Lifezone Metals Achieves Significant Progress at Kabanga Nickel Project

Lifezone Metals announced significant progress on execution readiness activities at the Kabanga Nickel Project, which remains on track for a Final Investment Decision in 2026. Following the July 2025 Feasibility Study, which demonstrated Kabanga to be one of the world's largest and highest-grade development-ready nickel sulfide deposits, and the completion of $75M 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: $75M raised in the second half of 2025, fully funding current pre-FID activities. Early works activities are underway including underground and surface geotechnical drilling contracts to support final designs, with mobilization and site preparation in progress. Zero health, safety, environmental or security incidents reported in the second half of 2025. Site surveys and perimeter demarcation activities are advancing as part of the ongoing camp upgrades. With the installation of new leased accommodation units, the camp can now house around 300 people. Reliable grid power continues to be provided by Tanzania Electric Supply Company the main power source for Kabanga, with availability at 94% for November, and consistently above 90% for this year. Infrastructure coordination is ongoing with TANESCO power line upgrade agreements advancing, Tanzania Railways Corporation rail logistics engagement ongoing and consultations with road authorities in progress. Lifezone's local subsidiary, Tembo Nickel, received the Compliance Excellence Award from the Mwanza Regional Commissioner for environmental and regulatory performance in the month of October. Kabanga Updated Environmental and Social Management Plan awaiting National Environment Management Council approval, with the international standards Environment and Social Impact Assessment and ESMP completed in June 2025. U.S. International Development Finance Council Environmental and Social public consultation and due diligence completed for the Kabanga Nickel Project. The Kabanga Environment and Social Action Plan has been integrated into pre-FID activities. Cash compensation payments completed for 97% of Project Affected Households and interest payments completed for 95% of Project Affected Households. Kabanga Resettlement Action Plan aligned with IFC Performance Standards and Tanzanian regulations. Kabanga Household Well-Being and Livelihood survey completed to further understand impacts to Project Affected People. Co-design of Livelihood Restoration activities to commence in early 2026. Mukubu Primary School classroom upgrades are 99% complete as part of this year's Corporate Social Responsibility commitments. Lifezone's local subsidiary, Tembo Nickel, has launched its new website to provide stakeholders with improved transparency and access to project updates, community initiatives, procurement and local hiring opportunities. Currently 97% of Tembo Nickel employees are Tanzanian nationals, and the Project Labor Plan for the project execution phase is well progressed. Lifezone Tanzanian operations continue to operate as normal post-elections in late October and the commemoration of Independence Day in Tanzania on 9th December. Our organization is pleased that the country remained peaceful this week and no major demonstrations were reported countrywide. Lifezone will host several project finance related site visits from mid-January, including a pre-Mining Indaba site visit for shareholders to the Kabanga Nickel Project on February 4-6, 2026, hosted by COO Gerick Mouton and CFO Ingo Hofmaier.