Exhibit 23.1

CONSENT OF EXPERT

I hereby consent to the use of and reference to my name, Sharron Sylvester, B.Sc. (Geol), RPGeo AIG, and the information listed below that I reviewed and approved, as described or incorporated by reference in Lifezone Metals Limited’s Form F-3 (File Nos. 333-272865 and 333-281189) and Form S-8 (File No. 333-274449) and the related prospectuses, filed with the United States Securities and Exchange Commission and any amendments and/or exhibits thereto (collectively, the “Registration Statements”). I am a “Qualified Person” as defined in Regulation S-K 1300.

I have reviewed and approved the following:

I consent to the public filing and use of the IA Technical Report Summary as exhibits to the Registration Statements and the Form 6-K of Lifezone Metals Limited to which this consent is an exhibit.

Exhibit 23.2

CONSENT OF EXPERT

DRA Projects (Pty) Ltd hereby consents to the use of and reference to it and its name, DRA Projects (Pty) Ltd, and the information listed below that it has reviewed and approved, as described or incorporated by reference in Lifezone Metals Limited’s Form F-3 (File Nos. 333-272865 and 333-281189) and Form S-8 (File No. 333-274449) and the related prospectuses, filed with the United States Securities and Exchange Commission and any amendments and/or exhibits thereto (collectively, the “Registration Statements”). DRA Projects (Pty) Ltd is a “Qualified Person” as defined in Regulation S-K 1300.

DRA Projects (Pty) Ltd has reviewed and approved the following:

DRA Projects (Pty) Ltd consents to the public filing and use of the IA Technical Report Summary as exhibits to the Registration Statements and the Form 6-K of Lifezone Metals Limited to which this consent is an exhibit.

Exhibit 96.1

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TABLE OF CONTENTS

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LIST OF TABLES

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LIST OF FIGURES

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ABBREVIATIONS

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UNITS OF MEASURE

SYSTEM OF UNITS

The International System of Units (SI), the metric system, will be used throughout the design in all documentation, specifications, drawings, reports and all other documents associated with the study.

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DRA Projects (Pty) Ltd (DRA) and OreWin Pty Ltd (OreWin) were engaged by Lifezone Metals Limited (NYSE LZM) (hereafter referred to as “LZM”) to prepare an independent Initial Assessment (IA) Technical Report Summary (TRS) for the Kabanga Nickel Project (hereafter referred to as “the Project”), located in northwest Tanzania. This TRS provides supplemental technical and economic information to support the Mineral Resource Update (MRU) disclosed in LZM’s prior TRS dated December 4, 2024. The TRS was prepared in accordance with the United States Securities and Exchange Commission’s (SEC) Modernized Property Disclosure Requirements under Subpart 229.1300 of Regulation S-K (S-K 1300) and Item 601(b)(96). The purpose of this IA is to provide a preliminary indication that the Project may have potential for technically viable and economically favorable development based on the current Mineral Resources estimate. The IA is intended to serve as a foundation for demonstrating the overall staged development strategy, including advancing the Project to a Feasibility Study (FS), and subsequently, to detailed design, execution, and operation.

The Project, in which LZM holds a 69.713% ownership interest, is a fully integrated, greenfield development that will produce nickel, copper, and cobalt products for the global market. Designed to deliver strong financial returns, the Project is also expected to generate social and economic benefits for local communities. As one of the world’s largest undeveloped high-grade nickel sulfide deposits, the Project offers a strategically important, unencumbered source of nickel ideally suited for the evolving electric vehicle (EV) battery supply chain.

The Project represents a globally significant opportunity aligned with the accelerating transition to a low-carbon economy, driven by the rising demand for responsible and ethically sourced battery minerals essential to EVs and energy storage systems. The Project is positioned to deliver both strategic value to the global supply chain and meaningful economic and social benefits to Tanzania and its citizens.

The Project is located in the northwest of Tanzania, approximately 1,300 km northwest of Dar es Salaam, adjacent to the Burundi border (see Figure 1-1). The Project comprises two sites, the Kabanga Mine and Concentrator and associated infrastructure (hereafter known as “Kabanga Site”) and the Kahama Hydrometallurgical Refinery (hereafter known as the “Refinery”) and associated infrastructure (collectively known as “Kahama Site”), which will be operational five years after first concentrate production.

Figure 1-1: Kabanga Nickel Project Location in Tanzania The Kabanga Site will see the development of an underground mine and the construction of a concentrator, tailings storage facility (TSF), and the associated infrastructure.

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The site is reached by 77 km of unpaved public road (Southern Access Road) from the paved National Route B3 (see Figure 1-2). Grid electricity (33 kV, 9 MVA) is currently supplied to the site by the Tanzania Electric Supply Company Limited (TANESCO) and is sufficient for construction and initial mine development. The development of the site includes the resettlement of economically displaced households (EDHs) and physically displaced households (PDHs) onto seven identified relocation host sites (hereafter known as the “Kabanga Resettlement Sites”).

Figure 1-2: Kabanga Special Mining Licence (SML), Site Project Footprint, Resettlement Sites and Southern Access Road

The Kahama Site will be located within the Buzwagi Special Economic Zone (SEZ), located in Kahama, a town with a population of approximately 453,000 (2022 census). The Kahama Site comprises the Refinery, associated infrastructure, and utilities. The Kahama Site is approximately 320 km from the Kabanga Site on the paved B3 highway. The Kahama Site is 32 km from the Isaka Dry Port, which will provide a 982 km Standard Gauge Rail (SGR) link to Dar es Salaam Port via Tabora and Kwala. The site has existing infrastructure consisting of workshops, warehouses, offices, security, and water storage dams. An existing bulk water supply is available from the local Kahama Urban Water Supply and Sanitation Authority (KUWASA). The Kahama Airport (KBH) has commercial domestic flights to and from Dar es Salaam (See Figure 1-3). Bulk (220 kV) power supply from TANESCO is available to the site.

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Figure 1-3: Kahama Site at the Buzwagi SEZ

Both sites are situated within a temperate moist sub-humid climatic zone, experiencing bi-modal rainfall patterns with an average annual precipitation of approximately 1,000 mm, and mean annual temperatures around 20°C, allowing for year-round site access.

The Project is owned by Tembo Nickel Corporation Limited (TNCL). TNCL is 84% owned by Kabanga Nickel Limited (KNL) and 16% by the Government of Tanzania (GoT) Treasury Registrar. KNL is jointly owned by LZM (82.992%), through its 100% owned subsidiaries, and by BHP Billiton (UK) DDS Limited (BHP) (17.008%). The LZM attributable ownership is thus 69.713%, after accounting for the GoT and BHP shareholding. The current Project ownership structure is presented in Figure 1-4.

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Figure 1-4: Current Ownership Structure of the Kabanga Nickel Project

A Framework Agreement exists with the GoT for the development and operation of the Project, which describes the equitable Economic Benefit Sharing Principle (EBSP) between KNL and the GoT. The overarching principle is that KNL and the GoT equally share income derived from the Project over the Project life, where GoT’s income is derived from dividends, taxes, royalties, duties, and levies.

TNCL holds a 201.85 km2 Special Mining Licence (SML) granted on October 29, 2021, which is valid up to 33 years (2054) and includes all mineralized areas relating to the resource. TNCL also holds a Refining Licence (RFL), granted on March 19, 2024, which confers the right to refine copper, cobalt, and nickel products in the Kahama District, Shinyanga Region. In addition, TNCL holds six prospecting licenses covering a combined area of 101.44 km2, which are not part of the Project.

BHP holds a 17% direct interest in KNL, acquired via a convertible loan in July 2022 and an equity subscription in February 2023. In addition, KNL and LZM’s wholly-owned subsidiary Lifezone Limited entered into an option agreement with BHP in October 2022, pursuant to which KNL would receive an investment from BHP by way of an equity subscription, such that in aggregate, BHP would indirectly own 51% of the total voting and economic equity rights in TNCL and RefineCo (60.71% of the total voting and economic equity rights in KNL on a fully diluted basis). The price is to be determined through an independent expert valuation and the option process commences on the later date on which the Definitive Feasibility Study (DFS) is agreed between BHP and KNL, or the date on which the Joint Financial Model (JFM) in respect of the Project is agreed between BHP, GoT, and Lifezone Limited.

