KABANGA NICKEL LIMITED

• ◆

  Material uncertainty over going concern

  The Group and Company are dependent on the ongoing financial support from the ultimate parent company, Lifezone Metals Limited, which is not guaranteed. This indicates that a material uncertainty exists which may cast significant doubt on the Group and Company's ability to continue as a going concern and realise its assets and discharge its liabilities in the normal course of business.

• ·

  Going-concern uncertainty disclosed

Figures converted to GBP from USD at 0.743 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. Year-on-year comparison hidden: this filing covers about 12 months versus 12 months prior. About these numbers

Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

1. KABANGA NICKEL LIMITED 2021-01-20 → present
2. LZ NICKEL LIMITED 2019-02-08 → 2021-01-20

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

BDO LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Group and Company are dependent on the ongoing financial support from the ultimate parent company, Lifezone Metals Limited, which is not guaranteed. This indicates that a material uncertainty exists which may cast significant doubt on the Group and Company's ability to continue as a going concern and realise its assets and discharge its liabilities in the normal course of business.”

Group structure

1. KABANGA NICKEL LIMITED · parent
   1. Kabanga Holdings Limited 100% · Cayman Islands
   2. Kabanga Nickel Company Limited 100% · Tanzania
   3. Kagera Mining Company Limited 100% · Tanzania
   4. Romanex International Limited 100% · Canada
   5. Tembo Nickel Corporation Limited 84% · Tanzania
   6. Tembo Nickel Mining Company Limited 84% · Tanzania
   7. Tembo Nickel Refining Company Limited 84% · Tanzania

Significant events

• “On 18 July 2025, Lifezone Limited acquired BHP's 17% equity interest in KNL. Following completion of this transaction, Lifezone Limited holds 100% of KNL and all agreements previously in place with BHP, including the T2 Option Agreement dated 14 October 2022 (as amended on 8 February 2023), were terminated.”
• “On 8 August 2025, Kabanga Nickel Limited entered into a US$60 million senior secured bridge loan facility agreement with Taurus Mining Finance Fund No. 2 L.P., acting as mandated lead arranger and agent. The facility reached financial close in late August 2025, and on 29 August 2025 KNL received the first US$20 million tranche.”
• “On 23 February 2026, the TRA completed its tax audit of TNCL for the 2024 financial year and issued a letter setting out its findings. TNCL estimates that the total alleged unpaid taxes, interest, and penalties will amount to TZS 1.43 billion (equivalent to $558,565).”
• “On March 16, 2026, KNL received a partial drawdown of $5 million as part of a second tranche. A further $16.7 million was received on April 29, 2026 under the second tranche. The third and final tranche of $18.3 million is expected to be disbursed in the third quarter of 2026.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

10

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.