• Lifezone Metals raises $25 million for African minerals projects

• Funds support Kabanga, Musongati exploration and US recycling operations

• Move advances development amid rising competition for critical minerals

U.S. mining company Lifezone Metals announced on Wednesday that it had reached an agreement with institutional investors to raise about $25 million. The proceeds will partly fund critical minerals exploration in Africa, where the company holds interests in the Musongati project in Burundi and the Kabanga project in Tanzania.

The transaction takes the form of a share placement expected to close this week, subject to customary closing conditions. In addition to the exploration work in Africa, the company said it would allocate part of the funds to its platinum-group metals recycling operations in the United States, although it did not specify how much would go to each project.

No details were provided about the exploration programs currently underway in Africa. While Kabanga appears to be the more advanced asset, with established reserves of nickel, copper and cobalt, Musongati is also notable for its potential, estimated at 140 million metric tons of nickel according to a study published in 2011.

From Tanzania to Burundi: Lifezone steps up development

The fundraise is part of a series of initiatives launched in recent months by Lifezone Metals to accelerate the development of its African mining assets. In 2025 alone, the company completed several fundraises and financing agreements, with more than $140 million invested in the exploration and evaluation of the Kabanga project. It has now extended that push to Burundi, just weeks after taking control of Musongati.

In early March, Lifezone Metals announced an agreement with the Burundian government giving it 14 months to manage the asset. During this period, the company is required to carry out a 30-day preliminary study to serve as the basis for an exploration program and a future economic assessment. Few details have so far been disclosed on how that first step will be implemented.

Meanwhile, the Kabanga project is approaching the construction phase, with a final investment decision expected by mid-2026. The future mine is projected to have an 18-year operating life, with cumulative production estimated at 902,000 metric tons of nickel, 134,000 metric tons of copper and 69,000 metric tons of cobalt. Development costs are estimated at $942 million.

Lifezone Metals’ ability to manage competing priorities across the two projects will be critical. The stakes are higher as competition for critical minerals intensifies, driven mainly by the United States and its Western partners.

“As a NYSE-listed entity, Lifezone is ideally positioned to become the supplier of choice for the United States’ and partner nations [...] for nickel, a critical metal deemed vital to the U.S. economy and national security, and one which faces potential risks from disrupted supply chains,” Chief Executive Christopher Showalter said at the time of the Musongati agreement.

Aurel Sèdjro Houenou