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Lifezone Limited and KNL entered into a Development, Licensing and Services Agreement on October 14, 2022, pursuant to which Lifezone Limited agreed to study the proposed Refinery that will utilize Lifezone Limited’s hydrometallurgical technology.

The Kabanga nickel deposit is located within the East African Nickel Belt, which extends approximately 1,500 km along a northeast trend that extends from Zambia in the southwest to Uganda in the northeast. In the northern and central sections of the East African Nickel Belt, a thick package of Paleoproterozoic to Mesoproterozoic metasedimentary rocks, known as the Karagwe-Ankole Belt (KAB), overlies this boundary, within which occurs a suite of broadly coeval, bimodal intrusions that correspond to the Mesoproterozoic Kibaran tectonothermal event between 1,350 Ma and 1,400 Ma.

The Kibaran igneous rocks comprise mafic-ultramafic intrusions, including well-differentiated lopolithic layered intrusions and small, narrow, tube-like sills, often concentrically zoned, called chonoliths. The nickel mineralization zones discovered to date have exclusively been found associated with the mafic-ultramafic intrusions, in particular, along the Kabanga-Musongati Alignment.

The intrusions that host the potentially economic nickel-bearing massive sulfide zones in the Project area, namely, from southwest to northeast, Main, MNB, Kima, North, Tembo, and Safari, are hosted within steeply dipping overturned metasediments (dipping 70° to 80° to the west), with a north–northeast strike orientation (025°) from the Main zone to North zone, changing to a northeast strike orientation (055°) (dipping northwest) from North to Tembo. These zones are located within and at the bottom margin of the mafic ultramafic chonoliths. The chonoliths are concentrically zoned with a gabbronorite margin and an ultramafic cumulate core.

Three lithological groups are present at Kabanga:

The principal sulfide in the massive sulfide is pyrrhotite, with up to 15% pentlandite. The pentlandite shows distinct globular recrystallization textures, with crystals reaching up to 5 cm in size. Sulfide mineralization occurs both as:

Exploration at the Project has been undertaken in several different phases for approximately 50 years, with more than 637 km of drilling completed up to the effective date of the current Mineral Resource estimate (MRE) reported in December 2024.

The first drilling on the deposit was undertaken between 1976 and 1979 by the United Nations Development Programme (UNDP). This program resulted in over 20 km of drilling and the estimation of a Mineral Resource for Main zone.

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In 1990, Sutton Resources Ltd (Sutton) negotiated the mineral rights to the Project. Between 1990 and 1999, Sutton, in two separate joint ventures (JVs), completed over 100 km of drilling that resulted in Mineral Resource estimates for the Main zone and North zone.

In 1999, Barrick Gold Corporation (Barrick) purchased Sutton and commenced a 14-year exploration program. During the first four years of this program, Barrick explored the Main zone and North zone areas further, resulting in the discovery of the MNB zone and the Kima zone, updates to the resource models, and the completion of a scoping study. In 2005, Barrick entered into a JV with Falconbridge Ltd (which became Xstrata plc, then ultimately Glencore plc) that lasted for nine years and resulted in two additional scoping studies, a Pre-Feasibility Study (PFS), an FS and a draft FS update. During this period, over 450 km of drilling was completed, the Tembo zone mineralization was discovered, and Mineral Resource updates were generated for all the zones.

Other historical exploration work completed included the following:

In December 2021, the Project commenced activities at the Kabanga Site, after SML 651/2021 was granted. Since that time, over 52 km of additional drilling has been completed.

In December 2024, a revised Mineral Resource estimate (2024MRU) was generated based on all the Project drilling completed up to June 4, 2024, and this IA is based on that Mineral Resource estimate.

The Project drillhole database is currently maintained using Fusion software. Data collection activities have been performed using industry-standard practices.

The Kabanga sample preparation, assaying, quality assurance and quality control (QA/QC) activities and protocols can be summarized as follows:

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All the aspects of the data that could materially impact the integrity of the Mineral Resource estimates (core logging, sampling, analytical results, and database management) were reviewed by OreWin with TNCL staff. OreWin personnel met with the TNCL staff to ascertain exploration and production procedures and protocols. Drill rigs were visited, and core was observed being obtained from the diamond drillholes and being logged at the exploration camp to confirm that the logging information accurately reflects the actual core. The lithology contacts that were checked matched the information reported in the core logs.

Extensive historical metallurgical testwork was previously undertaken for the Kabanga Concentrator (hereinafter referred to as the “Concentrator”) over the period 2005 to 2010, including mineralogical, comminution, flotation (bench and pilot scale) and dewatering testwork, which provided a basis for the additional metallurgical testwork undertaken as part of the 2023-25 concentrator testwork program.

As part of this program, comminution and flotation flowsheet development and variability testwork was conducted on 4,616 kg of quarter, half, and full NQ sized (approximately 47.6 mm) drill core. The testwork was conducted to feasibility level, on a range of composite and variability samples which were selected to represent the major feed types and feed blends expected to be processed over the potential life of mine (LoM). Sample selection and composite preparation also considered:

Testing included comprehensive head grade analysis, mineralogy, comminution (physical crushing and grinding) tests, open circuit and locked-cycle bench-scale flotation tests, open circuit bulk flotation tests, feed oxidation assessments, concentrate regrind, thickening, filtration and rheology testing. The aim of the testwork was to further characterize the flotation response, optimize the flowsheet, generate bulk concentrate samples for the refinery testwork, and to evaluate the degree of variability that could be expected across the deposit.

The comminution testwork confirmed the previous historical testwork findings, demonstrating that the MSSX and MSXI material is characterized as soft to medium with respect to hardness, while the UMAF_1a and waste dilution are characterized as medium-hard to hard. All the samples had a low abrasion tendency.

The flotation testwork demonstrated that a conventional flotation flowsheet, using a typical flotation reagent regime, could be used for the effective separation of pentlandite and chalcopyrite from the pyrrhotite and non-sulfide gangue. It also confirmed the historical optimal flotation circuit feed size of 80% passing 100 µm and a feed solids concentration of 35% (w/w). The regrind testwork highlighted the relatively soft nature of the sulfide rougher concentrate.

The dewatering testwork was aligned with historical testing by equipment vendors, showing the concentrate and tailings could readily thicken to a density > 65% solids (w/w) and is amenable to pressure filtration, achieving a final concentrate moisture level of 9% (w/w). Tailings testwork showed that rheology is not expected to cause pumping issues at design densities.

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The concentrator metallurgical performance projections indicate that the Concentrator will potentially produce over 300 ktpa of nickel-copper-cobalt sulfide flotation concentrate, containing 17.3% nickel over the proposed LoM. The nickel recovery is expected to average 87.3% over the proposed LoM, while the copper and cobalt recoveries are expected to average 95.7% and 89.6%, respectively.

Refinery testwork was conducted using samples of concentrate generated from the concentrator testwork program, derived from feed containing varying amounts of MSSX, UMAF_1a and waste dilution lithologies, with the dominant minerals in the MSSX being pentlandite, chalcopyrite, and pyrrhotite.

The testwork program included pressure oxidation (POX), primary neutralization, locked-cycle POX and primary and secondary neutralization, copper, cobalt, calcium and impurity solvent extraction (SX), anolyte neutralization, bleed crystallization characterization, and local limestone characterization.

Over 50 POX batch tests demonstrated high leach extractions of nickel (98%), cobalt (99%), and copper (98%) across a range of operating conditions. The pregnant leach solution (PLS) produced was low in impurities, making it well suited to direct electrowinning and battery-grade nickel sulfate production. A high recovery of copper (> 98%) in SX was demonstrated, in line with the vendor’s performance projections.

Key impurities like iron and aluminum were effectively removed during the precipitation process, with minimal loss of valuable metals (< 1% for nickel, cobalt, and copper). Additional tests on CoSX showed that other impurities, including impurities such as calcium and sodium introduced during processing, can be managed. These were successfully rejected while still maintaining high recoveries of nickel and cobalt (> 99%) in the impurity removal circuits.

Limestone samples sourced from the nearby Shinyanga Region in Tanzania were tested and confirmed to have acid neutralization properties consistent with their calcium content, making them suitable for use in the Refinery.

