1.7 Mtpa Phase 1 plus 1.7 Mtpa Phase 2
Expansion for Total 3.4 Mtpa Base Case in the Definitive
Feasibility Study
Kabanga Definitive Feasibility Study Remains
On-Track for Completion by the End of Q3 2024
Extensive and Ongoing Metallurgical Test
Work Demonstrates High Nickel, Copper and Cobalt Recoveries
Kahama Hydromet Refinery Receives its
Environmental Impact Assessment Certificate
Lifezone Metals Limited’s (NYSE: LZM) Chief Executive
Officer, Chris Showalter, is pleased to provide an update on
progress of the Definitive Feasibility Study underway at its
Kabanga Nickel Project, located in north-west Tanzania, and at
Kahama, where Kabanga’s Hydromet refinery will be located. Kabanga
is believed to be one of the world’s largest and highest grade
undeveloped nickel sulfide deposits. The Kahama Hydromet Refinery
will allow for in-country beneficiation of nickel, copper and
cobalt with low carbon dioxide and zero sulfur dioxide
emissions.
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the full release here:
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Figure 1: Early Years Blend Composite
locked-cycle flotation test work showing concentrate nickel grade
versus. nickel recovery.
Source: Bureau Veritas Minerals Pty Ltd,
Project No. 4668, Locked Cycle Test 2 (LCT2 EYBC). The Locked Cycle
Test final product result is based on the average performance of
cycles 4 to 6 of the test, at steady state. The Locked Cycle Test
curve is derived from the rougher concentrate only and the
high-grade concentrate streams of the same test for the same cycles
4 to 6. The curve also reflects and is validated by the open-cycle
testing results on the same Early Years Blend Composite sample.
Lifezone Metals has determined that a two-phase development plan
for its Kabanga Nickel Project will form the base case of the
Definitive Feasibility Study. Design work and mine planning to-date
supports an expected 3.4 million tonnes per year operation in the
aggregate, comprised of a 1.7 million tonne per year Phase 1 and an
additional 1.7 million tonne per year Phase 2 expansion.
The Company continues to collaborate closely with its project
partner on this two-phased development plan, as well as numerous
other Definitive Feasibility Study work streams. Lifezone Metals is
working to evolve and integrate sustainability across Project
planning, implementation and in-country operational readiness.
The Kabanga Nickel Project Definitive Feasibility Study, which
evaluates the technical specifications and economic business case
of the Kabanga Underground Nickel-Copper-Cobalt Mine, Kabanga
Concentrator and Kahama Hydromet Refinery, is a work-in-progress
and mine planning continues, including the application of modifying
factors to establish the economic viability of Mineral Reserves,
with various major capital items tendered. The study remains on
track for completion by the end of Q3 2024.
Mr. Showalter stated: “We have made solid progress advancing the
Kabanga Definitive Feasibility Study, which is progressing both
on-time and on-budget, with activities occurring across various
countries (Tanzania, South Africa and Australia). Ongoing
refinement of the development plan and metallurgical testing is
aimed at maximizing the net present value of the Project while
optimizing capital outlays. We are grateful for the strong support
and collaboration from project partner, our local communities and
the Tanzanian government, which continues to deliver on key
milestones critical to keeping the Project on track.”
Separate programs of extensive metallurgical testing continue in
support of process designs for 1) the Kabanga Concentrator and 2)
the Kahama Hydromet Refinery.
Kabanga Concentrator Test Work Achieves High Nickel Recovery
of 88.2% to a Clean 18.8% Nickel Concentrate
Kabanga Concentrator test work conducted on a range of
variability composite samples sourced from the 2023 drilling
program, representative of massive sulfide and ultramafic lithology
types from the Kabanga North and Tembo zones (refer to Lifezone’s
December 7, 2023 news release), has demonstrated high recoveries of
nickel, copper and cobalt to concentrate.
The fully optimized locked-cycle test on an Early Years Blend
Composite (“EYBC”; a composite sample that is expected to be a
representative average of the first years of production from
Kabanga) with a feed grade of 2.03% nickel achieved a nickel
recovery of 88.2% to a concentrate grading 18.8% nickel (see Figure
1 below). The associated copper and cobalt recoveries into the
concentrate were 98.2% and 91.0% at feed grades of 0.30% and 0.17%,
respectively. These recoveries are notably higher than the assumed
87.2% nickel, 85.1% copper and 88.1% cobalt flotation recoveries
used to calculate the December 2023 Mineral Resource Update.
This test has confirmed the historical pilot-plant results and
is also in good agreement with the recovery potential as indicated
from mineralogy. Lifezone Metals considers these recoveries to
be excellent, the high concentrate grades present an exceptional
refinery feed with low levels of deleterious elements. Further
variability test work on freshly drilled core intervals was
initiated in January 2024 and is currently underway to test
variation in lithology.
Historical test work included bench scale, batch open-circuit
and locked-cycle flotation test work and two continuous pilot-plant
test campaigns. Additional test work in support of the concentrator
design for the Kabanga Definitive Feasibility Study has been
completed at the Bureau Veritas Laboratory in Perth, under the
management of technical teams from Lifezone Metals and DRA Global –
the principal consulting engineer responsible for the Kabanga
Definitive Feasibility Study.
