Cover Page	6 Months Ended
Cover Page	Jun. 30, 2026
Cover [Abstract]
Document Type	6-K
Document Fiscal Year Focus	2026
Entity File Number	001-41737
Entity Registrant Name	Lifezone Metals Limited
Amendment Flag	false
Entity Central Index Key	0001958217
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Period End Date	Jun. 30, 2026

UNAUDITED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Profit or loss [abstract]
Revenue	$ 1,667,741	$ 325,451
Cost of sales	(1,165,923)	(173,486)
Gross profit	501,818	151,965
Gain on foreign exchange	611,287	243,447
General and administrative expenses	(10,847,064)	(8,009,430)
Operating loss	(9,733,959)	(7,614,018)
Interest income	255,671	413,909
Fair value gain on embedded derivatives	1,549,000	14,145,000
Fair value gain on warrants	1,060,000	0
Fair value gain on deferred consideration	5,292,917	0
Interest expense	(5,457,835)	(4,879,843)
Income (loss) before tax	(7,034,206)	2,065,048
Income tax	108,268	180,816
(Loss) income for the period	(6,925,938)	2,245,864
Exchange (loss) gain on translation of foreign operations	(107,599)	321,958
Total comprehensive (loss) income for the period	(107,599)	321,958
Total comprehensive (loss) income for the period	(7,033,537)	2,567,822
Net (loss) income for the period:
Attributable to ordinary shareholders of Lifezone Metals	(6,862,073)	2,705,578
Attributable to non-controlling interests	(63,865)	(459,714)
(Loss) income for the period	(6,925,938)	2,245,864
Total comprehensive (loss) income:
Attributable to ordinary shareholders of Lifezone Metals	(6,969,672)	3,027,536
Attributable to non-controlling interests	(63,865)	(459,714)
Total comprehensive (loss) income:	$ (7,033,537)	$ 2,567,822
(Loss) income per share
Basic (in dollars per share)	$ (0.08)	$ 0.03
Diluted (in dollars per share)	$ (0.08)	$ (0.08)

UNAUDITED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Non-current assets
Exploration and evaluation assets and mining data	$ 161,082,638	$ 140,986,596
Patents	0	706,748
Other intangible assets	146,124	168,438
Property and equipment	3,775,755	4,316,306
Right-of-use assets	2,153,688	2,124,998
Non-current assets	167,158,205	148,303,086
Current assets
Inventories	159,535	58,017
Deferred financing costs	2,387,264	5,218,063
Trade and other receivables	1,557,952	2,028,267
Cash and cash equivalents	37,294,296	20,144,250
Current assets	41,399,047	27,448,597
Total assets	208,557,252	175,751,683
Equity
Share capital	8,993	8,380
Share premium	217,030,489	190,216,537
Share-based payment reserve	277,703,132	278,038,156
Warrant reserves	21,747,152	20,667,152
Other reserves	52,556,433	52,556,433
Foreign currency translation reserve	54,927	162,526
Redemption reserve	280,808	280,808
Accumulated deficit	(474,917,983)	(468,098,277)
Total shareholders’ equity	94,463,951	73,831,715
Non-controlling interests	(1,062,825)	(998,960)
Total equity	93,401,126	72,832,755
Non-current liabilities
Lease liabilities	1,156,264	1,122,836
Deferred tax liability	195,481	303,749
Senior secured bridge loan facility	34,835,408	16,677,872
Deferred consideration	20,441,156	25,734,073
Non-current liabilities	56,628,309	43,838,530
Current liabilities
Lease liabilities	794,376	931,364
Trade and other payables	6,026,354	3,762,481
Provisions	3,556,956	3,672,876
Convertible debentures	34,506,702	34,521,935
Embedded derivatives	3,604,000	5,153,000
Related party payables	149,429	88,742
Warrant liability	9,890,000	10,950,000
Current liabilities	58,527,817	59,080,398
Total liabilities	115,156,126	102,918,928
Total equity and liabilities	$ 208,557,252	$ 175,751,683

UNAUDITED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY - USD ($)	Total	Total Shareholders’ equity	Share Capital	Share Premium	Shared Based Payment Reserve	Warrant Reserves	Other Reserves	Foreign currency translation reserve	Redemption Reserve	Accumulated Deficit	Non- controlling Interest
Balance at Dec. 31, 2024	$ 99,327,000	$ 89,540,491	$ 7,913	$ 185,070,706	$ 275,917,120	$ 15,017,257	$ 67,732,146	$ (15,058)	$ 280,808	$ (454,470,401)	$ 9,786,509
Changes in equity [abstract]
Issuance of shares to debenture holders	713,590	713,590	18	713,572
Issuance of shares on exercise of warrants	1,150	1,150		1,150		(105)	105
Cancellation of ordinary shares	(18,620)	(18,620)		(18,620)
Glencore contribution in US Recycling LLC	0	(108,000)					(108,000)				108,000
Total transactions with shareholders	696,120	588,120	18	696,102		(105)	(107,895)				108,000
Total income (loss) for the period	2,245,864	2,705,578								2,705,578	(459,714)
Total other comprehensive income	321,958	321,958						321,958
Balance at Jun. 30, 2025	102,590,942	93,156,147	7,931	185,766,808	275,917,120	15,017,152	67,624,251	306,900	280,808	(451,764,823)	9,434,795
Changes in equity [abstract]
Issuance of shares to debenture holders	364,379
Balance at Dec. 31, 2025	72,832,755	73,831,715	8,380	190,216,537	278,038,156	20,667,152	52,556,433	162,526	280,808	(468,098,277)	(998,960)
Changes in equity [abstract]
Issuance of shares to debenture holders
Issuance of shares on vesting of RSUs	0		42	3,436,400	(3,436,442)
Issuance of shares on exercise of options	48,068	48,068	1	48,051	(42,351)					42,367
Issuance of warrants	1,080,000	1,080,000				1,080,000
Registered direct offering (net of costs)	23,330,071	23,330,071	570	23,329,501
Share based payments	3,143,769	3,143,769			3,143,769
Total transactions with shareholders	27,601,908	27,601,908	613	26,813,952	(335,024)	1,080,000				42,367
Total income (loss) for the period	(6,925,938)	(6,862,073)								(6,862,073)	(63,865)
Total other comprehensive income	(107,599)	(107,599)						(107,599)
Balance at Jun. 30, 2026	$ 93,401,126	$ 94,463,951	$ 8,993	$ 217,030,489	$ 277,703,132	$ 21,747,152	$ 52,556,433	$ 54,927	$ 280,808	$ (474,917,983)	$ (1,062,825)

UNAUDITED CONSOLIDATED INTERIM CASH FLOW STATEMENTS - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
(Loss) income for the period	$ (6,925,938)	$ 2,245,864
Adjustments for:
Share-based compensation expense	3,143,769	0
Interest income	(255,671)	(413,909)
Amortization of intangibles	53,049	67,919
Unrealized foreign exchange gain	(622,130)	(230,968)
Impairment of patents	696,180	0
Impairment of VAT receivable	999,978	470,263
Impairment of deposit	0	400,000
Interest expense	5,457,835	4,879,843
Gain on remeasurement of embedded derivative	(1,549,000)	(14,145,000)
Gain on remeasurement of warrants	(1,060,000)	0
Gain on remeasurement of deferred consideration	(5,292,917)	0
Depreciation of property and equipment and right-of-use assets	712,137	630,741
Tax paid on behalf of grantee on vesting of RSUs	0	(18,624)
Deferred tax income	(108,268)	(180,816)
Operating loss before working capital changes	(4,750,976)	(6,294,687)
Changes in trade and other receivables	(49,412)	(221,430)
Changes in related party receivables	0	98,133
Changes in inventories	(13)	(94,052)
Changes in related party payables	60,687	(21,565)
Changes in trade and other payables	450,982	(177,889)
Net cash used in operating activities	(4,288,732)	(6,711,490)
Cash flows from investing activities
Interest received from bank	411,578	413,909
Patent costs incurred	(42,481)	(43,064)
Expenditure on property and equipment	(4,142)	(15,539)
Investment in exploration and evaluation assets	(15,394,617)	(10,183,006)
Net cash used in investing activities	(15,029,662)	(9,827,700)
Cash flows from financing activities
Gross proceeds from registered direct offering	25,080,000	0
Transaction costs of registered direct offering	(1,749,929)	0
Proceeds from exercise of warrants	0	1,150
Proceeds from exercise of stock options	48,068	0
Drawings from senior secured bridge loan facility	21,700,000	0
Transaction costs on senior secured bridge loan facility	(819,300)	0
Interest and commitment fees paid	(7,089,467)	0
Payment of lease liabilities	(746,180)	(287,314)
Net cash provided by (used in) financing activities	36,423,192	(286,164)
Net increase (decrease) in cash and cash equivalents	17,104,798	(16,825,354)
Effect of exchange rate changes on cash & cash equivalents	45,248	53,470
Cash and cash equivalents at beginning of period	20,144,250	29,283,942
Cash and cash equivalents at end of period	$ 37,294,296	$ 12,512,058

Corporate and Group information	6 Months Ended
Corporate and Group information	Jun. 30, 2026
Corporate and Group Information [Abstract]
Corporate and Group information	1. Corporate and Group information 1.1. General information Lifezone Metals Limited ("Lifezone Metals" or the "Company") is a limited company incorporated and domiciled in the Isle of Man, whose ordinary shares are publicly traded on the New York Stock Exchange ("NYSE") under the trading symbol "LZM". Lifezone Metals' warrants trade on the NYSE under the symbol "LZMW". Lifezone Metals' registered office is located at 2nd Floor, St George’s Court, Upper Church Street, Douglas, IM1 1EE, Isle of Man. The unaudited consolidated interim financial statements of Lifezone Metals for the six months ended June 30, 2026, were authorized for release in accordance with a resolution of the Directors of Lifezone Metals on July 29, 2026. 1.2. Business overview Lifezone Metals' together with all of its subsidiaries (“Lifezone”) is committed to delivering cleaner and more responsible metals production and recycling. The Kabanga Nickel Project in Tanzania is our flagship project and is considered to be one of the world's largest and highest-grade development-ready nickel sulfide deposits. It is a well-advanced project with more than $455 million invested by Lifezone Metals and previous stakeholders, in addition to key licenses being in place to commence development. The Kabanga Nickel Project envisages a staged development plan, commencing with the construction of a large-scale, long-life, underground mine and concentrator at the Kabanga site. The sulfide concentrate that will be produced will contain high-grade nickel content with meaningful copper and cobalt by-products. The economics displayed in the 2025 Feasibility Study showcase a mining operation with robust economics that are expected to sit in the lowest quartile of the nickel industry cost curve, in addition to a clear execution plan backed by an experienced technical and management team. We released the Initial Assessment Technical Report Summary in the first half of 2025 followed by a maiden Feasibility Study Technical Report Summary on July 18, 2025, marking a significant and historic milestone in the nearly five-decade journey of the Kabanga Nickel Project. The economic results highlight the project’s potential to deliver attractive returns over a long mine life, supported by an exceptional high-grade Mineral Reserve and Resources and a low-cost operating profile. Our partnership with the Government of Tanzania has been instrumental in advancing the project and Lifezone remains aligned in our commitment to responsible development and long-term value creation. Through the application of our particular hydrometallurgical processing technology that has been developed and is intended to be developed further, based on Lifezone’s intellectual property (“Hydromet Technology''), we offer the potential for lower energy consumption, lower emissions and lower cost metals production compared to traditional smelting. In our US-based recycling partnership, we are working to demonstrate that our Hydromet Technology can process and economically recover Platinum Group Metals ("PGM") from responsibly sourced spent Automotive Catalytic Converters ("Autocats"). Our process is expected to be cleaner and more efficient than conventional smelting and refining methods, supporting a circular economy for precious metals. Our US-based recycling operation would be the world’s first fully vertically integrated PGM recycling facility, providing a scalable, efficient and traceable closed-loop domestic critical minerals solution, delivering refined platinum, palladium and rhodium to the US market. Notably, Lifezone would be a significant rhodium producer in the US, allowing for the efficient recovery of the PGM basket from the secondary market. The processing and refining of all production in-house provides Lifezone with the ability to offer metal traceability, with no refining occurring offshore, thereby keeping these critical PGMs entirely domestic to the U.S. On March 10, 2026, Lifezone Metals entered into an exclusivity agreement with the Government of Burundi regarding the Musongati Nickel Project, a large nickel laterite deposit located within the East African Nickel Belt. The agreement grants Lifezone a 14-month exclusivity period to evaluate the technical and economic potential of the Musongati deposit, including an initial scoping phase during which Lifezone will review existing geological data and develop a longer-term exploration and feasibility assessment program. The project lies approximately 200 km southwest of the Kabanga Nickel Project in Tanzania, and the agreement reflects Lifezone’s strategy to evaluate and potentially consolidate significant nickel resources within the Kabanga–Musongati alignment. 1.3. Hydromet Technology overview Lifezone’s Hydromet Technology is amenable to processing and refining metals from sulfide minerals containing nickel, copper, cobalt, platinum, palladium, rhodium and gold. As of June 30, 2026, Lifezone held 285 patents and had 32 additional applications in progress in a total of 93 countries relating to Lifezone’s suite of Hydromet Technology and associated processes. As of December 31, 2025, Lifezone held 181 patents and had 80 additional applications in progress in a total of 93 countries relating to Lifezone’s suite of Hydromet Technology and associated processes. These are categorized into six key technology families of principal patents. While these patents underpin Lifezone's technology strategy, the carrying value of the capitalized patent costs has been impaired as at June 30, 2026 (see Note 12), reflecting the absence of probable near-term royalty income rather than any diminution in the strategic value of the technology. Compared to traditional pyrometallurgical smelting and refining technologies, Lifezone’s Hydromet Technology is expected to produce less carbon dioxide emissions per ton of metal produced and zero sulfur dioxide emissions, be more capital and operating cost efficient, have faster processing times and enable fully traceable refined metals to enable enhanced supply chain transparency. On July 18, 2023, Lifezone acquired The Simulus Group Pty Limited (“Simulus”), a prominent hydrometallurgical laboratory and engineering company based in Perth, Australia. Prior to the acquisition, Simulus generated revenue by providing external hydrometallurgical test work and engineering services to a broad range of clients in the mining industry, including Lifezone. Over the almost three years since Lifezone acquired Simulus, the primary activity at the Simulus laboratory has been the construction and operation of two hydromet pilot plants at its premises in Perth for our two core commercial projects, the Kabanga Nickel Project in Tanzania and the recycling of PGMs from Autocats in the United States. As these projects move into the next stages of development, there is a reduction in the demand for Simulus's service for these internal projects. Consequently, the business is proactively pursuing new third-party clients to provide revenue-generating bespoke test work and engineering services. Lifezone is focused on commercializing its Hydromet Technology across the metals and mining industry with a primary focus on the US-based PGM recycling opportunity with Glencore. Research and development are continuous alongside the broadening of Lifezone’s intellectual property portfolio through applications for additional patents to be applied to new opportunities in other metal groups and deposit types. 1.4. Kabanga Nickel Project Our primary asset is the Kabanga Nickel Project, which is located in north-west Tanzania. Based on the 2024 Mineral Resource and 2025 Mineral Reserve Estimates detailed in the July 2025 Feasibility Study, we believe Kabanga comprises one of the world’s largest and highest-grade nickel sulfide deposits. The Kabanga Nickel Project is 84% owned by Lifezone and 16% by the Government of Tanzania. On October 25, 2021, a Special Mining License (“SML”) was issued by the government of Tanzania for the Kabanga deposit area. Subsequently, in March 2024, a Refining License was issued at the proposed refinery location in Kahama. The Government of Tanzania is a 16% shareholder in the Kabanga Nickel Project with a non-dilutable interest via its holding in Tembo Nickel Corporation Limited (“TNCL”). As of June 30, 2026, the remaining 84% in TNCL was owned by Kabanga Nickel Limited (“KNL”), whose shareholder is Lifezone Limited (100%). On July 18, 2025, Lifezone entered into a definitive agreement with BHP Billiton (UK) DDS Ltd (“BHP”) to acquire BHP’s 17% equity interest in KNL. As a result of the transaction, Lifezone now owns 100% of KNL and all existing agreements with BHP, including the T2 Option Agreement (the equity option agreement dated October 14, 2022, as amended on February 8, 2023, entered into between BHP, Lifezone Limited ("LZL") and KNL, pursuant to which BHP had the option to consummate a further investment in KNL, subject to certain conditions being satisfied), are terminated. Lifezone has assumed full control of 100% of the offtake from the Kabanga Nickel Project. As consideration, a fixed cash payment of $10 million is payable by LZL within 30 days after the earlier of: (i) 12 months after the Final Investment Decision ("FID") at the Kabanga Nickel Project; or (ii) once Lifezone has raised $250 million in aggregate funding (whether through equity, debt or alternative sources). A second deferred cash payment is payable within 30 days after the period of 12 months following the achievement of first commercial production. This amount is indexed to the share price performance of Lifezone Metals, with a reference share price of $4.16 per share and a reference amount of $28 million. The maximum amount of total consideration payable by Lifezone is limited to $83 million, or reduced to $75 million if a Resettlement Action Plan ("RAP") Trigger Event occurs. The Feasibility Study for the Kabanga Nickel Project was released on July 18, 2025, and represents a major milestone in advancing the Kabanga Nickel Project. The Feasibility Study builds on the foundation established by the Initial Assessment and focuses on the initial development phase of the Kabanga Nickel Project, which includes a 3.4 million tons per annum mechanized underground mine, concentrator, tailings storage facility and supporting infrastructure. With the release of the Feasibility Study, the Board of Directors of Lifezone Metals has directed management to commence the execution readiness phase, including the project financing process leading to a FID, and to begin early works and infrastructure development. During this execution readiness phase, Lifezone will advance pending permitting, remaining approvals and commercial tenders, while finalizing technical work to support critical path construction activities. A multi-sourced project finance strategy is being executed, and discussions are ongoing with strategic investors and lenders. The strong economics of the Kabanga Nickel Project and alignment with global critical minerals' priorities, positions it well for sustainable financing. On August 8, 2025, Lifezone’s wholly owned subsidiary, Kabanga Nickel Limited, entered into a $60 million senior secured bridge loan facility agreement with Taurus Mining Finance Fund No. 2 L.P. acting as mandated lead arranger and agent. The facility supports the advancement of the Kabanga Nickel Project by funding the development of critical early-stage work and infrastructure as the company progresses towards securing long-term project financing. The facility has a scheduled maturity date of July 31, 2027, with an option available to Kabanga Nickel Limited to extend the term by an additional six months. As of June 30, 2026, $41.7 million was drawn under the senior secured bridge loan facility. Please refer to Note 19.2 for further details on the terms of the facility. 1.5. Platinum, palladium and rhodium recycling project in the United States Lifezone’s Hydromet Technology intellectual property was initially developed from test work on PGM mineral concentrates, and the first test work and scoping study was undertaken in 2014 to demonstrate the successful recovery of PGMs from spent automotive catalytic converters. Recycling is expected to play an important role as an alternative supply of critical metals. However, current recycling practices, involving conventional smelting and refining, compound the carbon dioxide emissions intensity of metal units. Through the application of its Hydromet Technology, Lifezone offers a potentially cleaner, lower emissions and responsibly sourced recycling solution for PGMs in the USA and elsewhere. In partnership with Glencore, a major and diversified participant in global commodities, Lifezone is evaluating the design and construction of a commercial-scale hydromet PGM recycling facility in the United States to recycle PGMs from Autocats. In January 2024, Lifezone and Glencore each funded $1.5 million into a newly established US Lifezone group entity, Lifezone Recycling US, LLC, with proceeds designated towards the pilot program. In May 2025, Lifezone invested a further $2 million into Lifezone Recycling US, LLC towards completion of the pilot testwork program and a feasibility study aiming to demonstrate the effectiveness of Lifezone’s Hydromet Technology to recover and refine PGMs from Autocats. As at June 30, 2026, Glencore holds approximately 5.44% interest in Lifezone Recycling US, LLC. In April 2026 Lifezone announced the first production of PGMs from U.S.-sourced Autocats. Following completion of the pilot test program, an interim study report was completed in May. An internal project review was undertaken in June, resulting in several substantive positive techno-economic improvements, now being incorporated into the plant design and subsequent updates to the feasibility study, targeting a December 2026 completion date. 1.6. Musongati Nickel Project, Burundi Musongati is believed to be Burundi's most significant nickel deposit, located within the East African Nickel Belt, about 200 km southwest from Lifezone's flagship Kabanga Nickel Project. Musongati is a large-tonnage, open-pittable nickel laterite resource with untested sulfide mineralization potential. A 2011 study defined more than 140 million tons with an estimated nickel grade of 1.31%1 and potential by-products including copper, cobalt, platinum-group metals, and scandium. On March 10, 2026, Lifezone Metals entered into an exclusivity agreement with the Government of Burundi regarding the Musongati Nickel Project. The agreement grants the Company a 14-month exclusivity period to evaluate the technical and economic potential of the Musongati deposit. Representatives of KoBold Metals signed a separate Memorandum of Understanding with Burundi regarding the digitization of the country's geological data. The Company believes Musongati's proximity to Kabanga could unlock synergies to act as key enablers for its development: its proprietary Hydromet Technology offers a common processing route across both assets, raising the prospect of shared downstream refining and in-country beneficiation, while the energy and rail infrastructure unlocking Kabanga could be extended to serve Musongati. Together the two deposits consolidate globally significant resources under a single umbrella, creating a combined inventory positioned to compete on grade and cost with concentrated supply from Southeast Asia. Since signing the exclusivity agreement, a high-level desktop review and evaluation was done to identify key project drivers, focusing on geology, mining, and processing, and to define the next phase of work. During the period, two visits to Bujumbura and one to the project site took place, to verify historical work, meet with key stakeholders, and inform planning for the additional exploration needed to evaluate the project.

