Audit Information |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
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| Audit Information [Abstract] | ||
| Auditor Firm ID | 1295 | 1402 |
| Auditor Name | BDO LLP | Grant Thornton |
| Auditor Location | London, United Kingdom | Dublin, Ireland |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) |
Total |
Total Shareholders’ equity |
Share Capital |
Share Premium |
Shared Based Payment Reserve |
Warrant Reserves |
Other Reserves |
[1] | Foreign currency translation reserve |
Redemption Reserve |
Accumulated Deficit |
Non- controlling Interest |
||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Beginning balance at Dec. 31, 2022 | $ 75,986,805 | $ 64,760,370 | $ 3,101 | $ 25,436,656 | $ 25,483,348 | $ 0 | $ 57,731,195 | $ 115,864 | $ 280,808 | $ (44,290,602) | $ 11,226,435 | |||
| Exercise of share options | 110,504 | 110,504 | 83 | 573,515 | (11,103,650) | 10,640,556 | ||||||||
| Exercise of RSUs | 0 | 0 | 150 | 9,524,850 | (14,379,698) | 4,854,698 | ||||||||
| Share for share exchange | 0 | 0 | 2,934 | (2,934) | ||||||||||
| Public Warrants | 878,025 | 878,025 | 8 | (6,944,463) | 14,409,832 | (6,587,352) | ||||||||
| Private Placement Warrants | 0 | 0 | (380,475) | 607,425 | (226,950) | |||||||||
| Earnouts to shareholders | 248,464,035 | 248,464,035 | 248,464,035 | |||||||||||
| Earnouts to sponsors | 17,094,750 | 17,094,750 | 17,094,750 | |||||||||||
| Issuances to SPAC shareholders and sponsors | 79,961,540 | 79,961,540 | 800 | 79,960,740 | ||||||||||
| Issuance to PIPE Investors | 70,173,170 | 70,173,170 | 702 | 70,172,468 | ||||||||||
| Issuance to Simulus shareholders | 6,030,000 | 6,030,000 | 50 | 6,029,950 | ||||||||||
| Equity issuance costs | (5,683,979) | (5,683,979) | (5,683,979) | |||||||||||
| Total transactions with shareholders | 417,028,045 | 417,028,045 | 4,727 | 153,249,672 | 240,075,437 | 15,017,257 | 8,680,952 | |||||||
| Total loss for the year | (364,663,392) | (363,874,560) | (363,874,560) | (788,832) | ||||||||||
| Total other comprehensive income | (37,931) | (37,931) | (37,931) | |||||||||||
| Ending balance at Dec. 31, 2023 | 128,313,527 | 117,875,924 | 7,828 | 178,686,328 | 265,558,785 | 15,017,257 | 66,412,147 | 77,933 | 280,808 | (408,165,162) | 10,437,603 | |||
| Issuance of shares to debenture holders | 553,286 | 553,286 | 9 | 553,277 | ||||||||||
| Grant of RSUs | 16,189,512 | 16,189,512 | 76 | 5,831,101 | 10,358,335 | |||||||||
| Glencore contribution in Lifezone US Recycling LLC | 1,500,000 | 1,320,000 | 1,320,000 | 180,000 | ||||||||||
| Total transactions with shareholders | 18,242,798 | 18,062,798 | 85 | 6,384,378 | 10,358,335 | 1,320,000 | 180,000 | |||||||
| Total loss for the year | (47,136,333) | (46,305,239) | (46,305,239) | (831,094) | ||||||||||
| Total other comprehensive income | (92,991) | (92,991) | (92,991) | |||||||||||
| Ending balance at Dec. 31, 2024 | 99,327,001 | 89,540,492 | 7,913 | 185,070,706 | 275,917,120 | 15,017,257 | 67,732,147 | (15,058) | 280,808 | (454,470,401) | 9,786,509 | |||
| Issuance of shares to debenture holders | 1,077,969 | 1,077,969 | 26 | 1,077,943 | ||||||||||
| Share-based payments | 2,121,036 | 2,121,036 | 2,121,036 | |||||||||||
| Warrants issued as part of senior secured bridge loan facility | 5,650,000 | 5,650,000 | 5,650,000 | |||||||||||
| Purchase of BHP's minority interest in KNL | (25,482,327) | (15,067,819) | (15,067,819) | (10,414,508) | ||||||||||
| Issuance of ordinary shares in connection with the 2025 Offering | 4,085,799 | 4,085,799 | 441 | 4,085,358 | ||||||||||
| Issuance of ordinary shares on exercise of warrants | 1,150 | 1,150 | (105) | 105 | ||||||||||
| Cancellation of ordinary shares | (18,620) | (18,620) | (18,620) | |||||||||||
| Change in minority interest in Lifezone US Recycling LLC | (108,000) | (108,000) | 108,000 | |||||||||||
| Total transactions with shareholders | (12,564,993) | (2,258,485) | 467 | 5,145,831 | 2,121,036 | 5,649,895 | (15,175,714) | (10,306,508) | ||||||
| Total loss for the year | (14,106,837) | (13,627,876) | (13,627,876) | (478,961) | ||||||||||
| Total other comprehensive income | 177,584 | 177,584 | 177,584 | |||||||||||
| Ending 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) | |||
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General information |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| General information [Abstract] | |
| General information | 1. General information Lifezone Metals Limited ("Lifezone Metals") is a limited company incorporated and domiciled in the Isle of Man, whose ordinary shares have been publicly traded on the New York Stock Exchange ("NYSE") since July 6, 2023, under the trading symbol "LZM". Lifezone's 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 consolidated financial statements of Lifezone Metals for the year ended December 31, 2025, were authorized for release in accordance with a resolution of the Directors of Lifezone Metals on March 19, 2026. 1.1. 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 $435 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 produced contains high-grade nickel content with meaningful copper and cobalt by-products. The economics displayed in the 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 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 one of the US’ largest rhodium producers, 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 November 12, 2025, Lifezone closed an underwritten registered direct offering (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 approximately $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. 1.2. 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 December 31, 2025, Lifezone holds 181 patents and has 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. 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 with 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 two 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 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 for external clients. 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. Lifezone seeks to ensure that its proprietary Hydromet Technology remains secure through patent applications. 1.3. 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 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. In October 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 16.0% shareholder in the Kabanga Nickel Project with a non-dilutable interest via its holding in Tembo Nickel Corporation Limited (“TNCL”). As at December 31, 2025, the remaining 84.0% in TNCL is owned by Kabanga Nickel Limited (“KNL”), which is 100% owned by Lifezone. On July 18, 2025, Lifezone entered into a definitive agreement with 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. 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 Lifezone within 30 days after the earlier of: (i) 12 months after the FID of Kabanga; 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 Lifezone’s share price performance, 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. Please refer to Note 23 for more information. The Feasibility Study for the Kabanga Nickel Project was released on July 18, 2025, and represents a major milestone in the advancement of the Kabanga Nickel Project. The Feasibility Study builds on the foundation established by the Initial Assessment and focuses on the initial development phase of Kabanga, which includes a 3.40 million tonnes per annum mechanized underground mine, concentrator, tailings storage facility and supporting infrastructure. Please refer to the Management discussion and analysis for further details on the Initial Assessment and the Feasibility Study for the Kabanga Nickel Project. With the release of the Feasibility Study, Lifezone’s Board of Directors has directed management to commence the execution readiness phase, including the project financing process leading to a FID. 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. Kabanga’s strong economics and alignment with global critical minerals priorities position 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. The facility closed in late August and on August 29, 2025, Lifezone received the first tranche of $20 million under the senior secured bridge loan facility. Please refer to Note 21 for further details on the terms of the facility. 1.4. 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. Today, more than 20% of the global PGM supply is derived from the secondary autocat recycling market. 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 intends to break this energy-intensive and pollutive recycling chain by providing a cleaner, fully-traceable, lower emissions and responsibly sourced recycling solution. 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 autocat material. In January 2024, Lifezone and Glencore each funded $1.50 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 and will inform Glencore and Lifezone’s final investment decision to construct the first hydromet PGM recycling facility in the US. The feasibility study is expected to be completed in the first half of 2026. As at December 31, 2025, Glencore holds 5.56% (2024: 6.00%) interest in Lifezone Recycling US, LLC. 1.5 Simulus acquisition On March 3, 2023, Lifezone Asia-Pacific Pty Ltd ("LZAP"), a wholly owned subsidiary of Lifezone, signed a share sale agreement with the shareholders of Simulus, a leading hydrometallurgical laboratory and engineering company located in Perth, Australia. The transaction formally closed on July 18, 2023, for a total consideration of $14.53 million comprising a $1.0 million deposit paid on March 27, 2023, a cash consideration of $7.5 million paid on closing and 500,000 shares in Lifezone. The vendors were restricted from disposing of, transferring, or assigning their consideration shares for a period of six months from the completion of the Simulus acquisition. 1.6 SPAC Transaction On December 13, 2022, Lifezone and GoGreen Investments Corporation ("GoGreen"), a Cayman Islands exempted company under Section 4(a)(2) of the Securities Act and/or Regulation D, incorporated under the laws of the Cayman Islands and listed on the NYSE, entered into the business combination agreement ("BCA"). Lifezone, Lifezone Holdings and GoGreen consummated the SPAC Transaction pursuant to the BCA on July 6, 2023 (the “Closing” and the “Closing Date”). The transaction was unanimously approved by GoGreen’s Board of Directors and was approved at the Extraordinary General Meeting ("EGM") of GoGreen’s shareholders held on June 29, 2023. GoGreen’s shareholders also voted to approve all the other proposals presented at the EGM. As a result of the SPAC Transaction, Aqua Merger Sub, a company registered in The Cayman Islands, as the surviving entity after the SPAC Transaction, and Lifezone Holdings each became wholly owned subsidiaries of Lifezone. As Lifezone Holdings shareholders hold the majority of shares in the combined entity post the acquisition, and as Lifezone Holdings’s key management personnel continue to direct the combined business and Lifezone Holdings’s former shareholder control the board composition, Lifezone is considered the accounting acquirer. The SPAC Transaction was accounted for as a capital reorganization ("Reorganization"). Under this method of accounting, GoGreen was treated as the “acquired” company for financial reporting purposes, with Lifezone being the accounting acquirer and accounting predecessor. Accordingly, the Reorganization was treated as the equivalent of Lifezone issuing shares at Closing of the Reorganization for the net assets of GoGreen. This was accompanied by a recapitalization via a Private Investment in Public Equity ("PIPE") transaction, which raised $70.2 million of gross proceeds. The Reorganization, which is not within the scope of IFRS 3 - Business Combinations since GoGreen did not meet the definition of a business in accordance with IFRS 3, was accounted for as a share-based payment transaction within the scope of IFRS 2 - Share-based Payment. Accordingly, pursuant to IFRS 2, Lifezone recorded a one-time non-cash expense of $76.9 million recognized as a SPAC Transaction expense, based on the excess of the fair value of Lifezone shares issued at a value of $10 per share over the fair value of GoGreen’s identifiable net assets acquired.