The test results for the pilot plant samples agree with prior tests on the pilot plant concentrate sample and as well as the broader dataset generated from the POX bench-scale testwork on the Kabanga concentrate samples. The hydrometallurgical testwork supports the overall Refinery flowsheet design and demonstrates the potential that London Metal Exchange (LME) grade A copper and battery grade nickel sulfate can be produced. Overall Refinery recoveries of 97.2%, 93.0%, and 97.7% for nickel, copper, and cobalt, respectively, are expected.

The 2024MRU was based on industry best practice, is similar in approach to the resource modeling of previous estimates, conforms to the requirements of S-K 1300, and is suitable for reporting as current estimates of Mineral Resources.

The 2024MRU was completed using Datamine software, with macros developed to estimate the full suite of component elements and density for each zone (Main, MNB, North, Kima, and Tembo). All zones were estimated using the ordinary kriging method, with domain-specific search and estimation parameters determined by statistical and geostatistical analyses.

Three distinct mineralization units were interpreted for the Main, MNB, Kima, North, Tembo, and Safari zones:

Within these three units, additional sub-domains were created based on spatial continuity, intersecting geological structures, and geochemical variability.

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Solid wireframes were constructed for the intrusive bodies at each zone, which predominantly represented the logged generally unmineralized ultramafic (peridotite) (UMAF_KAB) lithology but also served as an ‘umbrella’ unit for any intervals logged as generic mafic (MAF), generally unmineralized gabbro-gabbronorite (GAB_KAB), UMAF_1a, MSSX, and MSXI. The stratigraphic contacts between the Banded Pelite unit (BNPU) and the Lower Pelite unit (LRPU) were also used to interpret folding structures and unconformities to help orient the sulfide mineralization interpretations.

A multivariate statistical analysis was completed for all domains within each zone. It was based on the assay data limited to the samples that have the complete suite of elements assayed.

Some individual domains were combined where they were found to be statistically similar and could be plausibly related in a geological and spatial sense. The classification criteria and zoning used for the 2024MRU were based on a two-stage approach that considered objective criteria and visual observation.

The criteria referenced for the assignment of Inferred and Indicated mineralization globally included the distance from the cell centroid to the drillhole samples and the search pass in which the estimate was achieved. This global classification was then reviewed visually with specific focus on geological factors, including the geometry of the mineralized zones, spatial and geochemical continuity of the mineralization, and the success rate when intersecting the mineralization at predicted locations and thicknesses with the new drilling. Manually defined wireframe solids were then developed to enclose those areas that warrant upgrading to Indicated or Measured. As the Kabanga North and Tembo zones contain multi-element mineralization, a nickel equivalent (NiEq) formula, updated for current metal prices, costs, and other modifying factors, has been used for reporting from the Mineral Resource.

The 2024 nickel-equivalent (NiEq24) formula is as follows:

The 2024 NiEq cut-off grades are:

Metal price assumptions used for cut-off grade determination were USD 9.50/lb for nickel, USD 4.50/lb for copper, and USD 23.00/lb for cobalt. Other input parameters and assumptions used for the NiEq24% formula and determining the cut-off grade are discussed in Section 11.4.

Reasonable prospects for economic extraction for the Mineral Resource determination were assessed by way of an IA, as defined in S-K 1300.

The overall MRE (LZM-attributable) is shown in Table 1-1. Reporting of contained nickel-equivalent metal is shown in Table 1-2. Only the portion of the total mineralization that is attributable to LZM’s interest in the property (69.713%) is shown in Table 1-1 and Table 1-2.

The MREs have an effective date of December 4, 2024 MREs have been reported in accordance with S-K 1300.

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Table 1-1: Kabanga Mineral Resource Estimates as at December 4, 2024 – Tonnes and Grade

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Table 1-2: Kabanga Mineral Resource Estimates as at December 4, 2024 –Contained Metals

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Comparison of the current (December 4, 2024) MRE with the previous MRE (November 30, 2023) shows an increase of 3.3 Mt (+7% relative) in Measured + Indicated in 2024 and a decrease of 6.2 Mt (–35%) in the Inferred category. The additional Measured + Indicated tonnage is associated with an increase in grade (+2% relative NiEq24%), making more metal available to the mine planning process (+9% NiEq24 metal), achieved through ‘tightening’ the interpretation (improved sedimentary host strata model, reinterpretation of the mineralization, and smaller sub-celling along the boundaries. The overall increase is slightly offset by revised NiEq24 formulae and higher cut-off grades, removing 0.66% of metal overall.

This section is not relevant to this TRS.

The Project is currently not being mined, and the proposed mine plan has been prepared using the 2024MRU.

The total planned production for the economic analysis Measured, Indicated, and Inferred (MII) case is 68 Mt at 1.93% Ni, 0.26% Cu, and 0.14% Co (100% basis), from the North and Kima (65%), Tembo (25%), and Main and MNB zones (10%). The Measured and Indicated (MI) case is 52 Mt at 1.98%Ni, 0.27% Cu and 0.15% Co (100% basis).

The preliminary mine plan assumes a four-year construction and ramp-up period, forecast to reach steady-state production of 3.4 Mtpa in Year 4. It is expected that around two-thirds of the mill feed will be sourced from North, with Tembo contributing the remaining third. In the final years, Kima, Main and MNB are also expected to supplement mill feed. Figure 1-5 illustrates the preliminary mine design and annual production schedule.

Figure 1-5: Mine Design and Sequence (in years)

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In the proposed mine design, North (50 m to 1,500 m deep) and Tembo (120 m to 650 m deep) are each accessed via 5.5 m (W) x 5.8 m (H) declines starting from small boxcuts and portals on the surface, while the Main and MNB zones (200 m to 900 m deep) are accessed from the North Mine. Longhole stoping with paste backfill is the proposed mining method. Level spacing is typically 25 m floor-to-floor and stope strike lengths will vary between 20 m and 30 m, depending on mineralization depth and thickness. Most stopes are to be extracted via longitudinal retreat stoping, except in thicker mineralized areas in the North Mine, where transverse retreat stoping from the hanging wall drives will be implemented. Mine tonnes are transported to the surface via conventional trucking.

Figure 1-6: Typical Mine Design – North Mine (Isometric 3D)

A geotechnical assessment (MineGeoTech, 2024) has been carried out with the view to provide geotechnical parameters for the mine designs at the Project based on 2023 diamond drilling and extensive historical datasets. Ground Support Standard recommendations were derived from empirical rock mass quality assessment, kinematic analysis, and numerical modeling. Four acoustic emission (AE) stress measurements were collected and indicate that Kabanga is in a low stress environment. The major fault model developed by Golder Associates Inc. (Golder) in 2009 was reviewed and verified with 2022–23 drilling. A three-dimensional finite element modeling was conducted for the proposed North and Tembo mines to assess global stability based on rock mass quality, material strength, faults, and foliation, using the planned mine geometry and extraction sequence. This modeling indicated that the approach can be adapted based on favorable results, providing flexibility in the sequence.

Ventilation models were constructed to size and position ventilation infrastructure. Cooling requirements are predicted at North and Tembo in the deeper areas where loading operations occur.

Based on laboratory testing of multiple paste recipes for Kabanga, the proposed backfill system comprises two plants that would use non-pyrrhotite tailings, crushed waste rock, and low-heat cement to produce a stable Paste Aggregate Fill (PAF)

DRA has prepared designs for the underground infrastructure for pumping, mine services, workshops, electrical, explosives storage, and instrumentation and control.

It is proposed that an experienced mining contractor is engaged to operate the mine during the first five years of production, with responsibility for key underground activities including development, drilling, mucking, haulage, pastefill, raiseboring, mine infrastructure, and explosives management. The contractor would also procure, operate, and maintain all underground equipment, including 24 trucks, 17 load haul dump (LHD) units, 12 development jumbos, and nine production drill rigs. The Project has sourced indicative pricing among tier-1 contractors with relevant experience in Africa.

A maximum of 96 L/s of groundwater ingress (along with mine service water) is projected to be pumped from underground to high-rate settlers placed on surface. Excess water will be pumped to the Concentrator. The proposed mine is slightly water positive, and the Kabanga Site is approximately water neutral.