Basis of preparation, material accounting policies and estimates	6 Months Ended
	Jun. 30, 2026
Disclosure of voluntary change in accounting policy [abstract]
Basis of preparation, material accounting policies and estimates	2. Basis of preparation, material accounting policies and estimates 2.1. Basis of preparation Lifezone’s unaudited consolidated interim financial statements for the six months ended June 30, 2026, have been prepared in accordance with International Accounting Standard (IAS) 34, “Interim Financial Reporting” under International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB") and Interpretations (collectively IFRS Accounting Standards) and are reported in U.S. dollars (“USD” or “$”). These unaudited consolidated interim financial statements should be read in conjunction with Lifezone Metals' audited consolidated financial statements contained on its Form 20-F for the year ended December 31, 2025, as some disclosures from the annual consolidated financial statements have been condensed or omitted. Operating results for the six months ended June 30, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. These unaudited consolidated interim financial statements incorporate the financial statements of Lifezone Metals and its controlled subsidiaries as of June 30, 2026. Control exists when Lifezone has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The unaudited consolidated interim financial statements include the accounts of Lifezone Metals and its subsidiaries. Intercompany balances, transactions, income and expenses are eliminated on consolidation. The information furnished herein reflects all normal recurring entries, that are in the opinion of management, necessary for a fair statement of the results for the interim periods reported. The unaudited consolidated interim financial statements have been prepared on a historical cost basis unless otherwise stated. 2.2. Going concern Management has assessed the going concern assumptions of Lifezone during the preparation of these unaudited consolidated interim financial statements. For the six months ended June 30, 2026, Lifezone's loss was $6.93 million (six months ended June 30, 2025: income of $2.25 million) and accumulated losses at June 30, 2026, was $474.9 million (December 31, 2025: $468.1 million). As of June 30, 2026, Lifezone had consolidated cash and cash equivalents of $37.3 million, compared with $20.1 million as of December 31, 2025. Please refer to the unaudited consolidated interim cash flow statements for details on usage and receipt of cash during the six months ended June 30, 2026. Available cash includes the receipts of a registered direct offering that closed on April 23, 2026 (the "2026 Offering") of 5,700,000 ordinary shares, with no warrants. The ordinary shares were sold at a purchase price of $4.40 per share. The net proceeds from the 2026 Offering were $23.33 million (after placement agent fees, commissions, and estimated offering expenses payable by Lifezone). Lifezone's liquidity includes cash and cash equivalents of $37.29 million as of June 30, 2026, and a further $18.3 million of the senior secured bridge loan facility subject to satisfaction of conditions precedent, which remained undrawn as of June 30, 2026. The facility is available for further drawdowns until November 29, 2026, and supports advancing the Kabanga Nickel Project by funding pre-FID critical early-stage work and project financing activities. The facility has a scheduled maturity date of July 31, 2027, with an option available to Kabanga Nickel Limited to extend the term by an additional six months subject to meeting the required conditions. Funds made available under the senior secured bridge loan facility cannot be used for any purpose other than the Kabanga Nickel Project. The unaudited consolidated interim financial statements have been prepared on a going concern basis, which contemplates the continuity of normal business activities, the realization of assets and the discharge of liabilities in the ordinary course of business. Lifezone has not generated significant revenues from operations and, as is common with many exploration-stage mining companies, Lifezone raises financing for its exploration, study, and research and development activities in discrete tranches. As of June 30, 2026, Lifezone has net current liabilities of $17.13 million and based on Lifezone’s current and anticipated liquidity and funding requirements, and notwithstanding the funds received from the 2026 Offering, Lifezone will need to raise additional capital in the next 12 months to fund its corporate expenditure, operations and project developments, in particular for the Kabanga Nickel Project, and to maintain the minimum cash balance covenant required under the senior secured bridge loan facility. Based on our assessment, additional funding will be required in early 2027 for both the Kabanga Nickel Project and the other two segments of the business. In this assessment, we consider completing all of our forecast pre-FID activities, which will consume all of the available funds from the senior secured bridge loan facility earmarked for the Kabanga Nickel Project. In addition, additional capital will need to be raised, or an agreement reached to refinance the senior secured bridge loan, which has a scheduled maturity date of July 31, 2027, with an option available to Kabanga Nickel Limited to extend the term by an additional six months. We also consider the Board of Directors making the FID for the Project during Q1 2027, which will materially increase our investment cash flows and require raising equity, including a farm-down at the Kabanga Nickel Project level, and debt through a multi-sourced project financing solution. With concerted efforts, this date could be moved forward, but FID could happen later, depending on the lender's assessment of the Framework Agreement. In the event Lifezone issues additional equity in the future, shareholders could face significant dilution in their holdings. Lifezone’s future operating losses and capital requirements may vary materially from those currently planned and will depend on many factors including Lifezone’s growth rate, the execution of various growth projects, and the demand for the Hydromet Technology, and capital costs in relation to the development of the Kabanga Nickel Project, and the demand and prices for the minerals we envision extracting in our Metals Extraction business and as well as for Lifezone’s working capital requirements. To finance the development of the Kabanga Nickel Project, Lifezone is pursuing a diversified funding strategy potentially including equity offerings, strategic partnerships, mezzanine financing and bridge and project-level debt. Active discussions are ongoing with offtake partners, financial and strategic investors, development finance institutions, and commercial lenders. If required, to maintain liquidity, management could consider reducing operating costs, pausing capital expenditures, restructuring interest-bearing debt, or maximizing external revenues from the Simulus hydromet laboratory based in Perth, Australia. Additionally, Lifezone may receive the proceeds from any exercise of any Warrants in cash. Each Lifezone warrant represents the right to purchase one ordinary Lifezone share at a price ranging from $4.00 to $11.50 per share in cash. Please refer to Note 22 for further details on the number of warrants outstanding, exercise prices and expiry dates of the warrants. In the event that Lifezone is unable to secure sufficient funding, it may not be able to fully develop its projects, and this may have a consequential impact on the carrying value of the related exploration and evaluation assets and the investment in its subsidiaries as well as the going concern status of Lifezone. Given the nature of Lifezone’s current activities, it will remain dependent on equity, mezzanine, alternative or debt funding or monetizing the offtake from the Kabanga Nickel Project until such time as Lifezone becomes self-financing from the commercial production of metals and minerals and royalties received from intellectual property rights linked to its Hydromet Technology. These conditions give rise to a substantial doubt about our ability to continue as a going concern, as there can be no assurance that Lifezone will be able to raise the required financing through a combination of equity offerings, debt financings, strategic alliances, alternative financings, and off-take agreements and/or licensing arrangements in the future. Notwithstanding this substantial doubt, the directors of Lifezone consider it appropriate to prepare the financial statements on a going concern basis as they believe that Lifezone will be able to raise further funding as set out above prior to any breach of covenants. The financial statements do not include the adjustments to the amounts and classification of assets and liabilities that may be necessary if Lifezone were unable to continue as a going concern. 2.3. Accounting pronouncements The accounting policies adopted in the preparation of the unaudited consolidated interim financial statements are consistent with those followed in the preparation of the annual consolidated financial statements of Lifezone Metals for the year ended December 31, 2025, except for the adoption of new standards effective as of January 1, 2026. Lifezone has not early adopted any standard, interpretation, or amendment that was issued but is not yet effective. The following amendment applies for the first time in 2026, but does not have an impact on the unaudited consolidated interim financial statements of Lifezone: •Amendments to the Classification and Measurement and Impairment of Financial Instruments (Amendments to IFRS 9 and IFRS 7): The amendments clarify that a financial liability is derecognized on the settlement date and introduce an accounting policy choice to derecognize financial liabilities settled using an electronic payment system before the settlement date. Other clarifications include the classification of financial assets with ESG-linked features via additional guidance on the assessment of contingent features. Clarifications have been made to non-recourse loans and contractually linked instruments. Additional disclosures are introduced for financial instruments with contingent features and equity instruments classified at fair value through OCI. •Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity: These amendments introduce application guidance on the classification and measurement of contracts that reference nature-dependent electricity (such as renewable energy contracts), including considerations for whether such contracts meet the “own-use” scope exception or should be accounted for as derivatives. The amendments also clarify how variability linked to nature-dependent factors should be assessed in determining whether contractual cash flows meet the solely payments of principal and interest (“SPPI”) criterion. •Annual Improvements to IFRS Accounting Standards – Volume 11 : These annual improvements include a series of minor amendments to various IFRS Accounting Standards aimed at clarifying wording, correcting unintended inconsistencies, and improving guidance. The amendments address, among other matters, aspects of classification and measurement under IFRS 9, disclosure requirements under IFRS 7, and consequential wording improvements in other standards. Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. The standards and interpretations that are issued, but are not yet effective, up to the date of issuance of Lifezone’s financial statements that Lifezone reasonably expects may have an impact on its disclosures, financial position or performance when applied at a future date, are disclosed below. •IFRS 18 Presentation and Disclosure in Financial Statements - applies from January 1, 2027. Lifezone is currently assessing the effect of this new accounting standard and amendments. 2.4. Basis of consolidation The unaudited consolidated interim financial statements comprise the financial statements of Lifezone Metals and its controlled subsidiaries. Consolidation of a subsidiary begins when Lifezone obtains control over the subsidiary and ceases when Lifezone loses control of the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the equity holders of Lifezone Metals as the parent entity of Lifezone and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with Lifezone’s accounting policies. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of Lifezone are eliminated on full consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If Lifezone loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest, and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value. Lifezone attributes total comprehensive income or loss of subsidiaries between the owners of Lifezone Metals as the parent entity and the non-controlling interests based on their respective ownership interests. 2.5. Foreign Private Issuer status Given that Lifezone Metals is incorporated in the Isle of Man, it is considered a Foreign Private Issuer (“FPI”) under the securities laws of the U.S. and the rules of the NYSE. In our capacity as an FPI, we are exempt from certain rules under the Exchange Act that impose certain disclosure obligations and procedural requirements for proxy solicitations under Section 14 of the Exchange Act. Moreover, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as United States companies whose securities are registered under the Exchange Act. In addition, we are not required to comply with Regulation FD, which restricts the selective disclosure of material information. NYSE listing rules include certain accommodations in the corporate governance requirements that allow FPI, such as us, to follow “home country” corporate governance practices in lieu of the otherwise applicable corporate governance standards of NYSE. FPIs may prepare their financial statements using US GAAP; or IFRS pursuant to Regulation S-X Rule 4-01(a)(2). In the case of FPIs that use the English-language version of IFRS as issued by the International Accounting Standards Board, or IASB IFRS, no reconciliation to US GAAP is needed. We may take advantage of these exemptions until such time as we are no longer an FPI. We are required to determine our status as an FPI on an annual basis at the end of each second fiscal quarter. We would cease to be an FPI at such time as more than 50% of our outstanding voting securities are held by United States residents and any of the following three circumstances apply: 1.the majority of our executive officers or directors are United States citizens or residents. 2.more than 50% of our assets are located in the United States or 3.our business is administered principally in the United States. If we lose our FPI status, we would be required to comply with Exchange Act reporting and other requirements applicable to U.S. domestic issuers, which are more detailed and extensive than the requirements for FPIs. FPI status requires implementing procedures and processes to address public company regulatory requirements and customary practices. 2.6. Emerging Growth Company status We are an Emerging Growth Company (“EGC”), as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As such, we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. This includes, but is not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act” or “SOX”), reduced disclosure obligations regarding executive compensation in their periodic reports and proxy statements and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. We will continue to qualify as an EGC until the earliest of: 1.the last day of the fiscal year during which we had total annual gross revenues of US$1,235,000,000, as such amount is indexed for inflation every 5 years by the SEC or more; 2.the last day of our fiscal year following the fifth anniversary of the date of the first sale of equity securities pursuant to an effective registration statement under the Securities Act; 3.the date on which we have, during the previous 3-year period, issued more than US$1,000,000,000 in non-convertible debt; or 4.the date on which we are deemed to be a “Large Accelerated Filer”, as defined in Exchange Act Rule 12b-2. Lifezone would become a Large Accelerated Filer if Lifezone has a public float of greater than $700 million, has been filing periodic reports for at least 12 months, has previously filed at least one annual report, and is not a smaller reporting company. Section 103 of the JOBS Act provides that an EGC is not required to comply with the requirement to provide an auditor’s report on ICFR under Section 404(b) of the Sarbanes-Oxley Act. An EGC still has to perform management’s assessment of internal control over financial reporting (SOX 404(a) and the disclosure requirement of Item 308(a) of Regulation S-K). 2.7. Significant accounting judgments, estimates, and assumptions The preparation of Lifezone’s unaudited consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, including contingent assets and liabilities, and the accompanying disclosures. Actual results may differ from these estimates and uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in the future period. The judgments, estimates and assumptions applied in these unaudited consolidated interim financial statements, including the key sources of estimation uncertainty, were the same as those applied in Lifezone’s latest annual consolidated financial statements for the year ended December 31, 2025. 2.8. Restatement of disclosure related to unused tax losses and temporary differences for which no deferred tax asset has been recognized Deferred tax assets are recognized only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it is probable that future taxable profits will be available, against which the unrecognized deferred tax assets can be used. During our assessment and the review of the tax returns of Lifezone group entities for the year ended December 31, 2025, management assessed that the earlier unrecognized pre-trading capital expenses at Kabanga Nickel Limited do not represent a potential future temporary difference, leading us to exclude these amounts from unrecognized deferred tax assets as disclosed in Note 14. In addition, we are now showing the trading losses of LZ Services and Kabanga Nickel Limited as trading losses, separately from pre-trading losses of all other subsidiaries. Following an audit by the Tanzania Revenue Authority ("TRA") of the corporation tax return of TNCL for the year ended December 31, 2024, in which the TRA disallowed capital allowances claimed in respect of exploration and evaluation assets, management revised TNCL's corporation tax return for the year ended December 31, 2025 to exclude capital allowances on exploration and evaluation assets, such that no temporary difference arises in respect of these assets. Please refer to Note 14 for further details.

Segment information

6 Months Ended

Jun. 30, 2026

Segment information [Abstract]

Segment information

3. Segment information

For management purposes, Lifezone is organized into business units based on the main types of activities and has three reportable operating segments, as follows:

•Metals Extraction;

•Intellectual Property (“IP”); and

•Corporate

The Metals Extraction segment of the business comprises Lifezone’s interest in KNL, including the Kabanga Nickel Project in Tanzania. The IP segment comprises patents held and managed by Lifezone Limited, a team of highly skilled engineers, scientists, and technicians based in Lifezone’s Simulus hydromet laboratory based in Perth, a strategic partnership with Sedibelo Resources Limited ("SRL") and Industrial Development Corporation ("IDC") regarding the development of the potential Kell-Sedibelo-Lifezone Refinery, and the agreement between Lifezone and Glencore to recycle PGM in the United States.

The Chief Executive Officer ensures that the corporate strategy determined by the board is being implemented. He manages Lifezone on a day-to-day basis, monitors and reports on the operating results of the business units for the purpose of making decisions about resource allocation and performance assessment, and acts as Lifezone’s Chief Operating Decision Maker. Segment performance is evaluated based on cash flows and operating profit or loss before taxes.

Lifezone’s financing and treasury operations are centrally managed at the group level. These activities, along with other group-related functions, are reported under Corporate. Additionally, Corporate provides management services to the operating segments.

Each of these operating segments is managed separately as each requires different technological expertise, marketing approaches, and other resources. All inter-segment transfers are carried out at arm’s length, under terms comparable to transactions with third parties.

Inter-segment eliminations and transactions are identified separately, and the combined segments’ information is reconciled to the Statement of Financial Position and Statement of Comprehensive Income (Loss). Inter-segment revenues are eliminated upon consolidation and reflected in the "Inter-segment eliminations" column.

The results for the six months ended June 30, 2026, and June 30, 2025, respectively, are shown below.


For the six months ended June 30, 2026	Intellectual Property	Metals Extraction	Corporate	Inter-Segment eliminations	Total
	$	$	$	$	$

Revenue	1,669,366	-	2,819,232	(2,820,857)	1,667,741
Cost of sales	(1,165,923)	-	(2,635,629)	2,635,629	(1,165,923)
Gain (loss) on foreign exchange	271,308	354,708	(14,729)	-	611,287
General and administrative expenses1	(2,249,237)	(1,226,117)	(6,605,934)	(587)	(10,081,875)
Depreciation and amortization	(740,994)	(11,383)	(15,025)	2,213	(765,189)
Interest income	3,041,827	-	241,221	(3,027,377)	255,671
Fair value gain on embedded derivatives	-	-	1,549,000	-	1,549,000
Fair value gain on warrants	-	-	1,060,000	-	1,060,000
Gain on deferred consideration	5,292,917	-	-	-	5,292,917
Interest expense	(12,525)	(101,572)	(5,343,738)	-	(5,457,835)
Income (loss) before tax	6,106,739	(984,364)	(8,945,602)	(3,210,979)	(7,034,206)

As at June 30, 2026
Segment assets	152,637,238	191,204,195	172,637,052	(307,921,233)	208,557,252
Segment liabilities	22,169,382	128,913,462	61,296,743	(97,223,461)	115,156,126


For the six months ended June 30, 2025	Intellectual Property	Metals Extraction	Corporate	Inter-Segment eliminations	Total
	$	$	$	$	$

Revenue	651,939	-	2,624,729	(2,951,217)	325,451
Cost of sales	(173,486)	-	(2,386,271)	2,386,271	(173,486)
Gain (loss) on foreign exchange	534,966	(284,430)	(7,089)	-	243,447
General and administrative expenses1	(1,901,367)	(1,396,500)	(5,053,193)	1,040,290	(7,310,770)
Depreciation and amortization	(668,655)	(11,383)	(18,622)	-	(698,660)
Interest income	2,407,452	10	389,656	(2,383,209)	413,909
Fair value gain on embedded derivatives	-	-	14,145,000	-	14,145,000
Interest expense	(11,655)	(13,448)	(4,854,740)	-	(4,879,843)
Income (loss) before tax	839,194	(1,705,751)	4,839,470	(1,907,865)	2,065,048

As at December 31, 2025
Segment assets	144,404,325	165,038,598	153,679,239	(287,370,479)	175,751,683
Segment liabilities	26,695,036	102,843,488	58,642,182	(85,261,778)	102,918,928

All revenue from external customers is generated in Australia for the six months ended June 30, 2026 and the six months ended June 30, 2025.


Non-current assets	June 30, 2026	December 31, 2025
	$	$
Tanzania	164,148,857	144,521,639
Australia	2,997,360	3,075,959
Rest of the world	11,988	705,488
	167,158,205	148,303,086

Revenue

6 Months Ended

Jun. 30, 2026

Revenue [abstract]

Revenue

4. Revenue


	Six Months Ended June 30,
		2026	2025
		$	$
Technical and laboratory services revenue		1,667,741	325,451
Total revenue		1,667,741	325,451

Revenue is attributed to technical and laboratory services provided by Simulus to third-party customers.

Interest income

6 Months Ended

Jun. 30, 2026

Interest expense (income), defined benefit plans [abstract]

Interest income

5. Interest income


	Six Months Ended June 30,
		2026	2025
		$	$

Interest on bank deposits		255,671	413,909
Total interest income		255,671	413,909

Lifezone generates interest income through its corporate treasury operations by investing group cash in the Secured Overnight Financing Rate (“SOFR”) deposits. Interest on bank deposits excludes interest income on cash in the bank accounts of Kabanga Nickel Limited that has been offset against capitalized borrowing costs. For further details on the capitalized interest, please refer to Note 13.

Interest expense

6 Months Ended

Jun. 30, 2026

Interest Expense [Abstract]

Interest expense

6. Interest expense


		Six Months Ended June 30,
	Note		2026	2025
			$	$
Interest accretion on lease liabilities	18		114,097	26,954
Debenture interest	19		5,343,738	4,851,367
Other interest expenses			-	1,522
Total interest expense			5,457,835	4,879,843

Debenture interest for the six months ended June 30, 2026 and 2025 relates to interest accrued on the debt portion of the convertible debentures as disclosed in Note 19.1.

Interest on lease liabilities relates to long-term leases of office, accommodation units, and warehouse premises in Tanzania and Australia as disclosed in Note 18.

Interest expenses incurred on the senior secured bridge loan facility, after offsetting of any interest received on any temporary investment, is capitalized to Exploration and Evaluation assets as these borrowing costs are directly attributable to the development of the Kabanga Nickel Project. For additional information regarding the senior secured bridge loan facility and the capitalization of interest, please refer to Note 19.2 and Note 13.

Fair value gain on embedded derivatives

6 Months Ended

Jun. 30, 2026

Embedded derivatives [Abstract]

Fair value gain on embedded derivatives

7. Fair value gain on embedded derivatives


	Six Months Ended June 30,
		2026	2025
		$	$
Fair value gain on embedded derivatives		1,549,000	14,145,000
Total		1,549,000	14,145,000

On June 30, 2026, the embedded derivative liability component of the convertible debentures, as disclosed in Note 19.1, was reassessed to be $3,604,000 compared to $5,153,000 as at December 31, 2025. The decrease in fair value of $1,549,000 is largely due to the decline in the price of Lifezone Metals' share from $4.27 as at December 31, 2025, to $3.88 as at June 30, 2026, and the passage of time. This decline in share price has reduced the likelihood that debenture holders will exercise their option to convert debentures into ordinary shares of Lifezone at the conversion price of $8.00 per share. In addition, the passage of time has shortened the period remaining until expiry. The fair value decrease has been recognized as an unrealized gain in the consolidated statement of comprehensive income (loss).

General and administrative expenses

6 Months Ended

Jun. 30, 2026

Selling, general and administrative expense [abstract]

General and administrative expenses

8. General and administrative expenses


	Six Months Ended June 30,
		2026	2025
		$	$
Wages & employee benefits		1,779,072	2,012,451
Consultancy fees		495,473	1,033,921
Professional fees		268,319	375,608
Legal fees		417,821	612,602
Directors’ fees		360,630	341,283
Depreciation of property and equipment		550,058	476,142
Depreciation of right-of-use assets		162,079	154,599
Impairment of intangible assets		696,180	-
Withholdings tax expense		175,109	-
Laboratory costs		374,672	255,015
Provision for bad debt		-	400,000
Amortization of intangible assets		53,050	67,919
Impairment of VAT receivables		999,978	470,263
Rent & rates		127,653	216,014
Share-based expense - RSU & share options		3,143,769	-
Travel		130,909	109,826
Audit & accountancy fees		321,646	417,772
Taxes & licenses		15,505	25,143
Insurance		313,048	590,283
Other administrative expenses		462,093	450,589
Total general and administrative expenses		10,847,064	8,009,430

Lifezone capitalizes exploration and evaluation costs related to the Kabanga Nickel Project as exploration and evaluation assets. Capitalized exploration and evaluation expenditure includes a wide range of exploration, evaluation, and study-related costs, including general, administrative and financing costs that are related to the Kabanga Nickel Project.

General and administrative expenses included in the unaudited consolidated interim statements of comprehensive income (loss) are costs that are expensed either because such costs do not relate to the Kabanga Nickel Project or are not eligible for capitalization under Lifezone's accounting policy.

During the six months ended June 30, 2026, $13.75 million of gross total general and administrative expenses (compared to $8.8 million for the six months ended June 30, 2025) was capitalized to exploration and evaluation assets as part of the Kabanga Nickel Project.

Cash and cash equivalents

6 Months Ended

Jun. 30, 2026

Cash and cash equivalents [abstract]

Cash and cash equivalents

9. Cash and cash equivalents


	June 30, 2026	December 31, 2025
	$	$
USD – United States dollar	35,713,777	19,191,738
AUD – Australian dollar	590,616	373,330
GBP – Sterling	549,754	226,857
TZS – Tanzanian Shilling	438,716	347,837
Other currencies	1,433	4,488


Total cash and cash equivalents	37,294,296	20,144,250

Cash and cash equivalents consist of cash at banks and on hand. On June 30, 2026, total cash includes $12.46 million (December 31, 2025: $6.57 million) in Kabanga Nickel Limited and its subsidiaries and is available only for the development of the Kabanga Nickel Project under the terms of the senior secured bridge loan facility. Included in this cash is an amount of $140,322 (December 31, 2025: $149,694) held in escrow and restricted for compensation payments to Projected Affected Persons in connection with the Kabanga Nickel Project.

Trade and other receivables

6 Months Ended

Jun. 30, 2026

Trade and other receivables [abstract]

Trade and other receivables

10. Trade and other receivables


	June 30, 2026	December 31, 2025
	$	$
VAT/GST receivables	706,627	540,708
Prepayments	78,969	427,288
Deposits	386,268	496,154
Trade debtors	262,334	430,470
Other receivables	123,754	133,647
Total trade and other receivables	1,557,952	2,028,267

VAT/GST receivables

VAT/Goods and Services Tax ("GST") receivables are short-term and receivable within twelve months following an applicable VAT refund application in the local tax jurisdiction. Lifezone has net VAT/GST receivables with the United Kingdom and Australian tax authorities amounting to $706,627 (December 31, 2025: $540,708).

The VAT receivables in Tanzania have been fully provided for, following the rejection by the TRA of our VAT refund application related to goods and services procured for the Kabanga Nickel Project. For the six months ended June 30, 2026, a provision of $999,978 was recorded to the consolidated interim statement of comprehensive income (loss), compared to $470,263 for the same period in 2025. Total provision as at June 30, 2026, is $7,472,503 (December 31, 2025: $6,941,708). TNCL has formally contested the TRA’s decision, asserting that the rejection is unfounded, as the purchases were directly linked to its economic activities in Tanzania, aimed at developing the Kabanga Nickel Project with the ultimate goal of producing and exporting metals. Lifezone remains actively engaged with the Government of Tanzania and continues to monitor the situation closely, seeking a favorable resolution in line with applicable local laws and regulations.

Deposits and other receivables

Deposits include security and other deposits. Other receivables include trade receivables and accrued interest.

Property and equipment and right-of-use assets

6 Months Ended

Jun. 30, 2026

Property, plant and equipment [abstract]

Property and equipment and right-of-use assets

11. Property and equipment and right-of-use assets

Lifezone’s property and equipment and right-of-use assets include building, transportation equipment, and office and computer equipment.


	Buildings	Transportation equipment	Office and computer equipment	Laboratory and testing equipment	Total Property and equipment	Right-of-use assets	Total
	$	$	$	$	$	$	$
Cost
As at January 1, 2025	1,880,133	197,524	982,107	4,291,785	7,351,549	2,359,362	9,710,911

Additions	-	-	32,794	4,392	37,186	1,795,693	1,832,879
Disposals	-	-	(22,437)	-	(22,437)	(737,042)	(759,479)

Foreign exchange impact	-	-	36,374	329,243	365,617	101,390	467,007
As at December 31, 2025	1,880,133	197,524	1,028,838	4,625,420	7,731,915	3,519,403	11,251,318

Accumulated depreciation
As at January 1, 2025	(358,879)	(146,327)	(337,090)	(1,221,995)	(2,064,291)	(1,119,683)	(3,183,974)

Disposals	-	-	18,355	-	18,355	618,135	636,490
Charge	(146,673)	(28,235)	(131,179)	(959,950)	(1,266,037)	(821,835)	(2,087,872)
Foreign exchange impact	-	-	(36,054)	(67,582)	(103,636)	(71,022)	(174,658)
As at December 31, 2025	(505,552)	(174,562)	(485,968)	(2,249,527)	(3,415,609)	(1,394,405)	(4,810,014)

Cost
As at January 1, 2026	1,880,133	197,524	1,028,838	4,625,420	7,731,915	3,519,403	11,251,318
Additions	-	-	4,142	-	4,142	505,532	509,674
Lease reassessments	-	-		-	-	12,018	12,018
Foreign exchange impact	-	-	16,829	126,971	143,800	30,548	174,348
As at June 30, 2026	1,880,133	197,524	1,049,809	4,752,391	7,879,857	4,067,501	11,947,358

Accumulated depreciation
As at January 1, 2026	(505,552)	(174,562)	(485,968)	(2,249,527)	(3,415,609)	(1,394,405)	(4,810,014)
Charge1	(44,118)	(8,276)	(43,148)	(430,905)	(526,447)	(500,617)	(1,027,064)
Foreign exchange impact	-	96	(58,034)	(104,108)	(162,046)	(18,791)	(180,837)
As at June 30, 2026	(549,670)	(182,742)	(587,150)	(2,784,540)	(4,104,102)	(1,913,813)	(6,017,915)

Net book value:
As at December 31, 2025	1,374,581	22,962	542,870	2,375,893	4,316,306	2,124,998	6,441,304
As at June 30, 2026	1,330,463	14,782	462,659	1,967,851	3,775,755	2,153,688	5,929,443

1 Depreciation charge includes $314,927 of deprecation that has been capitalized to Exploration and Evaluation asset in the six months ended June 30, 2026 (six months ended June 30, 2025: $174,219)

Patents and other intangible assets

6 Months Ended

Jun. 30, 2026

Intangible Assets [Abstract]

Patents and other intangible assets

12. Patents and other intangible assets


	Patents	Software	Total
	$	$	$
Cost
As at January 1, 2025	1,147,998	383,506	1,531,504
Additions	127,135	-	127,135
As at December 31, 2025	1,275,133	383,506	1,658,639

Accumulated amortization
As at January 1, 2025	(473,662)	(168,022)	(641,684)
Charge	(94,723)	(47,046)	(141,769)
As at December 31, 2025	(568,385)	(215,068)	(783,453)

Cost
As at January 1, 2026	1,275,133	383,506	1,658,639
Additions	42,481	-	42,481
Impairment	(1,317,614)	-	(1,317,614)
As at June 30, 2026	-	383,506	383,506

Accumulated amortization
As at January 1, 2026	(568,385)	(215,068)	(783,453)
Charge	(53,049)	(22,314)	(75,363)
Impairment	621,434	-	621,434
As at June 30, 2026	-	(237,382)	(237,382)


Net book value
As at December 31, 2025	706,748	168,438	875,186
As at June 30, 2026	-	146,124	146,124

Lifezone’s intellectual property includes six patent families, covering various enhancements to the Hydromet Technology process for metal production from ores, concentrates and other feedstocks, including PGM, gold, silver, base metals and rare earth metals. These enhancements span the handling of gangue elements, purification steps, diverse feed materials, and carbon emissions minimization.

Lifezone has impaired the carrying value of the capitalized patent costs as at June 30, 2026 on the grounds that, since Lifezone listing, no revenue has been generated from them, and that, following BHP's exit from the Kabanga Nickel Project and ongoing discussions with future strategic partners during the first six months of 2026, there is no probable and near-term use case that will lead to material royalty income from the existing patents. Realizing value from the patents would require further research and development and management assumes that royalty income will in the near term more likely be generated from licensing technological process knowhow.

Exploration and evaluation assets and mining data

6 Months Ended

Jun. 30, 2026

Exploration and Evaluation Assets and Mining Data [Abstract]

Exploration and evaluation assets and mining data

13. Exploration and evaluation assets and mining data


	Exploration and evaluation assets	Mining data	Total
	$	$	$
Cost
As at January 1, 2025	104,831,388	12,746,135	117,577,523
Additions	23,409,073	-	23,409,073
As at December 31, 2025	128,240,461	12,746,135	140,986,596

Cost
As at January 1, 2026	128,240,461	12,746,135	140,986,596
Additions	20,096,042	-	20,096,042
As at June 30, 2026	148,336,503	12,746,135	161,082,638

All of our exploration and evaluation assets and mining data relate to the Kabanga Nickel Project in Tanzania.

The capitalization of exploration and evaluation costs is based on the reasonable prospect that the Kabanga Nickel Project can be developed into a profitable mining operation. It assumes that the exploration and evaluation expenditure and study work relating to a mineral resource within a valid license area could result in cash inflows over time, either through sale or development. Exploration and evaluation expenditures are recognized and measured at cost and the related assets are classified as intangible assets.

An exploration and evaluation asset shall no longer be classified as such when the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. Lifezone considers this threshold achieved once a FID is made.

Where Lifezone is unsuccessful in acquiring or being granted a tenement area, any such costs are immediately expensed. All costs incurred prior to securing the legal right to undertake exploration activities on a project are written off as incurred.

Additions during the period are capitalized exploration and evaluation costs linked to the Kabanga Nickel Project in Tanzania. Technical and administrative overheads incurred in connection with exploration and evaluation activities are capitalized as exploration and evaluation assets.

During the six months ended June 30, 2026, $13,753,103 (six months ended June 30, 2025: $8,756,349) of the gross total general and administrative expenses was capitalized to exploration and evaluation assets as part of the Kabanga Nickel Project.

Exploration and evaluation assets include borrowing costs on the senior secured bridge loan facility capitalized during the six months ended June 30, 2026 of $2,918,133 (six months ended June 30, 2025: $nil). These costs relate to the senior secured bridge loan facility that has been entered into to fund the development of the Kabanga Nickel Project. Refer to Note 19.2 for further details. Interest income of $155,907 (six months ended June 30, 2025: $nil) on cash held at banks resulting from drawings under the senior secured bridge loan facility has been offset against the capitalized borrowing costs.

Taxation

6 Months Ended

Jun. 30, 2026

Income Taxes [Abstract]

Taxation

14. Taxation


	Six Months Ended June 30,
		2026	2025
		$	$
Reconciliation of the tax expense
(Loss) / income for the period before tax		(7,034,206)	2,065,048
Income before tax multiplied by the standard rate of corporation tax in the Isle of Man of 0% (2025: 0%)		-	-

Effects of:

Other permanent differences		309,258	373,873
Movement in deferred tax not recognized		1,060,883	1,316,755
Adjustment in respect of prior periods		58,504	-
Difference in overseas tax rates		(1,536,913)	(1,871,444)
Total		(108,268)	(180,816)

Lifezone operates across various jurisdictions with different corporate income tax rates, including the Isle of Man (0%), United Kingdom (25%), Tanzania (30%) and Australia (30%). Each subsidiary applied the domestic tax rates of its country of incorporation.

Lifezone has recognized a deferred tax income of $108,268 during the six months ended June 30, 2026, (six months ended June 30, 2025: $180,816). As at June 30, 2026, the deferred tax liability is $195,481 (December 31, 2025: deferred tax liability $303,749).

