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Advancing Tanzania’s mining sector: Lifezone Metals’ Kabanga Nickel Project reaches key milestone

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Situated in north-west Tanzania, the Kabanga Nickel Project stands out as one of the world’s largest and highest-grade undeveloped nickel sulfide deposits. Managed by Lifezone’s subsidiary, Tembo Nickel Corporation Ltd., the project, along with the Kahama Multi-Metal Processing Facility (referred to as the Kahama Refinery), presents a significant opportunity for the region’s mining industry. Notably, the Government of Tanzania holds a 16% ownership stake in Tembo Nickel.

Leveraging Lifezone’s Hydromet Technology, Kabanga and Kahama are poised to achieve in-country production of finished metals. This advancement is expected to lower capital and operating costs while reducing the environmental impact associated with traditional smelting processes. Moreover, it will contribute to local content optimization and national development by ensuring the equitable distribution of economic benefits. The completion of a Definitive Feasibility Study for the Kabanga Nickel Project is anticipated by Q3 2024.

Lifezone Metals’ Hydromet Technology represents a breakthrough in metals recovery, offering a cleaner and more efficient alternative to pyrometallurgical smelting. By utilizing this technology, Kabanga and Kahama aim to extract nickel, copper, and cobalt with lower costs and emissions, catering to the growing demand for these metals in electric vehicle batteries and supporting the global transition to clean energy.

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Mr. Showalter, a representative from Lifezone Metals, expressed gratitude for the support received from the Government of Tanzania in advancing the Kabanga Nickel Project. With the recent issuance of the Kabanga Special Mining License and the Kahama Refinery License, the project is well-positioned to facilitate the local production of nickel, copper, and cobalt.

During a ceremony, Hon. Anthony Mavunde, Minister of Minerals, emphasized the significance of the multi-metals refinery in addressing the challenges faced by mining companies in Tanzania. He urged collaboration between miners and the government to achieve in-country beneficiation and export finished products, marking a historic milestone for the country’s mining sector.

Echoing these sentiments, Hon. Anamringi Macha, Shinyanga Regional Commissioner, highlighted the positive impact of Tembo Nickel’s investment on employment opportunities and economic development in the Kahama district and the Shinyanga Region.

The issuance of the Kahama Refinery License aligns with the declaration of the Buzwagi Mining Area as a Special Economic Zone, offering tax incentives and economic benefits for the project. Additionally, the refinery will benefit from existing infrastructure and a skilled workforce, stemming from the Buzwagi Gold Mine, which further enhances its feasibility and reduces execution costs.

About Lifezone Metals

Lifezone Metals is committed to providing cleaner and more responsible metals production and recycling solutions. The Kabanga Nickel Project in Tanzania represents a significant opportunity to produce high-grade nickel, copper, and cobalt using the innovative Hydromet Technology. Additionally, the company is exploring platinum, palladium, and rhodium recycling through a US-based joint venture, demonstrating its commitment to sustainability and environmental responsibility.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of securities laws, including statements regarding Lifezone Metals’ plans, strategies, and prospects. These statements are subject to various risks and uncertainties, and actual results may differ materially. Investors are cautioned not to rely excessively on forward-looking statements, as they are based on current expectations and assessments. Lifezone Metals disclaims any obligation to update or revise forward-looking statements based on changes in circumstances or new information, except as required by law.

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