$LZM

Lifezone Metals Ltd

CIK:0001958217|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Profit or loss [abstract]
Revenue	$ 1,057,043	$ 140,522	$ 1,477,826
Cost of sales	(533,595)	(86,872)	(753,914)
Gross profit	523,448	53,650	723,912
Goodwill impairment	0	(9,020,813)	0
Gain (loss) on foreign exchange	182,161	(225,306)	179,640
General and administrative expenses	(19,121,095)	(39,082,152)	(366,078,202)
Operating loss	(18,415,486)	(48,274,621)	(365,174,650)
Interest income	536,157	2,342,071	567,190
Fair value gains on embedded derivatives	15,615,000	5,771,000	0
Fair value loss on warrants	(1,040,000)	0	0
Gain (loss) on remeasurement of deferred consideration	(668,116)	0	156,047
Interest expense	(10,397,885)	(6,434,657)	(211,979)
Loss before tax	(14,370,330)	(46,596,207)	(364,663,392)
Income tax	263,493	(540,126)	0
Loss for the year	(14,106,837)	(47,136,333)	(364,663,392)
Exchange gain (loss) on translation of foreign operations	177,584	(92,991)	(37,931)
Total other comprehensive gain (loss) income for the year	177,584	(92,991)	(37,931)
Total comprehensive loss for the year	(13,929,253)	(47,229,324)	(364,701,323)
Net loss for the year:
Attributable to ordinary shareholders of Lifezone	(13,627,876)	(46,305,239)	(363,874,560)
Attributable to non-controlling interests	(478,961)	(831,094)	(788,832)
Attributable to non-controlling interests	(14,106,837)	(47,136,333)	(364,663,392)
Total comprehensive loss for the year:
Attributable to ordinary shareholders of Lifezone	(13,450,292)	(46,398,230)	(363,912,491)
Attributable to non-controlling interests	(478,961)	(831,094)	(788,832)
Total comprehensive loss for the year	$ (13,929,253)	$ (47,229,324)	$ (364,701,323)
Net loss per ordinary share:
Basic net loss per ordinary share (in dollars per share)	$ (0.17)	$ (0.59)	$ (5.34)
Diluted net loss per ordinary share (in dollars per share)	$ (0.17)	$ (0.59)	$ (5.34)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Loss for the year	$ (14,106,837)	$ (47,136,333)	$ (364,663,392)
Adjustments for:
SPAC transaction expenses	0	0	76,857,484
Share-based payments	2,121,036	17,818,907	265,558,785
Impairment of goodwill	0	9,020,813	0
Interest income	(536,157)	(2,342,071)	(567,190)
Amortization of intangibles	141,769	181,991	163,147
Unrealised foreign exchange loss/(gain)	152,945	201,314	(179,640)
Gain on disposal of property and equipment	0	(134)	0
Impairment of VAT receivable	574,270	1,749,527	4,617,911
Provision for witholding tax	4,173	3,434,062	0
Impairment of deposit	400,000	0	0
Provision for bad debt	0	478,558	0
Interest expense	10,397,885	6,434,657	211,979
Fair value gain on embedded derivative	(15,615,000)	(5,771,000)	0
Fair value loss on warrants	1,040,000	0	0
Loss/(gain) on remeasurement of deferred consideration	668,116	0	(156,047)
Depreciation of property and equipment and right-of-use assets	1,348,517	1,390,511	878,810
Tax paid on behalf of grantee on vesting of RSUs	(18,624)	(1,369,323)	0
Income tax expense	(263,493)	540,126	0
Other non-cash items	0	0	(37,931)
Operating loss before working capital changes	(13,691,400)	(15,368,395)	(17,316,084)
Changes in trade and other receivables	(920,213)	638,844	(3,294,857)
Changes in related party receivables	98,134	931,552	114,216
Changes in inventories	45,158	(61,224)	(51,044)
Changes in prepaid mining license	0	0	353
Changes in related party payable	(36,587)	(7,405)	132,048
Changes in trade and other payables	(1,087,858)	(2,025,180)	(6,564,427)
Net cash used in operating activities	(15,592,766)	(15,891,808)	(26,979,795)
Cash flows from investing activities
Interest received from bank	707,407	2,342,071	560,349
Patent costs incurred	(127,135)	(157,608)	(90,978)
Expenditure on property and equipment	(37,186)	(892,779)	(697,431)
Expenditure on other intangible assets	0	0	(291,410)
Investment in exploration and evaluation assets	(21,826,327)	(49,951,501)	(51,355,297)
Acquisition of subsidiaries, net of cash acquired	0	0	(8,073,000)
Payment of deferred consideration relating to acquisition	0	(4,000,000)	0
Net cash used in investing activities	(21,283,241)	(52,659,817)	(59,947,767)
Cash flows from financing activities
Proceeds from issue of shares to employees and contractors	0	76	0
Proceeds from exercise of stock options	0	0	110,504
Proceeds from exercise of warrants	1,150	0	878,025
Proceeds from issuance of convertible debentures	0	49,250,000	0
Drawings from senior secured bridge loan facility	19,742,077	0	0
Transaction costs on senior secured bridge loan facility	(2,748,627)	0	0
Interest paid	(2,014,132)	(1,796,105)	0
Net proceeds from share offering	13,949,998	0	0
Net proceeds from PIPE transaction	0	0	70,173,170
Proceeds from SPAC acquisition	0	0	3,104,056
Share issuance costs	0	0	(5,683,979)
Payment of lease liabilities	(874,244)	(534,055)	(338,171)
Stamp duty taxes paid on acquisition of shares	(416,370)	0	0
Proceeds from non-controlling interests	0	1,500,000	47,500,000
Net cash provided by financing activities	27,639,852	48,419,916	115,743,605
Net increase (decrease) in cash and cash equivalents	(9,236,155)	(20,131,709)	28,816,043
Cash and cash equivalents [abstract]
Effect of exchange rate changes on cash	96,463	24,024	40,374
Cash and cash equivalents at beginning of the year	29,283,942	49,391,627	20,535,210
Cash and cash equivalents at end of the year	$ 20,144,250	$ 29,283,942	$ 49,391,627

