Lifezone Metals Limited

Lifezone Metals Limited announced a US$8 million reduction in the cap on consideration payable to BHP Billiton (UK) DDS Limited, after an independent expert review confirmed the Kabanga Nickel Project's Resettlement Action Plan remained in material alignment with the International Finance Corporation's Performance Standard 5. The reduction follows the July 2025 definitive agreement under which Lifezone is acquiring BHP's 17% equity interest in Kabanga Nickel Limited, which required independent verification after a 12-month period that the plan had been prepared, developed and implemented in material alignment with IFC PS5 objectives. The review was conducted during August and September 2026 by Ed O'Keefe of Synergy Global Consulting, acting as the RAP expert, who confirmed the finding in a detailed report following a desktop review and site visit. 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 indexed to Lifezone's share price. Lifezone CEO Chris Showalter said the confirmation reflects the care and discipline being applied as the company progresses and the strength of its approach to responsible project development at Kabanga.