Chile's ENAMI opens door to investors for $1.7 billion smelter
The Hernan Videla Lira smelter in the Atacama region is undergoing renovations that will give it the capacity to process 850,000 metric tons of copper concentrate a year and produce 240,000 tons of copper cathodes, ENAMI said.
The company is analyzing various financing options, and has brought on Chilean financial adviser Asset to gauge interest from investors in the coming weeks, it said.
ENAMI also created a new business unit to develop the smelter, called Proyecta ENAMI.
Chile is the world's biggest copper producer, and sends the majority of its concentrate for processing in China.
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K92 Mining Announces Q2 2025 Financial Results – Commissioning of Stage 3 1.2 mtpa Process Plant on Track for Completion in First Half of Q4 2025
VANCOUVER, British Columbia, Aug. 11, 2025 (GLOBE NEWSWIRE) -- K92 Mining Inc. ('K92' or the 'Company') (TSX: KNT; OTCQX: KNTNF) is pleased to announce financial results for the three and six months ended June 30, 2025. Production Strong quarterly production of 34,816 ounces gold equivalent ('AuEq')(1) or 32,375 oz gold, 1,536,505 lbs copper and 42,824 oz silver, representing a 43% increase from Q2 2024. With 82,633 oz AuEq produced during the first six months of 2025, which is ahead of budget, and the second half forecasted to be the strongest, as outlined in our 2025 operational outlook (see January 23, 2025 press release), the Company re-iterates its annual operational production guidance of 160,000 to 185,000 oz AuEq. Net of by-product credit basis cash costs of $786/oz gold and all-in sustaining costs ('AISC') of $1,408/oz gold(2) and co-product basis cash costs of $907/oz AuEq and AISC of $1,489/oz AuEq(2). Strong metallurgical recoveries in Q2 of 93.3% for gold and 94.9% for copper. The process plant has now delivered four consecutive quarters exceeding the Updated Definitive Feasibility Study ('Updated DFS') recovery parameters for both gold (92.6%) and copper (94.2%) (January 1, 2024 effective date). Quarterly ore processed of 130,337 tonnes and total ore mined of 133,063 tonnes, with long hole open stoping performing to design, and 2,466 metres of total mine development. Head grade of 8.9 grams per tonne ('g/t') AuEq or 8.3 g/t gold, 0.55% copper and 12.1 g/t silver. Financials Record cash, cash equivalent and term deposits totaling $182.9 million, including a record $123.8 million net cash position. Quarterly revenue of $96.3 million, an increase of 102% from Q2 2024. Quarterly net income of $39.2 million or $0.16 per share, an increase of 539% from Q2 2024. Operating cash flow (before working capital adjustments) for the three months ended June 30, 2025, of $47.0 million or $0.20 per share, and earnings before interest, taxes, depreciation and amortization ('EBITDA') (2) of $59.7 million or $0.25 per share. Sales of 28,864 oz gold, 1,275,176 lbs copper and 34,532 oz silver. Gold concentrate and doré inventory of 8,413 oz as of June 30, 2025, an increase of 3,988 oz over the prior quarter. Growth On the Stage 3 and 4 Expansions, 86% of growth capital has been either spent or committed as of June 30, 2025. A major milestone was achieved in the second half of June, with the commencement of commissioning of the new 1.2 million tonnes-per-annum ('tpa') Stage 3 Expansion Process Plant. All pre-commissioning tasks have been completed, and inching of both the SAG and ball mills was completed in late June. Completion of commissioning remains on schedule for the first half of Q4 2025. For the paste plant, the Engineering, Procurement, and Construction Management (EPCM) contract for the pastefill filtration plant and the Engineering, Procurement, and Construction (EPC) contract for the surface storage facility packages were awarded, with the underground pastefill plant package self-awarded (for internal execution) earlier in the quarter. Commissioning of all three facilities is scheduled to commence in mid-Q1 2026, while completion of commissioning for the pastefill circuit remains on schedule for mid-2026. In early August, subsequent to quarter-end, the first material was transferred through the ore/waste pass system connecting the main mine to the twin incline representing a key milestone expected to significantly enhance material handling productivity. Strong results during the quarter from 90 diamond drill holes were reported from underground and surface at the Kora, Kora South, Judd and Judd South deposits in addition to Kora and Judd Deeps. The results identified multiple high-grade intersections with broadening