustainable development of critical minerals resources in Africa.

Mr. Showalter stated: “Our partnership with the United States and Tanzania continues to deepen as we pursue our common goals of building resilient supply chains for critical minerals, while fostering sustainable economic development. Further, the U.S. Government’s recognition through the Partnership for Global Infrastructure and Investment and identification of Kabanga as a project within the Mineral Security Partnership demonstrates the Project’s significance for like-minded partners as well as for the United States. We look forward to working closely with DFC on this Project. None of this would be possible without our partners in Tanzania and their ongoing and demonstrated support of the Project.”

Ms. Matza added: “PGI, as the overarching U.S. Government approach to supporting sustainable infrastructure development, has been a supporter of the Kabanga Nickel Project, which will positively impact the battery supply chain security for both the U.S. and its partners. The Kabanga Project exemplifies the goals of sustainable development — ‘for Tanzanians, by Tanzanians’ — that Vice President Harris articulated during her 2023 visit.”

The Kabanga Nickel Project is expected to be a fully integrated mine-to-metal operation that will enable a fully auditable supply chain with production of refined, LME-grade nickel, copper and cobalt metals. Lifezone will apply its Hydromet Technology, which provides an alternative to traditional pyrometallurgical smelting, and is able to significantly reduce carbon dioxide and sulfur dioxide emissions (relative to smelting) with lower expected operating and capital costs. The Kabanga Definitive Feasibility Study is progressing towards completion in September.