Tanzania nickel project review cuts Lifezone’s payment cap to BHP by $8m

NEW YORK, Oct. 7, 2026 — Lifezone Metals has secured an $8 million reduction in the maximum consideration it may have to pay BHP for its stake in the Kabanga Nickel Project in Tanzania after an independent review found that the project’s resettlement plan remains materially aligned with international standards.

The New York-listed metals company said Wednesday that the reduction followed an independent assessment of the project’s Resettlement Action Plan under the International Finance Corporation’s Performance Standard 5, which covers land acquisition, involuntary resettlement and related social impacts.

The review was required under Lifezone’s July 2025 agreement to acquire BHP Billiton (UK) DDS Limited’s 17% interest in Kabanga Nickel Limited.

Ed O’Keefe of Synergy Global Consulting conducted the review during August and September, including a site visit and a desktop assessment. The independent expert concluded that the resettlement plan had continued to be prepared, developed and implemented in all material respects in line with the core objectives of IFC Performance Standard 5.

Under the terms of the agreement, that determination automatically reduces the cap on consideration payable to BHP by $8 million.

Lifezone’s remaining consideration to BHP consists of two deferred cash payments. A fixed $10 million payment is due on the earlier of 12 months after a final investment decision on Kabanga or Lifezone raising $250 million in aggregate funding.

A second contingent payment is due 12 months after first commercial production, based on a reference amount of $28 million that is indexed to Lifezone’s share price.

“This confirmation reflects the care and discipline being applied as we progress, and the strength of our approach to responsible project development at Kabanga,” said Chris Showalter, Lifezone’s chief executive.

“We remain committed to meeting international standards, maintaining constructive community engagement, and advancing the project in a way that creates long-term value for all stakeholders,” he said.

Kabanga is one of Tanzania’s flagship undeveloped mineral projects and is being developed as a source of nickel, copper and cobalt. Lifezone has said its planned hydrometallurgical processing technology could enable the project to produce metals in Tanzania rather than exporting concentrate for conventional smelting.

The project is strategically important to Tanzania’s ambition to increase domestic mineral processing and capture more value from its natural resources. Nickel and cobalt are also key inputs for some battery supply chains.

Lifezone said the independent review provides further support for its approach to community resettlement as it advances the project.

The company cautioned, however, that development remains subject to a range of financing, regulatory, commercial and technical risks, including securing capital, obtaining required approvals and finalising commercial arrangements with the Tanzanian government.

Lifezone Metals is listed on the New York Stock Exchange under the ticker LZM. The company also operates in metals recycling and is seeking to apply its hydrometallurgical technology to the recovery of platinum, palladium and rhodium from spent automotive catalytic converters.