UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 2023
Commission File Number: 001-41737
Lifezone Metals Limited
Commerce House, 1 Bowring Road
Ramsey, Isle of Man, IM8 2LQ
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒
Form 40-F ☐
This report includes material as an exhibit that
has been published and made available by Lifezone Metals Limited as of December 7, 2023.
The press release is furnished as Exhibit 99.1
to this Report on Form 6-K.
EXHIBIT INDEX
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
Lifezone Metals Limited |
|
|
|
Date: December 7, 2023 |
By: |
/s/ Ingo Hofmaier |
|
Name: |
Ingo Hofmaier |
|
Title: |
Chief Financial Officer |
3
Exhibit 99.1
Lifezone
Metals Announces Significant Mineral Resource Update for its Kabanga Nickel Project in Tanzania
Successful
Infill Drill Program and Updated Interpretation Leads to a 69% Increase in Measured and Indicated Resources Plus a 20% Increase in Inferred
Resources
December
7, 2023
New
York (United States) – Lifezone Metals Limited (NYSE: LZM) is a modern metals company creating value across the battery
metals supply chain from resource to metals production and recycling. Lifezone Metals’ Chief Executive Officer Chris Showalter
is pleased to announce the Mineral Resource Update for the Kabanga Nickel Project, located in north-west Tanzania. The November 2023
Mineral Resource Update reflects the results of Lifezone Metals’ 2021-2023 drilling programs and an updated mineralization interpretation,
reconfirming the continuity of high-grade nickel mineralization at Kabanga.
The
Kabanga Nickel Project is currently 69.7% owned by Lifezone Metals and all Mineral Resources are shown on an attributable to Lifezone
Metals basis.
Mr.
Showalter commented: “Kabanga continues to demonstrate its exceptional quality and world-scale. The significant increase in the
Measured and Indicated Mineral Resources provides a solid foundation for the ongoing Definitive Feasibility Study, which is expected
to be completed by the end of Q3 2024. We believe that Kabanga has the potential to become a low-cost, long-life and environmentally
responsible producer of nickel, copper and cobalt, which are critical metals for the green energy transition. We look forward to advancing
the Project in close coordination with the Government of Tanzania, who have been highly supportive of our efforts.”
Highlights
of the November 2023 Mineral Resource Update:
| ● | Attributable
Measured and Indicated Resources total 43.6 million tonnes grading 2.02% nickel, 0.28% copper
and 0.16% cobalt (2.57% nickel-equivalent). |
| | |
| ● | Plus,
attributable Inferred Resources totaling 17.5 million tonnes grading 2.23% nickel, 0.31%
copper and 0.16% cobalt (2.79% nickel-equivalent). |
| | |
| ● | Significantly,
71% of Kabanga’s Mineral Resource tonnage is now classified in the higher confidence
Measured and Indicated categories relative to Inferred. |
| | |
| ● | Measured
and Indicated Mineral Resource tonnages have increased by 69% relative to the February 2023
Mineral Resource Estimate. Nickel-equivalent metal contained in Measured and Indicated Resources
has increased by 30%. Inferred Resources have also increased in tonnage by 20%, with contained
nickel-equivalent metal increasing by 4%. |
| | |
| ● | The
Mineral Resource cut-off grade has remained unchanged at 0.58% nickel-equivalent, as it was
determined that the previous assumptions used remain current. |
| | |
| ● | A
significant proportion of the additional Mineral Resource tonnage in the November 2023 Mineral
Resource Update results from the inclusion of additional ultramafic mineralization. The change
in the processing flowsheet, including the addition of a hydrometallurgical refinery, improves
the prospects of economic extraction of the ultramafic material. |
Kabanga Mineral Resource Update 2023 12 07 | 1 |
| ● | The
massive sulfide Mineral Resource has also increased across all categories, adding 10% more
nickel-equivalent metal. |
| | |
| ● | Significant
additional Mineral Resource tonnages have been achieved at the Tembo Zone, which is located
1.0 kilometer north-east of the North Zone. Tembo remains open along strike to the north-east
towards the Safari Zone, in an area referred to as Safari Link. |
| | |
| ● | Other
areas of Mineral Resource addition include at the North, Main and MNB zones, and the first
reporting of a Mineral Resource at the Kima Zone. |
The
Kabanga Mineral Resource Update was independently prepared by Sharron Sylvester, Technical Director – Geology at OreWin Pty Ltd
and in accordance with Regulation S-K subpart 1300 promulgated by the U.S. Securities and Exchange Commission (S-K 1300). Mineral Resources
are reported exclusive of Mineral Reserves. There are no Mineral Reserves to report.
