Lifezone Metals Limited’s (NYSE: LZM) Chief Financial
Officer, Ingo Hofmaier, announces the full-year 2024 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 investor relations website.
Mr. Hofmaier commented: “Lifezone is navigating a
challenging nickel price environment due to the significant supply
increase from Indonesia in the last couple of years. Despite this,
we remain fully committed to advancing our Kabanga Nickel Project
and United States-based PGM recycling project as fast as possible,
while strictly controlling costs.”
“We believe the Kabanga Nickel Project is the best nickel
development project globally. Its superior grade will enable strong
cash generation even at lower prices. This project is our top
priority, reflecting our team’s dedication to long-term growth and
value generation.”
“The net cash provided by financing activities in 2024
demonstrates strong investor confidence in our vision and
capabilities. Our December 31, 2024 cash balance of $29.3 million
means that we have sufficient funds to deliver on our key business
objectives for the year, including completing the Kabanga
Definitive Feasibility Study in mid-year.”
Lifezone Metals reported a cash balance of $29.3 million as of
December 31, 2024, compared to $49.4 million as of December 31,
2023. The net decrease in cash and cash equivalents was $20.1
million in 2024, compared to a net increase of $28.8 million in
2023, detailed as follows:
- Operating activities: Net cash used in operating
activities was $15.9 million in 2024, compared to $27.0 million in
2023. In response to recent market conditions, Lifezone has
undertaken a cost reduction program to ensure that the Company is
able to execute on its key objectives during this period of
cyclically low nickel prices and increased market volatility.
- Investing activities: Net cash used in investing
activities was $52.7 million in 2024, which includes $50.0 million
related to the investment in the Kabanga Nickel Project and a final
$4.0 million payment made in accordance with the 2021 agreement to
acquire the physical assets and all historical IP related to the
Kabanga Nickel Project. This compares to $59.9 million net cash
used in investing activities in 2023.
- Financing activities: Net cash provided by financing
activities was $48.4 million in 2024, primarily due to $49.3
million of net proceeds from the issuance of convertible
debentures, $1.5 million of proceeds from Glencore for the
U.S.-based PGM recycling project, and partially offset by the
payment of lease liabilities and interest on the convertible
debentures. For comparison, net cash provided by financing
activities was $115.7 million in 2023, largely due to net proceeds
from the PIPE transaction and the T1B Investment by BHP into
Kabanga Nickel Ltd.
For the year ending December 31, 2024, Lifezone reported a basic
and diluted loss per share of $0.59, based on a net loss of $46.3
million attributable to Lifezone shareholders and 78.7 million
weighted average ordinary shares outstanding. This compares to a
basic and diluted loss per share was $5.34 in 2023.
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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 undeveloped nickel sulfide
deposits. By pairing it with our Hydromet Technology, we are
working to unlock a new source of LME-grade nickel, copper and
cobalt for the global battery metals markets, to empower Tanzania
to achieve full in-country value creation and become the next
premier source of Class 1 nickel.
Through our US-based recycling partnership, we are working to
demonstrate that our Hydromet Technology can process and recover
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, enabling the circular economy for precious metals.
https://lifezonemetals.com
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Certain statements made herein are not historical facts but may
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the Securities Act of 1933, as amended, the Securities Exchange Act
of 1934, as amended, and the “safe harbor” provisions under the
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other things, the plans, strategies, intentions and prospects, both
business and financial, of Lifezone Metals Limited and its
subsidiaries.
Generally, statements that are not historical facts, including
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estimated or anticipated future results of Lifezone Metals, future
opportunities for Lifezone Metals, including the efficacy of
Lifezone Metals’ hydrometallurgical technology (Hydromet
Technology) and the development of, and processing of mineral
resources at, the Kabanga Nickel Project, and other statements that
are not historical facts.
These statements are based on the current expectations of
Lifezone Metals’ management and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
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assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of Lifezone Metals
and its subsidiaries. These statements are subject to a number of
risks and uncertainties regarding Lifezone Metals’ business, and
actual results may differ materially. These risks and uncertainties
include, but are not limited to: general economic, political and
business conditions, including but not limited to the economic and
operational disruptions; global inflation and cost increases for
materials and services; reliability of sampling; success of any
pilot work; capital and operating costs varying significantly from
estimates; delays in obtaining or failures to obtain required
governmental, environmental or other project approvals; changes in
government regulations, legislation and rates of taxation;
inflation; changes in exchange rates and the availability of
foreign exchange; fluctuations in commodity prices; delays in the
development of projects and other factors; the outcome of any legal
proceedings that may be instituted against the Lifezone Metals; our
ability to obtain additional capital, including use of the debt
market, future capital requirements and sources and uses of cash;
the risks related to the rollout of Lifezone Metals’ business, the
efficacy of the Hydromet Technology, and the timing of expected
business milestones; the acquisition of, maintenance of and
protection of intellectual property; Lifezone’s ability to achieve
projections and anticipate uncertainties (including economic or
geopolitical uncertainties) relating to our business, operations
and financial performance, including: expectations with respect to
financial and business performance, future operating results,
financial projections and business metrics and any underlying
assumptions; expectations regarding product and technology
development and pipeline and market size; future acquisitions,
partnerships, or other relationships with third parties;
maintaining key strategic relationships with partners and
customers; the timing and significance of contractual
relationships; the effects of competition on Lifezone Metals’
business; the ability of Lifezone Metals to execute its growth
strategy, the development and [processing of the mineral resources
at the Kabanga Nickel Project; obtaining additional capital,
including use the debt market, future capital requirements, and
sources and uses of cash; manage growth profitably and retain its
key employees; the ability of Lifezone Metals to reach and maintain
profitability; enhancing future operating and financial results;
complying with laws and regulations applicable to Lifezone Metals’
business; Lifezone Metals’ ability to continue to comply with
applicable listing standards of the NYSE; the ability of Lifezone
Metals to maintain the listing of its securities on a U.S. national
securities exchange; our ability to comply with applicable laws and
regulations; stay abreast of accounting standards, or modified or
new laws and regulations applying to our business, including
privacy regulation; and other risks that will be detailed from time
to time in filings with the U.S. Securities and Exchange Commission
(SEC) meeting future liquidity requirements and complying with
restrictive covenants related to long-term indebtedness; and
dealing effectively with litigation, complaints, and/or adverse
publicity.
The foregoing list of risk factors is not exhaustive. There may
be additional risks that Lifezone Metals presently does not know or
that Lifezone Metals currently believes are immaterial that could
also cause actual results to differ from those contained in
forward-looking statements. In addition, forward-looking statements
provide Lifezone Metals’ expectations, plans or forecasts of future
events and views as of the date of this communication. Lifezone
Metals anticipates that subsequent events and developments will
cause Lifezone Metals’ assessments to change.
These forward-looking statements should not be relied upon as
representing Lifezone Metals’ assessments as of any date subsequent
to the date of this communication. You should not place undue
reliance on forward-looking statements in this communication, which
are based upon information available to us as of the date they are
made and are qualified in their entirety by reference to the
cautionary statements herein. In all cases where historical
performance is presented, please note that past performance is not
a credible indicator of future results.
Except as otherwise required by applicable law, we disclaim any
obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors,
new information, data, or methods, future events, or other changes
after the date of this communication.
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version on businesswire.com: https://www.businesswire.com/news/home/20250407602170/en/
Investor Relations – North America Evan Young SVP:
Investor Relations & Capital Markets
evan.young@lifezonemetals.com
Investor Relations – Europe Ingo Hofmaier Chief Financial
Officer ingo.hofmaier@lifezonemetals.com
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