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Significant accounting policies |
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| Disclosure of voluntary change in accounting policy [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Significant accounting policies | 2. Significant accounting policies 2.1. Basis of preparation Lifezone’s consolidated financial statements for the year ended December 31, 2025, have been prepared in accordance with International Financial Reporting Standards and International Accounting Standards as issued by the International Accounting Standards Board (IASB) and Interpretations (collectively IFRS Accounting Standards) and are reported in U.S. dollars ("USD" or "$"). The consolidated financial statements were prepared on a historical cost basis unless otherwise stated. The principal accounting policies applied in the preparation of the consolidated financial statements were consistently applied in all years presented. Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. 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 consolidated financial statements include the accounts of Lifezone Metals and its subsidiaries. Intercompany balances, transactions, income and expenses are eliminated on consolidation. Lifezone group entities and their country of incorporation are listed below:
1In May 2025, Lifezone funded $2 million into Lifezone Recycling US, LLC resulting in a change in its ownership from 94% to 94.44%. Please refer to Note 1 for more details. 2On July 18, 2025, Lifezone acquired BHP’s 17% equity interest in Kabanga Nickel Limited resulting in a change in its ownership from 83% to 100% in KNL. Please refer to Note 1 for more details. 3Lifezone holds 84% interest with the remaining 16% held by the Government of Tanzania. 2.2. Basis of consolidation The consolidated financial statements comprise the financial statements of Lifezone and its subsidiaries as of December 31, 2025. Control is achieved when Lifezone is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, Lifezone controls an investee if, and only if, Lifezone has: •power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); •exposure, or rights, to variable returns from its involvement with the investee; or •the ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when Lifezone has less than a majority of the voting or similar rights of an investee, Lifezone considers all relevant facts and circumstances in assessing whether it has power over an investee, including: •the contractual arrangement(s) with the other vote holders of the investee; •rights arising from other contractual arrangements; and •Lifezone’s voting rights and potential voting rights. Lifezone re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when Lifezone obtains control over the subsidiary and ceases when Lifezone loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date Lifezone gains control until the date Lifezone ceases to control the subsidiary. Profit or loss and each component of other comprehensive income or loss are attributed to the equity holders of the parent (Lifezone) and to the NCI, even if this results in the NCI 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. Lifezone attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the NCIs based on their respective ownership interests. 2.3. Going concern The management of Lifezone has assessed the going concern assumptions of Lifezone during the preparation of these consolidated financial statements. Lifezone had a net loss of $14.11 million for the year ended December 31, 2025, (2024: loss of $47.14 million) and accumulated losses of $468.10 million as at December 31, 2025 (2024: $454.47 million). As at December 31, 2025, Lifezone had consolidated cash and cash equivalents of $20.14 million (2024: $29.28 million). The net cash used in operating activities for the year ended December 31, 2025, was $15.59 million (2024: $15.89 million). The consolidated 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 December 31, 2025, Lifezone has net current liabilities of $31.63 million and based on Lifezone’s current and anticipated liquidity and funding requirements, Lifezone will need additional capital in the near future to fund its corporate expenditure, operations and project developments. 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 funding and bridge and project-level debt. Active discussions are ongoing with offtake partners, financial and strategic investors, development finance institutions and commercial lenders. 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 24 for further details on the number of warrants outstanding, exercise prices and expiry dates of the warrants. We believe the likelihood that warrant holders will exercise their warrants, and therefore the amount of cash proceeds that we would receive is dependent upon the market price of our Lifezone ordinary shares. On December 31, 2025, the market price of one ordinary share of Lifezone Metals was $4.27. 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. To the extent that Lifezone foresees increasing financing risks, jeopardizing the existence of Lifezone, Lifezone can accelerate a reduction of costs and aim for smaller, more targeted capital raises. Our cash and cash equivalents of $20.14 million as of December 31, 2025 and the $40.0 million of undrawn senior secured bridge loan facility as of December 31, 2025 , will be insufficient to fund our operating and other expenses and expenditure over the next 12 months. In this assessment, we consider the Board of Directors making the Financial Investment Decision for the Kabanga Nickel Project, which will materially increase our investment cash flows and require raising equity and debt through a multi-sourced project financing solution. That means that our future viability is dependent on our ability to raise additional capital to fund corporate working capital expenditure, Kabanga Nickel Project developments, potential new projects and acquisitions and to fund operations. As the senior secured bridge loan facility is ringfenced for the Kabanga Nickel Project, corporate overheads, the investment in the PGM Recycling Partnership with Glencore, other expenses linked to our IP segment and costs linked to business development activities, will require near-term and alternative funding solutions from the Kabanga Nickel Project. Such solutions, which are required within the next 6 months, might include further equity offerings at the Lifezone Metals level. To maintain liquidity, management could also consider reducing operating costs, pausing capital expenditures, restructuring interest-paying debt, or maximising external revenues from the Simulus hydromet laboratory based in Perth, Australia. These conditions give rise to a substantial doubt about our ability to continue as a going concern, as there can be no assurance Lifezone will be able to raise the required financing through a combination of equity offerings, debt financings, strategic alliances, 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. The financial statements do not include the adjustments to the amounts and classification of assets and liabilities that may be necessary if Lifezone was unable to continue as a going concern. 2.4. Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at the acquisition date fair value, and the amount of any NCI in the acquiree. Acquisition-related costs are expensed as incurred and included in administrative expenses. Lifezone determines that it has acquired a business when the acquired set of activities and assets includes an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organized workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. When Lifezone acquires a business, it assesses the assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Mineral reserves, resources and exploration potential that can be reliably measured are recognized separately in the assessment of fair values on acquisition. Other potential reserves, resources and rights, for which fair values cannot be reliably measured, are not recognized separately, but instead are subsumed in goodwill. Changes in Lifezone’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. Goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred and the amount recognized for NCI over the fair value of the identifiable net assets acquired and liabilities assumed. Any deferred consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Deferred consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Deferred consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 - Financial Instruments - is measured at fair value, with changes in fair value recognized in the consolidated statement of comprehensive loss in accordance with IFRS 9. 2.5. Functional and presentation currency These consolidated financial statements are presented in "USD" which is the functional currency of Lifezone Metals, and all values are rounded to the nearest USD, except where otherwise indicated. The functional currency is the currency of the primary economic environment in which the entity operates. Accordingly, Lifezone presents its financial results and financial position in USD, expressed as $ in this document. Certain subsidiaries of Lifezone Metals have functional currencies different from USD. LZ Services Limited ("LZSL"), a company incorporated in England and Wales has GBP as its functional currency whereas Lifezone Asia-Pacific Pty Ltd ("LZAP") and Simulus are incorporated in Australia and have functional currencies as AUD. 2.5.1. Foreign currency transactions and balances Transactions in foreign currencies are initially recorded using the rate of exchange ruling at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions, as well as from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognized in the consolidated statement of comprehensive loss. Assets and liabilities are translated into Lifezone’s reporting currency using the exchange rates in effect at balance sheet dates. Equity accounts are translated at historical rates, except for the change in retained earnings during the year, which is the result of the income statement translation process. Revenue and expense accounts are translated using the average exchange rate during the period. The cumulative translation adjustments associated with the net assets of foreign subsidiaries are recorded in accumulated foreign currency translation reserves in the consolidated statements of changes in equity. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. 2.6. Revenue recognition Revenue is derived from research and laboratory services provided by our Simulus business in Australia. Prior to the acquisition of Simulus revenue included consulting and management services related to Lifezone’s licenses of patents for use in mineral beneficiation operations of joint ventures primarily in Africa and consulting and management services to other companies. Lifezone has not generated any revenues from its Metals Extraction and refining business as Kabanga Nickel Project continues to be classified as an exploration and evaluation asset. Transaction prices are stated within the agreement or are verbally agreed to with no variable elements and are allocated to one performance obligation. Accordingly, revenues from the sale of consulting and management services are recognized at the transaction price during the period the services were provided. When Lifezone fulfills its performance obligation prior to receiving payment, the company records either a contract asset or a receivable in its consolidated statement of financial position. The classification depends on whether any conditions other than the passage of time must be met before payment becomes due. 2.7. Cost of sales Cost of sales includes costs directly related to the provision of services. 2.8. Impairment of non-financial assets Lifezone assesses at each reporting date whether there is an indication that an asset or Cash Generating Unit ("CGU") may be impaired. If any indication exists, or when annual impairment testing for an asset is required, Lifezone estimates the assets or the CGU’s recoverable amount. An asset’s recoverable amount is the higher of an asset's or CGU’s fair value less costs of disposals and its value in use. When the carrying amount of an asset (or a CGU) exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. For assets where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years. A reversal of an impairment loss is recognized immediately in the consolidated statement of comprehensive loss. An intangible asset with an indefinite useful life is not amortized but is tested annually for impairment. Goodwill is tested for impairment at least annually and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. Where the recoverable amount of the CGU is less than its carrying amount including goodwill, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. 2.9. Interest expense and income Interest income and expense is recognized using the effective interest rate method. Interest income is derived primarily from interest on deposits and cash at bank while interest expense is incurred primarily on debt instruments, deferred considerations and finance leases. 2.10. Taxation Tax expense is recognized in the consolidated statement of comprehensive loss and comprises the sum of current and deferred tax not recognized in other comprehensive income or directly in equity. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for: •temporary differences on the initial recognition of assets and liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit; and •temporary differences to the extent that it is probable that they will not reverse in the foreseeable future. Deferred tax is measured at the tax rates at which the temporary differences are expected to reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset where the entity has a legally enforceable right to set off current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to the same taxation authority. Deferred tax assets are recognized to the extent that it is probable that there will be taxable profits in the foreseeable future against which they can be utilized. 2.11. Exploration and evaluation expenditure Lifezone’s activities involve the search for mineral resources, the determination of the technical feasibility and the assessment of the commercial viability of an identified mineral resource, and report exploration and evaluation expenditure by applying an accounting policy consistently developed using the IFRS framework, including definitions and concepts outlined in IFRS 6 - Exploration for and Evaluation of Mineral Resources. Lifezone applies the area of interest method when accounting for exploration and evaluation costs. All direct costs related to the acquisition of exploration rights are capitalized as an intangible asset on a property-by-property basis and mineral licenses adjacent to each other will be combined into a project if managed together. Once the legal right to explore has been acquired, costs are charged to the consolidated statement of comprehensive loss as incurred, unless Lifezone concludes that future economic benefits are more likely than not to be realized. Capitalized exploration and evaluation expenditure includes a wide range of exploration, evaluation and study related costs, including related overhead costs in Tanzania and financing costs. All other costs which do not meet Lifezone's capitalization policy are expensed during this phase and are included in “General and administrative expenses’ in the consolidated statement of comprehensive loss. Exploration and evaluation assets consist of certain mining data acquired in conjunction with the acquisition of the legacy Kabanga Nickel Project from Barrick Gold Corporation ("Barrick") and Glencore in 2021. Following the completion of the Feasibility Study of the Kabanga Nickel Project Lifezone is working towards a FID on the project. Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount, which is the higher of value in use and fair value less costs to sell, the asset is written down. An impairment loss is recognized in the consolidated statement of comprehensive loss. 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. Exploration and evaluation assets shall be assessed for impairment indicators, and any impairment loss recognized, before reclassification. As of December 31, 2025, Lifezone had defined the Kabanga Nickel Project as its only exploration and evaluation asset, comprising a SML and several prospecting licenses in close proximity, all being explored for the same minerals, managed by the same personnel and owned by TNCL. Study work undertaken for the potential downstream processing at Kahama, was considered an integral part of the project, as it forms part of the Feasibility Study. An impairment review is undertaken when indicators of impairment arise, but typically when one of the following circumstances applies: •Rights to explore in an area have expired or will expire in the near future without renewal; •No further exploration or evaluation is planned or budgeted; •A decision is made to discontinue exploration and evaluation in an area because of the absence of commercial reserves, and; •Sufficient data exists to indicate that the book value will not be fully recovered from future development and production (or a sale of the project). At each reporting date, Lifezone reviews the carrying amounts of its mining interests to determine if any indicators of impairment exist. If any such indicators exist, the recoverable amount of the asset is estimated in order to determine the extent of any impairment loss, if any. On the basis of the above assessment, management is not aware of any facts or circumstances that would suggest the carrying amount of the exploration and evaluation asset may exceed its recoverable amount. 2.12. Other intangible assets with finite lives Lifezone’s other intangible assets consist of computer software and patents. Other intangible assets are initially recognized at acquisition cost or acquired as part of a business combination and carried at historical cost less accumulated amortization and impairment losses, if any. Subsequent acquisitions are included in the asset’s carrying amount or recognized as a separate asset as appropriate only when it is probable that future economic benefits associated with the item will flow to Lifezone and the cost of the item can be measured reliably. Other intangible assets are amortized on a straight-line basis over their estimated useful lives, which are as follows:
Other Intangible assets with finite lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired. 2.13. Property and equipment Property and equipment are initially recognized at acquisition cost and carried at historical cost less accumulated depreciation and impairment losses, if any. Subsequent acquisitions are included in the asset’s carrying amount or recognized as a separate asset as appropriate only when it is certain the item can be measured reliably. Depreciation is calculated using the straight-line method to allocate the property and equipment’s value over the lower of their legal or estimated useful lives. Property and equipment with indefinite lives are not depreciated and are assessed for impairment on an annual basis. All repair and maintenance costs are recognized in consolidated statement of comprehensive loss as incurred. Depreciation is calculated on a straight-line basis over the estimated economic lives of the following assets:
An item of property and equipment and any significant part initially recognized is de-recognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising from de-recognition of the asset is recognized in the consolidated statement of comprehensive loss. The assets’ residual values, useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively, if appropriate. 2.14. Right-of-use assets and Lease Liabilities Lifezone has lease contracts used in its operations with an original lease term of 3 - 5 years. Lifezone’s obligations under its leases are secured by the lessor’s title to the leased assets. Lifezone recognizes right-of-use assets at the commencement date of the lease (i.e., the date when the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. Right-of-use assets are also tested for impairment when there are any indicators of impairment. Liabilities arising from a lease are initially measured at the present value of the future lease payments discounted using the interest rate implicit in the lease or the incremental borrowing rate in case the interest rate implicit in the lease is not readily determinable. The main components of the lease payments included in the measurement of the lease liability comprise the following: •fixed lease payments; •variable lease payments that are linked to an index (consumer price index); and •lease payments in an optional renewal period if Lifezone is reasonably certain to exercise an extension option. Lease payments contain two elements, principal and interest. Interest expense is presented as part of interest costs in the consolidated statements of comprehensive loss and measured using the effective interest method. Principal and interest portions of lease payments were presented within financing activities in the consolidated statement of cash flows. The carrying amount of lease liabilities is remeasured if there is a change in the future lease payments due to a change in index or rate. If ownership of the leased asset transfers to Lifezone at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset and the asset is depreciated on a straight-line basis. 2.15. Inventories Inventories are stated at the lower of cost (calculated on a weighted average basis) and net realizable value. Net realizable value refers to the net amount that an entity expects to realize from the sale of inventory in the ordinary course of business. Cost comprises direct purchase costs. 2.16. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments that are readily convertible to known amounts of cash, and which are subject to an insignificant risk of changes in value. Lifezone has not experienced any losses on such amounts. Bank balances for which use by the group is subject to third party contractual restrictions are included as part of cash unless the restrictions result in a bank balance no longer meeting the definition of cash. Contractual restrictions affecting use of bank balances are disclosed in note 10. 2.17. Share-based payments Lifezone operates share-based payment arrangements under which employees, consultants and directors receive equity instruments of Lifezone Metals, including Restricted Stock Units ("RSUs") and Stock Options. These awards are accounted for in accordance with IFRS 2 – Share-based Payment. Equity-settled share-based payments Equity-settled share-based payments are measured at the fair value of the equity instruments granted at the grant date. The fair value is determined using an appropriate valuation model, such as the Black-Scholes option pricing model for stock options or the market price of the Company’s shares on the grant date for RSUs, adjusted for any applicable market-based vesting conditions. The fair value is determined at the grant date and is expensed on a straight-line basis over the vesting period, based on Lifezone's estimate of the number of equity instruments that will ultimately vest. At each reporting date, Lifezone revises its estimates of the number of awards expected to vest and recognizes the impact of any revision in the consolidated statement of comprehensive loss, with a corresponding adjustment to equity. The fair value determined at the grant date is fully expensed on grant where the vesting is not subject to any service conditions. Share options with graded vesting schedules are accounted for as separate grants with different vesting periods and fair values. Vesting conditions Vesting of RSUs and stock options is generally subject to the satisfaction of service conditions and, in certain cases, performance conditions. Service conditions require continued employment over a specified period. Performance conditions are based on the achievement of specified performance targets on Lifezone's own operations (non-market conditions) or on the price of Lifezone's ordinary shares (market-based condition). Market-based conditions are reflected in the fair value at grant date and are not subsequently adjusted for differences between expected and actual outcomes. Non-market conditions are taken into account in estimating the number of awards expected to vest. Settlement and exercise Upon vesting: •RSUs are settled by the issue of ordinary shares of Lifezone. •Stock Options may be exercised by employees within the contractual exercise period at the pre-determined exercise price. No cash is received by Lifezone in respect of RSU settlements. Proceeds received from the exercise of stock options, net of any directly attributable transaction costs, are credited to share capital and share premium. Replacement of awards Where an award is designated as a replacement award, any incremental fair value must be recognized over the vesting period of the replacement award. The incremental fair value is the difference between the fair value of the original award and that of the modified award, both measured at the date of modification. 2.18. Warrants Warrants are classified as either a liability or equity on inception, depending on the terms of the agreement. Warrants are only classified as equity when they are settled by the entity delivering a fixed number of its own equity instruments and receiving a fixed amount of cash or another financial asset. Lifezone assesses the appropriate classification of Warrants at the time of inception. The fair value of warrants is independently valued using a Black-Scholes option pricing model. Warrants that are classified as liabilities are subsequently measured at fair value with changes in fair value reported in the consolidated statement of comprehensive loss. 2.19. Earnouts Earnouts represent payment arrangements whereby the additional purchase consideration on acquisition is contingent on the future financial performance of Lifezone. Earnouts are classified as either a liability or equity on inception, depending on the terms of the agreement. Lifezone determined that both Lifezone Holdings and Sponsor shareholder earnout should be classified as equity after assessment under IFRS 2 - Share-based Payment. Refer to Note 25 for details. The fair value of earnouts is independently valued based on a Monte Carlo simulation model. 2.20. Provisions Provisions are recognized when Lifezone has a present obligation as a result of a past event, and it is probable that Lifezone will be required to settle the obligation. Provisions are measured at the best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material. Asset retirement obligation Asset retirement obligations will be incurred by Lifezone either while operating, or at the end of the operating life of, Lifezone’s facilities and mine properties. Lifezone assesses its asset retirement obligation at each reporting date. Lifezone recognizes an asset retirement obligation where it has a legal and constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount of obligation can be made. Over time, the discounted liability is increased for the change in present value based on the discount rates that reflect current market assessments and the risks specific to the liability. The periodic unwinding of the discount is recognized in the consolidated statement of comprehensive loss as part of interest expense. As at December 31, 2025, no provision for asset retirement obligation was required given all disturbances to natural environment are made good by Lifezone on an ongoing basis. 2.21. Financial instruments Recognition Financial assets and financial liabilities are recognized when Lifezone becomes a party to the contractual provisions of the financial instrument. Classification and initial measurement of financial assets Except for those receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15 - Revenue from Contracts with Customers, all financial assets are initially measured at fair value adjusted for transaction costs, if any. After initial recognition, these are measured at amortized cost using the effective interest method and are subject to impairment. Discounting is omitted where the effect of discounting is immaterial. Lifezone’s cash and cash equivalents, related party receivables and trade and other receivables fall into this category of financial instruments measured at amortized cost. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from Lifezone’s consolidated statement of financial position) when: •The rights to receive cash flows from the asset have expired, or •Lifezone has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement; and either (a) Lifezone has transferred substantially all the risks and rewards of the asset, or (b) Lifezone has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Impairment of financial assets Lifezone measures the impairment of financial assets in an amount equal to the expected credit loss. In determining whether the credit risk of a financial asset has increased significantly since the initial recognition and in estimating the expected credit losses, Lifezone considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes quantitative and qualitative information and analysis, based on the historical experience, credit assessment and considering forward-looking information. Interest income For all financial instruments measured at amortized cost, interest income is recognized using the effective interest rate method. The effective interest rate is the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset. Interest income is recognized in the consolidated statement of comprehensive loss. Classification and initial measurement of financial liabilities All financial liabilities are recognized initially at fair value. Lifezone’s financial liabilities include convertible debenture debt, senior secured bridge loan facility, trade and other payables and deferred consideration. Financial liabilities are measured subsequently at amortized cost using the effective interest method unless such liabilities are classified as Financial Liabilities at Fair Value Through Profit and Loss ("FVTPL") with gains or losses recognized in consolidated statement of comprehensive loss. The embedded derivative in our convertible debentures are classified as FVTPL with gains or losses recognized in consolidated statement of comprehensive loss. All interest-related charges and, if applicable, changes in an instrument’s fair value (example embedded derivatives) are reported in consolidated statement of comprehensive loss unless such charges are eligible for capitalization. Payables This category pertains to financial liabilities that are not held for trading or not designated as at FVTPL upon the inception of the liability. These include liabilities arising from operations (e.g., accounts payable and accrued liabilities). Payables are recognized initially at fair value and are subsequently carried at amortized cost. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. This accounting policy applies to Lifezone’s trade and other payables. Derecognition Financial liabilities are derecognized when the associated obligation is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in consolidated statement of comprehensive loss Deferred transaction costs Fees paid to enter into the senior secured bridge loan facility are recognized as transaction costs. These costs include fees such as arrangement fees, advisory, legal, and technical due diligence fees. Additionally, the fair value of warrants issued to the lenders as consideration for entering into the facility are included in these costs. Management determined that the transaction costs are all attributable to the initial drawdown and subsequent drawdowns and as a result, decided to allocate the transaction costs to the facility in proportion to the drawdowns. Transaction costs solely related to the initial advance are included in full in the debt's initial measurement. Transaction costs related to both the initial drawdown and the subsequent drawdown are allocated on a pro-rata basis. As a result, a percentage of the costs are included in the debt's initial measurement (included in the effective interest rate calculation) and the remainder is deferred as an asset (included in the non-current asset line "Deferred transaction costs" in the consolidated statement of financial position) and will be deducted from the liability pro-rata when subsequent drawdowns occur. Deferred financing costs are amortized from the date of the drawdowns to the date of the expiry of the facility on a straight-line basis. 2.22. Fair value measurement This section describes the valuation methodologies Lifezone uses to measure financial and non-financial instruments accounted for at fair value including certain liabilities like embedded derivatives and deferred consideration. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: •In the principal market for the asset or liability or •In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to Lifezone. The fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. Lifezone uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. Financial Instruments for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: •Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities •Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable •Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable External valuers are engaged by Lifezone for valuation of share options, earnout, warrants, restricted stock units and embedded derivatives. Involvement of external valuers is determined by management based on market knowledge, reputation, independence and whether professional standards are maintained. Fair values of share options, earnout, warrants, restricted stock units, deferred consideration and embedded derivatives are categorized as Level 3 fair values under IFRS. 2.23. Investments in joint ventures Under the equity method, investment in joint ventures is carried in the consolidated statement of financial position at cost and adjusted thereafter for the post-acquisition change in Lifezone’s share of the profit and loss and other comprehensive income of the joint ventures. After the interest in the joint ventures is reduced to zero, additional losses are provided for, and a liability is recognized, only to the extent that Lifezone has incurred legal or constructive obligations or made payments on behalf of the joint ventures. The financial statements of the joint venture are prepared for the same reporting period as Lifezone. When necessary, adjustments are made to bring the accounting policies in line with those of Lifezone. Lifezone determines at each reporting date whether there is any objective evidence that the investment in joint ventures is impaired. 2.24. Deferred consideration Recognition and Measurement Deferred consideration arises from business combinations or asset acquisitions where part of the purchase price is payable at a future date. Where the deferred consideration is classified as a financial liability, it is initially measured at its fair value in accordance with IFRS 3 and IFRS 9. The fair value is determined by discounting the expected future payments to present value using an appropriate discount rate that reflects the time value of money and the risks specific to the liability. If the deferred consideration is classified as equity (e.g., when settled by a fixed number of Lifezone’s own equity instruments for a fixed amount), it is measured at fair value at the acquisition date and is not subsequently remeasured. Deferred consideration classified as a financial liability is subsequently measured at amortized cost using the effective interest method, unless it contains a derivative component (e.g., contingent on future events or indexed to share price), in which case it is measured at fair value through profit or loss ("FVTPL") with changes in fair value recognized in the consolidated statement of comprehensive loss. 2.25. Borrowing costs Borrowing costs directly attributable to the development of the Kabanga Nickel Project are added to the cost of the project until such time as the project is substantially ready for its intended use or sale. Where funds are borrowed specifically, costs eligible for capitalization are the actual costs incurred less any income earned on the temporary investment of such borrowings. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are recognized in consolidated statement of comprehensive loss in the period in which they are incurred. 2.26. Adoption of new and revised standards Lifezone has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. The following amendment applies for the first time in 2025, but does not have an impact on the consolidated financial statements of Lifezone: •Lack of Exchangeability (Amendments to IAS 21) - The amendment provides guidance for entities to apply a consistent approach to the assessment of whether a currency is exchangeable at the measurement date and for a specific purpose, and if not, the determination of the exchange rate to be used for measurement purposes and the disclosures to be provided in their financial statements. A currency is exchangeable when there is the possibility of exchanging it for another currency, with normal administrative delays, and the transaction occurs through markets or exchange mechanisms that create enforceable rights and obligations. The amendment is effective for annual reporting periods beginning on or after January 1, 2025. 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. •Amendments to the Classification and Measurement and Impairment of Financial Instruments (Amendments to IFRS 9 and IFRS 7) - applies from January 1, 2026 •IFRS 18 Presentation and Disclosure in Financial Statements - applies from January 1, 2027 •IFRS 19 Subsidiaries without Public Accountability: Disclosures - applies from January 1, 2027 Lifezone is currently assessing the effect of these new accounting standards and amendments.
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Significant accounting judgements and estimates |
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Dec. 31, 2025 | |
| Significant Accounting Judgements And Estimates [Abstract] | |
| Significant accounting judgements and estimates | 3. Significant accounting judgements and estimates The preparation of Lifezone’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures including the disclosure of contingent liabilities. 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. 3.1 Significant accounting judgements Use of Going Concern Assumption The use of going concern assumption requires management to make judgments at a particular point in time about the future outcome of events and conditions that are inherently uncertain. The underlying assumption in the preparation of financial statements is that Lifezone has neither the intention nor the need to liquidate the business. Management takes into account a whole range of factors related to expected probability and sources of financing and expected costs. Exploration and evaluation assets The application of Lifezone’s accounting policy for exploration and evaluation expenditure requires judgement, the use of estimates and assumptions to determine whether future economic benefits are likely from either future exploitation or sale. Under IFRS 6 - Exploration for and Evaluation of Mineral Resources, entities recognizing exploration and evaluation assets are required to perform an impairment test on those assets when specific facts and circumstances outlined in the standard indicate an impairment test is required. The assets are tested for impairment indicators or when the technical feasibility and commercial viability of extracting a mineral resource are not demonstrable. Lifezone capitalizes certain exploration and evaluation expenses in accordance with its accounting policy. There is no certainty that costs incurred during exploration and evaluation will result in discoveries of commercial quantities of minerals. Lifezone applies judgment to determine whether indicators of impairment exist for these capitalized costs. At December 31, 2025, Lifezone concluded that no impairment indicators exist for any of its exploration and evaluation assets and that the capitalized costs are supported by external (market capitalization) and internal valuations. Assessment of the classification of earnouts Earnouts represent payment arrangements whereby the additional purchase consideration on acquisition is contingent on the future financial performance of Lifezone. Earnouts are classified as either a liability or equity on inception, depending on the terms of the agreement. Lifezone determined that both the Lifezone Holdings and the Sponsor shareholder earnout should be classified as equity after assessment under IFRS 2 - Share-based Payment. Refer to Note 25 for details. Classification of deferred consideration in the cash flow statement The payments of deferred consideration in relation to the acquisition of the Kabanga Nickel Project were recognized as cash outflows from investing activities in the consolidated statement of cash flows as it represents amounts paid for the acquisition of mining data. Lifezone believes that this is the appropriate classification in accordance with the nature of the underlying transaction and payment terms which are not deemed to have any financing element embedded. 3.2 Significant accounting estimates The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are described below. Lifezone based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of Lifezone. Such changes are reflected in the assumptions when they occur. Fair value of Warrants Warrants are measured at fair value at recognition. Warrants are fair valued using a Monte-Carlo or other appropriate pricing model, taking into account the terms and conditions attached to the Warrants. Key inputs used in making the estimate are disclosed in Note 24.3 where warrants were classified as a liability. Equity-classified warrants are not subsequently revalued but liability-classified warrants are measured at fair value through profit or loss, with changes in fair value recognized in the consolidated statement of comprehensive loss. Warrants issued in connection with the 2025 Offering are recorded as a liability. As at the issuance date, the liability related to warrants, totaling $9,910,000, was valued using the Monte-Carlo model. The liability related to warrants is remeasured at the end of each period at fair value through profit or loss. It is classified in Level 3 of the fair value hierarchy. At each reporting date, the fair value of the liability related to warrants is determined using the Monte-Carlo model, which uses significant inputs that are not based on observable market data, hence the classification in Level 3. A sensitivity analysis was performed by Lifezone on the assumptions related to share price volatility. A 10% increase or decrease in the share price volatility assumption results in approximately a 10% increase or decrease in the value of the liability. Hybrid Financial Instruments: Convertible debentures with embedded derivatives Lifezone has issued convertible debentures with embedded derivatives, classified as hybrid financial instruments, which are initially measured at fair value and adjusted for transaction costs. The host debt instrument is classified and measured at amortized cost, while the embedded derivatives are accounted for separately at FVTPL. Upon recognition, Lifezone uses the residual value method to allocate the principal amount of the convertible debentures between the two components: a host debt instrument and embedded derivatives. Under this method, the fair value of the embedded derivative is determined first, and any residual amount is assigned to the host debt instrument. Any subsequent changes in the fair value of the embedded derivative is recorded in the consolidated statement of comprehensive loss. The host debt instrument is measured using the effective interest method in all subsequent periods. The effective interest method is a method for calculating the amortized cost of a financial liability and for allocating the interest expenses throughout the relevant credit period. The effective interest rate is the rate that accurately discounts the forecasted future cash flows over the financial liability’s expected lifetime to its’ carrying value, or, when appropriate, over a shorter period. Deferred consideration The fair value of the deferred consideration payable to BHP for the acquisition of its 17% interest in Kabanga Nickel Limited is determined using a present value technique, discounting expected future payments at a 21.5% rate. The calculation incorporates management’s estimates of the timing of key project milestones, specifically, the FID and first commercial production. Significant judgment is required in estimating the timing of the FID and commercial production dates, as these dates directly affect the timing of payments. Management uses a probability-weighted approach, considering a base case (e.g., FID in June 2026, commercial production in March 2029), a delayed case (12 months later), and an accelerated case (such as a change of control), with probabilities assigned to each scenario based on current project status and risks. The fair value measurement is sensitive to changes in key assumptions: •A significant increase or decrease in the discount rate, or a change in the expected timing of payments, would result in a higher or lower fair value of the deferred consideration. •Changes in Lifezone’s share price at the valuation date also directly impact the estimated amount of the indexed payment. •Adjustments to the probabilities assigned to each scenario can materially affect the resulting fair value. Management reviews these estimates regularly and updates them as new information becomes available. Any changes in the fair value of the deferred consideration are recognized in profit or loss in the period in which they arise.
