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(BUSINESS WIRE)--Galderma:

Delivered against full year guidance for another consecutive year with strong financial performance

Galderma achieved net sales of 4.082 B USD, up 8.5% year-on-year on a constant currency basis1 in FY 2023, at the higher end of its 6-9% net sales growth 2023 FY guidance, and surpassed 4 B USD in net sales for the first time
Positive momentum across all product categories outperforming fast growing market segments, with year-on-year net sales growth on a constant currency basis of 6.5% in Injectable Aesthetics, 12.1% in Dermatological Skincare, and 8.7% in Therapeutic Dermatology
Core EBITDA for 2023 was 942 M USD, representing a 23.1% Core EBITDA margin, with 21.4% year-on-year growth on a constant currency basis. Core EBITDA margin expansion was significant, up 281 basis points versus prior year on a constant currency basis in line with its 2023 FY guidance range
Continued commercial execution and pipeline advancements

In Injectable Aesthetics, Galderma continued to outpace the market with global share gains in neuromodulators, fillers and biostimulators. The Company also announced positive results from two phase IIIb trials investigating RelabotulinumtoxinA (QM-1114), for the treatment of glabellar lines (“frown lines”) and lateral canthal lines (“crow’s feet”)
Dermatological Skincare flagship brands, Cetaphil and Alastin, drove substantial growth ahead of the market, with continued geographic and portfolio expansion including the launch of Cetaphil Healthy Renew, Alastin ReSURFACE Skin Polish and the C-RADICAL Defense Antioxidant Serum
In Therapeutic Dermatology, Galderma made progress to expand its leading portfolio and planned entry into the fast-growing biologics sub-segment. The Company showcased positive data from four phase III trials investigating the treatment of atopic dermatitis and prurigo nodularis with nemolizumab, meeting all primary and secondary endpoints across trials. On February 14, 2024, Galderma announced regulatory filing acceptances for nemolizumab in prurigo nodularis and atopic dermatitis in the U.S. and EU.
2024 guidance

In 2024, Galderma expects to deliver 7-10% net sales growth on a constant currency basis and a Core EBITDA margin in line with 2023 at constant currency, despite significantly increased investments in nemolizumab
 

“This has been a landmark year for Galderma, underscoring the strong momentum and sustained growth we have seen over the past four years. We expect this momentum to continue in 2024 and beyond, leveraging our pure-play dermatology focus, the strong positions of our leading brands such as Cetaphil, Dysport, Sculptra and Restylane, our global scale with omnichannel execution excellence and our market leading education and services. With our robust and fully established integrated dermatology platform and our leading science and innovation, Galderma is set to continue on its strong growth trajectory.”

FLEMMING ØRNSKOV, M.D., MPH
CHIEF EXECUTIVE OFFICER

Financial performance

In 2023, for a second year in a row, Galderma delivered at the higher end of its net sales guidance for FY 2023, with 8.5% year-on-year net sales growth on a constant currency basis to 4.082 B USD, driven by volume growth across all product categories and a positive product mix impact in Injectable Aesthetics, complemented with price gains.

Injectable Aesthetics delivered 6.5% year-on-year net sales growth on a constant currency basis driven by double-digit growth in neuromodulators, which saw market share gains across all key markets. Fillers and biostimulators gained market share in International markets2 and competed for #1 position in the U.S. despite a soft filler market following normalization from a post-COVID rebound, with especially strong growth from Sculptra®.
Dermatological Skincare continued to outperform the market, with year-on-year net sales growth of 12.1% on a constant currency basis, driven by Cetaphil® growth momentum, with especially strong performance in Asia and Latin America, as well as continued strong Alastin® growth, leveraging synergies with Injectable Aesthetics and supported by new launches.
Therapeutic Dermatology recorded net sales growth of 8.7% on a constant currency basis driven by successful yield improvement measures in the U.S. boosting Differin®, Soolantra® and Aklief®, and growth in International markets.
From a geographical perspective, International markets grew 12.3% year-on-year on a constant currency basis, driven by strong performance in China, India, Brazil, UK, and Mexico, with double-digit growth in Injectable Aesthetics and Dermatological Skincare, and mid-single-digit growth in Therapeutic Dermatology despite generic entries. U.S. net sales grew 4.2% year-on-year on a constant currency basis, with double-digit growth in the second half of the year following a high comparable base in Injectable Aesthetics in the first half.

Galderma delivered Core EBITDA of 942 M USD (23.1% margin), representing 21.4% year-on-year growth on a constant currency basis, and a Core EBITDA margin expansion of 202 basis points on a reported basis (281 basis points on a constant currency basis) in line with its guidance range of +200 to +300 basis points versus 2022. 2023 margin expansion was driven by gains from premiumization, structural cost savings, and operating expenses leverage, partially offset by nemolizumab investments.

