New York (United States), Dar es Salaam (Tanzania), Aug. 31, 2023 (GLOBE
NEWSWIRE) -- Lifezone Metals Limited ('Lifezone Metals' or the 'Company') (NYSE:
LZM), a modern metals company creating value across the battery metals supply
chain from mine to metals production and recycling, is pleased to announce an
update on its resource definition drilling programme at its Kabanga Nickel
project ('Kabanga') in North-West Tanzania. The Kabanga Nickel project is owned
jointly by Lifezone Metals, through its subsidiary Kabanga Nickel Ltd ('KNL')
and BHP Billiton (UK) DDS Limited ('BHPB'), forming Tembo Nickel Corporation
Limited ('TNCL'), the operating entity, together with the Government of
Tanzania.
Infill and extensional drilling at the Tembo Zone, which will support an
upcoming Mineral Resource estimate ('MRE') and the Definitive Feasibility Study
('DFS'), was successfully completed in July 2023 using four diamond drill rigs
on average. Tembo Zone drilling completed from 2021 through July 2023 (see
Figure 1) by TNCL comprised of 49 holes, resulting in a total of 23,748 m of
diamond drill core available for geological logging and sampling. A further nine
holes for a total of 2,596 m were drilled at the Tembo Zone for metallurgical
sampling, plus six geotechnical holes (2,312 m) to support the ongoing DFS.
Drill core was logged to capture geological and geotechnical features in the on-
site drillhole database, and samples were submitted for analysis to SGS's
laboratory in Mwanza, Tanzania.
Highlights from Tembo Zone drilling includes:

  * Hole KL22-10 intersected 41 m at 2.07% Ni, 0.39% Cu, and 0.16% Co, (2.67%
    NiEq23(1) (http://#_ftn1)), including 16.4 m at 2.77% Ni, 0.45% Cu, and
    0.23% Co, (3.59% NiEq23),
    (see Figure 4 and Figure 5).
  * Hole KL22-12 intersected 39.6 m at 2.04% Ni, 0.37% Cu, and 0.13% Co, (2.55%
    NiEq23), including 19.9 m at 2.83% Ni, 0.44% Cu, and 0.19% Co, (3.53%
    NiEq23),
    (see Figure 6 and Figure 7); and
  * Hole KL21-01 intersected 29.7 m at 1.94% Ni, 0.29% Cu, and 0.16% Co, (2.51%
    NiEq23), including 17.0 m at 2.42% Ni, 0.38% Cu, and 0.21% Co, (3.15%
    NiEq23).

Lifezone Metals' CEO, Chris Showalter said: 'Even after years of exploration and
>620 km of drilling to date, the Kabanga orebody continues to showcase its
quality differential with world-class nickel grades. The most recent infill
drilling at the Tembo Zone ensures we can progress towards an updated Mineral
Resource estimate, which is crucial for the Definitive Feasibility Study and
ultimately support the mine plan.'
Please refer to the Figure in the Press Release as attached or on our website at
Lifezone Metals - News - Press Releases
(https://ir.lifezonemetals.com/news/press-releases/default.aspx)
Figure 1 Oblique Long Section of Kabanga Project Mineralisation Zones showing
Drilling Eras and Mineralised Intercepts >0.58% NiEq23
(looking north-west)
Infill drilling continues at the North Zone, with five diamond drill rigs in
operation since late?June 2023. Three holes have since been completed and seven
are underway (two currently pre-collared only) for a total of 6,626 m of drill
core (to 18 August 2023).
Recent highlights from the North Zone infill drilling includes:

  * Hole KN22-03 intersected 52.0 m at 2.37% Ni, 0.25% Cu, and 0.14% Co, (2.85%
    NiEq23), including 39.8 m at 3.03% Ni, 0.32% Cu, and 0.18% Co, (3.65%
    NiEq23); and

