Kabanga Belt, NW Tanzania · Ni-Cu-Co · Lifezone Metals, via Kabanga Nickel Limited (KNL) holding 84% of Tembo Nickel Corporation Limited (TNCL)
Where the record disagrees with itself
all desks — what is left to reconcile before you rely on a number?
Ten divergences located, checked 1 Sep 2026. Each shows what two documents state, on what basis, as at what date. No record states which figure is correct, and none characterises any party's conduct. Method and evidence bar: Divergence Record · machine-readable: /api/v1/divergences.json
What was searched, and what was not. Five fields: reserve/resource, resource M+I, FID timing, development stage, operating status — against the Nov-2023 MRU, the Jul-2025 FS-TRS, the Jul-2025 and Jul-2026 Forms 6-K, and this platform's own feeds. Since searched with no divergence located: capex US$942m pre-production, after-tax NPV8 US$1,579m, IRR 23.3%, ownership 84% Lifezone / 16% Government of Tanzania after the July 2025 BHP acquisition — each cross-checked between the claimant’s FS-TRS announcement and this platform’s feeds. Government take searched on 1 Sep 2026 against Notes 10, 14 and 17 of the H1 2026 filing. All eleven in-scope fields are now searched under the two-question method — the first asset on the platform with declared full coverage. Complete as at the searched date, not permanent: the next claimant filing reopens it.
Re-audit under the two-question method (31 Aug 2026). Four of the ten fields have now been re-checked against the second question — has the claimant’s figure moved, and do we show it. Resource line: failed, record above. Capex US$942m, after-tax NPV8 US$1,579m and IRR 23.3%: no restatement located — the FS-TRS figures stand, and the H1 2026 interim results of 29 Jul 2026 report continued pre-FID investment and contract releases without revising them. Nil results within the documents listed, at the searched date. Six fields remain checked under the earlier method only.
Going concern — the issuer’s own assessment, now carried. Lifezone’s Interim Report for H1 2026 (Note 2.2, authorised 29 Jul 2026, read in full from SEC EDGAR on 1 Sep 2026) records net current liabilities of US$17.13m at 30 Jun 2026; a need to raise additional capital within twelve months and specifically in early 2027 for Kabanga and the company’s other segments; forecast pre-FID work consuming all remaining bridge-facility funds; and a facility maturing 31 Jul 2027 that must be refinanced or repaid. The directors state that these conditions give rise to substantial doubt about the company’s ability to continue as a going concern, while considering the going-concern basis appropriate on the expectation of raising funding before any covenant breach. This page carried the same filing’s liquidity figures and not this assessment until 1 Sep 2026. That was our omission, opened as an unverified item at .94 and corrected here once the filing had been read rather than summarised. The dossier correction is emitter-side and queued.
Four dates in one filing, stated without inference. Bridge facility drawable to 29 Nov 2026; FID case for going-concern purposes Q1 2027, with the filing allowing for later depending on the lender’s view of the Framework Agreement amendment, whose 90-day completion condition lapsed on 29 Jun 2026 and cost 500,000 additional lender warrants; deferred-consideration valuation base case FID 31 May 2027 (a valuation input, not guidance); facility maturity 31 Jul 2027 with a six-month option. The two FID dates are a basis difference and are recorded as such.
Contact disclosure. Afrimintel has had research and outreach contact with Lifezone Metals' leadership and previously delivered a sample dossier on this asset to the company. There is no commercial relationship, no payment in either direction, and no agreement of any kind; the company has not reviewed, endorsed, or been informed of these records. Disclosed so a reader can weigh it.
