Successful Infill Drill Program and Updated
Interpretation Leads to a 69% Increase in Measured and Indicated
Resources Plus a 20% Increase in Inferred Resources
Lifezone Metals Limited (NYSE: LZM) is a modern metals
company creating value across the battery metals supply chain from
resource to metals production and recycling. Lifezone Metals’ Chief
Executive Officer, Chris Showalter is pleased to announce the
Mineral Resource Update for the Kabanga Nickel Project, located in
north-west Tanzania. The November 2023 Mineral Resource Update
reflects the results of Lifezone Metals’ 2021-2023 drilling
programs and an updated mineralization interpretation, reconfirming
the continuity of high-grade nickel mineralization at Kabanga.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20231207168765/en/
The Kabanga Nickel Project is currently 69.7% owned by Lifezone
Metals and all Mineral Resources are shown on an attributable to
Lifezone Metals basis.
Mr. Showalter commented: “Kabanga continues to demonstrate its
exceptional quality and world-scale. The significant increase in
the Measured and Indicated Mineral Resources provides a solid
foundation for the ongoing Definitive Feasibility Study, which is
expected to be completed by the end of Q3 2024. We believe that
Kabanga has the potential to become a low-cost, long-life and
environmentally responsible producer of nickel, copper and cobalt,
which are critical metals for the green energy transition. We look
forward to advancing the Project in close coordination with the
Government of Tanzania, who have been highly supportive of our
efforts.”
Highlights of the November 2023 Mineral Resource
Update:
- Attributable Measured and Indicated Resources total 43.6
million tonnes grading 2.02% nickel, 0.28% copper and 0.16% cobalt
(2.57% nickel-equivalent).
- Plus, attributable Inferred Resources totaling 17.5 million
tonnes grading 2.23% nickel, 0.31% copper and 0.16% cobalt (2.79%
nickel-equivalent).
- Significantly, 71% of Kabanga’s Mineral Resource tonnage is now
classified in the higher confidence Measured and Indicated
categories relative to Inferred.
- Measured and Indicated Mineral Resource tonnages have increased
by 69% relative to the February 2023 Mineral Resource Estimate.
Nickel-equivalent metal contained in Measured and Indicated
Resources has increased by 30%. Inferred Resources have also
increased in tonnage by 20%, with contained nickel-equivalent metal
increasing by 4%.
- The Mineral Resource cut-off grade has remained unchanged at
0.58% nickel-equivalent, as it was determined that the previous
assumptions used remain current.
- A significant proportion of the additional Mineral Resource
tonnage in the November 2023 Mineral Resource Update results from
the inclusion of additional ultramafic mineralization. The change
in the processing flowsheet, including the addition of a
hydrometallurgical refinery, improves the prospects of economic
extraction of the ultramafic material.
- The massive sulfide Mineral Resource has also increased across
all categories, adding 10% more nickel-equivalent metal.
- Significant additional Mineral Resource tonnages have been
achieved at the Tembo Zone, which is located 1.0 kilometer
north-east of the North Zone. Tembo remains open along strike to
the north-east towards the Safari Zone, in an area referred to as
Safari Link.
- Other areas of Mineral Resource addition include at the North,
Main and MNB zones, and the first reporting of a Mineral Resource
at the Kima Zone.
The Kabanga Mineral Resource Update was independently prepared
by Sharron Sylvester, Technical Director – Geology at OreWin Pty
Ltd and in accordance with Regulation S-K subpart 1300 promulgated
by the U.S. Securities Exchange Commission (S-K 1300). Mineral
Resources are reported exclusive of Mineral Reserves. There are no
Mineral Reserves to report.
Figure 1: Click to view the Kabanga Nickel Project mineral
resources photo reel
(https://vimeo.com/891896457/f4ed5bda1e?share=copy).
