LZM

Interested in Lifezone Metals Limited? Here are five stocks we like better. Lifezone Metals is nearing a strategic equity investment for its Kabanga Nickel Project after selecting a preferred partner through a competitive process. The investment is expected to proceed alongside project financing led by Société Générale, with an amended Tanzanian Framework Agreement targeted for 2026. Kabanga is advancing toward construction readiness, with about $850 million in work packages put out for tender and infrastructure, permitting, site preparation and community resettlement activities progressing. Lifezone ended the first half with $37.3 million in cash and $56 million in total liquidity. The company sees a potential nickel-market deficit in 2026 amid Indonesian policy changes and supply risks, while also evaluating growth opportunities at Burundi’s Musongati deposit and advancing a U.S. autocatalyst-recycling project with Glencore. Lifezone Metals (NYSE:LZM) said it is nearing an announcement on a strategic equity investment for its Kabanga Nickel Project in Tanzania, while continuing pre-final investment decision work funded by its Taurus bridge facility. Chief Executive Officer Chris Showalter said management has presented a recommendation to the board after a competitive process led by Standard Chartered and that the company has selected a preferred partner. The proposed investment would combine public and private capital and run alongside a project-finance process led by Société Générale, he said. → Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? “These discussions are in the final phase,” Showalter said, adding that Lifezone expects to announce the investment group in the near term. He said the company expects the credentials of the consortium to demonstrate Kabanga’s strategic importance to Western supply-chain initiatives. Showalter said the strategic investment process is closely connected to negotiations over an amended Framework Agreement with the Government of Tanzania. The remaining work includes completing an outstanding schedule tied to the project’s joint financial model, feasibility study and investment structure, as well as aligning certain agreement provisions with the incoming investor group. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now Lifezone expects to sign the amended Framework Agreement in 2026, according to Showalter. He said the company would ideally close the strategic investment and the Framework Agreement simultaneously. The company is advancing construction-readiness activities at Kabanga. Approximately $850 million of work packages, including bulk earthworks and engineering, procurement and construction management work, have been put out for tender, Showalter said. Site work includes camp upgrades, permitting, geotechnical drilling and preparations for the mine’s box cut. → AMD’s AI Bubble Could Burst Into Explosive Upside Showalter also pointed to Tanzanian infrastructure developments, including funding for a rail extension to Isaka and the commissioning of the Julius Nyerere Hydropower Station. He said the planned rail extension is forecast to be completed before mine production begins, while Kabanga would be about 80 kilometers from an upgraded 440-kilovolt power line. On community matters, Showalter said the company is nearly 100% complete on compensation payments under its resettlement program. Lifezone has also added a team led by Michelle Raftus to support the continuing community-engagement work. Chief Financial Officer Ingo Hofmaier said Lifezone ended June with $37.3 million in cash, compared with $21.1 million at the end of 2025. Total liquidity was $56 million, including $18.3 million available under the Taurus facility. The company extended the availability period for the Taurus facility by three months to Nov. 29. Lifezone had drawn $21.7 million of the $60 million facility as of the first half, Hofmaier said. Lifezone raised $23.3 million in net proceeds through an equity financing with U.S. investors in April. The company reported a first-half loss before tax of about $7 million, or approximately $0.08 per share. Interest expense included more than $3 million related to deferred payment of interest on a convertible facility at the end of March. Its Tanzania-based workforce and contractors increased, bringing the total team size to 268. Operating cash flow improved from the prior-year period, aided by increased external work at the company’s Simulus Group and lower corporate overhead following a streamlining effort, Hofmaier said. Simulus generated $1.3 million more in revenue than in the comparable period a year earlier. Investing cash flow increased as Lifezone expanded its owner’s team, added site personnel and conducted geotechnical and hydrotechnical investigations, including drilling. Hofmaier said certain reported fair-value gains were non-cash and related to instruments including warrants, an embedded derivative and deferred consideration from Lifezone’s acquisition of BHP’s stake. The company said changes in its share price were a major factor affecting the valuation of those instruments. Hofmaier said Lifezone sees a potential nickel-market deficit in 2026 as its new base case. He cited higher Indonesian royalty rates, changes to Indonesia’s nickel ore benchmark pricing formula and restrictions on Indonesian RKEF production and ore supply quotas. He also noted risks to nickel leaching operations in the Asia-Pacific region from a Chinese sulfuric acid export ban that he said could last through the end of 2026, as well as geopolitical uncertainty affecting shipping through the Strait of Hormuz. Despite expected growth in Indonesian supply concentration over the longer term, Hofmaier said the company continues to see sound nickel demand from electric-vehicle batteries and stainless steel. Separately, Lifezone is evaluating the Musongati deposit in Burundi, where it holds a 14-month exclusivity arrangement. Showalter said the company is studying whether shared infrastructure and processing synergies with Kabanga could support a larger regional nickel development. The work may include additional drilling to assess potential sulfide material beneath the laterite deposit and evaluations of alternative processing flowsheets. Lifezone is also progressing a U.S. autocatalyst recycling project with Glencore. Showalter said pilot work and testing have been completed, with additional piloting and site selection now underway before a potential final investment decision. The project would apply the company’s hydrometallurgical technology to recover platinum, palladium and rhodium domestically in the United States. Lifezone Metals Limited engages in the extraction and refining of metals. It supplies lower-carbon and sulfur dioxide emission metals to the battery storage, EV, and hydrogen markets. The company's products include nickel, copper, and cobalt. Its flagship project is the Kabanga nickel project in North-West Tanzania. The company is based in Ramsey, Isle of Man. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Lifezone Metals H1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management identifies a fundamental reversal in the nickel market driven by Indonesian supply restrictions and higher royalty costs, shifting the base case toward a potential 2026 deficit. The company has selected a preferred partner for a strategic equity investment following a competitive process managed by Standard Chartered, with an announcement expected in the very near term. Operational momentum is being maintained through a $60 million bridge facility, allowing for $850 million in work packages to be tendered for core construction functions. Strategic expansion into Burundi via the Musongati deposit aims to create a large-scale nickel region by linking it with the Kabanga project through shared infrastructure and technical synergies. The U.S. recycling project with Glencore is progressing toward a Final Investment Decision (FID), leveraging patented hydrometallurgical technology to refine platinum group metals domestically. Management emphasizes the importance of the Simulus Group as a technical engine, currently managing approximately 30 external and internal projects to address downstream processing choke points. The company expects a simultaneous closing of the strategic equity investment and the amended framework agreement with the Tanzanian government in the near term. Future technical studies at Musongati will focus on identifying sulfide material below the laterite lens and evaluating alternative flow sheets to lower traditional operating costs. Project finance processes led by SocGen are running in parallel with the strategic equity investment to secure the full capital stack for Kabanga. Management anticipates that the completion of the Tanzanian rail extension to the Osaka location will align with the commencement of mine production. The recycling initiative with Glencore is moving toward site identification and final piloting as a precursor to a formal FID. H1 2026 results reflect a $7 million loss, primarily driven by high interest charges and one-off payments related to the convertible facility's two-year PIK interest cycle. A fair value gain was recorded due to a reduction in share price, which lowered the estimated cost of deferred consideration owed for the BHP stake acquisition. The company successfully strengthened its liquidity to $56 million through a combination of a $23.3 million equity raise and draws on the Taurus bridge facility. Geopolitical risks, including the Middle East conflict and potential Chinese sulfuric acid export bans are identified as threats to nickel leaching operations in the Asia Pac region. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. The agreement is intimately linked to the strategic equity process and is currently in the final phase of government approval. Management aims for a simultaneous closing of the investment and the framework agreement, with only final schedules and tax incentives remaining to be aligned. Key infrastructure is largely in place, including a commissioned hydroelectric dam that makes Tanzania a net power exporter. Funding for the rail extension has been secured, and the project is positioned to tap into the power grid via an 80-kilometer line extension. The project offers 'blue sky' optionality to replace Indonesian/Chinese supply chains for Western markets by scaling up a regional nickel hub. Lifezone is collaborating with KoBold Metals to digitize mineral information to accelerate technical evaluations of the ore body. The consortium consists of a mix of public and private Western entities, described by management as 'best-in-class'. Management suggests the group's credentials will validate Kabanga's status as a high-priority strategic asset for Western supply chain security.

