Lifezone Metals H1 2024 EPS $(0.14) Up From $(0.18) In H1 2023

Author: Benzinga Newsdesk | August 19, 2024 08:10am

Kabanga Definitive Feasibility Study Nearing Completion; Expected in September

Webcast Today at 10.30 AM ET

Lifezone Metals Limited's (NYSE:LZM) Chief Executive Officer, Chris Showalter, and Chief Financial Officer, Ingo Hofmaier, are pleased to provide an update on recent activities at Lifezone's projects and its H1 2024 unaudited financial results.

Lifezone continues to progress its Kabanga Nickel Project, located in north-west Tanzania, through a strategic partnership with the Government of Tanzania and BHP. Kabanga is believed to be one of the world's largest and highest-grade undeveloped nickel sulfide deposits. In addition, Lifezone continues to advance its partnership with Glencore to recycle platinum, palladium and rhodium in the United States.

Highlights:

• +2 million hours worked at the Kabanga Nickel Project without a lost time injury.
• Design and engineering completed for the Kabanga Nickel Project Definitive Feasibility Study, which remains on track for completion by the end of September.
  • The Project's capital and operating expenditures estimates are currently being finalized, based on an initial 1.7 million tonne per year Phase 1, plus additional 1.7 million tonne per year Phase 2 expansion, for a combined 3.4 million tonne per year underground mining operation, concentrator and Hydromet refinery.
  • The Kabanga Nickel Project is expected to be a fully integrated mine-to-metal operation that will enable a fully auditable supply chain with production of refined, LME-grade nickel, copper and cobalt metals in Tanzania.
• Production of first nickel, copper and cobalt metal cathode samples from Kabanga source material via the semi-continuous Hydromet pilot program at Lifezone's Simulus Labs in Perth, Australia.
• Infrastructure build-out in Tanzania continues with notable recent developments, including:
  • Inaugural Standard Gauge Railway service between the port city of Dar es Salaam and the city of Morogoro began in June,and the upgraded rail connecting Morogoro to Tanzania's capital city of Dodoma was completed in late-July. 1
  • The Tanzania Electric Supply Company Limited ("TANESCO") has started generating surplus electricity at the Julius Nyerere Hydro Power Project after switching on Turbine #7 at the facility, located in eastern Tanzania. Once all nine turbines are operational, it is expected to generate ~2.4 gigawatts of green electricity into the national grid.2
• To date, Lifezone has achieved 95% completion of compensation payments to those persons physically and economically displaced by the Kabanga Nickel Project.
• Pilot work and Feasibility Study for the Phase 1 partnership with Glencore to recycle platinum, palladium and rhodium from spent automotive catalytic converters in the United States is progressing well with planned completion in Q4 2024.
• Healthy cash position of $63.5 million as at June 30, 2024.
  • Basic and diluted loss per share of $0.14 for H1 2024, compared to basic and diluted loss per share of $0.18 in H1 2023.

Posted In: LZM