New York (USA) – Lifezone Metals Limited (NYSE: LZM) today announced a US$8 million reduction in the cap on consideration payable to BHP Billiton (UK) DDS Limited (BHP), following an independent expert review confirming that the Kabanga Nickel Project’s Resettlement Action Plan (RAP) has continued to be in material alignment with the International Finance Corporation’s Performance Standard 5 (IFC PS5).
Lifezone’s July 2025 definitive agreement with BHP to acquire BHP’s 17% equity interest in Kabanga Nickel Limited (KNL) included a RAP assessment provision. Under it, Lifezone was required to obtain independent verification after a 12-month period confirming whether the Kabanga Nickel Project’s RAP had been prepared, developed and implemented in material alignment with IFC PS5 objectives, and assessing the effectiveness of measures designed to mitigate identified impacts and risks.
The determination, as made by the RAP expert, and pursuant to the terms of the definitive agreement, resulted in an automatic reduction of US$8 million on the cap on consideration payable to BHP.
Consideration payable to BHP comprises two deferred cash payments: a fixed payment of US$10 million, payable on the earlier of 12 months after the Final Investment Decision on the Kabanga Nickel Project or Lifezone raising US$250 million in aggregate funding; and a contingent payment, payable 12 months after first commercial production, based on a reference amount of US$28 million that is indexed to Lifezone’s share price1.
The independent review was undertaken during August and September 2026 by Ed O’Keefe of Synergy Global Consulting acting as the RAP expert. Following a desktop review and site visit, the RAP expert confirmed in a detailed report that the RAP has continued to be prepared, developed and implemented in all material respects in alignment with the core objectives of IFC PS5.
Chris Showalter, Lifezone CEO, said: “This confirmation reflects the care and discipline being applied as we progress, and the strength of our approach to responsible project development at Kabanga. We remain committed to meeting international standards, maintaining constructive community engagement, and advancing the project in a way that creates long-term value for all stakeholders.”
1 Lifezone Metals - Lifezone Metals Consolidates Control of the World-Class Kabanga Nickel-Copper-Cobalt Sulfide Project
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Investor Relations
Ingo Hofmaier
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ingo.hofmaier@lifezonemetals.com
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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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