On 26 June 2023, Galderma announced a private placement of approximately 1 B USD from a group consisting of current shareholders, new investors, as well as management. The proceeds have been used to strengthen the Company’s balance sheet and to further accelerate its organic growth.

In 2024, Galderma expects to deliver 7-10% net sales growth on a constant currency basis. Core EBITDA margin at constant currency is expected to be in line with 2023, despite an expected increase in the company’s investments in 2024 behind nemolizumab’s potential bolstered by its recently announced clinical differentiation and regulatory progress. Galderma expects its underlying profitability (excluding the impact of its investments in nemolizumab) to continue to expand in 2024 as it executes its proven integrated dermatology strategy.

Progressing on a proven integrated strategy and innovation pipeline

Injectable Aesthetics

In 2023, Galderma continued on its above-market growth trajectory, with market share gains in neuromodulators, fillers and biostimulators. The strong momentum is based on continued execution of Galderma’s three strategic pillars, expanding the broadest portfolio in Injectable Aesthetics with leading science and innovation, strengthening commercial execution, and offering market-leading education and services.

Some highlights from 2023 included increasing and deepening the relationship with healthcare professionals globally, with the expansion of the salesforce as well as scaling of the Galderma Aesthetics Injector Network (GAIN) providing leading medical trainings, and amplifying consumer reach through digital activation. The launch and global roll-out is ongoing for FACE by Galderma™, an exclusive augmented reality visualization consultation tool that simulates the results of injectable treatments real-time, as is the scaling of ASPIRE, Galderma’s loyalty program in the U.S for consumers and healthcare professionals. Galderma progressed on leading innovation across its portfolio, with key announcements outlined below.

In 2023, Galderma announced positive results from two phase IIIb trials investigating RelabotulinumtoxinA (QM-1114), for the treatment of frown lines and crow’s feet. Both studies met their primary endpoints, demonstrating significant improvements for both frown lines and crow’s feet, with a rapid onset of action as early as day one and a long duration beyond six months4. RelabotulinumtoxinA is a highly active, complex-free, and ready-to-use liquid botulinum toxin A with a proprietary strain and manufactured using a unique state-of-the-art process, with the opportunity to expand Galderma’s neuromodulator portfolio globally. Regulatory approval activities are ongoing for RelabotulinumtoxinA in the U.S., Europe and other markets.

In addition, in neuromodulators, Alluzience’s® first phase IV study, STAR, showed rapid onset starting on day one, lasting effects up to six months, with 99% of subjects displaying aesthetic improvement at month one and 76% maintaining it up to month six3. At the first Liquid Live event in Dubai, Galderma highlighted its plans to launch Alluzience, the first and only liquid ready-to-use neuromodulator in 13 new countries.

In fillers and biostimulators, Galderma continued to develop innovation for Sculptra, the unique and original PLLA-SCA5 collagen stimulator which is celebrating its 25th anniversary in 2024. In 2023, it received approval by the U.S. Food and Drug Administration (“FDA”) for the correction of fine lines and wrinkles in the cheek area.

The Company also continued to build out its Restylane portfolio with the launch of Restylane Eyelight™ in the U.S., and Restylane SHAYPE™ received approval from Health Canada in 2023 for temporary augmentation of the chin region given its ‘bone-mimicking’ properties using NASHA HD™ technology.

Dermatological Skincare

In 2023, strong growth momentum was driven by Galderma’s two flagship brands in Dermatological Skincare, Cetaphil and Alastin. Both brands outpaced the market, based on differentiated positioning in sensitive skin and peri-procedure skincare respectively as well as part of Galderma integrated dermatology platform, with unique portfolio synergies when executing on Galderma’s strategic pillars.

Cetaphil, with over 75 years of heritage in sensitive skincare, surpassed a record 1 B USD in net sales in 2023. Cetaphil’s portfolio of products continued to evolve to address a wide range of sensitive skin needs. For example, Cetaphil Healthy Renew, the first of its kind, healthy-aging skincare line, was launched in Brazil and the U.S., offering consumers a retinol alternative for sensitive skin, formulated with purified peptides to help defend against visible signs of aging.

Cetaphil also continued to focus on its omnichannel execution, especially in fast-growing markets, with the expansion of its salesforce, retailer distribution, as well as e-commerce and digital engagement. One of the value-adding digital offerings launched in 2023 is the Cetaphil AI Skin Analysis, a comprehensive skin analyzer offering personalized skin assessment scores and skincare regimen recommendations. With a selfie, the digital tool compares the photo to a robust database of 70,000 diverse skin images to create an inclusive, personalized report revealing skin type, skin concerns and proneness to various skin conditions.