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Non-current assets
Goodwill	$ 0	$ 0
Exploration and evaluation assets and mining data	140,986,596	117,577,523
Patents	706,748	674,336
Other intangible assets	168,438	215,484
Property and equipment	4,316,306	5,287,258
Right-of-use assets	2,124,998	1,239,679
Total non-current assets	148,303,086	124,994,280
Current assets
Inventories	58,017	162,004
Deferred financing costs	5,218,063	0
Trade and other receivables	2,028,267	2,115,114
Related party receivable	0	98,133
Cash and cash equivalents	20,144,250	29,283,942
Total current assets	27,448,597	31,659,193
Total assets	175,751,683	156,653,473
Equity
Share capital	8,380	7,913
Share premium	190,216,537	185,070,706
Shared based payment reserve	278,038,156	275,917,120
Warrant reserves	20,667,152	15,017,257
Other reserves	52,556,433	67,732,147
Foreign currency translation reserve	162,526	(15,058)
Redemption reserve	280,808	280,808
Accumulated deficit	(468,098,277)	(454,470,401)
Total shareholders’ equity	73,831,715	89,540,492
Non-controlling interests	(998,960)	9,786,509
Total equity	72,832,755	99,327,001
Non-current liabilities
Lease liabilities	1,122,836	801,048
Deferred tax	303,749	529,018
Senior secured bridge loan facility	16,677,872	0
Deferred consideration	25,734,073	0
Total non-current liabilities	43,838,530	1,330,066
Current liabilities
Lease liabilities	931,364	617,648
Trade and other payables	3,762,481	4,815,559
Provisions	3,672,876	3,434,062
Convertible debentures	34,521,935	26,235,808
Embedded derivative	5,153,000	20,768,000
Related party payables	88,742	125,329
Warrant liability	10,950,000	0
Total current liabilities	59,080,398	55,996,406
Total liabilities	102,918,928	57,326,472
Total equity and liabilities	$ 175,751,683	$ 156,653,473