Name of the Project
Kabanga nickel project.

Location
North-west Tanzania, about 1 300 km north-west of Dar es Salaam. The mine, concentrator and associated infrastructure will be developed at the Kabanga site. 

Project Owner/s
The project is 84%-owned by Lifezone Metals and 16%-owned by the government of Tanzania. 

Project Description
The nickel/copper/cobalt sulphide project is being advanced as a mechanised underground mining operation with an on-site mill, concentrator, tailings storage facility and supporting infrastructure. 

The July 2025 feasibility study is based on only measured and indicated mineral resources converted to proven and probable mineral reserves, and excludes inferred mineral resources from the mine plan and economic analysis. 

The initial development phase is designed for a 3.4-million-tonne-a-year underground mine and concentrator. The operation is expected to produce 52.2-million tonnes of ore over an 18-year mine life grading 1.98% nickel, 0.27% copper and 0.15% cobalt. Ore will be sourced from the North, Tembo and Main zones. 

Mining will use long-hole stoping with paste backfill. Access to the underground mining areas will be established through surface declines at the North and Tembo zones, with the Main zone planned to be developed later in the mine life from the North mine infrastructure. The mine is expected to ramp up to steady-state production of 3.4-million tonnes a year. 

The concentrator will use conventional crushing, grinding and froth flotation to produce a nickel/copper/cobalt flotation concentrate. At steady-state throughput, the concentrator is expected to produce about 350 000 dry tonnes a year of concentrate grading 17.7% nickel, 2.6% copper and 1.3% cobalt. Over the life of the mine, the project is expected to produce 902 000 t of nickel, 134 000 t of copper and 69 000 t of cobalt in concentrate on a 100% basis. 

The concentrate will be transported to the port of Dar es Salaam for export to international customers. 

Lifezone is also continuing work on a possible in-country downstream beneficiation and refining pathway, but this is not included in the July 2025 feasibility-study scope. 

Potential Job Creation
At steady-state operations, the project is expected to employ about 1 090 people, with 91% of roles expected to be filled by Tanzanian nationals. Lifezone also expects additional indirect employment through local supply chains and service providers. 

As at the end of March 2026, the project had 230 employees and contractors directly engaged at Kabanga. 

Net Present Value/Internal Rate of Return
The July 2025 feasibility study estimates an after-tax net present value of $1.58-billion, using an 8% discount rate, and an internal rate of return of 23.3%. These figures are based on long-term consensus prices of $8.49/lb nickel, $4.30/lb copper and $18.31/lb cobalt. 

The project has an estimated after-tax payback period of 4.5 years from first production. 

Capital Expenditure
Preproduction capital expenditure is estimated at $942-million, including a 9.7% contingency. 

Planned Start/End Date
A final investment decision has not yet been announced. 

The feasibility study schedule indicates that project execution is contingent on a financial investment decision (FID), permitting, financing and execution readiness. 

Once started, construction is expected to take about two years, followed by a four-year ramp-up to full-scale mine and concentrator capacity. 

Latest Developments
In the first quarter of 2026, Lifezone continued pre-FID and early works activities at Kabanga. A total of $5-million was drawn under the Taurus Mining Finance senior secured bridge loan facility on March 16, 2026, taking total receipts under the $60-million facility to $25-million by the end of March. A further $16.7-million was received on April 29, 2026, leaving $18.3-million undrawn. 

Project financing work also advanced during the quarter ended March 31, 2026. The US International Development Finance Corporation completed its due diligence, strategic investment negotiations led by Standard Chartered Bank progressed, and the project financing process led by Societe Generale continued through roadshows and the selection of potential development finance institutions and export credit agency pathfinders. Several long-term concentrate offtake negotiations were well advanced. 

Technical and operational work progressed during the quarter, including pre-FID geotechnical investigations, the completion of 163 test pits across the project footprint, geotechnical drilling for ventilation raises at the North and Tembo mines, potable water borehole drilling, topographical and LiDAR surveys, and North boxcut surface works readiness. Value engineering also continued to support front-end engineering design, and site and mining surface infrastructure development. 

Work also continued on the planned 220 kV TANESCO overhead line and permitting. Lifezone reported progress on the implementation agreement and power supply agreements while procurement readiness advanced, with 52 critical-path expressions of interest approved by the Mining Commission and 45 released to market for contracts valued at about $380-million. 

In addition to the special mining licence, all material permits needed for current activities are in place, including the water use and abstraction permit. Progress is also being made on key permits required for early works. Camp upgrades, including accommodation, laydown areas, storage facilities, maintenance areas, and sewerage and water treatment infrastructure, are also advancing. 

On environmental and social matters, Lifezone reported more than 2.7-million hours worked without a lost-time injury at Kabanga by the end of March 2026. It also reported that 100% of cash compensation payments under the resettlement action plan had been made by the end of 2025, with 97% of project-affected households having signed their cash compensation agreements and received payment, while the remainder had been placed in escrow for the benefit of the remaining households. 

Key Contracts, Suppliers and Consultants
DRA Projects (feasibility study); OreWin (geology and mineral resource sections as the qualified person); CRU Group (benchmarking for the project’s position on the global nickel cost curve); Taurus Mining Finance (senior secured bridge loan facility to support pre-FID activities, early works, development work and financing activities); Societe Generale (broader project financing process).

Competitive tender processes and procurement readiness are progressing, including expressions of interest for critical-path contracts valued at about $380-million. 

Contact Details for Project Information
Lifezone Metals, email info@lifezonemetals.com.