Lifezone Metals Announces 2025 Financial Results and Filing of Form 20-F

NEW YORK--(BUSINESS WIRE)--#20F--Lifezone Metals Limited’s (NYSE: 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. Social Media LinkedIn | X | YouTube 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 StatementsRead the full story here

Lifezone Metals Announces 2025 Financial Results and Filing of Form 20-F

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