In 2023, the growth of Alastin remained strong, especially with increased account penetration in the U.S., based on salesforce expansion, commercial synergies with Injectable Aesthetics, and differentiated innovation. Galderma continued to build out its Alastin portfolio, with new launches such as ReSURFACE Skin Polish® and C-RADICAL® Defense Antioxidant Serum. Galderma also initiated targeted international expansion of its Alastin range in the UK and Mexico while gaining direct distribution in Canada.

At the 25th World Congress of Dermatology, the Global Sensitive Skincare Faculty, in collaboration with the George Washington University, presented the results from the most extensive global epidemiological study ever to assess and characterizing sensitive skin worldwide. Including more than 10,000 participants spread across seven countries and five continents, the outcome of the research is a much more diverse and inclusive understanding of global trends and specific nuances of sensitive skin sufferers.

Therapeutic Dermatology

In Therapeutic Dermatology, Galderma continued to execute on Galderma’s three strategic pillars for its portfolio while progressing the development of nemolizumab, a first-in-class investigational monoclonal antibody that blocks the signaling of IL-31, a neuroimmune cytokine responsible for driving multiple disease mechanisms in atopic dermatitis and prurigo nodularis. With its differentiated clinical profile, nemolizumab represents the opportunity to expand on Galderma’s leading Therapeutic Dermatology portfolio and enter into the fast-growing biologics sub-segment.

In 2023, Galderma showcased positive data from four pivotal phase III trials investigating the treatment of atopic dermatitis and prurigo nodularis with nemolizumab. The positive trial results demonstrated that nemolizumab used in monotherapy for the treatment of prurigo nodularis and with topical corticosteroids or topical calcineurin inhibitors for atopic dermatitis showed fast itch relief (as early as Day Two and improving over time, with a significant impact also on sleep and quality of life), lasting skin clearance (significantly improved through Week 16 and beyond), a favorable safety profile and ease of use as the first biologic candidate with once-every-four-week dosing. Additional data also supports the option to reduce to every-eight-week dosing for maintenance in atopic dermatitis. In 2023, results from the OLYMPIA 2 trial in prurigo nodularis were published in The New England Journal of Medicine6.

On 14 February 2024, Galderma announced that the FDA accepted its Biologics License Applications (“BLA”) for nemolizumab for the treatment of patients with prurigo nodularis and for adolescents and adults with moderate to severe atopic dermatitis. Nemolizumab was granted FDA Priority Review for prurigo nodularis. In addition, the European Medicines Agency (“EMA") has also accepted the Marketing Authorization Applications (“MAA”) for nemolizumab in prurigo nodularis and atopic dermatitis. Further submissions to regulatory authorities in additional countries are planned in 2024.

Beyond nemolizumab, Galderma continued to deliver positive data across its Therapeutic Dermatology portfolio. In 2023, the Company’s position in acne was strengthened by presenting new data on trifarotene (Aklief®) from the phase IV START study showing statistically and clinically significant reduction in the risk of atrophic acne scarring, high patient satisfaction and patient compliance, as well as data from the phase IV LEAP study demonstrating a reduction in post-inflammatory hyperpigmentation.

The Company also continues to bring differentiated innovation to market and in 2023 entered a new acne spot treatment segment with the launch of its science-backed technology behind Benzac and Differin patches in the UK and Italy for the treatment of emerging pimples.

Leadership in education and services

In 2023, Galderma remained true to its commitment to advancing innovation and scientific knowledge in dermatology. Throughout the year, Galderma had a significant presence at major congresses and events, presenting over 50 scientific presentations at the World Congress of Dermatology, contributing to the European Academy of Dermatology and Venereology (EADV), the Aesthetic & Anti-Aging Medical World Congress (AMWC), the American Academy of Dermatology (AAD), and IMCAS World Congress.

The Company also managed to deliver market-leading and differentiated education and services across categories. This included training and engaging with more than 130,000 healthcare professionals through more than 11,000 Galderma Aesthetics Injector Network (GAIN) events and other medical education and awareness programs in 2023.

In 2023, Galderma further consolidated its ESG profile by rolling out a dedicated executive-level ESG oversight and instituting the ESG Council. This Council is chaired by the CEO and includes all members of Galderma’s Executive Committee as well as other relevant senior functional leaders and is responsible of all major decisions related to ESG, including climate-related topics.

About Galderma

Galderma is the pure-play dermatology category leader, present in approximately 90 countries. We deliver an innovative, science-based portfolio of premium flagship brands and services that span the full spectrum of the fast-growing dermatology market through Injectable Aesthetics, Dermatological Skincare and Therapeutic Dermatology. Since our foundation in 1981, we have dedicated our focus and passion to the human body’s largest organ – the skin – meeting individual consumer and patient needs with superior outcomes in partnership with healthcare professionals. Because we understand that the skin we are in shapes our lives, we are advancing dermatology for every skin story. For more information: www.galderma.com.