widths, known as dilatant zones, at Kora's K2 Vein, extending the interpreted dilatant zone up-dip from the area defined in late 2024 (see December 3, 2024 press release). This dilatant zone is near mine infrastructure, located approximately 100 metres from current underground workings, further expanding the potential for near-term bulk mining. The intersections were also in an area previously interpreted to be narrow vein in the Mineral Resource Estimate (September 12, 2023 effective date, '2023 MRE'), while also recording high-grade intersections. Significant dilatant zone intercepts from the K2 Vein: KMDD0844: 12.80 m at 31.89 g/t AuEq (25.97 g/t Au, 58 g/t Ag, 3.35% Cu)(4) KMDD0843: 10.10 m at 16.29 g/t AuEq (14.01 g/t Au, 82 g/t Ag, 0.84% Cu) High-grade intercepts: K2 Vein high-grade extension up-dip from main underground mining area: KMDD0845: 12.30 m at 18.58 g/t AuEq (18.14 g/t Au, 23 g/t Ag, 0.11% Cu) KMDD0830: 7.17 m at 39.50 g/t AuEq (37.93 g/t Au, 69 g/t Ag, 0.50% Cu) KMDD0847: 4.00 m at 43.89 g/t AuEq (39.23 g/t Au, 72 g/t Ag, 2.44% Cu) K1 Vein high-grade extension up-dip from main underground mining area: KMDD0847: 4.08 m at 30.95 g/t AuEq (30.29 g/t Au, 30 g/t Ag, 0.21% Cu) KMDD0828: 2.80 m at 28.67 g/t AuEq (27.91 g/t Au, 18 g/t Ag, 0.36% Cu) High-grade copper zone to the south at the K2 Vein over a +300-metre vertical extent from the latest drilling results, with many intersections exceeding 2023 MRE AuEq grades: K2 Vein high-grade copper intersection highlights include: KMDD0865: 10.05 m at 12.25 g/t AuEq (0.97 g/t Au, 84 g/t Ag, 6.58% Cu) KMDD0770: 14.50 m at 9.22 g/t AuEq (0.47 g/t Au, 47 g/t Ag, 5.24% Cu) KMDD0829: 10.60 m at 11.51 g/t AuEq (2.28 g/t Au, 87 g/t Ag, 5.26% Cu) K1 Vein multiple high-grade copper intersections to the south, either outside of the 2023 MRE or at higher than 2023 MRE grades. Highlights include: KMDD0825: 26.15m at 20.22 g/t AuEq (7.32 g/t Au, 165 g/t Ag, 7.01% Cu) KMDD0865: 4.10 m at 12.49 g/t AuEq (0.63 g/t Au, 69 g/t Ag, 7.06% Cu) Judd's J1 Vein multiple high-grade zones up-dip from main mine and extending high-grade intersections below the main mine: JDD0221: 6.10 m at 20.03 g/t AuEq (19.02 g/t Au, 7 g/t Ag, 0.59% Cu) JDD0273: 3.66 m at 17.48 g/t AuEq (12.94 g/t Au, 57 g/t Ag, 2.48% Cu) JDD0269: 1.70 m at 21.62 g/t AuEq (19.95 g/t Au, 19 g/t Ag, 0.93% Cu) See the Company's news release dated June 5, 2025 for additional details. The Company's interim consolidated financial statements and associated management's discussion and analysis for the three and six months ended June 30, 2025 are available for download on the Company's website and under the Company's profile on SEDAR+ ( All amounts are in U.S. dollars unless otherwise indicated. See Figure 1: Quarterly Production, Cash Cost and AISC ChartSee Figure 2: Quarterly Total Ore Processed, Development Metres Advanced and Total Mined Material ChartSee Figure 3: Gold and Copper Recoveries Chart John Lewins, K92 Chief Executive Officer and Director, stated, 'During the second quarter, in June, K92 marked a major milestone, with the commencement of commissioning of the new 1.2-million-tonnes-per-annum Stage 3 Process Plant which plans to transform the Company into a Tier 1, mid-tier producer. Commissioning is rapidly advancing, with the first ore tonnes crushed recently. The run of mine (ROM) stockpile has also grown at a rate faster than scheduled, approaching 25,000 tonnes, ahead of the planned handover of the process plant to operations in the first half of Q4 upon practical completion of commissioning. Operationally, production during the first half of the year was ahead of budget and the second half of the year is expected to be our strongest, positioning us well to achieve guidance. Multiple underground projects are also scheduled to be completed this quarter to drive the mine ramp-up, and earlier this month, the first tonnes were conveyed down the ore/waste pass, connecting the main mine to the high-productivity twin incline. Financially, the Company continues to strengthen its balance sheet with a record $183 million in cash, cash equivalents, and term deposits, including a record net cash position of $124 million, while also investing significant capital into the Stage 3 Expansion. With 86% of Stage 3 Expansion capital spent or committed as at the end of June, remaining on budget, and supported by a record gold price environment and strong production outlook for H2 2025, K92 is well positioned to deliver on the Stage 3 Expansion. Exploration activity is ramping up across multiple near-mine and regional targets. At Arakompa, up to five surface drill rigs are