Lifezone Metals Ltd (LZM): announcements explained, share price

Announcements, explained

Each one in plain English, with the numbers worked through for a shareholder.

18 July 2025resource reserve update▲ GoodMajor

Lifezone filed the Kabanga feasibility study, which was delayed from its earlier end-Q3 2024 target, and declared the project's first-ever mineral reserves: 52.2 million tonnes (43.9 million attributable to Lifezone) at 1.98% nickel, 0.27% copper and 0.15% cobalt, supporting an 18-year mine life. On a 100% basis, it shows pre-production capital of $942M, after-tax NPV of $1.58B at an 8% discount rate, and a 23.3% after-tax IRR, using $8.49/lb nickel. The board approved the study and directed management to move to execution readiness and project financing; the CEO targets a final investment decision in 2026. This resolves the long-running question of reserves and the feasibility study timeline, but funding is still to be secured.

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5 Dec 2024drilling result● NeutralMajor

Lifezone issued a December 2024 resource update for Kabanga. Attributable Measured and Indicated resources are 46.8 Mt at 2.09% nickel (up from 43.6 Mt at 2.02% in November 2023, though that earlier figure was stated on a total basis rather than the attributable basis used here), and Inferred are 11.3 Mt. 81% of tonnage is now in the higher-confidence categories (71% before), and there are still no mineral reserves. The cut-off grade was raised from 0.58% to 0.73%/0.77% nickel-equivalent. The company will update the feasibility study timeline after further technical evaluations, so the earlier end-Q3 2024 target is no longer reaffirmed. It is also evaluating a Japanese strategic investment and offtake sale under a JOGMEC MOU, and working on a Joint Financial Model that is a condition for BHP's T2 investment.

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29 Jan 2024drilling result▲ Good

Lifezone reported 2023 drilling at Safari Link, an area north-east of the Tembo zone at Kabanga. 7 of 11 holes hit significant nickel, including 15.1 m at 2.24% nickel (hole KL23-29, about 300 m beyond existing resources) and 7.0 m at 2.84% nickel (KL23-27). The company says it is too early to know whether this could go into the feasibility study due by end Q3 2024. It also says the Kabanga camp now has a 33-kilovolt grid power line, expected to be energized by end of February. This builds on the November 2023 resource update, but these are exploration results and not added to resources.

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7 Dec 2023resource reserve update▲ GoodMajor

Lifezone published an updated mineral resource estimate for the Kabanga nickel project in Tanzania (Lifezone's attributable share is 69.7%). Measured and Indicated resources rose 69% in tonnage versus the February 2023 estimate, to 43.6 million tonnes at 2.02% nickel; Inferred resources rose 20% to 17.5 million tonnes. The company says the feasibility study is expected to be completed by the end of Q3 2024, and the filing states there are no mineral reserves yet.

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