NEW YORK, July 29, 2026--(BUSINESS WIRE)--Lifezone Metals Limited’s (NYSE: LZM) Chief Executive Officer, Chris Showalter and Chief Financial Officer, Ingo Hofmaier, announce the H1 2026 Interim Financial Results, available on Edgar and the Company’s website. Mr. Showalter commented: "Our relationship with the Government of Tanzania remains central to the Kabanga Nickel Project, and we continued working through the Framework Agreement amendment including direct engagement with H.E. President Samia Suluhu Hassan. At the same time, we moved Kabanga into procurement at scale, releasing roughly $854 million in contracts to market, with pre-FID activities funded by the $21.7 million drawn under the Taurus facility and $25 million equity raise. We also opened a new frontier with the Musongati exclusivity agreement in Burundi, and reached a pilot-scale milestone in our PGM Recycling Project, recovering >99% platinum and palladium and targeting >95% rhodium from spent Autocat material." Financial Summary: Lifezone Metals reported a cash balance of $37.3 million as of June 30, 2026, compared to $20.1 million as of December 31, 2025. Cash usage from investing activities during H1 2026 amounted to $15.0 million, with $15.4 million invested in the Kabanga Nickel Project. Revenue for H1 2026 was $1.7 million compared to $0.3 million during H1 2025, driven by increased third-party technical and laboratory services at Simulus. As of June 30, 2026, $41.7 million has been drawn from the senior secured bridge loan facility, of which $21.7 million was received during H1 2026, with a further $18.3 million available until November 29, 2026 to progress the Kabanga Nickel Project pre-FID activities, early works, and development activities, and to advance the project financing workstream. For H1 2026, Lifezone reported a basic and diluted loss per share of $0.08, based on a net loss of $6.9 million attributable to Lifezone shareholders and 86.2 million weighted average ordinary shares outstanding. This compares to basic earnings per share of $0.03 and diluted loss per share of $0.08 during H1 2025. Net losses for H1 2026 include significant non-cash fair value gains of $7.9 million related to the remeasurement of certain financial instruments compared to gains of $14.1 million during H1 2025. During the period, Lifezone recognized a fair value gain of $1.5 million on embedded derivatives related to the convertible debentures, $1.1 million gain on warrant liabilities, and $5.3 million gain on the deferred consideration to BHP. These gains were largely attributable to a decline in Lifezone’s share price, which fell from $4.27 as of December 31, 2025, to $3.88 as of June 30, 2026, thereby reducing the fair value of these liabilities. General and administrative expenses were $10.8 million in H1 2026 compared to $8.0 million in the corresponding period in 2025. The increase in general and administrative expenses is primarily driven by non-cash share-based payment charges of $3.1 million. On April 23, 2026, Lifezone closed a $25 million registered direct offering and issued 5.7 million ordinary shares at $4.40 per share. The net proceeds were $23.3 million and will be used for exploration activities in Burundi and Tanzania, the PGM Recycling Project, conducting Hydromet research and development at Simulus Laboratory, and for other general corporate and working capital purposes, including financing costs. On June 29, 2026, Lifezone issued Additional Warrants on the Senior Secured Bridge Loan Facility. The Additional Warrants entitle the holder to acquire up to 500,000 ordinary shares of Lifezone Metals at an exercise price of $6.25 per share and were fair valued at $1.08 million. This amount was recognized as deferred financing costs. Corporate highlights and key activities during the six months ended June 30, 2026 Kabanga Nickel Project: Financing Workstreams: Negotiations to amend the Framework Agreement continued with senior members of the Tanzanian government and administration, including a meeting held on June 9, 2026, with H.E. President of Tanzania, Dr Samia Suluhu Hassan, attended by Lifezone Metals' Chairman, Keith Liddell, TNCL CEO, Benedict Busunzu along with the Minister of Minerals, Hon. Anthony Peter Mavunde (MP), and Tanzanian Treasury Registrar, Nehemiah Mchechu. Figure 1: Lifezone Metals' Chairman, Keith Liddell, TNCL CEO, Benedict Busunzu with Tanzanian Treasury Registrar, Nehemiah Mchechu, ahead of meeting with H.E. President of Tanzania, Dr Samia Suluhu Hassan The negotiations to amend the Framework Agreement have progressed more slowly than expected, and these delays have affected the FID timeline and will have knock-on effects on pre-FID activities and execution timelines. We now expect FID to take place during Q1 2027, irrespective of all parties having invested significant resources in finding a solution, and the discussions reinforced the Kabanga Nickel Project’s status as a Tanzanian US-linked project of national importance. With concerted efforts, this date could be moved forward, but FID could also happen later, depending on the lender's assessment of the amended Framework Agreement. During the early parts of the first half of 2026, the U.S. Development Finance Corporation completed its due diligence as part of the political risk insurance workstream, with commercial engagements progressing. Negotiations are in an advanced stage for a potential strategic equity investment into the Kabanga Nickel Project, led by Standard Chartered Bank, with multiple offers received. The project financing process led by Societe Generale has continued to progress well. Key pathfinders (Development Finance Institutions and Export Credit Agencies) from Africa, Europe, and North America are selected and have provided indications of liquidity following a round of engagements. Lender due diligence materials are well advanced to launch the final structuring phase of the funding process with the pathfinders following the conclusion of discussions on the amendment of the Framework Agreement. International insurance brokers are appointed, with the insurance risk assessment and insurance plan advanced to facilitate a global insurance roadshow. Tender documents have been issued to local insurance brokers for their services. An application has been filed with the European Commission for the Kabanga Nickel Project to be registered as a Strategic Project under the Critical Raw Materials Act. Technical and Operational Progress: Procurement activities and contract readiness advanced materially, with 59 Expression of Interests for significant packages approved by the Mining Commission. Contracts have been released to market with an approximate value of $854 million, including the EPCM, mining and bulk earthworks tenders. The tenders have seen strong participation from international and Tanzanian contractors, with the bulk of site visits happening in July and August. Significant scale-up of the Kabanga Nickel Project Integrated Owner's Team, which continued to support project execution and detailed engineering and procurement. The expanded team has a strong track record of delivering greenfield mining developments in Africa and other emerging jurisdictions. All technical, commercial, and project setup deliverables are tracked through a pre-FID schedule with S-curve reporting. Preferred cost management platform selected, with implementation planning underway. Monthly cost review meetings continued, supporting ongoing monitoring of project capital estimates. Beyond the Special Mining License, all material permits needed for current activities are in place. Key permits obtained across Q1 and Q2 include the Chemical Registration Certificate, Landfill Permit, Kabanga ESMP Update, Sewage Treatment Plan Permit and the EIA for the construction of the 220kV transmission line (received by TANESCO). Progress is being made on all key permits required for early works activities and ahead of construction, with the Biodiversity Action Plan ("BAP") well advanced. Figure 2: Mining Commission and RMO Team during a Kabanga site visit to inspect TNCL’s Prospective Licenses​ Pre-FID site investigations advanced, including geotechnical drilling and completion of LiDAR and topographical surveys to support detailed design and early works planning. Geotechnical works progressed with 194 of 237 test pits completed and 3,300 of 3,743m of drilling undertaken. Vent raise drilling is now complete across the project footprint. Interim geotechnical reporting was adopted to advance North Boxcut and waste rock dump design ahead of final reporting. Borefield investigations continued, identifying alternative sources for groundwater supply. Water balance alignment workshops completed with the final integrated water balance targeted for Q3. TSF investigations advanced through field testing and geotechnical site investigations. Progress on the 220kV overhead line continued, including TANESCO engagements on the transmission line, substations and execution approach. LiDAR and topographical surveys were completed for the powerline route, and negotiations with TANESCO remain ongoing for the Implementation Agreement and Power Supply Agreements. Engagement also continued with TANROADS and local authorities on road access and supporting infrastructure. Southern Access Road hydrology assessments and design updates were completed. Upgrades to the existing camps are nearing