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The Concentrator has been designed to process 3.4 Mtpa of run-of-mine (RoM) trucked to the stockpile pad and includes crushing, wet grinding, flotation, and dewatering required to produce a nickel-copper-cobalt sulfide concentrate ready for transport to the Refinery. Tailings are separated by flotation into a non-pyrrhotite tailings stream for use in the backfill mix, and a pyrrhotite tailings stream to be disposed of in the TSF. The flowsheet is conventional and well known in industry, uses common reagents, and has historically been proven as a suitable processing route for base metal sulfide ores.

The proposed TSF is a valley-type downstream constructed lined facility located 7 km to the east of the Concentrator. The footprint will be 120 ha and is designed to hold 50 Mt of tailings solids, with embankments constructed as a starter wall and five subsequent lifts using borrow materials from the TSF basin and surrounding area. The main embankment has a maximum height of 72 m, while the saddle embankment has a height of 9 m and each phase will be equipped with an emergency spillway.

Due to the acid generating potential of the tailings, subaqueous deposition will be used, both by spigot and a floating barge deposition system, always maintaining a minimum water cover of 0.8 m above the tailings. Water return will be by submersible barge pump to the pumpstation for return to the Concentrator. A liner leakage collection system and a spring water transfer system have been included.

The TSF design was undertaken by WSP Australia Pty Ltd (WSP (AUS)) building on earlier PFS and basic engineering level work completed between 2006 and 2014 and supplemented by additional geophysical and geotechnical investigations in 2023. Relevant parts of Australian National Committee on Large Dams (ANCOLD) and Global Industry Standard on Tailings Management (GISTM) standards have been met, and the residual risks have been reduced to as low as reasonably practicable.

The Refinery is designed as a hydrometallurgical facility, incorporating POX, neutralization, solvent extraction, electrowinning, and crystallization to process the Kabanga concentrates at the Kahama Site. The flowsheet achieves high base metal recovery rates while maintaining low levels of deleterious impurities in the final high-grade nickel sulfate, cobalt sulfate, and copper metal products. The Refinery will come online five years after the first concentrate production from Kabanga.

The Refinery has a maximum production capacity of 50 ktpa of nickel in nickel sulfate. This equates to approximately 225 ktpa of nickel sulfate product based on 22.3% nickel content. Any excess concentrate is sold on the international market. Nickel concentrate is transported from Kabanga in flexible bulk containers (approximately 9.4 t each), then stored, handled, and repulped before processing.

The POX circuit operates in two stages at 3,000 kPa(g) and 220°C with oxygen injection:

Acid is neutralized in a three-stage process using limestone, which precipitates impurities while minimizing valuable metal losses.

Copper is extracted from the PLS using SX, following a 2-extract, 1-wash, 2-strip process with electrowinning to produce LME Grade A copper cathodes. SX with a nickel preload system is used for calcium and manganese removal. Cobalt separation is performed by solvent extraction, employing multi-stage scrubbing.

For crystallization, nickel and cobalt sulfates undergo pre-concentration followed by forced circulation evaporation, producing battery-grade nickel sulfate hexahydrate and cobalt sulfate heptahydrate, which are dried and packaged in 1 m³ bulk bags and loaded into shipping containers for export.

Residues, including filter cake and process bleeds, are neutralized to pH of 8 and pumped to the adjacent former Buzwagi Gold Mine pit.

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The Refinery benefits from existing infrastructure at the Kahama Site, including power, roads, buildings, and water systems. Key reagents used in the process will include oxygen (produced on-site), limestone (locally sourced), and caustic soda (imported). The process generates steam during slurry cooling, which is reused for evaporation and heating.

Key infrastructure that will be required at the Kabanga Site includes:

The proposed Refinery site is 320 km southeast of the Kabanga Site at the Buzwagi SEZ, leveraging existing infrastructure from the decommissioned Buzwagi Gold Mine. The site benefits from established access via the B3 highway, proximity to the Kahama Airport and existing power, water, administration building, and village infrastructure. Key infrastructure at the Kahama Site includes:

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Construction Logistics

A detailed logistics study has been completed, covering transport of abnormal loads from Dar es Salaam to both the Kabanga and Kahama Sites, including route assessments and logistical constraints.

Operational Logistics

The Project will implement a comprehensive logistics system to transport concentrate from mine to port and bulk shipping to an offtaker, at approximately 300 ktpa for the initial five-year period until the Refinery is commissioned. At the mine site, concentrate will be loaded under a covered area into reuseable Flexible Bulk Containers (FBC), containing approximately 9.4 t per bag, and onto contractor provided flatbed trucks for the 348 km haul to the Isaka Dry Port.

From Isaka, the FBCs will be railed 894 km to the Kwala dry port in dedicated low-sided flatbed wagons via the SGR, which is currently under construction and expected to be operational at Isaka by March 2026. The typical freight train will consist of 40 wagons, with each wagon carrying five FBCs, delivering a train payload of approximately 1,880 t with departures every 48 hours. At Kwala, FBCs will be stored in a leased area with sufficient capacity to cater for the approximately monthly approximately 25,000 t shipments. From Kwala, the concentrate will travel the final 88 km to Dar es Salaam Port via a dedicated “Port Link”.

At Dar es Salaam, DP World will handle the loading of dedicated bulk carriers using land-based cranes to bottom discharge from the FBCs into the vessel holds. The 20,000–30,000 deadweight tonnage (DWT) bulk carrier will dock at the destination port, whereafter the customer would offload, store, load, and rail/truck the concentrate to their smelter.

Once the Refinery has commenced production, the same logistics route will be used, with concentrate trucked from Kabanga to the Kahama Refinery approximately 320 km by road. The Refinery products, consisting of containerized bulk bags of nickel sulfate and cobalt sulfate, as well as copper cathode secured on pallets, would be transported approximately 32 kilometers by truck to the Isaka rail terminal. Products would then be loaded onto wagons, and railed through Kwala for intermediate storage, then railed to Port where it will be loaded in containers onto shipping lines.

Markets for nickel, copper, and cobalt metals are well established, and demand for these metals is expected to continue to grow in the long term, given the global trend of decarbonization and electrification. All three metals are key components in batteries, consumer electronics, energy storage, and renewable energy capacity, and the outlook for these sectors remains robust. Information on supply and demand includes data and forecasts for metals pricing prepared in May 2025 by CRU International Ltd (CRU).

Nickel demand is forecasted to exceed 4 Mtpa in 2028, with demand driven by increasing stainless steel consumption, which remains the largest consumer of nickel, and battery consumption, which is expected to increase at the fastest rate of all the major categories. Most of this is consumed in Asia, specifically China, with modest consumption in Europe and the Americas. Nickel demand is forecast to be strong over the short, medium, and long term due to increasing EV and other Energy Storage Systems (ESS) including residential battery storage, portable power, and motive battery demand, overlaying steady stainless steel consumption growth. Nickel demand for battery applications is forecast to double over the next five years and triple by 2035. (IDTechEx, (2023))

There are a number of key long-term nickel price drivers. Upside factors include onshoring critical mineral supply chains, driven by regulations like the U.S. Executive Order on Critical Minerals, promoting low-carbon emissions and secure supply chain nickel. Rising Indonesian production costs due to declining ore grades, higher energy needs, increasing royalties, and higher tailings storage/ environment, social, and governance (ESG) costs should also support prices. Downside risks include expanded low-cost Indonesian ferronickel, nickel pig iron, and high-pressure acid leaching (HPAL) capacity. Additionally, battery technology shifts to manganese-rich or lithium iron phosphate (LFP) cathodes and increased nickel recycling could dampen demand.

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Cobalt demand is propelled by EVs and renewable energy, despite declining cobalt intensity in batteries due to the uptake of LFP and cobalt-lean nickel-manganese-cobalt (NMC) cathodes. Supply, primarily a by-product of nickel and copper mining, is concentrated in the Democratic Republic of the Congo (DRC), raising supply chain and ESG concerns, especially with the European Union’s (EU) Critical Raw Materials Act. Long-term cobalt demand is expected to outstrip supply.

Concentrate will be sold to the export market for the first five years of operations and the Project has received indicative, non-binding offtake terms for 100% of the concentrate during this period with potential customers providing payment and delivery terms. The market for nickel concentrate is well established, and demand for this high-grade product is strong, particularly due to Kabanga’s high-grade and low impurities.

