Lifezone Metals Secures Strategic Partnership with JOGMEC Bolstering the Kabanga Nickel Project

• Lifezone Metals Limited has signed a Memorandum of Understanding (MOU) with Japan Organization for Metals and Energy Security (JOGMEC), aiming to secure cleaner nickel, copper, and cobalt from the Kabanga Nickel Project for the Japanese battery industry.
• The strategic partnership underscores the global significance of the Kabanga Nickel Project, which is one of the world's largest and highest-grade undeveloped nickel sulfide deposits.
• Lifezone's proprietary Hydromet technology is expected to significantly reduce emissions compared to traditional smelting methods, aligning with the growing demand for sustainable and responsibly sourced metals.
• The MOU opens doors for potential financial support from JOGMEC for Japanese companies involved in the project, highlighting the importance of Kabanga in meeting Japan's increasing demand for cleaner metals.
• This partnership adds to Lifezone's impressive roster of strategic allies, including BHP as a project development partner, Societe Generale as Lead Financial Advisor, and support from the U.S. International Development Finance Corporation and the Government of Tanzania.

Lifezone Metals Limited (NYSE:LZM) is at the forefront of revolutionizing metals production and recycling with a mission to provide cleaner and more responsible solutions. The company's foundation rests on its innovative Hydromet Technology, a scalable platform that promises lower energy consumption, reduced emissions, and more cost-effective metals production compared to traditional smelting methods. Lifezone Metals is developing the Kabanga Nickel Project in Tanzania, believed to be one of the world's largest and highest-grade undeveloped nickel sulfide deposits. By combining this rich resource with their cutting-edge technology, Lifezone aims to become a premier source of LME-grade nickel, copper, and cobalt for the global battery metals markets while empowering Tanzania through full in-country value creation.

Strategic Partnership with JOGMEC for Kabanga Nickel Project

In a significant move that bolsters its position in the global metals market, Lifezone Metals has announced the signing of a Memorandum of Understanding (MOU) with the Japan Organization for Metals and Energy Security (JOGMEC). This strategic partnership, revealed on October 3, 2024, marks a crucial step in Lifezone's journey to bring its Kabanga Nickel Project to the forefront of the clean energy transition.

The MOU is designed to support JOGMEC's efforts in securing cleaner metals from the Kabanga Nickel Project for Japan's burgeoning battery industry. This collaboration not only underscores the project's global significance but also aligns perfectly with the increasing demand for sustainably sourced materials in the electric vehicle and renewable energy sectors.

Chris Showalter, Chief Executive Officer of Lifezone Metals, expressed enthusiasm about the partnership, stating,

"Kabanga is a world-class, high-grade nickel deposit and we welcome the opportunity to bring on JOGMEC as a strategically aligned partner."

He further emphasized the clear indication of intent to drive this globally significant project forward, benefiting all partners and stakeholders.

The Kabanga Nickel Project

The Kabanga Nickel Project, located in Tanzania, stands out as one of the world's largest and highest-grade undeveloped nickel sulfide deposits. What sets this project apart is not just its scale and grade, but also its potential to produce byproduct copper and cobalt, two metals crucial for the green energy transition.

Lifezone Metals plans to leverage its proprietary Hydromet technology at Kabanga, a move expected to significantly reduce emissions compared to traditional smelting methods. This approach aligns perfectly with the growing global emphasis on sustainable and environmentally responsible mining practices.

The project's importance is further magnified by its strategic location and the current global supply dynamics for battery metals. As the world accelerates its shift towards electric vehicles and renewable energy storage, the demand for high-quality nickel, copper, and cobalt is projected to soar. Kabanga's development could play a crucial role in meeting this demand while adhering to stringent environmental standards.

JOGMEC Partnership: Opening Doors to the Japanese Market

The collaboration with JOGMEC is more than just a partnership; it's a gateway to one of the world's most advanced and rapidly growing markets for battery technologies. Under the terms of the MOU, Lifezone will work with JOGMEC to facilitate the supply of metals from Kabanga, through Lifezone's portion of marketing rights, directly to Japan's expanding battery market.

This initiative is set to ensure a sustainable and traceable metals value chain, a factor becoming increasingly important for end-users in the automotive and energy storage sectors. The partnership aligns seamlessly with both Lifezone's and JOGMEC's commitments to advancing responsible mining practices and supporting the global transition to clean energy.

One of the most promising aspects of this MOU is JOGMEC's consideration to provide financial support for Japanese companies upon submittal of an application for the Japanese Governmental funding support program. While the MOU itself is non-binding and imposes no obligations on either party, this potential for financial backing underscores the strategic importance of the Kabanga Nickel Project in meeting Japan's growing industrial demand for cleaner metals.

Global Recognition & Strategic Alignments

The significance of the Kabanga Nickel Project extends beyond its partnership with JOGMEC. The project has garnered recognition from the Minerals Security Partnership (MSP), a coalition of nations including the United States, Japan, and several European countries, aimed at accelerating the development of diverse and sustainable critical energy minerals supply chains.

This recognition places Kabanga at the heart of global efforts to secure sustainable supply chains for critical minerals. It also highlights the project's potential to contribute significantly to the strategic mineral resources of multiple nations, enhancing its geopolitical importance.

