Kabanga Ni (Tanzania)

Kabanga Belt, NW Tanzania · Ni-Cu-Co · Lifezone Metals, via Kabanga Nickel Limited (KNL) holding 84% of Tembo Nickel Corporation Limited (TNCL)

intelligence-gradedevelopment

Derived from the deployed data layer at build · dataset v2.4.3 · record reviewed 2026-05-02 · machine-readable: /api/v1/deposits/kabanga-ni.json

Investment screen

DFI · investment house — is this fundable, watchable, or a pass?

Life-cycle stagedevelopment Derived

Operating statusPre-FID; mid-2026 FID target; execution readiness phase Sourced

Reserve (P+P)52.2 Mt @ 1.98% Ni, 0.27% Cu, 0.15% Co Sourced

Reserve basis (verbatim)100% project basis

Risk-adjusted rate (§10)~11-12% — pre-FID greenfield development Derived

Value anchors

advisory · corporate development — what does the record support?

Resource (M+I)46.8 Mt @ 2.09% Ni, 0.29% Cu, 0.16% Co Sourced

Resource basis (verbatim)Lifezone-attributable basis (NOT directly comparable to reserve without normalising basis)

Primary sourceLifezone Metals Kabanga resource page; Feasibility Study TRS Form 6-K filed 18 July 2025; July 2025 ownership consolidation disclosures [Sourced 2026-05-02] Sourced

Comparables (Ni-matched)2 African M&A — set spans, not market curves · deals Sourced

Risk read

mining major · insurer — what is the exposure?

Province IC compositeEast African Rift — 5.5/10 Derived

Ownership structureLifezone 100% of KNL (post-BHP exit July 2025); KNL 84% of TNCL; Government of Tanzania 16% free-carried at TNCL level Sourced

Recent events (record)BHP exit completed July 2025; Lifezone consolidated 100% of KNL; July 2025 Feasibility Study TRS filed (mine + concentrator only, Kahama hydromet preserved as later option) … Sourced