Once constructed at Kahama, the Refinery will produce final battery grade nickel sulfate, cobalt sulfate, and copper metal, with transport of these final products to the Port of Dar es Salaam for export. Approximately 13.6% of the total concentrate produced will still be exported as and when the concentrate tonnage exceeds the Refinery’s 50 ktpa nickel production capacity.

Nickel and cobalt sulfates are key raw material to produce nickel-based batteries. High-purity nickel sulfate is an efficient feedstock relative to nickel and cobalt metal because, according to potential customers, it is easily dissolved, leading to a more streamlined and cost-effective process for end-users. Nickel sulfate pricing used in the IA has been provided by Project Blue and relates to the Shanghai Metals Market (SMM), the largest and most transparent source of sulfate pricing. Cobalt sulfate has been modeled on parity with the LME cobalt metal consensus price forecast.

Table 1-3: Kabanga Long-Term Metal Price Assumptions 

The Kabanga concentrate product has a high nickel grade, contains payable levels of copper and cobalt, and low, unpenalizable levels of impurities. Deleterious elements such as arsenic, antimony, lead and zinc, which can potentially attract penalties in nickel concentrates, have been determined through both historical and current testwork not to reach threshold limits.

Metallurgical algorithms have been developed from testwork to model concentrate grades based on the mine production schedule. The algorithms consider the different feed types, feed grades, and feed blends to determine annualized recoveries and concentrate grades for the payable metals, specifically nickel, copper, and cobalt. The recoveries and concentrate grades of sulfur, iron and magnesium/magnesia have also been modeled based on recovery algorithms derived from the testwork and the concentrate mass recovery. Minor element grades are based on comprehensive assays of flotation testwork concentrate samples.

The proposed LoM concentrate grade is 17.3% nickel, 2.6% copper, and 1.3% cobalt. Over the same period, the concentrate has a calculated sulfur grade of 32%, iron grade of 39%, and a low magnesium grade of 0.4%. The typical Kabanga concentrate specifications are presented in Table 1-4.

Table 1-4: Kabanga Concentrate Typical Specification

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Note : DEM: Dust Extinction Moisture; TML: Transportable Moisture Limit

The IA uses a concentrate metal payability for nickel, copper and cobalt respectively based on Cost, Insurance and Freight (Incoterms® 2020) (CIF) delivery terms to the destination port as per the indicative terms provided by potential customers.

The Project is committed to responsible mining practices that protect environmental resources, promote social welfare and engagement, and ensure transparent and accountable governance.

The Project aligns with key international standards, including International Finance Corporation (IFC) Performance Standards, the Equator Principles, and the GISTM. Regulatory approvals are required for the development of the Project and operation of the facilities. These include the Environmental and Social Impact Assessments (ESIAs) and permits for the Kabanga Site, Kahama Site, and the Kabanga Resettlement Sites.

ESIAs were completed for the Kabanga Site, Kahama Site, and the Kabanga Resettlement Sites, securing approval certificates from the National Environment Management Council (NEMC). International standard ESIAs have been completed for the Kabanga Site and the Kabanga Resettlement Sites, with the ESIA for the Kahama Site for completion in June 2025.

The key environmental and social licenses and permits submitted for the Project include:

Kabanga Site:

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Kahama Site:

Land Access and Resettlement

In order to develop the Kabanga Mine and Concentrator, the Project requires a footprint of 4,073 ha from which 353 households will be physically displaced, while 967 households will be economically displaced (land used for agriculture only).

A Resettlement Action Plan (RAP) has been developed to restart the process of adequately managing the physical and economic resettlement of the project-affected persons (PAPs) during the project land acquisition process in a sustainable manner. The RAP addresses the socio-economic impact on the project-affected households (PAH) and is informed by the Kabanga Relocation Host Site ESIA, which focuses on the seven host sites where PDHs will be relocated to. The resettlement process is aligned with both national and international standards. Ninety-six percent of cash compensation agreements have been signed since November 2023 and the PAHs have indicated their willingness to be resettled, allowing the Project to commence with building of houses and relocation from priority areas as required.

Mine and Facility Closure

The mine closure strategy has been developed to align with Tanzanian legislation and global standards, such as the IFC, International Council on Mining and Metals (ICMM), and GISTM standards, focusing on responsible environmental rehabilitation, financial assurance, stakeholder engagement, and the development of an eco-enterprise legacy, while ensuring regular plan updates, regulatory compliance, and sustainable tailings management for long-term community and environmental protection.

Pre-production capital scope includes the design, construction and commissioning on an Engineering, Procurement and Construction Management (EPCM) basis of the Kabanga Mine and Concentrator and the associated on-site and off-site infrastructure such as the TSF, accommodation camps, access road upgrades, and electrical grid connection. Funding of the relocation and livelihood restoration plans has also been included in this construction phase. An Association for the Advancement of Cost Engineering (AACE) 18-R.97 Class 5 Cost Estimate with an accuracy range of ±50% has been delivered, meeting the expectations of an IA.

The sustaining capital cost estimate (Sustaining Capex) includes capitalized maintenance, fleet replacement, ventilation and cooling, TSF wall raises, and closure costs. The Kahama Refinery is planned to come online five years after the first concentrate is produced and has hence been included in the Growth Capex category.

The capital cost estimate (exclusive of escalation) presents capital expenditure (Capex) in United States dollars (USD), base dated Q1 2025. Table 1-5 provides a summary of the Project’s capital cost estimate, including Pre-Production, Sustaining, Growth, and Closure Capex, categorized by major Project areas in accordance with the Work Breakdown Structure.

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Table 1-5: Project Capital Cost Estimate Summary

The AACE 18-R.97 Class 5 estimate has been developed, with an accuracy range of ±50%, in line with the expectations of an IA.

The operating cost estimates (Opex) for the Concentrator, Refinery, and infrastructure were developed using a zero-based approach, incorporating comprehensive testwork, engineering inputs, and consultations with industry experts. The estimates incorporate labor, power, water, reagents and consumables, maintenance, materials handling, laboratory and concentrate transport, and are divided into fixed and variable costs. The mining costs were developed by applying the mining physicals and pricing from a well-advanced contract mining tender process.

The operating cost estimate (exclusive of escalation) presents Opex in USD, base dated Q1 2025. Table 1-6 provides a summary of the Project’s operating cost estimate.

Table 1-6: Operating Cost Estimate Summary

The Project economic results and Project cash flows, with and without Inferred Mineral Resources, are shown in Table 1-7, Figure 1-7 and Figure 1-8. This IA is preliminary in nature and the economic analysis includes Inferred Mineral Resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as Mineral Reserves and there is no certainty that this economic assessment will be realized. Approximately 23% of the Mineral Resources used in the IA were classified as Inferred. Unlike Mineral Reserves, Mineral Resources do not have demonstrated economic viability.

Other key assumptions and results of the economic analysis are summarized in Section 19.3.

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Table 1-7: Key Project Metrics

Figure 1-7: Project Cash Flows (with Inferred Mineral Resources)

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Figure 1-8: Project Cash Flows (without Inferred Mineral Resources)

The Mineral Resource estimates in this report are based on resource modeling completed and published in December 2024. The Qualified Person (QP) has prepared the modeling and reviewed supplied data and considers the MRE to be acceptable.

Mineral Resource estimates in the IA TRS are reported in accordance with U.S. Regulation S-K subpart 1300 rules for Property Disclosures for Mining Registrants (S-K 1300).

The IA TRS Mineral Resource estimates were shown to meet reasonable prospects for economic extraction through an IA analysis prepared by DRA. The IA has been prepared to demonstrate reasonable prospects of economic extraction, not the economic viability of the MRE. The IA is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that this economic assessment will be realized.

Key recommendations regarding Geology and Mineral Resources are:

The preliminary economic analysis shows a positive business case for the Project at 3.4 Mtpa of mill feed over a proposed 22-year LoM (on the MII basis) producing a nickel sulfide concentrate for the first five years and thereafter nickel and cobalt sulfates and copper cathode products. Overall, the Project is considered to have reasonable prospects for economic extraction as described in this IA.