Table 1: Kabanga Nickel Project Mineral Resource Update shown
on an attributable to Lifezone Metals basis (69.7%), as at November
30, 2023 – based on $9.50/lb nickel price, $4.00/lb copper price
and $26.00/lb cobalt price. Detailed tables are included as an
Appendix to this news release.
Mineral Resource Classification
Attributable Tonnage
(Mt)
Grades
Recovery
NiEq23 (%)
Nickel (%)
Copper (%)
Cobalt (%)
Nickel (%)
Copper (%)
Cobalt (%)
OVERALL MINERAL RESOURCE – All
Mineralization Types
Measured
14.1
2.61
2.03
0.28
0.17
87.2
85.1
88.1
Indicated
29.5
2.55
2.02
0.28
0.15
87.2
85.1
88.1
Measured + Indicated
43.6
2.57
2.02
0.28
0.16
87.2
85.1
88.1
Inferred
17.5
2.79
2.23
0.31
0.16
87.2
85.1
88.1
Mineral Resource Classification
Attributable Tonnage
(Mt)
Grades
Attributable Contained
Metals
NiEq23 (%)
Nickel (%)
Copper (%)
Cobalt (%)
NiEq23 (kt)
Nickel (kt)
Copper (kt)
Cobalt (kt)
OVERALL MINERAL RESOURCE – All
Mineralization Types
Measured
14.1
2.61
2.03
0.28
0.17
368
286
39
24
Indicated
29.5
2.55
2.02
0.28
0.15
753
595
83
45
Measured + Indicated
43.6
2.57
2.02
0.28
0.16
1,121
881
122
69
Inferred
17.5
2.79
2.23
0.31
0.16
489
391
54
27
1.
This table reports the Mineral Resources
for the combined massive sulfide and ultramafic mineralization
types.
2.
Mineral Resources are reported exclusive
of Mineral Reserves. There are no Mineral Reserves to report.
3.
Mineral Resources are reported showing
only the Lifezone Metals attributable tonnage portion, which is
69.713% of the total.
4.
Cut-off uses the NiEq23 using a nickel
price of $9.50/lb, copper price of $4.00/lb and cobalt price of
$26.00/lb with allowances for recoveries, payability, deductions,
transport and royalties.
NiEq23% = Ni% + Cu% x 0.411 + Co% x
2.765.
5.
The Mineral Resource metallurgical
recovery assumptions are: nickel 87.2%, copper 85.1% and cobalt
88.1%.
6.
The point of reference for Mineral
Resources is the point of feed into a processing facility.
7.
All Mineral Resources in the November 2023
Mineral Resource Update were assessed for reasonable prospects for
eventual economic extraction by reporting only material above a
cut-off grade of 0.58% NiEq23.
8.
Totals may vary due to rounding.
Kabanga currently comprises of six identified distinct
mineralized zones, namely (from south-west to north-east) the Main,
MNB, Kima, North, Tembo and Safari zones, which occur over a strike
length exceeding 7.5 kilometers. The five mineralized zones that
contribute to the Mineral Resource Update are: Main, MNB, Kima,
North and Tembo, which extend over a total strike length of 6.0
kilometers and to a depth of up to 1.7 kilometers below
surface.
Figure 2: Oblique long section showing mineralized zones and
intercepts greater than 0.58% nickel-equivalent (looking
north-west).
Please refer to Figure 2 in the Press Release on our
website here.
Figure 3: Kabanga Nickel Project Mineral Resource Update
shown by zones on an attributable to Lifezone Metals basis.
Please refer to Figure 2 in the Press Release on our
website here.
Note: refer to the metals’ prices,
recoveries and other assumptions as shown in Table 1 and the
provided notes.
The North Zone remains the largest of the currently identified
mineralized zones at Kabanga with attributable Measured and
Indicated Resources totaling 20.6 million tonnes grading 2.53%
nickel, 0.34% copper and 0.18% cobalt (3.18% nickel-equivalent) and
attributable Inferred Mineral Resources totaling 12.2 million
tonnes grading 2.60% nickel, 0.35% copper and 0.18% cobalt (3.24%
nickel-equivalent).
