NEW YORK -- Lifezone Metals Limited’s (NYSE: LZM) Chief Executive Officer, Chris Showalter, and Chief Operating Officer, Gerick Mouton, today announced the filing of the Feasibility Study Technical Report Summary for Lifezone’s flagship Kabanga Nickel Project, located in northwest Tanzania. The Feasibility Study was prepared in accordance with Subpart 229.1300 of Regulation S‑K (S-K 1300) and supports the declaration of Mineral Reserves for the first time ever in Kabanga’s 50-year history from discovery. The Feasibility Study builds on the foundation established by the Initial Assessment (refer to Lifezone’s June 2, 2025 news release) and focuses only on the initial development phase of Kabanga, which includes a 3.4 million tonnes per annum mechanized underground mine, mill, concentrator, tailings storage facility, and supporting infrastructure.

The Feasibility Study Technical Report Summary has been filed on Form 6-K with the U.S. Securities and Exchange Commission and made available on EDGAR and the Company’s investor relations website.

Feasibility Study Technical Report Summary highlights:

This Feasibility Study is based on detailed design and engineering to support an Association for the Advancement of Cost Engineering Class 3 cost estimate (±15%) and modifying factors to support the declaration of Mineral Reserves. It demonstrates that the Kabanga Nickel Project can be developed and operated in a technically feasible and economically viable manner.

The Feasibility Study is based solely on Measured and Indicated Mineral Resources converted to Proven and Probable Mineral Reserves respectively, and does not include Inferred Mineral Resources in the mine plan or economic analysis. The Kabanga Nickel Project is 84% owned by Lifezone and 16% by the Government of Tanzania. Project economics presented below are shown on a 100% basis.

·18-year life of mine mining operation with total ore production of 52.2 million tonnes (100% basis; Lifezone attributable is: 43.9 million tonnes) grading 1.98% nickel, 0.27% copper and 0.15% cobalt.
·3.4 million tonnes per annum concentrator, producing a high-grade nickel, copper, and cobalt concentrate grading 17.5% nickel, as an intermediate product for downstream processing, and containing a total of 902,000 tonnes of nickel, 134,000 tonnes of copper and 69,000 tonnes of cobalt over the life of mine (100% basis).
·Low all-in sustaining costs averaging $3.36 per pound of nickel contained in concentrate, net of copper and cobalt by-product credits. Based on analysis provided by CRU International Ltd. (CRU Group), Kabanga will fall within the first quartile of the global nickel cost curve.
·Pre-production capital costs of $942 million, including 9.7% contingency. Total life of mine capital of $2.49 billion includes pre-production capital costs, contingency, capitalized operational expenditures, growth capital, sustaining and closure costs. Life of mine revenue from sales totals $14.1 billion, net of realization costs, with after-tax free cash flow of $4.6 billion.
·After-tax net present value of $1.58 billion using an 8.0% discount rate and after-tax internal rate of return of 23.3%, based long-term consensus metal prices of $8.49 per pound nickel, $4.30 per pound copper, and $18.31 per pound cobalt.
·The Government of Tanzania is expected to receive an equitable share of the total economic benefits from the Kabanga Nickel Project through the Economic Benefit Sharing Principle (EBSP). This includes dividends from its 16% free-carried interest, $1.2 billion in royalties, fees, levies and duties, and $2.4 billion in corporate income taxes estimated in the Feasibility Study economic model.

Lifezone’s Board of Directors has approved the Kabanga Nickel Project Feasibility Study and directed management to commence with the execution readiness phase, including the project financing process leading to a Final Investment Decision. During this execution readiness phase, Lifezone will advance pending permitting, remaining approvals and commercial tenders, while finalizing technical work to support critical path construction activities. A diversified funding strategy is underway, and discussions are ongoing with strategic investors and lenders. Kabanga’s strong economics and alignment with global critical minerals priorities positions it well for sustainable financing.

Mr. Showalter commented: “The completion of the Feasibility Study is a defining moment for Lifezone and the Kabanga Nickel Project. It confirms the technical and economic strength of one of the world’s most significant undeveloped nickel sulfide deposits. With declared Mineral Reserves, robust economics and path to Final Investment Decision targeted for 2026, we are advancing a project that not only delivers strategic value to the critical metals supply chain, but also creates long-term economic benefits for Tanzanians. Our commitment to responsible mining, local partnerships and in-country beneficiation remains central to our vision of enabling cleaner supply chains.”

Mr. Mouton added: “The Feasibility Study underscores the depth of technical rigor and strategic collaboration behind this world-class project. We have defined a capital-efficient and technically sound operation that harnesses Tanzania’s expanding infrastructure and responds to global demand for responsibly sourced critical metals. Our focus remains on minimizing environmental impact, maintaining transparent engagement with host communities, and delivering enduring value for all stakeholders. This historic milestone would not have been possible without the dedication and expertise of the many consultants and contractors who contributed to the study’s success and we thank them for their professionalism and commitment.”