LZM · Lifezone Metals Limited Warrants, each whole warrant exercisable for one Ordinary Share at an exercise price of $11.50

Lifezone Metals demonstrated operational progress in Q1 2026, marked by a significant increase in revenue to $1.2 million compared to $0.2 million in the prior year period, primarily driven by increased third-party technical and laboratory services at its Simulus subsidiary. Despite this top-line growth, the company remains in a pre-production phase for its core mining assets, resulting in a cash balance decline to $15.3 million as of March 31, 2026, from $20.1 million at year-end 2025, reflecting investing activities of $6.2 million largely directed toward the Kabanga Nickel Project.

The company successfully strengthened its liquidity position post-quarter end. It received an additional $16.7 million under the Taurus bridge loan facility on April 29, 2026, leaving $18.3 million undrawn. Furthermore, the closure of a $25 million registered direct offering on April 23, 2026, with net proceeds of $23.3 million, provides capital for exploration and development activities. The Q1 2026 income before tax of $2.4 million was significantly influenced by non-cash fair value gains totaling $8.7 million related to embedded derivatives, warrant liabilities, and deferred consideration, which arose due to a decline in the company's share price from $4.27 to $3.36 during the quarter.

Strategically, Lifezone advanced the Kabanga Nickel Project with geotechnical work, permitting progress, and project financing negotiations led by Societe Generale. A notable development was the entry into an exclusivity agreement with the Government of Burundi regarding the Musongati Nickel Project, potentially consolidating significant nickel resources in the East African Nickel Belt. The PGM Recycling Project also achieved a milestone, demonstrating high recovery rates for platinum, palladium, and rhodium in pilot testwork.