The following table summarizes the components of deferred tax:


	June 30, 2026	December 31, 2025
	$	$
Short term timing differences	-	29,650
Accelerated capital allowances	(618,385)	(659,596)
Tax losses	484,797	321,635
ROU liabilities	(61,893)	4,562
Net deferred tax liability	(195,481)	(303,749)

Deferred tax assets and liabilities have been offset where they relate to income taxes levied by the same taxation authority and the Company has the legal right and intent to offset.

Unrecognized Deferred Tax Assets

Deferred tax assets are recognized only to the extent that it is probable that taxable profits will be available against which the deductible temporary differences can be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it is probable that future taxable profits will be available, against which the unrecognized deferred tax assets can be used. During our assessment and the review of the tax returns of Lifezone group entities for the year ended December 31, 2025, management assessed that the earlier unrecognized pre-trading capital expenses at Kabanga Nickel Limited and certain adjustments in Tembo Nickel Corporation Limited do not represent a potential future temporary difference, leading to management to exclude these amounts from the table below. In addition,

we are now showing the trading losses of LZ Services Limited and Kabanga Nickel Limited as trading losses, separately from pre-trading losses of all other subsidiaries.

As at June 30, 2026, there are gross unused tax losses and other deductible temporary differences of $54,212,145 (December 31, 2025: $50,334,123) mainly arising from accumulated tax losses associated with the Kabanga Nickel Project. Deferred tax assets have not been recognized on unused tax losses and other deductible temporary differences as Lifezone’s mining operation remains in the exploration and evaluation phase. Consequently, management considers that future taxable profits are not sufficiently probable at the balance sheet date against which the deferred income tax asset can be recovered fully.

Unused tax losses and temporary differences for which no deferred tax asset has been recognized are as follows:


	June 30, 2026	December 31, 2025 (As restated)1
	$	$
Accelerated capital deductions	4,357	1,254
Short term timing differences	242,463	293,196
Pre-trading tax losses	5,898,610	5,645,504
Trading tax losses	48,066,715	44,394,169
Total gross unused tax losses and temporary differences	54,212,145	50,334,123

1As at December 31, 2025 the audited consolidated financial statements previously disclosed gross unused tax losses and temporary differences of $98.96 million, comprised of the following components: Accelerated capital deductions of $(50.49) million, pre-trading capital expenses $50.97 million and pre-trading tax losses $98.49 million. The amount previously disclosed has been restated for the following reasons:

•During our assessment and the review of the tax returns of Lifezone entities for the year ended December 31, 2025, management assessed that the earlier unrecognized pre-trading capital expenses of $50.97 million at Kabanga Nickel Limited do not represent a potential future temporary difference, leading us to exclude these amounts from unrecognized deferred tax assets.

•Following an audit by the TRA of the corporation tax return of TNCL for the year ended December 31, 2024, in which the TRA disallowed capital allowances claimed in respect of exploration and evaluation assets, management revised TNCL's corporation tax return for the year ended December 31, 2025 to exclude capital allowances on exploration and evaluation assets, such that no temporary difference arises in respect of these assets. As a result accelerated capital deductions and corresponding tax losses have been adjusted by approximately $50 million.

•We are now showing the trading losses of LZ Services Limited and Kabanga Nickel Limited as trading losses, separately from pre-trading losses of all other subsidiaries.

Supplementary cashflow information	6 Months Ended
Supplementary cashflow information	Jun. 30, 2026
Supplementary Cash Flow Information [Abstract]
Supplementary cashflow information	15. Supplementary cashflow information Below are the significant non-cash investing and financing activities during the six months ended June 30, 2026, and six months ended June 30, 2025: Six Months Ended June 30, 2026: During the six months ended June 30, 2026, Lifezone extended the term of its office lease in Perth, Australia by two years. Six months ended June 30, 2025: During the six months ended June 30, 2025, Lifezone paid to debenture holders as interest in the form of newly issued 178,519 Ordinary Shares in Lifezone Metals.

Trade and other payables

6 Months Ended

Jun. 30, 2026

Trade and other payables [abstract]

Trade and other payables

16. Trade and other payables


	June 30, 2026	December 31, 2025
	$	$
Trade payables	3,062,512	1,901,220
Accrued expenses	2,821,818	1,848,577
VAT payable	142,024	12,684
Total trade and other payables	6,026,354	3,762,481

All amounts are short-term. The carrying value of trade payables and accrued expenses is considered to be a reasonable approximation of their fair value.

Provisions

6 Months Ended

Jun. 30, 2026

Provisions [abstract]

Provisions

17. Provisions


	June 30, 2026	December 31, 2025
	$	$
Provision for withholding tax	3,438,235	3,438,235
Provision for other taxes	118,721	234,641
Total provisions	3,556,956	3,672,876

Provision for withholding tax

In 2020, Kabanga Nickel Company Limited ("KNCL"), a subsidiary of Lifezone, filed a tax appeal with the Tax Revenue Appeals Tribunal, contesting a withholding tax assessment imposed by the TRA on imported services. These services were provided by non-resident entities during a period when KNCL was jointly owned by Barrick and Glencore. On January 21, 2021, the TRA issued an Agency Notice to KNCL’s bank, Citi Bank Tanzania Limited, leading to the transfer of the company’s total bank balance of TZS 823,400,321 as of January 31, 2021, to the TRA. KNCL is a non-operating entity whose retention mining license was revoked by the Government of Tanzania in 2018, ahead of the acquisition by Lifezone and carries a de-minimis amount of cash.

Subsequently, on April 22, 2021, the TRA lifted the Agency Notice until further notice, pending a hearing and final determination of the case. On July 30, 2024, the Court of Appeal ruled in favor of the TRA, dismissing KNCL’s appeal and confirming the tax assessment of TZS 8.43 billion as payable. Following this ruling, a provision of $3.44 million, equivalent to TZS 8.43 billion as at December 31, 2024, was made, covering the principal tax amount plus interest.

In March 2025, the TRA issued a demand notice for the withholding tax of TZS 8.43 billion, along with additional interest for late payment of TZS 12.36 billion (equivalent to interest of $4.71 million as at June 30, 2026). Please also refer to Note 26 for further details.

Over the last few months, Lifezone and its Tanzanian entities have been in active discussions with the Government of Tanzania to amend the existing Framework Agreement. As part of these discussions, the parties have

agreed on a mechanism to resolve several outstanding matters with the TRA. Based on the advice received and the advanced stage of the Framework Agreement negotiations, management believes it is probable that Lifezone will not be required to pay the additional interest charges of $4.71 million (TZS 12.36 billion) in relation to the withholding tax assessment. As a result, no provision has been recognized in respect of the additional interest charges. However, as the amended Framework Agreement has not yet been signed or become effective, there remains a risk that the waiver or resolution mechanism may not be finalized on the terms currently anticipated. Should the Framework Agreement not be renegotiated or its terms differ materially from those currently discussed, Lifezone could be exposed to additional interest charges on the withholding tax liability.

Following the resolution of this matter Lifezone intends to place KNCL in voluntary liquidation. KNCL does not hold the SML and any liquidation has no impact on Lifezone's operations.

Provision for other taxes

On February 26, 2026, the TRA issued a tax assessment identifying unpaid taxes of TZS 0.57 billion (equivalent to $234,641) following an audit of TNCL of the 2024 tax year. Although TNCL has lodged objections to certain elements of the assessment, management has evaluated the findings and determined that it is probable that the assessed amount will be payable. Accordingly, a provision of $234,641 had been recognized, comprising the principal unpaid taxes of $234,641 together with accrued interest as at December 31, 2025. During the six months ended June 30, 2026, TNCL paid $115,920 to the TRA in cash and the balance of $118,721 is carried as a provision.

Lease liabilities

6 Months Ended

Jun. 30, 2026

Presentation of leases for lessee [abstract]

Lease liabilities

18. Lease liabilities

Lifezone's leases include leases of office space, warehouse and accommodation units in Tanzania and Australia. Right-of-use (“ROU”) lease assets and lease liabilities are recognized for such leases at the commencement date based on the present value of lease payments over the lease term. Lifezone does not recognize a related ROU asset and lease liability for a lease term of twelve months or less.

For the six months ended June 30, 2026, and June 30, 2025, Lifezone recognized an expense of $127,653 and $216,014, respectively, relating to short-term leases. During the six months ended June 30, 2026, Lifezone extended the term of its office lease in Perth, Australia by two years.

The analysis of lease liabilities is presented below:


									$
As at January 1, 2025									1,418,696
Additions									1,795,693
Interest accretion on lease liabilities									95,219
Payments									(874,244)
Disposals									(118,907)
Foreign exchange impact									(262,257)
As at December 31, 2025									2,054,200
Additions									505,532
Lease reassessments									12,018
Interest accretion on lease liabilities									114,097
Payments									(746,180)
Foreign exchange impact									10,973
As at June 30, 2026									1,950,640


	June 30, 2026	December 31, 2025
	$	$
Current	794,376	931,364
Non-current	1,156,264	1,122,836
Total lease liabilities	1,950,640	2,054,200

Shown below is the maturity analysis of the undiscounted minimum lease payments:


	June 30, 2026	December 31, 2025
Undiscounted future lease payments	$	$
Less than 1 year	967,183	1,122,834
More than 1 year but less than 5 years	1,241,312	1,264,733
Total undiscounted future lease payments	2,208,495	2,387,567

Debt

6 Months Ended

Jun. 30, 2026

Disclosure of detailed information about financial instruments [abstract]

Debt

19. Debt

19.1. Hybrid Financial Instruments: Convertible debentures with embedded derivatives

On March 27, 2024, Lifezone Metals closed a $50.0 million non-brokered private placement of unsecured convertible debentures. The unsecured convertible debentures bear interest over a 48-month term, payable quarterly, at a rate of the SOFR plus 4.0% per annum, subject to a SOFR floor of 3.0%. The unsecured convertible debentures can be redeemed early by Lifezone, subject to the achievement of certain conditions, at a price of 105% plus interest otherwise payable to the maturity date March 27, 2028. In the first two years, interest was payable quarterly via a mix of shares (or cash if the share price was lower than $4.0 per share) and a payment-in-kind accrual of the outstanding principal. All outstanding interest of $4,278,974 (including payment-in-kind interest) became payable at the end of March 2026, with all subsequent quarterly interest payments to be settled entirely in cash.

The unsecured convertible debentures are convertible into ordinary shares of Lifezone Metals at the option of the holder at a price of $8.00 per share and are subject to customary adjustments (the “Conversion Right”). The conversion price was determined on the closing date based on the lesser of a 30% premium to a trailing period VWAP and $8.00 per share. Mandatory conversion might occur if Lifezone’s share price is greater than 50% above the conversion price for any 15 trading days within a 30-days consecutive trading period.

The unsecured convertible debentures were determined to be a hybrid financial liability, comprising a host debt instrument and two embedded derivatives, the Conversion Right and the Interest Shares, with both having economic characteristics and risks different from the host debt instrument. In other words, they are not closely related to the non-derivative host debt instrument given their value changes with the value of shares in Lifezone Metals, while the host liability changes in relation to a reference borrowing index (in this case SOFR).

The host debt instrument is classified and measured at amortized cost, while the embedded derivatives are accounted for separately at fair value through profit or loss. As at June 30, 2026, the carrying amount of the host debt instrument was $34,506,702 (December 31, 2025: $34,521,933). As at June 30, 2026, the estimated fair value of the host debt instrument was $41,261,011 (December 31, 2025: $43,628,118).

The fair value of the Conversion Right was estimated using the Finite Difference Method and the Share Interest feature was estimated using the Monte Carlo Simulations using the following key assumptions:


Assumption	June 30, 2026		December 31, 2025
Risk-free Rate	Zero coupon curve based on United States Dollar Swap rates		Zero coupon curve based on United States Dollar Swap rates
Share Price	$3.88		$4.27
Equity Volatility	75	%	70	%
Dividend Yield	-	%	-	%
Credit Spread	18.6	%	17.8	%

On June 30, 2026, the embedded derivative liability component of the convertible debentures was reassessed to be $3,604,000 compared to $5,153,000 as at December 31, 2025. The decrease in fair value of $1,549,000 is largely due to the fall in the price of Lifezone Metals' shares from $4.27 as at December 31, 2025, to $3.88 as at June 30, 2026, and to a lesser extent due to the passage of time. This decline in share price has reduced the likelihood that debenture holders will exercise their option to convert debentures into ordinary shares of Lifezone Metals at the conversion price of $8.00 per share. In addition, the passage of time has shortened the period remaining until expiry. The fair value decrease has been recognized as a gain in the consolidated statement of comprehensive income (loss). The fair value measurement of the embedded derivative liability is categorized as Level 3 in the fair value hierarchy.

A sensitivity analysis was performed to assess the impact of changes in the volatility of share price on the indicated value at June 30, 2026. For illustrative purposes, a 10% increase and a 10% decrease in the share price volatility were analyzed, holding all other assumptions constant. A 10% increase in the share price volatility would result in an increase in fair value by $556,000 while a 10% decrease in the share price volatility would result in a decrease in the fair value by $485,000.


Debenture host debt instrument						$

As at January 1, 2025						26,235,808
Interest accrued						4,851,367
Interest paid in shares						(713,590)
Interest paid in cash						-
As at June 30, 2025						30,373,585
Interest accrued						5,449,776
Interest paid in shares						(364,379)
Interest paid in cash						(937,049)
As at December 31, 2025						34,521,933
Interest accrued						5,343,738
Interest paid in cash						(5,358,969)
As at June 30, 2026						34,506,702

Embedded derivatives						$
As at January 1, 2025						20,768,000
Fair value reassessment						(14,145,000)
As at June 30, 2025						6,623,000
Fair value reassessment						(1,470,000)
As at December 31, 2025						5,153,000
Fair value reassessment						(1,549,000)
As at June 30, 2026						3,604,000

Total convertible debentures with embedded derivatives
As at December 31, 2025						39,674,933
As at June 30, 2026						38,110,702

19.2. Senior secured bridge loan facility

On August 8, 2025, Lifezone’s wholly owned subsidiary, Kabanga Nickel Limited, entered into a $60 million senior secured bridge loan facility agreement with Taurus Mining Finance Fund No. 2 L.P. acting as mandated lead arranger and agent. The facility is available for further drawdowns until November 29, 2026, and supports the advancement of the Kabanga Nickel Project by funding the development of critical early-stage work and infrastructure as the company progresses towards securing long-term project financing. The facility has a scheduled maturity date of July 31, 2027, with an option available to Kabanga Nickel Limited to extend the term by an additional six months. The loan bears an interest rate of 9.25% per annum on drawn amounts and is subject to an arrangement fee of 2.25% and a commitment fee of 2.50%.

Lifezone is subject to financial covenants requiring it to maintain a current ratio of at least 1.1:1 on a consolidated basis while any amounts remain outstanding under the facility. In addition, Kabanga Nickel Limited must maintain a minimum cash balance of $5 million in secured bank accounts, of which at least $4 million must be held in freely tradable

currencies and no more than $1 million in Tanzanian shillings or South African rand. Lifezone has complied with all covenants that it is required to meet on, or before, 30 June 2026.

As part of the facility, Lifezone Metals issued 2.5 million warrants exercisable for its ordinary shares to the lenders. The warrants carry an exercise price of $5.42 and expire five years from the date of issuance. Availability of borrowings under the facility is subject to the satisfaction of customary conditions precedent. We believe this financing represents a major milestone in advancing the Kabanga Nickel Project and strengthens Lifezone's position as it moves towards securing project financing. The warrants were fair valued at $2.26 per unit based on the following assumptions:


Key inputs
Valuation Date						August 8, 2025 (date of signing)
Maturity Date						August 8, 2030
Share Price						$4.32 based on Lifezone's 30 days VWAP closing share price on the NYSE
Strike Price						$5.42/share; being 125% of the Share Price
Risk-free Rate						3.73%
Equity Volatility						65%, selected based on review of the volatility (rounded) of a group of peer companies
Dividend Yield						Assumed at 0% as management does not expect dividends to be distributed during the term of the Warrants

The total fair value of the warrants was $5.65 million and is included in the deferred financing costs of entering into this facility.

On August 29, 2025, Lifezone received the first tranche of $20 million ($19.7 million net of transaction costs) under the bridge loan from Taurus Mining Finance Fund No. 2 L.P. On March 16, 2026, Lifezone received a partial drawdown of $5 million as part of a second tranche and a further $16.7 million was received on April 29, 2026 under the second tranche. The third and final tranche of $18.3 million is expected to be disbursed in the third quarter of 2026.


			$
As at January 1, 2025 and July 1, 2025			-
Additions			20,000,000
Transaction cost and arrangement fees			(3,438,487)
Interest accrued			1,193,442

Interest and commitment fee paid in cash			(1,077,083)
As at December 31, 2025			16,677,872
Additions			21,700,000
Transaction cost			(4,730,099)
Interest accrued			2,918,133
Interest and commitment fee paid in cash			(1,730,498)
As at June 30, 2026			34,835,408

Deferred financing cost

In connection with the senior secured bridge loan facility, Lifezone incurred financing costs which were recognized as deferred financing costs. These costs, including the fair value of $5.65 million for warrants issued, are directly attributable to the financing. These financing costs are allocated on a pro-rata basis to the initial and any subsequent drawdowns unless the costs relate specifically to a particular drawdown.

As at June 30, 2026, total deferred financing costs were $10.56 million (December 31, 2025: $8.66 million). As at June 30, 2026, $41.70 million of the total $60 million available had been drawn by Lifezone. As a result, $8.17 million (December 31, 2025: $3.44 million) of the deferred financing costs are set off against the debt and the remaining $2.39 million (December 31, 2025: $5.22 million) are deferred as an asset (included in the current asset line "Deferred financing costs" in the consolidated interim statements of financial position) and will be deducted from the debt when subsequent amounts are drawn.

As consideration for waiving the requirement that the Government of Tanzania execute an amendment to the Framework Agreement prior to the second drawdown, Lifezone Metals agreed to issue 500,000 common share purchase warrants (the “Additional Warrants”) to Taurus if the amendment was not completed within 90 days of the second utilization date. The amendment to the Framework Agreement had not been completed within the stipulated 90-day period and, accordingly, Lifezone Metals issued the Additional Warrants on June 29, 2026. The Additional Warrants entitle the holder to acquire up to 500,000 ordinary shares of Lifezone Metals at an exercise price of $6.25 per share and expire on June 29, 2031. The Additional Warrants were fair valued at $1.08 million, using the key assumptions in the table below and recognized as deferred financing costs, with a corresponding credit recorded in warrant reserve.


Key inputs
Valuation Date						June 29, 2026 (date of signing)
Maturity Date						June 29, 2031
Share Price						$3.96 (closing share price on 26 June 2026)
Strike Price						$6.25/share
Risk-free Rate						3.82%
Equity Volatility						75%, based on review of the historical volatility (rounded) of Lifezone and a group of industry peer companies
Dividend Yield						Assumed at 0% as management does not expect dividends to be distributed during the term of the Warrants

Deferred financing costs are amortized on an effective interest rate basis from the date of the drawdowns to the date of the expiry of the facility.

Fair value of the senior secured bridge loan facility

The senior secured bridge loan facility is measured at amortized cost. As at June 30, 2026, its carrying amount was $34,835,408 (December 31, 2025: $16,677,872). As at June 30, 2026, its estimated fair value was $37,831,452 (December 31, 2025: $19,063,612).

19.3. Warrant liability

On November 12, 2025, Lifezone Metals issued an aggregate of 4,411,764 warrants as part of a 2025 Offering. Each warrant is exchangeable for one ordinary share and each warrant was issued with an exercise price of $4.00 and is exercisable for a period of 4 years from the issue date. The warrants do not meet the definition of equity under IAS 32 because they provide for settlement on a net cash or share basis and allow adjustments to the number of shares and the exercise price under certain circumstances. The warrants also include a downround protection for the holder. If Lifezone Metals issues shares at a price per share less than the then current exercise price of a warrant, the exercise price will be reduced to the greater of (i) such lower price per share or (ii) $2.50. Consequently, these warrants are recorded as derivative financial liability under IFRS 9 - Financial Instruments. A Monte Carlo simulation analysis was used to measure the fair value of the warrant liability, as at June 30, 2026, with the following assumptions: volatility of share price of 75%, risk-free interest rate of 3.90%, expected life of 3.37 years and share price of $3.88. As at December 31, 2025, the assumption for volatility of share price was 70%, the expected life was 3.87 years, the risk-free rate was 3.59% and Lifezone share price was $4.27.


			$
As at January 1, 2025 and July 1, 2025			-
Additions			9,910,000
Fair value movement			1,040,000
As at December 31, 2025			10,950,000
Fair value movement			(1,060,000)
As at June 30, 2026			9,890,000

The liability related to warrants is remeasured at the end of each period at fair value through profit or loss. The fair value of the warrants is classified as Level 3 in the fair value hierarchy. At each reporting date, the fair value of the liability related to warrants is determined using a Monte Carlo simulation analysis, which uses significant inputs that are not based on observable market data, hence the classification in Level 3.

A sensitivity analysis was performed to assess the impact of changes in the volatility of share price on the indicated value at June 30, 2026. For illustrative purposes, a 10% increase and a 10% decrease in the share price volatility were analyzed, holding all other assumptions constant. A 10% increase in the share price volatility would result in an increase in fair value by $0.91 million, while a 10% decrease in the share price volatility would result in a decrease in the fair value by $0.96 million.

Related party transactions

6 Months Ended

Jun. 30, 2026

Disclosure of transactions between related parties [abstract]

Related party transactions

20. Related party transactions

Related Party relationships with shareholders with significant influence

Keith Liddell, Chris von Christierson, and Peter Smedvig are the founding shareholders of Lifezone.

The Liddell family holdings are in aggregate approximately 26% of all outstanding Lifezone Metals shares as of June 30, 2026, making Keith Liddell and members of his immediate family related parties with significant influence over the affairs of Lifezone. Keith Liddell is a director of three (3) group companies and is the Chair of Lifezone Metals. Mr. Liddell is also retained as a consultant to provide metallurgical engineering services to Lifezone in matters related to metals recovery and the design, engineering, commissioning, and operation of Lifezone’s metals and minerals projects. Keith Liddell is the father of Simon Liddell who is employed by Lifezone Asia-Pacific Pty Ltd. Keith Liddell holds his shares jointly with his wife, Shelagh Jane Liddell, who has never had any commercial agreement with Lifezone.

The holdings in trusts where family members of Chris von Christierson are beneficiaries are classified as true trust holdings managed by professional trustees, making Chris von Christierson and close family members non-related parties.

Lifezone has no commercial relationships with Peter Smedvig beyond his shareholding in Lifezone and no compensation or transfer of resources took place during the reporting period with Peter Smedvig and known family members.

Directors’ fees

Lifezone Metals has a director service contract with Keith Liddell, as a director of Lifezone Metals. For the six months ended June 30, 2026, Keith Liddell was paid $55,000 (six months ended June 30, 2025: $46,750).

Remuneration of key management personnel


	Six Months Ended June 30,
		2026	2025
		$	$
Salary, wages and consultancy fees 1		1,977,108	1,576,058
Bonuses 1		308,314	-
Post-employment benefits (pensions)		95,294	38,874
Remuneration of key management personnel		2,380,716	1,614,932

1 The amounts disclosed include expenses incurred during the reporting period in connection with the employment of and consulting agreements entered into with key management personnel.

Share-based payments to key management personnel


	Six Months Ended June 30,
		2026	2025
		$	$
Share-based payment - share options		926,917	-
Share-based payment - restricted stock units		1,324,125	-
Total		2,251,042	-

Share-based payment compensation represents the expenses recognized during the period in respect of equity-settled share-based payment awards granted to key management personnel, measured at fair value at the grant date and recognized over the applicable vesting periods in accordance with IFRS 2. Further details of the share-based payment arrangements, including the terms and conditions of the awards, are disclosed in Note 23. The amounts disclosed in the above table are the expenses recognized during the reporting period for the key management personnel listed below.


Name						Position
Keith Liddell						Chairman
Chris Showalter						Chief Executive Officer
Ingo Hofmaier						Chief Financial Officer
Dr. Michael Adams						Chief Technology Officer
Gerick Mouton						Chief Operating Officer
Benedict Busunzu						TNCL Chief Executive Officer
Spencer Davis						Chief Legal Officer
Anthony von Christierson						Senior Vice President: Commercial and Business Development
Evan Young						Former Senior Vice President: Investor Relations and Capital Markets (resigned January 23, 2026)

Transactions with family members of Key Management Personnel

Simon Liddell (the son of Keith Liddell) is an employee of Lifezone Asia-Pacific Pty Ltd. He is Vice President Mining and has extensive underground mining experience, having joined from Gold Fields in Australia in 2022.

Lifezone has a commercial agreement with Airvolution Co., an entity controlled by Dr. Michael Adams, with effect from July 1, 2022. Jonathan Adams (the son of Dr. Michael Adams) is a Senior Metallurgist at Lifezone.

Lifezone has a commercial agreement with Keith Liddell. Details of transactions of the above can be found in the following sections.

Transactions with related party entities providing consultancy to Lifezone:

Six Months Ended
June 30,

Consultant fees

2026

2025

Engagement Party

Related Person

Engagement with

$

Commenced

Ended

Airvolution Co. Limited

Dr. Michael Adams

LZSL

299,831

225,002

July 1, 2022

Keith Liddell

LZL

-

241,470

July 7, 2023

October 31, 2025

Keith Liddell

LZSL

358,656

-

November 1, 2025

NewVision Metals PTE. Limited

Gerick Mouton

LZSL

271,748

202,230

June 2, 2022

Total

930,235

668,702

Fair value of stock options granted

Engagement Party

Related Person

Engagement with

2026

2025

commenced

ended

Dr Michael Adams

LZSL

393,479

-

July 1, 2022

Gerick Mouton

LZSL

353,659

-

June 2, 2022

747,138

-

Total compensation

1,677,373

668,702


Total remuneration	Six Months Ended June 30,
		2026	2025
		$	$
Simon Liddell		175,853	122,322
Jonathan Adams		89,109	64,991
Total		264,962	187,313

Fair value of stock options granted
Simon Liddell		98,440	-
Jonathan Adams		15,104	-
Total		113,544	-

Related party payable


	June 30, 2026	December 31, 2025
	$	$
Related party payables	149,429	88,742
Total related party payables	149,429	88,742

Related party payables relate to services invoiced by Keith Liddell, Airvolution Co. Limited and NewVision Metals PTE Limited to Lifezone that remained outstanding as at the reporting date.

Deferred consideration

6 Months Ended

Jun. 30, 2026

Contingent Consideration [Abstract]

Deferred consideration

21. Deferred consideration

On July 18, 2025 Lifezone Limited (“LZL”) entered into a definitive agreement with BHP to acquire BHP’s 17% equity interest in KNL. Upon closing, LZL owns 100% of KNL and all existing agreements with BHP, including the T2 Option Agreement, are terminated. As part of the transaction, Lifezone assumed control over 100% of the offtake from the Kabanga Nickel Project. As consideration, a fixed cash payment of $10 million is payable by LZL within 30 days after the earlier of: (i) 12 months after the FID at the Kabanga Nickel Project; or (ii) once Lifezone has raised $250 million in aggregate funding (whether through equity, debt or alternative sources). A second and final deferred cash payment is payable within 30 days after the period of 12 months following the achievement of first commercial production. The amount of the second payment is indexed to the share price performance of Lifezone Metals, with a reference share price of $4.16 per share and a reference amount of $28 million. The maximum amount of total consideration payable by Lifezone is limited to $83 million, combining the fixed and second cash payment, or reduced to $75 million if a RAP alignment has been achieved during a period of 12 months from July 18, 2025. RAP alignment is achieved if activities related to resettlement activities are aligned with the core objectives of IFC PS5 and measures are implemented and effective with respect to the prevention and mitigation of community member vulnerability and gender-based violence risks.