Figure
1: Click to view the Kabanga Nickel Project mineral resources photo reel (https://vimeo.com/891896457/f4ed5bda1e?share=copy).
Kabanga Mineral Resource Update 2023 12 07 | 2 |
Table
1: Kabanga Nickel Project Mineral Resource Update shown on an attributable to Lifezone Metals basis (69.7%), as at November 30, 2023
– based on $9.50/lb nickel price, $4.00/lb copper price and $26.00/lb cobalt price. Detailed tables are included as an Appendix
to this news release.
| |
Attributable | | |
Grades | | |
Recovery | |
Mineral
Resource
Classification | |
Tonnage
(Mt) | | |
NiEq23
(%) | | |
Nickel
(%) | | |
Copper
(%) | | |
Cobalt
(%) | | |
Nickel
(%) | | |
Copper
(%) | | |
Cobalt
(%) | |
OVERALL MINERAL RESOURCE –
All Mineralization Types |
Measured | |
| 14.1 | | |
| 2.61 | | |
| 2.03 | | |
| 0.28 | | |
| 0.17 | | |
| 87.2 | | |
| 85.1 | | |
| 88.1 | |
Indicated | |
| 29.5 | | |
| 2.55 | | |
| 2.02 | | |
| 0.28 | | |
| 0.15 | | |
| 87.2 | | |
| 85.1 | | |
| 88.1 | |
Measured + Indicated | |
| 43.6 | | |
| 2.57 | | |
| 2.02 | | |
| 0.28 | | |
| 0.16 | | |
| 87.2 | | |
| 85.1 | | |
| 88.1 | |
Inferred | |
| 17.5 | | |
| 2.79 | | |
| 2.23 | | |
| 0.31 | | |
| 0.16 | | |
| 87.2 | | |
| 85.1 | | |
| 88.1 | |
| |
Attributable | | |
Grades | | |
Attributable
Contained Metals | |
Mineral
Resource
Classification | |
Tonnage
(Mt) | | |
NiEq23
(%) | | |
Nickel
(%) | | |
Copper
(%) | | |
Cobalt
(%) | | |
NiEq23
(kt) | | |
Nickel
(kt) | | |
Copper
(kt) | | |
Cobalt
(kt) | |
OVERALL MINERAL RESOURCE –
All Mineralization Types |
Measured | |
| 14.1 | | |
| 2.61 | | |
| 2.03 | | |
| 0.28 | | |
| 0.17 | | |
| 368 | | |
| 286 | | |
| 39 | | |
| 24 | |
Indicated | |
| 29.5 | | |
| 2.55 | | |
| 2.02 | | |
| 0.28 | | |
| 0.15 | | |
| 753 | | |
| 595 | | |
| 83 | | |
| 45 | |
Measured + Indicated | |
| 43.6 | | |
| 2.57 | | |
| 2.02 | | |
| 0.28 | | |
| 0.16 | | |
| 1,121 | | |
| 881 | | |
| 122 | | |
| 69 | |
Inferred | |
| 17.5 | | |
| 2.79 | | |
| 2.23 | | |
| 0.31 | | |
| 0.16 | | |
| 489 | | |
| 391 | | |
| 54 | | |
| 27 | |
| 1. | This
table reports the Mineral Resources for the combined massive sulfide and ultramafic mineralization
types. |
| 2. | Mineral
Resources are reported exclusive of Mineral Reserves. There are no Mineral Reserves to report. |
| 3. | Mineral
Resources are reported showing only the Lifezone Metals attributable tonnage portion, which
is 69.713% of the total. |
| 4. | Cut-off
uses the NiEq23 using a nickel price of $9.50/lb, copper price of $4.00/lb and cobalt price
of $26.00/lb with allowances for recoveries, payability, deductions, transport and royalties. |
NiEq23%
= Ni% + Cu% x 0.411 + Co% x 2.765.
| 5. | The
Mineral Resource metallurgical recovery assumptions are: nickel 87.2%, copper 85.1% and cobalt
88.1%. |
| 6. | The
point of reference for Mineral Resources is the point of feed into a processing facility. |
| 7. | All
Mineral Resources in the November 2023 Mineral Resource Update were assessed for reasonable
prospects for eventual economic extraction by reporting only material above a cut-off grade
of 0.58% NiEq23. |
| 8. | Totals
may vary due to rounding. |
Kabanga
currently comprises of six identified distinct mineralized zones, namely (from south-west to north-east) the Main, MNB, Kima, North,
Tembo and Safari zones, which occur over a strike length exceeding 7.5 kilometers. The five mineralized zones that contribute to
the Mineral Resource Update are: Main, MNB, Kima, North and Tembo, which extend over a total strike length of 6.0 kilometers and to a
depth of up to 1.7 kilometers below surface.
