Expert review confirmed that the Kabanga Nickel Project’s Resettlement Action Plan (RAP) has continued to be in material alignment with the International Finance Corporation’s Performance Standard 5 (IFC PS5).

Lifezone’s July 2025 definitive agreement with BHP to acquire BHP’s 17% equity interest in Kabanga Nickel Limited (KNL) included a RAP assessment provision. Under it, Lifezone was required to obtain independent verification after a 12-month period confirming whether the Kabanga Nickel Project’s RAP had been prepared, developed and implemented in material alignment with IFC PS5 objectives, and assessing the effectiveness of measures designed to mitigate identified impacts and risks.

The determination, as made by the RAP expert, and pursuant to the terms of the definitive agreement, resulted in an automatic reduction of US$8 million on the cap on consideration payable to BHP.

Consideration payable to BHP comprises two deferred cash payments: a fixed payment of US$10 million, payable on the earlier of 12 months after the Final Investment Decision on the Kabanga Nickel Project or Lifezone raising US$250 million in aggregate funding; and a contingent payment, payable 12 months after first commercial production, based on a reference amount of US$28 million that is indexed to Lifezone’s share price1.

The independent review was undertaken during August and September 2026 by Ed O’Keefe of Synergy Global Consulting acting as the RAP expert. Following a desktop review and site visit, the RAP expert confirmed in a detailed report that the RAP has continued to be prepared, developed and implemented in all material respects in alignment with the core objectives of IFC PS5.