Welcome. Please give us a minute for all our attendees to arrive. Welcome to the Lifezone Metals webcast. Please give us a few more minutes for more attendees to arrive. Welcome to the Lifezone Metals webcast to discuss the Q3 2026 interim financial results and to provide an operational update. We will finish today's event with a question and answer session. You can submit a question using the Q&A box at the top of the page. Please feel free to contact us directly for any questions not addressed in this webcast. Before we begin, I would like to remind everyone that today's event will contain forward-looking statements that involve risks and uncertainties that can cause actual results to differ materially from those in the forward-looking statements. Details of the forward-looking statements are contained in our October 29th news release on our website at www.lifezonemetals.com.
Please see additional disclaimers, which I would encourage you to read in your own time. Joining me today is Lifezone's Chief Executive Officer, Chris Showalter and Chief Financial Officer, Ingo Hofmaier. Without any further ado, I would like to turn things over to Ingo to start the presentation. Thank you.
Thank you, Catherine, and welcome to our Q3 financial results presentation. As in the past, we want to speak about the nickel market first, which is topical after last week's LME week. After a strong first half, the second half has so far seen a mixed nickel market with many contradictory signals. Sulfur peaked mid-year at around $1,100 per ton, which was a historical high. Indonesian imports of sulfur fell in volume but rose in value as Middle Eastern suppliers retreated sharply. But starting in Q3, improved shipping through the Strait of Hormuz and supplementary imports such as Canadian sulfur, significantly improved Indonesian sulfur supply compared to Q2. Sulfur is now reported to be trading at around $800 per ton, which is still eight times last year's price.
Our friend Jim Lennon reported that every $100 increase in sulfur prices adds around $1,000 per ton of HPAL production costs in Indonesia. Therefore, Indonesian HPAL producers have moved from the bottom to the top of the cost curve, with some cutting outputs by up to 50%, and there are rumors that more cuts are going to follow. Also, some of the analysts noted recently that ore grades in the limonite ore falling below 1.5% to 1.4% raises acid consumption per unit of nickel recovered, which compounds the sulfur cost pressure. But on the other hand, Class 1 stocks have risen, seemingly keeping LME prices in check, and more importantly, ore prices have fallen in the last couple of months as extra RKAB quotas came onto the market, with downstream operations complaining about not having enough ore and a delayed rainy season extending the mining window in Indonesia.
With well over 65% of market share and still growing, Indonesia holds the key to nickel prices and has publicly maintained in recent weeks that its target price is $19,000-$20,000 per ton. With that, I would like to hand over to Chris for a more operational update before I return with the financials.
Okay. Thank you, Ingo. Welcome, everyone. I am very excited to dive right in here. I think from our last quarterly, we do have some material updates to talk about, and I will jump right into the key elements on the financing. First and foremost, on the short-term financing, this is really important liquidity for us to bridge from the DFS to FID. We have drawn down a total of $41 million, and we had the last tranche draw down. This is really empowering our owners team and I will talk on another slide, really the activities that have been undertaken and what the owners team is focused on because there is a lot of activity on the ground. It is very important in really keeping us on these timelines to march toward FID, and really get all the preparation in place for the full scale of construction. Okay.
Next, we did issue a press release on Friday. It was publicly announced that Lifezone Metals is in advanced negotiations with the Orion Critical Mineral Consortium. This was disclosed on Friday, so this gives me the latitude to really discuss how we are positioned as a company and what this really means going forward. The Orion CMC, by introduction, I mean this is a multi-billion dollar critical minerals consortium involving the U.S. government, Orion, which is really the preeminent private investor in the mining space, as well as the sovereign investment fund, L'IMAD from the U.A.E. What this really does is bring together some of the world's leading metals and mining investors' pools of capital, in addition to the projects and operators to create this. Really, this is all driven for the creation of competitiveness and national security, really led by the U.S. government.
For us, what I am excited to convey here is for a tier 1 project like Kabanga, this is a demonstration of the types of capital we are able to attract and the strategic importance of Kabanga as a project, just given its size and scale. These are the pools of capital driven by the United States and its Western allies that are absolutely best in class for us to demonstrate the competitiveness for us moving forward as a project. This is something we will be able to announce more details in the near term.