The deferred consideration is fair valued using the present value of discounted cash flows based on the expected amounts and timing of the future payments to BHP using a discount rate of 18.29% (December 31, 2025: 17.50%) and the share price of Lifezone Metals ordinary shares of $3.88 (December 31, 2025: $4.27).

As at June 30, 2026, the fair value was probability weighted using different scenarios that include a base case on the timing of FID as May 31, 2027, assuming to coincide with the completion of all conditions precedent under the project finance facility, and first commercial production as February 1, 2030; a delayed case that incorporates a 12-month delay on the base case estimates and an accelerated event case where payment to BHP is brought forward due to a change in control of the Kabanga Nickel Project.

The discount rate takes into consideration the risks in the cash flow forecasts and the cost of debt. A significant increase (decrease) in the discount rate, in isolation, would result in a significantly lower (higher) fair value measurement. Changes in fair value can also occur when probability and timing assumptions relating to FID, first commercial production

or a change of control are revised. Changes in the fair value of the deferred consideration are recorded as a gain/loss on remeasurement of deferred consideration in the consolidated statement of comprehensive income (loss). The fair value of the deferred consideration is categorized as Level 3 in the fair value hierarchy.


Deferred consideration			$
As at January 1, 2025 and July 1, 2025			-
Additions			25,065,957
Fair value reassessment			668,116
As at December 31, 2025			25,734,073
Fair value reassessment			(5,292,917)
As at June 30, 2026			20,441,156

A sensitivity analysis was performed to assess the impact of changes in the discount rate, share price and delay on FID on the indicated value at June 30, 2026. For illustrative purposes, a 1% increase and a 1% decrease in the applied discount rate were analyzed, holding all other assumptions constant. A 1% increase in the discount rate would result in a decrease in fair value by $0.56 million, while a 1% decrease in the discount rate would result in an increase in the fair value by $0.59 million. A 10% increase or decrease in the share price of Lifezone Metals, holding all other assumptions constant would result in an increase or decrease in fair value by $0.93 million. A delay in FID by further 6 months would reduce the fair value by $0.50 million.

Equity

6 Months Ended

Jun. 30, 2026

Equity [abstract]

Equity

22. Equity

Share Capital


	June 30, 2026		June 30, 2025
	Number of Shares	$	Number of Shares	$

Share capital, as at January 1,	83,784,305	8,380	79,119,572	7,913
Transactions with shareholders
Issue of ordinary shares on exercise of warrants	-	-	100	-
Cancellation of shares	-	-	(2,500)	-

Issuance of ordinary shares in connection with the 2026 Offering	5,700,000	570	-	-
Issuance of ordinary shares on vesting of RSUs	419,334	42	-	-
Issuance of ordinary shares on exercise of stock options	10,918	1	-	-
Issue of shares to debenture holders	-	-	178,519	18
	6,130,252	613	176,119	18
Share capital, ending	89,914,557	8,993	79,295,691	7,931

Lifezone Metals has one class of ordinary shares with a par value of $0.0001 per share.

Ordinary shares held in escrow (1,725,000 earnout units) have been excluded from the share capital in the table above. These shares will be released on the satisfaction of share price targets in two equal tranches if the daily VWAP of Lifezone Metals shares for any 20 trading days is greater than or equal to $14.00 ("Tranche 1") or $16.00 ("Tranche 2").

The shares will be forfeited in the event that the share price target is not met by July 6, 2028. Please refer to Note 23.3 for further details.

On April 23, 2026, Lifezone Metals closed a registered direct offering (the "2026 Offering") of 5,700,000 ordinary shares, with no warrants. The ordinary shares were sold at a purchase price of $4.40 per share. The net proceeds from the 2026 Offering were $23.3 million (after placement agent fees, commissions and estimated offering expenses payable by Lifezone). The net proceeds of this offering will be used for exploration activities in Burundi and Tanzania, the PGM Recycling Project, conducting Hydromet research and development at Simulus laboratory, and other general corporate and working capital purposes, including financing costs. The 2026 Offering was made pursuant to the Company’s registration statement on Form F-3 (File No. 333-281189), previously filed with the Securities and Exchange Commission (the “SEC”) on August 1, 2024, and declared effective on August 16, 2024, and a prospectus supplement dated April 22, 2026.

On November 12, 2025, Lifezone Metals closed the 2025 Offering of (i) 4,411,764 ordinary shares and (ii) warrants to purchase up to 4,411,764 ordinary shares. The ordinary shares were sold at a purchase price of $3.40 per share ($3.21 after deducting underwriting fees and commissions) and each warrant to purchase ordinary shares is for an exercise price equal to $4.00 per share, exercisable from the date of issuance, and will expire four years from the date of issuance. The net proceeds from the 2025 Offering were $14 million (after underwriting fees and commission). The 2025 Offering was made pursuant to the Company’s registration statement on Form F-3 (File No. 333-281189), previously filed with the Securities and Exchange Commission (the “SEC”) on August 1, 2024, and declared effective on August 16, 2024, and a prospectus supplement dated November 10, 2025.

Non-controlling Interest

NCI deficit is $1,062,825 as at June 30, 2026 and $998,960 as at December 31, 2025.

In January 2021, KNL and the Government of Tanzania established TNCL, a Tanzanian company, in order to develop, process, and refine future products from the Kabanga Nickel Project. Through the Treasury Registrar, the Government of Tanzania holds a non-dilutable free-carried interest representing 16% of TNCL's issued share capital. The Government of Tanzania's 16% interest in the arrangement is presented as an NCI in Lifezone's consolidated financial statements.

As a result of Lifezone making a further investment of $2 million in Lifezone Recycling US, LLC on May 2, 2025, Glencore's interest in Lifezone Recycling US, LLC reduced from 6% to 5.44% and is presented as NCI in the consolidated financial statements of Lifezone.

Warrants and warrant reserve

At June 30, 2026, outstanding warrants to acquire ordinary shares of Lifezone Metals were as follows:


	Note	Number of Warrants	Exercise Price		Expiry Date
Public Warrants		13,723,550	$	11.50	July 05, 2028
Private Placement Warrants		667,500	$	11.50	July 05, 2028
Warrants issued as part of senior secured bridge loan facility	19.2	2,500,000	$	5.42	August 08, 2030
Warrants issued in connection with the 2025 Offering	19.3	4,411,764	$	4.00	November 12, 2029
Additional warrants issued as part of senior secured bridge loan facility	19.2	500,000	$	6.25	June 29, 2031
Total		21,802,814

The change in the number of outstanding warrants is as follows:


	Public Warrants	Private Placement Warrants	Senior Secured Bridge Loan Facility Warrants	Direct Offering Warrants	Senior Secured Bridge Loan Facility Additional Warrants
Balance as at January 1, 2025	13,723,650	667,500	-	-	-
Exercised	(100)	-	-	-	-
Issued	-	-	2,500,000	4,411,764	-
Outstanding as at December 31, 2025	13,723,550	667,500	2,500,000	4,411,764	-

Issued	-	-	-	-	500,000
Outstanding as at June 30, 2026	13,723,550	667,500	2,500,000	4,411,764	500,000

Each Public Warrant was fair valued at $1.05 on July 5, 2023, with the total fair value of all Public Warrants being $14,490,000. Each Private Placement Warrant was fair valued at $0.91 on July 5, 2023, with the total fair value of all Private Placement Warrants being $607,425.

On August 8, 2025, as part of entering into a Senior Secured Bridge Loan Facility, Lifezone Metals issued 2,500,000 warrants. Each warrant represents the right to purchase one ordinary Lifezone Metals share at an exercise price of $5.42 per share in cash and expires on August 8, 2030. These warrants have been independently fair valued at $2.26 using a Black-Scholes option pricing model. Refer to Note 19.2 for further details on the assumptions used to fair value the warrants. An amount of $5,650,000 equal to the total fair value of the warrants was credited to the warrant reserve in the year ended December 31, 2025.

On June 29, 2026, Lifezone issued Additional Warrants on the Senior Secured Bridge Loan Facility. The Additional Warrants entitle the holder to acquire up to 500,000 ordinary shares of Lifezone Metals at an exercise price of $6.25 per share. The Additional Warrants were fair valued at $1.08 million, and recognized as deferred financing costs, with a corresponding credit recorded in warrant reserve. Refer to Note 19.2 for further details.

In connection with the 2025 Offering, Lifezone Metals issued warrants to investors to purchase a total of 4,411,764 ordinary shares with a warrant term of four years. The warrants have an exercise price of $4.00 per share. These warrants are classified as a liability (Refer to Note 19.3 for further details).

Share-based payments

6 Months Ended

Jun. 30, 2026

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Share-based payments

23. Share-based payments

2023 Omnibus Incentive Compensation Plan (the “Plan”)

Following the consummation of the Business Combination, Lifezone adopted the 2023 Omnibus Incentive Compensation Plan (the “2023 Plan”) in order to give Lifezone a competitive advantage in attracting, retaining, awarding and motivating directors, officers, employees and consultants by granting equity and equity-based awards. The 2023 Plan permits the grant of options to purchase Lifezone Ordinary Shares, stock appreciation rights, restricted shares, restricted stock units, or other equity or equity-related awards, in each case, in respect of Lifezone Ordinary Shares and cash incentive awards, thus enhancing the alignment of employee and shareholders' interests.

The initial share limit under the 2023 Plan is the number of Lifezone Ordinary Shares equal to 10% of fully-diluted share capital of Lifezone Metals as of immediately following the consummation of the Business Combination.

The total share-based payment expense is as follows:


Share-based payment expenses	Six Months Ended June 30,
		2026	2025
		$	$
Stock options		1,391,251	-
Restricted stock units		1,752,518	-
Share-based payment expenses		3,143,769	-

23.1. Share-based payments - Stock Options

On May 7, 2026, Lifezone Metals granted 1,164,597 stock options under the Plan with an exercise price of $4.81 and an expiry date of May 7, 2031. The stock options vest in three equal tranches on November 3, 2026, May 7, 2027, and August 7, 2028. The grant date fair value of these stock options was $3,540,000.

On August 14, 2025, Lifezone Metals granted 1,583,085 stock options under the Plan with an exercise price of $4.40 and an expiry date of August 14, 2030. The stock options vest in three equal tranches on November 1, 2025, August 14, 2026, and August 14, 2027. The grant date fair value of these stock options was $3,387,000.

The fair value of the options was determined on the grant date using the Black-Scholes option pricing model and using the following key assumptions:


	2026 stock options grant		2025 stock options grant
Risk free rate	3.74% to 3.75%		3.60% to 3.62%
Expected volatility	75	%	65	%
Expected life:
Tranche 1	2.7 years		2.61 years
Tranche 2	3 years		3 years
Tranche 3	3.5 years		3.49 years
Expected dividend yield	-		-
Forfeiture rate	-		-
Share Price	$5.57		$4.56

The total fair value of the options granted is being recognized as share-based payment expense on a straight-line basis over the respective vesting periods of each tranche, in accordance with IFRS 2 - Share-based Payment. Lifezone has not estimated any forfeitures, given management’s assessment of a low likelihood of any material forfeiture.


	Stock Options	Weighted average exercise price
Balance as at January 1, 2025	-	-
Granted	1,583,085	$	4.40


Balance as at December 31, 2025	1,583,085	$	4.40
Granted	1,164,597	$	4.81
Forfeited	(54,839)	$	4.40
Exercised	(10,918)	$	4.40
Balance as at June 30, 2026	2,681,925	$	4.58
Exercisable as at June 30, 2026	506,551	$	4.40

The weighted average remaining contractual life of outstanding share options was 4.44 years.

The total share-based payment expense related to the stock option awards in the six months ended June 30, 2026, is $1,391,251 (June 30, 2025: $nil).

23.2. Share-based payments - RSUs

On July 1, 2024, Lifezone Metals granted 2,600,000 RSU awards under the Plan, each representing the right for participants to receive 1 share in Lifezone Metals. On July 1, 2024, 933,333 RSUs vested, with the remaining 1,666,667 vesting under market price performance conditions of $14.50 per share and $16.00 per share based on the daily VWAP of the shares for any 20 Trading Days. The vesting period is five years commencing on July 1, 2024.

On December 1, 2025, Lifezone Metals canceled 1,500,000 RSUs from the total of 1,666,667 RSUs that were originally granted on July 1, 2024 and remained unvested. As a substitute for the canceled RSUs Lifezone Metals granted new 1,500,000 RSUs that are not subject to any performance conditions and vest equally in three installments on April 7, 2026, September 7, 2026 and April 7, 2027 subject to an exercise price of $0.0001 per unit.

Cancellation of an award accompanied by the concurrent grant of a replacement award is accounted for as a modification of the terms of the canceled award. The incremental value is measured as the excess of the fair value of the replacement awards over the fair value of the canceled awards at the cancellation date of December 1, 2025. Lifezone considered Monte Carlo simulation method as the most appropriate model for determining the fair value for its canceled RSUs. The option-pricing model requires Lifezone to make several assumptions, including share price, expected volatility, expected term, risk-free interest rate, and expected dividends.

The total incremental share-based compensation of this replacement is $2,970,000, of which $1,752,518 is expensed as share-based payments in the six months ended June 30, 2026 (June 30, 2025: $nil). The canceled RSUs with market performance conditions were independently valued using the Monte Carlo simulation with key assumptions of risk-free rate of 3.60%, dividend yields of 0.00%, expected volatility of 70% and expected lives of 3.6 years. The fair value of replacement RSUs is based on the market value of the underlying shares at the date of grant.


	Restricted stock units	Weighted Average Grant Date Fair Value ($)
Balance as at January 1, 2025	1,666,667	6.21
Granted	1,500,000	3.68
Canceled	(1,500,000)	6.21
Outstanding as at December 31, 2025	1,666,667	3.93
Granted	-	-
Vested and exercised	(419,334)	3.68
Outstanding as at June 30, 2026	1,247,333	4.02

23.3. Share-based payments - Earnouts

Between the period from July 6, 2023, and July 6, 2028, eligible shareholders are entitled to receive up to 26,797,052 additional ordinary shares of Lifezone Metals ("Earnout shares") in the aggregate in two equal tranches if the daily VWAP of Lifezone Metals shares for any 20 trading days is greater than or equal to $14.00 ("Tranche 1") or $16.00 ("Tranche 2"). The Earnout shares were granted on July 6, 2023, and their fair value was independently determined using a Monte Carlo simulation model.


Share Price Earnout Tranches	Tranche 1		Tranche 2		Total units
Grant date	July 6, 2023		July 6, 2023
Expiration date	July 6, 2028		July 6, 2028
Share price hurdle	$	14.00	$	16.00
Fair value per unit at date of grant	$	9.98	$	9.84
Number of units - Sponsor shareholders	862,500		862,500		1,725,000
Number of units - other shareholders	12,536,026		12,536,026		25,072,052
Total number of units					26,797,052

All earnouts are outstanding as of June 30, 2026.

Earnings (loss) per share

6 Months Ended

Jun. 30, 2026

Earnings per share [abstract]

Earnings (loss) per share

24. Earnings (loss) per share

Basic earnings (loss) per share is calculated by dividing the income (loss) for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period.

Diluted earnings (loss) per share is calculated by dividing the income (loss) attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period, plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares.

The following table sets forth the reconciliation of the numerator and denominator used in the computation of basic and diluted earnings (loss) per ordinary share for the six months ended June 30, 2026, and June 30, 2025.


	Six Months Ended June 30,
		2026	2025
		$	$
Numerator:
Net (loss) earnings used for basic (loss) earnings per share		(6,862,073)	2,705,578
Less: Dilutive impact related to convertible debentures		-	9,293,633
Net earnings (loss) used for diluted loss per share		(6,862,073)	(6,588,055)

Denominator:
Basic weighted-average outstanding ordinary shares		86,182,955	79,160,672
Convertible debentures1,2		-	6,388,321



Diluted weighted-average outstanding ordinary shares		86,182,955	85,548,993

Earnings (loss) per share
Basic		(0.08)	0.03
Diluted		(0.08)	(0.08)

1The effect of conversion of debentures into ordinary shares is anti-dilutive for the six months ended June 30, 2026 and is therefore not considered in the calculation of diluted earnings per share for that period.

The following table presents instruments that can potentially dilute basic earnings per share in the future but were excluded in the calculation of diluted earnings per share:


	June 30, 2026	June 30, 2025
Convertible debentures2	6,250,000	-
Stock options3	2,681,925	-
Restricted stock units3	1,166,667	1,666,667
Earnout units3	26,797,052	26,797,052
Warrant units3	21,802,814	14,391,050
Total	58,698,458	42,854,769

2 The number of shares that may be issued against convertible debentures is determined by dividing the total of the principal outstanding and payment-in-kind accrued interest (if applicable) by the exercise price of $8.00 per share.

3 Restricted stock units, stock options, earnout units and warrants have been excluded from the calculation of diluted earnings per share as they are considered to be anti-dilutive.

Financial Risk Review

6 Months Ended

Jun. 30, 2026

Financial Risk Review [Abstract]

Financial risk review

25. Financial risk review

This note presents information about Lifezone’s exposure to financial risks and the group’s management of capital. Lifezone’s risk management is coordinated by its directors and Lifezone does not operate any hedging operations or does not buy or sell any financial derivatives. The most significant financial risks to which Lifezone is exposed are described below.

Market risks

Market risks affecting Lifezone are comprised of credit risk, foreign exchange rate risk, liquidity risk and interest rate risk. Financial instruments affected by market risk include cash and cash equivalents, trade receivables, trade payables, accrued liabilities and convertible debentures.

a)Credit risk

Set out below is the credit risk exposure of Lifezone’s financial assets as at June 30, 2026, and December 31, 2025. The carrying amount of financial assets represents the maximum credit exposure and at the reporting date was:


	June 30, 2026	December 31, 2025
	$	$
Cash and cash equivalents	37,294,296	20,144,250
Deposits	386,268	496,154
Trade receivables	262,334	430,470
Other receivables	123,754	133,647

Total	38,066,652	21,204,521

b)Liquidity risk

Liquidity risk arises from the possibility that Lifezone will not be able to meet its financial liability obligations as they fall due. Lifezone has historically been supported financially by its shareholders and minority interest partners. Lifezone expects to fund its capital requirements and ongoing operations through current cash reserves, equity, mezzanine, debt funding, or monetizing the offtake from the Kabanga Nickel Project.

The table below represents the expected timing of payments on trade payables, lease and debt liabilities, excluding provisions and warrant liability. The timing and amounts of payments under the deferred consideration to BHP are based on Lifezone's base-case assumptions in the table below. Any further delays to FID may further delay the timing of the deferred consideration to BHP.


	June 30, 2026	December 31, 2025
	$	$
<= 30 days	6,256,382	3,944,793
30 days - 1 year	8,991,804	10,732,467
1 - 2 years	105,749,888	36,241,669
More than 2 years	27,014,629	79,831,281
Total	148,012,703	130,750,210

c)Foreign currency risk

Lifezone has assets and liabilities denominated in currencies other than its functional currency, USD. Lifezone incurs expenditures in non-U.S. dollar currencies, primarily GBP, AUD and TZS. These transactions are not generally hedged. As a result, the movement of such currencies could adversely affect Lifezone’s results of operations and financial position.

The following table includes assets and liabilities which are denominated in GBP, AUD, and TZS:


	June 30, 2026	December 31, 2025
	GBP	GBP
Cash in banks	415,559	168,532
Prepaid expenses	80,774	84,966
Trade and other payables	284,611	467,774

	AUD	AUD
Cash in banks	859,405	558,091
Trade receivables	—	824,669
Prepaid expenses	271,503	200,448
Trade and other payables	171,645	1,486,944

	TZS	TZS
Cash in banks	1,152,182,282	853,939,035

Sensitivity analysis

The following table demonstrates the estimated sensitivity to a 10% increase (decrease) in USD against the relevant foreign currencies as a result of translating Lifezone's foreign currency denominated monetary assets and liabilities.


	June 30, 2026	December 31, 2025
Effect on profit or loss	$	$
Change in GBP Rate
10%	(28,009)	28,843
-10%	28,009	(28,843)

Change in AUD Rate
10%	(65,924)	(6,440)
-10%	65,924	6,440

Change in TZS Rate
10%	(43,872)	(34,784)
-10%	43,872	34,784

In management’s opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk as the period end exposure does not reflect the exposure during the period.

d)Interest rate risk

Lifezone is exposed to interest rate risk from the interest it earns on cash and the interest it pays on the convertible debentures as described in Note 19.1. A 1% increase (decrease) in SOFR rates, with all other variables held constant, would result in an increase (decrease) of approximately $266,313 to interest expense for the six months ended June 30, 2026, ($255,533 for the six months ended June 30, 2025).

Capital management

For the purpose of Lifezone’s capital management, capital includes issued capital, share premium and other equity reserves attributable to the equity holders of Lifezone Metals, as the parent entity of Lifezone. The primary objective of Lifezone’s capital management is to maximize shareholder value.

Management assesses Lifezone’s capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage. Lifezone manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust its capital structure, Lifezone expects to fund its capital requirements and ongoing operations through current cash reserves, equity, mezzanine, alternative or debt funding or monetizing the offtake from the Kabanga Nickel Project.

Contingent liabilities	6 Months Ended
Contingent liabilities	Jun. 30, 2026
Disclosure of contingent liabilities [abstract]
Contingent liabilities	26. Contingent liabilities As detailed in Note 17, Lifezone has recognized a provision of $3.44 million as a result of a Court ruling in relation to a historical withholding tax assessment in Tanzania. Lifezone has not provided for any additional interest charges as, based on ongoing discussions with the TRA and the terms of the Framework Agreement negotiations described below, any material outflow is not considered probable. However, if the TRA does not agree to waive the additional interest charges, there is a possibility that KNCL could incur an additional liability of $4.71 million (TZS 12.36 billion). Additionally, in 2021, KNCL filed an appeal before the Tax Revenue Appeals Tribunal against the TRA to challenge the TRA’s claim of withholding tax imposed on services. Similar to the case mentioned above, these services were also provided by non-resident entities during a period when KNCL was jointly owned by Barrick and Glencore. The amount of tax and interest in dispute is $187,245 (TZS 491.76 million). As of the date of approval of these financial statements, a court appeal hearing date was still pending on this case. In May 2025, the TRA issued an audit assessment for the 2023 tax year, alleging unpaid taxes of $709,472 (TZS 1.86 billion), interest of $68,419 (TZS 179.69 million), and a penalty of $5.45 million (TZS 14.33 billion). The penalty pertains to the alleged failure or delay in disclosing contractors' information related to withholding taxes. In May 2026, the TRA issued a notice for outstanding amounts adding a further accrued interest charge of $283,054 (TZS 0.74 billion) to the previously assessed amounts. Lifezone is contesting the assessment in full and has obtained independent tax and legal advice in support of its position. Based on this advice and a review of the relevant facts and circumstances, management considers it is probable that the company will successfully defend its position. Accordingly, no provision has been recognized in respect of the 2023 audit assessment and the associated interest and penalty, as management considers it probable that no payment will ultimately be required. During the six months ended June 30, 2026, Lifezone and its Tanzanian entities have been in active discussions with the Government of Tanzania to amend the existing Framework Agreement. As part of these discussions, the parties have agreed on a mechanism to resolve several outstanding matters with the TRA. Based on the advice received and the advanced stage of the Framework Agreement negotiations, management considers it probable that Lifezone will not be required to pay the additional interest charges of $4.71 million (TZS 12.36 billion) in relation to the withholding tax assessment nor the $5.45 million (TZS 14.33 billion) penalty in relation to the 2023 audit assessment. As a result, no provision has been recognized in respect of these amounts. However, as the amended Framework Agreement has not yet been signed or become effective, there remains a risk that the waiver or resolution mechanism may not be finalized on the terms currently anticipated. Should the Framework Agreement not be completed or its terms differ materially from those currently agreed, Lifezone could be exposed to contingent liabilities in respect of the matters described above, excluding the amounts already provided.

Subsequent events	6 Months Ended
Subsequent events	Jun. 30, 2026
Disclosure of non-adjusting events after reporting period [abstract]
Subsequent events	27. Subsequent events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the unaudited interim financial statements were issued. Based upon this review, the Company identified no subsequent event requiring disclosure.

