Lifezone Metals Limited’s (NYSE: LZM) Chief Executive Officer, Chris Showalter, and Chief Technology Officer, Dr. Mike Adams, are pleased to announce first production of platinum, palladium and rhodium, collectively Platinum Group Metals (PGMs), from U.S.-sourced spent automotive catalytic converters (“Autocats”).

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Figure 1: Platinum, palladium and rhodium samples produced by Lifezone’s Hydromet Technology from spent Autocats through pilot test work completed at Lifezone’s Simulus Laboratories in Perth, Australia

The work was undertaken to inform design criteria for a planned Autocats recycling precious metals refinery in the United States and marks the first refined PGMs produced from spent Autocats using Lifezone’s own in-house Hydromet Technology, considered a cleaner, more efficient and integrated processing route for recycling PGMs than traditional smelting and refining.

Highlights:

• Over the course of 24 months and 1,179 locked-cycle and pilot batch tests, involving one ton of U.S.-sourced Autocats material, Lifezone’s Hydromet Technology successfully demonstrated the recovery of >99% platinum and palladium, and 95% rhodium.
• Extensive test work has successfully demonstrated the technology, with high leach extractions, efficient purification and separation steps, and reduction to metal products.
• Further refining optimization targets >99.95% platinum and palladium and >99.9% rhodium metal purities.
• Lifezone’s Hydromet Technology is expected to produce less carbon dioxide emissions per ton of metal, compared to traditional pyrometallurgical smelting and refining technologies, and zero sulfur dioxide emissions.
• This scalable and capital-efficient technology delivers a substantially shorter production and working capital pipeline than conventional pyrometallurgical smelting processing.
• The project continues with ongoing support from Glencore. To date, Glencore has invested $1.5 million for a 6% stake and has the option to fund 50% of the project capital. ¹
• Following this extensive test work campaign and the locking down of the flow sheet, engineering design and feasibility study work is nearing completion. A financial investment decision is anticipated in Q2 2026 for the implementation of a commercial plant in the U.S.

The United States remains structurally dependent on foreign sources for the ~2 million ounces of PGMs it imports annually, primarily from South Africa and Russia, creating persistent economic and national-security vulnerabilities. PGMs are essential inputs for U.S. automotive emissions systems, defense and aerospace manufacturing, medical technologies, and emerging hydrogen and fuel-cell applications.

Lifezone is now focused on advancing our innovative technology to offer the United States an effective and scalable means to achieve a closed-loop system by producing refined PGMs for North American consumers and government strategic stockpiles. Lifezone’s technology reduces dependency on foreign entities and countries, securing domestic PGM production from secondary sources.

Mr. Showalter stated: “Achieving the first-ever production of platinum, palladium and rhodium metal samples from spent Autocats marks a historic milestone towards industrial implementation of Lifezone’s Hydromet Technology. Our customized flowsheet lays a strong foundation for the Company’s overarching aspiration to become the U.S.’ closed loop, traceable and responsibly sourced critical metals solution.

Our first module alone could produce 220 thousand ounces of 3E PGMs annually, nearly matching the only significant primary PGM mine in the U.S. On rhodium specifically, ranked within the highest U.S. supply chain risk category by the U.S. Geological Survey, this is transformative, as we could produce more than five times the current annual figure coming out of the country’s only producing mine, from a single Lifezone Autocats Recycling plant.”

Dr. Mike Adams added: “The production of platinum, palladium and rhodium metal samples from spent Autocats is a groundbreaking achievement for our integrated technology team at Simulus Laboratories and Engineers. This success highlights the effectiveness of our hydrometallurgical techniques and our commitment to sustainable production of critical metals.

The test work confirmed high recoveries (up to 99% Pt & Pd and 95% Rh, as per test no. 0172 ) of these critical metals to platinum, palladium and rhodium metal products, using our technology. Through completing an extensive 1,179 tests, this step-change result supports our objective – to demonstrate that Lifezone’s Hydromet Technology can process and recover PGMs from responsibly sourced spent automotive catalytic converters in a cleaner and more efficient way than conventional smelting and refining methods.”

Figure 1: Platinum, palladium and rhodium samples produced by Lifezone’s Hydromet Technology from spent Autocats through pilot test work completed at Lifezone’s Simulus Laboratories in Perth, Australia.

Extensive batch, locked-cycle and continuous pilot-plant test work for processing of one ton of monolith material derived from spent Autocats, to refined platinum, palladium and rhodium metals has been completed. Stage 1 metal purities achieved were >99% for Pt and Pd, with process optimizations planned to ultimately target >99.95% platinum and palladium and >99.9% rhodium metal purities. This body of work was undertaken to inform design criteria for the planned Autocats precious metals refinery to be located in the United States.

The pilot plant and batch locked-cycle test work has successfully demonstrated the technology, with high leach extractions, efficient purification and separation steps and reduction to refined metallic products. The production pipeline and, hence, the locked-up metal inventory are expected to be substantially shorter than in conventional pyrometallurgical smelting and refining.

Figure 2: Continuous pilot-plant precious metals refinery test work at Lifezone’s Simulus Laboratories

Simulus is a preeminent hydrometallurgical laboratory, testing, and engineering design group. By bringing its highly trained technicians, engineers, and assets into Lifezone in 2023, Lifezone has been able to shorten laboratory testing times, avoid the regular delays that can occur when using external laboratories, maintain IP confidentiality, and better control costs.

Engineering design and feasibility study work is now advancing, based on the demonstrated process flowsheet and design criteria, to enable a financial investment decision for a commercial plant to be implemented in the United States.

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About Lifezone Metals

Lifezone Metals (NYSE: LZM) is committed to delivering cleaner and more responsible metals production and recycling. Through the application of our Hydromet Technology, we offer the potential for lower energy consumption, lower emissions and lower cost metals production compared to traditional smelting.

Our Kabanga Nickel Project in Tanzania is believed to be one of the world's largest and highest-grade development-ready nickel sulfide deposits. By pairing it with our Hydromet Technology, we are working to unlock a new source of nickel, copper and cobalt for the global battery metals markets and to empower Tanzania to achieve in-country beneficiation.

Through our US-based recycling partnership, we are working towards applying our Hydromet Technology to the recovery of platinum, palladium and rhodium from responsibly sourced spent automotive catalytic converters. Our process is expected to be cleaner and more efficient than conventional smelting and refining methods, supporting a circular economy for precious metals.

https://lifezonemetals.com

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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.

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¹ Lifezone_Metals announces completion of funding for PGM Recycling

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