Lifezone Metals Limited announced the Mineral Resource Update for the Kabanga Nickel Project, located in north-west Tanzania. The November 2023 Mineral Resource Update reflects the results of Lifezone Metals' 2021-2023 drilling programs and an updated mineralization interpretation, reconfirming the continuity of high-grade nickel mineralization at Kabanga. Kabanga currently comprises of six identified distinct mineralized zones, namely (from south-west to north-east) the Main, MNB, Kima, North, Tembo and Safari zones, which occur over a strike length exceeding 7.5 kilometers.

The five mineralized zones that contribute to the Mineral Resource Update are: Main, MNB, Kima, North and Tembo, which extend over a total strike length of 6.0 kilometers and to a depth of up to 1.7 kilometers below surface. The North Zone remains the largest of the currently identified mineralized zones at Kabanga with attributable Measured and Indicated Resources totaling 20.6 million tonnes grading 2.53% nickel, 0.34% copper and 0.18% cobalt (3.18% nickel-equivalent) and attributable Inferred Mineral Resources totaling 12.2 million tonnes grading 2.60% nickel, 0.35% copper and 0.18% cobalt (3.24% nickel-equivalent). The Tembo Zone is the second largest zone, and all Mineral Resources at Tembo are classified as Measured or Indicated, with combined total attributable 13.8 million tonnes grading 1.80% nickel, 0.25% copper and 0.15% cobalt (2.32% nickel-equivalent).

Within the North and Tembo zones, which form the bulk of contained Mineral Resources at Kabanga, 74% of the Mineral Resources are classified as higher confidence Measured and Indicated (71% across all zones at Kabanga) relative to Inferred. For comparison, the North and Tembo zones combined had 63% classified as Measured and Indicated Resources in the February 2023 Mineral Resource Estimate. Overall Measured and Indicated Mineral Resources have increased by 69% and Inferred Mineral Resources have increased 20% at the Kabanga Nickel Project when compared to the previous February 2023 Mineral Resource Estimate.

This reflects the results of Lifezone Metals? 2021-2023 drilling programs and an updated mineralization interpretation. Lifezone Metals conducted multiple drill programs between 2021 to 2023 at the Kabanga project and the results have been included into the Mineral Resource database.

A breakdown of Lifezone Metals? drill programs is as follows: December 2021 to May 2022: 4,163 meters of drilling in 14 holes to provide 2,727 kilograms of metallurgical sample (in three bulk samples) from the North and Tembo zones for flotation and hydrometallurgical test work in Perth, Australia. May 2022 to December 31, 2022: 7,186 meters of infill drilling in 19 holes at Tembo North to increase confidence in this Zone over a 700-meter strike length and to provide an additional bulk sample (464 kilograms) for flotation and hydrometallurgical test work in Perth, Australia.

An additional 768 meters in one drillhole was completed at the Safari Zone. January 2023 to September 17, 2023: 9,274 meters of infill drilling in five holes at North to increase confidence over a 500-meter strike length, 16,727 meters of infill drilling in 23 holes at Tembo to increase confidence along the entire strike length of the deposit and 3,555 meters in six holes at Tembo for geotechnical purposes. The KNL drilling up to September 17, 2023 has been incorporated into the Mineral Resource database with the exception of holes yet to be surveyed or with outstanding assay results.

A significant proportion of the additional Mineral Resource tonnage in the November 2023 Mineral Resource Update results from the inclusion of ultramafic mineralization that was previously omitted from the interpreted ultramafic boundaries at the North and Tembo zones based on notional cut-off grades. The change in the processing flowsheet, by adding a hydrometallurgical refinery, improves the prospects of economic extraction of the ultramafic material, and the ultramafic mineralization has been interpreted and had grade estimation for the November 2023 Mineral Resource Update. The Mineral Resource cut-off grade has remained unchanged at 0.58% nickel-equivalent, which allows for a direct comparison between the February 2023 Mineral Resource Estimate and the November 2023 Mineral Resource Update.

Metal price assumptions used for cut-off grade determination were $9.50/lb for nickel, $4.00/lb for copper and $26.00/lb for cobalt. Specific work is focused on completing geotechnical studies, underground mine design, placement of surface infrastructure and positioning of the tailings storage facility. Water monitoring bores are informing onsite hydrology studies and metallurgical testing is also underway with variability samples drilled and collected.

Underground mining is expected to have a small surface footprint with a low environmental impact relative to open pit mining. In anticipation of an increase in Mineral Resources at Kabanga, Lifezone Metals ceased exploration drilling programs in November 2023. With the completion of the November 2023 Mineral Resource Update and the significant conversion of Inferred Mineral Resources into the Measured and Indicated categories, Lifezone Metals decided that there are now sufficient Mineral Resources to support the Definitive Feasibility Study.

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that the Definitive Feasibility Study will result in Mineral Reserves. Eleven exploration diamond drill holes have been completed at Safari Link, and results will be reported when assays are received.

Lifezone Metals? geologists have said that the Safari Link area represents the best opportunity for future resource addition.