NEW YORK -- 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.

Mr. Showalter stated: “We believe our North American recycling project with Glencore is poised to be an excellent example of the versatility of our Hydromet Technology as a cleaner and more efficient method of metals extraction versus traditional smelting and refining, and our joint venture with Glencore is well positioned to deliver attractive economic returns. The timing of the milestones announced today are consistent with our expectations and allow the project to move along as planned.”