Fully Funded for Current Activities Following $75 Million of Capital Raises Completed in H2 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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Overview of the Kabanga camp, located in northwestern Tanzania

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

• $75 million raised in the second half of 2025, fully funding current pre-FID activities (refer to Lifezone's September 2, 2025 and November 12, 2025 news releases).
• 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 (TANESCO) 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 (TRC) 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 (ESMP) awaiting National Environment Management Council (NEMC) approval, with the international standards Environment and Social Impact Assessment (ESIA) and ESMP completed in June 2025.
• U.S. International Development Finance Council (DFC) 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.

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

• Q1 2026: Mobilization of geotechnical drilling, procurement strategy finalization and RFT issuances for priority packages.
• Mid-2026: Targeted FID for Kabanga Nickel Project and financial close of multi-source funding package.
• Post-FID: Commencement of EPCM and major bulk earthworks, including North boxcut and underground development.

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.

• On 8th December, her Excellency Dr. Samia Suluhu Hassan, President of the United Republic of Tanzania, held talks with the United States Ambassador to Tanzania, Andrew Lentz to advance key areas of bilateral cooperation, with discussions centered on finalizing the investment agreements for the Kabanga Nickel Project, and two other strategic natures resources projects in Tanzania that are nearing project financing.
• Over the last months roadshows and in-person meetings have been held with various Export Credit Agencies (ECAs) and commercial banks, with particular focus on Europe, Japan, South Africa, Tanzania and the United States.
• A shortlist of potential cornerstone financiers has been identified, in coordination with procurement and offtake streams to identify target lending support.
• Additionally, and in parallel, the procurement strategy is being refined with DRA Global and Lifezone's technical team to optimize the tied export credit support.
• The bankability review of the Kabanga Feasibility Study has been completed with debt sizing and lender model agreed. The high-grade nature of the Kabanga deposit and the resulting healthy profitability results in above market debt capacity.
• Lender advisors have been appointed for technical, environmental, social and commercial areas and the due diligence has commenced in all critical areas.
• All required technical / EPCM consultants appointed and the project critical path packages have started the Mining Commission procurement process.

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:

• After-tax NPV (8%): $1.58 billion & IRR: 23.3%

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

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Investor Relations – North America

Evan Young

SVP: Investor Relations & Capital Markets

evan.young@lifezonemetals.com

Investor Relations – Europe

Ingo Hofmaier

Chief Financial Officer

ingo.hofmaier@lifezonemetals.com