Notes and references:

With respect to period-on-period comparisons, Galderma presents certain financial data on a constant currency basis, which excludes the translation impact of exchange rate movements and excluding hyperinflation economies, and which we refer to as ‘Constant Currency.’ The impact of changes in foreign exchange rates for the years ended December 31, 2023 and 2022 is excluded by translating all reported revenues for the periods being compared using the average exchange rates in effect during the initial year of the relevant period. The Company believes that this measure facilitates an understanding of the underlying economic performance of its operations.
Galderma reports net sales by two geographies: U.S. and International markets
Galderma data on file: initial results of the phase IIIb 43QM2106 trial; initial results of the phase IIIb 43QM2107 trial
Hilton et al. Dermatol Surg 2022;48:1198-202
Poly-L-Lactic Acid – Sculptra
Kwatra SG, et al. Phase 3 trial of nemolizumab in patients with prurigo nodularis. N Engl J Med. 2023;389:1579-89. DOI: 10.1056/NEJMoa2301333
Forward-looking statements

Certain statements in this announcement are forward-looking statements, including 2024 financial targets. Forward looking statements are statements that are not historical facts and may be identified by words such as "plans", "targets", "aims", " believes", "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" and similar expressions. These forward-looking statements reflect, at the time, Galderma's beliefs, intentions and current targets/aims concerning, among other things, Galderma's results of operations, financial condition, industry, liquidity, prospects, growth and strategies and are subject to change. The estimated financial information is based on management's current expectations and is subject to change. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions, intense competition in the markets in which Galderma operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting the Galderma's markets, and other factors beyond the control of Galderma). Neither Galderma nor its shareholders, directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak of the date of this announcement. Statements contained in this announcement regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. Some of the information presented herein is based on statements by third parties, and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, reasonableness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purpose whatsoever.

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Contacts
For further information

Christian Marcoux, M.Sc.
Chief Communications Officer
christian.marcoux@galderma.com
+41 76 315 26 50

Sébastien Cros
Corporate Communications Director
sebastien.cros@galderma.com
+41 79 529 59 85

Emil Ivanov
Head of Strategy, Investor Relations, and ESG
emil.ivanov@galderma.com
+41 21 642 78 12

Jessica Cohen
Investor Relations and Strategy Director
jessica.cohen@galderma.com
+41 21 642 76 43

Dubai, United Arab Emirates - Thursday, 29. February 2024

• Distracted Driving is the #1 mis-behavior leading to death (25% / 85 persons; MOI)
• Behavior study unlocks the root causes for distraction
• Danger of distracted driving is well understood
• 1 out of 5 motorists admit being distracted
• Measures of countering distractions described
• Mobile phone is the biggest source of distraction, but the majority sees a simple fix
• Study commissioned by Al Wathba Insurance and RoadSafetyUAE, conducted by YouGov (n=1,001) in January 2024

Contacts

For further information, please contact:

Thomas Edelmann,

Founder and Managing Director

RoadSafetyUAE

Thomas@RoadSafetyUAE.com

Mob: +971 50 55 19 216

Zeeshan Haider

Head of Marketing & Communications

Tel: +971 2 4185301

Mob: +971 58 530 5200

Email: m_zeeshan@awnic.com

(BUSINESS WIRE)--LTIMindtree [NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, announced that it has joined the IBM Quantum Network to explore quantum computing innovation for the benefit of its global clientele across multiple industries. LTIMindtree is the first Indian Global System Integrator (GSI) to join the IBM Quantum Network.

LTIMindtree will also collaborate with the Indian Institute of Technology (IIT) Madras, which is also an IBM Quantum Innovation Center, on joint quantum research and workforce development.

Scott Crowder, Vice President of IBM Quantum Adoption and Business Development, said, “We are excited to welcome LTIMindtree into the IBM Quantum Network and to help them explore the benefits of quantum computing, both for their internal teams and in solutions for their clients. We are also looking forward to providing technology support for LTIMindtree’s joint research and educational engagements with IIT-Madras, our first IBM Quantum Innovation Center in India.”

As part of the IBM Quantum Network, LTIMindtree expands on its platinum partner status with IBM and joins a global community of Fortune 500 companies, top universities, research labs, and startups. LTIMindtree will have access to IBM resources, including IBM’s global fleet of quantum computing systems over the cloud, software, and associated expertise. This move is a strategic step toward LTIMindtree helping their customers benefit from the transformative value of quantum computing technologies.

Aan Chauhan, Chief Technology Officer, LTIMindtree, said, “We are thrilled to embark on this journey with IBM and IIT Madras, India. These collaborations are more than an innovation milestone; they're an important step towards a future where quantum computing could help solve more complex problems faster and more efficiently. Importantly, it positions us to expedite our customers’ journey towards realizing the immense value of quantum computing, readying them to leverage these advanced technologies for transformative solutions.”