The QP recommends the following workstreams to be prioritized:

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The Project encompasses the potential development of an underground mine, the construction of a concentrator, and the establishment of the required infrastructure to support these proposed facilities at the Kabanga Site in northwest Tanzania.

Additionally, this Technical Report Summary (TRS) addresses the potential development of the Kahama Refinery and its associated infrastructure near the town of Kahama, which is considered an integral component of the overall Project.

The report’s contents have been prepared by various consultants, namely DRA, OreWin, WSP (SA, AUS and NZ), and personnel employed by LZM and its associated entities.

LZM has advised that the book value of the property and its associated plant and equipment at KNL group level as of April 2025 is USD 129.9 million.

The report was prepared with reference to the requirements of the United States Securities and Exchange Commission (SEC) Regulation S-K 1300.

DRA and OreWin have been requested by LZM to prepare an S-K 1300 TRS on the IA of the Kabanga Nickel Project, located in the Ngara District of Northwest Tanzania and the associated hydrometallurgical refinery in Kahama. The majority owner of the Project, KNL, of which LZM holds an 82.992% ownership interest, is the primary source of the information presented in this TRS. LZM is a public company listed on the New York Stock Exchange (NYSE).

This report was prepared as an IA level Technical Report Summary in accordance with the SEC S-K 1300 regulations (Title 17, Part 229, Items 601 and 1300 through 1305) for LZM.

The key objective of the IA TRS is to provide a preliminary assessment, based on the current Mineral Resource estimate, indicating that the Project may have the potential to be developed and operated in a technically viable and economically favorable manner

The quality of information, conclusions, and estimates contained herein is based upon the following:

This report is intended for use by LZM subject to the terms and conditions of its contract with DRA and relevant securities legislation. The contract permits LZM to file this report as a Technical Report Summary with United States securities regulatory authorities pursuant to the SEC S-K regulations, more specifically Title 17, Subpart 229.600, item 601(b)(96) - Technical Report Summary and Title 17, Subpart 229.1300 - Disclosure by Registrants Engaged in Mining Operations.

The IA is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the economic assessment will be realized.

The TRS relies on historical information and recent data generated by the Project. The report uses information from previous public filings and studies related to the Project.

Historical information prepared by previous owners and information from publicly available sources were utilized in this IA TRS. The information sources and references relied upon are discussed in the relevant sections.

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This IA TRS uses information from historical geological investigations, as well as drillhole samples provided from recent drilling campaigns undertaken by the Project. The assessment, use and verification of this data is described in Section 9.

Geophysical, geotechnical, and geohydrological investigations were undertaken by WSP (SA). The assessment and use of this data are described in Sections 13.3 and 15.1.

The design of the Concentrator plant is based on historical testwork data and data generated from the metallurgical testwork program undertaken within the scope of this study, as described in Sections 10 and 14.

The design of the Refinery is based on information from data generated from the metallurgical testwork program undertaken within the scope of this study, as well as data provided by LZM as described in Section 10. Proprietary confidential information provided by LZM to DRA was relied upon in the development of this IA TRS. This information is described in Section 14.2.

Information from an FS carried out by TANESCO was relied upon with respect to the development of the 220 kV supply to the Kabanga Site as described in Section 15.

This IA TRS was prepared by DRA and Sharron Sylvester.

The Qualified Person (QP)/third-party firm responsibilities for each report section are detailed in Table 2-1.

Sharron Sylvester, BSc (Geol), RPGeo AIG (10125), is employed as Technical Director – Geology, OreWin Pty Ltd, and was responsible for the preparation of the sections relating to geology and Mineral Resources as the QP (individual).

DRA is a third-party firm comprising mining experts in their respective fields in accordance with 17 CFR § 229.1302(b)(1). LZM has determined that the appointed consultants meet the qualifications specified under the definition of QP in 17 CFR § 229.1300.

Table 2-1: Qualified Persons’ Responsibility Breakdown per Section

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Table 2-2 and Table 2-3 summarize the details of the personal inspections on the property by the QP and third-party firm, respectively.

Table 2-2 summarizes the details of the personal inspections on the property by the qualified person Sharron Sylvester.

Table 2-2: QP Site Inspection Details – Sharron Sylvester

Table 2-3 summarizes the details of the personal inspections on the property by the third-party firm DRA.

Table 2-3: QP Site Inspection Details – DRA

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This TRS uses U.S. English spelling and metric units of measure. Any reference to tonnes, or when abbreviated as “t” should always be deemed as metric tonnes.

Costs are presented in constant U.S. dollars, as of March 31, 2025.

The effective date of this TRS is June 2, 2025, while the effective date of the Mineral Resource Estimate is December 4, 2024.

The Kabanga nickel deposit is located in the Ngara District of the Kagera Region in Northwest Tanzania, south of the town of Rulenge, southeast of the nearest town of Bugarama, and close to the border with Burundi. The Project is spread over two locations, the Kabanga Site, including the Kabanga Mine and Concentrator, located at Kabanga, and the Kahama Site, including the Refinery, located in the Kahama District of the Shinyanga Region. Figure 3-1 shows the proposed Kabanga Site and Kahama Site locations in Tanzania.

Figure 3-1: Kabanga Nickel Project Location in Tanzania

The Kabanga Site will comprise an underground mine, a concentrator, and supporting infrastructure, all of which will be within the Special Mining Licence (SML) issued to Tembo Nickel Mining Company Limited (MineCo). The Kahama Site incorporates a refinery to be located in Kahama. A Refining Licence (RFL) has been issued to Tembo Nickel Refining Company Limited (RefineCo), which confers the right to refine copper, cobalt, and nickel products in the Kahama District, Shinyanga Region.

The proposed Refinery will utilize the hydrometallurgical processing technology that has been developed by LZM’s wholly-owned subsidiary Lifezone Limited, based on Lifezone Limited’s proprietary processing know-how and expertise. The hydrometallurgical technology will be applied to refine a nickel sulfide concentrate originating from the proposed Kabanga Nickel Project into saleable nickel, cobalt, and copper refined products.

All co-ordinates presented in this TRS are Universal Transverse Mercator (UTM) projection, unless otherwise specified. The Project is located within UTM zone 36M as seen in Figure 3-1. The Kabanga Site is situated at 2° 53’ S latitude (227,636 mE) and 30° 33’ E longitude (9,681,009 mN). The Kahama Site is situated at 03°50′ S latitude (464,161 mE) and 32°40’ E longitude (9,574,628 mN).

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The Project is owned by Tembo Nickel Corporation Limited (TNCL). TNCL is 84% owned by Kabanga Nickel Limited (KNL) and 16% by the Government of Tanzania (GoT) Treasury Registrar. KNL is jointly owned by LZM (82.992%), through its 100% owned subsidiaries, and by BHP Billiton (UK) DDS Limited (BHP) (17.008%). The LZM attributable ownership is thus 69.713%, after accounting for the GoT and BHP shareholding. The current Project ownership structure is presented in Figure 3-2.

Figure 3-2: Current Ownership Structure of the Kabanga Nickel Project

The going-forward corporate structure for the Tanzanian operating entities is expected to comprise MineCo and RefineCo being separate legal entities sitting side-by-side. Meetings and discussions between the Project and the GoT have been ongoing since Q2 2024 to effectuate the future corporate structure. KNL and the Tanzania Treasury Registrar will hold 84% and 16% of respective, direct equity interests in both MineCo and RefineCo post-reorganization.

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A Framework Agreement was signed on January 19, 2021, between the GoT and KNL (the Parties) for the development and operation of the Project, a mining, processing, and refining operation. Initially, MineCo will produce and sell offshore a high-grade nickel sulfide mineral concentrate, also containing copper and cobalt, for the first five years of production. When the Kahama Refinery is operational, RefineCo is expected to purchase the mineral concentrate from MineCo, then process and refine the material in Tanzania to produce nickel sulfate, cobalt sulfate, and copper cathode products for sale. Any surplus concentrate, not taken by the Refinery, will be sold as concentrate.