currently operating. Additionally, up to seven underground drill rigs are active at Kora and Judd, with an increased focus on step-out drilling at Kora Deeps and Judd Deeps in the second half of the year. We look forward to providing further updates as the year progresses.' Mine Operating Activities Three months endedJune 30, 2025 Three months endedJune 30, 2024 Operating data Gold head grade (Au g/t) 8.3 7.5 Copper grade (%) 0.55% 0.62% Gold equivalent head grade (AuEq g/t) 8.9 8.5 Gold recovery (%) 93.3% 93.7% Copper recovery (%) 94.9% 95.3% Gold ounces produced 32,375 21,661 Gold ounces equivalent produced(1)(2) 34,816 24,347 Tonnes of copper produced 697 565 Silver ounces produced 42,824 26,754 Financial data (in thousands of dollars) Gold ounces sold 28,864 19,064 Revenues from concentrate and doré sales US$96,343 US$47,791 Mine operating expenses US$15,578 US$11,248 Other mine expenses US$10,722 US$8,489 Depreciation and depletion US$6,055 US$8,005 Statistics (in dollars) Average realized selling price per ounce, net(3) US$3,166 US$2,246 Cash cost per ounce (net of by-product credit)(2) US$786 US$919 AISC (net of by-product credit)(2) US$1,408 US$1,510 Cash cost per ounce (co-product)(2) US$907 US$1,014 AISC (co-product)(2) US$1,489 US$1,549 Notes: (1) AuEq in Q2 2025 is calculated based on: gold $3,299 per ounce; silver $33.41 per ounce; and copper $4.31 per pound. AuEq in Q2 2024 is calculated based on: gold $2,338 per ounce; silver $28.84 per ounce; and copper $4.42 per pound. (2) The Company provides some non-international financial reporting standard measures as supplementary information that management believes may be useful to investors to explain the Company's financial results. Please refer to non-IFRS financial performance measures in the Company's management's discussion and analysis dated August 10, 2025, available on SEDAR+ and on the Company's website, for reconciliation of these measures. (3) The average realized selling price per ounce is net of metal payabilities for both concentrate and doré. (4) AuEq exploration results are calculated using longer-term commodity prices with a copper price of US$4.50/lb, a silver price of US$27.50/oz and a gold price of US$2,000/oz. The following recoveries were applied in-line with the Updated Definitive Feasibility Study: Au – 92.6%, Cu – 94.0%, and; Ag – 78.0%. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Conference Call and Webcast to Present Results K92 will host a conference call and webcast to present the 2025 second quarter financial results at 8:30 am (EDT) on Monday, August 11, 2025. Listeners may access the conference call by dialing toll-free to 1-833-752-3535 within North America or +1-647-846-8278 from international locations. The conference call will also be broadcast live (webcast) and may be accessed via the following link: Qualified Person K92 Mine Geology Manager and Mine Exploration Manager, Mr. Andrew Kohler, PGeo, a qualified person under the meaning of Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and is responsible for the technical content of this news release. About K92 K92 Mining Inc. is engaged in the production of gold, copper and silver at the Kainantu Gold Mine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine. The Company declared commercial production from Kainantu in February 2018, is in a strong financial position, and is working to become a Tier 1 mid-tier producer through ongoing plant expansions. A maiden resource estimate on the Blue Lake copper-gold porphyry project was completed in August 2022. K92 is operated by a team of mining company professionals with extensive international mine-building and operational experience. On Behalf of the Company, John Lewins, Chief Executive Officer and Director For further information, please contact David Medilek, CFA, President and Chief Operating Officer at +1-604-416-4445 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain 'forward-looking statements' under applicable Canadian securities legislation. Such forward-looking statements include, without limitation: (i) the results of the Kainantu Mine Definitive Feasibility Study, including the Stage 3 Expansion, a new standalone 1.2 mtpa process plant and supporting infrastructure; (ii) statements regarding the expansion of the mine and development of any of the deposits; (iii) the Kainantu Stage 4 Expansion, operating two standalone process plants, larger surface infrastructure and mining throughputs; and (iv) the potential extended life of the Kainantu Mine. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as 'expect', 'plan', 'anticipate', 'project', 'target', 'potential', 'schedule', 'forecast', 'budget', 'estimate', 'intend' or 'believe' and similar expressions or their negative connotations, or that events or conditions 'will', 'would', 'may', 'could', 'should' or 'might' occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors, many of which are beyond our ability to control, that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, without limitation, Public Health Crises, including the epidemic or pandemic viruses; changes in the price of gold, silver, copper and other metals in the world markets; fluctuations in the price and availability of infrastructure and energy and other commodities; fluctuations in foreign currency exchange rates; volatility in price of our common shares; inherent risks associated with the mining industry, including problems related to weather and climate in remote areas in which certain of the Company's operations are located; failure to achieve production, cost and other estimates; risks and uncertainties associated with exploration and development; uncertainties relating to estimates of mineral resources including uncertainty that mineral resources may never be converted into mineral reserves; the Company's ability to carry on current and future operations, including development and exploration activities at the Arakompa, Kora, Judd and other projects; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the availability and costs of achieving the Stage 3 Expansion or the Stage 4 Expansion; the ability of the Company to achieve the inputs the price and market for outputs, including gold, silver and copper; failures of information systems or information security threats; political, economic and other risks associated with the Company's foreign operations; geopolitical events and other uncertainties, such as the conflicts in Ukraine, Israel and Palestine; compliance with various laws and regulatory requirements to which the Company is subject to, including taxation; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions, including relationship with the communities in Papua New Guinea and other jurisdictions it operates; other assumptions and factors generally associated with the mining industry; and the risks, uncertainties and other factors referred to in the Company's Annual Information Form under the heading 'Risk Factors'. Estimates of mineral resources are also forward-looking statements because they constitute projections, based on certain estimates and assumptions, regarding the amount of minerals that may be encountered in the future and/or the anticipated economics of production. The estimation of mineral resources and mineral reserves is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, Forward-looking statements are not a guarantee of future performance, and actual results and future events could materially differ from those anticipated in such statements. Although we have attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause actual results to differ materially from those that are anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Figure 1: Quarterly Production, Cash Cost and AISC ChartFigure 2: Quarterly Total Ore Processed, Development Metres Advanced, and Total Mined Material ChartFigure 3: Gold and Copper Recoveries ChartPhotos accompanying this announcement are available athttps://
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Gunnison Copper Announces Johnson Camp SX Plant Start-Up with First Copper Sales in September
Phoenix, Arizona--(Newsfile Corp. - August 11, 2025) - Gunnison Copper Corp. (TSX: GCU) (OTCQB: GCUMF) (FSE: 3XS0) ("Gunnison" or the "Company") is pleased to announce that the solvent extraction (SX) plant and electrowinning (EW) circuit has started with first copper sales expected in September at the Company's Johnson Camp Mine ("JCM"), in southeast Arizona. "With the start-up of the SX-EW plant ahead of schedule we have achieved another major step towards our targeted copper cathode sales in September this year," states Robert Winton, SVP Operations. He continues, "the dedicated team at Johnson Camp has executed this startup without incident and in record time, preparing for our first harvest of Made-in-America copper to be sold in Q3 this year." Progress as of the Company's last update (see Gunnison news release dated July 22nd) includes: Leaching of mineralized run-of-mine material started with copper rich solution being pumped to the SX-EW plant (Figure 1). SX Plant started (Figure 2) EW Circuit started and being readied for Copper Plating (Figure 3) Since the Company's last update, the Company is pleased to report