Kabanga Mineral Resource Update 2023 12 07 | 3 |
Figure
2: Oblique long section showing mineralized zones and intercepts greater than 0.58% nickel-equivalent (looking north-west).
Figure
3: Kabanga Nickel Project Mineral Resource Update shown by zones on an attributable to Lifezone Metals basis.
Note:
refer to the metals’ prices, recoveries and other assumptions as shown in Table 1 and the provided notes.
The
North Zone remains the largest of the currently identified mineralized zones at Kabanga with attributable Measured and Indicated Resources
totaling 20.6 million tonnes grading 2.53% nickel, 0.34% copper and 0.18% cobalt (3.18% nickel-equivalent) and attributable Inferred
Mineral Resources totaling 12.2 million tonnes grading 2.60% nickel, 0.35% copper and 0.18% cobalt (3.24% nickel-equivalent).
Kabanga Mineral Resource Update 2023 12 07 | 4 |
The
Tembo Zone is the second largest zone, and all Mineral Resources at Tembo are classified as Measured or Indicated, with combined total
attributable 13.8 million tonnes grading 1.80% nickel, 0.25% copper and 0.15% cobalt (2.32% nickel-equivalent).
Within
the North and Tembo zones, which form the bulk of contained Mineral Resources at Kabanga, 74% of the Mineral Resources are classified
as higher confidence Measured and Indicated (71% across all zones at Kabanga) relative to Inferred. For comparison, the North and Tembo
zones combined had 63% classified as Measured and Indicated Resources in the February 2023 Mineral Resource Estimate.
Significant
Increase in Tonnage and Contained Metal When Compared to the Previous February 2023 Mineral Resource Estimate
Overall
Measured and Indicated Mineral Resources have increased by 69% and Inferred Mineral Resources have increased 20% at the Kabanga Nickel
Project when compared to the previous February 2023 Mineral Resource Estimate. This reflects the results of Lifezone Metals’ 2021-2023
drilling programs and an updated mineralization interpretation.
Lifezone
Metals conducted multiple drill programs between 2021 to 2023 at the Kabanga project and the results have been included into the Mineral
Resource database (up to September 17, 2023; with the exception of holes that have yet to be surveyed or with outstanding assay results).
A breakdown of Lifezone Metals’ drill programs is as follows:
| ● | December
2021 to May 2022: 4,163 meters of drilling in 14 holes to provide 2,727 kilograms of metallurgical
sample (in three bulk samples) from the North and Tembo zones for flotation and hydrometallurgical
test work in Perth, Australia. |
| ● | May
2022 to December 31, 2022: 7,186 meters of infill drilling in 19 holes at Tembo North to
increase confidence in this Zone over a 700-meter strike length and to provide an additional
bulk sample (464 kilograms) for flotation and hydrometallurgical test work in Perth, Australia.
An additional 768 meters in one drillhole was completed at the Safari Zone. |
| ● | January
2023 to September 17, 2023: 9,274 meters of infill drilling in five holes at North to increase
confidence over a 500-meter strike length, 16,727 meters of infill drilling in 23 holes at
Tembo to increase confidence along the entire strike length of the deposit and 3,555 meters
in six holes at Tembo for geotechnical purposes. |
The
KNL drilling up to September 17, 2023 has been incorporated into the Mineral Resource database with the exception of holes yet to be
surveyed or with outstanding assay results.
Kabanga Mineral Resource Update 2023 12 07 | 5 |
Figure
4: Comparison of overall attributable tonnes and grade between the February 2023 Mineral Resource Estimate and the November 2023 Mineral
Resource Update.
Note:
refer to the metals’ prices, recoveries and other assumptions as shown in Table 1 and the provided notes.
A
significant proportion of the additional Mineral Resource tonnage in the November 2023 Mineral Resource Update results from the inclusion
of ultramafic mineralization that was previously omitted from the interpreted ultramafic boundaries at the North and Tembo zones based
on notional cut-off grades. The change in the processing flowsheet, by adding a hydrometallurgical refinery, improves the prospects of
economic extraction of the ultramafic material, and the ultramafic mineralization has been interpreted and had grade estimation for the
November 2023 Mineral Resource Update.