* Hole KN22-01A intersected 27.7 m at 2.56% Ni, 0.32% Cu, and 0.22% Co, (3.29% NiEq23).
Gerick Mouton, COO added: 'We are working well on the ground with the rigs and
local laboratories, and I am pleased to see this package of work for the Tembo
Zone infill drilling campaign come together. With these intersects and grades on
both Tembo and North Zones it undoubtably underscores Kabanga's immense quality.
Other ongoing drilling activities, undertaken by four additional rigs, relate to
surface and mine geotechnical and hydrological drilling supporting the DFS
designs and water balance.'
Since December 2021, TNCL has completed 82 holes for more than 35 km of diamond
core drilling at Tembo, North, and Safari (to 18 August 2023).
All field work since December 2021 has been conducted on Special Mining Licence
'SML 651 / 2021'.
Table 1 shows composites of assay results received to 18 August 2023 from
drilling completed by TNCL since late-2021, with a lower cut-off of 0.58%
NiEq23.
Table 1 Composited Assay Results >0.58% NiEq23 for Holes Drilled between
2021-18 August 2023

            From  To    Length Ni    Cu   Co   S     Density   NiEq23   NiEq23
 BHID                                                                   x
            (m)   (m)   (m)    (%)   (%)  (%)  (%)   (g/cm(3)) (%)      length
                                                     *                  #

TEMBO ZONE

 KL22-10    361.0 402.0 41.0   2.07  0.39 0.16 -     3.93      2.67     110
            363.0 364.0 1.0    0.65  0.07 0.01 -     2.85      0.70
            365.0 373.0 8.0    1.29  0.45 0.06 -     3.29      1.65

..includes

            373.8 380.8 7.0    2.67  0.44 0.20 -     4.37      3.40
            381.8 398.2 16.4   2.77  0.45 0.23 -     4.62      3.59
 KL22-12    383.0 422.6 39.6   2.04  0.37 0.13 -     3.92      2.55     101
            385.0 393.4 8.4    1.44  0.44 0.06 -     3.24      1.78
 ..includes 397.7 417.6 19.9   2.83  0.44 0.19 -     4.66      3.53
            418.3 419.6 1.2    1.45  0.26 0.10 -     3.89      1.83
 KL21-01    367.2 396.9 29.7   1.94  0.29 0.16 -     3.00      2.51     74
            370.2 376.3 6.1    2.40  0.28 0.21 -     3.00      3.10

..includes

            376.9 393.9 17.0   2.42  0.38 0.21 -     3.00      3.15
 KL22-14    292.3 321.0 28.7   1.94  0.29 0.16 -     4.10      2.49     72
            295.3 304.2 8.9    1.95  0.30 0.14 -     4.29      2.47

..includes

            304.9 317.9 13.1   2.53  0.37 0.21 -     4.59      3.27
 KL22-01    367.0 395.5 28.5   1.61  0.24 0.14 -     3.00      2.10     60
            369.0 369.3 0.3    1.76  0.11 0.19 -     3.00      2.34
            371.3 371.6 0.4    0.59  0.08 0.07 -     3.00      0.82
 ..includes 371.9 372.7 0.7    0.69  0.56 0.08 -     3.00      1.14
            373.0 391.6 18.7   2.27  0.33 0.20 -     3.00      2.97
            391.9 392.5 0.6    2.04  0.18 0.18 -     3.00      2.62
 KL21-02    572.3 596.0 23.7   1.80  0.25 0.17 -     3.00      2.37     56
            572.0 572.3 0.3    1.57  0.07 0.12 -     3.00      1.93
            572.3 574.3 2.0    0.65  0.15 0.00 -     3.00      0.72
            575.3 575.7 0.4    0.80  0.15 0.06 -     3.00      1.02

