UK-based Lifezone Metals has raised $75 million in the second half of 2025 to accelerate development of the Kabanga nickel project in western Tanzania.

The Deal

The capital raise will fund critical enabling infrastructure for what is considered one of the world's highest-grade undeveloped nickel sulfide deposits.

• Funds earmarked for grid power connections and railway infrastructure
• Additional drilling programs to expand resource estimates
• Tanzania government holds 16% free-carried interest in the project

Why It Matters

Kabanga sits at the center of the global race to secure nickel supplies for electric vehicle batteries, where demand is projected to triple by 2030.

• Nickel prices have increased 25% over the past 18 months
• Tanzania's nickel reserves rank among Africa's top five
• Major automakers are scrambling to lock in African battery metal supplies

Company Background

Lifezone Metals specializes in proprietary hydrometallurgical processing technology that extracts nickel with lower carbon emissions than conventional smelting.

• Listed on NYSE since July 2023
• Kabanga contains an estimated 1.52 million tonnes of nickel equivalent
• The deposit was first discovered in 1978 but remained undeveloped

What's Next

Lifezone targets a final investment decision in late 2026, with first production expected by 2029.

• Grid connection work to begin in Q2 2026
• Feasibility study completion expected mid-2026
• Plans to produce 40,000 tonnes per annum of nickel at full capacity