Over 120 bench-scale, batch open-circuit flotation tests, 116
bench-scale, bulk open-circuit flotation tests and one fully
optimized locked-cycle test have been undertaken to date in the
current phase of work.
Kahama Hydromet Refinery Test Work Shows that High Recoveries
to Finished Metals are Achievable within Short Timeframes
Test work in support of the Kahama Hydromet Refinery design,
using Lifezone’s Hydromet Technology, for the Kabanga DFS is
continuing at Lifezone’s Laboratory in Perth, Australia, under the
management of technical teams from Lifezone Metals with support
from DRA Global.
Definitive Feasibility Study refinery flowsheet test work
undertaken to date includes over 164 bench-scale, batch
open-circuit tests and 73 bench-scale locked-cycle tests,
incorporating pressure oxidation, solid-liquid separation,
neutralization, upgrading and purification processing units. The
work has been conducted on a range of concentrate samples generated
from the flotation program, representative of massive sulfide and
ultramafic lithology types from the North and Tembo zones. The
objective is to characterize the unit process responses, support
flowsheet design parameters and generate bulk samples for materials
handling, paste fill and residue characterization test work.
Concentrate produced from grade-optimized bulk flotation test
work was used for hydrometallurgical testing in support of process
design, comprising North Deep massive sulfide with mining dilution
and grading approximately 19% nickel, 4% copper and 2% cobalt.
Concentrate pressure leach extractions through an average of 12
tests (4 open circuit and 8 locked cycle) were 98.5% for nickel,
97.2% for copper and 98.9% for cobalt. This data set has confirmed
the preliminary findings previously reported and is also in good
agreement with the recovery potential as indicated from mineralogy.
Pressure oxidation leach rates are confirmed to be rapid (see
Figure 3 below).
Locked cycle pressure oxidation – neutralization test work to
track and demonstrate metal and impurity deportment is ongoing,
along with further optimization of solvent extraction
parameters.
Process design, procurement and fabrication activities are
currently underway for a semi-continuous pilot-plant testing
concentrate derived from Early Years Blend Composite for
confirmation of process design criteria for the Kahama refinery
treating the Kabanga nickel sulfide concentrate.
The Kahama Hydromet Refinery Receives its Environmental
Impact Assessment Certificate from the Government of
Tanzania
Lifezone has received the Environmental Impact Assessment
certificate of approval for the establishment and operation of the
Kahama Hydromet Refinery. This important milestone reflects the
hard work and dedication of Lifezone’s environmental team.
Safety remains the Top Priority at Kabanga
Lifezone operates with safety as an ongoing, front of mind
initiative at every level, and has recorded more than 1.7 million
hours worked without a lost time injury at the Kabanga Nickel
Project.
In addition, there have been zero environmental incidents
year-to-date.
Qualified Persons
Scientific and technical information in this news release has
been reviewed and approved by Dr. Mike Adams, DSc (Eng), PhD
(Metallurgical Chemistry), who is a Fellow of The Australasian
Institute of Mining and Metallurgy (AusIMM), Southern African
Institute of Mining and Metallurgy, and Royal Society of Chemistry,
a Qualified Person in accordance with S-K 1300. Dr. Adams is
employed by Lifezone Metals as Chief Technology Officer.
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please register here.
About Lifezone Metals
At Lifezone Metals (NYSE: LZM), our mission is to provide
cleaner and more responsible metals production and recycling. Using
a scalable platform underpinned by our Hydromet Technology, we
offer lower energy, lower emission 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 undeveloped nickel sulfide
deposits. By pairing with our Hydromet Technology, we are working
to unlock a new source of LME-grade nickel, copper and cobalt for
the global battery metals markets, and empower Tanzania to achieve
full in-country value creation and become the next premier source
of Class 1 nickel. A Definitive Feasibility Study for the project
is due for completion by Q3 2024.
Through our US-based, platinum, palladium and rhodium recycling
joint venture, we are working to demonstrate that our Hydromet
Technology can process and recover platinum group metals from
responsibly sourced spent automotive catalytic converters in a
cleaner and more efficient way than conventional smelting and
refining methods.
www.lifezonemetals.com
Cautionary Statement
The Definitive Feasibility Study is a work-in-progress and mine
planning continues, including the application of modifying factors
to establish the economic viability of Mineral Reserves.
Information provided in this news release is current at the date of
this release and may be subject to change as the Definitive
Feasibility Study progresses.
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; reliability of sampling; success of any
pilot 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; 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 relating to our business,
operations and financial performance, including: expectations with
respect to financial and business performance, financial
projections and business metrics and any underlying assumptions;
expectations regarding product and technology development and
pipeline; 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 Metals’ business; Lifezone
Metals’ ability to continue to comply with applicable listing
standards of the NYSE; the ability of Lifezone Metals to maintain
the listing of its securities on a U.S. national securities
exchange; our ability to comply with applicable laws and
regulations; stay abreast of 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).
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. 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, except as required by
applicable law.
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Investor Relations – North America Evan Young SVP:
Investor Relations & Capital Markets
evan.young@lifezonemetals.com Investor Relations – Europe
Ingo Hofmaier Chief Financial Officer
ingo.hofmaier@lifezonemetals.com Media Enquiries David
Petrie Manager: Corporate Communications
david.petrie@lifezonemetals.com
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