The Tembo Zone is the second largest zone, and all Mineral
Resources at Tembo are classified as Measured or Indicated, with
combined total attributable 13.8 million tonnes grading 1.80%
nickel, 0.25% copper and 0.15% cobalt (2.32%
nickel-equivalent).
Within the North and Tembo zones, which form the bulk of
contained Mineral Resources at Kabanga, 74% of the Mineral
Resources are classified as higher confidence Measured and
Indicated (71% across all zones at Kabanga) relative to Inferred.
For comparison, the North and Tembo zones combined had 63%
classified as Measured and Indicated Resources in the February 2023
Mineral Resource Estimate.
Significant Increase in Tonnage and Contained Metal When
Compared to the Previous February 2023 Mineral Resource
Estimate
Overall Measured and Indicated Mineral Resources have increased
by 69% and Inferred Mineral Resources have increased 20% at the
Kabanga Nickel Project when compared to the previous February 2023
Mineral Resource Estimate. This reflects the results of Lifezone
Metals’ 2021-2023 drilling programs and an updated mineralization
interpretation.
Lifezone Metals conducted multiple drill programs between 2021
to 2023 at the Kabanga project and the results have been included
into the Mineral Resource database (up to September 17, 2023; with
the exception of holes that have yet to be surveyed or with
outstanding assay results). A breakdown of Lifezone Metals’ drill
programs is as follows:
- December 2021 to May 2022: 4,163 meters of drilling in 14 holes
to provide 2,727 kilograms of metallurgical sample (in three bulk
samples) from the North and Tembo zones for flotation and
hydrometallurgical test work in Perth, Australia.
- May 2022 to December 31, 2022: 7,186 meters of infill drilling
in 19 holes at Tembo North to increase confidence in this Zone over
a 700-meter strike length and to provide an additional bulk sample
(464 kilograms) for flotation and hydrometallurgical test work in
Perth, Australia. An additional 768 meters in one drillhole was
completed at the Safari Zone.
- January 2023 to September 17, 2023: 9,274 meters of infill
drilling in five holes at North to increase confidence over a
500-meter strike length, 16,727 meters of infill drilling in 23
holes at Tembo to increase confidence along the entire strike
length of the deposit and 3,555 meters in six holes at Tembo for
geotechnical purposes.
The KNL drilling up to September 17, 2023 has been incorporated
into the Mineral Resource database with the exception of holes yet
to be surveyed or with outstanding assay results.
Figure 4: Comparison of overall attributable tonnes and grade
between the February 2023 Mineral Resource Estimate and the
November 2023 Mineral Resource Update.
Please refer to Figure 2 in the Press Release on our
website here.
Note: refer to the metals’ prices,
recoveries and other assumptions as shown in Table 1 and the
provided notes.
A significant proportion of the additional Mineral Resource
tonnage in the November 2023 Mineral Resource Update results from
the inclusion of ultramafic mineralization that was previously
omitted from the interpreted ultramafic boundaries at the North and
Tembo zones based on notional cut-off grades. The change in the
processing flowsheet, by adding a hydrometallurgical refinery,
improves the prospects of economic extraction of the ultramafic
material, and the ultramafic mineralization has been interpreted
and had grade estimation for the November 2023 Mineral Resource
Update.
The Mineral Resource cut-off grade has remained unchanged at
0.58% nickel-equivalent, which allows for a direct comparison
between the February 2023 Mineral Resource Estimate and the
November 2023 Mineral Resource Update. Metal price assumptions used
for cut-off grade determination were $9.50/lb for nickel, $4.00/lb
for copper and $26.00/lb for cobalt.
Figure 5: Overall attributable tonnes and grade shown by
mineralization type for the November 2023 Mineral Resource
Update.
Please refer to Figure 2 in the Press Release on our
website here.