completion, increasing accommodation capacity and supporting infrastructure to facilitate workforce ramp-up for resettlement, host site construction and broader site construction readiness activities. Figure 3: Project area land clearing In-country beneficiation activities to define a pathway for in-country downstream beneficiation of Kabanga flotation concentrate continued, including the completion of the product marketing study, with the initiation of the techno-economic trade-off study scoping. Occupational Health and Safety, Environment, Social Performance and Resettlement Progress: Zero material health, safety, environmental, or security incidents were reported, with +2.9 million hours worked without a lost time injury at the Kabanga Nickel Project. The Ebola outbreak in DRC and Uganda, declared on May 17, 2026 a public health emergency of international concern, continues to pose a high cross-border risk. However, there are no reported Ebola cases in Tanzania and the project has a Trigger Action Response Plan and Outbreak Control Team in place. The project commenced with plans to recruit critical roles required ahead of FID, with 209 employees and contractors directly engaged by Kabanga Nickel Project as of the end of June 2026. Resettlement Action Plan: 100% of the cash compensation payments were made by the company by the end of 2025; 97% of project affected households have signed their cash compensation agreements and received the monies, while the remainder was deposited into an escrow account for the benefit of the remaining project affected households. Community stakeholder engagements remained a primary focus, including the community mobile unit meetings, the resettlement working group sessions and the feedback meetings. Two model houses were converted into Community Liaison Offices to expand accessibility of stakeholders to the project team and a project-wide community awareness program commenced providing awareness on relevant topics. Figure 4: TNCL Community Relations team and community members meeting at the newly converted Community Liaison Office in Rwinyana Additional key resettlement activities continued, including finalization of the updated stakeholder engagement plan, vulnerable peoples plan and external grievance redress mechanism procedure, support with document verification for project affected households; completion of a household wellbeing and livelihood survey, and resettlement site land planning enhancements. Figure 5: TNCL Community Relations Manager presenting at a feedback meeting in Kahororo The Memorandum of Understanding for the implementation of 2025/2026 Corporate Social Responsibility plan with the Ngara District Council was signed. Under the plan TNCL will focus on initiatives aimed at supporting the Ngara community in health services (provision of sanitary pads to schools, blood donation drives, and training for community health workers); education (construction of modern sanitation facilities and supply of desks and tables to secondary schools); promotion of sports activities; and agricultural development through the distribution of avocado seedlings to encourage commercial farming. Continued environmental and social commitments in alignment with national and international standards, including weekly, monthly and quarterly monitoring; nearing completion of additional biodiversity studies and the associated BAP, receiving NEMC approval for the Kabanga ESMP update and continuing with upgrade of the 220kV overhead line ESIA to international standards. In the first week of June, TNCL celebrated World Environment Day 2026 focused on raising awareness on climate change, promoting environmental stewardship, and encouraging practical climate action among employees, students, academics, and community stakeholders. Figure 6: TNCL Environment Team celebrating World Environment Day An ISO-compliant Life Cycle Assessment for the Kabanga Nickel Project was completed, confirming a low climate change emission impact for the production of nickel concentrate, with a separate release planned for Q3 2026. Musongati Nickel Project: Since March 10, 2026, when Lifezone Metals entered into a 14-month exclusivity agreement with the Government of Burundi regarding the Musongati Nickel Project, several senior meetings were held between Lifezone Metals’ geologists and key personnel from the ‘Office Burundais des Mines et Carrières’ ("OBM") and the Government of Burundi. Lifezone reviewed Musongati drilling data, maps, and earlier studies in the OBM Technical Library, and inspected both the OBM core storage facility containing Musongati drill core and the sample preparation facilities and analytical laboratory. Desktop studies were followed by two site visits to Bujumbura and one visit to the Musongati Project Area together with senior OBM officials, geologists, and other technical personnel, including the inspection of geology offices, the core shed, other site and camp facilities, and local infrastructure. Engagements with former project owners and consultants to support the re-establishment of the previous mineral resource last estimated in 2011, in preparation and support of a proposed laterite drilling program and ultimate update of the Musongati Project mineral resource also took place. A proposed, preliminary laterite infill drilling program is currently being developed for the Buhinda and Rubara deposits, and the associated implementation approach, including site establishment, mobilization and demobilization of drill rigs, cost estimate and schedule. PGM Recycling Project: The first half of 2026 saw the culmination of the PGM Recycling Project batch locked-cycle and pilot test campaign, involving one ton of U.S.-sourced Autocat material, with Lifezone demonstrating the recovery of >99% platinum and palladium, and targeting a >95% recovery for rhodium. Following completion of the pilot test program, an interim study report was completed. An internal project review was undertaken late during the first half, resulting in several substantive positive techno-economic improvements. These are now being incorporated into the plant design and updates to the feasibility study, targeting an end-of-year completion date. U.S. site selection work continues, with several potential brownfield locations having already been identified for the commercial facility. Through the remainder of this year, an enhanced value-adding test campaign will run in parallel with ongoing commercial plant design and execution work streams, with project FID now anticipated in early 2027. Lifezone’s two non-duplicate U.S. Department of Energy funding requests for US$41.5 million made in the first quarter of 2026, with a private cost share of 20%, which remain under review at this stage. Simulus Laboratories: Continued with pilot testwork and progressed the engineering study for Lifezone Metals’ PGM Recycling Project, successfully producing high-purity platinum, palladium, and rhodium intermediates from spent Autocat material. Simulus generated $1.67 million in revenue in the first half of this year, a significant increase from the comparable period last year. Simulus was awarded services under 30 different contracts and by 15 different clients, across both engineering and laboratory service offerings. These contracts spanned a range of commodities including antimony, cobalt, copper, gold, nickel, PGMs, rare earths, scandium, and titanium. The main new areas of activity over the second quarter of 2026 were in copper and gold consulting (due diligence and independent technical reviews), driven by strong demand from mergers and acquisitions and stock exchange listing activities within the industry. Minor batch test work programs and/or sample analysis across a range of other commodities were also undertaken. Business development was a significant focus with numerous testwork (batch and pilot) and feasibility study proposals being issued. Proposals in the pipeline covered alumina, antimony, cobalt, copper, gold, manganese, nickel, radium, rare earths, thorium, and tungsten projects. Simulus continued to focus on occupational health and safety enhancements during the period, with an update to Simulus' Naturally Occurring Radioactive Material (NORM) Radiation Management Plan undertaken to align with recent regulation updates. NORM training was conducted for laboratory staff and routine occupational work health and safety procedure reviews and updates were completed. Investor Webcast: 29 July 2026 / 10:00 ET | 15:00 BST Chris Showalter, CEO and Ingo Hofmaier, CFO, will be hosting a conference call and Q&A, today. Analysts and investors can register at: Lifezone Metals H1 2026 Interim Financial Results Webcast. If you would like to sign up for Lifezone Metals news alerts, please register here. Social Media LinkedIn | X | YouTube 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 Forward-Looking Statements Certain statements contained herein are not historical facts but may be considered "forward-looking statements" within the meaning of the U.S. Securities Act of 1933, as amended, the U.S. Securities Exchange Act of 1934, as amended, and the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the plans, strategies, intentions, objectives, expectations, and future financial and operational performance of Lifezone Metals Limited and its subsidiaries ("Lifezone"). These statements are based on the beliefs and assumptions of management, as well as information currently available to Lifezone. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot guarantee that these expectations will be achieved. Forward-looking statements are inherently subject to significant risks, uncertainties, and assumptions, many of which are beyond our control. Forward-looking statements generally relate to future events or our future financial or operating performance. These statements may be preceded by, followed by, or include words such as "believes," "estimates," "expects," "anticipates," "projects," "plans," "intends," "may," "might," "could," "should," "would," "will," "forecast," "predict," "scheduled," "continue," "potential," or similar expressions, although the absence of such words does not mean that a statement is not forward-looking. Forward-looking statements contained or incorporated herein include, but are not limited to, statements regarding future events, the estimated or anticipated future results of Lifezone, future opportunities for Lifezone, including the efficacy of the Hydromet Technology and the development of, and processing of mineral resources at (amongst other things), the Kabanga Nickel Project, the ability to finance the Kabanga Nickel Project, negotiations regarding the Framework Agreement and other commercial arrangements, the outcome of certain legal proceedings with Tanzania Revenue Authority, Lifezone’s ability to continue to operate as a going concern, and other statements that are not historical facts. These statements are based on Lifezone's management's current expectations and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond Lifezone's control. These statements are subject to a number of risks and uncertainties regarding Lifezone's business, and actual results may differ materially. These risks and uncertainties include, but are not limited to: general economic, political, and business conditions, including but not limited to economic and operational disruptions; the development and processing of mineral resources at the Kabanga Nickel Project, the amendment of the Framework Agreement and the agreement and finalization of the joint financial model relating to the Kabanga Nickel Project which will define the equitable sharing of economic benefits with government authorities in Tanzania; obtaining additional capital, including use of the debt market, future capital requirements, and sources and uses of cash; maintaining key strategic relationships with partners and customers; the timing and significance of contractual relationships; the outcome of any legal proceedings that may be instituted against Lifezone; risks related to the rollout of Lifezone's business, the efficacy of the Hydromet Technology, and the timing of expected business milestones; the acquisition, maintenance, and protection of intellectual property; the ability of Lifezone to achieve projections and anticipate uncertainties relating to its business, operations, and financial performance, including expectations with respect to financial and business performance, future operating results, financial projections, and business metrics; expectations regarding product and technology development and pipeline, market size, and the competitive landscape; the ability to develop, design, and sell differentiated products and services; expectations regarding future acquisitions, partnerships, or other relationships with third parties; upgrading, maintaining, and securing information technology systems; the timing and significance of contractual relationships; the effects of competition on Lifezone Metals’ business; the ability of Lifezone Metals to execute its growth strategy, the development and processing of the mineral resources at the Kabanga Nickel Project; the ability to finance the Kabanga Nickel Project, negotiations regarding the Framework Agreement and other commercial arrangements, the outcome of certain legal proceedings with Tanzania Revenue Authority, Lifezone’s ability to continue to operate as a going concern; obtaining additional capital, including use of the debt market, future capital requirements, and sources and uses of cash; manage growth profitably and retain its key employees; the ability of Lifezone Metals to reach and maintain profitability; enhancing future operating and financial results; complying with laws and regulations applicable to Lifezone Metals’ business; maintaining the listing of its securities on the New York Stock Exchange; complying with applicable laws and regulations, including privacy regulation; anticipating the impact of, and responding to, new accounting standards; meeting future liquidity requirements and complying with restrictive covenants related to long-term indebtedness; and other risks that will be detailed from time to time in filings with the U.S. Securities and Exchange Commission (SEC); and dealing effectively with litigation, complaints, and/or adverse publicity. Forward-looking statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied by the forward-looking statements due to various risks and uncertainties. New risk factors emerge from time to time and it is not possible to predict all such risk factors, nor can the parties assess the impact of all such risk factors on us, or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Additional risks and uncertainties not presently known to us or that we currently deem immaterial could also affect our actual results and outcomes. All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements. Lifezone undertakes no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date herein. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by applicable law. Accordingly, you should not place undue reliance on these forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260729520800/en/ Contacts Investor Relations Ingo HofmaierChief Financial [email protected]

NEW YORK, July 27, 2026--(BUSINESS WIRE)--Lifezone Metals Limited (NYSE: LZM) announced today that it plans to release its H1 2026 interim financial results on July 29, 2026. Investor Webcast: July 29, 2026 / 10:00 a.m. ET | 15:00 p.m. BST Chris Showalter, CEO and Ingo Hofmaier, CFO, will be hosting a conference call and Q&A on the day. Analysts and investors can register at: Lifezone Metals H1 2026 Interim Financial Results Webcast. If you would like to sign up for Lifezone Metals news alerts, please register here. Social Media LinkedIn | X | YouTube 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 Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements may be accompanied by words such as "believes," "estimates," "expects," "predicts," "projects," "forecasts," "may," "might," "will," "could," "should," "would," "seeks," "plans," "scheduled," "possible," "continue," "potential," "anticipates" or "intends" or the negatives of these terms or variations of them or similar terminology or expressions that predict or indicate future events or trends or that are not statements of historical matters; provided, however, that the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release, include, but are not limited to, statements regarding the proposed release of the H1 2026 interim financial results, and the related timing. There can be no assurance as to whether or when the release of the H1 2026 interim financial results will take place. The forward-looking statements in this press release are subject to risks and uncertainties that may cause actual results to differ materially, including market and other conditions, and risks and uncertainties that may affect the Company’s business, results of operations and financial condition and future operations, and other risks that are and will be detailed from time to time in the Company’s filings with the Securities and Exchange Commission (the "Commission"), including the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2025 and the Reports on Form 6-K that the Company files and furnishes from time to time with the Commission. Further, the forward-looking statements in this press release are based on the current expectations of Lifezone Metals’ management. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Lifezone Metals and its subsidiaries. Except as otherwise required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data, or methods, future events, or other changes after the date of this communication. View source version on businesswire.com: https://www.businesswire.com/news/home/20260727584993/en/ Contacts Investor Relations Ingo HofmaierChief Financial [email protected]

