Lifezone Metals Increases High-Grade Nickel, Copper & Cobalt Resources at Flagship Kabanga Project

• 21% increase in contained nickel in Measured and Indicated (M&I) Resources at Kabanga's largest North Zone
• 3% increase in M&I nickel grade across all zones, adding 3.3M attributable tonnes at 3.00% Ni
• 81% of Kabanga resource tonnage now in higher confidence M&I categories
• Multiple exploration opportunities identified to expand the high-grade resource
• Ongoing DFS work and discussions with potential Japanese strategic partner

About Lifezone Metals

Lifezone Metals (NYSE: LZM) is pioneering cleaner and more responsible metals production and recycling through its proprietary Hydromet Technology. By pairing hydrometallurgy with its world-class Kabanga nickel project in Tanzania, Lifezone aims to unlock a major new source of battery-grade nickel, copper and cobalt with a lower environmental footprint than traditional smelting. Lifezone is also applying its Hydromet process to recycle spent catalytic converters more efficiently, enabling the circular economy for platinum group metals. With a mission to deliver the metals needed for the clean energy transition more sustainably, Lifezone is positioning to be a leader in the future of critical minerals.

Major Resource Upgrade at Flagship Kabanga Project

In a significant milestone, Lifezone Metals has announced a major increase in high-grade nickel, copper and cobalt resources at its flagship Kabanga project in Tanzania. Following a comprehensive review incorporating 15,000m of new drilling, Lifezone has upgraded the Measured and Indicated (M&I) resource - the key metric for mine planning and economics.

21% Increase in M&I Nickel at Largest Zone

The most substantial increase was at Kabanga's largest mineralized zone, the North Zone. Representing over 50% of the total resource, the North Zone saw a 21% boost in contained M&I nickel to 638,000 attributable tonnes (Lifezone's 69.7% share). This stems from a major increase in M&I tonnage to 24.7Mt at a world-class grade of 2.58% nickel. The very high nickel grades at the North Zone and across Kabanga are a key differentiator versus global peers.

3% Increase in Overall M&I Grade Lifts Contained Metal

Across all Kabanga zones, the M&I nickel grade increased by an impressive 3% to 2.09% nickel, meaningfully higher than most undeveloped nickel sulfide projects globally. This added 3.3 million tonnes of high-grade M&I resources at 3.00% nickel, a substantial increase in Lifezone's attributable inventory of Class 1 nickel, the type most suited to batteries. The overall Kabanga resource now stands at 46.8Mt at 2.09% nickel for 979,000t of contained metal attributable to Lifezone.

Higher Confidence M&I Resources Pave Way for Reserves

Importantly, 81% of Kabanga's resources are now in the higher confidence M&I categories, up from 71% previously. This gives Lifezone greater certainty over the mineralization and a strong foundation to define Mineral Reserves, which can only be based on M&I Resources. The latest upgrade thus marks a key step towards an updated Definitive Feasibility Study (DFS) and an eventual development decision.

Multiple Exploration Targets to Expand the Resource

Beyond the known zones, Lifezone has identified a pipeline of high-potential exploration targets that could add to Kabanga's world-class resource base. The Safari Link area, spanning 1.4km northeast of the resource, is seen as a likely extension of high-grade Tembo mineralization. Regional prospects like Rubona Hill, defined by geophysical anomalies, provide further upside to build on Kabanga's already large high-grade endowment.

The Investment Thesis for Lifezone Metals

The latest resource upgrade strengthens the investment case for Lifezone Metals as a leading nickel sulfide development story. With nickel poised to be a key battery metal as the world electrifies, projects like Kabanga that can deliver large-scale, high-grade supply are a rare and sought-after commodity.Several factors position Lifezone to capitalize on this opportunity:

• World-class, high-grade resource: Kabanga ranks among the largest and highest grade undeveloped nickel sulfide deposits globally. Its high grades drive robust project economics and the ability to produce Class 1 battery-grade nickel.
• Hydromet advantage: Lifezone's proprietary hydrometallurgical process provides a cleaner, lower emission alternative to smelting, with potential economic benefits. Successfully commercializing this process would be a key differentiator.
• Tier 1 jurisdiction: Tanzania is a recognized mining jurisdiction, with a history of large-scale operations and a supportive policy environment, including recent framework agreements with Kabanga.
• Battery metals exposure: Kabanga will produce not just nickel but also copper and cobalt, providing exposure to multiple battery metals as EVs gain global adoption.
• Proven leadership: Lifezone's team brings CEO-level experience from global base metal majors, a track record of financing and developing large-scale assets, and technical expertise in hydrometallurgy.

The latest resource upgrade marks an important step for Lifezone in surfacing the value of the Kabanga nickel project. With a globally significant resource that has grown in both size and confidence, Kabanga is well positioned to be a world-class nickel mine.

Lifezone's ongoing DFS work will now focus on converting the higher confidence M&I resources to Reserves and optimizing the mine plan. The company is also evaluating the potential for a strategic Japanese partner to invest alongside its offtake, which could provide a key funding source.

As the battery metals thematic gains momentum, Lifezone Metals appears well placed to benefit from its unique combination of high-grade resources, clean processing technology, and tier 1 jurisdiction. The next 6-12 months should see meaningful progress in advancing Kabanga towards an investment decision, with the potential to transform Lifezone into a major diversified battery metals producer.