Canadian Lifezone Metals secures $60mn bridge loan to advance Kabanga nickel project in Tanzania

About this update from Lifezone Metals Limited

Lifezone Metals Inc (TSXV: LZM) , a Canadian mineral exploration and development company, has secured a $60mn senior secured bridge loan 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 loan carries an interest rate of 9.25% per annum on drawn amounts, with quarterly payments, supporting the company’s progress toward a final investment decision (FID) expected by mid-2026. 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.” He added that Taurus’s funding enables advancement of critical early-stage development while the company advances efforts with Standard Chartered and Société Générale to secure further strategic investment and comprehensive project financing. The loan is secured by Lifezone’s indirect shares in Kabanga Nickel , related assets, and guarantees from other Lifezone subsidiaries. It matures on July 31, 2027 , with an option for a six-month extension. Lifezone also issued 2.5mn warrants to Taurus, exercisable at $5.42 per share over five years. The financing is especially relevant given nickel’s critical role in electric vehicle (EV) battery production and the global push for decarbonisation. According to the International Energy Agency’s World Energy Outlook 2024, demand for nickel used in EV batteries is expected to more than triple by 2030. Tanzania’s Kabanga project, cited by Benchmark Mineral Intelligence as one of the largest undeveloped nickel sulphide deposits globally, is well positioned to supply this expanding market. Its development bolsters Tanzania’s growing role as a source of critical battery metals amid international efforts to secure sustainable supply chains for clean energy technologies. Kabanga Nickel Limited holds an 84% stake in Tembo Nickel Corporation Limited (TNCL), the Tanzanian operating company, with the government owning the remaining 16%. In July 2025 , Lifezone acquired BHP Billiton’s 17% stake in KNL, gaining full ownership. The mine is projected to produce about 3.4mn tonnes of concentrate annually over an 18-year life, with high grades of nickel, copper, and cobalt. As bne IntelliNews reported, Tanzania’s government expects to collect approximately $7.5bn in fees and taxes over the next 33 years from the Kabanga nickel mining project, highlighting its economic importance to the country. © 2025 bne IntelliNews, source Magazine

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