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Segment information |
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| Segment information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment information | 4. 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 consists of Lifezone’s interest in KNL, comprising the Kabanga Nickel Project (''Metals Extraction''). 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, revenue in Corporate includes the provision of management services to the operating segments. Each of these operating segments is managed separately as each requires different managerial and 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. Inter-segment revenues are eliminated upon consolidation and reflected in the "Inter-segment eliminations" column.
Geographical analysis
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Revenue |
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| Revenue | 5. Revenue
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| Interest income | 6. Interest income
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| Interest expense | 7. Interest expense
Interest accretion on deferred consideration liability relates to the acquisition of the Kabanga Nickel Project from Barrick and Glencore in 2019. This liability was settled at the end of 2024. Interest on lease liability relates to long term leases of office space, accommodation units and warehouse premises in Tanzania and Australia as disclosed in Note 20. Debenture interest relates to interest accrued on the debt portion of the convertible debentures as disclosed in Note 21. Interest expenses (after deduction of any interest received on any amounts temporarily invested) on the senior secured bridge loan facility has been capitalized to Exploration and Evaluation assets as these are borrowing costs directly attributable to the development of the Kabanga Nickel Project. For further details on the senior secured bridge loan facility and the capitalization of related interest, please refer to Note 21.2 and Note 15.
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| Embedded derivatives [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value gains on embedded derivatives | 8. Fair value gains on embedded derivatives
On December 31, 2025, the embedded derivative liability component of the convertible debentures as disclosed in Note 21, was reassessed to be $5,153,000 compared to $20,768,000 as at December 31, 2024. The decrease in fair value of $15,615,000 is largely due to the fall in the price of Lifezone Metals share during the year from $6.95 as at December 31, 2024 to $4.27 as at December 31, 2025. 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 resulting $15,615,000 fair value decrease has been recognized as a gain in the consolidated statement of comprehensive loss. On December 31, 2024, the embedded derivative liability component of the convertible debentures was reassessed to be $20,768,000 compared to $26,539,000 on initial recognition. The decrease in fair value of $5,771,000 in 2024 is largely due to the decrease in share price of Lifezone Metals during the year, passage of time and market credit spreads decreasing. 21. Financial liabilities 21.1. Convertible debentures with embedded derivatives On March 27, 2024, Lifezone completed a $50 million non-brokered private placement of unsecured convertible debentures. These unsecured convertible debentures were issued to a consortium of marquee mining investors, led by Harry Lundin (Bromma Asset Management Inc.) and Rick Rule. The unsecured convertible debentures bear interest over a 48-month term, payable quarterly, at a rate of 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 of March 27, 2028. Interest was payable in cash until Lifezone had a Form F-3 registration statement declared effective by the US Securities and Exchange Commission. The Form F-3 was declared effective on August 16, 2024. Following the effectiveness of the Form F-3, one third of the applicable interest payment is made by the issue of the equivalent value in shares (the “Interest Shares”) at a price per Interest Share equal to a 7.5% discount to the VWAP for the five trading days preceding the quarterly interest payment date. In the event that the VWAP for the five trading days preceding the applicable calculation date is $4.00 or below, Lifezone shall satisfy its obligation to pay interest on the unsecured convertible debentures in cash. The remaining two thirds of the applicable interest payment is a payment-in-kind accrual of the outstanding principal amount. Upon the second anniversary of the unsecured convertible debentures, all outstanding accrued interest is to be repaid in cash to the holders. During the year ended December 31, 2025, Lifezone paid $937,049 of cash interest, $1.08 million of interest in the form of 255,369 newly issued shares and accrued a further $8.29 million of interest. During the year ended December 31, 2024, Lifezone paid $1.80 million of cash interest, $553,286 of interest in the form of 89,181 newly issued shares and accrued a further $3.69 million of interest. The unsecured convertible debentures are convertible into ordinary shares of Lifezone 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 consecutive trading days 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 to 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 Lifezone shares, while the host liability changes in relationship 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. On initial recognition, Lifezone Metals used the residual value method to allocate the principal amount of the debentures between the two components: host debt instrument and embedded derivatives. The fair value of the embedded derivative liability was valued first, followed by the residual amount assigned to the host debt instrument. Transaction costs are required to be apportioned between the host debt instrument and the embedded derivatives in proportion to their value, with the share of transaction costs linked to the host debt instrument subtracted from the carrying amount at initial recognition. $187,019 of the total transaction costs of $352,348 related to the embedded derivative and were expensed on recognition to the consolidated statement of comprehensive loss. The remaining transaction costs relating to the host debt instrument are included in the carrying amount of the liability component and are amortized over the life of the convertible debentures using the effective interest method. The original issuance discount ("OID") of $750,000 equal to 1.5% of the aggregate principal amount of the unsecured convertible debentures is included in the carrying amount of the host instrument and amortized over the life of the convertible debentures using the effective interest 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. Key Inputs
At initial recognition, the $50 million was bifurcated into its host debt instrument and the two embedded derivative liability components. The embedded derivative liability component was assessed to be $26.50 million, with the large majority of the value linked to the Conversion Right. The remaining $23.50 million is thus ascribed to the host debt instrument, before adjustment for transaction costs. During the life of the convertible debenture, it can be expected that the volatility of the Lifezone stock leads to changes in the value of combined derivative liability, potentially resulting in a significantly higher and more volatile income and expense pattern in consolidated statement of comprehensive loss. Both components are recorded as a liability with the debt host portion recorded on an amortized cost basis using an effective interest rate of 33.8%. The high value of the combined embedded derivative liability and the resulting high effective interest rate are driven by, among other factors, the share price trading close to the conversion price at inception, an assumed volatility of 65% and a long (4-year) term. The effective interest rate is the rate that exactly discounts the estimated future cash flows (interest and principal payments) over the 4-year term of the financial instrument to the net carrying amount of the financial liability. The amortization of the host debt instrument is included in finance costs in the consolidated statement of comprehensive loss. The conversion feature may be exercised by the holder at any time, meaning that Lifezone Metals does not have the right to defer settlement of the liability, including any unpaid interest, for more than twelve months from the date of this report. Consequently, all liability elements of the unsecured convertible debentures are classified as current, irrespective of how many years are left until maturity of the instrument. On December 31, 2025, fair value of the embedded derivative liability component was reassessed to be $5.15 million compared to $20.77 million as at December 31, 2024. The decrease in fair value of $15.62 million is largely due to the decrease in share price of Lifezone from $6.95 as at December 31, 2024, to $4.27 as at December 31, 2025 and a decrease in the remaining time left until maturity. The resulting $15.62 million fair value decrease was recognized as a gain in the consolidated statement of comprehensive loss. The fair value of the embedded derivative liability is categorized as Level 3 in the fair value hierarchy. .
21.2. 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 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 shilling or South African rand. 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 125% of the 30-day VWAP ($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 the advancement of 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:
The total fair value of the warrants was calculated to be $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 senior secured bridge loan facility from Taurus Mining Finance Fund No. 2 L.P. Future tranches may be disbursed based on the continued performance and achievement of certain milestones. Each subsequent utilization is expected to cover up to three months of capital expenditure and operating expenses.
Deferred financing costs In connection with the senior secured bridge loan facility, Lifezone incurred financing costs which were recognized as deferred financing costs. These costs, including fair value of $5.65 million in respect of 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 particular drawdowns. Total deferred financing costs at inception were $8.66 million. As at December 31, 2025, $20 million of the total $60 million available had been drawn by Lifezone. As a result, $3.44 million of the deferred financing costs are set off against the debt and the remaining $5.22 million are deferred as an asset (included in the current asset line "Deferred financing costs" in the consolidated statement of the financial position) and will be deducted from the debt when subsequent amounts are drawn. 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. 21.3 Warrant liability On November 12, 2025, Lifezone issued an aggregate of 4,411,764 warrants as part of a 2025 Offering. Each warrants is exchangeable into one ordinary share and each warrant was issued with an exercise price of $4.00 and are exercisable for a period of 4 years from the issue date. The warrants do not meet the definition of equity under IAS 32 due to the existence of settlement mechanisms on a net cash or share basis and a mechanism for adjustment to the number of shares and exercise price under certain circumstances. The warrants also include downround protection. If Lifezone issues shares at a price per share less than the then current exercise price of the warrants, 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 at inception with the following assumptions: volatility of share price of 70%, risk-free interest rate of 3.56%, expected life of 4 years and share price of $3.91 as at November 12, 2025. 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 the Lifezone share price was $4.27.
The liability related to warrants is remeasured at the end of each period at fair value through profit or loss. It is classified in Level 3 of 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.
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| Selling, general and administrative expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General and administrative expenses | 9. General and administrative expenses The following summary key expenses are included in general and administrative expenses for the year ended:
Lifezone capitalizes exploration and evaluation costs related to the Kabanga Nickel Project to 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 consolidated statements of comprehensive 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. Provision for withholding tax payable In 2020, 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 823.40 million ($335,398) as of January 31, 2021, to the TRA. KNCL is a non-operating entity whose retention mining license were 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 ($3.43 million) as payable. Following this ruling, a provision of $3.43 million (equivalent to TZS 8.43 billion) has been made, covering the principal tax amount plus interest. On August 19, 2024, the TRA issued a further demand notice for the withholding tax of TZS 8.43 billion ($3.43 million), along with additional interest for late payment. In March 2025, this additional interest was revised to TZS 12.36 billion ($5.03 million). Lifezone continues to challenge the demand notice through proactive discussions with the TRA. While the outcome of these discussions is uncertain, based on progress of these discussions and legal advice obtained, Lifezone believes that it can successfully negotiate a waiver of the additional interest charges. Lifezone has not provided for any additional interest charges as, based on ongoing discussions with the TRA, any material outflow is not considered probable. However, if the TRA does not waive the additional interest charges, there is a possibility that KNCL could face an additional liability of up to $5.03 million (TZS 12.36 billion). Following 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. During 2025, Lifezone and its Tanzanian entities engaged in discussions with the Government of Tanzania to amend the existing Framework Agreement and agreed on a mechanism to resolve several outstanding matters with the Tanzania Revenue Authority (TRA). Based on the advice received and the advanced stage of the Framework Agreement negotiations, management believes it is likely that Lifezone will not be required to pay the additional interest charges of $5.03 million (TZS 12.36 billion) in relation to the withholding tax assessment. However, as the amended Framework Agreement has not yet been signed or become effective, it is considered probable, though not certain, that no payment will be required in respect of the assessed amounts. Share-based payment expenses Share-based payment expenses of $2.12 million during the year ended December 31, 2025, (2024: $17.82 million) were recognized in accordance with IFRS 2- Share-based Payment in relation to Stock options and RSUs granted to employees, consultants and directors. For details refer to Note 25. Impairment of VAT receivables The VAT receivables in Tanzania were 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 year ended December 31, 2025, a provision of $574,270 was recorded in the consolidated statement of comprehensive loss, compared to $1.75 million in 2024. Total provision as at December 31, 2025, is $6.94 million (2024: $6.37 million). 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.