The
Mineral Resource cut-off grade has remained unchanged at 0.58% nickel-equivalent, which allows for a direct comparison between the February
2023 Mineral Resource Estimate and the November 2023 Mineral Resource Update. Metal price assumptions used for cut-off grade determination
were $9.50/lb for nickel, $4.00/lb for copper and $26.00/lb for cobalt.
Kabanga Mineral Resource Update 2023 12 07 | 6 |
Figure
5: Overall attributable tonnes and grade shown by mineralization type for the November 2023 Mineral Resource Update.
Note:
refer to the metals’ prices, recoveries and other assumptions as shown in Table 1 and the provided notes.
Figure
6: Significant additions made at the Tembo Zone between the February 2023 Mineral Resource Estimate and the November 2023 Mineral Resource
Update.
Note:
refer to the metals’ prices, recoveries and other assumptions as shown in Table 1 and the provided notes.
Kabanga Mineral Resource Update 2023 12 07 | 7 |
Definitive
Feasibility Study for a Small Surface Footprint, Low-Impact Underground Mine Expected by the End of Q3 2024
Specific
work is focused on completing geotechnical studies, underground mine design, placement of surface infrastructure and positioning of the
tailings storage facility. Water monitoring bores are informing onsite hydrology studies and metallurgical testing is also underway with
variability samples drilled and collected. Underground mining is expected to have a small surface footprint with a low environmental
impact relative to open pit mining.
In
anticipation of an increase in Mineral Resources at Kabanga, Lifezone Metals ceased exploration drilling programs in November 2023. With
the completion of the November 2023 Mineral Resource Update and the significant conversion of Inferred Mineral Resources into the Measured
and Indicated categories, Lifezone Metals decided that there are now sufficient Mineral Resources to support the Definitive Feasibility
Study. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that the Definitive
Feasibility Study will result in Mineral Reserves.
Eleven
exploration diamond drill holes have been completed at Safari Link, and results will be reported when assays are received. Lifezone Metals’
geologists have said that the Safari Link area represents the best opportunity for future resource addition.
Safety
is the Top Priority at Kabanga
The
Kabanga Nickel Project has recorded more than one and a half million hours worked without a lost time injury. The “Your Safety
is My Safety” campaign continues its successful implementation and training continued with employees and contractors.
Safety
initiatives completed so far include additional training of in-field management; defensive driving refresher training for all site vehicle
operators; and Standard Operating Procedure reviews, task-based risk assessments and task-based observations.
Safety
is the top priority at Kabanga – and is an ongoing, front of mind initiative at every level.
Lifezone
Metals Management Update
We
regret to announce that Natasha Liddell, our Chief Sustainability Officer, will be stepping down from her role at Lifezone Metals, effective
February 2024. Ms. Liddell has been instrumental in leading our corporate and local sustainability teams, and she is committed to ensuring
a smooth transition of duties. We are grateful for her contributions and wish her all the best in her future endeavors.
Qualified
Persons
The
Kabanga 2023 Mineral Resource Update Technical Report Summary (2023MRU) with an effective date of November 30, 2023, has been prepared
in accordance with the U.S. Securities and Exchange Commission (US SEC) Regulation S-K subpart 1300 rules for Property Disclosures for
Mining Registrants (S-K 1300) for Lifezone Metals Ltd on the Kabanga nickel project. The 2023MRU is a preliminary technical and economic
study of the economic potential of the Project mineralization to support the disclosure of Mineral Resources. The Mineral Resource estimates
are current as at November 30, 2023.
The
2023MRU scientific and technical information in this news release has been prepared and approved by Sharron Sylvester, BSc (Geol), RPGeo
AIG (10125), Technical Director – Geology at OreWin Pty Ltd and Bernard Peters, BEng (Mining), FAusIMM (201743), Technical Director
– Mining at OreWin Pty Ltd. Both individuals are Qualified Persons in accordance with S-K 1300 and are considered independent
of Lifezone Metals.
Kabanga Mineral Resource Update 2023 12 07 | 8 |
Other
scientific and technical information in this news release has been reviewed and approved by Raymond Kohlsmith, BSc (Hons.) (Geol) 1980,
P.Geo (1044) PGO Canada, a Qualified Person in accordance with S-K 1300. Mr. Kohlsmith is employed by Tembo Nickel Corporation Limited,
an indirect subsidiary of Lifezone Metals, as Exploration Geology Manager.