The Framework Agreement is focused on an equitable EBSP between KNL (formerly LZ Nickel Ltd) and the GoT outlined in Article 3 of that agreement. The key principles of the Framework Agreement are intended to underline and guide the development of the Project for the mutual benefit of the Parties. The key principles include:

The Parties agree equitably to share the economic benefits derived from the Project in accordance with the JFM. The EBSP underpins the philosophy of the Framework Agreement and will be defined in and governed by the JFM on a going-forward basis, which is currently in draft form between KNL and the GoT. The overarching principle of the EBSP is that over the life of the Project, KNL and the GoT equally share (50/50) income derived from the Project, on an undiscounted basis. The GoT’s source of income is derived from taxes, royalties, duties, levies, and dividends from its 16% interest in the resident project companies. KNL’s source of income is derived from its 84% interest in the resident project companies.

Following the signing of the Framework Agreement, the GoT granted SML number 651/2021, on October 29, 2021, to MineCo for the Kabanga Nickel Project, to conduct mining operations in the Ngara District, Kagera Region, QDS 29/3, 29W/4. The SML is currently in force as of the date of this TRS. It confers to MineCo the exclusive right to search for, mine, dig, mill, process, refine, transport, use, and/or market nickel or other minerals found to occur in association with that mineral, in vertically under the SML area, and execute such other works as are necessary for that purpose. The SML shall remain valid for a period of the estimated life of the proposed mine indicated in the IA TRS or such period as the applicant may request, unless it is cancelled, suspended, or surrendered in accordance with the law. The current SML area is 201.85 km2, and the SML and Project outline are shown in Figure 3-3

An Export Permit is to be obtained for the initial period of concentrate production until the Refinery is operational.

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Figure 3-3: Location of the Proposed Mine Site showing SML 651/2021

The Kahama Site is located within a Special Economic Zone (SEZ) gazetted over the Buzwagi Mining Area (Buzwagi SEZ). On March 19, 2024, the GoT granted an RFL, No. RFL 006/2024, to RefineCo to conduct refining operations in the Kahama District, Shinyanga Region, QDS 63/3. The RFL allocates an area of approximately 100 ha to the RefineCo. The RFL requires an annual licence fee and is granted for 10 years from date of issue. The licence can be renewed prior to its expiration. MineCo will transport and sell nickel sulfide concentrate material to RefineCo for refining after the Refinery has come online.

RefineCo will make an application to the Tanzanian Export Processing Zones Authority to be a SEZ developer within the SEZ area. It is the intention for the Refinery to be located within the Buzwagi SEZ area and for RefineCo to be the developer of the same. RefineCo will need to apply for and obtain two SEZ licences from the Export Processing Zones Authority, namely:

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Key Category A and Category C fiscal incentives include a 10-year tax holiday in relation to withholding tax (corporate income tax, rent, and dividends) and property tax, in addition to an exemption of import taxes for machinery, equipment, and construction materials.

LZM, KNL, and BHP have three commercial agreements:

On October 14, 2022, Lifezone Limited and KNL entered into the Development, Licensing and Services Agreement, pursuant to which Lifezone Limited agreed to:

Under the Framework Agreement, the GoT is committed to assisting MineCo in acquiring the necessary mineral and surface rights, along with environmental approvals for the Project. MineCo needs surface use rights for up to 4,073 ha of land, which will cause physical and economic displacement of households in the affected villages.

An FS final draft was completed in 2014 (KNCL, 2014a), under a previous joint venture agreement between Glencore plc (Glencore) and Barrick Gold Corporation (Barrick), with Glencore as the operating partner. As the Project required land, a RAP was created in 2013, serving as the foundational Resettlement Policy Framework (RPF). Following the recommencement of the Project in 2022, and under the conditions of the SML, a RAP was developed to restart the process of adequately managing the physical and economic resettlement of the PAPs during the project land acquisition process in a sustainable manner. Independent consultants were engaged to update the RAP, and a new RAP was submitted to Tanzanian regulatory standards in 2023, receiving approval on August 16, 2023. Further work has been conducted to enhance the RAP to meet international standards.

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As part of the Kabanga Nickel Project, several ESIAs and permits have been completed. The key environmental and social licenses and permits include:

Kabanga Site:

Kahama Site:

Resettlement Sites:

ESIAs were completed for the Project sites, namely the Kabanga, Kahama, and Resettlement Sites, securing approval certificates from the NEMC.

Project changes, including an increase in mine production throughput of 3.4 Mtpa, and the disposal of residue at the Buzwagi pit have triggered a requirement to notify NEMC of these changes. This has necessitated amendments to the existing Environmental and Social Management Plan (ESMP) for the Project at the Kabanga Site, and variations in the ESIA for the Kahama Site. The variation of the certificate for the Kahama Site was granted in April 2025, and the Kabanga Site ESMP update is currently in progress.

Efforts to upgrade these ESIAs to meet international standards are ongoing and are expected to be concluded in Q2 2025.

Following a review of the current supplied information, the opinion of the QPs is that the current plans appear adequate to address any known issues related to environmental compliance, permitting, and local individuals or groups.

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The Project encompasses the development of two Project areas: the Kabanga Site and the Kahama Site in northwest Tanzania.

The Kabanga Site, where the mining and concentrating activities will take place, is situated 5 km from the village of Bugarama and 44 km, by road, south of Rulenge. The Port of Dar es Salaam is approximately 1,300 km southeast.

The Kabanga Site lies in the Ruvubu River sub-watershed of the Kagera River, a major river that flows into Lake Victoria. The Ruvubu River, which originates in Burundi and flows in a general northerly direction, defines a portion of the international boundary between Tanzania and Burundi near the Project area. Thereafter, the Ruvubu River continues northwards through Tanzania, and joins the Kagera River at the international boundary with Rwanda, and then flows north, and then east to Lake Victoria.

The Concentrator plant will be constructed near the North boxcut, with the TSF located 7 km east of the Concentrator plant.  

The Kabanga Site is accessible via unpaved roads with two main access routes linking to paved highways. The southern access route, a 72 km unpaved road, connects to National Route B3 at Muzani. The northern access route connects to paved roads to the north, near the town of Ngara. The roads in the surrounding area are managed and maintained by the Tanzanian National Roads Agency (TANROADS), a government agency.

Currently, the northern access road is used for heavy vehicle traffic, while the southern access road will be upgraded to be used during operations, as this offers the shortest and most direct routing to the Refinery, Dar es Salaam, and the interior of Tanzania.

The northern access road also provides a link to the Ngara Airport, 89 km away, which is the closest airport.

The area surrounding the Kabanga Site is rural and the local economy is underpinned by small-scale agriculture. The closest village is Bugarama, 5 km to the northwest. Bugarama is a small market village with no notable infrastructure. The town nearest to the Kabanga Site is Rulenge, approximately 44 km to the north. Rulenge has a population of ±23,300 people as per the 2022 census. The district capital, Ngara, is a further 50 km away and has a similar-sized population.

The Kabanga Site has an existing exploration camp, initially used to support drilling activities. This camp is well-maintained, enclosed by a perimeter fence, and includes office buildings, security access control, and facilities for geological assessment, technical services, and community relations. Additional amenities include a canteen, clinic, workshops, staff housing, and space for sample and core storage. The Kabanga Site is equipped with mobile telephone networks and video conferencing facilities for communication. Cell phone reception, via Vodacom and Simba network service providers, is well established.

The exploration camp is currently serviced by a newly upgraded 33 kV electrical supply from TANESCO. This supply is limited to 9 MVA of electrical power, which is suitable for construction and initial mine development. However, this capacity is insufficient for steady state operation and consequently, an overhead transmission line and substation are planned to deliver a 220 kV feed and transformers as part of the Project development.

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The Kabanga Site lacks a nearby railhead, but the Isaka Dry Port, 347 km southeast and 32 km from the Kahama Refinery, offers access to the rail link from Dar es Salaam to Isaka. From there, cargo can be transferred to road transport for delivery to Kabanga. Isaka functions as an inland container terminal and dry port. The rail line is currently being upgraded from a meter gauge to an SGR to enhance capacity and reliability.

The Kabanga Site is situated at 2° 53’ S latitude and 30° 33’ E longitude, within the Ruvubu River sub-watershed of the Kagera River. This major river flows into Lake Victoria, with elevations ranging between 1,375 and 1,730 m above mean sea level (mAMSL). The local topography features a prominent plateau oriented in a northeast-southwest direction, set within an undulating landscape interspersed with valleys. On-site vegetation consists of grasslands with a broadleaf understorey and scattered deciduous trees, providing an intermittent canopy.