HIGHLIGHTS Recent locked cycle flotation test shows strong recoveries of nickel (49.4%), copper (50.5%) and cobalt (21.0%) in a bulk flotation concentrate, also with strong platinum-group-element and gold recoveries: platinum (49.1%), palladium (43.1%) and gold (43.9%) Recent open cycle flotation tests indicate potential for increased metal recovery and concentrate grade Follow-up locked cycle tests using further refinements are in progress and results anticipated in early August Concentrate samples obtained in the locked cycle tests will be sent to Lifezone Metals for hydrometallurgical refining amenability testing Internal economic analysis to be completed and as warranted plans for an independent Preliminary Economic Analysis will be made CEO: "If successful, hydrometallurgical refining would allow us to produce [nickel and multiple other critical and strategic] metals on site in Alaska for the American technology and industrial market and the US defense industrial base." VANCOUVER, BC / ACCESS Newswire / July 16, 2026 / Alaska Energy Metals Corporation (TSXV:AEMC)(OTCQB:AKEMF) ("AEMC" or the "Company") is pleased to report positive results from locked cycle testing ("LCT") of drill core from the 2023-2024 exploration campaigns for the Core Eureka Zone ("CEZ2"), Eureka Deposit, at its 100% owned Nikolai Project, Alaska. The mineral processing work was completed by the SGS Laboratories in Quebec, Canada. The results represent a significant advancement in the company's primary asset and clarifies the development path for the Nikolai deposit. AEMC CEO Gregory Beischer commented: " Metal recovery rates are the primary input to an economic analysis. We now know the metals present in the Nikolai deposit are recoverable at robust rates. Therefore, we can complete our internal economic analysis and upon successful completion, commission a Preliminary Economic Assessment. With metallurgical recoveries now proven, Nikolai is emerging as a significant source of nickel, copper and cobalt, producible in the USA. Going forward, we will evaluate the amenability of further refining produced concentrates with hydrometallurgical processes. If successful, hydromet would allow us to produce metals on site in Alaska for the American technology and industrial market and the US defense industrial base. Nikolai potentially provides a domestic solution for the country's near-total reliance on foreign imports for nickel and can contribute to domestic metal supply chain security for multiple critical and strategic metals. RESULTS Locked cycle test one (LCT-1) successfully achieved metal recoveries of 49.4% nickel, 50.5% copper, 21.0% cobalt, 49.1% platinum, 43.1% palladium, and 43.9% gold. The flotation concentrate grade was 7.22% nickel, 4.01% copper, 0.30% cobalt, 2.33 g/t platinum, 4.10 g/t palladium and 0.78 g/t gold. Concentrate grades for other elements were 8.17% MgO, 18.6% sulfur and 39.6% iron. A total of 506 grams of concentrate, or 1.68% of the total weight processed, was recovered during the locked cycle test (Table 1). De-sliming was found to be unnecessary, which represents a significant cost savings in the flow sheet. Table 1. LCT-1 Bulk Flotation Concentrate Metal Recoveries and Grades FUTURE METALLURGICAL TEST WORK Recent Open Cycle Tests (OCT), using various reagents, indicate the potential to further improve metal recoveries and concentrate grade. Based on these OCT results, further LCT are being completed. It is anticipated the results of this test work will be published in August 2026. The concentrates produced by the two LCT will be sent to Lifezone Metals for hydrometallurgical amenability testing. On-site hydrometallurgical refining would eliminate the need to ship concentrate to an existing smelter (there are none in the US), increase metal payability, serving to improve project economics, but balanced against increased capital costs. Importantly, this could allow production of refined nickel and other critical and strategic metals in Alaska for American industrial markets and the US Department of War. Additionally, future metallurgical work will also focus on the magnetic concentrate to see if a saleable iron - chrome product can be realized. In all, the nickel-dominant Nikolai Project hosts six U.S. Government-listed Critical Minerals. STUDY OBJECTIVES AND SAMPLE SELECTION The main objective of this metallurgical study was to examine the potential of flotation for recovering valuable minerals into a marketable concentrate. To accomplish this objective, composite samples were subjected to feed characterization, grindability, flotation, and magnetic separation testing. The data collected was to be sufficiently rigorous to include in potential future preliminary economic studies. Drill core samples were used to create modeled mineralized domains of composite samples of the Core Eureka Zone 2 "CEZ2" that represent the average grade of the 2025 Mineral Resource Estimate of the Eureka Deposit. Feed grade for the CEZ2 LCT assayed 0.26% nickel, 0.13% copper, 0.03% cobalt, 0.16 g/t palladium, 0.08 g/t platinum, and 0.03 g/t gold. LOCKED CYCLE TESTING - CEZ2 Open cycle variability and optimization testing was used to develop a flow sheet which consists of simple grinding, flotation and magnetic separation processes. A flotation concentrate, and a magnetic concentrate are produced. Nickel, copper, and cobalt sulfides report to the flotation concentrate. A significant amount of the precious metals - platinum, palladium and gold also partition with the sulfides. Iron and chromium oxides report to the magnetic concentrate. Challenges have included: 1) grain size, 2) depressing iron sulfide flotation to increase concentrate grade, 3) separating nickel from copper sulfide, and 4) recovering awaruite to the flotation concentrate. Optimization testing revealed desliming was not necessary on the Nikolai mineralization. Final open circuit optimization testing resulted in a rougher plus scavenger concentrate (1st - 3rd cleaners) recoveries of 47.7% nickel, 50.5% copper, and 20.9% cobalt. Based on these open cycle results, a LCT was completed on the CEZ2 mineralization to determine recoveries and concentrate grades in a closed, steady state system. The flow sheet illustrated below was followed for the locked cycle test (Figure 1): QUALIFIED PERSON Gregory Beischer, the Company's President & CEO, is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information contained in this news release. For additional information, visit: https://alaskaenergymetals.com/ ABOUT ALASKA ENERGY METALS Alaska Energy Metals Corporation (AEMC) is an Alaska-based corporation with offices in Anchorage and Vancouver working to sustainably deliver the critical materials needed for U.S. national security and a bright energy future, all while generating superior returns for shareholders. AEMC is focused on delineating and developing the large-scale, bulk tonnage, polymetallic Nikolai Project and related Eureka deposit containing nickel, copper, cobalt, chromium, iron, platinum, palladium, and gold. Located in Interior Alaska near existing transportation and power infrastructure, its flagship project, Nikolai, is well-situated to become a significant domestic source of strategic metals for North America. In January 2026, AEMC's Nikolai Project was accepted for Fast-41 Transparency Dashboard listing to streamline federal permitting for overland access and man camp placement for the next phase of Eureka deposit drilling. AEMC also holds a secondary project in western Quebec; the Angliers - Belleterre project. Today, material sourcing demands excellence in environmental performance, technological innovation, carbon mitigation and the responsible management of human and financial capital. AEMC works every day to earn and maintain the respect and confidence of the public and believes that environmental, social and governance performance is measured by action and led from the top. ON BEHALF OF THE BOARD"Gregory Beischer"Gregory Beischer, President & CEO FOR FURTHER INFORMATION, PLEASE CONTACT:Gregory A. Beischer, President & CEOToll-Free: 877-217-8978 | Local: 604-609-7149 Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation), including but not limited to: further metallurgical including hydrometallurgical testing, the marketability of concentrates produced at the Nikolai project, and follow-on economic analysis. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Forward-looking statements speak only as of the date those statements are made. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements do not guarantee future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include but are not limited to uncertainty relating to the estimation of mineral resources, regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions, or changes in other factors affecting the forward-looking statements. If the Company updates any forward-looking statement(s), no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release. SOURCE: Alaska Energy Metals Corp. View the original press release on ACCESS Newswire

