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LZM

Lifezone Metals Limited

LZM

Lifezone Metals Limited • NYSE
$3.91 ▲ 4.27% (+0.16)
Market Cap $309.72 M
52w High $7.29
52w Low $2.90
Dividend Yield 0%
P/E -7.38
Volume 67.93K
Outstanding Shares 79.21M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $325.451K ▲ $7.366M ▼ $2.706M ▲ 831.332% ▲ $0.034 ▲ $-7.338M ▲
Q4-2024 $90.872K ▲ $38.708M ▲ $-35.606M ▼ -39.182K% ▼ $-0.44 ▼ $-29.826M ▼
Q2-2024 $49.65K ▲ $9.62M ▲ $-10.699M ▼ -21.55K% ▼ $-0.049 ▲ $-8.766M ▼
Q1-2024 $41.389K ▼ $4.237M ▼ $-3.845M ▲ -9.29K% ▲ $-0.05 ▲ $-3.263M ▲
Q4-2023 $971.078K $352.572M $-353.471M -36.4K% $-4.53 $-283.136M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $12.512M ▼ $148.559M ▼ $45.968M ▼ $93.156M ▲
Q4-2024 $29.284M ▼ $156.653M ▼ $57.326M ▼ $89.54M ▲
Q2-2024 $63.493M ▲ $181.38M ▲ $62.497M ▲ $35.461M ▼
Q4-2023 $49.392M ▲ $142.262M ▲ $13.949M ▼ $44.649M ▲
Q2-2023 $44.411M $92.823M $29.562M $-18.954M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $2.706M ▲ $-6.298M ▲ $-10.242M ▲ $-286.164K ▲ $12.512M ▲ $-16.91M ▲
Q4-2024 $-35.606M ▼ $-7.555M ▲ $-25.91M ▼ $-810.48K ▼ $-63.493M ▼ $-30.359M ▼
Q2-2024 $-7.69M ▲ $-8.303M ▲ $-22.573M ▲ $91.29M ▲ $30.207M ▲ $-8.303M ▲
Q4-2023 $-352.422M ▼ $-20.714M ▼ $-42.652M ▼ $68.306M ▲ $-23.867M ▼ $-55.381M ▼
Q2-2023 $-12.726M $-6.056M $-17.505M $47.437M $-14.317M $-23.825M

Five-Year Company Overview

Income Statement

Income Statement Lifezone Metals is still in a pre-revenue phase. It does not yet generate sales, so its income statement is driven almost entirely by operating and development costs. The company has reported steady losses over the past several years, reflecting spending on technology, projects, and corporate setup without offsetting revenue. Losses became noticeably larger in the recent past and then improved somewhat in the latest year, but the business is still clearly loss‑making. This pattern is typical for an early-stage, project-focused materials company: costs come first, revenue comes much later, and profitability is unlikely until major projects are built and the technology is commercialized at scale.

Balance Sheet

Balance Sheet The balance sheet is small but has been growing as the company invests in its assets and technology. Total assets have gradually increased, showing that Lifezone is building up its project and technology base. Cash, however, is modest and has actually edged down most recently, which highlights the need for ongoing funding while the business is still pre-revenue. Debt has been introduced but remains limited, so the company is not yet heavily leveraged. Equity moved from slightly negative at one point to clearly positive, suggesting fresh capital has been raised and past deficits absorbed. Even so, the overall capital base is still light compared with the scale of its ambitions, and the balance sheet depends heavily on continued access to external funding and the eventual success of key projects.

Cash Flow

Cash Flow Cash flow is what you would expect from an early-stage development company: money is flowing out, not in. Operating cash flow has been consistently negative, as the company spends on people, studies, and technology without any incoming revenue. Free cash flow is even more negative because capital spending has increased, reflecting investment into projects and facilities. This means Lifezone is reliant on new capital—either equity, debt, or strategic funding—to bridge the gap until its projects start to produce cash. Any delays in project milestones or financing could put pressure on its liquidity, so the timing and scale of future capital raises are important watchpoints.

Competitive Edge

Competitive Edge Lifezone’s competitive position is built around three pillars: its proprietary hydrometallurgical technology (Hydromet™), ownership in a very high-quality nickel deposit, and partnerships with large industry players. The Hydromet™ process aims to deliver cleaner, lower-emission metal production with better energy efficiency and strong metal recoveries. This aligns well with growing demand for “green” metals from electric vehicle and energy transition supply chains. The Kabanga nickel project in Tanzania is considered a world-class undeveloped deposit, which gives Lifezone a substantial resource base to apply its technology. Strategic relationships with BHP and Glencore add credibility, technical know‑how, and potential routes to market. On the risk side, Lifezone is still proving that its technology and projects can operate reliably and profitably at full scale. It also faces typical mining risks: permitting, country risk, construction, cost control, and competition from established smelters and alternative low‑carbon processes.

Innovation and R&D

Innovation and R&D Innovation is at the core of Lifezone’s story. Its Hydromet™ technology is designed as a cleaner alternative to traditional smelting, using a water‑based process in a closed loop. The company highlights lower carbon emissions, removal of certain harmful gases, lower energy use, and strong metal recoveries as key advantages. Importantly, the technology is meant to be versatile: it can be used both for primary ore (like Kabanga’s nickel, copper, and cobalt) and for recycling platinum group metals from used catalytic converters. That opens up opportunities in both new mining and the circular economy. Lifezone also aims to move beyond being only a miner to becoming a technology provider, potentially licensing Hydromet™ to other companies and earning royalties. Upcoming feasibility studies, pilot results, recycling plant decisions, and any new licensing or offtake agreements will be critical signals of how well the innovation is translating into real-world demand and economics.

Summary

Lifezone Metals is an early-stage, pre-revenue company trying to reshape how critical metals are produced and recycled, with a strong emphasis on cleaner, lower‑carbon processes. Financially, it is still in the investment and build‑out phase: no revenue, recurring losses, negative cash flow, modest cash reserves, and a growing but relatively thin capital base. The business depends heavily on continued access to funding until its projects reach production or its technology is widely licensed. Strategically, the company has meaningful strengths: a proprietary process that targets lower emissions, a large and high‑grade nickel project, and validation through partnerships with BHP and Glencore. These could position it well in a world that increasingly values responsible sourcing of battery and industrial metals. At the same time, execution risk is high. Lifezone must prove its technology at scale, bring large projects to completion in a challenging industry, secure offtake and financing, and manage country and regulatory risks. The long‑term outcome will depend on how well the company moves from promising innovation and strong partners to stable operations and sustainable cash generation.

NEWS

November 12, 2025 · 6:03 PM UTC

Lifezone Metals Announces Closing of $15 Million Underwritten Registered Direct Offering

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November 10, 2025 · 9:24 AM UTC

Lifezone Metals Announces Pricing of $15 Million Underwritten Registered Direct Offering

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September 2, 2025 · 6:30 AM UTC

Lifezone Metals Closes $60 Million Bridge Loan from Taurus Mining Finance to Advance Kabanga Nickel Project

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