Looking ahead, LTIMindtree’s plans across these collaborations are to establish a series of long-term projects, including applied research toward business and societal problems, quantum computing workshops, and research grants. These initiatives aim to nurture a new generation of quantum computing professionals and researchers at LTIMindtree, creating a sustainable and innovative ecosystem.

For more information on how you can benefit from this groundbreaking collaboration and its future developments, visit: https://www.ltimindtree.com/solving-with-quantum/

About LTIMindtree:

LTIMindtree is a global technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize growth by harnessing digital technologies. As a digital transformation partner to more than 700 clients, LTIMindtree brings extensive domain and technology expertise to help drive superior competitive differentiation, customer experiences, and business outcomes in a converging world. Powered by 82,000+ talented and entrepreneurial professionals across more than 30 countries, LTIMindtree — a Larsen & Toubro Group company — combines the industry-acclaimed strengths of erstwhile Larsen and Toubro Infotech and Mindtree in solving the most complex business challenges and delivering transformation at scale. For more information, please visit https://www.ltimindtree.com/.

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Contacts
Shambhavi Revandkar | shambhavi.revandkar@ltimindtree.com

 (BUSINESS WIRE)--Admitad improves its partner marketing platform to grant access to its ecosystem connecting 100.000 partners and 3000 brands to all sizes of business. Small and medium-sized enterprises frequently face constraints in allocating marketing budgets to campaigns, particularly when the potential for positive returns is uncertain. The partner network has rolled out enhanced platform features, establishing a new digital marketing environment that tackles the challenges faced by brands and online publishers globally.

 The MENA leisure and entertainment sector is expected to welcome around 250 million visitors by 2028, contributing $14 billion to the region’s economy, as estimated by Redseer.

Dubai, United Arab Emirates - Wednesday, 28. February 2024

LG Electronics, one of the leading global technology brands, launched an innovative HVAC training program at the LG Academy located at Jebel Ali, Dubai. The HVAC Course program tailored for Senior Year Engineering students majoring in Mechanical and Electrical disciplines. This program aims to equip students with the practical knowledge and skills necessary to excel in the HVAC industry.

The LG HVAC training program offers a comprehensive curriculum designed to provide students with hands-on experience in HVAC Design and Operation. Spanning over 21 hours, the program covers a wide range of topics. One of the key highlights of the program is its flexibility, recognizing student’s areas of interest. LG offers a customizable curriculum that can be tailored to meet the specific requirements of the participants, whether focusing on design principles or gaining practical experience in system installation and maintenance.

LG reaffirms its commitment to nurturing talent in the engineering sector bridging the gap between academia and the industry by providing students with practical knowledge and resources. LG Aims to empower the next generation of engineers make meaningful contribution to the HVAC industry. The program led by Head of Engineering for the MEA region Mr. Amjad Abu Alika and MEA Regional Hub and LG HVAC Academy leader Mr. Hemant Kumar Sharma.

The program started in December of 2023 and to date have completed training courses with American Sharjah University and Abu Dhabi University.  Over the course of the year, this program will continue in the region, with a target of covering more universities. The LG HVAC training program represents a unique opportunity for senior year engineering students to gain practical knowledge and experience in the HVAC design and operation. LG’s commitment to the future of engineering is evident in its dedication to providing students with the tools and support they need to succeed in the HVAC Industry.

To join the intensive training program, please reach us at our socials @lgairsolutionsgulf

About LG Electronics Air Solution Business Unit

LG Electronics’ Air Solution Business Unit is a global leader in HVAC and energy solutions with a comprehensive portfolio of proven expertise and performance. Launching Korea’s first residential air conditioner in 1968, LG has paved the way for total HVAC solutions over the last five decades through strategic utilization of advanced technologies. With a well-established production base and industry-leading capacity, the company provides effective HVAC solutions for both the commercial and residential sectors. Its wide range of cutting-edge systems for heating, ventilation, and air conditioning truly represents LG’s initiative in offering the most optimized solutions for a variety of uses. Pursuant to its mission of “Innovation for a Better Life,” the company offers solutions boasting high energy efficiency and reliability based on its state-of-the-art know-how and technologies to ensure the most optimal environment for users. For more information, please visit https://www.lg.com/ae/business/air-solution

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Contacts

LG-One

Nora Nassar

Email: Nora.Nassar@lg-one.com

NEW YORK - Monday, 26. February 2024
1.7 Mtpa Phase 1 plus 1.7 Mtpa Phase 2 Expansion for Total 3.4 Mtpa Base Case in the Definitive Feasibility Study

Kabanga Definitive Feasibility Study Remains On-Track for Completion by the End of Q3 2024

