Lifezone Metals Acquires BHP’s 17% Stake in Kabanga Nickel Ltd. Through Deferred Consideration Agreement
NEW YORK — July 20, 2025
Lifezone Metals Limited (NYSE: LZM), a leading developer of cleaner battery metals, announced today that it has entered into a definitive agreement to acquire BHP Billiton (UK) DDS Limited’s 17% equity interest in Kabanga Nickel Limited (KNL) — the principal owner of the Kabanga Nickel Project, located in northwestern Tanzania.
The agreement was confirmed by Keith Liddell, Founder and Chair of Lifezone Metals, and Chris Showalter, Chief Executive Officer, who jointly emphasized the transaction as a strategic move that consolidates Lifezone’s control of one of the world's most promising undeveloped sources of Class 1 nickel.
"This acquisition strengthens our position in Kabanga and reinforces our long-term commitment to developing a sustainable, low-carbon supply of nickel and other battery metals," said Chris Showalter, CEO of Lifezone Metals.
The acquisition is structured through a deferred consideration mechanism, aligning with Lifezone’s financial strategy while minimizing upfront capital outlay. The terms allow for greater flexibility in capital allocation as the Kabanga project moves through critical development phases, including final feasibility and permitting.
About the Kabanga Nickel Project
Located in the mineral-rich northwest region of Tanzania, the Kabanga Nickel Project is widely regarded as one of the highest-grade nickel sulfide deposits globally. It is poised to play a vital role in supporting the growing demand for ethically sourced, high-purity nickel essential to electric vehicle (EV) batteries and energy storage technologies.
Lifezone Metals has been at the forefront of deploying its proprietary hydrometallurgical processing technology, which is designed to significantly reduce carbon emissions compared to traditional smelting methods. The Kabanga project is a central pillar in Lifezone’s strategy to establish a sustainable, vertically integrated nickel supply chain in Africa.
Strategic Impact
The transaction increases Lifezone Metals’ stake in Kabanga Nickel Ltd. to a majority position, offering it expanded influence over project development timelines, financing decisions, and offtake agreements. It also simplifies the shareholder structure, which is expected to streamline governance and accelerate decision-making as the project advances toward production readiness.
BHP's exit from the project via this deferred transaction marks a shift in its exploration investment strategy, while still aligning with its broader portfolio rationalization efforts.
About Lifezone Metals
Lifezone Metals (NYSE: LZM) is a clean technology company focused on sustainable extraction and refining of metals critical to the global energy transition. The company combines innovative metallurgical technology with world-class mining assets to deliver battery-grade nickel, copper, and cobalt with lower environmental impact.
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