Lifezone Metals Advances Kabanga Nickel Project Toward 2026 Final Investment Decision

NEW YORK--(BUSINESS WIRE)--Dec 11, 2025--

Lifezone Metals Limited’s ( NYSE: LZM ) Chief Executive Officer, Chris Showalter, and Chief Operating Officer, Gerick Mouton today announce significant progress on execution readiness activities at the Kabanga Nickel Project, which remains on track for a Final Investment Decision (FID) in 2026.

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Following the July 2025 Feasibility Study (refer to Lifezone’s July 18, 2025 news release ), which demonstrated Kabanga to be one of the world’s largest and highest-grade development-ready nickel sulfide deposits, and the successful completion of $75 million in capital raises in H2 2025, Lifezone has commenced execution readiness activities to advance and de-risk the project and prepare for full-scale execution.

Highlights

Mr. Showalter said: “The Kabanga Nickel Project represents a transformative opportunity for Tanzania and for the global supply of critical nickel metal. Having proved the project’s global economic competitiveness through a robust feasibility study in July, we are pleased with the progress made to date during this pre-FID phase, and remain committed to working closely with the Government of Tanzania to deliver this world-class project.”

Mr. Mouton added: “Our technical teams are advancing early works, including geotechnical drilling and site preparation, while procurement and logistics planning are well underway. These steps are critical to de-risking the project and ensuring we are ready for execution following FID. Additionally, we are focused on building strong local partnerships that will enable timely delivery of the project while creating long-term benefits for Tanzanians.”

Upcoming catalysts

Update on the strategic financing process

Lifezone continues to advance a multi-track financing strategy, and is actively engaged in advanced discussions with several major strategic and financial investors and off-takers regarding potential project-level investments, long-term strategic partnerships, or value accretive project divestiture. While negotiations are progressing, no agreements have been reached and Lifezone is under no obligation to proceed with any transaction.

Figure 1: Overview of the Kabanga camp, located in northwestern Tanzania.

Strategically important nickel project

As outlined in the July 2025 Feasibility Study, Kabanga is positioned to become a first-quartile cost producer with AISC of $3.36/lb nickel (net of copper and cobalt by-product credits) and delivering robust economics:

Refer to Lifezone’s July 18, 2025 news release and July 2025 Kabanga Feasibility Study Technical Report Summary.

Figure 2: CRU Group’s nickel all-in sustaining costs for 2025.

DATA: CRU Nickel Cost Model and CRU Nickel Asset Services. Cost estimates for the Kabanga Project have been provided by Lifezone Metals using CRU price assessments for by-product credits. The chart excludes a small volume of platinum group metals (PGM) miners that produce nickel as a by-product. In USD 2024 real terms.

Figure 3: Kabanga General Manager receiving the Compliance Excellence Award from the Mwanza Regional Commissioner on October 15, 2025 (left); certificate of appreciation granted to the project for compliance (right).

Figure 4: Construction of two new classrooms at Mukubu Primary School.

Figure 5: Images of the 33-kilovolt power line connecting the Kabanga camp to the regional power grid.

Figure 6: The Lifezone and DRA Global pre-FID engineering and procurement team.

Figure 7: 3D model of the Kabanga site looking east showing the 3.4 Mtpa concentrator and the North Boxcut with the twin declines and associated infrastructure

LZM shareholders to secure their spot for the Pre-Mining Indaba site visit to Kabanga (February 4-6, 2026)

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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 development-ready nickel sulfide deposits. By pairing it with our Hydromet Technology, we are working to unlock a new source of nickel, copper and cobalt for the global battery metals markets and to empower Tanzania to achieve in-country beneficiation.

Through our US-based recycling partnership, we are working towards applying our Hydromet Technology to the recovery of 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, supporting a circular economy for precious metals.

https://lifezonemetals.com

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, our approach to environmental stewardship, social responsibility, safety and governance (ESG), 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 economic and operational disruptions; global inflation and cost increases for materials and services; 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 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; events relating to environmental issues, social responsibility, safety and/or governance matters, 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 of 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; 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.

