Lifezone Metals Announces Completion of Funding for Phase 1 Platinum, Palladium and Rhodium Recycling Joint Venture with Glencore

Lifezone Metals Limited's (NYSE:LZM) Chief Executive Officer, Chris Showalter, is pleased to announce the signing of the Subscription Agreement and completion of funding for Phase 1 of the joint venture with a wholly owned subsidiary of Glencore plc (LSE: GLEN) for a platinum, palladium and rhodium (collectively platinum group metals or "PGMs") recycling project which will utilize Lifezone Metals' hydrometallurgical technology ("Hydromet").

Phase 1 of the joint venture implementation is already underway and involves a confirmatory program of pilot work in Lifezone Metals' laboratories in Perth, Australia. Following successful completion of Phase 1, Phase 2 will involve Lifezone Metals and Glencore jointly funding the capital expenditures required to construct a commercial-scale PGM recycling facility in the United States.

The signing of the Subscription Agreement, along with the completion of Phase 1 funding, means the estimated US$3 million required for the confirmatory pilot project cost has now been finalized. Lifezone Metals and Glencore have contributed US$1.5 million each to the project. Phase 1 is expected to be completed in the first half of 2024.