that JCM construction activities, funded by Nuton LLC, a Rio Tinto venture, continue to progress as planned. The final phase of the leach pad construction is on schedule. The on-pad crushing circuit, which will be used with the Nuton Technologies, has been installed and started commissioning activities. The agglomerator and processing equipment, which will also be used on the Nuton pad, has been placed and the Company is completing final mechanical and electrical construction of these components. The new LNG (liquid natural gas) system at the EW plant was fully commissioned and operating in line with electrowinning start-up. Figure 1 - Aerial view showing the first four panels of the run-of-mine leach pad under leach and green copper solution collecting on the top right-hand corner of the leach pad before being pumped to the SX-EW plant. To view an enhanced version of this graphic, please visit: Figure 2 - The left image shows green colored, copper rich solution from the leach pad, being pumped into the lined collection pond near the processing plant, ready for treatment. The right image shows upgraded, blue colored, copper electrolyte solution produced from the SX plant being readied for electrowinning and copper cathode production. To view an enhanced version of this graphic, please visit: Figure 3 - This image shows the electrowinning plant being readied by loading stainless steel blank cathodes into the electrowinning cells, ready for plating pure copper metal onto them later this month. To view an enhanced version of this graphic, please visit: ABOUT GUNNISON COPPER Gunnison Copper Corp. is a multi-asset pure-play copper developer and producer that controls the Cochise Mining District (the district), containing 12 known deposits within an 8 km economic radius, in the Southern Arizona Copper Belt. Its flagship asset, the Gunnison Copper Project, has a Measured and Indicated Mineral Resource containing over 831,6 million tons with a total copper grade of 0.31% (Measured Mineral Resource of 191.3 million tons at 0.37% and Indicated Mineral Resource of 640.2 million tons at 0.29%), and a preliminary economic assessment ("PEA") yielding robust economics including an NPV8% of $1.3Billion, IRR of 20.9%, and payback period of 4.1 years. It is being developed as a conventional operation with open pit mining, heap leach, and SX/EW refinery to produce finished copper cathode on-site with direct rail link. The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the conclusions reached in the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. In addition, Gunnison's Johnson Camp Asset, which is under construction with first copper production expected in Q3 2025, is fully funded by Nuton LLC, a Rio Tinto venture, with a production capacity of up to 25 million lbs of finished copper cathode annually. Other significant deposits controlled by Gunnison in the district, with potential to be economic satellite feeder deposits for Gunnison Project infrastructure, include Strong and Harris, South Star, and eight other deposits. For additional information on the Gunnison Project, including the PEA and mineral resource estimate, please refer to the Company's technical report entitled "Gunnison Project NI 43-101 Technical Report Preliminary Economic Assessment" dated effective November 1, 2024 and available on SEDAR+ at Dr. Stephen Twyerould, Fellow of AUSIMM, President and CEO of the Company is a Qualified Person as defined by NI 43-101. Dr. Twyerould has reviewed and is responsible for the technical information contained in this news release. For more information on Gunnison, please visit our website at ABOUT NUTON Nuton is an innovative venture that aims to help grow Rio Tinto's copper business. At the core of Nuton is a portfolio of proprietary copper leaching technologies and capability. Nuton has the potential to economically unlock copper from hard-to-leach ores, including primary sulfides and, in doing so, increase domestic production of critical minerals to support the energy transition. Nuton technologies can achieve market-leading recovery rates and boost copper production in new, ongoing and historical operations, increasing resource utilization and maximizing value. With significantly lower energy and water needs than conventional concentrating and smelting, and the ability to produce copper cathode at the mine site, Nuton offers a reliable source of domestically produced copper, with a short mine-to-metal supply chain and the ambition to set industry-leading ESG credentials. One of the key differentiators of Nuton is the ambition to produce the world's lightest