Contact
Investor
Relations – North America
Evan
Young
SVP:
Investor Relations & Capital Markets
evan.young@lifezonemetals.com |
Investor
Relations – Europe
Ingo
Hofmaier
Chief
Financial Officer
ingo.hofmaier@lifezonemetals.com |
Media
Enquiries
David
Petrie
Corporate
Communications Manager
david.petrie@lifezonemetals.com |
|
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you would like to sign up for Lifezone Metals news alerts, please register here.
About
Lifezone Metals
Lifezone
Metals (NYSE: LZM) is a modern metals company creating value across the metals supply chain from resource to production and recycling.
Our mission is to provide cleaner metals production through a scalable platform underpinned by our Hydromet technology. This technology
has the potential to be a lower emissions and lower cost alternative to traditional smelting, allowing us to responsibly provide
cleaner metals.
Our
Kabanga Nickel Project in Tanzania is believed to be one of the world’s largest and highest-grade undeveloped nickel sulfide
deposits, with Definitive Feasibility Study currently underway. By pairing with our Hydromet Technology, we will work to unlock a
new source of LME-grade nickel, copper and cobalt for the global battery metals markets. At Kabanga, we are working to empower Tanzania
to achieve full value creation in-country and become the next premier source of Class 1 nickel.
www.lifezonemetals.com
Forward-Looking
Statements
Certain
statements made herein are not historical facts but may be considered “forward-looking statements” within the meaning of
the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended and the “safe harbor” provisions
under the Private Securities Litigation Reform Act of 1995 regarding, amongst other things, the plans, strategies, and prospects, both
business and financial, of Lifezone Metals Limited and its subsidiaries and/or affiliates.
Forward-looking
statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,”
“continue,” “anticipate,” “intend,” “expect,” “should,” “would,”
“plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook”
or the negatives of these terms or variations of them or similar terminology or expressions that predict or indicate future events or
trends or that are not statements of historical matters; provided that the absence of these does not mean that a statement is not forward-looking.
These forward-looking statements include, but are not limited to, statements regarding future events, the estimated or anticipated future
results of Lifezone Metals, future opportunities for Lifezone Metals, including the efficacy of Lifezone Metals’ hydrometallurgical
technology (Hydromet Technology) and the development of, and processing of mineral resources at, the Kabanga Project, and other statements
that are not historical facts.
Kabanga Mineral Resource Update 2023 12 07 | 9 |
|
|
These
statements are based on the current expectations of Lifezone Metals’ management and are not predictions of actual performance.
These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied
on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances
are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control
of Lifezone Metals and its subsidiaries. These statements are subject to a number of risks and uncertainties regarding Lifezone Metals’
business, and actual results may differ materially. These risks and uncertainties include, but are not limited to: general economic,
political and business conditions, including but not limited to the economic and operational disruptions, global inflation and cost increases
for materials and services; failure to establish mineral reserves and mineral resources, the grade and recovery of metals and/or minerals
which are mined, success of future exploration, reliability of sampling and data, success of any test-work, capital and operating costs
varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project
approvals, changes in government regulations, legislation and rates of taxation, inflation, changes in exchange rates and the availability
of foreign exchange, fluctuations in commodity prices, delays in the development of projects and other factors, the outcome of any legal
proceedings that may be instituted against the Lifezone Metals in connection with the business combination or otherwise; failure to realize
the anticipated benefits of the business combination, including difficulty in integrating the businesses of LHL and GoGreen; the risks
related to the rollout of Lifezone Metals’ business, the efficacy of the Hydromet Technology, and the timing of expected business
milestones; Lifezone Metals’ development of, and processing of mineral resources at, the Kabanga Project; the effects of competition
on Lifezone Metals’ business; the ability of Lifezone Metals to execute its growth strategy, manage growth profitably and retain
its key employees; the ability of Lifezone Metals to reach and maintain profitability; enhancing future operating and financial results;
complying with laws and regulations applicable to Lifezone’s business; the volatility of the trading price of Lifezone’s
ordinary shares; Lifezone’s ability to continue to comply with applicable listing standards of the NYSE; the ability of Lifezone
to maintain the listing of its securities on a U.S. national securities exchange; costs related to the business combination; and other
risks that will be detailed from time to time in filings with the U.S. Securities and Exchange Commission (SEC).