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Cash and cash equivalents |
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| Cash and cash equivalents [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | 10. Cash and cash equivalents
As at December 31, 2025 total cash includes $6.57 million (2024: $nil) in KNL 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 $149,694 (2024: $nil) held in escrow and restricted for compensation payments to Projected Affected Persons in connection with the Kabanga Nickel Project.
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Trade and other receivables |
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| Trade and other receivables | 11. Trade and other receivables
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 $540,708 (2024: $405,281). The VAT receivables in Tanzania were 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 year ended December 31, 2025, a provision of $574,270 was recorded to the consolidated statement of comprehensive loss, compared to $1.75 million for the same period in 2024. Total provision as at December 31, 2025, was $6.94 million (2024: $6.37 million). 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. Prepayments During the year ended December 31, 2025, Lifezone has impaired the non-refundable deposit of $400,000 paid on September 12, 2022, in relation to a non-binding term sheet between LZL and Harmony Minerals Limited and Dutwa Minerals Limited for the acquisition of all the tangible assets and all registered and unregistered IP relating to the Dutwa Nickel Project. The acquisition has not progressed as anticipated and given Lifezone's focus on the Kabanga Nickel Project, management has reassessed the likelihood of the Dutwa transaction happening in the immediate future and its relative strategic significance and considers it unlikely that the acquisition will progress in the foreseeable future. This impairment is included in 'Impairment of Deposit' in general and administrative expenses for the year ended December 31, 2025. Deposits and other receivables Deposits include security and other deposits. Other receivables include trade receivables and accrued interest.
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Property and equipment and right-of-use assets |
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| Property, plant and equipment [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and equipment and right-of-use assets | 12. 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.
1Depreciation charge includes $739,355 of deprecation that has been capitalized to Exploration and Evaluation asset during the year ended December 31, 2025 (2024:$758,781).
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Goodwill |
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| Changes in goodwill [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | 13. Goodwill
Goodwill related to the acquisition of Simulus Pty Ltd, a hydrometallurgical laboratory and engineering company located in Perth, Australia by Lifezone Asia-Pacific Pty Ltd on July 18, 2023. Lifezone performed an impairment analysis of the goodwill using the income approach and concluded that the goodwill is fully impaired as at December 31, 2024. The impairment was triggered by a change in strategy for the Simulus business from internal to external use during the second half of 2024.
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Patents and other intangibles |
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| Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Patents and other intangibles | 14. Patents and other intangibles
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.
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Exploration and evaluation assets and mining data |
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| Exploration And Evaluation Assets And Mining Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exploration and evaluation assets and mining data | 15. Exploration and evaluation assets and mining data
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 in-flows 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. Lifezone assesses if the exploration and evaluation phase has been concluded on a project-by-project basis. At the earliest, an exploration asset gets reclassified as a development asset when a current and positive feasibility study describing the development path for the mineral resource was released and is available publicly. That is typically the time when a mineral reserve gets declared. A reclassification will happen at the latest when an exploration asset gets approved for development, via a FID. 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. Exploration and evaluation expenditures do not include expenditures incurred after the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. 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 to exploration and evaluation activities are capitalized as exploration and evaluation assets. During the year ended December 31, 2025, $18.27 million (2024: $22.03 million) 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 net borrowing costs on senior secured bridge loan facility capitalized during the year ended December 31, 2025, of $1.02 million (2024: $nil). These costs relate to the senior secured bridge loan facility that has been entered into for the development of the Kabanga Nickel Project.
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Taxation |
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| Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxation | 16. Taxation
The group operates in various jurisdictions with different corporate income tax rates, including the Isle of Man (0%), United Kingdom (25%), Tanzania (30%) and Australia (30%). Please refer to Note 2 for a list of subsidiaries and their respective countries of incorporation. The subsidiaries follow the domestic tax rates of their countries of incorporation. The effective tax rate is 0% as there was no taxable income recognized for the current and prior year. The deferred tax income and deferred tax liability for the year ended December 31, 2025, relates to our Simulus business in Australia. 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. No deferred tax assets were recognized as of December 31, 2025, and 2024 in the consolidated statement of financial position. There are potential deferred tax assets of as at December 31, 2025, of $98.96 million (2024: $94.18 million) mainly arising on account of estimated accumulated tax losses and capital expenses related to the Kabanga Nickel Project. Deferred income tax assets have not been recognized due to Lifezone’s mining operation is not yet developed and still in the exploration and evaluation phase. Consequently, management does not expect the mine operation to generate sufficient taxable profits in the foreseeable future against which the deferred income tax asset can be recovered fully. 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. Lifezone has recognized deferred tax income of $263,493 during the year ended December 31, 2025, (2024: deferred tax expense of $540,126). The deferred tax primarily arises on the revaluation of the Simulus assets acquired in 2023 reflecting an increase in the carrying amount of the assets compared to the original unchanged tax base, resulting in a deferred tax liability. As at December 31, 2025, the deferred tax liability is $303,749. Significant components of unrecognized deferred tax assets are as follows:
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Supplementary cashflow information |
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Dec. 31, 2025 | |
| Supplementary Cash Flow Information [Abstract] | |
| Supplementary cashflow information | 17. Supplementary cashflow information Below are the significant non-cash investing and financing activities during the year: 2025: Lease commitments were entered into during the year, resulting in additions of right-of-use assets amounting to $1.80 million. Please refer to Note 12 for the movement in the balances of right-of-use assets. During the year ended December 31, 2025, Lifezone paid $1.08 million to debenture holders as interest in the form of newly issued 255,369 Ordinary Shares in Lifezone Metals. 2024: During the year ended December 31, 2024, Lifezone paid $553,286 to debenture holders as interest in the form of newly issued 89,181 Ordinary Shares in Lifezone Metals. Lease modifications were entered into during the year, resulting in additions of right-of-use assets amounting to $225,761. Please refer to Note 12 for the movement in the balances of right-of-use assets. 2023: On July 18, 2023, Lifezone completed the acquisition of the Simulus group for a total consideration of $14.53 million comprising of cash amounting to $8.50 million and $6.03 million non-cash consideration in the form of the Ordinary Shares in Lifezone Metals. Lease commitments were entered into during the year, resulting in additions of right-of-use assets amounting to $1.70 million. Please refer to Note 12 for the movement in the balances of right-of-use assets. On July 5, 2023, Lifezone, as part of the SPAC Transaction and pursuant to the execution of the BCA, assumed SPAC Warrants which were measured at fair value amounting to $15.1 million. Please refer to Note 24 for further details of the SPAC Warrant assumption. On July 5, 2023, Lifezone, as part of the SPAC Transaction and pursuant to the execution of the BCA, performed a share-for-share exchange reorganization amounting to $2,934.
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Trade and other payables |
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| Trade and other payables | 18. Trade and other payables
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.
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Provisions |
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| Provisions | 19. Provisions
Provision for withholding tax In 2020, 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 823.40 million 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 $3.43 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 further 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 $5.03 million as at December 31, 2025). Lifezone is actively engaged in discussions and negotiations with the TRA regarding an out-of-court settlement for all disputed matters. While the outcome of these discussions is uncertain, based on the progress of these discussions and legal advice obtained, Lifezone believes the TRA is likely to waive the additional interest charges. Consequently, no additional liability has been recorded for this claim. Following 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. During 2025, Lifezone and its Tanzanian entities engaged in discussions with the Government of Tanzania to amend the existing Framework Agreement and agreed on a mechanism to resolve several outstanding matters with the Tanzania Revenue Authority (TRA). Based on the advice received and the advanced stage of the Framework Agreement negotiations, management believes it is likely that Lifezone will not be required to pay the additional interest charges of $5.03 million (TZS 12.36 billion) in relation to the withholding tax assessment. However, as the amended Framework Agreement has not yet been signed or become effective, it is considered probable, though not certain, that no payment will be required in respect of the assessed amounts. During the year ended December 31, 2025, an additional provision of $4,173 was recorded as a result of an assessment issued by the TRA for additional WHT payable by KNCL for the period from January 1, 2022 to December 31, 2024. Provision for other taxes On 23 February 2026, the TRA completed its tax audit of TNCL for the 2024 financial year and issued a letter setting out its findings. Although a formal tax assessment has not yet been received, it is expected in the coming weeks and is not anticipated to differ materially from the matters communicated to date. TNCL estimates that the total alleged unpaid taxes, interest, and penalties will amount to TZS 1.43 billion (equivalent to $558,565). Of this amount, TZS 709.95 million (equivalent to $277,869) is expected to be offset against VAT receivables that had previously been fully provided for by Lifezone. In addition, penalties of TZS 117.67 million (equivalent to $46,056) are expected to be waived, subject to the outcome of discussions with the TRA. The remaining balance of TZS 599.51 million (equivalent to $234,641) would be payable by Lifezone if the assessment is confirmed and TNCL is unsuccessful in its objections. Management has assessed the TRA’s findings and considers it probable that this amount will be paid. Accordingly, a provision of $234,641 has been recognized in the year ended 31 December 2025.
