Lifezone Metals completes $25 million share offering

Lifezone Metals Limited (NYSE: LZM) completed a registered direct offering of 5.7 million ordinary shares at $4.40 per share, raising approximately $25 million in gross proceeds before fees and expenses.

The company plans to use the net proceeds for exploration activities in Burundi and Tanzania, the PGM Recycling Project, research and development at Simulus Laboratory, and general corporate purposes including working capital and financing costs.

The Kabanga Nickel Project will continue to be funded through a $60 million senior secured bridge loan facility with Taurus Mining Finance Fund No. 2 L.P. The company has drawn $25 million from this facility, leaving $35 million available.

Roth Capital Partners served as the sole placement agent for the transaction. The shares were offered under a registration statement on Form F-3 that became effective on August 16, 2024.

Lifezone Metals focuses on metals production and recycling using its Hydromet Technology. The company's Kabanga Nickel Project in Tanzania is described as one of the world's largest development-ready nickel sulfide deposits. The company also operates a US-based recycling partnership focused on recovering platinum, palladium and rhodium from automotive catalytic converters.

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