Note: refer to the metals’ prices,
recoveries and other assumptions as shown in Table 1 and the
provided notes.
Figure 6: Significant additions made at the Tembo Zone
between the February 2023 Mineral Resource Estimate and the
November 2023 Mineral Resource Update.
Please refer to Figure 2 in the Press Release on our
website here.
Note: refer to the metals’ prices,
recoveries and other assumptions as shown in Table 1 and the
provided notes.
Definitive Feasibility Study for a Small Surface Footprint,
Low-Impact Underground Mine Expected by the End of Q3 2024
Specific work is focused on completing geotechnical studies,
underground mine design, placement of surface infrastructure and
positioning of the tailings storage facility. Water monitoring
bores are informing onsite hydrology studies and metallurgical
testing is also underway with variability samples drilled and
collected. Underground mining is expected to have a small surface
footprint with a low environmental impact relative to open pit
mining.
In anticipation of an increase in Mineral Resources at Kabanga,
Lifezone Metals ceased exploration drilling programs in November
2023. With the completion of the November 2023 Mineral Resource
Update and the significant conversion of Inferred Mineral Resources
into the Measured and Indicated categories, Lifezone Metals decided
that there are now sufficient Mineral Resources to support the
Definitive Feasibility Study. Mineral Resources are not Mineral
Reserves and do not have demonstrated economic viability. There is
no certainty that the Definitive Feasibility Study will result in
Mineral Reserves.
Eleven exploration diamond drill holes have been completed at
Safari Link, and results will be reported when assays are received.
Lifezone Metals’ geologists have said that the Safari Link area
represents the best opportunity for future resource addition.
Safety is the Top Priority at Kabanga
The Kabanga Nickel Project has recorded more than one and a half
million hours worked without a lost time injury. The “Your Safety
is My Safety” campaign continues its successful implementation and
training continued with employees and contractors.
Safety initiatives completed so far include additional training
of in-field management; defensive driving refresher training for
all site vehicle operators; and Standard Operating Procedure
reviews, task-based risk assessments and task-based
observations.
Safety is the top priority at Kabanga – and is an ongoing, front
of mind initiative at every level.
Lifezone Metals Management Update
We regret to announce that Natasha Liddell, our Chief
Sustainability Officer, will be stepping down from her role at
Lifezone Metals, effective February 2024. Ms. Liddell has been
instrumental in leading our corporate and local sustainability
teams, and she is committed to ensuring a smooth transition of
duties. We are grateful for her contributions and wish her all the
best in her future endeavors.
Qualified Persons
The Kabanga 2023 Mineral Resource Update Technical Report
Summary (2023MRU) with an effective date of November 30, 2023, has
been prepared in accordance with the U.S. Securities and Exchange
Commission (US SEC) Regulation S-K subpart 1300 rules for Property
Disclosures for Mining Registrants (S-K 1300) for Lifezone Metals
Ltd on the Kabanga nickel project. The 2023MRU is a preliminary
technical and economic study of the economic potential of the
Project mineralization to support the disclosure of Mineral
Resources. The Mineral Resource estimates are current as at
November 30, 2023.
The 2023MRU scientific and technical information in this news
release has been prepared and approved by Sharron Sylvester, BSc
(Geol), RPGeo AIG (10125), Technical Director – Geology at OreWin
Pty Ltd and Bernard Peters, BEng (Mining), FAusIMM (201743),
Technical Director – Mining at OreWin Pty Ltd. Both individuals are
Qualified Persons in accordance with S-K 1300 and are considered
independent of Lifezone Metals.
Other scientific and technical information in this news release
has been reviewed and approved by Raymond Kohlsmith, BSc (Hons.)
(Geol) 1980, P.Geo (1044) PGO Canada, a Qualified Person in
accordance with S-K 1300. Mr. Kohlsmith is employed by Tembo Nickel
Corporation Limited, an indirect subsidiary of Lifezone Metals, as
Exploration Geology Manager.
