NEW YORK--(BUSINESS WIRE)--April 30, 2026-- 

Lifezone Metals Limited's $(LZM)$ Chief Executive Officer, Chris Showalter and Chief Financial Officer, Ingo Hofmaier, announce the Q1 2026 Financial Results Summary, available on Edgar and the Company's website.

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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

Mr. Hofmaier commented: "Q1 2026 was another period of disciplined execution as we advanced the Kabanga Nickel Project, opened up new avenues with the Musongati Nickel Project Exclusivity Agreement and produced our first ever Platinum, Palladium and Rhodium from the U.S. PGM Recycling Project from pilot testwork at Simulus, while maintaining focus on capital efficiency, liquidity and long-term value creation.

During Q1, we received an initial $5 million, as part of a second utilization under the senior secured bridge loan facility provided by Taurus. The remaining $16.7 million under the second utilization was received on April 29, 2026, with a further $18.3 million of the facility remaining available.

Also in April, we further strengthened our cash position by closing a registered direct offering that raised $25.0 million in gross proceeds. These funds will help us to position the business for the next stage of growth while remaining mindful of market conditions and disciplined capital allocation."

Financial Summary:

 
                                        For the three months ended 
                                    March 31, 2026    March 31, 2025 
                                          $                  $ 
--------------------------------    --------------   ----------------- 
Cash flow from: 
Operating activities               -     1,244,923  -        3,298,161 
Investing activities               -     6,185,226  -        5,283,427 
Financing activities                     2,480,475  -          162,593 
Net decrease in cash & cash 
 equivalents                       -     4,949,674  -        8,744,181 
---------------------------------   --------------   ----------------- 
 
Liquidity :                         March 31, 2026   December 31, 2025 
--------------------------------    --------------   ----------------- 
Cash balance                            15,271,893          20,144,250 
Undrawn balance of senior secured 
 bridge loan facility(1)                35,000,000          40,000,000 
---------------------------------   --------------   ----------------- 
Total                                   50,271,893          60,144,250 
---------------------------------   --------------   ----------------- 
(1) A further $16.7 million was received on April 29, 2026, with $18.3 
remaining undrawn as of this date. 
 
   --  Lifezone Metals reported a cash balance of $15.3 million as of March 
      31, 2026, compared to $20.1 million as of December 31, 2025. 
 
   --  Cash usage from investing activities during Q1 2026 amounted to $6.2 
      million, with $6.3 million invested in the Kabanga Nickel Project. 
 
   --  Revenue for Q1 2026 was $1.2 million compared to $0.2 million during Q1 
      2025 driven by increased third-party technical and laboratory services at 
      Simulus. 
 
   --  As of March 31, 2026, $25 million has been drawn from the senior 
      secured bridge loan facility of which $5 million under the second 
      utilization was received during Q1 2026. The remaining $16.7 million 
      under the second utilization was received on April 29, 2026, with a 
      further $18.3 million under the facility remaining undrawn. 
 
   --  For Q1 2026, Lifezone reported an income before tax of $2.4 million 
      compared to $7.3 million in Q1 2025. 
 
   --  Income before tax for Q1 2026 includes significant non-cash fair value 
      gains related to the remeasurement of certain financial instruments, 
      while general and administrative expenses were comparable to the 
      corresponding period in Q1 2025. 
 
   --  During the quarter, Lifezone recognized a fair value gain of $1.9 
      million on embedded derivatives in convertible debentures, $2.9 million 
      gain on warrant liabilities, and $3.9 million gain on the deferred 
      consideration to BHP. These gains were largely attributable to a decline 
      in Lifezone's share price, which fell from $4.27 as of December 31, 2025, 
      to $3.36 as of March 31, 2026, thereby reducing the fair value of these 
      liabilities. 
 
   --  On April 23, 2026, Lifezone closed a $25 million registered direct 
      offering and issued 5.7 million ordinary shares at $4.40 per share. The 
      net proceeds were $23.3 million and will be used for exploration 
      activities in Burundi and Tanzania, the PGM Recycling Project, conducting 
      Hydromet research and development at Simulus Laboratory, and for other 
      general corporate and working capital purposes, including financing 
      costs. 

Corporate highlights and key activities during the three months ended March 31, 2026

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

Technical and Operational Progress:

   --  Pre-FID site geotechnical investigations to support detailed design and 
      early works topographical readiness advanced, including the completion of 
      163 test pits across the project footprint, completion of North and Tembo 
      boxcuts and waste rock dumps boreholes. 
 
   --  Commencement of potable water borehole drilling and continued 
      geotechnical drilling, including the completing of all geotechnical holes 
      for eight ventilation raises covering both North and Tembo mines, 
      topographical/LiDAR surveys and progress on North boxcut surface works 
      readiness. 

Figure 4: Production water borehole drilling at Kabanga Site, 132m deep, providing a yield of 28,000 L/H

   --  The dual-train milling technical note was completed, and value 
      engineering continued to support FEED and site and mining surface 
      infrastructure development. 
 
   --  Progress continued on the 220kV TANESCO overhead line and related 
      permitting workstreams, including commencement of LiDAR and topographical 
      survey activities, ongoing negotiation of the Implementation Agreement 
      and Power Supply Agreements. 

Figure 5: AGS leveling task through the 220Kv transmission line to determine the ground profile for angle point No.29 at Nyakanazi substation

   --  Procurement and contract readiness advanced materially, with 52 
      critical path Expressions of Interest approved by the Mining Commission 
      and 45 released to market, for contracts valuing approximately $380m. 
 
   --  Project execution readiness advanced through development of the Project 
      Execution Plan and associated plans across five execution pillars, 
      advancement of governance and cost management frameworks, continued 
      scale-up of the Kabanga Owner's team in critical pre-FID roles, internal 
      approval of the Project Labor Plan and its submission to the Tanzanian 
      Labor Commissioner, and completion of the Local Skills Survey. 
 
   --  In addition to the Special Mining Licence, all material permits needed 
      for current activities are in place, including the water use and 

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April 30, 2026 08:13 ET (12:13 GMT)