Lifezone Metals Ltd

Project Financing Update:

•A further $5 million was drawn under the Taurus Mining Finance senior secured bridge loan facility on March 16, 2026, and as of March 31, 2026, a total of $25 million out of $60 million was received. Of the $35 million that remained undrawn as of March 31, 2026, $16.7 million was received on April 29, 2026. This is to progress Kabanga Project pre-FID activities, early works and development activities and to advance the project financing workstream.

•Negotiations advanced constructively with the senior members of the Tanzanian government and administration to amend the Framework Agreement and agree on the details of the staging concept and the joint financial model, to define the sharing of fiscal benefits.

Figure 1: Lifezone Metals CEO Chris Showalter met with Hon. Balozi Khamis Mussa Omar, Tanzania’s Minister of Finance, and senior government officials in Washington, D.C., during the 2026 IMF/WBG Spring Meetings

•The U.S. DFC completed its due diligence with further funding workstreams progressing.

•Negotiations progressed for a potential strategic investment into the Kabanga Nickel Project led by Standard Chartered Bank, with multiple offers received.

•Project financing process led by Societe Generale continued, including roadshows and selection of pathfinders, such as international Development Finance Institutions and Export Credit Agencies.

•Site visits were conducted by potential lenders and lender advisors, and receipt of final reports by independent engineers and consultants covering technical, logistics, environmental, social, and commodity markets aspects of the Kabanga.

Figure 2: Lifezone hosted a technical and environmental and social due diligence site visit at the Kabanga Nickel Project in Tanzania including stakeholder engagement with the communities

•Several long-term concentrate off-take negotiations are well advanced.

•International and local insurance brokers were appointed, and the insurance risk assessment and insurance plan advanced to facilitate a global insurance roadshow in the coming weeks.

•The Kabanga site hosted the Acting U.S. Ambassador to Tanzania, Andrew Lentz and his delegation on March 31, 2026, including the facilitation of meetings with the Ngara District Commissioner, to review the project’s progress.

Figure 3: Acting U.S. Ambassador to Tanzania, Andrew Lentz and his delegation at the Kabanga Site