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SEC filingLifezone Metals Limited reported revenue of $1.1 million for FY 2025, up significantly from $0.14 million in FY 2024, driven by technical and laboratory services from its Simulus business. Gross profit reached $0.52 million, yielding a 47.6% margin, compared to $0.05 million (38.1%) in 2024. However, operating loss widened to $18.4 million from $48.3 million, reflecting $19.1 million in general and administrative expenses, including $2.1 million in share-based payments. Net loss narrowed to $14.1 million from $47.1 million, aided by $15.6 million fair value gain on embedded derivatives and $0.5 million interest income, offset by $10.4 million interest expense. Total assets grew to $175.8 million, with exploration assets at $141.0 million, while equity stood at $72.8 million. Cash decreased to $20.1 million after $15.6 million operating outflow, $21.3 million investing, and $27.6 million financing inflow from bridge loan and share offering. Forward-looking, Kabanga Nickel Project advances toward FID in 2026, supported by $60M bridge facility; PGM recycling feasibility nears completion.
Lifezone Metals achieved FY2025 revenue of $1.1M, a 653% YoY increase from $0.14M, primarily from Simulus lab services ($1.06M). Gross profit rose to $0.52M (47.6% margin) from $0.05M (38.1%). Operating loss improved 62% to $18.4M despite $19.1M G&A, including $2.1M share-based payments. Net loss narrowed 70% to $14.1M, boosted by $15.6M embedded derivative gain, offset by $10.4M interest. Assets grew 12% to $175.8M (exploration $141.0M), equity fell to $72.8M. Cash $20.1M after $9.2M net decrease.
Revenue solely from IP segment: $1.06M lab services (YoY +653%). No Metals Extraction revenue (pre-production). Corporate inter-segment $4.73M eliminated on consolidation. Geographic: Australia $1.06M. Growth from Simulus external clients amid reduced internal Kabanga/PGM work.
Gross margin expanded to 47.6% from 38.1% on higher-margin services. Operating margin -1,682% reflects G&A leverage. Net margin improved via non-cash gains. Costs: G&A down 51% YoY to $19.1M post-rightsizing; impairments $0.57M VAT.
Operating cash -$15.6M (stable YoY). Investing -$21.3M (Kabanga $21.8M). Financing +$27.6M (bridge loan $19.7M net, offering $13.9M). Debt: convertibles $34.5M current, bridge $16.7M. Liquidity: current assets $27.4M vs liabilities $59.1M; cash $20.1M.
Kabanga FID targeted 2026 post-Feasibility Study (NPV $1.58B, IRR 23.3%). $60M bridge supports early works. PGM recycling feasibility H1 2026. Multi-source financing ongoing; risks include Tanzania regulatory/political, funding needs.