Basis of preparation, material accounting policies and estimates (Policies)	6 Months Ended
	Jun. 30, 2026
Disclosure of voluntary change in accounting policy [abstract]
Basis of preparation	Basis of preparation Lifezone’s unaudited consolidated interim financial statements for the six months ended June 30, 2026, have been prepared in accordance with International Accounting Standard (IAS) 34, “Interim Financial Reporting” under International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB") and Interpretations (collectively IFRS Accounting Standards) and are reported in U.S. dollars (“USD” or “$”). These unaudited consolidated interim financial statements should be read in conjunction with Lifezone Metals' audited consolidated financial statements contained on its Form 20-F for the year ended December 31, 2025, as some disclosures from the annual consolidated financial statements have been condensed or omitted. Operating results for the six months ended June 30, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. These unaudited consolidated interim financial statements incorporate the financial statements of Lifezone Metals and its controlled subsidiaries as of June 30, 2026. Control exists when Lifezone has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The unaudited consolidated interim financial statements include the accounts of Lifezone Metals and its subsidiaries. Intercompany balances, transactions, income and expenses are eliminated on consolidation. The information furnished herein reflects all normal recurring entries, that are in the opinion of management, necessary for a fair statement of the results for the interim periods reported. The unaudited consolidated interim financial statements have been prepared on a historical cost basis unless otherwise stated.
Going concern	Going concern Management has assessed the going concern assumptions of Lifezone during the preparation of these unaudited consolidated interim financial statements. For the six months ended June 30, 2026, Lifezone's loss was $6.93 million (six months ended June 30, 2025: income of $2.25 million) and accumulated losses at June 30, 2026, was $474.9 million (December 31, 2025: $468.1 million). As of June 30, 2026, Lifezone had consolidated cash and cash equivalents of $37.3 million, compared with $20.1 million as of December 31, 2025. Please refer to the unaudited consolidated interim cash flow statements for details on usage and receipt of cash during the six months ended June 30, 2026. Available cash includes the receipts of a registered direct offering that closed on April 23, 2026 (the "2026 Offering") of 5,700,000 ordinary shares, with no warrants. The ordinary shares were sold at a purchase price of $4.40 per share. The net proceeds from the 2026 Offering were $23.33 million (after placement agent fees, commissions, and estimated offering expenses payable by Lifezone). Lifezone's liquidity includes cash and cash equivalents of $37.29 million as of June 30, 2026, and a further $18.3 million of the senior secured bridge loan facility subject to satisfaction of conditions precedent, which remained undrawn as of June 30, 2026. The facility is available for further drawdowns until November 29, 2026, and supports advancing the Kabanga Nickel Project by funding pre-FID critical early-stage work and project financing activities. The facility has a scheduled maturity date of July 31, 2027, with an option available to Kabanga Nickel Limited to extend the term by an additional six months subject to meeting the required conditions. Funds made available under the senior secured bridge loan facility cannot be used for any purpose other than the Kabanga Nickel Project. The unaudited consolidated interim financial statements have been prepared on a going concern basis, which contemplates the continuity of normal business activities, the realization of assets and the discharge of liabilities in the ordinary course of business. Lifezone has not generated significant revenues from operations and, as is common with many exploration-stage mining companies, Lifezone raises financing for its exploration, study, and research and development activities in discrete tranches. As of June 30, 2026, Lifezone has net current liabilities of $17.13 million and based on Lifezone’s current and anticipated liquidity and funding requirements, and notwithstanding the funds received from the 2026 Offering, Lifezone will need to raise additional capital in the next 12 months to fund its corporate expenditure, operations and project developments, in particular for the Kabanga Nickel Project, and to maintain the minimum cash balance covenant required under the senior secured bridge loan facility. Based on our assessment, additional funding will be required in early 2027 for both the Kabanga Nickel Project and the other two segments of the business. In this assessment, we consider completing all of our forecast pre-FID activities, which will consume all of the available funds from the senior secured bridge loan facility earmarked for the Kabanga Nickel Project. In addition, additional capital will need to be raised, or an agreement reached to refinance the senior secured bridge loan, which has a scheduled maturity date of July 31, 2027, with an option available to Kabanga Nickel Limited to extend the term by an additional six months. We also consider the Board of Directors making the FID for the Project during Q1 2027, which will materially increase our investment cash flows and require raising equity, including a farm-down at the Kabanga Nickel Project level, and debt through a multi-sourced project financing solution. With concerted efforts, this date could be moved forward, but FID could happen later, depending on the lender's assessment of the Framework Agreement. In the event Lifezone issues additional equity in the future, shareholders could face significant dilution in their holdings. Lifezone’s future operating losses and capital requirements may vary materially from those currently planned and will depend on many factors including Lifezone’s growth rate, the execution of various growth projects, and the demand for the Hydromet Technology, and capital costs in relation to the development of the Kabanga Nickel Project, and the demand and prices for the minerals we envision extracting in our Metals Extraction business and as well as for Lifezone’s working capital requirements. To finance the development of the Kabanga Nickel Project, Lifezone is pursuing a diversified funding strategy potentially including equity offerings, strategic partnerships, mezzanine financing and bridge and project-level debt. Active discussions are ongoing with offtake partners, financial and strategic investors, development finance institutions, and commercial lenders. If required, to maintain liquidity, management could consider reducing operating costs, pausing capital expenditures, restructuring interest-bearing debt, or maximizing external revenues from the Simulus hydromet laboratory based in Perth, Australia. Additionally, Lifezone may receive the proceeds from any exercise of any Warrants in cash. Each Lifezone warrant represents the right to purchase one ordinary Lifezone share at a price ranging from $4.00 to $11.50 per share in cash. Please refer to Note 22 for further details on the number of warrants outstanding, exercise prices and expiry dates of the warrants. In the event that Lifezone is unable to secure sufficient funding, it may not be able to fully develop its projects, and this may have a consequential impact on the carrying value of the related exploration and evaluation assets and the investment in its subsidiaries as well as the going concern status of Lifezone. Given the nature of Lifezone’s current activities, it will remain dependent on equity, mezzanine, alternative or debt funding or monetizing the offtake from the Kabanga Nickel Project until such time as Lifezone becomes self-financing from the commercial production of metals and minerals and royalties received from intellectual property rights linked to its Hydromet Technology. These conditions give rise to a substantial doubt about our ability to continue as a going concern, as there can be no assurance that Lifezone will be able to raise the required financing through a combination of equity offerings, debt financings, strategic alliances, alternative financings, and off-take agreements and/or licensing arrangements in the future. Notwithstanding this substantial doubt, the directors of Lifezone consider it appropriate to prepare the financial statements on a going concern basis as they believe that Lifezone will be able to raise further funding as set out above prior to any breach of covenants. The financial statements do not include the adjustments to the amounts and classification of assets and liabilities that may be necessary if Lifezone were unable to continue as a going concern.
Accounting pronouncements	Accounting pronouncements The accounting policies adopted in the preparation of the unaudited consolidated interim financial statements are consistent with those followed in the preparation of the annual consolidated financial statements of Lifezone Metals for the year ended December 31, 2025, except for the adoption of new standards effective as of January 1, 2026. Lifezone has not early adopted any standard, interpretation, or amendment that was issued but is not yet effective. The following amendment applies for the first time in 2026, but does not have an impact on the unaudited consolidated interim financial statements of Lifezone: •Amendments to the Classification and Measurement and Impairment of Financial Instruments (Amendments to IFRS 9 and IFRS 7): The amendments clarify that a financial liability is derecognized on the settlement date and introduce an accounting policy choice to derecognize financial liabilities settled using an electronic payment system before the settlement date. Other clarifications include the classification of financial assets with ESG-linked features via additional guidance on the assessment of contingent features. Clarifications have been made to non-recourse loans and contractually linked instruments. Additional disclosures are introduced for financial instruments with contingent features and equity instruments classified at fair value through OCI. •Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity: These amendments introduce application guidance on the classification and measurement of contracts that reference nature-dependent electricity (such as renewable energy contracts), including considerations for whether such contracts meet the “own-use” scope exception or should be accounted for as derivatives. The amendments also clarify how variability linked to nature-dependent factors should be assessed in determining whether contractual cash flows meet the solely payments of principal and interest (“SPPI”) criterion. •Annual Improvements to IFRS Accounting Standards – Volume 11 : These annual improvements include a series of minor amendments to various IFRS Accounting Standards aimed at clarifying wording, correcting unintended inconsistencies, and improving guidance. The amendments address, among other matters, aspects of classification and measurement under IFRS 9, disclosure requirements under IFRS 7, and consequential wording improvements in other standards. Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. The standards and interpretations that are issued, but are not yet effective, up to the date of issuance of Lifezone’s financial statements that Lifezone reasonably expects may have an impact on its disclosures, financial position or performance when applied at a future date, are disclosed below. •IFRS 18 Presentation and Disclosure in Financial Statements - applies from January 1, 2027. Lifezone is currently assessing the effect of this new accounting standard and amendments.
Basis of consolidation	Basis of consolidation The unaudited consolidated interim financial statements comprise the financial statements of Lifezone Metals and its controlled subsidiaries. Consolidation of a subsidiary begins when Lifezone obtains control over the subsidiary and ceases when Lifezone loses control of the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the equity holders of Lifezone Metals as the parent entity of Lifezone and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with Lifezone’s accounting policies. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of Lifezone are eliminated on full consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If Lifezone loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest, and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value. Lifezone attributes total comprehensive income or loss of subsidiaries between the owners of Lifezone Metals as the parent entity and the non-controlling interests based on their respective ownership interests.
Foreign Private Issuer status	Foreign Private Issuer status Given that Lifezone Metals is incorporated in the Isle of Man, it is considered a Foreign Private Issuer (“FPI”) under the securities laws of the U.S. and the rules of the NYSE. In our capacity as an FPI, we are exempt from certain rules under the Exchange Act that impose certain disclosure obligations and procedural requirements for proxy solicitations under Section 14 of the Exchange Act. Moreover, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as United States companies whose securities are registered under the Exchange Act. In addition, we are not required to comply with Regulation FD, which restricts the selective disclosure of material information. NYSE listing rules include certain accommodations in the corporate governance requirements that allow FPI, such as us, to follow “home country” corporate governance practices in lieu of the otherwise applicable corporate governance standards of NYSE. FPIs may prepare their financial statements using US GAAP; or IFRS pursuant to Regulation S-X Rule 4-01(a)(2). In the case of FPIs that use the English-language version of IFRS as issued by the International Accounting Standards Board, or IASB IFRS, no reconciliation to US GAAP is needed. We may take advantage of these exemptions until such time as we are no longer an FPI. We are required to determine our status as an FPI on an annual basis at the end of each second fiscal quarter. We would cease to be an FPI at such time as more than 50% of our outstanding voting securities are held by United States residents and any of the following three circumstances apply: 1.the majority of our executive officers or directors are United States citizens or residents. 2.more than 50% of our assets are located in the United States or 3.our business is administered principally in the United States. If we lose our FPI status, we would be required to comply with Exchange Act reporting and other requirements applicable to U.S. domestic issuers, which are more detailed and extensive than the requirements for FPIs. FPI status requires implementing procedures and processes to address public company regulatory requirements and customary practices.
Emerging Growth Company status	Emerging Growth Company status We are an Emerging Growth Company (“EGC”), as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As such, we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. This includes, but is not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act” or “SOX”), reduced disclosure obligations regarding executive compensation in their periodic reports and proxy statements and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. We will continue to qualify as an EGC until the earliest of: 1.the last day of the fiscal year during which we had total annual gross revenues of US$1,235,000,000, as such amount is indexed for inflation every 5 years by the SEC or more; 2.the last day of our fiscal year following the fifth anniversary of the date of the first sale of equity securities pursuant to an effective registration statement under the Securities Act; 3.the date on which we have, during the previous 3-year period, issued more than US$1,000,000,000 in non-convertible debt; or 4.the date on which we are deemed to be a “Large Accelerated Filer”, as defined in Exchange Act Rule 12b-2. Lifezone would become a Large Accelerated Filer if Lifezone has a public float of greater than $700 million, has been filing periodic reports for at least 12 months, has previously filed at least one annual report, and is not a smaller reporting company. Section 103 of the JOBS Act provides that an EGC is not required to comply with the requirement to provide an auditor’s report on ICFR under Section 404(b) of the Sarbanes-Oxley Act. An EGC still has to perform management’s assessment of internal control over financial reporting (SOX 404(a) and the disclosure requirement of Item 308(a) of Regulation S-K).
Significant accounting judgements, estimates and assumptions	Significant accounting judgments, estimates, and assumptions The preparation of Lifezone’s unaudited consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, including contingent assets and liabilities, and the accompanying disclosures. Actual results may differ from these estimates and uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in the future period. The judgments, estimates and assumptions applied in these unaudited consolidated interim financial statements, including the key sources of estimation uncertainty, were the same as those applied in Lifezone’s latest annual consolidated financial statements for the year ended December 31, 2025.
Restatement of disclosure related to unused tax losses and temporary differences for which no deferred tax asset has been recognized	Restatement of disclosure related to unused tax losses and temporary differences for which no deferred tax asset has been recognizedDeferred tax assets are recognized only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it is probable that future taxable profits will be available, against which the unrecognized deferred tax assets can be used. During our assessment and the review of the tax returns of Lifezone group entities for the year ended December 31, 2025, management assessed that the earlier unrecognized pre-trading capital expenses at Kabanga Nickel Limited do not represent a potential future temporary difference, leading us to exclude these amounts from unrecognized deferred tax assets as disclosed in Note 14. In addition, we are now showing the trading losses of LZ Services and Kabanga Nickel Limited as trading losses, separately from pre-trading losses of all other subsidiaries. Following an audit by the Tanzania Revenue Authority ("TRA") of the corporation tax return of TNCL for the year ended December 31, 2024, in which the TRA disallowed capital allowances claimed in respect of exploration and evaluation assets, management revised TNCL's corporation tax return for the year ended December 31, 2025 to exclude capital allowances on exploration and evaluation assets, such that no temporary difference arises in respect of these assets. Please refer to Note 14 for further details.

Segment information (Tables)

6 Months Ended

Jun. 30, 2026

Segment information [Abstract]

Schedule of Segment Information

The results for the six months ended June 30, 2026, and June 30, 2025, respectively, are shown below.


For the six months ended June 30, 2026	Intellectual Property	Metals Extraction	Corporate	Inter-Segment eliminations	Total
	$	$	$	$	$

Revenue	1,669,366	-	2,819,232	(2,820,857)	1,667,741
Cost of sales	(1,165,923)	-	(2,635,629)	2,635,629	(1,165,923)
Gain (loss) on foreign exchange	271,308	354,708	(14,729)	-	611,287
General and administrative expenses1	(2,249,237)	(1,226,117)	(6,605,934)	(587)	(10,081,875)
Depreciation and amortization	(740,994)	(11,383)	(15,025)	2,213	(765,189)
Interest income	3,041,827	-	241,221	(3,027,377)	255,671
Fair value gain on embedded derivatives	-	-	1,549,000	-	1,549,000
Fair value gain on warrants	-	-	1,060,000	-	1,060,000
Gain on deferred consideration	5,292,917	-	-	-	5,292,917
Interest expense	(12,525)	(101,572)	(5,343,738)	-	(5,457,835)
Income (loss) before tax	6,106,739	(984,364)	(8,945,602)	(3,210,979)	(7,034,206)

As at June 30, 2026
Segment assets	152,637,238	191,204,195	172,637,052	(307,921,233)	208,557,252
Segment liabilities	22,169,382	128,913,462	61,296,743	(97,223,461)	115,156,126


For the six months ended June 30, 2025	Intellectual Property	Metals Extraction	Corporate	Inter-Segment eliminations	Total
	$	$	$	$	$

Revenue	651,939	-	2,624,729	(2,951,217)	325,451
Cost of sales	(173,486)	-	(2,386,271)	2,386,271	(173,486)
Gain (loss) on foreign exchange	534,966	(284,430)	(7,089)	-	243,447
General and administrative expenses1	(1,901,367)	(1,396,500)	(5,053,193)	1,040,290	(7,310,770)
Depreciation and amortization	(668,655)	(11,383)	(18,622)	-	(698,660)
Interest income	2,407,452	10	389,656	(2,383,209)	413,909
Fair value gain on embedded derivatives	-	-	14,145,000	-	14,145,000
Interest expense	(11,655)	(13,448)	(4,854,740)	-	(4,879,843)
Income (loss) before tax	839,194	(1,705,751)	4,839,470	(1,907,865)	2,065,048

As at December 31, 2025
Segment assets	144,404,325	165,038,598	153,679,239	(287,370,479)	175,751,683
Segment liabilities	26,695,036	102,843,488	58,642,182	(85,261,778)	102,918,928


Non-current assets	June 30, 2026	December 31, 2025
	$	$
Tanzania	164,148,857	144,521,639
Australia	2,997,360	3,075,959
Rest of the world	11,988	705,488
	167,158,205	148,303,086

Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Revenue [abstract]

Schedule of Revenue


	Six Months Ended June 30,
		2026	2025
		$	$
Technical and laboratory services revenue		1,667,741	325,451
Total revenue		1,667,741	325,451

Interest income (Tables)

6 Months Ended

Jun. 30, 2026

Interest expense (income), defined benefit plans [abstract]

Schedule of Interest Income


	Six Months Ended June 30,
		2026	2025
		$	$

Interest on bank deposits		255,671	413,909
Total interest income		255,671	413,909

Interest expense (Tables)

6 Months Ended

Jun. 30, 2026

Interest Expense [Abstract]

Schedule of Interest Expense


		Six Months Ended June 30,
	Note		2026	2025
			$	$
Interest accretion on lease liabilities	18		114,097	26,954
Debenture interest	19		5,343,738	4,851,367
Other interest expenses			-	1,522
Total interest expense			5,457,835	4,879,843

Fair value gain on embedded derivatives (Tables)

6 Months Ended

Jun. 30, 2026

Embedded derivatives [Abstract]

Schedule of Embedded Derivatives


	Six Months Ended June 30,
		2026	2025
		$	$
Fair value gain on embedded derivatives		1,549,000	14,145,000
Total		1,549,000	14,145,000

General and administrative expenses (Tables)

6 Months Ended

Jun. 30, 2026

Selling, general and administrative expense [abstract]

Schedule of General and Administrative Expenses


	Six Months Ended June 30,
		2026	2025
		$	$
Wages & employee benefits		1,779,072	2,012,451
Consultancy fees		495,473	1,033,921
Professional fees		268,319	375,608
Legal fees		417,821	612,602
Directors’ fees		360,630	341,283
Depreciation of property and equipment		550,058	476,142
Depreciation of right-of-use assets		162,079	154,599
Impairment of intangible assets		696,180	-
Withholdings tax expense		175,109	-
Laboratory costs		374,672	255,015
Provision for bad debt		-	400,000
Amortization of intangible assets		53,050	67,919
Impairment of VAT receivables		999,978	470,263
Rent & rates		127,653	216,014
Share-based expense - RSU & share options		3,143,769	-
Travel		130,909	109,826
Audit & accountancy fees		321,646	417,772
Taxes & licenses		15,505	25,143
Insurance		313,048	590,283
Other administrative expenses		462,093	450,589
Total general and administrative expenses		10,847,064	8,009,430

Cash and cash equivalents (Tables)

6 Months Ended

Jun. 30, 2026

Cash and cash equivalents [abstract]

Schedule of Cash and Cash Equivalents


	June 30, 2026	December 31, 2025
	$	$
USD – United States dollar	35,713,777	19,191,738
AUD – Australian dollar	590,616	373,330
GBP – Sterling	549,754	226,857
TZS – Tanzanian Shilling	438,716	347,837
Other currencies	1,433	4,488


Total cash and cash equivalents	37,294,296	20,144,250

Trade and other receivables (Tables)

6 Months Ended

Jun. 30, 2026

Trade and other receivables [abstract]

Schedule of Other Receivables


	June 30, 2026	December 31, 2025
	$	$
VAT/GST receivables	706,627	540,708
Prepayments	78,969	427,288
Deposits	386,268	496,154
Trade debtors	262,334	430,470
Other receivables	123,754	133,647
Total trade and other receivables	1,557,952	2,028,267

Property and equipment and right-of-use assets (Tables)

6 Months Ended

Jun. 30, 2026

Property, plant and equipment [abstract]

Schedule of Property and Equipment and Right-of-Use Assets

Lifezone’s property and equipment and right-of-use assets include building, transportation equipment, and office and computer equipment.


	Buildings	Transportation equipment	Office and computer equipment	Laboratory and testing equipment	Total Property and equipment	Right-of-use assets	Total
	$	$	$	$	$	$	$
Cost
As at January 1, 2025	1,880,133	197,524	982,107	4,291,785	7,351,549	2,359,362	9,710,911

Additions	-	-	32,794	4,392	37,186	1,795,693	1,832,879
Disposals	-	-	(22,437)	-	(22,437)	(737,042)	(759,479)

Foreign exchange impact	-	-	36,374	329,243	365,617	101,390	467,007
As at December 31, 2025	1,880,133	197,524	1,028,838	4,625,420	7,731,915	3,519,403	11,251,318

Accumulated depreciation
As at January 1, 2025	(358,879)	(146,327)	(337,090)	(1,221,995)	(2,064,291)	(1,119,683)	(3,183,974)

Disposals	-	-	18,355	-	18,355	618,135	636,490
Charge	(146,673)	(28,235)	(131,179)	(959,950)	(1,266,037)	(821,835)	(2,087,872)
Foreign exchange impact	-	-	(36,054)	(67,582)	(103,636)	(71,022)	(174,658)
As at December 31, 2025	(505,552)	(174,562)	(485,968)	(2,249,527)	(3,415,609)	(1,394,405)	(4,810,014)

Cost
As at January 1, 2026	1,880,133	197,524	1,028,838	4,625,420	7,731,915	3,519,403	11,251,318
Additions	-	-	4,142	-	4,142	505,532	509,674
Lease reassessments	-	-		-	-	12,018	12,018
Foreign exchange impact	-	-	16,829	126,971	143,800	30,548	174,348
As at June 30, 2026	1,880,133	197,524	1,049,809	4,752,391	7,879,857	4,067,501	11,947,358

Accumulated depreciation
As at January 1, 2026	(505,552)	(174,562)	(485,968)	(2,249,527)	(3,415,609)	(1,394,405)	(4,810,014)
Charge1	(44,118)	(8,276)	(43,148)	(430,905)	(526,447)	(500,617)	(1,027,064)
Foreign exchange impact	-	96	(58,034)	(104,108)	(162,046)	(18,791)	(180,837)
As at June 30, 2026	(549,670)	(182,742)	(587,150)	(2,784,540)	(4,104,102)	(1,913,813)	(6,017,915)

Net book value:
As at December 31, 2025	1,374,581	22,962	542,870	2,375,893	4,316,306	2,124,998	6,441,304
As at June 30, 2026	1,330,463	14,782	462,659	1,967,851	3,775,755	2,153,688	5,929,443

1 Depreciation charge includes $314,927 of deprecation that has been capitalized to Exploration and Evaluation asset in the six months ended June 30, 2026 (six months ended June 30, 2025: $174,219)


	Exploration and evaluation assets	Mining data	Total
	$	$	$
Cost
As at January 1, 2025	104,831,388	12,746,135	117,577,523
Additions	23,409,073	-	23,409,073
As at December 31, 2025	128,240,461	12,746,135	140,986,596

Cost
As at January 1, 2026	128,240,461	12,746,135	140,986,596
Additions	20,096,042	-	20,096,042
As at June 30, 2026	148,336,503	12,746,135	161,082,638

Patents and other intangible assets (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Assets [Abstract]

Schedule of Patents and Other Intangibles


	Patents	Software	Total
	$	$	$
Cost
As at January 1, 2025	1,147,998	383,506	1,531,504
Additions	127,135	-	127,135
As at December 31, 2025	1,275,133	383,506	1,658,639

Accumulated amortization
As at January 1, 2025	(473,662)	(168,022)	(641,684)
Charge	(94,723)	(47,046)	(141,769)
As at December 31, 2025	(568,385)	(215,068)	(783,453)

Cost
As at January 1, 2026	1,275,133	383,506	1,658,639
Additions	42,481	-	42,481
Impairment	(1,317,614)	-	(1,317,614)
As at June 30, 2026	-	383,506	383,506

Accumulated amortization
As at January 1, 2026	(568,385)	(215,068)	(783,453)
Charge	(53,049)	(22,314)	(75,363)
Impairment	621,434	-	621,434
As at June 30, 2026	-	(237,382)	(237,382)


Net book value
As at December 31, 2025	706,748	168,438	875,186
As at June 30, 2026	-	146,124	146,124

Exploration and evaluation assets and mining data (Tables)

6 Months Ended

Jun. 30, 2026

Exploration and Evaluation Assets and Mining Data [Abstract]

Schedule of Property and Equipment and Right-of-Use Assets

Lifezone’s property and equipment and right-of-use assets include building, transportation equipment, and office and computer equipment.


	Buildings	Transportation equipment	Office and computer equipment	Laboratory and testing equipment	Total Property and equipment	Right-of-use assets	Total
	$	$	$	$	$	$	$
Cost
As at January 1, 2025	1,880,133	197,524	982,107	4,291,785	7,351,549	2,359,362	9,710,911

Additions	-	-	32,794	4,392	37,186	1,795,693	1,832,879
Disposals	-	-	(22,437)	-	(22,437)	(737,042)	(759,479)

Foreign exchange impact	-	-	36,374	329,243	365,617	101,390	467,007
As at December 31, 2025	1,880,133	197,524	1,028,838	4,625,420	7,731,915	3,519,403	11,251,318

Accumulated depreciation
As at January 1, 2025	(358,879)	(146,327)	(337,090)	(1,221,995)	(2,064,291)	(1,119,683)	(3,183,974)

Disposals	-	-	18,355	-	18,355	618,135	636,490
Charge	(146,673)	(28,235)	(131,179)	(959,950)	(1,266,037)	(821,835)	(2,087,872)
Foreign exchange impact	-	-	(36,054)	(67,582)	(103,636)	(71,022)	(174,658)
As at December 31, 2025	(505,552)	(174,562)	(485,968)	(2,249,527)	(3,415,609)	(1,394,405)	(4,810,014)

Cost
As at January 1, 2026	1,880,133	197,524	1,028,838	4,625,420	7,731,915	3,519,403	11,251,318
Additions	-	-	4,142	-	4,142	505,532	509,674
Lease reassessments	-	-		-	-	12,018	12,018
Foreign exchange impact	-	-	16,829	126,971	143,800	30,548	174,348
As at June 30, 2026	1,880,133	197,524	1,049,809	4,752,391	7,879,857	4,067,501	11,947,358

Accumulated depreciation
As at January 1, 2026	(505,552)	(174,562)	(485,968)	(2,249,527)	(3,415,609)	(1,394,405)	(4,810,014)
Charge1	(44,118)	(8,276)	(43,148)	(430,905)	(526,447)	(500,617)	(1,027,064)
Foreign exchange impact	-	96	(58,034)	(104,108)	(162,046)	(18,791)	(180,837)
As at June 30, 2026	(549,670)	(182,742)	(587,150)	(2,784,540)	(4,104,102)	(1,913,813)	(6,017,915)

Net book value:
As at December 31, 2025	1,374,581	22,962	542,870	2,375,893	4,316,306	2,124,998	6,441,304
As at June 30, 2026	1,330,463	14,782	462,659	1,967,851	3,775,755	2,153,688	5,929,443

1 Depreciation charge includes $314,927 of deprecation that has been capitalized to Exploration and Evaluation asset in the six months ended June 30, 2026 (six months ended June 30, 2025: $174,219)


	Exploration and evaluation assets	Mining data	Total
	$	$	$
Cost
As at January 1, 2025	104,831,388	12,746,135	117,577,523
Additions	23,409,073	-	23,409,073
As at December 31, 2025	128,240,461	12,746,135	140,986,596

Cost
As at January 1, 2026	128,240,461	12,746,135	140,986,596
Additions	20,096,042	-	20,096,042
As at June 30, 2026	148,336,503	12,746,135	161,082,638

Taxation (Tables)

6 Months Ended

Jun. 30, 2026

Income Taxes [Abstract]

Schedule of Taxation


	Six Months Ended June 30,
		2026	2025
		$	$
Reconciliation of the tax expense
(Loss) / income for the period before tax		(7,034,206)	2,065,048
Income before tax multiplied by the standard rate of corporation tax in the Isle of Man of 0% (2025: 0%)		-	-

Effects of:

Other permanent differences		309,258	373,873
Movement in deferred tax not recognized		1,060,883	1,316,755
Adjustment in respect of prior periods		58,504	-
Difference in overseas tax rates		(1,536,913)	(1,871,444)
Total		(108,268)	(180,816)

Schedule of Unrecognized Deferred Tax Assets

The following table summarizes the components of deferred tax:


	June 30, 2026	December 31, 2025
	$	$
Short term timing differences	-	29,650
Accelerated capital allowances	(618,385)	(659,596)
Tax losses	484,797	321,635
ROU liabilities	(61,893)	4,562
Net deferred tax liability	(195,481)	(303,749)

Unused tax losses and temporary differences for which no deferred tax asset has been recognized are as follows:


	June 30, 2026	December 31, 2025 (As restated)1
	$	$
Accelerated capital deductions	4,357	1,254
Short term timing differences	242,463	293,196
Pre-trading tax losses	5,898,610	5,645,504
Trading tax losses	48,066,715	44,394,169
Total gross unused tax losses and temporary differences	54,212,145	50,334,123

1As at December 31, 2025 the audited consolidated financial statements previously disclosed gross unused tax losses and temporary differences of $98.96 million, comprised of the following components: Accelerated capital deductions of $(50.49) million, pre-trading capital expenses $50.97 million and pre-trading tax losses $98.49 million. The amount previously disclosed has been restated for the following reasons:

Trade and other payables (Tables)

6 Months Ended

Jun. 30, 2026

Trade and other payables [abstract]

Schedule of Trade and Other Payables


	June 30, 2026	December 31, 2025
	$	$
Trade payables	3,062,512	1,901,220
Accrued expenses	2,821,818	1,848,577
VAT payable	142,024	12,684
Total trade and other payables	6,026,354	3,762,481

Provisions (Tables)

6 Months Ended

Jun. 30, 2026

Provisions [abstract]

Schedule of Provisions


	June 30, 2026	December 31, 2025
	$	$
Provision for withholding tax	3,438,235	3,438,235
Provision for other taxes	118,721	234,641
Total provisions	3,556,956	3,672,876

Lease liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Presentation of leases for lessee [abstract]

Schedule of Lease Liability

The analysis of lease liabilities is presented below:


									$
As at January 1, 2025									1,418,696
Additions									1,795,693
Interest accretion on lease liabilities									95,219
Payments									(874,244)
Disposals									(118,907)
Foreign exchange impact									(262,257)
As at December 31, 2025									2,054,200
Additions									505,532
Lease reassessments									12,018
Interest accretion on lease liabilities									114,097
Payments									(746,180)
Foreign exchange impact									10,973
As at June 30, 2026									1,950,640


	June 30, 2026	December 31, 2025
	$	$
Current	794,376	931,364
Non-current	1,156,264	1,122,836
Total lease liabilities	1,950,640	2,054,200

Schedule of Undiscounted Lease Payment

Shown below is the maturity analysis of the undiscounted minimum lease payments:


	June 30, 2026	December 31, 2025
Undiscounted future lease payments	$	$
Less than 1 year	967,183	1,122,834
More than 1 year but less than 5 years	1,241,312	1,264,733
Total undiscounted future lease payments	2,208,495	2,387,567

Debt (Tables)

6 Months Ended

Jun. 30, 2026

Disclosure of detailed information about financial instruments [abstract]

Schedule of Conversion Right using Finite Difference Method

The fair value of the Conversion Right was estimated using the Finite Difference Method and the Share Interest feature was estimated using the Monte Carlo Simulations using the following key assumptions:


Assumption	June 30, 2026		December 31, 2025
Risk-free Rate	Zero coupon curve based on United States Dollar Swap rates		Zero coupon curve based on United States Dollar Swap rates
Share Price	$3.88		$4.27
Equity Volatility	75	%	70	%
Dividend Yield	-	%	-	%
Credit Spread	18.6	%	17.8	%


Key inputs
Valuation Date						August 8, 2025 (date of signing)
Maturity Date						August 8, 2030
Share Price						$4.32 based on Lifezone's 30 days VWAP closing share price on the NYSE
Strike Price						$5.42/share; being 125% of the Share Price
Risk-free Rate						3.73%
Equity Volatility						65%, selected based on review of the volatility (rounded) of a group of peer companies
Dividend Yield						Assumed at 0% as management does not expect dividends to be distributed during the term of the Warrants


Key inputs
Valuation Date						June 29, 2026 (date of signing)
Maturity Date						June 29, 2031
Share Price						$3.96 (closing share price on 26 June 2026)
Strike Price						$6.25/share
Risk-free Rate						3.82%
Equity Volatility						75%, based on review of the historical volatility (rounded) of Lifezone and a group of industry peer companies
Dividend Yield						Assumed at 0% as management does not expect dividends to be distributed during the term of the Warrants


Share Price Earnout Tranches	Tranche 1		Tranche 2		Total units
Grant date	July 6, 2023		July 6, 2023
Expiration date	July 6, 2028		July 6, 2028
Share price hurdle	$	14.00	$	16.00
Fair value per unit at date of grant	$	9.98	$	9.84
Number of units - Sponsor shareholders	862,500		862,500		1,725,000
Number of units - other shareholders	12,536,026		12,536,026		25,072,052
Total number of units					26,797,052

Schedule of Debenture Host Debt Instrument


Debenture host debt instrument						$

As at January 1, 2025						26,235,808
Interest accrued						4,851,367
Interest paid in shares						(713,590)
Interest paid in cash						-
As at June 30, 2025						30,373,585
Interest accrued						5,449,776
Interest paid in shares						(364,379)
Interest paid in cash						(937,049)
As at December 31, 2025						34,521,933
Interest accrued						5,343,738
Interest paid in cash						(5,358,969)
As at June 30, 2026						34,506,702

Embedded derivatives						$
As at January 1, 2025						20,768,000
Fair value reassessment						(14,145,000)
As at June 30, 2025						6,623,000
Fair value reassessment						(1,470,000)
As at December 31, 2025						5,153,000
Fair value reassessment						(1,549,000)
As at June 30, 2026						3,604,000

Total convertible debentures with embedded derivatives
As at December 31, 2025						39,674,933
As at June 30, 2026						38,110,702

Schedule Of Transaction Costs


			$
As at January 1, 2025 and July 1, 2025			-
Additions			20,000,000
Transaction cost and arrangement fees			(3,438,487)
Interest accrued			1,193,442

Interest and commitment fee paid in cash			(1,077,083)
As at December 31, 2025			16,677,872
Additions			21,700,000
Transaction cost			(4,730,099)
Interest accrued			2,918,133
Interest and commitment fee paid in cash			(1,730,498)
As at June 30, 2026			34,835,408

Schedule Of Warrants


			$
As at January 1, 2025 and July 1, 2025			-
Additions			9,910,000
Fair value movement			1,040,000
As at December 31, 2025			10,950,000
Fair value movement			(1,060,000)
As at June 30, 2026			9,890,000

Related party transactions (Tables)

6 Months Ended

Jun. 30, 2026

Disclosure of transactions between related parties [abstract]

Schedule of Remuneration of Key Management Personnel


	Six Months Ended June 30,
		2026	2025
		$	$
Salary, wages and consultancy fees 1		1,977,108	1,576,058
Bonuses 1		308,314	-
Post-employment benefits (pensions)		95,294	38,874
Remuneration of key management personnel		2,380,716	1,614,932

1 The amounts disclosed include expenses incurred during the reporting period in connection with the employment of and consulting agreements entered into with key management personnel.

