Lifezone Metals Announces Completion of S-K 1300 Technical Report Summary Disclosing a Total of 40.4 Mt Resource Attributable to Lifezone Metals for the Kabanga Nickel Project in Tanzania

Dar es Salaam (Tanzania), London (United Kingdom) – Lifezone Holdings Limited (“Lifezone Metals” or the “Company”) has previously announced entry into a Business Combination Agreement with GoGreen Investments Corporation (NYSE:GOGN), a publicly traded company on the NYSE (“GoGreen”), and also $90 million of investment by BHP Billiton (UK) DDS Limited (“BHP”) directly in Kabanga Nickel Limited (“Kabanga Nickel”). Today, Lifezone Metals is pleased to announce a Technical Report Summary (“TRS”) estimating mineral resources for the Company’s Kabanga nickel project in Tanzania (the “Kabanga Project”) has been furnished on Form 8-K by GoGreen. 

Highlights: 

• Lifezone Metals believes that the Kabanga Project comprises one of the world’s largest and highest grade nickel sulfide deposits1 
• Total resource attributable to Lifezone Metals of 40.4 Mt, including contained metal of 2,925 Mlb NiEq232 grading at 3.28%, 2,325 Mlb nickel grading at 2.61%, 311 Mlb copper grading at 0.35% and 171 Mlb cobalt grading at 0.19%. Mineral resources are reported showing only the Lifezone Metals attributable tonnage portion, which is 69.713% of the total at February 15, 2023 
• This is the first time that mineral resource estimates at the Kabanga Project have been reported in accordance with Item 1300 of Regulation S-K (“S-K 1300”) promulgated by the U.S. Securities and Exchange Commission 
• Development at the Kabanga Project is underway and, as previously announced, is supported by an aggregate of $100 million of investments from BHP Billiton (UK) DDS Limited (“BHP”) in Kabanga Nickel and Lifezone Metals, and the business combination previously announced with GoGreen Investments Corporation (NYSE:GOGN) 

The TRS has been prepared in accordance with S-K 1300 for Lifezone Metals on the Kabanga Project. The TRS is a preliminary technical and economic study of the economic potential of the Kabanga Project mineralisation to support the disclosure of mineral resources. The TRS sets forth total reported measured, indicated and inferred resources for the Kabanga Project attributable to Lifezone Metals of 40.4 Mt, including contained metal of 2,925 Mlb NiEq23 grading at 3.28%, 2,325 Mlb nickel grading at 2.61%, 311 Mlb copper grading at 0.35% and 171 Mlb cobalt grading at 0.19%. Mineral resources are reported showing only the Lifezone Metals attributable tonnage portion, which is 69.713% of the total at February 15, 2023. The 2022 NiEq cut-off grade is 0.58% NiEq. 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. 

The TRS was furnished on February 24, 2023 by GoGreen as an exhibit to a Current Report on Form 8-K. The information contained in this news release is qualified in its entirety by reference to the complete text of the TRS. You are encouraged to read the TRS in its entirety for a complete description of the TRS and the mineral resource estimates contained therein. 

Chris Showalter, CEO of Lifezone Metals, stated: “The publication of the technical report summary for the Kabanga Project is an important step forward in the development of the project. Drilling and test work on the Kabanga Project continue as we increase our understanding of what we believe is one of the world’s most important new sources of sulfide nickel supply for global battery metals markets. We believe Lifezone Metals’ proprietary hydrometallurgical processing technology is key to unlocking the value of the Kabanga Project, which we believe has the potential to significantly reduce carbon emissions in battery metals refining compared to traditional smelting and refining – ultimately contributing to the production of cleaner battery metals.” 

John Dowd, CEO of GoGreen, commented: “It is an honor to be part of the team working to bring Lifezone Metals public on the NYSE. The data in this report indicates that this is one of the largest and highest grade undeveloped nickel sulfide projects in the world. We look forward to continued collaboration with BHP to bring this resource into production.” 

About the Kabanga Project 

The Kabanga Project is an exploration-stage project. Lifezone Metals believes that the Kabanga Project, located in north-west Tanzania, comprises one of the world’s largest and highest grade nickel sulfide deposits. 

The Kabanga Project is located within the East African nickel belt which extends 1,500 km along a north-east trend that extends from Zambia in the south-west, though the Democratic Republic of Congo, Burundi, Rwanda, Tanzania and Uganda in the north-east, and straddles the western boundary of the Tanzania Craton to the east and the eastern boundary of the Congo Kasai Craton to the West. The intrusions that host the known potentially economic nickel-bearing massive sulfide zones in the Kabanga Project area, namely North, Tembo, Main and MNB, are found within steeply dipping and overturned metasediments, dipping to the west (70° to 80°) with a north — north east strike orientation (025°) from Main to North zone, changing to a north-east strike orientation (055°) from North to Tembo. For more information, see Section 6 of the TRS. 

