Kabanga Nickel Project Secures USD 60 Million for Early Works and Infrastructure

Lifezone Metals has secured a USD 60 million bridge loan from Taurus Mining Finance to fund the advancement of the Kabanga Nickel Project in north-west Tanzania.

The facility will finance critical early works and infrastructure development following the completion of the project’s feasibility study, as the company moves toward securing long-term project financing.

According to Lifezone, the senior secured loan is a key step in maintaining momentum during the execution readiness phase, bridging the period between feasibility study completion and the final investment decision, which is expected in mid-2026.

The loan carries an annual interest rate of 9.25% on drawn amounts, payable quarterly, with a 2.25% arrangement fee and a 2.5% annual commitment fee on undrawn amounts.

It is secured by Lifezone’s indirect shareholding in Kabanga Nickel Limited and related project assets. The facility matures on July 31, 2027, with an option for a six-month extension.

As part of the agreement, Lifezone issued 2.5 million warrants to Taurus, exercisable at USD 5.42 per share, expiring in five years.

Lifezone Metals CEO Chris Showalter said: “This announcement further demonstrates the preparation and strategic steps Lifezone has taken in anticipation of consolidating 100% ownership of Kabanga Nickel Limited, which we completed last month. The support from Taurus, a respected and experienced mining finance partner, reflects the strength of our project and our team’s ability to deliver. With the Feasibility Study now complete, Taurus’s funding enables us to advance critical early-stage development while progressing the competitive process underway with Standard Chartered to select additional strategic investment partners. In parallel, we are advancing the project financing process with Societe Generale, as we work toward a comprehensive funding solution for the Kabanga Nickel Project.”

The Kabanga Nickel Project

The Kabanga Nickel Project is considered one of the world’s largest and highest-grade development-ready nickel, copper, and cobalt sulfide deposits.

The feasibility study, filed in July 2025, projects an 18-year mining operation with total ore production of 52.2 million tonnes grading 1.98% nickel, 0.27% copper, and 0.15% cobalt.

The project will operate a 3.4 million tonnes per annum concentrator, producing a high-grade concentrate with 902,000 tonnes of nickel, 134,000 tonnes of copper, and 69,000 tonnes of cobalt over the mine life.

Lifezone holds 84% of the project, with the Government of Tanzania owning the remaining 16%.