Lifezone Metals (“LZM”) filed a Feasibility Study Technical Report on its Kabanga Nickel Project in Tanzania, confirming a robust NPV of US$1.58bn and IRR of 23.3%. Estimated initial capex was cut by 5% to US$942m vs June’s Initial Assessment (“IA”). Separately, the sale of BHP’s 17% stake in Kabanga Nickel Limited (“KNL”) to LZM at an implied P/NPV of 0.15-0.34x, with no upfront payment, is accretive to our valuation and provides a cleaner structure for funding discussions with other parties. W ....