A resource definition drill program is underway and ongoing at North and Tembo to support the definitive feasibility study mine plan and reserve statement. 

A memorandum of understanding has been signed with Tanesco, the Tanzanian national electricity supplier, regarding the connections of interim and permanent power supply for construction and operational needs via a new high voltage overhead line to Kabanga. Consultation is also ongoing with Tanroads and Tanzania Railways Corporation regarding the upgrades and improvements of existing roads to support Kabanga’s concentrate road transport from Kabanga to Kahama and rail to allow final metals product transport from Kahama to Dar es Salaam. 

Lifezone Metals recently announced the completion of BHP’s additional $50 million investment in Kabanga Nickel, with which Lifezone Metals will continue to progress work on the resource definition drilling, early works, resettlement and the definitive feasibility study for the Kabanga Project. 

Mineral Resources 

The mineral resource estimates set forth in the TRS are based on the mineral resources reported by Glencore Canada Corporation and Barrick Gold Corporation, as current in their respective 2016 annual reports. The nickel-equivalent grade and the modifying factors for the cut-off grade were updated with 2023 assumptions for reporting of the mineral resource estimates. 

Only the portion of the total mineralisation that is attributable to Lifezone Metals’ interest in the property is shown in the table below. The mineral resource estimates have an effective date of 15 February 2023. 

1. Mineral resources are reported exclusive of mineral reserves. There are no mineral reserves to report. 
2. Mineral resources are reported showing only the Lifezone Metals attributable tonnage portion, which is 69.713% of the total.
3. Cut-off uses the NiEq23 using a nickel price of $9.50/lb, copper price of $4.00/lb, and cobalt price of $26.00/lb with allowances for recoveries, payability, deductions, transport, and royalties. NiEq23% = Ni% + Cu% x 0. 411 + Co% x 2.765.
4. The point of reference for mineral resources is the point of feed into a processing facility.
5. All mineral resources in the TRS were assessed for reasonable prospects for eventual economic extraction by reporting only material above a cut-off grade of 0.58% NiEq23.
6. Totals may vary due to rounding. 

For further details, see Section 11 of the TRS. 

The metal prices used in the TRS are based on an internal assessment of recent market prices, long-term forward curve prices and consensus among analysts regarding price estimates. The prices selected are at the upper range of long-term consensus price forecasts over the last 10 years. This is an optimistic view of prices for use in the mineral resource cut-off grade analysis to ensure that the mineral resource does not exclude material that can be included in further studies for defining mineral reserves. 

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. A nickel concentrate is assumed to be produced on site, and then transported to the multi-metal mineral processing facility to produce final nickel, copper and cobalt metal, with transport of final nickel, copper and cobalt metal to Dar es Salaam, and export to markets for sale. Markets for nickel, copper and cobalt are well established and decarbonisation plans and activities have indicated that they will add to demand of these metals. The demand for these metals is expected to be robust in the long term. As yet, no contracts or detailed marketing studies have been prepared by Lifezone Metals. 

Initial Assessment 

The TRS describes the mineral resource estimates of the Kabanga Project. The initial assessment assumes an underground mining rate of 2.2 Mtpa. The mining method is underground stopping with backfill, and the extracted mineralised material will feed into an on-site concentrator. Concentrate is assumed to be transported to an off-site hydrometallurgical processing facility to produce final nickel, copper and cobalt metal, with transport of the final metal to Dar es Salaam and export to markets for sale. 

A cash flow analysis was not performed for the Kabanga Project. The initial assessment has been prepared to demonstrate reasonable prospects of economic extraction, not the economic viability of the mineral resource estimates. The initial assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorised as mineral reserves, and there is no certainty that this economic assessment will be realised. 

The Qualified Person has concluded that the mineral resource estimates meet reasonable prospects for eventual economic extraction. 

For more information, see Section 1.6.4 of the TRS. 

Contacts

¹ Based on analysis of the largest undeveloped nickel deposits from S&P Capital IQ Pro, as modified per public data on each mining project. The Kabanga Project’s resource metrics reflect the measured, indicated and inferred resources referred to in the TRS. 

² The 2023 nickel equivalent (NiEq23) formula is as follows: NiEq23 (%) = Ni% + Cu% x 0.411 + Co% x 2.765. The 2023 NiEq cut-off grade is 0.58% NiEq.