environmental footprint copper while having at least one Positive Impact at each of its deployment sites, across its five pillars: energy, water, land, materials and society. For more information, please visit For further information regarding this press release, please contact: Gunnison Copper Place, Suite 300, 2999 North 44th Street, Phoenix, AZ, 85018 Melissa MackieT: 647.533.4536E: info@ Cautionary Note Regarding Forward-Looking Information This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the intention to deploy the Nuton® technology at the Johnson Camp mine and future production therefrom; (ii) the continued funding of the stage 2 work program by Nuton; (iii) the details and expected results of the stage two work program; (iv) timelines for future production and production capacity from the Company's mineral projects; (v) timelines for continued construction at JCM; (vi) the results of the preliminary economic assessment on the Gunnison Project; and (vi) the exploration and development of the Company's mineral projects. In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, Nuton will continue to fund the stage 2 work program, the availability of financing to continue as a going concern and implement the Company's operational plans, the estimation of mineral resources, the realization of resource and reserve estimates, , copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks related to the Company not obtaining adequate financing to continue operations, Nuton failing to continue to fund the stage 2 work program, the breach of debt covenants, risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks related to the delay in approval of work plans, variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Lifezone Metals Secures $60 Million Bridge Loan from Taurus Mining Finance
Funding for Early Works and Execution Readiness Following Completion of Kabanga Nickel Project Feasibility Study NEW YORK, August 11, 2025--(BUSINESS WIRE)--Lifezone Metals Limited's (NYSE: LZM) Chief Executive Officer, Chris Showalter, today announced that Lifezone's wholly-owned subsidiary, Kabanga Nickel Limited, has entered into a $60 million bridge loan facility agreement with Taurus Mining Finance Fund No. 2, L.P. (Taurus), a leading global provider of structured finance to the mining sector. The facility 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 as the Company moves toward securing long-term project financing. Mr. Showalter stated: "This announcement further demonstrates the preparation and strategic steps Lifezone has taken in anticipation of consolidating 100% ownership of Kabanga Nickel Limited, which we completed last month. The support from Taurus, a respected and experienced mining finance partner, reflects the strength of our project and our team's ability to deliver. With the Feasibility Study now complete, Taurus's funding enables us to advance critical early-stage development while progressing the competitive process underway with Standard Chartered to select additional strategic investment partners. In parallel, we are advancing the project financing process with Societe Generale, as we work toward a comprehensive funding solution for the Kabanga Nickel Project." Strategic importance of the facility The senior secured bridge loan is a key step in Lifezone's broader financing strategy to advance the Kabanga Nickel Project towards production. It provides essential funding to maintain project momentum during the execution readiness phase, bridging the period between Feasibility Study completion and Final Investment Decision, expected in mid-2026. The loan bears interest at a rate of 9.25% per annum on drawn amounts, payable quarterly. It is subject to an arrangement fee of 2.25% and a commitment fee of 2.5% per annum on undrawn amounts. The loan is secured by a security interest in the shares that Lifezone indirectly holds in Kabanga Nickel Limited and security interests in other assets relating to the Kabanga Nickel Project. The loan is also guaranteed by other subsidiaries of Lifezone. As part of the transaction, Lifezone Metals issued 2.5 million warrants to Taurus, exercisable at an exercise price of $5.42 per share. The warrants will expire five years from the date of issuance. Availability of borrowings under the facility is subject to the satisfaction of customary conditions precedent. The facility has a scheduled maturity date of July 31, 2027, with an option available to Kabanga Nickel Limited to extend the term by an additional six months. In connection with the bridge loan facility agreement, the Company and the debentureholders amended certain terms of the Company's current outstanding Senior Unsecured Convertible Debentures. Supporting a world-class nickel, copper and cobalt project The Kabanga Nickel Project is believed to be one of the world's largest and highest-grade development-ready nickel, copper and cobalt sulfide deposits. Highlights of the Feasibility Study Technical Report Summary, filed on July 18, 2025 (refer to the Company's EDGAR profile, investor relations website and July 18, 2025 news release), include: Project metrics shown on a 100% basis – the Kabanga Nickel Project is 84% owned by Lifezone and 16% by the Government of Tanzania. 