Extensive and Ongoing Metallurgical Test Work Demonstrates High Nickel, Copper and Cobalt Recoveries

Kahama Hydromet Refinery Receives its Environmental Impact Assessment Certificate

(BUSINESS WIRE)--Lifezone Metals Limited’s (NYSE: LZM) Chief Executive Officer, Chris Showalter, is pleased to provide an update on progress of the Definitive Feasibility Study underway at its Kabanga Nickel Project, located in north-west Tanzania, and at Kahama, where Kabanga’s Hydromet refinery will be located. Kabanga is believed to be one of the world’s largest and highest grade undeveloped nickel sulfide deposits. The Kahama Hydromet Refinery will allow for in-country beneficiation of nickel, copper and cobalt with low carbon dioxide and zero sulfur dioxide emissions.

Lifezone Metals has determined that a two-phase development plan for its Kabanga Nickel Project will form the base case of the Definitive Feasibility Study. Design work and mine planning to-date supports an expected 3.4 million tonnes per year operation in the aggregate, comprised of a 1.7 million tonne per year Phase 1 and an additional 1.7 million tonne per year Phase 2 expansion.

The Company continues to collaborate closely with its project partner on this two-phased development plan, as well as numerous other Definitive Feasibility Study work streams. Lifezone Metals is working to evolve and integrate sustainability across Project planning, implementation and in-country operational readiness.

The Kabanga Nickel Project Definitive Feasibility Study, which evaluates the technical specifications and economic business case of the Kabanga Underground Nickel-Copper-Cobalt Mine, Kabanga Concentrator and Kahama Hydromet Refinery, is a work-in-progress and mine planning continues, including the application of modifying factors to establish the economic viability of Mineral Reserves, with various major capital items tendered. The study remains on track for completion by the end of Q3 2024.

Mr. Showalter stated: “We have made solid progress advancing the Kabanga Definitive Feasibility Study, which is progressing both on-time and on-budget, with activities occurring across various countries (Tanzania, South Africa and Australia). Ongoing refinement of the development plan and metallurgical testing is aimed at maximizing the net present value of the Project while optimizing capital outlays. We are grateful for the strong support and collaboration from project partner, our local communities and the Tanzanian government, which continues to deliver on key milestones critical to keeping the Project on track.”

Separate programs of extensive metallurgical testing continue in support of process designs for 1) the Kabanga Concentrator and 2) the Kahama Hydromet Refinery.

Kabanga Concentrator Test Work Achieves High Nickel Recovery of 88.2% to a Clean 18.8% Nickel Concentrate

Kabanga Concentrator test work conducted on a range of variability composite samples sourced from the 2023 drilling program, representative of massive sulfide and ultramafic lithology types from the Kabanga North and Tembo zones (refer to Lifezone’s December 7, 2023 news release), has demonstrated high recoveries of nickel, copper and cobalt to concentrate.

The fully optimized locked-cycle test on an Early Years Blend Composite (“EYBC”; a composite sample that is expected to be a representative average of the first years of production from Kabanga) with a feed grade of 2.03% nickel achieved a nickel recovery of 88.2% to a concentrate grading 18.8% nickel (see Figure 1 below). The associated copper and cobalt recoveries into the concentrate were 98.2% and 91.0% at feed grades of 0.30% and 0.17%, respectively. These recoveries are notably higher than the assumed 87.2% nickel, 85.1% copper and 88.1% cobalt flotation recoveries used to calculate the December 2023 Mineral Resource Update.

This test has confirmed the historical pilot-plant results and is also in good agreement with the recovery potential as indicated from mineralogy. Lifezone Metals considers these recoveries to be excellent, the high concentrate grades present an exceptional refinery feed with low levels of deleterious elements. Further variability test work on freshly drilled core intervals was initiated in January 2024 and is currently underway to test variation in lithology.

Historical test work included bench scale, batch open-circuit and locked-cycle flotation test work and two continuous pilot-plant test campaigns. Additional test work in support of the concentrator design for the Kabanga Definitive Feasibility Study has been completed at the Bureau Veritas Laboratory in Perth, under the management of technical teams from Lifezone Metals and DRA Global – the principal consulting engineer responsible for the Kabanga Definitive Feasibility Study.

Over 120 bench-scale, batch open-circuit flotation tests, 116 bench-scale, bulk open-circuit flotation tests and one fully optimized locked-cycle test have been undertaken to date in the current phase of work.

Kahama Hydromet Refinery Test Work Shows that High Recoveries to Finished Metals are Achievable within Short Timeframes

Test work in support of the Kahama Hydromet Refinery design, using Lifezone’s Hydromet Technology, for the Kabanga DFS is continuing at Lifezone’s Laboratory in Perth, Australia, under the management of technical teams from Lifezone Metals with support from DRA Global.