The region has a long history of subsistence agriculture, resulting in a highly modified landscape with few mature trees and limited wildlife. Although Tanzania is renowned for its extensive game reserves and diverse wildlife, the local area is predominantly devoid of large mammals. EIAs have identified reptiles, birds, and small rodents as the most common fauna. All plant communities in the area have been somewhat impacted by human activity.

The Kabanga Site is situated within the moist sub-humid climate zone of east-central Africa, characterized by monsoonal weather patterns. Historical data indicate an average annual rainfall of 1,014.7 mm, with the majority occurring during the wet season from November to April. Rainfall exhibits a bimodal distribution, with long rains from March to May and short rains from October to December. April is the wettest month, receiving an average of 151.3 mm of rainfall, while June and July are typically the driest months, often experiencing minimal rainfall.

Evapotranspiration in the Kabanga Site is estimated at 1,580.3 mm per year, with potential evaporation peaking from June to October. The average annual air temperature is 20 °C, with a monthly variation of 2 °C and a daytime temperature variation of approximately 8 °C. Relative humidity averages 66% annually, with the lowest levels observed between June and October.

The climate will allow for year-round operation of the Kabanga Mine and Concentrator.

The Kabanga Site is in a complex geological region combining the East African Rift System, Tanzanian Craton, and East African Plateau. The East African Rift System includes the West Rift (135 km west of Kabanga) and the East Rift (600 km east). The site is in the Kibaran Orogenic Belt, west of the Tanzania Craton, characterized by infrequent and widely dispersed earthquakes and an absence of Quaternary faults.

In 2008, Golder evaluated potential surface fault rupture hazards at the proposed TSF site, concluding that none of the faults were active or conditionally active, posing no significant fault rupture hazard.

A 2024 Seismic Hazard Analysis (SHA) concluded that the estimated 85th percentile ground motion from the maximum credible earthquake is much lower than the 1:10,000 annual exceedance probability (AEP) which means uniform hazard spectra from the probabilistic seismic assessment. Therefore, the results of the probabilistic seismic assessment are used in the relevant design assessments.

Water to the exploration camp is currently sourced from a borehole located 900 m northwest of the camp. For the operation of the Kabanga Site, water from underground operations will be the primary source, with water extracted from the Ruvubu River at a point within the SML supplementing the supply. In the event that the Kabanga Site is water positive, treated water will be discharged back to the Ruvubu River.

/ / Initial Assessment - Technical Report Summary

The Project plans to develop a hydrometallurgical refinery, 9 km from the town of Kahama, in the Kahama Urban District of the Shinyanga Region in Northwest Tanzania. The Refinery will be located at the newly formed Buzwagi SEZ, which is on the site of the decommissioned Buzwagi Gold Mine.

The Refinery is 536 km northwest of Dodoma (Tanzania’s capital) and 988 km inland from the Port of Dar es Salaam. The Refinery at Kahama lies 320 km southeast of the Kabanga Nickel Mine (see Figure 4-1).

Figure 4-1: Kamaha Location relative to Mwanza, Kabanga Site and Isaka Dry Port

The Kahama Site benefits from the existing infrastructure and amenities available in the nearby town of Kahama, which is a significant enabler for the Refinery. Existing infrastructure includes the Kahama Airport, Kahama Municipal Hospital, market, hotels, and some light industrial engineering businesses providing services to the local mining industry.

Kahama had a population of 453,654 (based on the 2022 census), which would have increased at the projected annual growth rate of 8.7%. The town houses the headquarters of the Kahama District Administration.  

Access to the Refinery is by an asphalt road (the B3), a main trunk road part of Tanzania’s national road network. The Refinery is connected via various paved highways (B3, B141, B129, and A7) to the port of Dar es Salaam via Dodoma.

Kahama Airport (KBH), which was historically managed and operated by the Buzwagi Gold Mine, has been handed over to the Tanzania Airports Authority. The Kahama Airport terminal building was recently upgraded, increasing the airport’s current capability to 200 travelers per day and smaller-sized cargo to fly to Kahama Airport on a regular basis. The airport has direct flights from Dar es Salaam and is located adjacent to the Buzwagi SEZ. 

/ / Initial Assessment - Technical Report Summary

The nearest railhead is the Isaka Dry Port, 32 km from the Kahama refinery by road. It is currently served by a narrow-gauge railway that connects Isaka to Dar es Salaam. However, this is being upgraded to a standard-gauge rail line that will continue onto Mwanza in the north of Tanzania and provide a rail link to Rwanda.

The nearby town of Kahama, with a population exceeding 450,000, offers several advantages for the Project, particularly in terms of staff recruitment and housing. This includes potential recruitment from individuals previously employed at Buzwagi Gold Mine and accommodation for Refinery staff. Kahama is a well-equipped town, providing amenities such as restaurants, guest lodges, retail shopping, and established community infrastructure, including primary and secondary schools, places of worship, and sports fields. Additionally, Kahama has a functioning general hospital supported by local dispensaries.

In addition to the benefits provided by Kahama, the Refinery will leverage some of the infrastructure developed for the decommissioned Buzwagi Gold Mine, including an existing electrical supply.

The existing water infrastructure can provide water to the Refinery from three main sources:

The decommissioned Buzwagi Gold Mine open pit presents an opportunity for residue storage. Additionally, the Buzwagi waste rock dump has undergone rehabilitation and could be used as a source of material for earthworks and concrete aggregate.

Various workshops, warehouses, and offices from the mining operations in the SEZ remain and can be utilized to reduce capital costs.

Power to the Kahama Refinery will be supplied from the existing TANESCO Buzwagi substation, already connected to the national grid. While the capacity of the incoming 220 kV supply line is sufficient, the required electrical loads of the Refinery will require the installation of additional transformers at the substation. However, the existing electrical supply is more than adequate for the required construction power. The existing main 33 kV overhead line (OHL) to the decommissioned Buzwagi Gold Plant will be relocated to the south of the Refinery prior to construction and used to supply power to the Refinery.

Accommodation for the staff is available in the town of Kahama. Due to previous mining activities, the town is expected to provide a pool of workers who can be retrained and upskilled to operate the Refinery. An existing village, previously part of the gold mine, is available to house expatriate staff or people recruited from outside the region as needed. The village has a total of 408 beds.

The Refinery features relatively flat terrain with gently rolling topography, with elevations ranging from 1,195 m to 1,235 mAMSL and surface slopes of 3% or less. Positioned on a natural high point, the site slopes away in all directions, specifically towards the northeast and northwest.

The Refinery is bordered to the north by the old plant site water pond (PSWP) and to the west by the decommissioned Buzwagi Gold Plant. To the south lies the Buzwagi Gold Mine TSF, capped by the previous owner.

/ / Initial Assessment - Technical Report Summary

The Kahama Site is situated within the moist sub-humid climate zone of east-central Africa. Rainfall patterns conform to the regional bimodal pattern, with the highest rainfall occurring in two periods: November to January and March to April. The wettest months are April and December, with average rainfall exceeding 140 mm.

Consistent annual temperatures, with average maximum temperatures around 30 °C and minimum temperatures around 18 °C throughout the year, are experienced. October is typically the warmest month, with temperatures reaching up to 36 °C, while June to August are the coolest months, with temperatures ranging between 18 °C and 29 °C.

Relative humidity at the Kahama Site drops to approximately 60% between June and August, coinciding with the driest period of the year. For the rest of the year, average relative humidity ranges between 64% and 66%, with peaks up to 70% becoming more frequent in recent years. The climate suits year-round operations.

The Refinery also benefits from an existing high-density polyethylene (HDPE)-lined water storage pond with a capacity of 1.5 Mm³ fed by water from a 72.65 ha Water Harvesting Area. The water harvesting is supplemented by a supply of treated water from the KUWASA supply reservoir via three pipelines capable of supplying a total of 7,500 m³/day.

The Kahama Refinery area already has installed water treatment and sewerage handling facilities suitable for use during operation. The existing PSWP was designed to collect stormwater run-off from the gold mining operations for recycling within that process. The PSWP will be refurbished and used in the same application for the Refinery.