Reserve vs resource2023 MRU carries 43.6 Mt @ 2.02% Ni (M+I, 100% basis, NI 43-101). 2025 FS-TRS carries 52.2 Mt @ 1.98% Ni (maiden P+P reserve, S-K 1300; attributable 43.9 Mt at 84%). Reconciled: the FS-TRS declares a maiden reserve and restates the resource base. Read the bases before the numbers — 43.6 Mt and the attributable 43.9 Mt differ by 0.3 Mt and are unrelated quantities. basis difference
FID timingMid-2026 target restated to Q1 2027 in the claimant's own Form 6-K of 29 Jul 2026, with a stated reason. Properly disclosed supersession; the guidance register scored the original either way. superseded
Development stage — our defectThe safeguards feed (as_of 29 Jun 2026) still carried the mid-2026 FID target after the 29 Jul restatement. Corrected at v2.137.88 and published rather than fixed silently. vintage lag
Operating status — our defectThis page carried the superseded mid-2026 target until v2.137.88. One claimant restatement updated one surface and not the others; the recurrence is the argument for a wired cross-surface guard. vintage lag
Resource M+I — ours, now resolvedThis page carried 46.8 Mt @ 2.09% Ni labelled only “Lifezone-attributable basis”, with no effective date and no percentage; the reserves feed carries 43.6 Mt @ 2.02% Ni on a 100% basis from the Nov-2023 MRU. Resolved 31 Aug 2026 against Lifezone’s own project page: the 46.8 Mt figure is effective 4 December 2024 and attributable at 69.7%, implying ~67.1 Mt at 100% — consistent with the 67.9 Mt of mill feed in the June-2025 Initial Assessment. A later attributable estimate and an earlier 100% estimate; neither wrong. The defect was ours, and its consequence is arithmetic: attributable ownership moved to 84% in July 2025, so a reader regrossing at today’s percentage would derive a 100% figure about 12% below the correct one. Closed a month ahead of the published resolution date. resolved
Resource line vintage — ours, openOur reserves feed carries 43.6 Mt @ 2.02% Ni (M+I, Nov 2023) as this asset’s resource line. A later estimate effective 4 Dec 2024 is published by the claimant: 46.8 Mt at 2.09% Ni attributable at 69.7%, or ~67.1 Mt on a 100% basis (Derived by arithmetic), plus 11.3 Mt Inferred. That is roughly 54% above the figure we publish. We are carrying a superseded estimate as current while the claimant’s later one sits on its own website. Found by applying to this asset the search question added to the method on 31 Aug — whether the claimant’s figure has moved, not merely whether ours matches theirs. Kabanga’s ten searched fields predate that question and carry a re-audit obligation. Emitter-side fix, due 30 Sep 2026. open
FID date — two in one filingNote 2.2 of the H1 2026 Interim Report uses Q1 2027 as the FID case for going-concern purposes; Note 21 uses 31 May 2027 as the base case for fair-valuing the deferred consideration payable to BHP, with first commercial production 1 Feb 2030. A valuation base case is not a forecast and a going-concern case is not a commitment; the two answer different questions and the document frames each. Recorded so a reader comparing them without that framing does not read a two-month gap as a slip. Our register carries Q1 2027 as the claimant’s stated expectation, which Note 2.2 supports. basis difference
Government take — ours, open, high materialityOur field models the applied fiscal convention — 16% free-carried state interest, Economic Benefit Sharing Principle, LOM government take of US$1.2bn in royalties, fees and levies plus US$2.4bn in corporate income tax — and states that the applied convention resolves the statutory-vs-applied gap. Those LOM figures stand; the filing does not restate them. What the filing discloses and we did not carry is how the regime is being applied today: Tanzanian VAT refunds on project inputs refused and fully provided at US$7.47m (Note 10); a TZS 8.43bn withholding-tax assessment confirmed by the Court of Appeal on 30 Jul 2024 and provided, with a further TZS 12.36bn (US$4.71m) of interest demanded in Mar 2025 and not provided on the expectation that the Framework Agreement amendment will resolve it (Note 17); and a TZS 0.57bn assessment for 2024, partly paid. The issuer states the amendment is not yet signed or effective. No view is offered on any of the three matters. A credit desk reads fiscal stability from application, not from the LOM model alone; our surface spoke only to the model. Emitter-side, due 30 Sep 2026. open
Concentrate grade — open candidateThe FS-TRS filing announcement of 18 Jul 2025 states concentrate containing 17.7% Ni at the steady-state 3.4 Mtpa rate and, in the same document, concentrate grading 17.5% Ni as the intermediate product, with no rate or period qualifier. No inconsistency is asserted: the likeliest reading is steady-state against life-of-mine average, but that is inferred from the text and not stated in it, so it cannot be recorded as reconciled. Resolution needs the FS-TRS itself, not the announcement. Immaterial to any decision; recorded because the method does not permit choosing which divergences to look at. candidate
Findings against the claimantOne open candidate — the concentrate-grade record above — and nothing else located in the ten fields searched, listed above. Those ten were searched under the earlier method and are subject to re-audit; one defect has already surfaced from a partial re-audit, and it was ours. That is not a clean bill on the asset — six in-scope fields remain unsearched and the statement covers only the documents listed, on the date stated. Publishing a nil result within a declared boundary is the point: a layer that shows only problems is not a measurement, and one that implies coverage it does not have is worse. Sourced