Lifezone Metals (LZM) H2 2025 earnings summary

Executive summary

• Advanced the Kabanga Nickel Project to execution readiness, confirming it as a world-class, high-grade, long-life, low-cost asset with robust economics and 100% ownership following the acquisition of BHP's minority interest.

• Achieved key milestones: feasibility study completion, new mine staging plan, updated resource estimates, and major financing secured, including $60 million from Taurus and $15 million in equity from U.S. investors.

• Strategic partnerships, government engagement, and advanced offtake negotiations support project advancement and risk mitigation.

• Expanded growth pipeline with catalytic converter recycling (PGM) in partnership with Glencore and Musongati nickel project in Burundi.

• Commenced early works and execution readiness activities, targeting a Final Investment Decision in late 2026.

Financial highlights

• Ended 2025 with a $20.1 million cash balance and $40 million undrawn from the $60 million Taurus bridge facility at 9.25% interest.

• Net loss for 2025 was $14.1 million (or $13.6 million in one report), with a diluted loss per share of $0.17.

• Cash usage from investing activities totaled $21.3 million, primarily for Kabanga.

• $15 million raised via a registered direct offering in November 2025.

Outlook and guidance

• Targeting Final Investment Decision for Kabanga in late 2026, with execution readiness phase approved and diversified funding strategy underway.

• Pre-FID activities include EPCM tender, bulk earthworks, pilot plant for recycling, and offtake negotiations.

• Lifecycle analysis to highlight ESG differentiation, with focus on clean, hydro-powered nickel and staged approach for downstream refinery in Tanzania.