NYSE-listed Lifezone Metals has secured a $60-million bridge loan from Taurus Mining Finance Fund No. 2 to accelerate early works and infrastructure development at the Kabanga nickel project in Tanzania.

The financing comes shortly after the company completed a feasibility study and finalised its 100% ownership of Kabanga Nickel.

“This announcement further demonstrates the preparation and strategic steps Lifezone has taken in anticipation of consolidating 100% ownership of Kabanga Nickel Limited, which we completed last month,” said CEO Chris Showalter.

“The support from Taurus, a respected and experienced mining finance partner, reflects the strength of our project and our team’s ability to deliver. With the feasibility study now complete, Taurus’ funding enables us to advance critical early-stage development while progressing the competitive process under way with Standard Chartered to select additional strategic investment partners. In parallel, we are advancing the project financing process with Societe Generale, as we work toward a comprehensive funding solution for the Kabanga nickel project.”

The funding aims to bridge the gap between the completion of the feasibility study and the anticipated final investment decision in mid-2026, keeping the project on track during its execution-readiness phase.

The Kabanga project, 84%-owned by Lifezone and 16% by the Tanzanian government, is regarded as one of the world’s largest undeveloped high-grade nickel sulphide deposits. Based on the July 2025 feasibility study, the mine is expected to produce 52.2-million tonnes of ore over an 18-year lifespan, grading 1.98% nickel, 0.27% copper, and 0.15% cobalt.

A 3.4-million-tonne-per-year concentrator will produce a high-grade concentrate containing 902 000 t of nickel, 134 000 t of copper, and 69 000 t of cobalt, at an average all-in sustaining cost of $3.36/lb of nickel.

With a projected $942-million in pre-production capital costs and $2.49-billion in total life-of-mine capital, the Kabanga project is forecast to generate $14.1-billion in net revenue and $4.6-billion in after-tax free cash flow. The project’s after-tax net present value stands at $1.58-billion with a 23.3% internal rate of return, based on consensus long-term metal prices.