Lifezone Metals' wholly owned subsidiary, Kabanga Nickel, has secured a $60m (£44.57m) bridge loan facility from Taurus Mining Finance Fund No. 2 to fund early works and infrastructure development at its flagship Kabanga nickel project in north-west Tanzania.
The senior secured bridge loan will ensure continued momentum during the transition from feasibility study completion to the final investment decision (FID), anticipated in mid-2026.
The loan carries an interest rate of 9.25% per annum on drawn amounts, with quarterly payments, and is accompanied by arrangement and commitment fees.
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 (KNL), 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 under way with Standard Chartered to select additional strategic investment partners. In parallel, we are advancing the project financing process with Société Générale, as we work toward a comprehensive funding solution for the Kabanga nickel project.”
Collateral for the loan includes a security interest in the shares Lifezone indirectly holds in Kabanga Nickel, as well as security interests in other project-related assets.
Additional guarantees are provided by other Lifezone subsidiaries. As part of the agreement, Lifezone Metals has issued 2.5 million warrants to Taurus, with a five-year expiry and an exercise price of $5.42 per share.
The loan's availability is contingent upon meeting standard conditions precedent, with a maturity date set for 31 July 2027, and an option for Kabanga Nickel to extend for an additional six months.
Concurrently, Lifezone Metals has amended terms with its debenture holders regarding the company's existing senior unsecured convertible debentures.
The Kabanga nickel project is recognised as one of the world's largest and highest-grade development-ready nickel, copper and cobalt sulphide deposits.
It boasts an 18-year life of mine, with Lifezone's attributable ore production estimated at 43.9 million tonnes (mt), with high grades of nickel, copper and cobalt.
The project anticipates a 3.4mt per annum concentrator output, generating significant quantities of nickel, copper and cobalt concentrate.
In July 2025, Lifezone Metals concluded a definitive agreement with BHP Billiton (UK) DDS to acquire its 17% stake in KNL.
This acquisition grants Lifezone full ownership of KNL, which holds an 84% interest in Tembo Nickel Corporation Limited (TNCL), the Tanzanian operating company for the project. The remaining 16% of TNCL is owned by the Government of Tanzania.