If you would like to sign up for Lifezone Metals news alerts,
please register here.
About Lifezone Metals
Lifezone Metals (NYSE: LZM) is a modern metals company creating
value across the metals supply chain from resource to production
and recycling. Our mission is to provide cleaner metals production
through a scalable platform underpinned by our Hydromet technology.
This technology has the potential to be a lower emissions and lower
cost alternative to traditional smelting, allowing us to
responsibly provide cleaner metals.
Our Kabanga Nickel Project in Tanzania is believed to be one of
the world's largest and highest-grade undeveloped nickel sulfide
deposits, with Definitive Feasibility Study currently underway. By
pairing with our Hydromet Technology, we will work to unlock a new
source of LME-grade nickel, copper and cobalt for the global
battery metals markets. At Kabanga, we are working to empower
Tanzania to achieve full value creation in-country and become the
next premier source of Class 1 nickel.
www.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, and prospects, both business
and financial, of Lifezone Metals Limited and its subsidiaries
and/or affiliates.
Forward-looking statements generally are accompanied by words
such as “believe,” “may,” “will,” “estimate,” “continue,”
“anticipate,” “intend,” “expect,” “should,” “would,” “plan,”
“predict,” “potential,” “seem,” “seek,” “future,” “outlook” 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 Project, 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 the economic and
operational disruptions, global inflation and cost increases for
materials and services; failure to establish mineral reserves and
mineral resources, the grade and recovery of metals and/or minerals
which are mined, success of future exploration, reliability of
sampling and data, success of any test-work, 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 the
Lifezone Metals in connection with the business combination or
otherwise; failure to realize the anticipated benefits of the
business combination, including difficulty in integrating the
businesses of LHL and GoGreen; the risks related to the rollout of
Lifezone Metals’ business, the efficacy of the Hydromet Technology,
and the timing of expected business milestones; Lifezone Metals’
development of, and processing of mineral resources at, the Kabanga
Project; the effects of competition on Lifezone Metals’ business;
the ability of Lifezone Metals to execute its growth strategy,
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’s business; the volatility of
the trading price of Lifezone’s ordinary shares; Lifezone’s ability
to continue to comply with applicable listing standards of the
NYSE; the ability of Lifezone to maintain the listing of its
securities on a U.S. national securities exchange; costs related to
the business combination; and other risks that will be detailed
from time to time in filings with the U.S. Securities and Exchange
Commission (SEC).
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. However, while
Lifezone Metals may elect to update these forward-looking
statements in the future, Lifezone Metals specifically disclaims
any obligation to do so.
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. Accordingly, undue reliance
should not be placed upon the forward-looking statements. Nothing
herein should be regarded as a representation by any person that
the forward-looking statements set forth herein will be achieved or
that any of the contemplated results in such forward-looking
statements will be achieved. 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.
Certain statements made herein include references to “clean” or
“green” metals, methods of production of such metals, energy, or
the future in general. Such references relate to environmental
benefits such as lower green-house gas (GHG) emissions and energy
consumption involved in the production of metals using the Hydromet
Technology relative to the use of traditional methods of production
and the use of metals such as nickel in the batteries used in
electric vehicles.
While studies by third parties (commissioned by Lifezone Metals)
have shown that the Hydromet Technology, under certain conditions,
results in lower GHG emissions and lower consumption of electricity
compared to smelting with respect to refining platinum group
metals, no active refinery currently licenses Lifezone Metals’
Hydromet Technology. Accordingly, Lifezone Metals’ Hydromet
Technology and the resultant metals may not achieve the
environmental benefits to the extent Lifezone Metals expects or at
all. Any overstatement of the environmental benefits in this regard
may have adverse implications for Lifezone Metals and its
stakeholders. 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,
except as required by applicable law.