..includes

            576.3 593.6 17.3   2.31  0.31 0.23 -     3.00      3.08
            316.3 333.4 17.1   2.24  0.30 0.21 -     3.00      2.94
            335.4 335.5 0.1    2.49  0.23 0.21 -     3.00      3.17
 KL22-13    398.3 421.3 23.0   1.73  0.27 0.11 -     3.89      2.14     49
 ..includes 383.0 384.0 1.0    0.59  0.19 0.01 -     2.86      0.70
            384.8 386.3 1.5    0.69  0.58 0.02 -     3.06      0.97
            387.0 398.3 11.3   2.44  0.39 0.17 -     4.46      3.07
            398.3 413.2 14.9   2.21  0.34 0.14 -     4.33      2.74
            416.8 418.3 1.6    1.50  0.17 0.12 -     3.56      1.88
 KL22-11A   433.2 464.0 30.8   1.08  0.16 0.09 -     3.54      1.40     43
 ..includes 436.2 437.9 1.7    2.39  0.19 0.20 -     4.46      3.01
            446.1 457.0 10.9   1.87  0.24 0.16 -     4.13      2.40
            459.0 461.0 2.0    0.64  0.07 0.05 -     3.27      0.82
 KL22-20    321.6 340.6 19.0   1.65  0.23 0.11 -     3.65      2.04     39
 ..includes 325.6 337.6 12.0   2.19  0.29 0.15 -     4.13      2.72
 KL22-09    221.3 241.0 19.7   1.43  0.27 0.12 -     3.74      1.87     37
 ..includes 224.3 236.0 11.7   2.02  0.36 0.17 -     4.19      2.63
 KL22-11    430.0 457.0 27.0   1.07  0.16 0.07 -     3.44      1.32     36
            434.6 436.6 2.0    0.71  0.19 0.06 -     3.39      0.96
            437.5 440.3 2.8    2.73  0.20 0.19 -     4.53      3.33

..includes

            441.0 448.0 7.0    1.50  0.22 0.10 -     3.76      1.86
            449.0 452.3 3.3    1.08  0.19 0.02 -     3.43      1.23
 KL23-23    644.3 667.7 23.4   1.18  0.13 0.08 11.73 3.24      1.47     34
            647.3 663.4 16.1   1.54  0.16 0.11 15.22 3.42      1.90

..includes

            679.0 682.0 3.0    0.71  0.06 0.04 3.77  2.73      0.84
 KL22-04    485.4 510.0 24.6   0.96  0.16 0.10 -     3.66      1.31     32
 ..includes 488.4 502.0 13.6   1.38  0.22 0.15 -     4.06      1.89
 KL22-23    274.4 296.0 21.6   0.96  0.12 0.08 -     3.09      1.22     26
            276.8 286.0 9.3    1.50  0.19 0.12 -     3.48      1.91
 ..includes 288.0 290.1 2.1    0.90  0.10 0.07 -     3.06      1.15
            291.9 292.2 0.3    1.97  0.11 0.15 -     3.77      2.42
 KL23-21    675.2 693.1 17.9   1.12  0.13 0.08 12.03 3.35      1.40     25
 ..includes 678.2 688.5 10.3   1.69  0.17 0.13 18.22 3.48      2.12
 KL22-08    221.0 242.4 21.4   0.86  0.16 0.08 -     3.54      1.15     25
            224.0 225.8 1.8    1.53  0.24 0.16 -     4.34      2.08

..includes

            226.3 237.4 11.1   1.11  0.21 0.11 -     3.79      1.49
 KL22-03    578.5 591.1 12.6   1.45  0.22 0.15 -     3.00      1.94     24
            580.5 591.1 10.6   1.71  0.25 0.17 -     3.00      2.29

..includes

            591.6 593.0 1.4    1.03  0.29 0.11 -     3.00      1.44
 KL22-17    270.7 288.5 17.8   0.98  0.17 0.08 -     3.43      1.28     23
 ..includes 272.7 285.5 12.8   1.23  0.21 0.10 -     3.63      1.61
 KL22-05    428.5 445.1 16.6   0.84  0.18 0.08 -     3.44      1.14     19
            431.5 434.6 3.1    1.93  0.28 0.19 -     4.57      2.57
 ..includes 436.6 438.6 2.0    0.70  0.14 0.07 -     3.38      0.94
            439.6 442.1 2.5    0.76  0.11 0.08 -     3.31      1.02
 KL23-01    291.5 305.5 14.0   1.03  0.14 0.08 -     3.20      1.32     18
 ..includes 295.2 301.8 6.6    1.73  0.18 0.14 -     3.64      2.19
 KL22-06    380.3 395.0 14.7   0.89  0.14 0.08 -     3.50      1.17     17
 ..includes 383.3 392.3 9.0    1.25  0.20 0.11 -     3.82      1.64
 KL22-19    431.0 445.0 14.0   0.66  0.09 0.04 -     2.97      0.80     11
            433.5 436.6 3.1    1.01  0.12 0.05 -     3.09      1.19
            439.2 439.8 0.7    1.09  0.12 0.07 -     3.32      1.33