We cannot give a lot of details, but I think the fact that this is now public, what I can outline a little bit more is the U.S. nexus that we are capitalizing on, the amount of support we are getting from all of the various departments and agencies, and this is really a Western aligned investment consortium that we are marching forward with. I think that really translates into the project finance process as well. What you are going to see as we get into more detail on the project financing is a construct of a number of Western best-in-class banks, DFIs, ECAs that will be complementary to the equity piece, which is obviously a very Western U.S.-centric driven equity group. Something we are really excited about, and there will be more detail to disclose as we go forward.
But for our board of directors, the process we have gone through, we couldn't have really designed a better investment group to come in and support this project. This news should be very, very positively taken and a demonstration of the work and support we have been undertaking in D.C. and overall with the U.S.-led initiative. Just in addition, I think I would like to highlight on the Tanzanian side, we continue to advance and get into final closing on the framework agreement. We have worked very intently in parallel to getting the equity in place and getting towards closing to finalize our agreements with the Tanzanian government. A credit to Honorable Mavunde, the Minister of Mines, for his support getting us to this point. He has been very active on the road.
The Tanzanian delegations have been on a number of different circuits across really the globe focusing on Tanzania being open for business. What we are very excited to do is, once we get into our final announcements, to really demonstrate this as the hallmark project supported by this Western Allied consortium. For Tanzania to be unlocking one of their most strategic sovereign resources with the help of this Western-aligned network, this is going to be something very powerful. Really, really excited to get to that point. But a credit to the Tanzanians and their excitement as well to see us close this deal. Okay, next. Okay. As we indicated, the Taurus bridge funding has been very critical. The owners team that has been assembled, a credit to Gerick Mouton, our Chief Operating Officer, and the team he has put in place.
Gerick brings a tremendous amount of expertise on the ground in Africa, building and developing projects, and he has really put together the team that he envisions is going to be the one to bring this to fruition. The team has been very busy working with our partners at DRA Global. There have been a number of workshops down in Johannesburg over the past several weeks and all the work streams that are being deployed right now and undertaken as part of this interim bridge funding to get us from DFS to FID. There has been a tremendous amount of progress on the ground. I mean, everything from camp upgrades to the procurement process. We have gone out now with over 600 plus packages for procurement, and that is a very intensive process.
For us to be able to be working on this right now is critically important because the timelines we want to meet, and especially as we march towards FID, these are critical work streams. The team's been incredibly busy on the ground. This is obviously all in advance of getting to the final closing and full FID. As I always mention, sustainability and community engagement is going to be a hallmark of how we conduct ourselves on the ground. This is something that we put an enormous amount of time and effort into the social performance and resettlement program.
What we'd like to highlight here is the standard we hold ourselves to is incredibly high, and we're very proud to be able to demonstrate that that standard has resulted in us achieving a commercial result in our exit agreements with BHP, where we have an additional $8 million reduction in the terms with BHP. That was something that they challenged us to adhere on their exit to a certain standard, and we've been able to meet that IFC performance standard. That's something that we intend to continue to achieve as part of our overall motivation. This is just a tangible, quantitative demonstration of we are actually on track. We're doing this the right way. The community has been massively engaged on all fronts, and this is resulting in tangible value back to Lifezone shareholders as a result.
Really, really excited about this and congrats to all the teams that worked on this. Other highlight, obviously three million plus hours with no lost time or injury at Kabanga. That's something we're going to be continually focused on as an organization and in terms of the overall performance. Environmental permitting, compliance, everything is tracking. A lot of engagement has been taking place with TANESCO in terms of the power line coming in. These are all part of the work streams being managed by the owners team to ensure that we're advancing every part of the project as we march towards FID. Really underpinning everything we do in Tanzania is the enormous commitment they've made to infrastructure and the TANESCO engagements are paramount right now.
TANESCO being the utility company in Tanzania, that power station, that substation we're going to be building, those negotiations with TANESCO are critical and advancing very well right now. That's the 88-kilometer transmission line we need to bring in to the mine site so that we can tap into the new grid. The new grid's powered by a number of new hydro sites that I've outlined before. Tanzania is actually an over supplier of power versus its overall draw. Tanzania is in an incredibly strong position to be that regional hub for infrastructure and they continue to demonstrate that. On the standard gauge rail, over five million passengers have now traveled on that and the next stage of the expansion has been announced. Standard Chartered is leading that. It's going to be $3.79 billion.
This will be extending that railway, that standard gauge rail through the interior of the country to the area near Kahama called Isaka, where our rail siding will be located. It is also going to be extending further into the region. On the port side, a lot of activity with Dubai World Ports being in control of the port. What you are seeing is you are seeing that translate into increased efficiencies in delivery time and turnaround time, and this is also leading to expansion projects being progressed which are really critical for us. To have that Dubai World, you are seeing a strong nexus of investment and cooperation from the UAE that does have a correlation to us. The Orion CMC has the UAE Sovereign Fund as part of that consortium.
