Lifezone Metals Response to Media Report

Lifezone Metals Limited (NYSE: LZM) is aware of a recent Reuters article speculating on a specific bidder for the Company’s Kabanga Nickel Project in Tanzania.

In response to inbound inquiries from media outlets and investors following the release of the article, the Company states that it does not comment on market speculation in relation to any specific parties in connection with the process to find a new strategic partner. Any material updates will be made when appropriate.

The Board of Directors and management team remain focused on executing the articulated Company’s strategy and acting in the best interests of the Company, all shareholders, and key stakeholders. As announced in the recent Q1 update on April 30, 2026, negotiations have progressed for a potential strategic investment into the Kabanga Nickel Project led by Standard Chartered Bank, with multiple offers received.

The process has included interest from a wide range of investors, with all strategic options considered, including a potential asset-level change of control. It is the Board of Directors' duty to evaluate opportunities to enhance long-term shareholder value and will continue to take actions it believes are appropriate to maximize shareholder value. The Company expects the process to be concluded shortly.

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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.

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