..includes

            442.3 443.1 0.9    2.64  0.16 0.17 -     4.22      3.17
            468.1 468.4 0.4    1.18  0.04 0.09 -     3.73      1.45
 KL23-02    279.0 288.7 9.7    0.93  0.10 0.05 -     2.97      1.11     11
 ..includes 283.1 285.7 2.6    2.22  0.24 0.12 -     3.74      2.66
 KL22-16    280.2 294.6 14.4   0.53  0.12 0.05 -     3.25      0.71     10
 ..includes 283.2 288.4 5.2    0.97  0.22 0.09 -     3.57      1.32
 KL22-15    192.0 203.5 11.5   0.50  0.10 0.04 -     3.15      0.66     8
            195.3 196.6 1.3    1.93  0.45 0.16 -     4.09      2.55

..includes

            197.4 198.5 1.1    0.96  0.15 0.08 -     3.50      1.24
 KL22-24    324.0 330.8 6.8    0.63  0.10 0.02 -     2.93      0.72     5
            326.8 327.8 1.0    2.54  0.25 0.05 -     4.20      2.78
 ..includes 707.4 707.4 0.1    2.15  0.29 0.21 31.00 4.22      2.85
            708.3 709.1 0.8    2.33  0.30 0.22 31.00 4.31      3.07
 KL22-07    402.3 402.5 0.2    3.70  0.03 0.16 -     3.27      4.15     1
 KL22-22    317.0 317.8 0.8    1.31  0.19 0.10 -     3.53      1.68     1
 KL23-22    763.5 764.5 1.0    0.68  0.04 0.04 5.84  2.90      0.81     1

NORTH ZONE

 KN22-03    238.0 290.0 52.0   2.37  0.25 0.14 -     3.00      2.85     148
            239.0 240.0 1.0    1.10  0.11 0.02 -     3.00      1.20

..includes

            244.1 283.9 39.8   3.03  0.32 0.18 -     3.00      3.65
 KN22-01A   369.3 397.0 27.7   2.56  0.32 0.22 -     3.00      3.29     91
 KN22-01    366.1 399.5 33.4   1.96  0.27 0.15 -     3.00      2.49     83
            322.9 323.9 1.0    2.52  0.20 0.17 -     3.00      3.06
            360.0 360.5 0.5    19.16 0.59 0.79 -     3.00      21.58

..includes

            368.8 393.0 24.2   2.43  0.32 0.18 -     3.00      3.07
            393.5 396.5 3.0    1.93  0.29 0.19 -     3.00      2.58
 KN22-02    434.0 466.2 32.2   1.23  0.19 0.09 -     3.00      1.56     50
 ..includes 437.2 451.9 14.7   2.52  0.40 0.19 -     3.00      3.21

* Default density of 3.0 g/cm(3) used (along with sample length) for assay grade
weighting where density results not yet returned from the laboratory
# Table sorted highest to lowest NiEq23 x Length of main composite interval per
hole
Composited interval average grades weighted by sample length and density.
Main composite interval permitted to include individual samples 0.58% NiEq23 (plan rotated 055)
Figure 4 Core Photo showing Massive Sulfide Mineralisation in KL22-10
Mineralised Interval 376.14-389.48 m = 13.34 m at 2.56% Ni, 0.44% Cu, and
0.20% Co, (3.28% NiEq23) (includes 0.96 m of internal waste (Â

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