KABANGA NICKEL LIMITED

• ⚠

  Material uncertainty over going concern

  The Board of Directors of Kabanga Nickel Limited has evaluated the appropriateness of the going concern basis in preparing the consolidated financial statements for the year ended 31 December 2024 and concluded that a material uncertainty exists at the date of the approval of these financial statements. We draw attention to Note 2 to the financial statements, which indicates that the Group and Parent Company is dependent on the continued financial support from the Ultimate Parent Company which is not guaranteed. The Ultimate Parent Company's consolidated financial statements included a material uncertainty related to going concern which may have a direct impact on the Ultimate Parent Company's ability to provide the required financial support to the Group and Parent Company.

Figures converted to GBP from USD at 0.748 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  —

  Not reported

• Cash

  -84.7%

  £1,843,525 → £281,836

  lowest in 3 filed years

• Net assets

  -8.1%

  £47,892,846 → £44,023,280

• Employees

  —

  Not reported

• Operating profit

  +40%

  -£6,014,203 → -£3,606,004

  highest in 4 filed years

• Profit before tax

  +33.4%

  -£5,807,608 → -£3,869,566

  highest in 4 filed years

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. 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 Board of Directors of Kabanga Nickel Limited has evaluated the appropriateness of the going concern basis in preparing the consolidated financial statements for the year ended 31 December 2024 and concluded that a material uncertainty exists at the date of the approval of these financial statements. We draw attention to Note 2 to the financial statements, which indicates that the Group and Parent Company is dependent on the continued financial support from the Ultimate Parent Company which is not guaranteed. The Ultimate Parent Company's consolidated financial statements included a material uncertainty related to going concern which may have a direct impact on the Ultimate Parent Company's ability to provide the required financial support to the Group and Parent Company.”

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

• “Kabanga Nickel Limited (KNL) was formed on 8 February 2019.”
• “On 19 January 2021, KNL entered into the Framework Agreement with the Government of Tanzania.”
• “On 30 April 2021, KNL obtained the mining data of the Kabanga Nickel Project.”
• “On 25 October 2021, TNCL was issued a Special Mining License (SML) by the Government of Tanzania.”
• “BHP has made a $10 million investment and a $40 million investment in KNL pursuant to the T1A Loan Agreement, which was subsequently converted into equity on 1 July 2022.”
• “In October 2022, BHP agreed to invest a further $50 million in KNL in the form of equity under the T1B Subscription Agreement, which investment was consummated on 15 February 2023.”
• “The T2 Option Agreement was entered into between BHP, LZL and KNL in October 2022.”
• “publication of the Kabanga 2024 Mineral Resource Update Technical Report Summary, which has an effective date of 4th December 2024.”
• “On 2 June 2025, the Company filed its Initial Assessment Technical Report Summary for the Kabanga Nickel Project.”
• “In April 2025, KNL announced a new staging plan for the Kabanga Nickel Project.”

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

Filings

5

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.