The
foregoing list of risk factors is not exhaustive. There may be additional risks that Lifezone Metals presently does not know or that
Lifezone Metals currently believes are immaterial that could also cause actual results to differ from those contained in forward-looking
statements. In addition, forward-looking statements provide Lifezone Metals’ expectations, plans or forecasts of future events
and views as of the date of this communication. Lifezone Metals anticipates that subsequent events and developments will cause Lifezone
Metals’ assessments to change. However, while Lifezone Metals may elect to update these forward-looking statements in the future,
Lifezone Metals specifically disclaims any obligation to do so.
These
forward-looking statements should not be relied upon as representing Lifezone Metals’ assessments as of any date subsequent to
the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements. Nothing herein
should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any
of the contemplated results in such forward-looking statements will be achieved. You should not place undue reliance on forward-looking
statements in this communication, which are based upon information available to us as of the date they are made and are qualified in
their entirety by reference to the cautionary statements herein.
Certain
statements made herein include references to “clean” or “green” metals, methods of production of such metals,
energy, or the future in general. Such references relate to environmental benefits such as lower green-house gas (GHG) emissions and
energy consumption involved in the production of metals using the Hydromet Technology relative to the use of traditional methods of production
and the use of metals such as nickel in the batteries used in electric vehicles.
While
studies by third parties (commissioned by Lifezone Metals) have shown that the Hydromet Technology, under certain conditions, results
in lower GHG emissions and lower consumption of electricity compared to smelting with respect to refining platinum group metals, no active
refinery currently licenses Lifezone Metals’ Hydromet Technology. Accordingly, Lifezone Metals’ Hydromet Technology and the
resultant metals may not achieve the environmental benefits to the extent Lifezone Metals expects or at all. Any overstatement of the
environmental benefits in this regard may have adverse implications for Lifezone Metals and its stakeholders. Except as otherwise required
by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying
assumptions or factors, new information, data, or methods, future events, or other changes after the date of this communication, except
as required by applicable law.
Kabanga Mineral Resource Update 2023 12 07 | 10 |
Appendix:
Kabanga Nickel Project Mineral Resource Update by zone on an attributable to Lifezone Metals basis (69.7%), as at November 30, 2023 –
based on $9.50/lb nickel price, $4.00/lb copper price and $26.00/lb cobalt price.
| |
Attributable | | |
Grades | | |
Recovery | |
Mineral Resource | |
Tonnage | | |
NiEq23 | | |
Nickel | | |
Copper | | |
Cobalt | | |
Nickel | | |
Copper | | |
Cobalt | |
Classification | |
(Mt) | | |
(%) | | |
(%) | | |
(%) | | |
(%) | | |
(%) | | |
(%) | | |
(%) | |
MAIN ZONE - All Mineralization
Types |
Measured | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Indicated | |
| 9.3 | | |
| 1.60 | | |
| 1.22 | | |
| 0.20 | | |
| 0.10 | | |
| 87.2 | | |
| 85.1 | | |
| 88.1 | |
Measured + Indicated | |
| 9.3 | | |
| 1.60 | | |
| 1.22 | | |
| 0.20 | | |
| 0.10 | | |
| 87.2 | | |
| 85.1 | | |
| 88.1 | |
Inferred | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
MNB ZONE - All