Nickel market rebound: Nickel prices have rallied (up ~37% from a late‑2025 low) and are above the long‑term assumptions used in the July 2025 feasibility study, which management estimates would raise Kabanga’s NPV by about $300 million amid Indonesia supply constraints and sulfuric‑acid availability risks. Advanced strategic and financing progress: Lifezone is running an "incredibly competitive" strategic partnership process with Standard Chartered while engaging lenders, and is backed by Taurus bridge funding plus a recent $23.3M equity raise and a $16.7M Taurus drawdown, which management says provides sufficient liquidity to reach FID. Execution readiness and expansion initiatives: Kabanga workstreams are progressing (earthworks, boreholes, and ~ $380M of procurement RFPs) with a strong safety record, while the company pursues Musongati exclusivity in Burundi and a 50/50 U.S. PGM recycling JV with Glencore with a feasibility study and high‑recovery pilot results pending. Interested in Lifezone Metals Limited? Here are five stocks we like better. Lifezone Metals (NYSE:LZM) executives used the company’s Q1 2026 webcast to frame a more constructive nickel market backdrop, provide an operational update at its Kabanga Nickel Project in Tanzania, and outline progress on strategic initiatives including project financing, a potential long-term partner transaction, and a U.S.-based platinum group metals (PGM) recycling venture. Chief Financial Officer Ingo Hofmaier said the nickel market has rebounded after what he described as “a very challenging period… over the last two years,” attributing prior weakness largely to oversupply from Indonesia. Hofmaier told listeners nickel prices reached a two-year high as of the prior week and were up 37% from a late-2025 low point. He added that spot prices for nickel, copper, and cobalt were “all higher than the long-term price assumptions” used in the July 2025 feasibility study. → Corning Beats Q1 Estimates but Drops 9% on Guidance Miss Hofmaier pointed to several Indonesia-related factors he believes are tightening conditions and raising costs, including reduced ore mining quotas, shorter quota validity (from three years to one year), revisions to benchmark pricing mechanisms that incorporate byproducts, and a tiered royalty system. He said that at current prices, Indonesia’s royalty rate is 15% compared with 10% at the start of last year, calling it “quite significant.” He also cited declining ore grades, stricter environmental enforcement, and what he characterized as a notable emerging risk: sulfuric acid availability. Hofmaier said China has implemented an export ban on sulfuric acid and noted that Indonesian leach operations depend on it, with 15%-20% of Indonesian output “highly dependent” on sulfuric acid availability. He said analysts and traders see upside risk in nickel prices as a result. → Meta Posted Its Best Sales Growth Since 2021—So Why Did Shares Fall? Hofmaier also referenced the International Nickel Study Group’s latest outlook indicating a market deficit this year after a “significant surplus” in 2025. Under current spot prices, he said, Kabanga’s net present value would be “around $300 million higher” than in the feasibility study under long-term price assumptions. Chief Executive Officer Chris Showalter said management is spending “a large amount” of time advancing a long-term strategic partnership process being run with Standard Chartered. He said the process is “very advanced,” and described it as the company’s top priority. Showalter told investors the company is focused on “shareholder value” and intends to bring a recommendation to the board based on proposals received. → Verizon’s Signal Strength: The Turnaround Call Is Loud and Clear In response to a question about the scope of options considered, Showalter said the company has evaluated multiple alternatives, including “offers for 100% of the project,” strategic partnerships, and scenarios involving financial investors partnering with Lifezone Metals. He described the process as “incredibly competitive” and said the company is “really at the end of the process,” but did not indicate which option it would choose. Alongside strategic discussions, Showalter said the company is working in parallel on project financing, led by Hofmaier. He characterized lender engagement as “very, very positive,” citing the project’s expected cash flow generation and mine longevity as attractive to financiers. Showalter said the project finance process would be formally kicked off after the strategic partnership (or alternative) is finalized and announced, and he said the company expects to provide additional updates after further progress with Societe Generale. Showalter said Lifezone Metals is transitioning from a strategic process into “FEED execution readiness,” supported by a $60 million bridge loan from Taurus. He said the funds are being used to maintain timelines and advance multiple workstreams in preparation for a pathway to a final investment decision (FID), including engineering, procurement, construction readiness, project controls, and risk management. He highlighted ongoing engagement with the Government of Tanzania and said the company has concluded the U.S. Development Finance Corporation environmental and social process, including achieving the standard required under IFC Performance Standard 5, calling it “a very big credential.” Operationally, Showalter referenced activity at the “North Box Cut,” including earthworks and service works, drilling boreholes for water, and test pits. He also discussed procurement preparation and said the company has issued expressions of interest and requests for proposals covering “roughly $380 million” across packages such as camp upgrades, infrastructure, a water treatment plant, maintenance areas, and storage and buildings. On safety and staffing, Showalter said Kabanga recorded “2.7 million hours worked without a lost time injury” and noted the project had “roughly 230 employees and contractors” by the end of March. He also said the company completed an ISO-compliant life cycle assessment for Kabanga and that management is “very pleased with the results,” adding that the company expects to release the LCA in the near term. Showalter also emphasized community engagement and social license efforts, describing a memorandum of understanding for corporate social responsibility initiatives spanning health, education, sports, and agricultural support. He said the resettlement plan has progressed, with compensation paid and continued community engagement underway. Showalter said the company signed an exclusivity agreement with the Government of Burundi in March related to the Musongati deposit, describing it as a large laterite deposit discovered around the same time as Kabanga. He said the company is evaluating Musongati in parallel and sees potential synergies if supported by shared infrastructure and operational overlap, while positioning the broader East Africa region as a source of critical metals supply chain solutions. Showalter also provided an update on Lifezone’s PGM recycling initiative in the U.S., saying the company has concluded piloting and research and development work for platinum, palladium, and rhodium recycling and is finalizing a feasibility study expected in the “coming weeks.” He said piloting delivered “very high recoveries” and described the process as an “innovative breakthrough” intended to consolidate a fragmented recycling value chain. He said the PGM project is a partnership with Glencore structured as a 50/50 venture, with both parties funding piloting and R&D equally and continuing via capital calls on a 50/50 basis once the project reaches FID. Showalter estimated a roughly $30 million recycling plant could produce “just over 200,000 oz of 3PGM,” contrasting it with the capital intensity of developing a new mine. Showalter said Lifezone applied for two U.S. Department of Energy grants tied to the recycling initiative and expects to hear back “mid to end of May,” estimating a two-to-four-week window from the call date. Hofmaier said the company began the quarter with $20.1 million in cash and reported operating cash outflows of $1.2 million for the period from Jan. 1 through March 31, improving from $3.3 million in outflows in the prior-year comparable period. He attributed the improvement partly to revenue generation at the Simulus Lab in Perth, which he said has been refocused toward external revenue opportunities as Kabanga refinery work and the PGM recycling flowsheet development near completion. He said the company ended the quarter with $15.27 million in cash, plus $35 million undrawn under the Taurus facility for total available liquidity of $50 million at March 31. Hofmaier then updated investors with more recent developments: the company raised $23.3 million in net proceeds through an equity issuance of 5.7 million shares at $4.40, and it received $16.7 million to complete the second drawdown under the Taurus bridge loan facility. He said $18.3 million remains available to draw and that, in management’s opinion, it is sufficient to reach FID. Hofmaier emphasized that the Taurus facility is earmarked for the Kabanga Nickel Project and “can’t be used for anything else,” while the newly raised equity can support initiatives such as Musongati work, regional exploration, PGM recycling, research projects, and corporate working capital. On profitability, Hofmaier said income before tax was $2.4 million, driven in part by $8.7 million in fair value gains related to embedded derivatives, warrants, and deferred consideration payable to BHP. He cautioned that these valuations can be volatile and could reverse if the share price rises, which could result in losses affecting reported income. Following the recent equity raise, Hofmaier said the company has 89.9 million ordinary shares outstanding and cited a market capitalization of $435 million as of the prior day. Management said the company would remain available for follow-up questions and noted upcoming participation in the EIT RawMaterials Summit in Brussels in May. Lifezone Metals Limited engages in the extraction and refining of metals. It supplies lower-carbon and sulfur dioxide emission metals to the battery storage, EV, and hydrogen markets. The company's products include nickel, copper, and cobalt. Its flagship project is the Kabanga nickel project in North-West Tanzania. The company is based in Ramsey, Isle of Man. The article "Lifezone Metals Q1 Earnings Call Highlights" was originally published by MarketBeat.