Schedule of Share Based Earnouts to Key Management Personnel


	Six Months Ended June 30,
		2026	2025
		$	$
Share-based payment - share options		926,917	-
Share-based payment - restricted stock units		1,324,125	-
Total		2,251,042	-

Schedule of Employment of Existing Consulting Agreements

The amounts disclosed in the above table are the expenses recognized during the reporting period for the key management personnel listed below.


Name						Position
Keith Liddell						Chairman
Chris Showalter						Chief Executive Officer
Ingo Hofmaier						Chief Financial Officer
Dr. Michael Adams						Chief Technology Officer
Gerick Mouton						Chief Operating Officer
Benedict Busunzu						TNCL Chief Executive Officer
Spencer Davis						Chief Legal Officer
Anthony von Christierson						Senior Vice President: Commercial and Business Development
Evan Young						Former Senior Vice President: Investor Relations and Capital Markets (resigned January 23, 2026)

Schedule of Consultancy Fees and Bonuses

Transactions with related party entities providing consultancy to Lifezone:

Six Months Ended
June 30,

Consultant fees

2026

2025

Engagement Party

Related Person

Engagement with

$

Commenced

Ended

Airvolution Co. Limited

Dr. Michael Adams

LZSL

299,831

225,002

July 1, 2022

Keith Liddell

LZL

-

241,470

July 7, 2023

October 31, 2025

Keith Liddell

LZSL

358,656

-

November 1, 2025

NewVision Metals PTE. Limited

Gerick Mouton

LZSL

271,748

202,230

June 2, 2022

Total

930,235

668,702

Fair value of stock options granted

Engagement Party

Related Person

Engagement with

2026

2025

commenced

ended

Dr Michael Adams

LZSL

393,479

-

July 1, 2022

Gerick Mouton

LZSL

353,659

-

June 2, 2022

747,138

-

Total compensation

1,677,373

668,702


Total remuneration	Six Months Ended June 30,
		2026	2025
		$	$
Simon Liddell		175,853	122,322
Jonathan Adams		89,109	64,991
Total		264,962	187,313

Fair value of stock options granted
Simon Liddell		98,440	-
Jonathan Adams		15,104	-
Total		113,544	-

Schedule of Related Party Payable


	June 30, 2026	December 31, 2025
	$	$
Related party payables	149,429	88,742
Total related party payables	149,429	88,742

Deferred consideration (Tables)

6 Months Ended

Jun. 30, 2026

Contingent Consideration [Abstract]

Schedule of Carrying Amount for the Reporting Periods


Deferred consideration			$
As at January 1, 2025 and July 1, 2025			-
Additions			25,065,957
Fair value reassessment			668,116
As at December 31, 2025			25,734,073
Fair value reassessment			(5,292,917)
As at June 30, 2026			20,441,156

Equity (Tables)

6 Months Ended

Jun. 30, 2026

Equity [abstract]

Schedule of Reconciliation of Shareholders' Equity Movement


	June 30, 2026		June 30, 2025
	Number of Shares	$	Number of Shares	$

Share capital, as at January 1,	83,784,305	8,380	79,119,572	7,913
Transactions with shareholders
Issue of ordinary shares on exercise of warrants	-	-	100	-
Cancellation of shares	-	-	(2,500)	-

Issuance of ordinary shares in connection with the 2026 Offering	5,700,000	570	-	-
Issuance of ordinary shares on vesting of RSUs	419,334	42	-	-
Issuance of ordinary shares on exercise of stock options	10,918	1	-	-
Issue of shares to debenture holders	-	-	178,519	18
	6,130,252	613	176,119	18
Share capital, ending	89,914,557	8,993	79,295,691	7,931

Schedule of Fair Value of Outstanding Warrants

At June 30, 2026, outstanding warrants to acquire ordinary shares of Lifezone Metals were as follows:


	Note	Number of Warrants	Exercise Price		Expiry Date
Public Warrants		13,723,550	$	11.50	July 05, 2028
Private Placement Warrants		667,500	$	11.50	July 05, 2028
Warrants issued as part of senior secured bridge loan facility	19.2	2,500,000	$	5.42	August 08, 2030
Warrants issued in connection with the 2025 Offering	19.3	4,411,764	$	4.00	November 12, 2029
Additional warrants issued as part of senior secured bridge loan facility	19.2	500,000	$	6.25	June 29, 2031
Total		21,802,814

The change in the number of outstanding warrants is as follows:


	Public Warrants	Private Placement Warrants	Senior Secured Bridge Loan Facility Warrants	Direct Offering Warrants	Senior Secured Bridge Loan Facility Additional Warrants
Balance as at January 1, 2025	13,723,650	667,500	-	-	-
Exercised	(100)	-	-	-	-
Issued	-	-	2,500,000	4,411,764	-
Outstanding as at December 31, 2025	13,723,550	667,500	2,500,000	4,411,764	-

Issued	-	-	-	-	500,000
Outstanding as at June 30, 2026	13,723,550	667,500	2,500,000	4,411,764	500,000

Share-based payments (Tables)

6 Months Ended

Jun. 30, 2026

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Schedule of Share Based Payment Expense

The total share-based payment expense is as follows:


Share-based payment expenses	Six Months Ended June 30,
		2026	2025
		$	$
Stock options		1,391,251	-
Restricted stock units		1,752,518	-
Share-based payment expenses		3,143,769	-

Schedule of Fair Value of the Options on the Grant Date Using the Black-scholes Option Pricing Model

The fair value of the options was determined on the grant date using the Black-Scholes option pricing model and using the following key assumptions:


	2026 stock options grant		2025 stock options grant
Risk free rate	3.74% to 3.75%		3.60% to 3.62%
Expected volatility	75	%	65	%
Expected life:
Tranche 1	2.7 years		2.61 years
Tranche 2	3 years		3 years
Tranche 3	3.5 years		3.49 years
Expected dividend yield	-		-
Forfeiture rate	-		-
Share Price	$5.57		$4.56

Schedule of Share Options


	Stock Options	Weighted average exercise price
Balance as at January 1, 2025	-	-
Granted	1,583,085	$	4.40


Balance as at December 31, 2025	1,583,085	$	4.40
Granted	1,164,597	$	4.81
Forfeited	(54,839)	$	4.40
Exercised	(10,918)	$	4.40
Balance as at June 30, 2026	2,681,925	$	4.58
Exercisable as at June 30, 2026	506,551	$	4.40

Schedule of Fair Value of Restricted Stock Units


	Restricted stock units	Weighted Average Grant Date Fair Value ($)
Balance as at January 1, 2025	1,666,667	6.21
Granted	1,500,000	3.68
Canceled	(1,500,000)	6.21
Outstanding as at December 31, 2025	1,666,667	3.93
Granted	-	-
Vested and exercised	(419,334)	3.68
Outstanding as at June 30, 2026	1,247,333	4.02

Schedule of Fair Value of Earnouts Granted

The fair value of the Conversion Right was estimated using the Finite Difference Method and the Share Interest feature was estimated using the Monte Carlo Simulations using the following key assumptions:


Assumption	June 30, 2026		December 31, 2025
Risk-free Rate	Zero coupon curve based on United States Dollar Swap rates		Zero coupon curve based on United States Dollar Swap rates
Share Price	$3.88		$4.27
Equity Volatility	75	%	70	%
Dividend Yield	-	%	-	%
Credit Spread	18.6	%	17.8	%


Key inputs
Valuation Date						August 8, 2025 (date of signing)
Maturity Date						August 8, 2030
Share Price						$4.32 based on Lifezone's 30 days VWAP closing share price on the NYSE
Strike Price						$5.42/share; being 125% of the Share Price
Risk-free Rate						3.73%
Equity Volatility						65%, selected based on review of the volatility (rounded) of a group of peer companies
Dividend Yield						Assumed at 0% as management does not expect dividends to be distributed during the term of the Warrants


Key inputs
Valuation Date						June 29, 2026 (date of signing)
Maturity Date						June 29, 2031
Share Price						$3.96 (closing share price on 26 June 2026)
Strike Price						$6.25/share
Risk-free Rate						3.82%
Equity Volatility						75%, based on review of the historical volatility (rounded) of Lifezone and a group of industry peer companies
Dividend Yield						Assumed at 0% as management does not expect dividends to be distributed during the term of the Warrants


Share Price Earnout Tranches	Tranche 1		Tranche 2		Total units
Grant date	July 6, 2023		July 6, 2023
Expiration date	July 6, 2028		July 6, 2028
Share price hurdle	$	14.00	$	16.00
Fair value per unit at date of grant	$	9.98	$	9.84
Number of units - Sponsor shareholders	862,500		862,500		1,725,000
Number of units - other shareholders	12,536,026		12,536,026		25,072,052
Total number of units					26,797,052

Earnings (loss) per share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings per share [abstract]

Schedule of Numerator and Denominator in the Computation of Basic and Diluted Loss Per Share

The following table sets forth the reconciliation of the numerator and denominator used in the computation of basic and diluted earnings (loss) per ordinary share for the six months ended June 30, 2026, and June 30, 2025.


	Six Months Ended June 30,
		2026	2025
		$	$
Numerator:
Net (loss) earnings used for basic (loss) earnings per share		(6,862,073)	2,705,578
Less: Dilutive impact related to convertible debentures		-	9,293,633
Net earnings (loss) used for diluted loss per share		(6,862,073)	(6,588,055)

Denominator:
Basic weighted-average outstanding ordinary shares		86,182,955	79,160,672
Convertible debentures1,2		-	6,388,321



Diluted weighted-average outstanding ordinary shares		86,182,955	85,548,993

Earnings (loss) per share
Basic		(0.08)	0.03
Diluted		(0.08)	(0.08)

1The effect of conversion of debentures into ordinary shares is anti-dilutive for the six months ended June 30, 2026 and is therefore not considered in the calculation of diluted earnings per share for that period.

Schedule of Potentially Dilute Basic Earnings Per Share Not Included in Calculation of Diluted Earnings Per Share

The following table presents instruments that can potentially dilute basic earnings per share in the future but were excluded in the calculation of diluted earnings per share:


	June 30, 2026	June 30, 2025
Convertible debentures2	6,250,000	-
Stock options3	2,681,925	-
Restricted stock units3	1,166,667	1,666,667
Earnout units3	26,797,052	26,797,052
Warrant units3	21,802,814	14,391,050
Total	58,698,458	42,854,769

2 The number of shares that may be issued against convertible debentures is determined by dividing the total of the principal outstanding and payment-in-kind accrued interest (if applicable) by the exercise price of $8.00 per share.

3 Restricted stock units, stock options, earnout units and warrants have been excluded from the calculation of diluted earnings per share as they are considered to be anti-dilutive.

Financial Risk Review (Tables)

6 Months Ended

Jun. 30, 2026

Financial Risk Review [Abstract]

Schedule of Information about the Credit Risk Exposure of Lifezone’s Financial Assets

The carrying amount of financial assets represents the maximum credit exposure and at the reporting date was:


	June 30, 2026	December 31, 2025
	$	$
Cash and cash equivalents	37,294,296	20,144,250
Deposits	386,268	496,154
Trade receivables	262,334	430,470
Other receivables	123,754	133,647

Total	38,066,652	21,204,521

Schedule of Liquidity Risk

The table below represents the expected timing of payments on trade payables, lease and debt liabilities, excluding provisions and warrant liability. The timing and amounts of payments under the deferred consideration to BHP are based on Lifezone's base-case assumptions in the table below. Any further delays to FID may further delay the timing of the deferred consideration to BHP.


	June 30, 2026	December 31, 2025
	$	$
<= 30 days	6,256,382	3,944,793
30 days - 1 year	8,991,804	10,732,467
1 - 2 years	105,749,888	36,241,669
More than 2 years	27,014,629	79,831,281
Total	148,012,703	130,750,210

Schedule of Financial Instruments

The following table includes assets and liabilities which are denominated in GBP, AUD, and TZS:


	June 30, 2026	December 31, 2025
	GBP	GBP
Cash in banks	415,559	168,532
Prepaid expenses	80,774	84,966
Trade and other payables	284,611	467,774

	AUD	AUD
Cash in banks	859,405	558,091
Trade receivables	—	824,669
Prepaid expenses	271,503	200,448
Trade and other payables	171,645	1,486,944

	TZS	TZS
Cash in banks	1,152,182,282	853,939,035

Schedule of Demonstrates the Estimated Sensitivity

The following table demonstrates the estimated sensitivity to a 10% increase (decrease) in USD against the relevant foreign currencies as a result of translating Lifezone's foreign currency denominated monetary assets and liabilities.


	June 30, 2026	December 31, 2025
Effect on profit or loss	$	$
Change in GBP Rate
10%	(28,009)	28,843
-10%	28,009	(28,843)

Change in AUD Rate
10%	(65,924)	(6,440)
-10%	65,924	6,440

Change in TZS Rate
10%	(43,872)	(34,784)
-10%	43,872	34,784

Corporate and Group information (Details) $ / shares in Units, $ in Thousands, T in Millions			1 Months Ended				6 Months Ended
	Aug. 08, 2025 USD ($)	Jul. 18, 2025 USD ($) T $ / shares	May 31, 2025 USD ($)	Mar. 31, 2024	Jan. 31, 2024 USD ($)	Jan. 31, 2021	Jun. 30, 2026 USD ($) patent application country	Mar. 10, 2026 km	Dec. 31, 2025 application country patent	Aug. 29, 2025 USD ($)
Disclosure of detailed information about financial instruments [line items]
Number of kilometers that project lies \| km								200
Number of patents held \| patent							285		181
Number of applications in progress \| application							32		80
Number of countries \| country							93		93
Number of patents \| patent							6
Percentage of NCI (%)						16.00%
Kabanga Nickel Limited
Disclosure of detailed information about financial instruments [line items]
Percentage of Ownership (%)		100.00%
Total consideration amount		$ 10,000
Aggregate funding		$ 250,000
Reference share price (in dollars per share) \| $ / shares		$ 4.16
Reference amount		$ 28,000
Maximum amount of payment for contingent consideration arrangements		83,000
Maximum payment amount, resettlement action plan triggering event		$ 75,000
Number of tonnes per annum \| T		3.4
Kabanga Nickel Limited \| Senior Secured Bridge Loan Facility Warrants
Disclosure of detailed information about financial instruments [line items]
Borrowing capacity	$ 60,000						$ 18,300			$ 60,000
Option to extend term	6 months
Amount received from first tranche for finance fund							$ 41,700
Kabanga Nickel Limited \| First Deferred Cash Payment
Disclosure of detailed information about financial instruments [line items]
Period payable for fixed cash payment		30 days
Period minimum to receive deferred cash payment		12 months
Kabanga Nickel Limited \| Second Deferred Cash Payment
Disclosure of detailed information about financial instruments [line items]
Period payable for fixed cash payment		30 days
Period minimum to receive deferred cash payment		12 months
Kabanga Nickel Limited \| BHP
Disclosure of detailed information about financial instruments [line items]
Interest held		17.00%
Kabanga Nickel Limited \| Tembo Nickel Corporation Limited (TNCL)
Disclosure of detailed information about financial instruments [line items]
Percentage of Ownership (%)							84.00%
Government Of Tanzania \| Tembo Nickel Corporation Limited (TNCL)
Disclosure of detailed information about financial instruments [line items]
Percentage of NCI (%)				16.00%			16.00%
Glencore \| Lifezone Recycling US, LLC
Disclosure of detailed information about financial instruments [line items]
Percentage of NCI (%)							5.44%
Kabanga Nickel Limited
Disclosure of detailed information about financial instruments [line items]
Investment amount							$ 455,000
Musongati Nickel Project
Disclosure of detailed information about financial instruments [line items]
Agreement grants exclusivity period								14 months
Lifezone And Glencore \| Lifezone Recycling US, LLC
Disclosure of detailed information about financial instruments [line items]
Amount funded to entity			$ 2,000		$ 1,500

Basis of preparation, material accounting policies and estimates - Narrative (Details) - USD ($)		6 Months Ended
	Apr. 23, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 29, 2026	Dec. 31, 2025	Nov. 12, 2025	Aug. 29, 2025	Aug. 08, 2025	Dec. 31, 2024
Disclosure of changes in accounting estimates [line items]
(Loss) income for the period		$ (6,930,000)	$ 2,250,000
Retained earnings		(474,917,983)			$ (468,098,277)
Cash and cash equivalents		37,294,296	$ 12,512,058		20,144,250				$ 29,283,942
Shares issued (in Shares)	5,700,000
Proceeds of equity issuance		23,330,071
Net current liabilities		17,130,000
Exercise prices (in dollars per share)						$ 4.00		$ 5.42
Gross revenues		1,235,000,000
Non-convertible debt		$ 1,000,000,000
Periodic reports		12 months
Major ordinary share transactions
Disclosure of changes in accounting estimates [line items]
Proceeds of equity issuance	$ 23,330,000
UNITED STATES
Disclosure of changes in accounting estimates [line items]
Percentage assets located		50.00%
Kabanga Nickel Limited \| Senior Secured Bridge Loan Facility Warrants
Disclosure of changes in accounting estimates [line items]
Borrowing capacity		$ 18,300,000					$ 60,000,000	$ 60,000,000
Kabanga Nickel Company Ltd
Disclosure of changes in accounting estimates [line items]
Cash and cash equivalents		$ 12,460,000			$ 6,570,000
Warrant units \| Senior Secured Bridge Loan Facility Warrants
Disclosure of changes in accounting estimates [line items]
Exercise prices (in dollars per share)				$ 6.25
Warrants issued in connection with the 2025 Offering
Disclosure of changes in accounting estimates [line items]
Exercise prices (in dollars per share)		$ 4.00
Private Placement Warrants
Disclosure of changes in accounting estimates [line items]
Exercise prices (in dollars per share)		$ 11.50
Share Premium
Disclosure of changes in accounting estimates [line items]
Proceeds of equity issuance		$ 23,329,501

Segment information - Narrative (Details)	6 Months Ended
Segment information - Narrative (Details)	Jun. 30, 2026
Segment information [Abstract]
Reportable segment	three

Segment information - Schedule of Segment Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Disclosure of operating segments [line items]
Revenue	$ 1,667,741	$ 325,451
Cost of sales	(1,165,923)	(173,486)
Gain (loss) on foreign exchange	611,287	243,447
General and administrative expenses	(10,081,875)	(7,310,770)
Depreciation and amortization	(765,189)	(698,660)
Interest income	255,671	413,909
Fair value gain on embedded derivatives	1,549,000	14,145,000
Fair value gain on warrants	1,060,000	0
Gain on deferred consideration	5,292,917	0
Interest expense	(5,457,835)	(4,879,843)
Income (loss) before tax	(7,034,206)	2,065,048
Segment assets	208,557,252		$ 175,751,683
Segment liabilities	115,156,126		102,918,928
Non-current assets	167,158,205		148,303,086
Tanzania
Disclosure of operating segments [line items]
Non-current assets	164,148,857		144,521,639
Australia
Disclosure of operating segments [line items]
Non-current assets	2,997,360		3,075,959
Rest of the world
Disclosure of operating segments [line items]
Non-current assets	11,988		705,488
Inter-Segment eliminations
Disclosure of operating segments [line items]
Revenue	(2,820,857)	(2,951,217)
Cost of sales	2,635,629	2,386,271
Gain (loss) on foreign exchange	0	0
General and administrative expenses	(587)	1,040,290
Depreciation and amortization	2,213	0
Interest income	(3,027,377)	(2,383,209)
Fair value gain on embedded derivatives	0	0
Fair value gain on warrants	0
Gain on deferred consideration	0
Interest expense	0	0
Income (loss) before tax	(3,210,979)	(1,907,865)
Segment assets	(307,921,233)		(287,370,479)
Segment liabilities	(97,223,461)		(85,261,778)
Intellectual Property
Disclosure of operating segments [line items]
Segment assets	152,637,238		144,404,325
Intellectual Property \| Operating segments
Disclosure of operating segments [line items]
Revenue	1,669,366	651,939
Cost of sales	(1,165,923)	(173,486)
Gain (loss) on foreign exchange	271,308	534,966
General and administrative expenses	(2,249,237)	(1,901,367)
Depreciation and amortization	(740,994)	(668,655)
Interest income	3,041,827	2,407,452
Fair value gain on embedded derivatives	0	0
Fair value gain on warrants	0
Gain on deferred consideration	5,292,917
Interest expense	(12,525)	(11,655)
Income (loss) before tax	6,106,739	839,194
Segment liabilities	22,169,382		26,695,036
Metals Extraction
Disclosure of operating segments [line items]
Segment assets	191,204,195		165,038,598
Metals Extraction \| Operating segments
Disclosure of operating segments [line items]
Revenue	0	0
Cost of sales	0	0
Gain (loss) on foreign exchange	354,708	(284,430)
General and administrative expenses	(1,226,117)	(1,396,500)
Depreciation and amortization	(11,383)	(11,383)
Interest income	0	10
Fair value gain on embedded derivatives	0	0
Fair value gain on warrants	0
Gain on deferred consideration	0
Interest expense	(101,572)	(13,448)
Income (loss) before tax	(984,364)	(1,705,751)
Segment liabilities	128,913,462		102,843,488
Corporate
Disclosure of operating segments [line items]
Segment assets	172,637,052		153,679,239
Corporate \| Operating segments
Disclosure of operating segments [line items]
Revenue	2,819,232	2,624,729
Cost of sales	(2,635,629)	(2,386,271)
Gain (loss) on foreign exchange	(14,729)	(7,089)
General and administrative expenses	(6,605,934)	(5,053,193)
Depreciation and amortization	(15,025)	(18,622)
Interest income	241,221	389,656
Fair value gain on embedded derivatives	1,549,000	14,145,000
Fair value gain on warrants	1,060,000
Gain on deferred consideration	0
Interest expense	(5,343,738)	(4,854,740)
Income (loss) before tax	(8,945,602)	$ 4,839,470
Segment liabilities	$ 61,296,743		$ 58,642,182

Revenue (Details) - USD ($)	6 Months Ended
Revenue (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 1,667,741	$ 325,451
Technical and laboratory services revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 1,667,741	$ 325,451

- References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2025-01-01
-Paragraph 28
-Subparagraph a
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-URIDate 2025-03-27

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-Name IFRS
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-Paragraph 33
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-Name IFRS
-Number 12
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-Paragraph B12
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-Clause v
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2025-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2025-03-27

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
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-Paragraph B10
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-URIDate 2025-03-27

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Note Expiry date 2027-01-01
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+ Details

Interest income (Details) - USD ($)	6 Months Ended
Interest income (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025
Interest expense (income), defined benefit plans [abstract]
Interest on bank deposits	$ 255,671	$ 413,909
Total interest income	$ 255,671	$ 413,909

Interest expense - Schedule of Interest Expense (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Interest Expense [Abstract]
Interest accretion on lease liabilities	$ 114,097	$ 26,954	$ 95,219
Debenture interest	5,343,738	4,851,367
Other interest expenses	0	1,522
Interest expense	$ 5,457,835	$ 4,879,843

Fair value gain on embedded derivatives - Schedule of Embedded Derivatives (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Embedded derivatives [Abstract]
Fair value gain on embedded derivatives	$ 1,549,000	$ 14,145,000
Fair value change in embedded derivative	$ 1,549,000	$ 14,145,000

Fair value gain on embedded derivatives - Narrative (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Embedded derivatives [Abstract]
Embedded derivatives	$ 3,604,000		$ 5,153,000
Gains on change in fair value of derivatives	$ 1,549,000	$ 14,145,000
Share price (in dollars per share)	$ 3.88		$ 4.27
Conversion price (in dollars per share)	$ 8.00

