08:03 AM EDT, 09/02/2025 (MT Newswires) -- Lifezone Metals ( LZM ) said Tuesday its wholly-owned subsidiary, Kabanga Nickel has closed the $60 million bridge loan facility agreement with Taurus Mining Finance Fund.

The company further added that it has received the first tranche of $20 million under the bridge loan from Taurus and the future tranches may be disbursed based on the continued performance and achievement of certain milestones.

Lifezone said the first drawdown of funds will support the advancement of the Kabanga Nickel Project, located in north-west Tanzania, by funding the development of critical early works and infrastructure development.

Lifezone Metals ( LZM ) shares were up more than 7% in recent premarket activity.