NEW YORK, April 30, 2026--(BUSINESS WIRE)--Lifezone Metals Limited’s (NYSE: LZM) Chief Executive Officer, Chris Showalter and Chief Financial Officer, Ingo Hofmaier, announce the Q1 2026 Financial Results Summary, available on Edgar and the Company’s website. Mr. Hofmaier commented: "Q1 2026 was another period of disciplined execution as we advanced the Kabanga Nickel Project, opened up new avenues with the Musongati Nickel Project Exclusivity Agreement and produced our first ever Platinum, Palladium and Rhodium from the U.S. PGM Recycling Project from pilot testwork at Simulus, while maintaining focus on capital efficiency, liquidity and long-term value creation. During Q1, we received an initial $5 million, as part of a second utilization under the senior secured bridge loan facility provided by Taurus. The remaining $16.7 million under the second utilization was received on April 29, 2026, with a further $18.3 million of the facility remaining available. Also in April, we further strengthened our cash position by closing a registered direct offering that raised $25.0 million in gross proceeds. These funds will help us to position the business for the next stage of growth while remaining mindful of market conditions and disciplined capital allocation." Financial Summary: Lifezone Metals reported a cash balance of $15.3 million as of March 31, 2026, compared to $20.1 million as of December 31, 2025. Cash usage from investing activities during Q1 2026 amounted to $6.2 million, with $6.3 million invested in the Kabanga Nickel Project. Revenue for Q1 2026 was $1.2 million compared to $0.2 million during Q1 2025 driven by increased third-party technical and laboratory services at Simulus. As of March 31, 2026, $25 million has been drawn from the senior secured bridge loan facility of which $5 million under the second utilization was received during Q1 2026. The remaining $16.7 million under the second utilization was received on April 29, 2026, with a further $18.3 million under the facility remaining undrawn. For Q1 2026, Lifezone reported an income before tax of $2.4 million compared to $7.3 million in Q1 2025. Income before tax for Q1 2026 includes significant non-cash fair value gains related to the remeasurement of certain financial instruments, while general and administrative expenses were comparable to the corresponding period in Q1 2025. During the quarter, Lifezone recognized a fair value gain of $1.9 million on embedded derivatives in convertible debentures, $2.9 million gain on warrant liabilities, and $3.9 million gain on the deferred consideration to BHP. These gains were largely attributable to a decline in Lifezone’s share price, which fell from $4.27 as of December 31, 2025, to $3.36 as of March 31, 2026, thereby reducing the fair value of these liabilities. On April 23, 2026, Lifezone closed a $25 million registered direct offering and issued 5.7 million ordinary shares at $4.40 per share. The net proceeds were $23.3 million and will be used for exploration activities in Burundi and Tanzania, the PGM Recycling Project, conducting Hydromet research and development at Simulus Laboratory, and for other general corporate and working capital purposes, including financing costs. Corporate highlights and key activities during the three months ended March 31, 2026 Project Financing Update: A further $5 million was drawn under the Taurus Mining Finance senior secured bridge loan facility on March 16, 2026, and as of March 31, 2026, a total of $25 million out of $60 million was received. Of the $35 million that remained undrawn as of March 31, 2026, $16.7 million was received on April 29, 2026. This is to progress Kabanga Project pre-FID activities, early works and development activities and to advance the project financing workstream. Negotiations advanced constructively with the senior members of the Tanzanian government and administration to amend the Framework Agreement and agree on the details of the staging concept and the joint financial model, to define the sharing of fiscal benefits. Figure 1: Lifezone Metals CEO Chris Showalter met with Hon. Balozi Khamis Mussa Omar, Tanzania’s Minister of Finance, and senior government officials in Washington, D.C., during the 2026 IMF/WBG Spring Meetings The U.S. DFC completed its due diligence with further funding workstreams progressing. Negotiations progressed for a potential strategic investment into the Kabanga Nickel Project led by Standard Chartered Bank, with multiple offers received. Project financing process led by Societe Generale continued, including roadshows and selection of pathfinders, such as international Development Finance Institutions and Export Credit Agencies. Site visits were conducted by potential lenders and lender advisors, and receipt of final reports by independent engineers and consultants covering technical, logistics, environmental, social, and commodity markets aspects of the Kabanga. Figure 2: Lifezone hosted a technical and environmental and social due diligence site visit at the Kabanga Nickel Project in Tanzania including stakeholder engagement with the communities Several long-term concentrate off-take negotiations are well advanced. International and local insurance brokers were appointed, and the insurance risk assessment and insurance plan advanced to facilitate a global insurance roadshow in the coming weeks. The Kabanga site hosted the Acting U.S. Ambassador to Tanzania, Andrew Lentz and his delegation on March 31, 2026, including the facilitation of meetings with the Ngara District Commissioner, to review the project’s progress. Figure 3: Acting U.S. Ambassador to Tanzania, Andrew Lentz and his delegation at the Kabanga Site Technical and Operational Progress: Pre-FID site geotechnical investigations to support detailed design and early works topographical readiness advanced, including the completion of 163 test pits across the project footprint, completion of North and Tembo boxcuts and waste rock dumps boreholes. Commencement of potable water borehole drilling and continued geotechnical drilling, including the completing of all geotechnical holes for eight ventilation raises covering both North and Tembo mines, topographical/LiDAR surveys and progress on North boxcut surface works readiness. Figure 4: Production water borehole drilling at Kabanga Site, 132m deep, providing a yield of 28,000 L/H The dual-train milling technical note was completed, and value engineering continued to support FEED and site and mining surface infrastructure development. Progress continued on the 220kV TANESCO overhead line and related permitting workstreams, including commencement of LiDAR and topographical survey activities, ongoing negotiation of the Implementation Agreement and Power Supply Agreements. Figure 5: AGS leveling task through the 220Kv transmission line to determine the ground profile for angle point No.29 at Nyakanazi substation Procurement and contract readiness advanced materially, with 52 critical path Expressions of Interest approved by the Mining Commission and 45 released to market, for contracts valuing approximately $380m. Project execution readiness advanced through development of the Project Execution Plan and associated plans across five execution pillars, advancement of governance and cost management frameworks, continued scale-up of the Kabanga Owner’s team in critical pre-FID roles, internal approval of the Project Labor Plan and its submission to the Tanzanian Labor Commissioner, and completion of the Local Skills Survey. In addition to the Special Mining Licence, all material permits needed for current activities are in place, including the water use and abstraction permit; and progress is being made on all key permits required for early works activities. Camp upgrades are advancing, including accommodation units, laydown areas, storage and camp buildings, maintenance areas, camp sewerage and water treatment plant development. In-country beneficiation activities to define a pathway for in-country downstream beneficiation and refining of Kabanga flotation concentrate continued, including the completion of the product marketing study, with the initiation of the techno-economic trade-off model framework and pre-feasibility study scoping. Occupational Health and Safety, Environment and Social Performance Progress: Zero health, safety, environmental, or security incidents were reported, with +2.7 million hours worked without a lost time injury at Kabanga, with 230 employees and contractors directly engaged by Kabanga Nickel Project as of the end of March 2026. Resettlement Action Plan (RAP): 100% of the cash compensation payments were made by the company by end of 2025; 97% of Project Affected Households (PAHs) have signed their cash compensation agreements and received the monies, while the remainder was deposited into an escrow account for the benefit of the remaining PAHs. The Memorandum of Understanding (MoU) for the implementation of 2025 Corporate Social Responsibility (CSR) projects with Ngara District Council was signed, where the project will focus on key initiatives aimed at supporting the Ngara community covering initiatives in health (provision of sanitary pads to schools, blood donation drives, and training for community health workers); education (construction of modern sanitation facilities and supply of desks and tables to secondary schools); promotion of sports activities; and agricultural development through the distribution of avocado seedlings to encourage commercial farming. Figure 6: The District Commissioner Hon. Mathias Kahabi and senior representatives from both Tembo Nickel and the district following the signing of the MoU for the implementation of 2025 CSR projects Figure 7: Tembo Nickel donating gas stove sets to mothers at the Nyamiaga Hospital maternity ward and Nazareth Orphanage Centre in Ngara as part of International Women’s Day 2026 Additional key resettlement activities continued, including community stakeholder engagement; resettlement working group meetings; support with document verification for PAHs; the completion of a household wellbeing and livelihood survey, and resettlement site land planning enhancements. Official visit by the Regional Police Commander to assess the current security status of the project site. Continued environmental and social commitments in alignment with national and international standards, including monthly and quarterly monitoring; conducted additional biodiversity studies, including habitat assessment and alien plant surveys to further inform the project’s Biodiversity Action Plan. Figure 8: Tembo Nickel conducting groundwater sample collections at a Kabanga borehole for Q1 2026 An ISO-compliant Life Cycle Assessment for the Kabanga Nickel Project was completed in the quarter, confirming a low climate change emission impact for the production of nickel concentrate, with a separate release planned for Q2 2026. Exclusivity agreement with the Government of Burundi regarding the Musongati Nickel Project: On March 10, 2026, Lifezone Metals entered into an exclusivity agreement with the Government of Burundi regarding the Musongati Nickel Project, a large nickel laterite deposit located within the East African Nickel Belt. The agreement grants the Company a 14-month exclusivity period to evaluate the technical and economic potential of the Musongati deposit, including an initial scoping phase during which Lifezone will review existing geological data and develop a longer-term exploration and feasibility assessment program. Historical studies, including a 2011 resource estimate, indicate a resource of more than 140 million tons of nickel with an estimated nickel grade of 1.31% and potential by-products including copper, cobalt, platinum-group metals, and scandium. The project lies approximately 200 km, southwest of the Kabanga Nickel Project in Tanzania, and the agreement reflects Lifezone’s strategy to evaluate and potentially consolidate significant nickel resources within the Kabanga–Musongati alignment. Figure 9: Official signing of an exclusivity agreement with the Government of Burundi in Washington D.C., at the U.S. Department of State, hosted by Deputy Assistant Secretary of State for Central Africa and Commercial Engagement in the Bureau of African Affairs, Sarah Troutman PGM Recycling Project: The quarter saw the culmination of the PGM Recycling Project batch locked-cycle and pilot test campaign, involving one ton of U.S.