Mineralization Types | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Measured | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Indicated | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Measured + Indicated | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Inferred | |
| 1.9 | | |
| 1.47 | | |
| 1.14 | | |
| 0.17 | | |
| 0.09 | | |
| 87.2 | | |
| 85.1 | | |
| 88.1 | |
KIMA ZONE -
All Mineralization Types | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Measured | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Indicated | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Measured + Indicated | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Inferred | |
| 3.4 | | |
| 1.95 | | |
| 1.53 | | |
| 0.25 | | |
| 0.11 | | |
| 87.2 | | |
| 85.1 | | |
| 88.1 | |
NORTH ZONE -
All Mineralization Types | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Measured | |
| 6.1 | | |
| 2.99 | | |
| 2.34 | | |
| 0.32 | | |
| 0.19 | | |
| 87.2 | | |
| 85.1 | | |
| 88.1 | |
Indicated | |
| 14.5 | | |
| 3.26 | | |
| 2.61 | | |
| 0.35 | | |
| 0.18 | | |
| 87.2 | | |
| 85.1 | | |
| 88.1 | |
Measured + Indicated | |
| 20.6 | | |
| 3.18 | | |
| 2.53 | | |
| 0.34 | | |
| 0.18 | | |
| 87.2 | | |
| 85.1 | | |
| 88.1 | |
Inferred | |
| 12.2 | | |
| 3.24 | | |
| 2.60 | | |
| 0.35 | | |
| 0.18 | | |
| 87.2 | | |
| 85.1 | | |
| 88.1 | |
TEMBO ZONE -
All Mineralization Types | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Measured | |
| 8.0 | | |
| 2.33 | | |
| 1.80 | | |
| 0.25 | | |
| 0.16 | | |
| 87.2 | | |
| 85.1 | | |
| 88.1 | |
Indicated | |
| 5.8 | | |
| 2.30 | | |
| 1.79 | | |
| 0.24 | | |
| 0.15 | | |
| 87.2 | | |
| 85.1 | | |
| 88.1 | |
Measured + Indicated | |
| 13.8 | | |
| 2.32 | | |
| 1.80 | | |
| 0.25 | | |
| 0.15 | | |
| 87.2 | | |
| 85.1 | | |
| 88.1 | |
Inferred | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 87.2 | | |
| 85.1 | | |
| 88.1 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Measured | |
| 14.1 | | |
| 2.61 | | |
| 2.03 | | |
| 0.28 | | |
| 0.17 | | |
| 87.2 | | |
| 85.1 | | |
| 88.1 | |
Indicated | |
| 29.5 | | |
| 2.55 | | |
| 2.02 | | |
| 0.28 | | |
| 0.15 | | |
| 87.2 | | |
| 85.1 | | |
| 88.1 | |
Measured + Indicated | |
| 43.6 | | |
| 2.57 | | |
| 2.02 | | |
| 0.28 | | |
| 0.16 | | |
| 87.2 | | |
| 85.1 | | |
| 88.1 | |
Inferred | |
| 17.5 | | |
| 2.79 | | |
| 2.23 | | |
| 0.31 | | |
| 0.16 | | |
| 87.2 | | |
| 85.1 | | |
| 88.1 | |
| 1. | This
table reports the Mineral Resources for the combined massive sulfide and ultramafic mineralization
types. |
| 2. | Mineral
Resources are reported exclusive of Mineral Reserves. There are no Mineral Reserves to report. |
| 3. | Mineral
Resources are reported showing only the Lifezone Metals attributable tonnage portion, which
is 69.713% of the total. |
| 4. | Cut-off
uses the NiEq23 using a nickel price of $9.50/lb, copper price of $4.00/lb and cobalt price
of $26.00/lb with allowances for recoveries, payability, deductions, transport and royalties. |
NiEq23%
= Ni% + Cu% x 0.411 + Co% x 2.765.
| 5. | The
Mineral Resource metallurgical recovery assumptions are: nickel 87.2%, copper 85.1% and cobalt
88.1% |
| 6. | The
point of reference for Mineral Resources is the point of feed into a processing facility. |
| 7. | All
Mineral Resources in the 2023MRU were assessed for reasonable prospects for eventual economic
extraction by reporting only material above a cut-off grade of 0.58% NiEq23. |
| 8. | Totals
may vary due to rounding. |
Kabanga Mineral Resource Update 2023 12 07 | 11 |
Appendix:
Kabanga Nickel Project Mineral Resource Update by zone on an attributable to Lifezone Metals basis (69.7%), as at November 30, 2023 –
based on $9.50/lb nickel price, $4.00/lb copper price and $26.00/lb cobalt price.
