Lifezone Metals (LZM) H1 2026 earnings summary

Executive summary

• Advanced Kabanga with $854 million in contracts released, pre-FID work underway, and $15.4 million invested in the project during H1 2026.

• FID for Kabanga is now expected in Q1 2027, delayed by slower-than-expected Framework Agreement negotiations.

• Signed a 14-month exclusivity agreement for the Musongati Nickel Project in Burundi.

• PGM Recycling Project with Glencore achieved >99% platinum and palladium recovery in pilot-scale work; FID is anticipated in early 2027.

• H1 revenue rose to $1.7 million from $0.3 million, primarily from Simulus technical and laboratory services.

Financial highlights

• Cash at June 30, 2026, was $37.3 million; total liquidity was ~$56 million, including $18.3 million undrawn under the Taurus facility.

• Net cash used in operating activities improved by $2.4 million year-over-year, reflecting higher revenue and lower corporate expenses.

• Net loss attributable to shareholders was $6.9 million; loss before tax was $7.0 million, with loss per share of $0.08.

• Recognized $7.9 million in non-cash fair value gains, mainly from revaluation of share-linked liabilities.

• General and administrative expenses were $10.8 million, including $3.1 million in non-cash share-based payments.

Outlook and guidance

• Kabanga FID expected in Q1 2027, following delays in Framework Agreement negotiations.

• PGM Recycling enhanced test campaign and commercial plant design continue through 2026, with FID anticipated in early 2027.