Lifezone Metals Limited (NYSE: LZM) signed an exclusivity agreement with the Government of Burundi for the Musongati nickel laterite project. The signing ceremony occurred at the U.S. Department of State in Washington D.C., with participation from Lifezone CEO Chris Showalter and Burundi's Minister of Mineral Resources Dr. Hassan Kibeya.

The Musongati project contains a resource of more than 140 million tons based on a 2011 study and is located within the East African Nickel Belt, approximately 125 miles southwest of Lifezone's Kabanga Nickel Project in Tanzania. The deposit has been subject to exploration activities for 50 years and may contain copper, cobalt, gold, platinum-group metals and scandium as by-products.

The 14-month exclusivity agreement includes an initial 30-day scoping phase for Lifezone to develop a plan for exploration and economic feasibility assessment. The agreement can be extended to encompass the full duration of the exploration program.

Deputy Assistant Secretary of State Sarah Troutman hosted the ceremony as part of U.S. efforts to secure critical mineral supply chains. Representatives from KoBold Metals also attended and signed a memorandum of understanding with Burundi regarding geological data digitization.

The agreement consolidates deposits within the East African Nickel Belt under Lifezone's portfolio as the company approaches financial close and final investment decision on its Kabanga project. Lifezone states the consolidated resources position the company to compete with Southeast Asian nickel supply on grade and cost.

Information is based on a company press release.