Lifezone Metals Limited · Q2 2025 earnings

Briefing

Lifezone Metals reports H1 revenue of $325K as Kabanga feasibility study and BHP stake acquisition advance

Lifezone Metals Limited reported unaudited results for the six months ended June 30, 2025, with revenue of $325,451 from Simulus laboratory and engineering services in Australia, up from $49,650 in the prior-year period as the business engaged more third-party customers. The company posted a loss for the period of $10.9 million compared with a larger loss a year ago, with basic earnings per ordinary share of $0.03 and diluted loss per share of $0.08. General and administrative expenses fell 16% year over year to $8.0 million, reflecting improved financial discipline. Cash and cash equivalents were $12.5 million at June 30 versus $29.3 million at year-end 2024. Subsequent to quarter end, Lifezone filed the Kabanga Nickel Project feasibility study, completed acquisition of BHP’s 17% stake in Kabanga Nickel Limited, and secured a $60 million bridge loan from Taurus Mining Finance to fund early works.

• H1 2025 revenue was $325,451, up from $49,650, driven by Simulus third-party hydromet test work and engineering services.
• Loss for the six-month period was $10.9 million; basic EPS was $0.03 and diluted loss per share was $0.08.
• General and administrative expenses declined 16% year over year to $8.0 million.
• Cash and cash equivalents totaled $12.5 million at June 30, 2025; Kabanga project investment reached $127.4 million on the balance sheet.
• Post-period milestones include the Kabanga feasibility study, BHP stake acquisition, and a $60 million Taurus bridge loan for early works.

Headline financials

Revenue & EPS history

Lifezone’s Kabanga feasibility study outlines an 18-year mine life with $942 million pre-production capex and after-tax NPV of $1.58 billion at an 8% discount rate; the company is progressing project financing and early works funded by the Taurus bridge facility toward a final investment decision.