Appendix: Kabanga Nickel Project Mineral Resource Update by
zone on an attributable to Lifezone Metals basis (69.7%), as at
November 30, 2023 – based on $9.50/lb nickel price, $4.00/lb copper
price and $26.00/lb cobalt price.
Mineral Resource Classification
Attributable Tonnage
(Mt)
Grades
Recovery
NiEq23
Nickel
Copper
Cobalt
Nickel
Copper
Cobalt
(%)
(%)
(%)
(%)
(%)
(%)
(%)
MAIN ZONE - All Mineralization
Types
Measured
-
-
-
-
-
-
-
-
Indicated
9.3
1.60
1.22
0.20
0.10
87.2
85.1
88.1
Measured + Indicated
9.3
1.60
1.22
0.20
0.10
87.2
85.1
88.1
Inferred
-
-
-
-
-
-
-
-
MNB ZONE - All Mineralization
Types
Measured
-
-
-
-
-
-
-
-
Indicated
-
-
-
-
-
-
-
-
Measured + Indicated
-
-
-
-
-
-
-
-
Inferred
1.9
1.47
1.14
0.17
0.09
87.2
85.1
88.1
KIMA ZONE - All Mineralization
Types
Measured
-
-
-
-
-
-
-
-
Indicated
-
-
-
-
-
-
-
-
Measured + Indicated
-
-
-
-
-
-
-
-
Inferred
3.4
1.95
1.53
0.25
0.11
87.2
85.1
88.1
NORTH ZONE - All Mineralization
Types
Measured
6.1
2.99
2.34
0.32
0.19
87.2
85.1
88.1
Indicated
14.5
3.26
2.61
0.35
0.18
87.2
85.1
88.1
Measured + Indicated
20.6
3.18
2.53
0.34
0.18
87.2
85.1
88.1
Inferred
12.2
3.24
2.60
0.35
0.18
87.2
85.1
88.1
TEMBO ZONE - All Mineralization
Types
Measured
8.0
2.33
1.80
0.25
0.16
87.2
85.1
88.1
Indicated
5.8
2.30
1.79
0.24
0.15
87.2
85.1
88.1
Measured + Indicated
13.8
2.32
1.80
0.25
0.15
87.2
85.1
88.1
Inferred
-
-
-
-
-
87.2
85.1
88.1
Measured
14.1
2.61
2.03
0.28
0.17
87.2
85.1
88.1
Indicated
29.5
2.55
2.02
0.28
0.15
87.2
85.1
88.1
Measured + Indicated
43.6
2.57
2.02
0.28
0.16
87.2
85.1
88.1
Inferred
17.5
2.79
2.23
0.31
0.16
87.2
85.1
88.1
1.
This table reports the Mineral Resources
for the combined massive sulfide and ultramafic mineralization
types.
2.
Mineral Resources are reported exclusive
of Mineral Reserves. There are no Mineral Reserves to report.
3.
Mineral Resources are reported showing
only the Lifezone Metals attributable tonnage portion, which is
69.713% of the total.
4.
Cut-off uses the NiEq23 using a nickel
price of $9.50/lb, copper price of $4.00/lb and cobalt price of
$26.00/lb with allowances for recoveries, payability, deductions,
transport and royalties.
NiEq23% = Ni% + Cu% x 0.411 + Co% x
2.765.
5.
The Mineral Resource metallurgical
recovery assumptions are: nickel 87.2%, copper 85.1% and cobalt
88.1%
6.
The point of reference for Mineral
Resources is the point of feed into a processing facility.
7.
All Mineral Resources in the 2023MRU were
assessed for reasonable prospects for eventual economic extraction
by reporting only material above a cut-off grade of 0.58%
NiEq23.
8.
Totals may vary due to rounding.
Appendix: Kabanga Nickel Project Mineral Resource Update by
zone on an attributable to Lifezone Metals basis (69.7%), as at
November 30, 2023 – based on $9.50/lb nickel price, $4.00/lb copper
price and $26.00/lb cobalt price.
