Tanzania-based battery metals development company Lifezone Metals Limited became the first company from the East African nation to go public on a major US exchange. The company made its debut on the New York Stock Exchange (NYSE) on July 7th, 2023. The listing follows the successful business combination between special purpose acquisition company GoGreen Investments and Lifezone Holdings.
Lifezone Metals’ flagship project, the Kabanga Project located in North-West Tanzania, is believed to be one of the world’s largest and highest-quality undeveloped nickel sulphide deposits. Industry estimates suggest that the Kabanga Project ranks in the first quartile of both the cost and carbon curves, making it an invaluable asset in the emerging battery metals sector. Lifezone Metals becomes the first pure-play nickel resource and cleaner technology company to be listed on the NYSE.
The completion of the merger resulted in GoGreen merging into a wholly-owned subsidiary of Lifezone Metals. Consequently, GoGreen ceased to exist, and the shareholders of GoGreen received shares in Lifezone Metals. Additionally, Lifezone Holdings (LHL) was acquired by Lifezone Metals, transforming LHL into an operating wholly-owned subsidiary of the company. The shareholders of LHL also received shares in Lifezone Metals as part of the transaction.
Lifezone Metals’ listing on the NYSE generated gross proceeds of approximately $86.6 million from the transaction.
Lifezone’s Kabanga Project
The Kabanga Project, currently in its exploration stage, boasts an estimated mineral resource of approximately 44 million tons. With an average in-situ nickel grade of 2.61%, along with copper at 0.35% and cobalt at 0.19%, Lifezone Metals holds a substantial stake in this potentially lucrative venture.
Shares of Lifezone Metals made a strong start on the NYSE, opening at $11.90 per share and reaching a high of $19.92 per share.