Kabanga Nickel Project

Combined underground nickel-copper-cobalt complex comprising the Main, MNB, Kima, North, Tembo, and Safari zones. Located in northwest Tanzania, approximately 1,300 km northwest of Dar es Salaam, adjacent to the Burundi border; accessed via 77 km of unpaved public road from National Route B3, with grid electricity supplied by TANESCO. Property comprises a 201.85 km² Special Mining Licence (SML) granted in October 2021, plus six surrounding prospecting licences. Hosts massive sulfide mineralization within the East African Nickel Belt, associated with mafic-ultramafic chonoliths. Acquired by the current operator in April 2021 via the acquisition of Kabanga Holdings Limited and Romanex International Limited from Barrick and Glencore. July 2025 Feasibility Study outlines a 3.4 Mtpa underground mine over an 18-year LOM producing 350 ktpa of concentrate containing 17.5% Ni, 2.6% Cu, and 1.3% Co, with pre-production capex of $942M and after-tax NPV8% of $1.58B at $8.49/lb Ni. First commercial production targeted following a four-year construction and ramp-up period. Key risks include finalization of the Joint Financial Model with the Government of Tanzania, completion of the Resettlement Action Plan, and securing project financing.