Mineral Resource Classification
Attributable Tonnage
(Mt)
Grades
Attributable Contained
Metals
NiEq23
Nickel
Copper
Cobalt
NiEq23
Nickel
Copper
Cobalt
(%)
(%)
(%)
(%)
(kt)
(kt)
(kt)
(kt)
MAIN ZONE – All Mineralization
Types
Measured
-
-
-
-
-
-
-
-
-
Indicated
9.3
1.60
1.22
0.20
0.10
148
113
19
10
Measured + Indicated
9.3
1.60
1.22
0.20
0.10
148
113
19
10
Inferred
-
-
-
-
-
-
-
-
-
MNB ZONE – All Mineralization
Types
Measured
-
-
-
-
-
-
-
-
-
Indicated
-
-
-
-
-
-
-
-
-
Measured + Indicated
-
-
-
-
-
-
-
-
-
Inferred
1.9
1.47
1.14
0.17
0.09
28
22
3
2
KIMA ZONE – All Mineralization
Types
Measured
-
-
-
-
-
-
-
-
-
Indicated
-
-
-
-
-
-
-
-
-
Measured + Indicated
-
-
-
-
-
-
-
-
-
Inferred
3.4
1.95
1.53
0.25
0.11
67
53
8
4
NORTH ZONE – All Mineralization
Types
Measured
6.1
2.99
2.34
0.32
0.19
182
142
19
11
Indicated
14.5
3.26
2.61
0.35
0.18
472
378
50
26
Measured + Indicated
20.6
3.18
2.53
0.34
0.18
654
521
70
38
Inferred
12.2
3.24
2.60
0.35
0.18
394
316
43
22
TEMBO ZONE – All Mineralization
Types
Measured
8.0
2.33
1.80
0.25
0.16
186
144
20
12
Indicated
5.8
2.30
1.79
0.24
0.15
132
103
14
8
Measured + Indicated
13.8
2.32
1.80
0.25
0.15
319
247
34
21
Inferred
-
-
-
-
-
-
-
-
-
OVERALL MINERAL RESOURCE – All
Mineralization Types
Measured
14.1
2.61
2.03
0.28
0.17
368
286
39
24
Indicated
29.5
2.55
2.02
0.28
0.15
753
595
83
45
Measured + Indicated
43.6
2.57
2.02
0.28
0.16
1,121
881
122
69
Inferred
17.5
2.79
2.23
0.31
0.16
489
391
54
27
1.
This table reports the Mineral Resources
for the combined massive sulfide and ultramafic mineralization
types.
2.
Mineral Resources are reported exclusive
of Mineral Reserves. There are no Mineral Reserves to report.
3.
Mineral Resources are reported showing
only the Lifezone Metals attributable tonnage portion, which is
69.713% of the total.
4.
Cut-off uses the NiEq23 using a nickel
price of $9.50/lb, copper price of $4.00/lb and cobalt price of
$26.00/lb with allowances for recoveries, payability, deductions,
transport and royalties.
NiEq23% = Ni% + Cu% x 0.411 + Co% x
2.765.
5.
The Mineral Resource metallurgical
recovery assumptions are: nickel 87.2%, copper 85.1% and cobalt
88.1%
6.
The point of reference for Mineral
Resources is the point of feed into a processing facility.
7.
All Mineral Resources in the 2023MRU were
assessed for reasonable prospects for eventual economic extraction
by reporting only material above a cut-off grade of 0.58%
NiEq23.
8.
Totals may vary due to rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231207168765/en/
Investor Relations – North America Evan Young SVP:
Investor Relations & Capital Markets
evan.young@lifezonemetals.com Investor Relations – Europe
Ingo Hofmaier Chief Financial Officer
ingo.hofmaier@lifezonemetals.com Media Enquiries
David Petrie Corporate Communications Manager
david.petrie@lifezonemetals.com
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