The latest drilling results from the Safari Link area represent a near-term opportunity for resource and value addition, Lifezone said.

"We think copper is making a bottom. I'd be willing to wager on $9,500/tonne before you go down to $7,500," he said.

On an adjusted basis, the company earned 27 cents per share for the three months ended Dec. 31.

Company says the first resource estimate "exceeded expectations" given the limited drilling the company has done to date.