Kabanga Nickel Project
The Kabanga Nickel Project in North-West Tanzania was acquired by Lifezone Metals in 2021.
Kabanga is expected to be a mine-to-metal operation producing battery-grade nickel, copper and cobalt for international markets. Lifezone Metals believes that the Kabanga Project comprises one of the world’s largest and highest-grade nickel sulfide deposits.
More than $400 million invested has been in the Kabanga Nickel Project to date.
Kabanga Mineral Resource estimate as of December 4, 2024 as attributable to Lifezone (69.7% of total) of 46.8 million tonnes (Measured and Indicated resources) at 2.09% nickel, 0.29% copper and 0.16% cobalt and additional 11.3 million tonnes (Inferred resources) at 2.08% nickel, 0.28% copper and 0.15% cobalt.1,2, 3, 4, 5, 6, 7, 8
Kabanga Figures1, 2, 3, 4, 5, 6, 7, 8
of exploration and infill drilling completed
Measured and Indicated average nickel equivalent grade, believed to be amongst the highest-grade nickel sulfide deposits in the world
contained nickel equivalent metal in Measured and Indicated
1 – Kabanga Nickel Resource Estimates reported for the combined massive sulfide and ultramafic mineralization types. Refer to the Kabanga 2024 Mineral Resource Update Technical Report Summary (2024 MRU) with an effective date of December 4, 2024 available here.
2 – Mineral Resources are reported exclusive of Mineral Reserves. There are no Mineral Reserves to report.
3 – Mineral Resources are reported showing only the LZM attributable tonnage portion, which is 69.713% of the total.
4 – Cut-off applies to NiEq24, which is derived using a nickel price of $9.50/lb, copper price of $4.50/lb, and cobalt price of $23.00/lb with allowances for recoveries, payability, deductions, transport, and royalties.
5 – NiEq24 formulae are: MSSX NiEq24 = Ni + (Cu x 0.454) + (Co x 2.497); UMAF NiEq24 = Ni + (Cu x 0.547) + (Co x 2.480).
6 –The point of reference for Mineral Resources is the point of feed into a concentrator.
7 – All Mineral Resources in the 2024MRU were assessed for reasonable prospects for eventual economic extraction by reporting only material above cut off grades of: MSSX NiEq24>0.73% and UMAF NiEq24>0.77%.
8 – Totals may vary due to rounding.