| |
Attributable | | |
Grades | | |
Attributable
Contained Metals | |
Mineral Resource | |
Tonnage | | |
NiEq23 | | |
Nickel | | |
Copper | | |
Cobalt | | |
NiEq23 | | |
Nickel | | |
Copper | | |
Cobalt | |
Classification | |
(Mt) | | |
(%) | | |
(%) | | |
(%) | | |
(%) | | |
(kt) | | |
(kt) | | |
(kt) | | |
(kt) | |
MAIN ZONE – All Mineralization
Types |
Measured | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Indicated | |
| 9.3 | | |
| 1.60 | | |
| 1.22 | | |
| 0.20 | | |
| 0.10 | | |
| 148 | | |
| 113 | | |
| 19 | | |
| 10 | |
Measured + Indicated | |
| 9.3 | | |
| 1.60 | | |
| 1.22 | | |
| 0.20 | | |
| 0.10 | | |
| 148 | | |
| 113 | | |
| 19 | | |
| 10 | |
Inferred | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
MNB ZONE – All Mineralization
Types |
Measured | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Indicated | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Measured + Indicated | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Inferred | |
| 1.9 | | |
| 1.47 | | |
| 1.14 | | |
| 0.17 | | |
| 0.09 | | |
| 28 | | |
| 22 | | |
| 3 | | |
| 2 | |
KIMA ZONE – All Mineralization
Types |
Measured | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Indicated | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Measured + Indicated | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Inferred | |
| 3.4 | | |
| 1.95 | | |
| 1.53 | | |
| 0.25 | | |
| 0.11 | | |
| 67 | | |
| 53 | | |
| 8 | | |
| 4 | |
NORTH ZONE – All Mineralization
Types |
Measured | |
| 6.1 | | |
| 2.99 | | |
| 2.34 | | |
| 0.32 | | |
| 0.19 | | |
| 182 | | |
| 142 | | |
| 19 | | |
| 11 | |
Indicated | |
| 14.5 | | |
| 3.26 | | |
| 2.61 | | |
| 0.35 | | |
| 0.18 | | |
| 472 | | |
| 378 | | |
| 50 | | |
| 26 | |
Measured + Indicated | |
| 20.6 | | |
| 3.18 | | |
| 2.53 | | |
| 0.34 | | |
| 0.18 | | |
| 654 | | |
| 521 | | |
| 70 | | |
| 38 | |
Inferred | |
| 12.2 | | |
| 3.24 | | |
| 2.60 | | |
| 0.35 | | |
| 0.18 | | |
| 394 | | |
| 316 | | |
| 43 | | |
| 22 | |
TEMBO ZONE – All Mineralization
Types |
Measured | |
| 8.0 | | |
| 2.33 | | |
| 1.80 | | |
| 0.25 | | |
| 0.16 | | |
| 186 | | |
| 144 | | |
| 20 | | |
| 12 | |
Indicated | |
| 5.8 | | |
| 2.30 | | |
| 1.79 | | |
| 0.24 | | |
| 0.15 | | |
| 132 | | |
| 103 | | |
| 14 | | |
| 8 | |
Measured + Indicated | |
| 13.8 | | |
| 2.32 | | |
| 1.80 | | |
| 0.25 | | |
| 0.15 | | |
| 319 | | |
| 247 | | |
| 34 | | |
| 21 | |
Inferred | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
OVERALL MINERAL RESOURCE –
All Mineralization Types |
Measured | |
| 14.1 | | |
| 2.61 | | |
| 2.03 | | |
| 0.28 | | |
| 0.17 | | |
| 368 | | |
| 286 | | |
| 39 | | |
| 24 | |
Indicated | |
| 29.5 | | |
| 2.55 | | |
| 2.02 | | |
| 0.28 | | |
| 0.15 | | |
| 753 | | |
| 595 | | |
| 83 | | |
| 45 | |
Measured + Indicated | |
| 43.6 | | |
| 2.57 | | |
| 2.02 | | |
| 0.28 | | |
| 0.16 | | |
| 1,121 | | |
| 881 | | |
| 122 | | |
| 69 | |
Inferred | |
| 17.5 | | |
| 2.79 | | |
| 2.23 | | |
| 0.31 | | |
| 0.16 | | |
| 489 | | |
| 391 | | |
| 54 | | |
| 27 | |
| 1. | This
table reports the Mineral Resources for the combined massive sulfide and ultramafic mineralization
types. |
| 2. | Mineral
Resources are reported exclusive of Mineral Reserves. There are no Mineral Reserves to report. |
| 3. | Mineral
Resources are reported showing only the Lifezone Metals attributable tonnage portion, which
is 69.713% of the total. |
| 4. | Cut-off
uses the NiEq23 using a nickel price of $9.50/lb, copper price of $4.00/lb and cobalt price
of $26.00/lb with allowances for recoveries, payability, deductions, transport and royalties. |
NiEq23%
= Ni% + Cu% x 0.411 + Co% x 2.765.
| 5. | The
Mineral Resource metallurgical recovery assumptions are: nickel 87.2%, copper 85.1% and cobalt
88.1% |
| 6. | The
point of reference for Mineral Resources is the point of feed into a processing facility. |
| 7. | All
Mineral Resources in the 2023MRU were assessed for reasonable prospects for eventual economic
extraction by reporting only material above a cut-off grade of 0.58% NiEq23. |
| 8. | Totals
may vary due to rounding. |
Kabanga
Mineral Resource Update 2023 12 07 |
12 |
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