Lifezone Metals Enhances Nickel, Copper and Cobalt Reserves

Lifezone Metals Announces Mineral Resource Update

Lifezone Metals Limited's (NYSE: LZM) Chief Executive Officer, Chris Showalter, is excited to share an important update regarding the high-grade nickel, copper, and cobalt mineral resources at the Kabanga Nickel Project. This project, located in north-west Tanzania, has seen substantial growth in its Measured and Indicated mineral resource categories, reflecting new findings and thorough evaluations made recently.

Significant Highlights from the Update

The recent technical report indicates that the attributable Measured and Indicated Resources now total 46.8 million tonnes grading 2.09% nickel, 0.29% copper, and 0.16% cobalt, which translates to a nickel-equivalent grade of 2.62%. These resources represent a substantial portion of the company's capacity for future production.

Update on Inferred Resources

Additionally, Inferred Resources are calculated at 11.3 million tonnes, yielding grades of 2.08% nickel, 0.28% copper, and 0.15% cobalt. The recent updates suggest the project holds promising potential for future exploration, given the significant findings from over 15,000 meters of new drilling data collected.

Confidence in Resource Classification Grows

The report further classifies 81% of Kabanga’s resource tonnes as being of higher confidence levels within the Measured and Indicated categories, which is crucial for eventual conversion into Proven and Probable Reserves. This classification is essential for increasing the project’s viability and the potential launch of operations.

Improvements in Nickel-Equivalent Calculations

The technical assumptions and parameters used to determine the nickel-equivalent grades have also been updated. The cut-off grade for nickel-equivalent is now set at 0.73% for the massive sulfide domain and 0.77% for the ultramafic domain. This revision contributes to a refined understanding of the project's potential output capabilities.

Exploration Opportunities Identified

Mr. Showalter emphasizes the exceptional potential of the Kabanga Nickel Project, suggesting there are multiple opportunities for further resource growth. High-priority targets in the region, such as the Safari Link zone, have been identified as areas for potential expansion, which could add value and enhance the project’s overall resource base.

Advancements with Strategic Partners

The development project is further supported by a Memorandum of Understanding with the Japan Organization for Metals and Energy Security (JOGMEC), which is aimed at assessing strategic investment opportunities. These partnerships are aimed at facilitating the advancement and commercialization of the Kabanga Nickel Project.

Summary of Kabanga Nickel’s Resource Update

Lifezone Metals’ Kabanga Nickel Project represents one of the largest undeveloped nickel sulfide projects globally, and with the updated resource estimates as of December 2024, the company is on a promising trajectory to unlock significant value. The focus remains on converting resources to reserves while exploring the potential for additional discoveries.

Frequently Asked Questions

What recent updates were made at Lifezone Metals' Kabanga Nickel Project?

The update highlights a significant increase in high-grade nickel, copper, and cobalt mineral resources, with adjustments made based on new drilling data.

What is the current status of the mineral resources?

The project now reports a total of 46.8 million tonnes in Measured and Indicated Resources, with additional Inferred Resources of 11.3 million tonnes.

How much of the resources are classified as high confidence?

Approximately 81% of the resource tonnes are classified as higher confidence Measured and Indicated categories.

What role does JOGMEC play in the project?

JOGMEC is evaluating the potential for strategic investments to support the advancement of the Kabanga Nickel Project through a partnership.

What is the significance of the nickel-equivalent grade update?

The nickel-equivalent grade updates reflect revisions to technical parameters, enhancing the overall understanding of the project's output capabilities and ensuring accurate reporting.

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