General and administrative expenses - Schedule of General and Administrative Expenses (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Selling, general and administrative expense [abstract]
Wages & employee benefits	$ 1,779,072	$ 2,012,451
Consultancy fees	495,473	1,033,921
Professional fees	268,319	375,608
Legal fees	417,821	612,602
Directors’ fees	360,630	341,283
Depreciation of property and equipment	550,058	476,142
Depreciation of right-of-use assets	162,079	154,599
Impairment of intangible assets	696,180	0
Withholdings tax expense	175,109	0
Laboratory costs	374,672	255,015
Provision for bad debt	0	400,000
Amortization of intangible assets	53,050	67,919
Impairment of VAT receivable	999,978	470,263
Rent & rates	127,653	216,014
Share-based expense - RSU & share options	3,143,769	0
Travel	130,909	109,826
Audit & accountancy fees	321,646	417,772
Taxes & licenses	15,505	25,143
Insurance	313,048	590,283
Other administrative expenses	462,093	450,589
General and administrative expense	$ 10,847,064	$ 8,009,430

General and administrative expenses - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Selling, general and administrative expense [abstract]
General and administrative expenses, gross	$ 13,750	$ 8,800

Cash and cash equivalents - Schedule of Cash and Cash Equivalents (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Disclosure of information for cash-generating units [line items]
Cash equivalents	$ 37,294,296	$ 20,144,250
USD – United States dollar
Disclosure of information for cash-generating units [line items]
Cash equivalents	35,713,777	19,191,738
AUD – Australian dollar
Disclosure of information for cash-generating units [line items]
Cash equivalents	590,616	373,330
GBP – Sterling
Disclosure of information for cash-generating units [line items]
Cash equivalents	549,754	226,857
TZS – Tanzanian Shilling
Disclosure of information for cash-generating units [line items]
Cash equivalents	438,716	347,837
Other currencies
Disclosure of information for cash-generating units [line items]
Cash equivalents	$ 1,433	$ 4,488

Cash and cash equivalents - Narrative (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Disclosure of information for cash-generating units [line items]
Cash and cash equivalents	$ 37,294,296	$ 20,144,250	$ 12,512,058	$ 29,283,942
Kabanga Nickel Company Ltd
Disclosure of information for cash-generating units [line items]
Cash and cash equivalents	12,460,000	6,570,000
Restricted cash and cash equivalents	$ 140,322	$ 149,694

Trade and other receivables - Schedule of Other Receivables (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Trade and other receivables [abstract]
VAT/GST receivables	$ 706,627	$ 540,708
Prepayments	78,969	427,288
Deposits	386,268	496,154
Trade debtors	262,334	430,470
Other receivables	123,754	133,647
Total	$ 1,557,952	$ 2,028,267

Trade and other receivables - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Trade and other receivables [abstract]
VAT/GST receivables	$ 706,627		$ 540,708
Impairment of VAT receivable	999,978	$ 470,263
Provisions	$ (7,472,503)		$ (6,941,708)

Property and equipment and right-of-use assets - Carrying Amounts (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	$ 6,441,304
Lease reassessments	12,018
Ending balance	5,929,443		$ 6,441,304
Total Property and equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	4,316,306
Ending balance	3,775,755		4,316,306
Right-of-use assets
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	2,124,998
Ending balance	2,153,688		2,124,998
Buildings \| Total Property and equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	1,374,581
Ending balance	1,330,463		1,374,581
Transportation equipment \| Total Property and equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	22,962
Ending balance	14,782		22,962
Office and computer equipment \| Total Property and equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	542,870
Ending balance	462,659		542,870
Laboratory and testing equipment \| Total Property and equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	2,375,893
Ending balance	1,967,851		2,375,893
Cost
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	11,251,318	$ 9,710,911	9,710,911
Additions	509,674		1,832,879
Disposals			(759,479)
Lease reassessments	12,018
Foreign exchange impact	174,348		467,007
Ending balance	11,947,358		11,251,318
Cost \| Total Property and equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	7,731,915	7,351,549	7,351,549
Additions	4,142		37,186
Disposals			(22,437)
Lease reassessments	0
Foreign exchange impact	143,800		365,617
Ending balance	7,879,857		7,731,915
Cost \| Right-of-use assets
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	3,519,403	2,359,362	2,359,362
Additions	505,532		1,795,693
Disposals			(737,042)
Lease reassessments	12,018
Foreign exchange impact	30,548		101,390
Ending balance	4,067,501		3,519,403
Cost \| Buildings
Reconciliation of changes in property, plant and equipment [abstract]
Foreign exchange impact	0
Cost \| Buildings \| Total Property and equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	1,880,133	1,880,133	1,880,133
Additions	0		0
Disposals			0
Lease reassessments	0
Foreign exchange impact			0
Ending balance	1,880,133		1,880,133
Cost \| Transportation equipment
Reconciliation of changes in property, plant and equipment [abstract]
Foreign exchange impact	0
Cost \| Transportation equipment \| Total Property and equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	197,524	197,524	197,524
Additions	0		0
Disposals			0
Lease reassessments	0
Foreign exchange impact			0
Ending balance	197,524		197,524
Cost \| Office and computer equipment
Reconciliation of changes in property, plant and equipment [abstract]
Foreign exchange impact	16,829
Cost \| Office and computer equipment \| Total Property and equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	1,028,838	982,107	982,107
Additions	4,142		32,794
Disposals			(22,437)
Lease reassessments
Foreign exchange impact			36,374
Ending balance	1,049,809		1,028,838
Cost \| Laboratory and testing equipment
Reconciliation of changes in property, plant and equipment [abstract]
Foreign exchange impact	126,971
Cost \| Laboratory and testing equipment \| Total Property and equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	4,625,420	4,291,785	4,291,785
Additions	0		4,392
Disposals			0
Lease reassessments	0
Foreign exchange impact			329,243
Ending balance	4,752,391		4,625,420
Accumulated amortization
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(4,810,014)	(3,183,974)	(3,183,974)
Disposals			636,490
Charge	1,027,064		2,087,872
Foreign exchange impact	(180,837)		(174,658)
Ending balance	(6,017,915)		(4,810,014)
Accumulated amortization \| Total Property and equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(3,415,609)	(2,064,291)	(2,064,291)
Disposals			18,355
Charge	526,447		1,266,037
Foreign exchange impact	(162,046)		(103,636)
Ending balance	(4,104,102)		(3,415,609)
Accumulated amortization \| Right-of-use assets
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(1,394,405)	(1,119,683)	(1,119,683)
Disposals			618,135
Charge	500,617		821,835
Foreign exchange impact	(18,791)		(71,022)
Ending balance	(1,913,813)		(1,394,405)
Accumulated amortization \| Buildings \| Total Property and equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(505,552)	(358,879)	(358,879)
Disposals			0
Charge	44,118		146,673
Foreign exchange impact	0		0
Ending balance	(549,670)		(505,552)
Accumulated amortization \| Transportation equipment \| Total Property and equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(174,562)	(146,327)	(146,327)
Disposals			0
Charge	8,276		28,235
Foreign exchange impact	96		0
Ending balance	(182,742)		(174,562)
Accumulated amortization \| Office and computer equipment \| Total Property and equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(485,968)	(337,090)	(337,090)
Disposals			18,355
Charge	43,148		131,179
Foreign exchange impact	(58,034)		(36,054)
Ending balance	(587,150)		(485,968)
Accumulated amortization \| Laboratory and testing equipment \| Total Property and equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	(2,249,527)	(1,221,995)	(1,221,995)
Disposals			0
Charge	430,905		959,950
Foreign exchange impact	(104,108)		(67,582)
Ending balance	(2,784,540)		$ (2,249,527)
Accumulated amortization \| Exploration and evaluation asset \| Total Property and equipment
Reconciliation of changes in property, plant and equipment [abstract]
Charge	$ 314,927	$ 174,219

Patents and other intangible assets (Details)	6 Months Ended		12 Months Ended
Patents and other intangible assets (Details)	Jun. 30, 2026 USD ($) patent	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
Reconciliation of changes in intangible assets other than goodwill [abstract]
Beginning balance	$ 875,186
Charge	(53,050)	$ (67,919)
Impairment	(696,180)	0
Ending balance	$ 146,124		$ 875,186
Number of patents \| patent	6
Patents
Reconciliation of changes in intangible assets other than goodwill [abstract]
Beginning balance	$ 706,748
Ending balance	0		706,748
Software
Reconciliation of changes in intangible assets other than goodwill [abstract]
Beginning balance	168,438
Ending balance	146,124		168,438
Cost
Reconciliation of changes in intangible assets other than goodwill [abstract]
Beginning balance	1,658,639	1,531,504	1,531,504
Additions	42,481		127,135
Impairment	(1,317,614)
Ending balance	383,506		1,658,639
Cost \| Patents
Reconciliation of changes in intangible assets other than goodwill [abstract]
Beginning balance	1,275,133	1,147,998	1,147,998
Additions	42,481		127,135
Impairment	(1,317,614)
Ending balance	0		1,275,133
Cost \| Software
Reconciliation of changes in intangible assets other than goodwill [abstract]
Beginning balance	383,506	383,506	383,506
Additions	0		0
Impairment	0
Ending balance	383,506		383,506
Accumulated amortization
Reconciliation of changes in intangible assets other than goodwill [abstract]
Beginning balance	(783,453)	(641,684)	(641,684)
Charge	(75,363)		(141,769)
Impairment	(621,434)
Ending balance	(237,382)		(783,453)
Accumulated amortization \| Patents
Reconciliation of changes in intangible assets other than goodwill [abstract]
Beginning balance	(568,385)	(473,662)	(473,662)
Charge	(53,049)		(94,723)
Impairment	(621,434)
Ending balance	0		(568,385)
Accumulated amortization \| Software
Reconciliation of changes in intangible assets other than goodwill [abstract]
Beginning balance	(215,068)	$ (168,022)	(168,022)
Charge	(22,314)		(47,046)
Impairment	0
Ending balance	$ (237,382)		$ (215,068)

Exploration and evaluation assets and mining data - Schedule of Exploration and Evaluation Assets and Mining Data (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Disclosure of reconciliation of changes in property, plant and equipment, including right-of-use assets [line items]
Beginning balance	$ 140,986,596	$ 117,577,523
Additions	20,096,042	23,409,073
Ending balance	161,082,638	140,986,596
Exploration and evaluation assets
Disclosure of reconciliation of changes in property, plant and equipment, including right-of-use assets [line items]
Beginning balance	128,240,461	104,831,388
Additions	20,096,042	23,409,073
Ending balance	148,336,503	128,240,461
Mining data
Disclosure of reconciliation of changes in property, plant and equipment, including right-of-use assets [line items]
Beginning balance	12,746,135	12,746,135
Additions	0	0
Ending balance	$ 12,746,135	$ 12,746,135

Exploration and evaluation assets and mining data - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Disclosure of detailed information about property, plant and equipment [line items]
General and administrative expenses	$ 10,847,064	$ 8,009,430
Interest accrued	2,918,133	0
Interest income on cash and bank balances at central banks	155,907	0
Kabanga Nickel Company Ltd
Disclosure of detailed information about property, plant and equipment [line items]
General and administrative expenses	$ 13,753,103	$ 8,756,349

Taxation - Reconciliation of Tax Expense (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Income Taxes [Abstract]
(Loss) / income for the period before tax	$ (7,034,206)	$ 2,065,048
Tax rate (as a percent)	0.00%	0.00%
Accounting loss before tax multiplied by the standard rate of corporation tax in the Isle of Man of 0% (2025: 0%)	$ 0	$ 0
Other permanent differences	309,258	373,873
Movement in deferred tax not recognized	1,060,883	1,316,755
Adjustment in respect of prior periods	58,504	0
Difference in overseas tax rates	(1,536,913)	(1,871,444)
Total	$ (108,268)	$ (180,816)

- Definition

The amount of profit (loss) for a period before deducting tax expense. [Refer: Profit (loss)]

+ References + Details

- References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 26
-IssueDate 2025-01-01
-Paragraph 35
-Subparagraph b
-Clause viii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=26&code=ifrs-tx-2025-en-r&anchor=para_35_b_viii&doctype=Standard
-URIDate 2025-03-27

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2025-01-01
-Paragraph 23
-Subparagraph h
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2025-en-r&anchor=para_23_h&doctype=Standard
-URIDate 2025-03-27

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 12
-IssueDate 2025-01-01
-Paragraph 79
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=12&code=ifrs-tx-2025-en-r&anchor=para_79&doctype=Standard
-URIDate 2025-03-27

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 12
-IssueDate 2025-01-01
-Paragraph 81
-Subparagraph c
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=12&code=ifrs-tx-2025-en-r&anchor=para_81_c_i&doctype=Standard
-URIDate 2025-03-27

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 12
-IssueDate 2025-01-01
-Paragraph 81
-Subparagraph c
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=12&code=ifrs-tx-2025-en-r&anchor=para_81_c_ii&doctype=Standard
-URIDate 2025-03-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2025-01-01
-Paragraph B13
-Subparagraph g
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2025-en-r&anchor=para_B13_g&doctype=Appendix&subtype=B
-URIDate 2025-03-27

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 192
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_192&doctype=Standard
-URIDate 2025-03-27

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 194
-Subparagraph c
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_194_c_i&doctype=Standard
-URIDate 2025-03-27

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 194
-Subparagraph c
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_194_c_ii&doctype=Standard
-URIDate 2025-03-27

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 192
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_192&doctype=Standard
-URIDate 2025-03-27

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 194
-Subparagraph c
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_194_c_i&doctype=Standard
-URIDate 2025-03-27

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 194
-Subparagraph c
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_194_c_ii&doctype=Standard
-URIDate 2025-03-27

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Note Expiry date 2027-01-01
-Name IAS
-Number 1
-IssueDate 2025-01-01
-Paragraph 82
-Subparagraph d
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2025-en-b&anchor=para_82_d&doctype=Standard
-URIDate 2025-03-27

+ Details

Taxation - Narrative (Details) - USD ($)	6 Months Ended
Taxation - Narrative (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax rate (as a percent)	0.00%	0.00%
Deferred tax income	$ (108,268)	$ (180,816)
Deferred tax liability	195,481		$ 303,749
Deferred tax assets	$ 54,212,145		50,334,123
Pre-trading capital losses			50,970,000
Pre-trading capital expenses			$ (50,490,000)
Isle of Man
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax rate (as a percent)	0.00%
United Kingdom
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax rate (as a percent)	25.00%
Tanzania
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax rate (as a percent)	30.00%
Australia
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax rate (as a percent)	30.00%

Taxation - Deferred Tax Liability (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Income Taxes [Abstract]
Short term timing differences	$ 0	$ 29,650
Accelerated capital allowances	(618,385)	(659,596)
Tax losses	484,797	321,635
ROU liabilities	(61,893)	4,562
Net deferred tax liability	$ (195,481)	$ (303,749)

Taxation - Unrecognized Deferred Tax Assets (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Income Taxes [Abstract]
Accelerated capital deductions	$ 4,357	$ 1,254
Short term timing differences	242,463	293,196
Pre-trading tax losses	5,898,610	5,645,504
Trading tax losses	48,066,715	44,394,169
Deferred tax assets	$ 54,212,145	50,334,123
Unrecognized deferred tax assets		98,960,000
Pre-trading capital expenses		(50,490,000)
Pre-trading capital losses		50,970,000
Pre-trading tax losses		$ 98,490,000

Supplementary cashflow information (Details)	6 Months Ended
Supplementary cashflow information (Details)	Jun. 30, 2025 shares
Supplementary Cash Flow Information [Abstract]
Issue of shares to debenture holders (in shares)	178,519

Trade and other payables (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Trade and other payables [abstract]
Trade payables	$ 3,062,512	$ 1,901,220
Accrued expenses	2,821,818	1,848,577
VAT payable	142,024	12,684
Total trade and other payables	$ 6,026,354	$ 3,762,481

Provisions - Schedule of Provisions (Details) Tsh in Millions	Jun. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)	Jul. 30, 2024 TZS (Tsh)
Provisions [abstract]
Provision for withholding tax	$ 3,438,235	$ 3,438,235	Tsh 8,430
Provision for other taxes	118,721	234,641
Total provisions	$ 3,556,956	$ 3,672,876

Provisions - Narrative (Details)	Jun. 30, 2026 USD ($)	Jun. 30, 2026 TZS (Tsh)	Dec. 31, 2025 USD ($)	Jul. 30, 2024 USD ($)	Jul. 30, 2024 TZS (Tsh)	Jan. 31, 2021 TZS (Tsh)
Disclosure of other provisions [line items]
Other current provisions	$ 3,438,235		$ 3,438,235		Tsh 8,430,000,000
Interest paid	4,278,974
Tax receivable agreement paid	115,920
Provision for other taxes	118,721		$ 234,641
Changes in tax rates or tax laws enacted or announced
Disclosure of other provisions [line items]
Unpaid taxes	234,641	Tsh 570,000,000
Kabanga Nickel Company Ltd
Disclosure of other provisions [line items]
Cash and bank balances at central banks \| Tsh						Tsh 823,400,321
Other current provisions				$ 3,440,000
Interest paid	$ 4,710,000	Tsh 12,360,000,000

Lease liabilities - Narrative (Details) - USD ($)	6 Months Ended
Lease liabilities - Narrative (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025
Presentation of leases for lessee [abstract]
Short-term leases expense	$ 127,653	$ 216,014
Lifezone office lease term	2 years

Lease liabilities - Schedule of Lease Liability (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Lease liabilities [abstract]
Beginning balance	$ 2,054,200	$ 1,418,696	$ 1,418,696
Additions	505,532		1,795,693
Lease reassessments	12,018
Interest accretion on lease liabilities	114,097	26,954	95,219
Payments	(746,180)	$ (287,314)	(874,244)
Disposals			(118,907)
Foreign exchange impact	10,973		(262,257)
Ending balance	1,950,640		2,054,200
Current	794,376		931,364
Non-current	1,156,264		1,122,836
Total lease liabilities	$ 1,950,640		$ 2,054,200

Lease liabilities - Schedule of Undiscounted Minimum Lease Payments (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted future lease payments	$ 2,208,495	$ 2,387,567
Less than 1 year
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted future lease payments	967,183	1,122,834
More than 1 year but less than 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted future lease payments	$ 1,241,312	$ 1,264,733

Debt - Narrative (Details) $ / shares in Units, Tsh in Millions						6 Months Ended		12 Months Ended
	Jun. 29, 2026 USD ($) $ / shares shares	Nov. 12, 2025 $ / shares shares	Aug. 29, 2025 USD ($)	Aug. 08, 2025 USD ($) $ / shares shares	Mar. 27, 2024 USD ($) derivative d $ / shares	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) $ / shares	Apr. 29, 2026 USD ($)	Mar. 16, 2026 USD ($)	Aug. 08, 2025 TZS (Tsh) shares	Dec. 31, 2024 USD ($)
Disclosure of detailed information about financial instruments [line items]
Unsecured convertible debentures					$ 50,000,000.0
Unsecured convertible debentures bear interest term					48 months
Borrowings, interest, payment in kind accrual period					2 years
Unsecured convertible debentures price (in dollars per share) \| $ / shares					$ 8.00
Interest paid						$ 4,278,974
Weighted average rate					30.00%
Exercise price of issued shares (in dollars per share) \| $ / shares					$ 8.00
Conversion price rate					50.00%
Number of trading days \| d					15
Number of consecutive trading days \| d					30
Number of embedded derivatives \| derivative					2
Financial assets at fair value through profit or loss						34,506,702	$ 30,373,585	$ 34,521,933				$ 26,235,808
Debt instruments held at amortised cost						41,261,011		43,628,118
Embedded derivatives						3,604,000		$ 5,153,000
Gains on change in fair value of derivatives						$ 1,549,000	14,145,000
Share price (in dollars per share) \| $ / shares						$ 3.88		$ 4.27
Conversion price (in dollars per share) \| $ / shares						$ 8.00
Increase in share price volatility result in increase in fair value						$ 556,000
Decrease in share price volatility result in decrease in fair value						485,000
Exercise price, warrants (in dollars per share) \| $ / shares		$ 4.00
Debt instrument			$ 20,000,000
Drawings from senior secured bridge loan facility			19,700,000			21,700,000	0
Deferred financing costs						2,387,264		$ 5,218,063
Deferred financing costs set off against debt						$ 8,170,000		$ 3,440,000
Exercise prices (in dollars per share) \| $ / shares		$ 4.00		$ 5.42
Warrants issued (in shares) \| shares						21,802,814
Number of ordinary shares exchangeable (in shares) \| shares		1
Expected lives						3 years 7 months 6 days
Price of warrants (in dollars per share) \| $ / shares		$ 2.50
Warrants issued in connection with the 2025 Offering
Disclosure of detailed information about financial instruments [line items]
Exercise prices (in dollars per share) \| $ / shares						$ 4.00
Warrants issued (in shares) \| shares						4,411,764
Warrant units
Disclosure of detailed information about financial instruments [line items]
Increase in share price volatility result in increase in fair value						$ 910,000
Decrease in share price volatility result in decrease in fair value						$ 960,000
Expected lives		4 years				3 years 4 months 13 days		3 years 10 months 13 days
Expected volatility						75.00%		70.00%
Risk-free interest rate						3.90%		3.59%
Weighted average price (in dollars per share) \| $ / shares						$ 3.88
Senior Secured Bridge Loan Facility Warrants
Disclosure of detailed information about financial instruments [line items]
Financial covenants ratio				1.1:1
Financial liabilities, at fair value						$ 37,831,452		$ 19,063,612
Undrawn borrowing facilities						$ 34,835,408	$ 0	16,677,872				$ 0
Senior Secured Bridge Loan Facility Warrants \| Warrant units
Disclosure of detailed information about financial instruments [line items]
Number of warrants to be issued \| shares	500,000					500,000
Financial liabilities, at fair value	$ 1,080,000.00
Utilisation period						90 days
Exercise prices (in dollars per share) \| $ / shares	$ 6.25
Senior Secured Bridge Loan Facility Warrants \| Kabanga Nickel Limited
Disclosure of detailed information about financial instruments [line items]
Interest rate				9.25%							9.25%
Borrowing capacity			60,000,000	$ 60,000,000		$ 18,300,000
Option to extend term				6 months
Arrangement fee percentage				2.25%							2.25%
Commitment fee percentage				2.50%							2.50%
Carrying amount of assets affected by currency not being exchangeable				$ 5,000,000
Carrying amount of freely tradeable currency				$ 4,000,000							Tsh 1
Number of warrants to be issued \| shares				2,500,000							2,500,000
Exercise price, warrants (in dollars per share) \| $ / shares				$ 5.42
Expiration period for issuance of warrants				5 years
Fair value of warrants (in dollars per share) \| $ / shares				$ 2.26
Financial liabilities, at fair value				$ 5,650,000
Partial drawdown of second tranche									$ 16,700,000	$ 5,000,000
Transactions costs pertaining to third tranche			$ 18,300,000
Deferred financing costs						10,560,000		$ 8,660,000
Amount received from first tranche for finance fund						$ 41,700,000
Other material actuarial assumptions
Disclosure of detailed information about financial instruments [line items]
Percentage of reasonably possible increase in actuarial assumption						10.00%
Percentage of reasonably possible decrease in actuarial assumption						10.00%
Share Price
Disclosure of detailed information about financial instruments [line items]
Key Inputs	$3.96 (closing share price on 26 June 2026)			$4.32 based on Lifezone's 30 days VWAP closing share price on the NYSE		3.88		4.27
Secured Overnight Financing Rate
Disclosure of detailed information about financial instruments [line items]
Interest rate					4.00%
Secured overnight financing floor rate					3.00%
Secured Overnight Financing Rate \| Lifezone
Disclosure of detailed information about financial instruments [line items]
Interest rate					105.00%
Unsecured Convertible Debentures
Disclosure of detailed information about financial instruments [line items]
Unsecured convertible debentures price (in dollars per share) \| $ / shares					$ 4.0

Debt - Schedule of Fair Value of Conversion Right Using Finite Difference Method and Share Interest Feature Using the Monte Carlo Simulations (Details) - $ / shares			6 Months Ended	12 Months Ended
	Jun. 29, 2026	Aug. 08, 2025	Jun. 30, 2026	Dec. 31, 2025
Disclosure of detailed information about financial instruments [line items]
Share price (in dollars per share)	$ 3.96	$ 4.32
Strike price (in dollars per share)	$ 6.25	$ 5.42
Share price (in percent)		125.00%
Risk-free Rate	3.82%	3.73%
Peer group percentage	75.00%	65.00%
Dividend yield	0.00%	0.00%
Valuation Date
Disclosure of detailed information about financial instruments [line items]
Key Inputs	June 29, 2026 (date of signing)	August 8, 2025 (date of signing)	June 30, 2026	December 31, 2025
Maturity Date
Disclosure of detailed information about financial instruments [line items]
Key Inputs	June 29, 2031	August 8, 2030
Share Price
Disclosure of detailed information about financial instruments [line items]
Key Inputs	$3.96 (closing share price on 26 June 2026)	$4.32 based on Lifezone's 30 days VWAP closing share price on the NYSE	3.88	4.27
Strike Price
Disclosure of detailed information about financial instruments [line items]
Key Inputs	$6.25/share	$5.42/share; being 125% of the Share Price
Risk-free Rate
Disclosure of detailed information about financial instruments [line items]
Key Inputs	3.82	3.73	Zero coupon curve based on United States Dollar Swap rates	Zero coupon curve based on United States Dollar Swap rates
Equity Volatility
Disclosure of detailed information about financial instruments [line items]
Key Inputs	75%, based on review of the historical volatility (rounded) of Lifezone and a group of industry peer companies	65%, selected based on review of the volatility (rounded) of a group of peer companies	75	70
Dividend Yield
Disclosure of detailed information about financial instruments [line items]
Key Inputs	Assumed at 0% as management does not expect dividends to be distributed during the term of the Warrants	Assumed at 0% as management does not expect dividends to be distributed during the term of the Warrants	-	-
Credit Spread
Disclosure of detailed information about financial instruments [line items]
Key Inputs			18.6	17.8

Debt - Schedule of Debenture Host Debt Instrument (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Financial assets at fair value through profit or loss [abstract]
Beginning balance	$ 34,521,933	$ 30,373,585	$ 26,235,808
Interest accrued	5,343,738	5,449,776	4,851,367
Interest paid in shares		(364,379)	(713,590)
Interest paid in cash	(5,358,969)	(937,049)	0
Ending balance	$ 34,506,702	$ 34,521,933	$ 30,373,585

Debt - Schedule of Embedded Derivatives (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Financial assets at fair value through profit or loss [abstract]
Beginning balance			$ 20,768,000
Fair value reassessment	$ (1,549,000)	$ (1,470,000)	(14,145,000)
Ending balance	3,604,000	5,153,000	$ 6,623,000
Total convertible debentures with embedded derivatives	$ 38,110,702	$ 39,674,933

Debt - Schedule of Transaction Costs (Details) - USD ($)	6 Months Ended			12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2025
Changes To Borrowing [Roll Forward]
Interest accrued	$ 2,918,133		$ 0
Senior Secured Bridge Loan Facility Warrants
Changes To Borrowing [Roll Forward]
Beginning balance	16,677,872	$ 0	0	$ 0
Additions	21,700,000	20,000,000		20,000,000
Transaction cost and arrangement fees	(4,730,099)	(3,438,487)		(3,438,487)
Interest accrued		1,193,442		1,193,442
Interest and commitment fee paid in cash	(1,730,498)	(1,077,083)		(1,077,083)
Ending balance	$ 34,835,408	$ 16,677,872	$ 0	$ 16,677,872

Debt - Schedule of Warrants (Details) - USD ($)	6 Months Ended		12 Months Ended
Debt - Schedule of Warrants (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2025
Financial assets at fair value through profit or loss [abstract]
Beginning balance	$ 10,950,000	$ 0	$ 0
Additions		9,910,000	9,910,000
Gain on remeasurement of warrants	(1,060,000)	1,040,000	1,040,000
Ending balance	$ 9,890,000	$ 10,950,000	$ 10,950,000

Related party transactions - Narrative (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025
Disclosure of transactions between related parties [line items]
Percentage of shares outstanding	26.00%
Paid amount	$ 1,677,373	$ 668,702
Lifezone Metals
Disclosure of transactions between related parties [line items]
Paid amount	$ 55,000	$ 46,750