Furthermore, the involvement of the U.S. International Development Finance Corporation (DFC) and JOGMEC in the MSP Finance Network adds another layer of credibility and support to the project. This global backing not only enhances the project's financial viability but also its strategic importance in the broader context of securing critical mineral supplies for the clean energy transition.

Lifezone's Impressive Roster of Strategic Partners

The JOGMEC partnership is the latest addition to an already impressive list of strategic allies supporting the Kabanga Nickel Project. These partnerships include:

• BHP as the project development partner, bringing world-class mining expertise and resources.
• Societe Generale as the Lead Financial Advisor for the project financing process, ensuring robust financial structuring.
• Support from the U.S. International Development Finance Corporation, providing backing from one of the world's largest development finance institutions.
• Collaboration with the Government of Tanzania, ensuring local support and alignment with national development goals.

This diverse group of partners brings together mining expertise, financial acumen, governmental support, and now, with JOGMEC, access to one of the world's most advanced markets for battery technologies. This combination of partners positions the Kabanga Nickel Project as a truly global endeavor with far-reaching implications for the clean energy sector.

Hydromet Technology: A Game-Changer in Metals Production

At the core of Lifezone Metals' value proposition is its proprietary Hydromet Technology. This innovative approach to metals production promises to be a game-changer in the mining industry, offering significant advantages over traditional smelting methods:

• Lower Energy Consumption: The Hydromet process is designed to be more energy-efficient, potentially reducing the overall carbon footprint of metal production.
• Reduced Emissions: By avoiding the high-temperature processes associated with smelting, the technology is expected to significantly cut down on greenhouse gas emissions.
• Cost-Effectiveness: The potential for lower operating costs could make the Kabanga project more economically viable, especially in the context of increasing environmental regulations.
• Scalability: The technology's scalable nature allows for flexible application across various project sizes and types.

The application of this technology at Kabanga could set new standards for environmentally responsible mining, potentially influencing future projects worldwide.

Market Implications & Investment Potential

For investors, the Lifezone Metals story presents a compelling narrative at the intersection of technology, sustainability, and critical resource development. Several factors make this an intriguing investment opportunity:

• Strategic Resource Position: The Kabanga Nickel Project's status as one of the world's largest undeveloped high-grade nickel sulfide deposits positions Lifezone Metals favorably in the rapidly growing battery metals market.
• Technological Edge: The proprietary Hydromet Technology offers a potential competitive advantage in terms of production costs and environmental impact, factors increasingly important to end-users and regulators.
• Strong Partnerships: The array of world-class partners, from BHP to JOGMEC, provides multi-faceted support and validation of the project's potential.
• Global Market Access: The JOGMEC partnership, in particular, opens doors to the Japanese market, one of the world's leaders in battery technology and electric vehicle production.
• Environmental, Social, and Governance (ESG) Credentials: The focus on cleaner production methods and full in-country value creation in Tanzania aligns well with growing investor emphasis on ESG factors.
• Potential for Value Chain Integration: The ability to produce LME-grade metals directly from the mine site could provide opportunities for vertical integration and higher margins.

While Lifezone Metals presents a compelling opportunity, investors should carefully consider the associated challenges and risks. As with any major mining venture, the Kabanga project faces inherent development risks, including potential delays, cost overruns, and technical hurdles.

The volatile nature of nickel, copper, and cobalt prices adds an element of economic uncertainty to the project. Operating in Tanzania necessitates skillful navigation of local regulations and maintenance of positive relationships with both the government and local communities.

Furthermore, the large-scale implementation of the Hydromet Technology at Kabanga will serve as a critical test of its efficacy and scalability, despite its promising potential.

Lastly, investors should be aware of the increasingly competitive landscape in the battery metals sector, where numerous projects are vying for market share and investment. These factors collectively underscore the importance of thorough due diligence and a comprehensive understanding of the industry dynamics when evaluating Lifezone Metals as an investment opportunity.

Conclusion: A Compelling Opportunity in the Clean Energy Transition

Lifezone Metals, through its Kabanga Nickel Project and innovative Hydromet Technology, presents a unique investment opportunity in the rapidly evolving landscape of clean energy and sustainable resource development. The recent MOU with JOGMEC adds significant weight to the company's strategic position, potentially accelerating its path to becoming a key player in the global battery metals market.

For investors looking at Lifezone Metals, the company offers exposure to:

• A world-class nickel resource with significant copper and cobalt byproducts.
• Innovative, environmentally friendly processing technology.
• Strong partnerships across the mining, financial, and governmental sectors.
• Growing demand for battery metals in the electric vehicle and renewable energy storage markets.
• Potential for significant value creation through the development of a fully integrated, sustainable metals production chain.

Investors considering Lifezone Metals should closely monitor the progress of the Kabanga project development, the practical implementation of the Hydromet Technology, and the evolution of the company's partnerships and market positioning. As with any mining investment, thorough due diligence and an understanding of the broader market dynamics for battery metals will be crucial in evaluating the long-term potential of this unique opportunity in the clean energy transition landscape.