We see a lot of synergies between the U.S. leading this consortium also with the UAE as a very major part of this and that is something we will look to expand on further announcements. Okay, next. As I mentioned, the extension of the standard gauge rail, one of the extension lines will go into Burundi where we have our Musongati Nickel project and this is really at the epicenter of how Tanzania is creating itself as a central kind of critical metals corridor underpinned by the infrastructure development they have done to date. What we are seeing right now is we are seeing the initial results of how that is translating further inland to countries like Burundi. Now that we are seeing progress on that, we are able to work and move forward on the Musongati project.
We have had teams in the country and really what we have seen is again a U.S.-centric support for critical metals investment and development and this is something we are replicating the relationships we have in Tanzania and with those same supportive networks we are unlocking and getting a lot of support from the U.S. government in Burundi, really driving and supporting Burundi and U.S. companies by association. We are also working closely with KoBold Metals as two of the preeminent mining companies in the country. What is really nice about this relationship is KoBold Metals focuses on digitizing historic geological data. The material and the geological information from Musongati has been in very old forms
To translate and upgrade that and for that to be an initiative that KoBold is focusing on, that works very nicely for us to get an advanced series of information that we can then download into our processes. Very symbiotic, very positive relationship with KoBold Metals and that is a relationship that I wanted to highlight. In terms of the next stages in Burundi for us is really focusing on working with the government. As I said, we have the teams there right now, and we will have some more announcements later on, before end of this year on really what the shape of that next step of the program is going to look like.
That entails getting samples out to do hydrometallurgical test work on and undertaking a drilling program to not only further confirm the laterite and the extent of that ore body, but also to focus and look at the extent of the potential deeper sulfide material. Working very closely with the government right now in Burundi and the ministry, and working out what that drilling program will look like. Exciting progress in Burundi. I think as we, number one, leverage the regional infrastructure that Tanzania is driving, these additional ore bodies of critical metals increases the size and scale of the opportunity in the overall East African region. The size and scale of these opportunities have to be supported by large governments and investment capital.
That's what Lifezone Metals's demonstrating, that we are in a preeminent position to begin unlocking some of these new core sources of battery metals, with the support of a Western allied investment capital group. Okay. I'll touch on another extension. As I said, we're focused on really the flagship project in Tanzania, but also we have a pipeline of other projects that also include support from the United States government. What you're seeing is us focused on a domestic autocat recycling program. We are very, very pleased with the results of the last piloting. One of the key elements of a hydromet process for the recycling of catalytic converters is can you get those recoveries up to be competitive with the pyrometallurgical processes? Our teams have delivered on that.
We are into the second confirmatory piloting, and this is a partnership with Glencore, in the U.S. What we're doing right now is working with Glencore. We have identified a site, so that's very important that we have concluded on a site selection, and we will be marching towards FID in Q1 2027. This is, again, I've emphasized this sometimes on these calls about how exciting this project is. As we focus on getting Kabanga funded, closed, Lifezone Metals will be focused on identifying other areas where we can work with our U.S. strategic partners and allies to unlock these choke points that you hear about in the press. The way you unlock those choke points is you design and develop solutions for the processing and refining. The mines and the locations are one part of the equation, but when you really look at the supply refining.
With how we're positioned right now, that's where we can focus our core competitive positioning. I think this is going to be another demonstration of how we go from Kabanga to autocats, and then we have a pipeline of additional projects that we're going to continue to focus on. Bringing in the prowess of these investment partners is really going to be one of the strongest complements for us as a platform. Positioning ourselves as a U.S.-listed main board company with this funding capacity, the technological innovation and capacity that we have focused on projects, that's really how you're going to see Lifezone Metals positioned to solve a lot of these issues going forward. Really, really well-designed strategically going forward. If I then go to the next slide. We're seeing a lot of this in our labs in Perth.
Seeing this group and the work they are doing, not only have they delivered for us the first ever refined metal out of Kabanga, through that process, the R&D that they have undertaken has unlocked our hydromet flow sheet for the autocats. Those are only two proprietary projects that we have been working on with Simulus. What Simulus is focused on right now, there is piloting for other products, other critical metals, antimony, germanium, rare earths, a series of base metals where they have a core expertise, and also precious metals, including gold. What we are seeing is we have our proprietary projects, but Simulus continues to grow and be bringing in third-party work where we are not only doing this for Lifezone, but we are assisting other mining companies throughout the world, delivering our expertise through a collaborative agency process.