-sourced Autocat material, with Lifezone demonstrating the recovery of up to 99% platinum and palladium, and 95% rhodium, with ongoing engineering design and feasibility study nearing completion. Two distinct, non-duplicative U.S. Department of Energy applications were submitted in January 2026 by Lifezone Recycling US, LLC that together advance a coherent federal strategy to strengthen U.S. critical-minerals production for Platinum Group Metals. The combined federal funding request totals $41.5 million, with a private cost share of $24 million, reflecting Lifezone’s commitment to co-invest alongside public funding. Simulus Laboratories: Continued with pilot testwork and progressed on the engineering study for Lifezone Metals’ PGM Recycling Project, successfully producing high-purity platinum, palladium, and rhodium intermediates from spent Autocat material. Simulus Laboratories shifted focus to external revenue-generating third-party technical work, generating external sales of $ 1.2 million in the first quarter of 2026, a material increase over the same period in 2025. Figure 10: Continuous precious metals refinery test work at Lifezone’s Simulus Laboratories Investor Webcast: 30 April 2026 / / 10:00 a.m. ET | 15:00 p.m. BST Chris Showalter, CEO and Ingo Hofmaier, CFO, will be hosting a conference call and Q&A, today. Analysts and investors can register at: Lifezone Metals Q1 2026 Financial Results Summary Webcast If you would like to sign up for Lifezone Metals news alerts, please register here. Social Media LinkedIn | X | YouTube 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 Forward-Looking Statements Certain statements made herein are not historical facts but may be considered "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 regarding, amongst other things, the plans, strategies, intentions and prospects, both business and financial, of Lifezone Metals Limited and its subsidiaries. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements may be accompanied by words such as "believes," "estimates," "expects," "predicts," "projects," "forecasts," "may," "might," "will," "could," "should," "would," "seeks," "plans," "scheduled," "possible," "continue," "potential," "anticipates" or "intends" "or the negatives of these terms or variations of them or similar terminology or expressions that predict or indicate future events or trends or that are not statements of historical matters; provided that the absence of these does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding future events, the estimated or anticipated future results of Lifezone Metals, future opportunities for Lifezone Metals, including the efficacy of Lifezone Metals’ hydrometallurgical technology (Hydromet Technology) and the development of, and processing of mineral resources at, the Kabanga Nickel Project, our approach to environmental stewardship, social responsibility, safety and governance (ESG), and other statements that are not historical facts. These statements are based on the current expectations of Lifezone Metals’ management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Lifezone Metals and its subsidiaries. These statements are subject to a number of risks and uncertainties regarding Lifezone Metals’ business, and actual results may differ materially. These risks and uncertainties include, but are not limited to: general economic, political and business conditions, including but not limited to economic and operational disruptions; global inflation and cost increases for materials and services; capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; changes in government regulations, legislation and rates of taxation; inflation; changes in exchange rates and the availability of foreign exchange; fluctuations in commodity prices; delays in the development of projects and other factors; the outcome of any legal proceedings that may be instituted against Lifezone Metals; our ability to obtain additional capital, including use of the debt market, future capital requirements and sources and uses of cash; the risks related to the rollout of Lifezone Metals’ business, the efficacy of the Hydromet Technology, and the timing of expected business milestones; the acquisition of, maintenance of and protection of intellectual property; Lifezone’s ability to achieve projections and anticipate uncertainties (including economic or geopolitical uncertainties) relating to our business, operations and financial performance, including: expectations with respect to financial and business performance, future operating results, financial projections and business metrics and any underlying assumptions; expectations regarding product and technology development and pipeline and market size; events relating to environmental issues, social responsibility, safety and/or governance matters, expectations regarding product and technology development and pipeline; future acquisitions, partnerships, or other relationships with third parties; maintaining key strategic relationships with partners and customers; the timing and significance of contractual relationships; the effects of competition on Lifezone Metals’ business; the ability of Lifezone Metals to execute its growth strategy, the development and processing of the mineral resources at the Kabanga Nickel Project; the ability to finance the Kabanga Nickel Project, negotiations regarding the Framework Agreement and other commercial arrangements, the outcome of certain legal proceedings with Tanzania Revenue Authority, Lifezone’s ability to continue to operate as a going concern; obtaining additional capital, including use of the debt market, future capital requirements, and sources and uses of cash; manage growth profitably and retain its key employees; the ability of Lifezone Metals to reach and maintain profitability; enhancing future operating and financial results; complying with laws and regulations applicable to Lifezone Metals’ business; Lifezone Metals’ ability to continue to comply with applicable listing standards of the NYSE; our ability to comply with applicable laws and regulations, stay abreast of accounting standards, or modified or new laws and regulations applying to our business, including privacy regulation; and other risks that will be detailed from time to time in filings with the U.S. Securities and Exchange Commission (SEC); meeting future liquidity requirements and complying with restrictive covenants related to long-term indebtedness; and dealing effectively with litigation, complaints, and/or adverse publicity. The foregoing list of risk factors is not exhaustive. There may be additional risks that Lifezone Metals presently does not know or that Lifezone Metals currently believes are immaterial that could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements provide Lifezone Metals’ expectations, plans or forecasts of future events and views as of the date of this communication. Lifezone Metals anticipates that subsequent events and developments will cause Lifezone Metals’ assessments to change. These forward-looking statements should not be relied upon as representing Lifezone Metals’ assessments as of any date subsequent to the date of this communication. You should not place undue reliance on forward-looking statements in this communication, which are based upon information available to us as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. In all cases where historical performance is presented, please note that past performance is not a credible indicator of future results. Except as otherwise required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data, or methods, future events, or other changes after the date of this communication. View source version on businesswire.com: https://www.businesswire.com/news/home/20260430675277/en/ Contacts Investor Relations Ingo Hofmaier Chief Financial Officer [email protected]

NEW YORK, April 27, 2026--(BUSINESS WIRE)--Lifezone Metals Limited (NYSE: LZM) announced today that it plans to release its Q1 2026 interim financial results on April 30, 2026. Investor Webcast: April 30, 2026 / 10:00 a.m. ET | 15:00 p.m. BST Chris Showalter, CEO and Ingo Hofmaier, CFO, will be hosting a conference call and Q&A on the day. Analysts and investors can register at: Lifezone Metals Q1 2026 Interim Financial Results Webcast. If you would like to sign up for Lifezone Metals news alerts, please register here. Social Media LinkedIn | X | YouTube 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 Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements may be accompanied by words such as "believes," "estimates," "expects," "predicts," "projects," "forecasts," "may," "might," "will," "could," "should," "would," "seeks," "plans," "scheduled," "possible," "continue," "potential," "anticipates" or "intends" or the negatives of these terms or variations of them or similar terminology or expressions that predict or indicate future events or trends or that are not statements of historical matters; provided, however, that the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release, include, but are not limited to, statements regarding the proposed release of the Q1 2026 interim financial results, and the related timing. There can be no assurance as to whether or when the release of the Q1 2026 interim financial results will take place. The forward-looking statements in this press release are subject to risks and uncertainties that may cause actual results to differ materially, including market and other conditions, and risks and uncertainties that may affect the Company’s business, results of operations and financial condition and future operations, and other risks that are and will be detailed from time to time in the Company’s filings with the Securities and Exchange Commission (the "Commission"), including the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2025 and the Reports on Form 6-K that the Company files and furnishes from time to time with the Commission. Further, the forward-looking statements in this press release are based on the current expectations of Lifezone Metals’ management. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Lifezone Metals and its subsidiaries. Except as otherwise required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data, or methods, future events, or other changes after the date of this communication. View source version on businesswire.com: https://www.businesswire.com/news/home/20260427774076/en/ Contacts Investor Relations Ingo Hofmaier Chief Financial Officer [email protected]