Lifezone Metals Reveals Pricing for $15 Million Underwritten Registered Direct Offering

Written by Emily J. Thompson, Senior Investment Analyst

LZM-10.03%

Source: Newsfilter

Updated: Nov 10 2025

0mins

Source: Newsfilter

Offering Details: Lifezone Metals Limited announced a registered direct offering of 4,411,764 ordinary shares and warrants at an offering price of $3.40, aiming to raise approximately $15 million for the Kabanga Nickel Project and general corporate purposes.
Warrant Information: The accompanying warrants will have an exercise price of $4.00 per share and will be exercisable for four years, with the offering expected to close around November 12, 2025.
Company Overview: Lifezone Metals focuses on cleaner metals production through its Hydromet Technology, which aims to reduce energy consumption and emissions, particularly in the context of the Kabanga Nickel Project in Tanzania.
Forward-Looking Statements: The announcement includes forward-looking statements regarding the company's future plans and risks, emphasizing that actual results may differ due to various uncertainties and factors beyond the company's control.

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Analyst Views on LZM

Wall Street analysts forecast LZM stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for LZM is 7.00 USD with a low forecast of 7.00 USD and a high forecast of 7.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

1 Analyst Rating

1 Buy

0 Hold

0 Sell

Moderate Buy

Current: 5.880

Low

7.00

Averages

7.00

High

7.00

Current: 5.880

Low

7.00

Averages

7.00

High

7.00

BTIG

Buy

downgrade

$11 -> $7

2025-11-12

Reason

BTIG

Price Target

$11 -> $7

AI Analysis

2025-11-12

downgrade

Buy

Reason

BTIG lowered the firm's price target on Lifezone Metals to $7 from $11 and keeps a Buy rating on the shares. The firm cites the company having raised $15M in equity, which was a necessary step to continue to advance their Kabanga Nickel Project to Final Investment Decision, FID, with management expecting FID mid-next year, the analyst tells investors in a research note.

Roth Capital

Buy

downgrade

$14 -> $8

2025-06-15

Reason

Roth Capital

Price Target

$14 -> $8

2025-06-15

downgrade

Buy

Reason

Roth Capital lowered the firm's price target on Lifezone Metals to $8 from $14 and keeps a Buy rating on the shares. The firm says an Initial Assessment on Lifezone's proposed Kabanga Project outlines one of the largest, low-cost, vertically integrated nickel producers, and the most environmentally friendly operation in the world. Polymetallic high grades and regional infrastructure improvements unlocked the project, the analyst tells investors in a research note. Roth believes the net asset value calculated in the initial assessment suggests the company could be carried-to-production.

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About LZM

Lifezone Metals Limited is a metals company. The Company is focused on creating value across the battery metals supply chain of extraction, processing, and recycling using its Hydromet Technology. The Company’s Kabanga Nickel Project in Tanzania is an undeveloped nickel sulfide deposit. The Project is located in the Ngara district in north-west Tanzania, 44 kilometers south of the town of Ngara, south-east of the nearest town of Bugarama, and close to the border with Burundi. By pairing with its Hydromet Technology, it is working to unlock a new source of LME-grade nickel, copper, and cobalt for the global battery metals markets. Its metals extraction and refining segment of the business consists of its interest in KNL, comprising the Kabanga Nickel Project in Tanzania. Its intellectual property (IP) segment comprises patents residing with and managed by its subsidiary, Lifezone Limited. It is also engaged in a platinum, palladium and rhodium recycling joint venture.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

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