What I like about this is we have the opportunity to also work with some of these projects we see going through our pipeline. If we see a project that we think is really well-positioned, we can look at a collaborative approach as Lifezone on specific projects that we see. I think unlocking these solutions for Lifezone translates into unlocking these solutions for other mining companies.
A really critical role we are playing is, and an unheralded role, is the work we are doing at Simulus in Perth, where we are helping other mining companies really solve those choke points, trying to find new innovative flow sheets so that we can move forward and really collectively be part of this transition from supply chains being really controlled by one region and really focusing on an emerging Western allied supply chain that transcends not only our Kabanga project, but we can play a major role assisting not only the majors, but other mid-tiers and juniors. A lot of work going through our labs right now, and that is going to really be part of our pipeline going forward. Okay. I will turn back over to you, Ingo.
Thank you, Chris. Now we come to the core part of the Q3's. Please follow me on the very right side through the table. What you can see here is the nine months to September 2026 and the nine months to 30th September 2025. In 2026, we started the year with $20 million in cash and cash equivalents. We had operating cash flows of $7.8 million. That is an improvement of around $1.3 million. We are in the second year now, where we try to manage our general and administrative cash costs tightly. The investing activities, as you would have expected, increasing our execution readiness activities and final engineering and design and procurement activities have increased to $24 million in cash, and financing activities were $34 million in the nine months. There were no financing activities in Q3.
I think, as you remember, we had a capital raise in April where we raised $25 million in gross proceeds, $23.3 million in net. We also received $21.7 million in the first half from the Taurus bridge loan that we signed last August. There is another $18.3 million undrawn, which is available until the 29th of November, and conditional on the joint financial model and framework agreement amendment. We ended the Q3 at $22 million. The liquidity, including the undrawn amount from the bridge loan, is $40.5 million. In terms of our liabilities, the convertible debenture with a nominal value of $50 million is on the books for $39.5 million and kind of gets amortized and will get to this point after the four years.
We have the bonds from the 2025 offering and then the senior secured bridge loan facility, plus the deferred consideration from BHP, which is now reduced by $8 million. What you see there on the books is, on the one side, it is a $10 million payment 12 months after FID and $28 million indexed to our share price, and the index reference point is $4.16 U.S. dollars. That maximum amount has been reduced by $8 million, so there is a cap on it. In terms of the E&E assets, they have increased, and this is basically the book value of our Kabanga asset from $104 million to $272 million. If you compare this to the investing cash flows, there is sort of some non-cash elements there.
In particular, we capitalize the interest costs or the costs of the senior secured bridge loan facility from Taurus because that is exclusively for the advancement of Kabanga. The loss per share, basic and diluted, is the same, simply because it was a loss in the period. Therefore, the diluted is the same. It is not always just about numbers. We have a team size of 248 employees and contractors. As one of the slides from Chris mentioned earlier, 188 people, so the large majority, of course, are linked to the Kabanga project and are working across the Kabanga site, Dar es Salaam, but also in our engineering partner offices in Joburg, South Africa. Next slide, please. In terms of our register, as we did not raise equity this quarter, there was not much of a change in the outstanding shares. We issued around 500,000 shares under our RSU program.
You can then see here the fully diluted share count. As of yesterday, we had a market cap of $307 million. Probably the one noteworthy thing is that, of course, we have seen a nice uptick after the announcement of the advanced conversations with Orion CMC. Also that after we bought the 17% stake of BHP last year, they have also in the quarter exited our Lifezone Metals shareholder register. With that, I think we are going into Q&A, and I hand back to Catherine. Thank you very much.
Thank you, Ingo. Thank you, Chris. As a reminder, if anyone has any questions, please raise them via the Q&A box, which should be located at the top of your screen. We are only taking written questions, so please could you post these in the Q&A, and we will address them as we go forward. We have our first question. Chris, this will be for you. Can you talk a bit more on the conversations with the U.S. government and the other strategic partners for Musongati, and could conversations be similar to what we are undergoing with the Orion CMC?
They are very early stage compared and relevant to Kabanga, but I think the overall way we approach these transactions is really, we are being very supported by the U.S. State Department, by other areas within the U.S. government. I think what we are able to do is really go shoulder and shoulder into some of these discussions. I think what you are seeing is we are uniquely positioned to be able to capitalize on the strong policy initiative from the U.S. and leading Western allies.
