Kabanga project

The Kabanga Nickel Project in North-West Tanzania was acquired by Lifezone in 2021.

Kabanga has an historical Mineral Resource estimate attributable to Lifezone of 44 million tonnes at an average in-situ nickel grade of 2.61%, plus 0.35% copper and 0.19% cobalt. Prevailing in-situ Ni-equivalent grade is 3.28% and Ni-equivalent metal content is 3,211 million lbs., including cobalt and copper.(1)(2)(3)(4)(5)(6)(7)(8)

Kabanga will be a mine-to-metal mining operation producing Class 1 nickel, copper and cobalt.

The intention is to produce Class 1, high purity metals for sale to automotive OEMs and battery manufacturers.

Kabanga figures(1)(2)(3)(4)(5)(6)(7)(8)


of exploration and appraisal drilling completed


average grade, amongst the highest grade nickel sulphide deposits in the world with cobalt and copper credits

3,211m lbs.

Ni-equivalent metal content including cobalt and copper.

1. Historical Mineral Resource reported in the Kabanga 2022 Mineral Resource Technical Report Summary effective date 30 November 2022 (“2022MR”).
2. The 2022MR Qualified Persons (QPs) have not done sufficient work to classify the Historical Mineral Resource estimates as current estimates of mineral resources and Lifezone is not treating the estimates as current estimates of mineral resources
3. Mineral Resources are reported exclusive of Mineral Reserves. There are no Mineral Reserves to report.
4. Mineral Resources are reported showing only the Lifezone attributable tonnage portion, which is 76.524% of the total.
5. Cut-off uses the NiEq22 using a nickel price of $9.50/lb, copper price of $4.00/lb, and cobalt price of $26/lb with allowances for recoveries, payability, deductions, transport, and royalties.
NiEq22% = Ni% + Cu% x 0. 411 + Co% x 2.765.
6. The point of reference for Mineral Resources is the point of feed into a processing facility.
7. All Mineral Resources in the 2022MR were assessed for reasonable prospects for eventual economic extraction by reporting only material above a cut-off grade of 0.58% NiEq22.
8. Totals may vary due to rounding.

Next steps

More than $293 million spent by prior owners Glencore and Barrick to accurately delineate the ore body.

This enables our updated Feasibility Study to be produced on an accelerated timeframe.

On-license resource expansion drilling targets already identified.