LZM News & Events

Lifezone Metals reported a cash balance of $15.3 million as of March 31, 2026, compared to $20.1 million as of December 31, 2025. CFO Ingo Hofmaier commented: "Q1 2026 was another period of disciplined execution as we advanced the Kabanga Nickel Project, opened up new avenues with the Musongati Nickel Project Exclusivity Agreement and produced our first ever Platinum, Palladium and Rhodium from the U.S. PGM Recycling Project from pilot testwork at Simulus, while maintaining focus on capital efficiency, liquidity and long-term value creation. During Q1, we received an initial $5 million, as part of a second utilization under the senior secured bridge loan facility provided by Taurus. The remaining $16.7 million under the second utilization was received on April 29, 2026, with a further $18.3 million of the facility remaining available. Also in April, we further strengthened our cash position by closing a registered direct offering that raised $25.0 million in gross proceeds. These funds will help us to position the business for the next stage of growth while remaining mindful of market conditions and disciplined capital allocation."

Lifezone Metals has entered into a share purchase agreement with fundamental institutional investors for the sale of 5,700,000 ordinary shares at a price of $4.40 per share. Gross proceeds to the Company are expected to be approximately $25M, excluding placement agent fees and offering-related expenses. The net proceeds of this offering will be used for exploration activities in Burundi and Tanzania, the PGM Recycling Project, conducting Hydromet research and development at Simulus Laboratory, and for other general corporate and working capital purposes, including financing costs. The offering is expected to close on or about April 23, 2026, subject to the satisfaction of customary closing conditions. Roth Capital Partners served as the sole placement agent for the transaction.

Lifezone Metals announced the official signing of an exclusivity agreement with the Government of Burundi over the globally significant Musongati nickel laterite project, located in Burundi and part of the larger East African Nickel Belt, which also includes Lifezone's Kabanga Nickel Project. The Musongati Nickel Project has been the subject of material exploration and evaluation activities over the last 50 years, and earlier studies indicate the potential to recover copper, cobalt, gold, platinum-group metals, and scandium as by-products. A 2011 study defined a resource of more than 140 million tons, making Musongati a major, large-tonnage open-pittable resource.

Lifezone Metals announced significant progress on execution readiness activities at the Kabanga Nickel Project, which remains on track for a Final Investment Decision in 2026. Following the July 2025 Feasibility Study, which demonstrated Kabanga to be one of the world's largest and highest-grade development-ready nickel sulfide deposits, and the completion of $75M in capital raises in H2 2025, Lifezone has commenced execution readiness activities to advance and de-risk the project and prepare for full-scale execution. Highlights: $75M raised in the second half of 2025, fully funding current pre-FID activities. Early works activities are underway including underground and surface geotechnical drilling contracts to support final designs, with mobilization and site preparation in progress. Zero health, safety, environmental or security incidents reported in the second half of 2025. Site surveys and perimeter demarcation activities are advancing as part of the ongoing camp upgrades. With the installation of new leased accommodation units, the camp can now house around 300 people. Reliable grid power continues to be provided by Tanzania Electric Supply Company the main power source for Kabanga, with availability at 94% for November, and consistently above 90% for this year. Infrastructure coordination is ongoing with TANESCO power line upgrade agreements advancing, Tanzania Railways Corporation rail logistics engagement ongoing and consultations with road authorities in progress. Lifezone's local subsidiary, Tembo Nickel, received the Compliance Excellence Award from the Mwanza Regional Commissioner for environmental and regulatory performance in the month of October. Kabanga Updated Environmental and Social Management Plan awaiting National Environment Management Council approval, with the international standards Environment and Social Impact Assessment and ESMP completed in June 2025. U.S. International Development Finance Council Environmental and Social public consultation and due diligence completed for the Kabanga Nickel Project. The Kabanga Environment and Social Action Plan has been integrated into pre-FID activities. Cash compensation payments completed for 97% of Project Affected Households and interest payments completed for 95% of Project Affected Households. Kabanga Resettlement Action Plan aligned with IFC Performance Standards and Tanzanian regulations. Kabanga Household Well-Being and Livelihood survey completed to further understand impacts to Project Affected People. Co-design of Livelihood Restoration activities to commence in early 2026. Mukubu Primary School classroom upgrades are 99% complete as part of this year's Corporate Social Responsibility commitments. Lifezone's local subsidiary, Tembo Nickel, has launched its new website to provide stakeholders with improved transparency and access to project updates, community initiatives, procurement and local hiring opportunities. Currently 97% of Tembo Nickel employees are Tanzanian nationals, and the Project Labor Plan for the project execution phase is well progressed. Lifezone Tanzanian operations continue to operate as normal post-elections in late October and the commemoration of Independence Day in Tanzania on 9th December. Our organization is pleased that the country remained peaceful this week and no major demonstrations were reported countrywide. Lifezone will host several project finance related site visits from mid-January, including a pre-Mining Indaba site visit for shareholders to the Kabanga Nickel Project on February 4-6, 2026, hosted by COO Gerick Mouton and CFO Ingo Hofmaier.