This is an incredibly important point in time, and I think with the strategic knowledge that these supply chains are not going anywhere in terms of policy importance. We are really, really focused on capitalizing on our positioning. That is going to extend from Kabanga to the project in Burundi and you are going to see us in a situation where we can replicate that model going forward.
As I said, this is a point in time where the momentum is there for us to take advantage of. We are uniquely positioned. I love the fact that we are a main board-listed company, and once we fully announce the terms of this deal, I think we are in a position to materially re-rate, and that will put us in a position to just continually access the full scope and potential of the U.S. financial intermediary markets and be a funding and leverage platform going forward for additional projects, additional growth. That to us is very exciting. I think we have got the platform where we can tap into U.S. institutional capital. We have got the key strategic partners, as we have evidenced in the discussions with the Orion CMC.
There will be additional announcements regarding other areas of cooperation that we have not disclosed as yet, and we will in the near term. But I think this kind of big bang, full comprehensive approach is something we are going to be evidencing that we are just right at the forefront of being able to monetize.
Thank you. Chris, we have a few questions on Orion CMC, so I am going to ask a few of them in order. The first one being, will Lifezone still be the operator and controlling shareholder of the project following the current negotiations?
Yeah. Our intent, and I think this is something that we can demonstrate based on the build-out of our owners team is we, as Lifezone, and with the capability and skills of the team we have assembled, we are going to move forward. We are going to be the operator and controlling shareholder, driving this project into full-scale construction and commissioning. We are highly confident in the team we have. I think that is obviously been through a very detailed due diligence process by the various investors. Just to take a step back. We have had a very competitive process. I think when you look at the process we have been alluding to with Standard Chartered, an asset the quality of Kabanga, there was tremendous interest.
We were in an incredibly privileged position to be able to select, really the top-tier, best-in-class investment capital to come into this project. I think the board was very specific about what is it going to be in the best interest of shareholders and where can we achieve the most value? I think the magnitude and the overall breadth of these pedigreed partners, I do not think we could be in a stronger position. To the point, we intend to drive this project forward. We will be the controlling operator, and we are going to go build this mine.
Thank you. Second question to that is, are we still expecting to close the deal before the end of the year? Are the terms still being negotiated, or is the size of the deal pretty much arranged?
What I can say is pretty much we have concluded the commercial negotiations. We are in final legal processes. I think what I can say right now is we are looking to close this as soon as possible. So, without giving any definite, we all want this closed, and we want to be able to get all the details out there as soon as possible. So we are very much on a short track to get the announcement out in the near term.
Thank you. Next question. How do you think about the funding for the PGM project and how conversations with Glencore progressed around their ability to fund a portion of the project capital?
I think on the PGM, it's very straightforward. This is not a very large CapEx program, which is really the attractiveness of it. So for roughly a $40-plus million capital investment, that would be split obviously between Lifezone Metals and Glencore, we'll be delivering over 200,000 ounces of 3PGM, so platinum, palladium, rhodium, and producing a specific solution for domestic U.S. consumption of those metals, which right now primarily gets processed and refined overseas. So, in terms of the funding, we have several DOE grants in place. We are in negotiations with the government to play a similar type role, utilizing some of the facilities and funding that they've announced for this project. So those are all discussions underway.
But I think with what we've demonstrated regarding the depths of involvement and cooperation with the U.S. government, I think it's safe to say that we will be pushing for their involvement in this in one way or the other, and seeing where they can play a key role. And obviously, Glencore, this is a small project by their standards, so pretty easy for them to make a very quick decision once we get to FID. But we had really good meetings, update meetings with them last week. And in terms of the site being identified, we're really keen to give more detail on this in the near term.
Thank you, Chris. The next question will go to Ingo. Is the debt drawdown under the Taurus facility due to be fully repaid by November 29? How do you expect to fund activities beyond this point if the strategic investment has not been secured?
Let me try to decompose this in terms of the question.
Okay.
There is a final drawdown, and the final drawdown date is November 29, and there are conditions to that, which is the amendment, and particularly agreement on the joint financial model, which was depending on the release of the feasibility study last year. It sort of defines how the fiscal benefits are being shared between us and the government. Of course, that is a very sensitive and important point for all of our parties. November 29 is not the date of the repayment of whatever is drawn down at that point of time. That ultimately means we signed the agreement in August last year. We have a two year availability period. That means that in August next year, we will pay down, as of pay back, or we can extend another six months.
