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Lifezone completes technical report summary for Kabanga nickel project

Lifezone Holdings Limited has previously announced entry into a Business Combination Agreement with GoGreen Investments Corporation (NYSE: GOGN), a publicly traded company on the NYSE (“GoGreen”), and also $90 million of investment by BHP Billiton (UK) DDS Limited (“BHP”) directly in Kabanga Nickel Limited (“Kabanga Nickel”).

Today, Lifezone Metals is pleased to announce a Technical Report Summary (“TRS”) estimating mineral resources for the Company’s Kabanga nickel project in Tanzania (the “Kabanga Project”) has been furnished on Form 8-K by GoGreen.

The TRS has been prepared in accordance with S-K 1300 for Lifezone Metals on the Kabanga Project. The TRS is a preliminary technical and economic study of the economic potential of the Kabanga Project mineralisation to support the disclosure of mineral resources.

The TRS sets forth total reported measured, indicated and inferred resources for the Kabanga Project attributable to Lifezone Metals of 40.4 Mt, including contained metal of 2,925 Mlb NiEq23 grading at 3.28%, 2,325 Mlb nickel grading at 2.61%, 311 Mlb copper grading at 0.35% and 171 Mlb cobalt grading at 0.19%. Mineral resources are reported showing only the Lifezone Metals attributable tonnage portion, which is 69.713% of the total at February 15, 2023. The 2022 NiEq cut-off grade is 0.58% NiEq. 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.

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The TRS was furnished on February 24, 2023 by GoGreen as an exhibit to a Current Report on Form 8-K. The information contained in this news release is qualified in its entirety by reference to the complete text of the TRS.  You are encouraged to read the TRS in its entirety for a complete description of the TRS and the mineral resource estimates contained therein.

Chris Showalter, CEO of Lifezone Metals, stated: “The publication of the technical report summary for the Kabanga Project is an important step forward in the development of the project. Drilling and test work on the Kabanga Project continue as we increase our understanding of what we believe is one of the world’s most important new sources of sulfide nickel supply for global battery metals markets. We believe Lifezone Metals’ proprietary hydrometallurgical processing technology is key to unlocking the value of the Kabanga Project, which we believe has the potential to significantly reduce carbon emissions in battery metals refining compared to traditional smelting and refining – ultimately contributing to the production of cleaner battery metals.”

John Dowd, CEO of GoGreen, commented: “It is an honor to be part of the team working to bring Lifezone Metals public on the NYSE. The data in this report indicates that this is one of the largest and highest grade undeveloped nickel sulfide projects in the world. We look forward to continued collaboration with BHP to bring this resource into production.”

About the Kabanga Project

The Kabanga Project is an exploration-stage project. Lifezone Metals believes that the Kabanga Project, located in north-west Tanzania, comprises one of the world’s largest and highest grade nickel sulfide deposits.

The Kabanga Project is located within the East African nickel belt which extends 1,500 km along a north-east trend that extends from Zambia in the south-west, though the Democratic Republic of Congo, Burundi, Rwanda, Tanzania and Uganda in the north-east, and straddles the western boundary of the Tanzania Craton to the east and the eastern boundary of the Congo Kasai Craton to the West.

The intrusions that host the known potentially economic nickel-bearing massive sulfide zones in the Kabanga Project area, namely North, Tembo, Main and MNB, are found within steeply dipping and overturned metasediments, dipping to the west (70° to 80°) with a north — north east strike orientation (025°) from Main to North zone, changing to a north-east strike orientation (055°) from North to Tembo.

A resource definition drill program is underway and ongoing at North and Tembo to support the definitive feasibility study mine plan and reserve statement. A memorandum of understanding has been signed with Tanesco, the Tanzanian national electricity supplier, regarding the connections of interim and permanent power supply for construction and operational needs via a new high voltage overhead line to Kabanga.

Consultation is also ongoing with Tanroads and Tanzania Railways Corporation regarding the upgrades and improvements of existing roads to support Kabanga’s concentrate road transport from Kabanga to Kahama and rail to allow final metals product transport from Kahama to Dar es Salaam. Lifezone Metals recently announced the completion of BHP’s additional $50 million investment in Kabanga Nickel, with which Lifezone Metals will continue to progress work on the resource definition drilling, early works, resettlement and the definitive feasibility study for the Kabanga Project.

Mineral Resources

The mineral resource estimates set forth in the TRS are based on the mineral resources reported by Glencore Canada Corporation and Barrick Gold Corporation, as current in their respective 2016 annual reports. The nickel-equivalent grade and the modifying factors for the cut-off grade were updated with 2023 assumptions for reporting of the mineral resource estimates.


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