Definitive Feasibility Study refinery flowsheet test work undertaken to date includes over 164 bench-scale, batch open-circuit tests and 73 bench-scale locked-cycle tests, incorporating pressure oxidation, solid-liquid separation, neutralization, upgrading and purification processing units. The work has been conducted on a range of concentrate samples generated from the flotation program, representative of massive sulfide and ultramafic lithology types from the North and Tembo zones. The objective is to characterize the unit process responses, support flowsheet design parameters and generate bulk samples for materials handling, paste fill and residue characterization test work.

Concentrate produced from grade-optimized bulk flotation test work was used for hydrometallurgical testing in support of process design, comprising North Deep massive sulfide with mining dilution and grading approximately 19% nickel, 4% copper and 2% cobalt. Concentrate pressure leach extractions through an average of 12 tests (4 open circuit and 8 locked cycle) were 98.5% for nickel, 97.2% for copper and 98.9% for cobalt. This data set has confirmed the preliminary findings previously reported and is also in good agreement with the recovery potential as indicated from mineralogy. Pressure oxidation leach rates are confirmed to be rapid (see Figure 3 below).

Locked cycle pressure oxidation – neutralization test work to track and demonstrate metal and impurity deportment is ongoing, along with further optimization of solvent extraction parameters.

Process design, procurement and fabrication activities are currently underway for a semi-continuous pilot-plant testing concentrate derived from Early Years Blend Composite for confirmation of process design criteria for the Kahama refinery treating the Kabanga nickel sulfide concentrate.

The Kahama Hydromet Refinery Receives its Environmental Impact Assessment Certificate from the Government of Tanzania

Lifezone has received the Environmental Impact Assessment certificate of approval for the establishment and operation of the Kahama Hydromet Refinery. This important milestone reflects the hard work and dedication of Lifezone’s environmental team.

Safety remains the Top Priority at Kabanga

Lifezone operates with safety as an ongoing, front of mind initiative at every level, and has recorded more than 1.7 million hours worked without a lost time injury at the Kabanga Nickel Project.

In addition, there have been zero environmental incidents year-to-date.

Qualified Persons

Scientific and technical information in this news release has been reviewed and approved by Dr. Mike Adams, DSc (Eng), PhD (Metallurgical Chemistry), who is a Fellow of The Australasian Institute of Mining and Metallurgy (AusIMM), Southern African Institute of Mining and Metallurgy, and Royal Society of Chemistry, a Qualified Person in accordance with S-K 1300. Dr. Adams is employed by Lifezone Metals as Chief Technology Officer.

If you would like to sign up for Lifezone Metals news alerts, please register here.

About Lifezone Metals

At Lifezone Metals (NYSE: LZM), our mission is to provide cleaner and more responsible metals production and recycling. Using a scalable platform underpinned by our Hydromet Technology, we offer lower energy, lower emission 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 undeveloped nickel sulfide deposits. By pairing with our Hydromet Technology, we are working to unlock a new source of LME-grade nickel, copper and cobalt for the global battery metals markets, and empower Tanzania to achieve full in-country value creation and become the next premier source of Class 1 nickel. A Definitive Feasibility Study for the project is due for completion by Q3 2024.

Through our US-based, platinum, palladium and rhodium recycling joint venture, we are working to demonstrate that our Hydromet Technology can process and recover platinum group metals from responsibly sourced spent automotive catalytic converters in a cleaner and more efficient way than conventional smelting and refining methods.

www.lifezonemetals.com

Cautionary Statement

The Definitive Feasibility Study is a work-in-progress and mine planning continues, including the application of modifying factors to establish the economic viability of Mineral Reserves. Information provided in this news release is current at the date of this release and may be subject to change as the Definitive Feasibility Study progresses.

Forward-Looking Statements

Certain statements made herein are not historical facts but may be considered “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended and the “safe harbor” provisions under the Private Securities Litigation Reform Act of 1995 regarding, amongst other things, the plans, strategies, and prospects, both business and financial, of Lifezone Metals Limited and its subsidiaries and/or affiliates.

Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” or the negatives of these terms or variations of them or similar terminology or expressions that predict or indicate future events or trends or that are not statements of historical matters; provided that the absence of these does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding future events, the estimated or anticipated future results of Lifezone Metals, future opportunities for Lifezone Metals, including the efficacy of Lifezone Metals’ hydrometallurgical technology (Hydromet Technology) and the development of, and processing of mineral resources at, the Kabanga Project, and other statements that are not historical facts.

