Lifezone sets Oct. 29 for results, confirms progress in Kabanga investment talks
Key Facts
Lifezone Metals said on Oct. 28 that it planned to publish preliminary third-quarter financial results the following day, with investors invited to hear a company presentation and take part in a question-and-answer session at 15:00 GMT. The results were therefore still pending when the notice was issued, and third-quarter figures had not yet been announced. The company also set the webcast for 11:00 a.m. Eastern Time. The date comes as markets track the progress of the Kabanga nickel project in Tanzania and related strategic investment talks. Lifezone had previously said discussions with Orion CMC had reached an advanced stage, without announcing a completed agreement.
Lifezone said negotiations with the Orion Critical Mineral Consortium concern a substantial investment in the Kabanga nickel project, not a general increase in the company's capital. Its statement described the talks as "at an advanced stage," wording that indicates progress in discussions without confirming a completed deal or specifying its value. The company added that it was conducting a competitive process to attract strategic investment for the project, led by Standard Chartered Bank. That puts Kabanga's financing at the center of investor attention on the company's plans, as the project needs capital before production begins. The announcement gave no final investment terms or timetable for concluding the negotiations.
Lifezone said Orion CMC is a global investment platform launched by Orion Resource Partners in partnership with the U.S. International Development Finance Corporation (DFC) and Abu Dhabi sovereign investor ADQ. The structure links the talks to multiple investment and financing institutions, while their stated subject remains the Kabanga project. In its first-half results, Lifezone reported cash of $37.3 million at June 30, 2026, compared with $20.1 million at Dec. 31, 2025. It also recorded revenue of $1.7 million in the first half of 2026, versus $0.3 million in the corresponding period of 2025. The company attributed the increase to higher technical and laboratory services provided by Simulus to third parties.
But the company recorded a first-half net loss attributable to shareholders of $6.9 million, with basic and diluted loss per share of $0.08. In addition to its cash balance, Lifezone said it had drawn $41.7 million from a secured bridging loan facility through June 30. That included $21.7 million received during the first half, with $18.3 million remaining available under the facility through Nov. 29, 2026. These figures provide financial context for market interest in Kabanga's financing talks, but do not specify the proceeds of a potential Orion investment or its impact on the company's balance sheet. Lifezone closed a registered direct offering of $25 million on April 23, issuing 5.7 million common shares at $4.40 per share, with net proceeds of $23.3 million.
The project's next steps depend on negotiations with the Tanzanian government over an amendment to the framework agreement. Lifezone said those discussions had progressed more slowly than expected and affected the timetable for the final investment decision and preceding activities. The company cited a meeting held on June 9, 2026, with Tanzanian President Samia Hassan as part of those talks. Lifezone expects to make the final investment decision in the first quarter of 2027, but said the timing could move forward or be delayed depending on the discussions and the lender's assessment of the amended framework agreement. The project's published figures date to a feasibility study in July 2025, which estimated total ore production at 52.2 million tonnes over an 18-year mine life. The study estimated pre-production capital expenditure at about $942 million, including a 9.7% contingency.
The feasibility study estimated the project's after-tax net present value at $1.58 billion, based on an 8% discount rate, and an after-tax internal rate of return of 23.3% using the long-term metal prices in the study. In a scenario assuming a nickel price of $7 per pound, the study said after-tax net present value would be $909 million, with an internal rate of return above 17%. These are estimates from a feasibility study published in 2025, while the company still expects the final investment decision in the first quarter of 2027. The decision timetable remains linked to progress on amending the framework agreement and the lender's assessment, as well as the course of investment negotiations for the project. Lifezone was scheduled to announce its third-quarter results on Oct. 29, following its notice the previous day.