Kabanga Resettlement Plan Aligns With IFC Standard as 97% of Households Receive Compensation

• An independent expert found that the Resettlement Action Plan (RAP) for the Kabanga Nickel Project in Tanzania has been prepared, developed, and implemented in all material respects in alignment with the core objectives of the International Finance Corporation Performance Standard 5.
• The review's scope covered how the plan was prepared, developed and implemented, and how effective the measures designed to mitigate identified impacts and risks have been.
• By the end of the first half of 2026, Lifezone Metals reported that 100% of its cash compensation payments had been made and that 97% of project-affected households had signed and paid, with an escrow account opened for the remaining amount owed.
• Lifezone Metals converted 2 model houses into Community Liaison Offices and started a project-wide awareness program, alongside a memorandum of understanding for 2025/2026 Corporate Social Responsibility projects in health, education, sports and agriculture.
• The Mpingo Camp is being expanded to a capacity of 350 to support both resettlement and early works, with Lifezone Metals targeting a final investment decision in the first quarter of 2027.

Lifezone Metals Limited (NYSE: LZM) has received an independent review finding that the Resettlement Action Plan (RAP) for its Kabanga Nickel Project in Tanzania has been prepared, developed, and implemented in all material respects in alignment with the core objectives of the International Finance Corporation Performance Standard 5 (IFC PS5). The review, conducted in August and September 2026, also triggered a US$8 million reduction in the cap on consideration payable to BHP under the parties' July 2025 agreement. On-site resettlement and early works depend on the same camp infrastructure, so the social program and the construction schedule advance in tandem.

What the Independent Review Tested

The review came from a provision in the July 2025 definitive agreement under which Lifezone acquired BHP's 17% equity interest in Kabanga Nickel Limited. After a 12-month period, Lifezone had to obtain independent verification that the RAP had been prepared, developed, and implemented in material alignment with IFC PS5 objectives. The provision also required an assessment of how effective the measures designed to mitigate identified impacts and risks had been.

Ed O'Keefe of Synergy Global Consulting acted as the RAP expert. He conducted a desktop review and a site visit, and his detailed report confirmed that the RAP has continued to be prepared, developed, and implemented in all material respects in alignment with the core objectives of IFC PS5.

The review assessed the RAP against the core objectives of one performance standard and does not cover the Framework Agreement with the Government of Tanzania, project permitting, or Kabanga's wider environmental workstreams.

Compensation Status & Community Engagement

By the end of the first half of 2026, Lifezone reported that it had made all of its cash compensation payments. At that point, 97% of project-affected households had signed and received payment. An escrow account was opened for the remaining amount owed to affected households.

Community stakeholder engagement remained a primary focus while resettlement activities continued. Lifezone converted 2 model houses into Community Liaison Offices to give stakeholders more direct access to the project team, and started a project-wide community awareness program. The company also signed a memorandum of understanding for 2025/2026 Corporate Social Responsibility projects in health, education, sports and agriculture.

Resettlement as a Construction-Readiness Test

Site preparation is advancing alongside the social program. Expansion of the existing Mpingo Camp to a capacity of 350 is progressing to support resettlement and early works, and land clearing is underway in the project area. At the end of the first half of 2026, 209 employees and contractors were directly engaged on Kabanga, and contracts worth about US$854 million, including the engineering, procurement and construction management tender and the mining and bulk earthworks tenders, had been released to market. On safety and the environment, separately from social safeguards, the site recorded zero health, safety or security incidents and zero environmental incidents, with more than 2.9 million hours worked without a lost-time injury.

Chief Executive Officer of Lifezone Metals, Chris Showalter, linked the result to the standards the company is applying as the project moves forward:

"We remain committed to meeting international standards, maintaining constructive community engagement, and advancing the project in a way that creates long-term value for all stakeholders."

Lifezone is targeting a final investment decision (FID) in the first quarter of 2027. Negotiations to amend the Framework Agreement have progressed more slowly than expected, and the company has stated that the delays will have knock-on effects on pre-FID activities and execution timelines. The delayed FID extends the period during which Lifezone will maintain community engagement and continue resettlement-related activities ahead of construction.

The review, conducted in August and September 2026, provides independent evidence that the RAP materially aligns with IFC PS5 objectives. Implementation and community engagement remain ongoing. The areas to monitor through the pre-FID period are the escrow account opened for the remaining amount owed to project-affected households, the liaison offices and awareness program, and the project's progression toward early works.

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