These statements are based on the current expectations of Lifezone Metals’ management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Lifezone Metals and its subsidiaries. These statements are subject to a number of risks and uncertainties regarding Lifezone Metals’ business, and actual results may differ materially. These risks and uncertainties include, but are not limited to: general economic, political and business conditions, including but not limited to the economic and operational disruptions; global inflation and cost increases for materials and services; reliability of sampling; success of any pilot work; capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; changes in government regulations, legislation and rates of taxation; inflation; changes in exchange rates and the availability of foreign exchange; fluctuations in commodity prices; delays in the development of projects and other factors; the outcome of any legal proceedings that may be instituted against the Lifezone Metals; our ability to obtain additional capital, including use of the debt market, future capital requirements and sources and uses of cash; the risks related to the rollout of Lifezone Metals’ business, the efficacy of the Hydromet Technology, and the timing of expected business milestones; the acquisition of, maintenance of and protection of intellectual property; Lifezone’s ability to achieve projections and anticipate uncertainties relating to our business, operations and financial performance, including: expectations with respect to financial and business performance, financial projections and business metrics and any underlying assumptions; expectations regarding product and technology development and pipeline; the effects of competition on Lifezone Metals’ business; the ability of Lifezone Metals to execute its growth strategy, manage growth profitably and retain its key employees; the ability of Lifezone Metals to reach and maintain profitability; enhancing future operating and financial results; complying with laws and regulations applicable to Lifezone Metals’ business; Lifezone Metals’ ability to continue to comply with applicable listing standards of the NYSE; the ability of Lifezone Metals to maintain the listing of its securities on a U.S. national securities exchange; our ability to comply with applicable laws and regulations; stay abreast of modified or new laws and regulations applying to our business, including privacy regulation; and other risks that will be detailed from time to time in filings with the U.S. Securities and Exchange Commission (SEC).

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. However, while Lifezone Metals may elect to update these forward-looking statements in the future, Lifezone Metals specifically disclaims any obligation to do so.

These forward-looking statements should not be relied upon as representing Lifezone Metals’ assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements. Nothing herein should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results in such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which are based upon information available to us as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. In all cases where historical performance is presented, please note that past performance is not a credible indicator of future results.

Except as otherwise required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data, or methods, future events, or other changes after the date of this communication, except as required by applicable law.

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Contacts
Investor Relations – North America
Evan Young
SVP: Investor Relations & Capital Markets
evan.young@lifezonemetals.com

Investor Relations – Europe
Ingo Hofmaier
Chief Financial Officer
ingo.hofmaier@lifezonemetals.com

Media Enquiries
David Petrie
Manager: Corporate Communications
david.petrie@lifezonemetals.com

BARCELONA, Spain - Tuesday, 27. February 2024 AETOSWire 

1NCE is a recognized standard for connecting low data products and now challenges the industry paradigm for high data IoT.
High data use cases like cameras can be connected the 1NCE Way for a single rate of $5 USD per GB worldwide.
(BUSINESS WIRE)--1NCE, a company offering a software platform for connected products, today launched high data IoT for its customers for one global price with no hidden fees or commitments. The announcement was made during the company’s presentation at Mobile World Congress in Barcelona.

1NCE has disrupted the IoT connectivity industry since 2018. Today, more than 18,000 customers around the world are using 1NCE’s software and connectivity services. Its lifetime license has been a perfect match for low data use cases such as smart metering, street lighting and asset tracking.

Now with the introduction of high data, even more use cases can be managed on the 1NCE platform. For $5 USD per GB, customers can connect their high data products – such as surveillance video and industrial monitoring – anywhere in the world with speeds up to 25 Mb/s. The single global price can be booked as a feature for customers on the 1NCE platform.

Kenny Hawk, Chief Executive Officer of Mojio: “1NCE made it so easy to setup IoT connectivity for Mojio’s video telematics global platform. Adding high data to their already impressive platform opens a new dimension for us to innovate and enhance the value of our data to make drivers safer, save time and save money.”

Ivo Rook, Chief Operating Officer at 1NCE: “Last year, our customers grew a staggering 42 percent, outperforming their competitors by rolling out more products across multiple countries with 1NCE. Opening our platform for high data was the next logical step to support their expansion.”

No volume commitments. No overage penalties. No hidden fees. Available in 165+ countries. That’s the 1NCE Way.

New customers can get started with 1NCE at the online shop with support available in 25 languages.

About 1NCE

1NCE is a company offering a software platform for connected products that delivers future-proof, hassle-free IoT in 168 countries and regions. The software platform enables customers to easily, securely and reliably collect device data and turn it into actionable intelligence. This accelerates time-to-market for data collection projects by months, increases device lifetime by years, and allows efficient management of sensors from initial deployment to the end of the product lifecycle. More than 18,000 customers and 60 Fortune 500 companies have trusted 1NCE with more than 22 million connected products. Learn more at www.1NCE.com and follow on Facebook, LinkedIn and Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240226555046/en/

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Contacts
Brad Chase // brad.chase@1NCE.com