18-year life of mine mining operation with total ore production of 52.2 million tonnes (100% basis; Lifezone attributable is: 43.9 million tonnes) grading 1.98% nickel, 0.27% copper and 0.15% cobalt. 3.4 million tonnes per annum concentrator, producing a high-grade nickel, copper, and cobalt concentrate grading 17.5% nickel, as an intermediate product for downstream processing, and containing a total of 902,000 tonnes of nickel, 134,000 tonnes of copper and 69,000 tonnes of cobalt over the life of mine. Low all-in sustaining costs averaging $3.36 per pound of payable nickel contained in concentrate, net of copper and cobalt by-product credits. Based on analysis provided by CRU International Ltd, Kabanga will fall within the first quartile of the global nickel cost curve. Pre-production capital costs of $942 million, including 9.7% contingency. Total life of mine capital of $2.49 billion includes pre-production capital costs, contingency, capitalized operational expenditures, growth capital, sustaining and closure costs. Life of mine revenue from sales totals $14.1 billion, net of realization costs, with after-tax free cash flow of $4.6 billion. After-tax net present value of $1.58 billion using an 8.0% discount rate and after-tax internal rate of return of 23.3%, based long-term consensus metal prices of $8.49 per pound nickel, $4.30 per pound copper, and $18.31 per pound cobalt. If you would like to sign up for Lifezone Metals news alerts, please register here. Social Media LinkedIn | X | YouTube About Lifezone Metals Lifezone Metals (NYSE: LZM) is committed to delivering cleaner and more responsible metals production and recycling. Through the application of our Hydromet Technology, we offer the potential for lower energy consumption, lower emissions and lower cost metals production compared to traditional smelting. Our Kabanga Nickel Project in Tanzania is believed to be one of the world's largest and highest-grade development-ready nickel sulfide deposits. By pairing it with our Hydromet Technology, we are working to unlock a new source of nickel, copper and cobalt for the global battery metals markets and to empower Tanzania to achieve in-country beneficiation. Through our US-based recycling partnership, we are working towards applying our Hydromet Technology to the recovery of platinum, palladium and rhodium from responsibly sourced spent automotive catalytic converters. Our process is expected to be cleaner and more efficient than conventional smelting and refining methods, supporting a circular economy for precious metals. Forward-Looking Statements Certain statements made herein are not historical facts but may be considered "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 regarding, amongst other things, the plans, strategies, intentions and prospects, both business and financial, of Lifezone Metals Limited and its subsidiaries. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements may be accompanied by words such as "believes," "estimates," "expects," "predicts," "projects," "forecasts," "may," "might," "will," "could," "should," "would," "seeks," "plans," "scheduled," "possible," "continue," "potential," "anticipates" or "intends" or the negatives of these terms or variations of them or similar terminology or expressions that predict or indicate future events or trends or that are not statements of historical matters; provided that the absence of these does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding future events, the estimated or anticipated future results of Lifezone Metals, future opportunities for Lifezone Metals, including the efficacy of Lifezone Metals' hydrometallurgical technology (Hydromet Technology) and the development of, and processing of mineral resources at, the Kabanga Nickel Project, our approach to environmental stewardship, social responsibility, safety and governance (ESG), and other statements that are not historical facts. These statements are based on the current expectations of Lifezone