LZM shareholders to secure their spot for the Pre-Mining Indaba site visit to Kabanga (February 4-6, 2026)

3D model of the Kabanga site looking east showing the 3.4 Mtpa concentrator and the North Boxcut with the twin declines and associated infrastructure

The Lifezone and DRA Global pre-FID engineering and procurement team

Images of the 33-kilovolt power line connecting the Kabanga camp to the regional power grid

Construction of two new classrooms at Mukubu Primary School

Kabanga General Manager receiving the Compliance Excellence Award from the Mwanza Regional Commissioner on October 15, 2025 (left); certificate of appreciation granted to the project for compliance (right)

CRU Group’s nickel all-in sustaining costs for 2025

Overview of the Kabanga camp, located in northwestern Tanzania

LISBON, Portugal (AP) — A strike called by Portugal’s two main trade union confederations brought severe travel disruption Thursday and forced the cancellation of many medical appointments and school classes. Government and municipal services, including trash collection, were also badly hit.

The two labor groups representing close to a million Portuguese workers say it could be the country’s biggest walkout in more than 10 years as they contest the center-right government’s planned changes to employment laws.

The unions say the changes strip workers of entitlements, while the government argues they are needed to make the economy more supple and spur growth.

The proposed changes include making it easier for companies to fire workers, denying the right to strike in additional sectors of the economy and limiting breastfeeding breaks for mothers to the first two years of a baby’s life from the current open-ended dispensation.

Downtown Lisbon was strikingly quiet, with few pedestrians and light traffic compared to a usual weekday in the capital as some people went on strike and others worked from home to avoid the transport disruption.

At Lisbon international airport, dozens of flights were canceled as pilots, flight attendants and baggage handlers walked out. The airport was open but largely deserted.

Flag carrier TAP Air Portugal operated only 63 of its 283 scheduled flights, in line with the minimum level of service required by law. The airline had previously warned passengers about the strike and offered to put them on other flights.

Train and bus services across Portugal also ran a skeleton service. The Lisbon Metro subway said services were suspended at 11 p.m. Wednesday and would resume only on Friday morning.

Private companies were also affected, with manufacturing and distribution companies reporting walkouts.

Portugal has one of the European Union’s smallest economies and its workers are among the lowest paid in the 27-nation bloc. The average monthly wage is around 1,600 euros ($1,870) before tax, according to the National Statistics Institute. The minimum monthly wage earned by hundreds of thousands of workers is 870 euros ($1,018) before tax.

The Portuguese are also being pinched by a housing and cost of living crisis, as property prices soar and inflation sticks at just over 2%.

The European Commission expects Portugal to achieve GDP growth of around 2% this year, above the EU average of 1.4%. Unemployment stands at under 6%, roughly the EU average.

Trade unions planned street marches later Thursday. It is the first time since 2013 that the umbrella groups — the General Workers’ Union and the General Confederation of Portuguese Workers — have joined forces.

Social Democrat Prime Minister Luis Montenegro has described the strike as “senseless” because the country is doing well.

Helena Alves and Armando Franca in Lisbon, Portugal, contributed to this report.

City buses are photographed in a parking lot, during a general strike to protest against a new labour package announced by the centre-right government, in Oeiras, outside Lisbon, Thursday, Dec. 11, 2025. (AP Photo/Armando Franca)

An employee walks alongside passenger trains parked at Campolide station, during a general strike to protest against a new labour package announced by the centre-right government, in Lisbon, Thursday, Dec. 11, 2025. (AP Photo/Armando Franca)

Trucks sit idle at a garbage processing center in Lisbon at the start of a general strike on Wednesday night, Dec. 10, 2025, held to protest a new labor package announced by Portugal's center-right government. (AP Photo/Ana Brigida)

A screen shows departing flights, many cancelled, at Lisbon Airport, at the start of a general strike to protest against a new labour package announced by the centre-right government, in Lisbon, early Thursday, Dec. 11, 2025. (AP Photo/Ana Brigida)

A woman walks through a nearly deserted hall of the Lisbon airport at the start of a general strike to protest against a new labour package announced by the centre-right government, in Lisbon, early Thursday, Dec. 11, 2025. (AP Photo/Ana Brigida)

Striking workers block the entrance to warehouses of the Portuguese postal services company stopping trucks leaving, at the start of a general strike to protest against a new labour package announced by the centre-right government, in Lisbon, Wednesday night, Dec. 10, 2025. (AP Photo/Ana Brigida)

A police officer negotiates with striking workers blocking the movement of trucks at the gate to warehouses of the Portuguese postal services company, at the start of a general strike to protest against a new labour package announced by the centre-right government, in Lisbon, early Thursday, Dec. 11, 2025. (AP Photo/Ana Brigida)