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Lease liabilities |
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| Lease liabilities | 20. 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 short-term leases having a lease term of twelve months or less. During the year ended December 31, 2025, Lifezone recognized an expense of $407,898 (2024: $435,491) relating to short-term leases. During the year ended December 31, 2025, Lifezone entered into a new lease arrangement for accommodation units at the Kabanga Project site in Tanzania. This lease is for a period of 3 years starting October 1, 2025. The analysis of lease liabilities is presented below:
Shown below is the maturity analysis of the undiscounted minimum lease payments:
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Financial liabilities |
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| Disclosure of detailed information about financial instruments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial liabilities | 8. Fair value gains on embedded derivatives
On December 31, 2025, the embedded derivative liability component of the convertible debentures as disclosed in Note 21, was reassessed to be $5,153,000 compared to $20,768,000 as at December 31, 2024. The decrease in fair value of $15,615,000 is largely due to the fall in the price of Lifezone Metals share during the year from $6.95 as at December 31, 2024 to $4.27 as at December 31, 2025. 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 resulting $15,615,000 fair value decrease has been recognized as a gain in the consolidated statement of comprehensive loss. On December 31, 2024, the embedded derivative liability component of the convertible debentures was reassessed to be $20,768,000 compared to $26,539,000 on initial recognition. The decrease in fair value of $5,771,000 in 2024 is largely due to the decrease in share price of Lifezone Metals during the year, passage of time and market credit spreads decreasing. 21. Financial liabilities 21.1. Convertible debentures with embedded derivatives On March 27, 2024, Lifezone completed a $50 million non-brokered private placement of unsecured convertible debentures. These unsecured convertible debentures were issued to a consortium of marquee mining investors, led by Harry Lundin (Bromma Asset Management Inc.) and Rick Rule. The unsecured convertible debentures bear interest over a 48-month term, payable quarterly, at a rate of 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 of March 27, 2028. Interest was payable in cash until Lifezone had a Form F-3 registration statement declared effective by the US Securities and Exchange Commission. The Form F-3 was declared effective on August 16, 2024. Following the effectiveness of the Form F-3, one third of the applicable interest payment is made by the issue of the equivalent value in shares (the “Interest Shares”) at a price per Interest Share equal to a 7.5% discount to the VWAP for the five trading days preceding the quarterly interest payment date. In the event that the VWAP for the five trading days preceding the applicable calculation date is $4.00 or below, Lifezone shall satisfy its obligation to pay interest on the unsecured convertible debentures in cash. The remaining two thirds of the applicable interest payment is a payment-in-kind accrual of the outstanding principal amount. Upon the second anniversary of the unsecured convertible debentures, all outstanding accrued interest is to be repaid in cash to the holders. During the year ended December 31, 2025, Lifezone paid $937,049 of cash interest, $1.08 million of interest in the form of 255,369 newly issued shares and accrued a further $8.29 million of interest. During the year ended December 31, 2024, Lifezone paid $1.80 million of cash interest, $553,286 of interest in the form of 89,181 newly issued shares and accrued a further $3.69 million of interest. The unsecured convertible debentures are convertible into ordinary shares of Lifezone 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 consecutive trading days 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 to 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 Lifezone shares, while the host liability changes in relationship 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. On initial recognition, Lifezone Metals used the residual value method to allocate the principal amount of the debentures between the two components: host debt instrument and embedded derivatives. The fair value of the embedded derivative liability was valued first, followed by the residual amount assigned to the host debt instrument. Transaction costs are required to be apportioned between the host debt instrument and the embedded derivatives in proportion to their value, with the share of transaction costs linked to the host debt instrument subtracted from the carrying amount at initial recognition. $187,019 of the total transaction costs of $352,348 related to the embedded derivative and were expensed on recognition to the consolidated statement of comprehensive loss. The remaining transaction costs relating to the host debt instrument are included in the carrying amount of the liability component and are amortized over the life of the convertible debentures using the effective interest method. The original issuance discount ("OID") of $750,000 equal to 1.5% of the aggregate principal amount of the unsecured convertible debentures is included in the carrying amount of the host instrument and amortized over the life of the convertible debentures using the effective interest 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. Key Inputs
At initial recognition, the $50 million was bifurcated into its host debt instrument and the two embedded derivative liability components. The embedded derivative liability component was assessed to be $26.50 million, with the large majority of the value linked to the Conversion Right. The remaining $23.50 million is thus ascribed to the host debt instrument, before adjustment for transaction costs. During the life of the convertible debenture, it can be expected that the volatility of the Lifezone stock leads to changes in the value of combined derivative liability, potentially resulting in a significantly higher and more volatile income and expense pattern in consolidated statement of comprehensive loss. Both components are recorded as a liability with the debt host portion recorded on an amortized cost basis using an effective interest rate of 33.8%. The high value of the combined embedded derivative liability and the resulting high effective interest rate are driven by, among other factors, the share price trading close to the conversion price at inception, an assumed volatility of 65% and a long (4-year) term. The effective interest rate is the rate that exactly discounts the estimated future cash flows (interest and principal payments) over the 4-year term of the financial instrument to the net carrying amount of the financial liability. The amortization of the host debt instrument is included in finance costs in the consolidated statement of comprehensive loss. The conversion feature may be exercised by the holder at any time, meaning that Lifezone Metals does not have the right to defer settlement of the liability, including any unpaid interest, for more than twelve months from the date of this report. Consequently, all liability elements of the unsecured convertible debentures are classified as current, irrespective of how many years are left until maturity of the instrument. On December 31, 2025, fair value of the embedded derivative liability component was reassessed to be $5.15 million compared to $20.77 million as at December 31, 2024. The decrease in fair value of $15.62 million is largely due to the decrease in share price of Lifezone from $6.95 as at December 31, 2024, to $4.27 as at December 31, 2025 and a decrease in the remaining time left until maturity. The resulting $15.62 million fair value decrease was recognized as a gain in the consolidated statement of comprehensive loss. The fair value of the embedded derivative liability is categorized as Level 3 in the fair value hierarchy. .
21.2. 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 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 shilling or South African rand. 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 125% of the 30-day VWAP ($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 the advancement of 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:
The total fair value of the warrants was calculated to be $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 senior secured bridge loan facility from Taurus Mining Finance Fund No. 2 L.P. Future tranches may be disbursed based on the continued performance and achievement of certain milestones. Each subsequent utilization is expected to cover up to three months of capital expenditure and operating expenses.
Deferred financing costs In connection with the senior secured bridge loan facility, Lifezone incurred financing costs which were recognized as deferred financing costs. These costs, including fair value of $5.65 million in respect of 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 particular drawdowns. Total deferred financing costs at inception were $8.66 million. As at December 31, 2025, $20 million of the total $60 million available had been drawn by Lifezone. As a result, $3.44 million of the deferred financing costs are set off against the debt and the remaining $5.22 million are deferred as an asset (included in the current asset line "Deferred financing costs" in the consolidated statement of the financial position) and will be deducted from the debt when subsequent amounts are drawn. 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. 21.3 Warrant liability On November 12, 2025, Lifezone issued an aggregate of 4,411,764 warrants as part of a 2025 Offering. Each warrants is exchangeable into one ordinary share and each warrant was issued with an exercise price of $4.00 and are exercisable for a period of 4 years from the issue date. The warrants do not meet the definition of equity under IAS 32 due to the existence of settlement mechanisms on a net cash or share basis and a mechanism for adjustment to the number of shares and exercise price under certain circumstances. The warrants also include downround protection. If Lifezone issues shares at a price per share less than the then current exercise price of the warrants, 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 at inception with the following assumptions: volatility of share price of 70%, risk-free interest rate of 3.56%, expected life of 4 years and share price of $3.91 as at November 12, 2025. 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 the Lifezone share price was $4.27.
The liability related to warrants is remeasured at the end of each period at fair value through profit or loss. It is classified in Level 3 of 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.
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Significant related party transactions |
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| Significant related party transactions | 22. Significant 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 28% of all outstanding Lifezone shares as of December 31, 2025, 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 various group companies and 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 Natasha Liddell and of Simon Liddell. Simon Liddell is an employee of LZAP. He was also a director of LZAP and resigned from his directorship with effect from July 1, 2024. Natasha Liddell was an employee of LZAP and a member of the Executive Committee and resigned from her role as Chief Sustainability Officer of Lifezone, effective February 16, 2024. 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. Directorships as at December 31, 2025
Resignations and appointments for the year ended December 31, 2025: •Keith Liddell resigned as Director of LZAP, Simulus Pty Ltd and The Simulus Group Pty Ltd with effect from July 21, 2025. Resignations and appointments for the year ended December 31, 2024: •Simon Liddell resigned from LZAP with effect from July 1, 2024. •Natasha Liddell resigned as Chief Sustainability Officer with effect from February 16, 2024. Related party loans From the time of the NYSE listing Lifezone has a policy not to provide personal loans to directors or members of the Executive Committee. Lisa Smith, an employee and shareholder, who is not a director or officer and is not considered to hold significant influence over Lifezone, had a loan of $75,000 with LZL at December 31, 2024. This loan was fully repaid on January 13, 2025. Remuneration of key management personnel
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
1 Amounts represent total fair value of stock option granted to key management personnel. Of this total fair value $1,139,522 (2024: $nil) was charged to the consolidated statement of comprehensive loss during the year ended December 31, 2025. 2 For the year ended December 31, 2025, the amount represents the excess of the fair value of replacement RSUs granted over the fair value of RSUs cancelled. Please refer to Note 25 for further information. For the year ended December 31, 2024 amount includes the fair value of vested RSUs. The fair value of unvested RSUs granted to key management personnel during the year ended December 31, 2024 was $7.04 million. The amounts disclosed in the above table are the amounts recognized as an expense during the reporting period related to key management personnel as listed below.
Transactions with significant shareholders, their extended families and key management personnel Natasha Liddell (the daughter of Mr. Keith Liddell) was a paid employee of LZAP until February 16, 2024. On April 30, 2024, KNL engaged Atlas Sustainability in relation to the creation of parts of the ESG sections of the Kabanga Nickel Project Feasibility Study. Atlas Sustainability was considered a related party, as the work was undertaken by Natasha Liddell as principal consultant of Atlas Sustainability. Mr. Simon Liddell (the son of Mr. Keith Liddell) is a paid employee of LZAP. 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. Mr. 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:
Family members of key management personnel who are employed by Lifezone:
1 Resigned on February 16, 2024. Related party revenue Lifezone had sales to related parties as follows:
Related party receivables Lifezone had receivables due from related parties as at:
Shareholder loan In 2020, Lifezone provided loans to shareholders who were working for Lifezone. As of December 31, 2024, a loan to Lisa Smith of $75,000 was outstanding. As of January 13, 2025, all loans were repaid in full. Related party payables
Related party payables comprise amounts outstanding for services rendered to Lifezone by Airvolution Co. Limited and NewVision Metals PTE Limited as at December 31, 2025, and December 31, 2024. The December 31, 2024, balance also included amounts payable to Keith Liddell.