Metals' management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Lifezone Metals and its subsidiaries. These statements are subject to a number of risks and uncertainties regarding Lifezone Metals' business, and actual results may differ materially. These risks and uncertainties include, but are not limited to: general economic, political and business conditions, including but not limited to economic and operational disruptions; global inflation and cost increases for materials and services; capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; changes in government regulations, legislation and rates of taxation; inflation; changes in exchange rates and the availability of foreign exchange; fluctuations in commodity prices; delays in the development of projects and other factors; the outcome of any legal proceedings that may be instituted against Lifezone Metals; our ability to obtain additional capital, including use of the debt market, future capital requirements and sources and uses of cash; the risks related to the rollout of Lifezone Metals' business, the efficacy of the Hydromet Technology, and the timing of expected business milestones; the acquisition of, maintenance of and protection of intellectual property; Lifezone's ability to achieve projections and anticipate uncertainties (including economic or geopolitical uncertainties) relating to our business, operations and financial performance, including: expectations with respect to financial and business performance, future operating results, financial projections and business metrics and any underlying assumptions; expectations regarding product and technology development and pipeline and market size; events relating to environmental issues, social responsibility, safety and/or governance matters, expectations regarding product and technology development and pipeline; future acquisitions, partnerships, or other relationships with third parties; maintaining key strategic relationships with partners and customers; the timing and significance of contractual relationships; the effects of competition on Lifezone Metals' business; the ability of Lifezone Metals to execute its growth strategy, the development and processing of the mineral resources at the Kabanga Nickel Project; obtaining additional capital, including use of the debt market, future capital requirements, and sources and uses of cash; manage growth profitably and retain its key employees; the ability of Lifezone Metals to reach and maintain profitability; enhancing future operating and financial results; complying with laws and regulations applicable to Lifezone Metals' business; Lifezone Metals' ability to continue to comply with applicable listing standards of the NYSE; our ability to comply with applicable laws and regulations, stay abreast of accounting standards, or modified or new laws and regulations applying to our business, including privacy regulation; and other risks that will be detailed from time to time in filings with the U.S. Securities and Exchange Commission (SEC); meeting future liquidity requirements and complying with restrictive covenants related to long-term indebtedness; and dealing effectively with litigation, complaints, and/or adverse publicity. The foregoing list of risk factors is not exhaustive. There may be additional risks that Lifezone Metals presently does not know or that Lifezone Metals currently believes are immaterial that could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements provide Lifezone Metals' expectations, plans or forecasts of future events and views as of the date of this communication. Lifezone Metals anticipates that subsequent events and developments will cause Lifezone Metals' assessments to change. These forward-looking statements should not be relied upon as representing Lifezone Metals' assessments as of any date subsequent to the date of this communication. You should not place undue reliance on forward-looking statements in this communication, which are based upon information available to us as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. In all cases where historical performance is presented, please note that past performance is not a credible indicator of future results. Except as otherwise required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data, or methods, future events, or other changes after the date of this communication. View source version on Contacts Investor Relations – North America Evan YoungSVP: Investor Relations & Capital Investor Relations – EuropeIngo HofmaierChief Financial Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