If FID, as currently planned, is happening earlier, in the uses of funds of FID, and particularly the debts, the project finance debt that we are raising, a component of that is the repayment of the Taurus facility. We have assembled a group of pathfinders. Currently, these are all ECAs and DFIs. There were no discussions yet with Taurus if they want to continue also being in the long-term project financing debt.
Thank you, Ingo. The next question is the completion of the ESIA for the transmission line a prerequisite for Kabanga's financing and FID?
Yep. Go ahead.
Sorry, this is completely my remit. To confirm, the national ESIA and EIS certificate has been received. That is already completed, and what we're doing is uplifting it to international standards. The requirement is that you understand your risks and impact so you can address that. That is what third parties and pathfinders will be looking at for financing the project to ensure that we understand the risks and how we're going to mitigate them. Thank you. Next question, back to Kabanga. Chris, this will go to you. When do you expect the framework agreement and joint financial model to be finalized? If you can't say, what is the timeline on meetings to work that out over the next few months?
We have been in very intense final discussions to conclude the framework agreement and the joint financial model with the government. Our team's been on the ground over the past several weeks. As far as we're concerned, we're pretty much in that conclusive phase to close everything off. That will then trigger the approval process within the government bodies for final sign-off. As we finalize all the negotiations for the equity, and to close the equity, all this is being done in parallel. Best case scenario, if we can time everything up the same, we will. The framework agreement is of paramount importance for us to close off. It's getting our full time and attention, and the government has been working tirelessly as well with us to conclude.
That is something we want to conclude as quickly as possible, and we're in that process right now.
Thank you. The next question, and maybe our last is, earlier this year, you discussed a political risk insurance package with the DFC. Now that negotiations with Orion CMC are at an advanced stage, could you update us on where that stands? Specifically, is the DFC risk insurance expected to be part of the Orion closing?
No, that would be something outside the specific Orion CMC. I think all we've been able to disclose right now is that we are in, obviously, negotiations with the DFC on the PRI instrument. But at this point in time, there's nothing more we can say in terms of final decisions. But when possible to make a definitive announcement, we will.
Perfect. Thank you. I've got one last question that I'm going to go for. You said Orion CMC is making a significant investment in the equity for the project. Does that mean that you have secured other partners?
Yes. What I can say is the overall equity quantum is just over $500 million. When we announce the closing of the equity overall, this will be a fully funded equity process. There will be additional participants in this equity consortium outside of the Orion CMC. That is something we cannot disclose at this time. I think we will be very keen to get out there and, again, disclose the pedigree and the quality of the investors. I think if you look at this quality of project, the quality of support we are getting from the Orion CMC and the U.S. government, I think you can extrapolate that there would be a lot of additional interest to partner in a consortium of this quality and size and scale and capability. So there will be additional equity participants and we will make an announcement when we can.
Mm-hmm. Chris, I think maybe to add, we have said this in the past, that the equity investment goes into the KNL Group. That ultimately means-
KNL is the U.K. holding company that benefits from a bilateral investment agreement with the government or the State of Tanzania, and the debt is going in within the group as well. The borrower is the project entity in Tanzania called Tembo Nickel Limited. So the equity is not at the ListCo level. I think this is-
an important point always to reiterate.
Yeah. I think what we will attempt to do as well, once we are able to make further announcements, is highlight the project financing process of just upwards of $800 million. As you would expect, the interest to fund on a debt side is intimately linked to the quality and caliber of your equity commitments. I think given the strong cash flows that Kabanga puts off, it is a highly bankable project to project finance in our view and in our advisor's view. There has been a substantial amount of interest in the debt side. We will be able to articulate the quality of the participants that have already lined up for that when we are able to. Exciting times. We have been able to discuss a little bit on this call.
A lot more I would love to get out there and we are working really hard to get this done so we can provide the full scope of all the details to the market and to our shareholders, which we are really excited about.
Thank you very much, Chris and Ingo. Very well said. We have covered all the questions in the Q&A today, so we are going to wrap the webcast up. Please, a quick reminder that if you have any further questions, please feel free to follow up directly via email at info@lifezonemetals.com, or contact our newly appointed Senior Vice President of Investor Relations and Capital Markets, Ken Chernin at ken.chernin@lifezonemetals.com. This concludes our webcast. I would like to thank everyone for attending today's event, and we look forward to speaking with you soon. Thank you.
Cool. Thanks a lot, everyone.
Thank you.
Thanks.
Thank you very much.