Related party transactions - Schedule of Remuneration of Key Management Personnel (Details) - Related Party - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Disclosure of transactions between related parties [line items]
Salary, wages and consultancy fees	$ 1,977,108	$ 1,576,058
Bonuses	308,314	0
Post-employment benefits (pensions)	95,294	38,874
Remuneration of key management personnel	$ 2,380,716	$ 1,614,932

Related party transactions - Schedule of Share Based Earnouts to Key Management Personnel (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Disclosure of transactions between related parties [line items]
Post-employment benefits (pensions)	$ 2,251,042	$ 0
Stock options
Disclosure of transactions between related parties [line items]
Post-employment benefits (pensions)	926,917	0
Restricted stock units
Disclosure of transactions between related parties [line items]
Post-employment benefits (pensions)	$ 1,324,125	$ 0

Related party transactions - Schedule of Employment of Existing Consulting Agreements (Details)	6 Months Ended
	Jun. 30, 2026
Keith Liddell
Disclosure of transactions between related parties [line items]
Key management personnel, officer position	Chairman
Chris Showalter
Disclosure of transactions between related parties [line items]
Key management personnel, officer position	Chief Executive Officer
Ingo Hofmaier
Disclosure of transactions between related parties [line items]
Key management personnel, officer position	Chief Financial Officer
Dr Michael Adams
Disclosure of transactions between related parties [line items]
Key management personnel, officer position	Chief Technology Officer
Gerick Mouton
Disclosure of transactions between related parties [line items]
Key management personnel, officer position	Chief Operating Officer
Benedict Busunzu
Disclosure of transactions between related parties [line items]
Key management personnel, officer position	TNCL Chief Executive Officer
Spencer Davis
Disclosure of transactions between related parties [line items]
Key management personnel, officer position	Chief Legal Officer
Anthony von Christierson
Disclosure of transactions between related parties [line items]
Key management personnel, officer position	Senior Vice President: Commercial and Business Development
Evan Young
Disclosure of transactions between related parties [line items]
Key management personnel, officer position	Former Senior Vice President: Investor Relations and Capital Markets (resigned January 23, 2026)

Related party transactions - Schedule of Revenue from Related Parties (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Disclosure of transactions between related parties [line items]
Amounts payable, related party transactions	$ 1,677,373	$ 668,702
Consultant fees
Disclosure of transactions between related parties [line items]
Amounts payable, related party transactions	930,235	668,702
Fair value of stock options granted
Disclosure of transactions between related parties [line items]
Payables to related parties	113,544	0
Total remuneration
Disclosure of transactions between related parties [line items]
Payables to related parties	$ 264,962	187,313
Airvolution Co. Limited \| Consultant fees
Disclosure of transactions between related parties [line items]
Related Person	Dr. Michael Adams
Amounts payable, related party transactions	$ 299,831	225,002
Keith Liddell \| Consultant fees
Disclosure of transactions between related parties [line items]
Related Person	Keith Liddell
Amounts payable, related party transactions	$ 0	241,470
Keith Liddell \| Consultant fees
Disclosure of transactions between related parties [line items]
Related Person	Keith Liddell
Amounts payable, related party transactions	$ 358,656	0
NewVision Metals PTE. Limited \| Consultant fees
Disclosure of transactions between related parties [line items]
Related Person	Gerick Mouton
Amounts payable, related party transactions	$ 271,748	202,230
Dr Michael Adams \| Fair value of stock options granted
Disclosure of transactions between related parties [line items]
Related Person	Dr Michael Adams
Amounts payable, related party transactions	$ 393,479	0
Gerick Mouton \| Fair value of stock options granted
Disclosure of transactions between related parties [line items]
Related Person	Gerick Mouton
Amounts payable, related party transactions	$ 353,659	0
Simon Liddell \| Fair value of stock options granted
Disclosure of transactions between related parties [line items]
Payables to related parties	98,440	0
Simon Liddell \| Total remuneration
Disclosure of transactions between related parties [line items]
Payables to related parties	175,853	122,322
Jonathan Adams \| Fair value of stock options granted
Disclosure of transactions between related parties [line items]
Payables to related parties	15,104	0
Jonathan Adams \| Total remuneration
Disclosure of transactions between related parties [line items]
Payables to related parties	89,109	64,991
EJMY Consulting \| Fair value of stock options granted
Disclosure of transactions between related parties [line items]
Amounts payable, related party transactions	$ 747,138	$ 0

Related party transactions - Schedule of Related Party Payable (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Disclosure of transactions between related parties [line items]
Related party payables	$ 149,429	$ 88,742
Other related parties
Disclosure of transactions between related parties [line items]
Related party payables	$ 149,429	$ 88,742

Deferred consideration - Narrative (Details) $ / shares in Units, $ in Thousands	Jul. 18, 2025 USD ($) $ / shares	Jun. 30, 2026 USD ($) $ / shares	Dec. 31, 2025 $ / shares
Actuarial assumption of discount rates
Disclosure of contingent liabilities [line items]
Percentage of reasonably possible increase in actuarial assumption		1.00%
Percentage of reasonably possible decrease in actuarial assumption		1.00%
Decrease in fair value with 1% increase in discount rate		$ 560
Increase in fair value with 1% decrease in discount rate		$ 590
Measurement Input, Discount Rate
Disclosure of contingent liabilities [line items]
Business combination, deferred consideration measurement input		0.1829	0.1750
Measurement Input, Share Price
Disclosure of contingent liabilities [line items]
Business combination, deferred consideration measurement input \| $ / shares		3.88	4.27
Measurement Input, Share Price \| Actuarial assumption of discount rates
Disclosure of contingent liabilities [line items]
Percentage of reasonably possible increase in actuarial assumption		10.00%
Decrease in fair value with 1% increase in discount rate		$ 930
Measurement Input, Share Price \| Actuarial assumption of discount rates \| Bottom of range
Disclosure of contingent liabilities [line items]
Decrease in fair value with 1% increase in discount rate		$ 500
Kabanga Nickel Limited
Disclosure of contingent liabilities [line items]
Percentage of Ownership (%)	100.00%
Total consideration amount	$ 10,000
Aggregate funding	$ 250,000
Reference share price (in dollars per share) \| $ / shares	$ 4.16
Reference amount	$ 28,000
Maximum amount of payment for contingent consideration arrangements	83,000
Maximum payment amount, resettlement action plan triggering event	$ 75,000
Resettlement action plan period	12 months
Delayed case period	12 months
Kabanga Nickel Limited \| First Deferred Cash Payment
Disclosure of contingent liabilities [line items]
Period payable for fixed cash payment	30 days
Period minimum to receive deferred cash payment	12 months
Kabanga Nickel Limited \| Second Deferred Cash Payment
Disclosure of contingent liabilities [line items]
Period payable for fixed cash payment	30 days
Period minimum to receive deferred cash payment	12 months
BHP \| Kabanga Nickel Limited
Disclosure of contingent liabilities [line items]
Interest held	17.00%

Deferred consideration - Schedule of Carrying Amount for the Reporting Periods (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2025
Contingent Consideration [Roll Forward]
Beginning balance	$ 25,734,073	$ 0	$ 0
Additions		25,065,957	25,065,957
Fair value reassessment	(5,292,917)	668,116	668,116
Ending balance	$ 20,441,156	$ 25,734,073	$ 25,734,073

Equity - Schedule of Reconciliation of Shareholders' Equity Movement (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Number of Shares
Issue of shares to debenture holders (in shares)			178,519
$
Balance	$ 72,832,755	$ 102,590,942	$ 99,327,000
Registered direct offering (net of costs)	23,330,071
Issuance of shares on vesting of RSUs	0
Issuance of shares on exercise of options	48,068
Issuance of shares to debenture holders		364,379	713,590
Balance	$ 93,401,126	$ 72,832,755	$ 102,590,942
Share Capital
Number of Shares
Share capital, beginning (in shares)	83,784,305	79,295,691	79,119,572
Issue of shares on exercise of warrants (in shares)			100
Cancellation of shares (in shares)			(2,500)
Issuance of ordinary shares in connection with registered direct offering (in shares)	5,700,000
Issue of shares on vesting of RSUs (in shares)	419,334
Issuance of ordinary shares on exercise of stock options (in shares)	10,918
Issue of shares to debenture holders (in shares)			178,519
Transactions With Equity ShareHolders (in shares)	6,130,252		176,119
Ending balance (in shares)	89,914,557	83,784,305	79,295,691
$
Balance	$ 8,380	$ 7,931	$ 7,913
Registered direct offering (net of costs)	570
Issuance of shares on vesting of RSUs	42
Issuance of shares on exercise of options	1
Issuance of shares to debenture holders			18
Transactions With Equity ShareHolders	613		18
Balance	$ 8,993	$ 8,380	$ 7,931

Equity - Narrative (Details)							1 Months Ended			6 Months Ended
Equity - Narrative (Details)	Apr. 23, 2026 USD ($) $ / shares shares	Nov. 12, 2025 USD ($) $ / shares shares	Aug. 08, 2025 USD ($) $ / shares shares	May 02, 2025	May 01, 2025	Jul. 05, 2023 USD ($) $ / shares	May 31, 2025 USD ($)	Jan. 31, 2024 USD ($)	Jan. 31, 2021	Jun. 30, 2026 USD ($) d $ / shares shares	Jun. 29, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 shares
Disclosure of reserves within equity [line items]
Par value per share (in dollars per share)										$ 0.0001
Shares held in escrow account (in shares) \| shares										1,725,000
Number of trading days \| d										20
Beginning balance (in shares) \| shares	5,700,000
Purchase price ( in dollars per share)		$ 3.40
Purchase price after deducting underwriting fees and commissions (in dollars per share)		3.21
Exercise prices (in dollars per share)		$ 4.00	$ 5.42
Warrant term		4 years
Fee and commission income \| $		$ 14,000,000
Non-controlling interests \| $										$ (1,062,825)		$ (998,960)
Percentage of NCI (%)									16.00%
Senior Secured Bridge Loan Facility Warrants
Disclosure of reserves within equity [line items]
Financial liabilities, at fair value \| $										$ 37,831,452		$ 19,063,612
Lifezone Recycling US, LLC \| Glencore Investment
Disclosure of reserves within equity [line items]
Percentage of NCI (%)				5.44%	6.00%
Kabanga Nickel Limited \| Senior Secured Bridge Loan Facility Warrants
Disclosure of reserves within equity [line items]
Number of warrants to be issued \| shares			2,500,000
Fair value of warrants (in dollars per share)			$ 2.26
Financial liabilities, at fair value \| $			$ 5,650,000
TNCL
Disclosure of reserves within equity [line items]
Percentage of NCI (%)									16.00%
Warrant units \| Senior Secured Bridge Loan Facility Warrants
Disclosure of reserves within equity [line items]
Exercise prices (in dollars per share)											$ 6.25
Number of warrants to be issued \| shares										500,000	500,000
Financial liabilities, at fair value \| $											$ 1,080,000.00
Direct Offering Warrants
Disclosure of reserves within equity [line items]
Shares outstanding (in Shares) \| shares										4,411,764		4,411,764	0
Direct Offering Warrants \| Warrant units
Disclosure of reserves within equity [line items]
Number of ordinary shares in issue (in shares) \| shares		4,411,764
Public Warrants
Disclosure of reserves within equity [line items]
Exercise prices (in dollars per share)										$ 11.50
Price per warrant (in dollars per share)						$ 1.05
Warrants, fair value \| $						$ 14,490,000
Shares outstanding (in Shares) \| shares										13,723,550		13,723,550	13,723,650
Private Placement Warrants
Disclosure of reserves within equity [line items]
Price per warrant (in dollars per share)										$ 0.91
Warrants, fair value \| $										$ 607,425
Shares outstanding (in Shares) \| shares										667,500		667,500	667,500
Warrant Reserves
Disclosure of reserves within equity [line items]
Number of shares, right to purchase (in shares) \| shares			1
Warrants issued in connection with the 2025 Offering
Disclosure of reserves within equity [line items]
Exercise prices (in dollars per share)										$ 4.00
Warrant term		4 years
Direct Offering, Ordinary Shares
Disclosure of reserves within equity [line items]
Purchase price ( in dollars per share)	$ 4.40
Proceeds of equity issuance \| $	$ 23,300,000
Number of ordinary shares in issue (in shares) \| shares	5,700,000
Lifezone Metals \| Earnout Trigger Event 1
Disclosure of reserves within equity [line items]
Earnout share price (in dollars per share)										14.00
Lifezone Holdings One \| Earnout Trigger Event 2
Disclosure of reserves within equity [line items]
Earnout share price (in dollars per share)										$ 16.00
Lifezone And Glencore \| Lifezone Recycling US, LLC
Disclosure of reserves within equity [line items]
Amount funded to entity \| $							$ 2,000,000	$ 1,500,000

Equity - Schedule of Warrants Reserve (Details) - $ / shares	6 Months Ended
	Jun. 30, 2026	Nov. 12, 2025	Aug. 08, 2025
Disclosure of reserves within equity [line items]
Warrants issued (in shares)	21,802,814
Exercise prices (in dollars per share)		$ 4.00	$ 5.42
Public Warrants
Disclosure of reserves within equity [line items]
Warrants issued (in shares)	13,723,550
Exercise prices (in dollars per share)	$ 11.50
Private Placement Warrants
Disclosure of reserves within equity [line items]
Warrants issued (in shares)	667,500
Exercise prices (in dollars per share)	$ 11.50
Warrants issued as part of senior secured bridge loan facility
Disclosure of reserves within equity [line items]
Warrants issued (in shares)	2,500,000
Exercise prices (in dollars per share)	$ 5.42
Warrants issued in connection with the 2025 Offering
Disclosure of reserves within equity [line items]
Warrants issued (in shares)	4,411,764
Exercise prices (in dollars per share)	$ 4.00
Additional warrants issued as part of senior secured bridge loan facility
Disclosure of reserves within equity [line items]
Warrants issued (in shares)	500,000
Exercise prices (in dollars per share)	$ 6.25

Equity - Schedule of Fair Value of Outstanding Warrants (Details) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Public Warrants
Warrant, Shares [Roll Forward]
Beginning balance (in shares)	13,723,550	13,723,650
Exercised (in shares)		(100)
Issued (in years)	0	0
Ending balance (in shares)	13,723,550	13,723,550
Private Placement Warrants
Warrant, Shares [Roll Forward]
Beginning balance (in shares)	667,500	667,500
Exercised (in shares)		0
Issued (in years)	0	0
Ending balance (in shares)	667,500	667,500
Senior Secured Bridge Loan Facility Warrants
Warrant, Shares [Roll Forward]
Beginning balance (in shares)	2,500,000	0
Exercised (in shares)		0
Issued (in years)	0	2,500,000
Ending balance (in shares)	2,500,000	2,500,000
Direct Offering Warrants
Warrant, Shares [Roll Forward]
Beginning balance (in shares)	4,411,764	0
Exercised (in shares)		0
Issued (in years)	0	4,411,764
Ending balance (in shares)	4,411,764	4,411,764
Senior Secured Bridge Loan Facility Additional Warrants
Warrant, Shares [Roll Forward]
Beginning balance (in shares)	0	0
Exercised (in shares)		0
Issued (in years)	500,000	0
Ending balance (in shares)	500,000	0

Share-based payments - Narrative (Details)					6 Months Ended		12 Months Ended
Share-based payments - Narrative (Details)	May 07, 2026 USD ($) tranche	Dec. 01, 2025 shares installment $ / shares	Aug. 14, 2025 USD ($) shares tranche	Jul. 01, 2024 shares $ / shares	Jun. 30, 2026 USD ($) shares d $ / shares	Jun. 30, 2025 USD ($)	Dec. 31, 2025 shares $ / shares	Dec. 31, 2024 shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of sensitivity analysis					10.00%
Share options granted (in shares) \| shares			1,583,085		1,164,597		1,583,085
Granted (in dollars per share) \| $ / shares					$ 4.81		$ 4.40
Number of tranches \| tranche	3		3
Grant date fair value of stock options granted \| $	$ 3,540,000		$ 3,387,000
Weighted remaining contractual life					4 years 5 months 8 days
Number of trading days \| d					20
Incremental share-based compensation \| $					$ 2,970,000
Expected lives					3 years 7 months 6 days
Lifezone Metals
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total number of units \| shares					26,797,052
Earnout Trigger Event 1 \| Lifezone Metals
Disclosure of terms and conditions of share-based payment arrangement [line items]
Earnout share price (in dollars per share) \| $ / shares					$ 14.00
Earnout Trigger Event 2 \| Lifezone Holdings One
Disclosure of terms and conditions of share-based payment arrangement [line items]
Earnout share price (in dollars per share) \| $ / shares					$ 16.00
Stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from share-based payment transactions \| $					$ 1,391,251
Expense from equity-settled share-based payment transactions \| $
Restricted stock units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted (in shares) \| shares		1,500,000		2,600,000	0		1,500,000
RSUs vested (in shares) \| shares				933,333	419,334
Number of other equity instruments outstanding in share-based payment arrangement (in shares) \| shares		1,666,667			1,247,333		1,666,667	1,666,667
Award vesting period				5 years
Cancellation of shares (in shares) \| shares		1,500,000
Number of installments \| installment		3
Exercise price, share options granted (in dollars per share) \| $ / shares		$ 0.0001
Expense from equity-settled share-based payment transactions \| $					$ 1,752,518	$ 0
Risk-free interest rate					3.60%
Dividend yields					0.00%
Expected volatility					70.00%
Restricted stock units \| Earnout Trigger Event 1
Disclosure of terms and conditions of share-based payment arrangement [line items]
Price per share (in dollars per share) \| $ / shares				$ 14.50
Restricted stock units \| Earnout Trigger Event 2
Disclosure of terms and conditions of share-based payment arrangement [line items]
Price per share (in dollars per share) \| $ / shares				$ 16.00

Share-based payments - Schedule of Share Based Payment Expense (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment expenses	$ 3,143,769	$ 0
Stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment expenses	1,391,251	0
Restricted stock units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment expenses	$ 1,752,518	$ 0

Share-based payments - Schedule of Fair Value of the Options on the Grant Date Using the Black-scholes Option Pricing Model (Details)	6 Months Ended
	Jun. 30, 2026 year $ / shares
2026 Stock Options Grant
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility	75.00%
Expected dividend yield	0.00%
Forfeiture rate	0.00%
Share price (in dollars per share) \| $ / shares	$ 5.57
2026 Stock Options Grant \| Tranche 1
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected life:	2.7
2026 Stock Options Grant \| Tranche 2
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected life:	3
2026 Stock Options Grant \| Tranche 3
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected life:	3.5
2025 Stock Options Grant
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility	65.00%
Expected dividend yield	0.00%
Forfeiture rate	0.00%
Share price (in dollars per share) \| $ / shares	$ 4.56
2025 Stock Options Grant \| Tranche 1
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected life:	2.61
2025 Stock Options Grant \| Tranche 2
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected life:	3
2025 Stock Options Grant \| Tranche 3
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected life:	3.49
Bottom of range \| 2026 Stock Options Grant
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk free rate	3.74%
Bottom of range \| 2025 Stock Options Grant
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk free rate	3.60%
Top of range \| 2026 Stock Options Grant
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk free rate	3.75%
Top of range \| 2025 Stock Options Grant
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk free rate	3.62%

Share-based payments - Schedule of Share Options (Details)		6 Months Ended	12 Months Ended
	Aug. 14, 2025 shares	Jun. 30, 2026 shares $ / shares	Dec. 31, 2025 shares $ / shares
Stock Options
Number of stock options outstanding, beginning of year (in shares) \| shares		1,583,085	0
Granted (in shares) \| shares	1,583,085	1,164,597	1,583,085
Forfeited (in shares) \| shares		(54,839)
Exercised (in shares) \| shares		(10,918)
Number of stock options outstanding, end of year (in shares) \| shares		2,681,925	1,583,085
Exercisable (in shares) \| shares		506,551
Weighted average exercise price
Beginning balance (in dollars per share) \| $ / shares		$ 4.40	$ 0
Granted (in dollars per share) \| $ / shares		4.81	4.40
Forfeited (in dollars per share) \| $ / shares		4.40
Exercised (in dollars per share) \| $ / shares		4.40
Ending balance (in dollars per share) \| $ / shares		4.58	$ 4.40
Excercisable (in dollars per share) \| $ / shares		$ 4.40

Share-based payments - Schedule of Fair Value of Restricted Stock Units (Details) - Restricted stock units			3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 01, 2025 shares	Jul. 01, 2024 shares	Mar. 31, 2026 shares $ / shares	Jun. 30, 2026 shares $ / shares	Dec. 31, 2025 shares $ / shares
Restricted stock units
Beginning balance (in shares) \| shares			1,666,667	1,666,667	1,666,667
Granted (in shares) \| shares	1,500,000	2,600,000		0	1,500,000
Canceled (in shares) \| shares			1,500,000
Ending balance (in shares) \| shares	1,666,667			1,247,333	1,666,667
Weighted Average Grant Date Fair Value ($)
Beginning balance (in dollars per share)			$ 3.93	$ 3.93	$ 6.21
Granted (in dollars per share)				0	3.68
Cancelled (in dollars per share)			$ 6.21
Vested (in dollars per share)				3.68
Ending balance (in dollars per share)				$ 4.02	$ 3.93

Share-based payments - Schedule of Share Price Earnout Tranches (Details)	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Disclosure of reserves within equity [line items]
Number of units - Sponsor shareholders (in shares)	1,725,000
Number of units - other shareholders (in shares)	25,072,052
Lifezone Metals
Disclosure of reserves within equity [line items]
Additional ordinary shares (in shares)	26,797,052
Tranche 1
Disclosure of reserves within equity [line items]
Earnout share price (in dollars per share) \| $ / shares	$ 14.00
Fair value per unit at date of grant (in dollars per share) \| $ / shares	$ 9.98
Number of units - Sponsor shareholders (in shares)	862,500
Number of units - other shareholders (in shares)	12,536,026
Tranche 2
Disclosure of reserves within equity [line items]
Earnout share price (in dollars per share) \| $ / shares	$ 16.00
Fair value per unit at date of grant (in dollars per share) \| $ / shares	$ 9.84
Number of units - Sponsor shareholders (in shares)	862,500
Number of units - other shareholders (in shares)	12,536,026

Earnings (loss) per share - Reconciliation (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Mar. 27, 2024
Earnings per share [abstract]
Net (loss) earnings used for basic (loss) earnings per share	$ (6,862,073)	$ 2,705,578
Less: Dilutive impact related to convertible debentures	0	9,293,633
Net earnings (loss) used for diluted loss per share	$ (6,862,073)	$ (6,588,055)
Basic weighted-average outstanding ordinary shares (in shares)	86,182,955	79,160,672
Convertible debentures (in shares)	0	6,388,321
Diluted weighted-average outstanding ordinary shares (in shares)	86,182,955	85,548,993
Basic (in dollars per share)	$ (0.08)	$ 0.03
Diluted (in dollars per share)	$ (0.08)	$ (0.08)
Convertible debentures (in shares)	6,250,000	0
Stock options (in shares)	2,681,925	0
Restricted stock units (in shares)	1,166,667	1,666,667
Earnout units (in shares)	26,797,052	26,797,052
Warrant units (in shares)	21,802,814	14,391,050
Total (in shares)	58,698,458	42,854,769
Exercise price of issued shares (in dollars per share)			$ 8.00

Financial Risk Review - Schedule of Information about the Credit Risk Exposure of Financial Assets (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Financial Risk Review (Details) - Schedule of Carrying Amount of Financial Assets Represents the Maximum Credit Exposure [Line Items]
Cash and cash equivalents	$ 37,294,296	$ 20,144,250	$ 12,512,058	$ 29,283,942
Deposits	386,268	496,154
Trade receivables	262,334	430,470
Other receivables	123,754	133,647
Financial assets
Financial Risk Review (Details) - Schedule of Carrying Amount of Financial Assets Represents the Maximum Credit Exposure [Line Items]
Cash and cash equivalents	37,294,296	20,144,250
Deposits	386,268	496,154
Trade receivables	262,334	430,470
Other receivables	123,754	133,647
Maximum exposure to credit risk	$ 38,066,652	$ 21,204,521

Financial Risk Review - Schedule of Liquidity Risk (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Disclosure of financial assets [line items]
Financial assets held for managing liquidity risk	$ 148,012,703	$ 130,750,210
Greater than or equal to thirty days
Disclosure of financial assets [line items]
Financial assets held for managing liquidity risk	6,256,382	3,944,793
Thirty days through one year
Disclosure of financial assets [line items]
Financial assets held for managing liquidity risk	8,991,804	10,732,467
One year through two years
Disclosure of financial assets [line items]
Financial assets held for managing liquidity risk	105,749,888	36,241,669
More than two years
Disclosure of financial assets [line items]
Financial assets held for managing liquidity risk	$ 27,014,629	$ 79,831,281

Financial Risk Review - Schedule of Financial Instruments (Details)	Jun. 30, 2026 USD ($)	Jun. 30, 2026 GBP (£)	Jun. 30, 2026 AUD ($)	Jun. 30, 2026 TZS (Tsh)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 GBP (£)	Dec. 31, 2025 AUD ($)	Dec. 31, 2025 TZS (Tsh)
Disclosure of financial assets [line items]
Trade receivables	$ 262,334				$ 430,470
Trade and other payables	$ 6,026,354				$ 3,762,481
Foreign Currency Risk
Disclosure of financial assets [line items]
Cash in banks		£ 415,559	$ 859,405	Tsh 1,152,182,282		£ 168,532	$ 558,091	Tsh 853,939,035
Trade receivables			0				824,669
Prepaid expenses		80,774	271,503			84,966	200,448
Trade and other payables		£ 284,611	$ 171,645			£ 467,774	$ 1,486,944

Financial Risk Review - Narrative (Details) - USD ($)	6 Months Ended
Financial Risk Review - Narrative (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025
Financial Risk Review [Abstract]
Percentage of sensitivity analysis	10.00%
Increase (decrease) in Interest expense	$ 266,313	$ 255,533

Financial Risk Review - Schedule of Demonstrates the Estimated Sensitivity (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
10% \| Change in GBP Rate
Disclosure of financial assets [line items]
Effect on Profit	$ (28,009)	$ 28,843
10% \| Change in AUD Rate
Disclosure of financial assets [line items]
Effect on Profit	(65,924)	(6,440)
10% \| Change in TZS Rate
Disclosure of financial assets [line items]
Effect on Profit	(43,872)	(34,784)
-10% \| Change in GBP Rate
Disclosure of financial assets [line items]
Effect on Profit	28,009	(28,843)
-10% \| Change in AUD Rate
Disclosure of financial assets [line items]
Effect on Profit	65,924	6,440
-10% \| Change in TZS Rate
Disclosure of financial assets [line items]
Effect on Profit	$ 43,872	$ 34,784

Contingent liabilities (Details) Tsh in Thousands	1 Months Ended				6 Months Ended		12 Months Ended
Contingent liabilities (Details) Tsh in Thousands	May 31, 2026 USD ($)	May 31, 2026 TZS (Tsh)	May 31, 2025 USD ($)	May 31, 2025 TZS (Tsh)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 TZS (Tsh)	Jun. 30, 2026 TZS (Tsh)	Dec. 31, 2025 USD ($)	Jul. 30, 2024 USD ($)	Jul. 30, 2024 TZS (Tsh)
Disclosure of contingent liabilities [line items]
Other current provisions					$ 3,438,235					$ 3,438,235		Tsh 8,430,000
Interest paid					4,278,974
Withholdings tax expense					175,109	$ 0
Tax contingent liability
Disclosure of contingent liabilities [line items]
Unpaid taxes			$ 709,472	Tsh 1,860,000
Interest on unpaid taxes	$ 283,054	Tsh 740,000	68,419	179,690
Penalty on unpaid taxes			$ 5,450,000	Tsh 14,330,000
Kabanga Nickel Company Ltd
Disclosure of contingent liabilities [line items]
Other current provisions											$ 3,440,000
Interest paid					$ 4,710,000				Tsh 12,360,000
Withholdings tax expense							$ 187,245	Tsh 491,760