Initial Assessment Technical Report Summary to be Filed Before Market Open on June 2, 2025
Webcast with Management Tuesday, June 3 at 10 AM ET
Feasibility Study Technical Report Summary in July 2025
NEW YORK–(BUSINESS WIRE)–$LZM #BatteryMetals–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 upcoming 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 support 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 members 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.
Event details:
The presentation slides will be available on Lifezone’s website on the day of the release. The webcast will be archived and accessible for replay for a limited time after the event.
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About Lifezone Metals
Lifezone Metals (NYSE: LZM) is committed to delivering cleaner and more responsible metals production and recycling. Through the application of our Hydromet Technology, we offer the potential for lower energy consumption, lower emissions 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 it 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, to empower Tanzania to achieve full in-country value creation and become the next premier source of Class 1 nickel.
Through our US-based recycling partnership, we are working to demonstrate that our Hydromet Technology can process and recover platinum, palladium and rhodium from responsibly sourced spent automotive catalytic converters. Our process is expected to be cleaner and more efficient than conventional smelting and refining methods, enabling the circular economy for precious metals.
Forward-Looking Statements
Certain statements made herein are not historical facts but may be considered “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the “safe harbor” provisions under the Private Securities Litigation Reform Act of 1995 regarding, amongst other things, the plans, strategies, intentions and prospects, both business and financial, of Lifezone Metals Limited and its subsidiaries.
Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements may be accompanied by words such as “believes,” “estimates,” “expects,” “predicts,” “projects,” “forecasts,” “may,” “might,” “will,” “could,” “should,” “would,” “seeks,” “plans,” “scheduled,” “possible,” “continue,” “potential,” “anticipates” or “intends” “or the negatives of these terms or variations of them or similar terminology or expressions that predict or indicate future events or trends or that are not statements of historical matters; provided that the absence of these does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding future events, the estimated or anticipated future results of Lifezone Metals, future opportunities for Lifezone Metals, including the efficacy of Lifezone Metals’ hydrometallurgical technology (Hydromet Technology) and the development of, and processing of mineral resources at, the Kabanga Nickel Project, and other statements that are not historical facts.
These statements are based on the current expectations of Lifezone Metals’ management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Lifezone Metals and its subsidiaries. These statements are subject to a number of risks and uncertainties regarding Lifezone Metals’ business, and actual results may differ materially. These risks and uncertainties include, but are not limited to: general economic, political and business conditions, including but not limited to the economic and operational disruptions; global inflation and cost increases for materials and services; reliability of sampling; success of any pilot work; capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; changes in government regulations, legislation and rates of taxation; inflation; changes in exchange rates and the availability of foreign exchange; fluctuations in commodity prices; delays in the development of projects and other factors; the outcome of any legal proceedings that may be instituted against the Lifezone Metals; our ability to obtain additional capital, including use of the debt market, future capital requirements and sources and uses of cash; the risks related to the rollout of Lifezone Metals’ business, the efficacy of the Hydromet Technology, and the timing of expected business milestones; the acquisition of, maintenance of and protection of intellectual property; Lifezone’s ability to achieve projections and anticipate uncertainties (including economic or geopolitical uncertainties) relating to our business, operations and financial performance, including: expectations with respect to financial and business performance, future operating results, financial projections and business metrics and any underlying assumptions; expectations regarding product and technology development and pipeline and market size; expectations regarding product and technology development and pipeline; future acquisitions, partnerships, or other relationships with third parties; maintaining key strategic relationships with partners and customers; the timing and significance of contractual relationships; the effects of competition on Lifezone Metals’ business; the ability of Lifezone Metals to execute its growth strategy, the development and processing of the mineral resources at the Kabanga Nickel Project; obtaining additional capital, including use the debt market, future capital requirements, and sources and uses of cash; manage growth profitably and retain its key employees; the ability of Lifezone Metals to reach and maintain profitability; enhancing future operating and financial results; complying with laws and regulations applicable to Lifezone Metals’ business; Lifezone Metals’ ability to continue to comply with applicable listing standards of the NYSE; the ability of Lifezone Metals to maintain the listing of its securities on a U.S. national securities exchange; our ability to comply with applicable laws and regulations; stay abreast of accounting standards, or modified or new laws and regulations applying to our business, including privacy regulation; and other risks that will be detailed from time to time in filings with the U.S. Securities and Exchange Commission (SEC) meeting future liquidity requirements and complying with restrictive covenants related to long-term indebtedness; and dealing effectively with litigation, complaints, and/or adverse publicity.
The foregoing list of risk factors is not exhaustive. There may be additional risks that Lifezone Metals presently does not know or that Lifezone Metals currently believes are immaterial that could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements provide Lifezone Metals’ expectations, plans or forecasts of future events and views as of the date of this communication. Lifezone Metals anticipates that subsequent events and developments will cause Lifezone Metals’ assessments to change.
These forward-looking statements should not be relied upon as representing Lifezone Metals’ assessments as of any date subsequent to the date of this communication. You should not place undue reliance on forward-looking statements in this communication, which are based upon information available to us as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. In all cases where historical performance is presented, please note that past performance is not a credible indicator of future results.
Except as otherwise required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data, or methods, future events, or other changes after the date of this communication.
Contacts
Investor Relations – North America
Evan Young
SVP: Investor Relations & Capital Markets
Investor Relations – Europe
Ingo Hofmaier
Chief Financial Officer
