NEW YORK--(BUSINESS WIRE)--March 19, 2026--
Lifezone Metals Limited's $(LZM)$ Chief Executive Officer, Chris Showalter and Chief Financial Officer, Ingo Hofmaier, announce the full-year 2025 financial results and the filing of Lifezone's Annual Report on Form 20-F with the U.S. Securities and Exchange Commission, available on Edgar and the Company's website.
Mr. Hofmaier commented: "Throughout 2025, we continued to advance the high-grade Kabanga Nickel Project, amid a challenging nickel market, which included the filing of a Feasibility Study with strong economics, raising $60 million from Taurus Mining Finance and $15 million in equity from U.S. investors, demonstrating the quality, scale, and long-term potential of the Kabanga Nickel Project. Our financial discipline has maintained a strong financial position as we progress the project towards key milestones. We ended the year with a cash balance of around $20 million and undrawn funds from Taurus Mining Finance of $40 million.
In addition, we acquired BHP's minority interest in Kabanga without any immediate cash outlay and meaningfully advanced our project finance efforts, as part of our commitment to ensuring execution readiness for a Final Investment Decision in late 2026.
At the end of 2025, Lifezone had invested over $140 million into the exploration and evaluation of the Kabanga Nickel Project, creating a solid technical foundation for the execution phase along with a much-improved nickel price outlook."
Financial Summary:
-- On August 11, 2025, Kabanga Nickel Limited entered into a $60 million
senior secured bridge loan facility agreement with Taurus Mining Finance,
a leading global provider of structured finance to the mining sector.
-- On November 12, 2025, Lifezone closed a $15 million underwritten
registered direct offering 4,411,764 ordinary shares and warrants to
purchase up to 4,411,764 ordinary shares.
-- Lifezone Metals reported a cash balance of $20.1 million as of December
31, 2025, compared to $29.3 million as of December 31, 2024.
-- For the year ending December 31, 2025, Lifezone reported a basic and
diluted loss per share of $0.17, based on a net loss of $13.6 million
attributable to Lifezone shareholders and 79.9 million weighted average
ordinary shares outstanding. This compares to a basic and diluted loss
per share of $0.59 in 2024.
-- Cash usage from investing activities during the year amounted to $21.3
million, with $21.8 million invested in the Kabanga Nickel Project.
-- In Q2 2025, Lifezone completed a group-wide rightsizing program to
align with a challenging nickel market.
-- As at December 31, 2025, an additional $40 million remains available
for drawdown under the Taurus Mining Finance bridge loan facility; with
another $5 million drawn on March 16, 2026, as an advance for a larger
second utilization awaiting closing.
Corporate highlights:
-- On July 18, 2025, Lifezone filed the Feasibility Study Technical Report
Summary for the Kabanga Nickel Project, declaring the first ever Mineral
Reserves. The Feasibility Study outlines an 18-year life of mine
operation with a 3.4 million tonnes per annum underground mine and
concentrator, with an after-tax net present value of $1.58 billion using
an 8% discount rate and an after-tax internal rate of return of 23.3%.
-- Pre-production capital expenditures for the project are estimated at
$942 million, and attractive all-in sustaining costs averaging $3.36/lb
payable nickel (net of copper and cobalt by-product credits) over the
life of mine, as a result of high grades.
-- The low costs all-in sustaining costs are a result of the Proven and
Probable Mineral Reserves of 52.2 million tonnes (100% Basis; LZM
Attributable: 43.9 million tonnes), grading 1.98% Nickel, 0.27% Copper
and 0.15% Cobalt.
-- Lifezone completed the acquisition of BHP's 17% equity interest in
Kabanga Nickel Limited, consolidating control over the offtake, with the
Government of Tanzania remaining our project-level partner, with a
free-carried interest of 16%.
-- Early works activities commenced, including underground and surface
geotechnical drilling contracts to support final designs, with
mobilization and site preparation completed.
-- Zero health, safety, environmental, or security incidents were reported,
with +2.5 million hours worked without a lost time injury at Kabanga.
-- Continued environmental and social commitments in alignment with
national and international standards.
-- Completed the Kabanga Environmental and Social Impact Assessments and
Resettlement Action Plan, aligned with the national and international
standards.
-- Completed a total of 97% of project affected households' cash
compensation payments.
-- Official signing in March 2026 of an exclusivity agreement with the
Government of Burundi over the globally significant Musongati nickel
laterite project, located within the larger East African Nickel Belt,
only 200km from Kabanga.
Mr. Showalter said: "2025 was another momentous year for Lifezone, as we completed the Feasibility Study for our flagship Kabanga Nickel Project and consolidated 100% ownership of Kabanga Nickel Limited, following the acquisition of BHP's equity interest. This means we now control 84% of the Project, with the Government of Tanzania owning the remaining 16%.
Kabanga remains the cornerstone of our long-term growth strategy. Its high-grade resource and competitive cost profile, coupled with future integration with our exciting Hydromet Technology, position us to deliver meaningful, sustainable value as global demand for cleaner battery metals accelerates.
With the successful completion of $75 million in capital raises in H2 2025, Lifezone has commenced execution readiness activities to advance and de-risk the project and prepare for project execution as we head towards the Final Investment Decision."
Investor Webcast: 19 March 2026 / / 10:00 a.m. ET | 14:00 p.m. GMT
Chris Showalter, CEO and Ingo Hofmaier, CFO, will be hosting a conference call and Q&A, today. Analysts and investors can register at: Lifezone Metals 2025 Financial Results Webcast.
If you would like to sign up for Lifezone Metals news alerts, please register here.
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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.
www.lifezonemetals.com
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.
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