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Deferred consideration |
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| Contingent Consideration [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred consideration | 23. Deferred consideration On July 18, 2025, Lifezone entered into a definitive agreement with BHP to acquire BHP’s 17% equity interest in KNL. Upon closing, Lifezone 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 Lifezone within 30 days after the earlier of: (i) 12 months after the FID at Kabanga; 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 Lifezone’s share price performance, 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 Resettlement Action Plan (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 International Finance Corporation’s Performance Standard 5 (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 was fair valued at July 18, 2025, and at December 31, 2025. The deferred consideration is fair valued using the present value of future cash flows based on the expected amounts and timing of the future payments to BHP using the following inputs:
The fair value was probability weighted using different scenarios that include a base case on the timing of FID as June 30, 2026, and first commercial production as March 1, 2029; 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 is recorded as a gain/loss on remeasurement of deferred consideration in the consolidated statement of comprehensive loss. The fair value of the deferred consideration is categorized as Level 3 in the fair value hierarchy.
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Equity |
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| Equity [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity | 24. Equity
Lifezone Metals has one class of ordinary share 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 25 for further details. On November 12, 2025, Lifezone 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 approximately $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. 24.2. Non-controlling Interest NCI was negative $1 million as at December 31, 2025, (2024: $9.79 million). 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 6.0% to 5.56% and is presented as NCI in the consolidated financial statements of Lifezone. In January 2021, KNL and the Government of Tanzania established TNCL, a Tanzanian company in order to develop and operate the Kabanga Nickel Project. Through the Treasury Registrar, the Government of Tanzania owns a non-dilutable free-carried interest representing 16% of the issued share capital of TNCL. The Government of Tanzania's 16% interest in the arrangement is presented as a NCI in the consolidated financial statements of Lifezone. On July 18, 2025, Lifezone entered into a definitive agreement with BHP to acquire BHP’s 17% equity interest in KNL. Upon closing, Lifezone owns 100% of KNL. The transaction has been accounted for as an equity transaction leading to a reduction of non-controlling interests (NCI) by $10.41 million.
24.3. Warrants and warrant reserve At December 31, 2025, outstanding warrants to acquire ordinary shares of Lifezone Metals were as follows:
The change in the number of outstanding warrants is as follows:
Each Public Warrant was fair valued at $1.05 on July 5, 2023, with the total fair value of all Public Warrants being $14.49 million. 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 issued 2.50 million 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 were independently fair valued at $2.26 using a Black-Scholes option pricing model. Refer to Note 21 for further details on the assumptions used to fair value the warrants. An amount of $5.65 million equal to the total fair value of the warrants was credited to the warrant reserve in the year ended December 31, 2025. In connection with the 2025 Offering, Lifezone 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 21.3 for further details).
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Share-based payments |
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| Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based payments | 25. Share-based payments 2023 Omnibus Incentive Compensation Plan (the “Plan”) Lifezone adopted the 2023 Omnibus Incentive Compensation 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 shareholder 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. Share-based payments - Stock Options On August 14, 2025, Lifezone granted 1,583,085 stock options for the first time 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 fair value of the options was determined on grant date using the Black-Scholes option pricing model and using the following key assumptions: Key Assumptions
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 forfeitures.
The weighted average remaining contractual life of share options outstanding as at December 31, 2025, is 4.62 years. The total share-based payment expense related to the stock options awards in the year ended December 31, 2025, was $1,707,397 (2024: nil ). Share-based payments - RSUs On July 1, 2024, Lifezone granted 2,600,000 RSU awards under the Plan each representing the right for participants to receive 1 share in Lifezone. 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 (respectively) based on 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 cancelled 1,500,000 RSUs out of the total unvested 1,666,667 RSUs that were originally granted on July 1, 2024. As a replacement for the cancelled RSUs Lifezone 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. Cancellation of an award accompanied by the concurrent grant of a replacement award is accounted for as a modification of the terms of the cancelled award. The incremental value is measured as the excess of the fair value of the replacement awards over the fair value of the cancelled 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 cancelled 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 $413,639 is expensed as share-based payments in the year ended December 31, 2025. The cancelled 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. During the year ended December 31, 2024, Lifezone Metals granted another 5,405 RSUs that vested immediately.
The total share-based payment expense related to the RSU awards in the year ended December 31, 2025, was $413,639 (2024: $17.82 million). 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"). Earnout shares grant date is July 6, 2023, and the fair value of Earnout shares were independently valued based on a Monte Carlo simulation model.
All earnouts are outstanding as of December 31, 2025.
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Loss per share |
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| Earnings per share [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss per share | 26. Loss per share Basic loss per share is calculated by dividing the loss for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted loss per share is calculated by dividing the loss attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year 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 numerator and denominator used in the computation of basic and diluted loss per share for the year ended December 31, 2025, December 31, 2024, and December 31, 2023:
Where a loss has occurred, basic and diluted loss per share is the same because the outstanding options, RSUs, Warrants and earnout units are antidilutive. The following table presents instruments that can potentially dilute basic earnings per share in the future but were not included in the calculation of diluted loss per share, as their impact was anti-dilutive (due to net losses in all reporting periods):
1The number of shares that may be issued against convertible debentures is determined by dividing the total of the principal outstanding and accrued interest by the exercise price of $8.00 per share. 2Please refer to Note 24.3 for a breakdown of the warrant units including exercise prices and expiry dates.
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Financial risk review |
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| Financial Risk Review [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial risk review | 27. 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 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 comprise 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, related party receivables, trade payables, accrued liabilities and convertible debentures. a) Credit risk During 2025, Lifezone did not have significant external revenues and, therefore, its credit risk from trade receivables is insignificant. The carrying amount of financial assets represents the maximum credit exposure and at the reporting date was:
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 on the deferred consideration to BHP is based on Lifezone's base case assumptions in the table below.
c) Foreign currency risk Lifezone has assets and liabilities that are denominated in currencies other than USD, its functional currency. Lifezone incurs expenditures in non-U.S. dollar currencies, primarily GBP, TZS, and AUD. 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, TZS and AUD:
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.
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 21. A 1% increase (decrease) in SOFR rates, with all other variables held constant, would result in an increase (decrease) of approximately $532,625 to interest expense for the year ended December 31, 2025, (2024: $379,150). 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. Lifezone’s objectives are to safeguard its ability to continue as a going concern in order to pursue the development of the Kabanga Nickel Project and to maintain a flexible capital structure which optimizes the returns to shareholders. Lifezone’s management evaluates the company’s capital needs to ensure a balanced and effective 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.
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Contingent liabilities |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Disclosure of contingent liabilities [abstract] | |
| Contingent liabilities | 28. Contingent liabilities As detailed in Note 19, Lifezone has provided $3.43 million (TZS 8.43 billion) as a result of a Court ruling received during 2024 in relation to a withholding tax assessment. Lifezone has not provided for any additional interest charges, as based on ongoing discussions with the TRA, any material outflow is not considered probable. However, if the TRA does not waive the additional interest charges, there is a possibility that KNCL could face an additional liability of up to $5.03 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 in the previous paragraph, 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 in dispute is $171,894 (TZS 421.81 million). As at the date of signing 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 amounting to $758,966 (TZS 1.89 billion), interest of $47,169 (TZS 115.80 million) on the unpaid taxes, and a penalty of $5.86 million (TZS 14.39 billion). The penalty pertains to the alleged failure or delay in disclosing contractors' information related to withholding taxes. 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 likely that the company will successfully defend its position. As such, it is considered probable that no payment will be required in respect of the assessed amounts and that the claim will not be upheld by the TRA. During 2025, Lifezone and its Tanzanian entities engaged in discussions with the Government of Tanzania to amend the existing Framework Agreement and agreed on a mechanism to resolve several outstanding matters with the Tanzania Revenue Authority (TRA). Based on the advice received and the advanced stage of the Framework Agreement negotiations, management believes it is likely that Lifezone will not be required to pay the additional interest charges of $5.03 million (TZS 12.36 billion) in relation to the withholding tax assessment nor the $5.86 million penalty in relation the 2023 audit assessment. However, as the amended Framework Agreement has not yet been signed or become effective, it is considered probable, though not certain, that no payment will be required in respect of the assessed amounts.
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Subsequent events |
12 Months Ended |
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Dec. 31, 2025 | |
| Disclosure of non-adjusting events after reporting period [abstract] | |
| Subsequent events | 29. Subsequent events 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 the Company a 14-month exclusivity period to evaluate the technical and economic potential of the Musongati deposit, including an initial 30-day scoping phase during which Lifezone will review existing geological data and develop a longer-term exploration and feasibility assessment program. Historical studies, including a 2011 resource estimate, indicate a resource of more than 140 million tonnes and potential by-products including copper, cobalt, gold, platinum-group metals and scandium. 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. As of December 31, 2025, KNL had $20 million outstanding under the senior secured bridge loan facility agreement with Taurus Mining Finance. On March 16, 2026, KNL received another $5 million from Taurus Mining Finance. This payment was an advance to the second drawdown of $21.7 million. This second utilisation request was issued to Taurus Mining Finance in early March, and both parties are working through the drawdown conditions, including obtaining all required signatures related to the local Tanzanian security documents and drawing the funds from Taurus Mining Finance's limited partners.
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Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Cybersecurity Threats Assessment and Risk Mitigation Lifezone is committed to maintaining a robust cybersecurity framework that identifies, assesses, and mitigates material cybersecurity risks. To strengthen our cybersecurity posture, we have engaged a specialized IT and cybersecurity consultancy firm to enhance our cybersecurity risk management, strategy, and governance capabilities. This engagement supplements our internal IT expertise and ensures compliance with evolving regulatory requirements and best practices. Our IT infrastructure is managed by a dedicated internal team, supported by a third-party managed service provider -Espria. Espria has partners in the US and the Philippines to cover Australia's and North American working hours. Our staff works closely with an information technology and cybersecurity consultancy firm, which provides additional expertise in executive-level cybersecurity oversight, continuous cyber risk assessment, and ongoing improvements to our security posture. Current Cyber Risk Management Approach •Cyber Risk Assessments & Third-Party Audits: We conduct annual risk assessments, regular vulnerability scans, and penetration testing to proactively identify and address potential threats, often supported by external experts. Our retained cybersecurity consultancy firm provides independent cybersecurity assessments and works with our IT team to implement necessary improvements on an ongoing basis. •Governance & Executive Oversight: Lifezone has established a cybersecurity governance policy, with third party experts providing additional experience to assist the executive leadership and Board of Directors in risk evaluation, response planning, and mitigation strategies. •Integration of Third-Party Managed Services: The cybersecurity consultancy firm provides oversight to cybersecurity efforts of third-party managed service providers to ensure alignment with our security objectives. •Incident Management & Continuous Improvement: Our team, along with third-party managed service providers, monitors, and analyses ever changing information technology and cyber threats and ensures continuous updates to security controls, infrastructure, and response protocols. As of the date of this filing, there were no material cybersecurity incidents that have affected our business strategy, financial condition, or results of operations.
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | Commitment to Ongoing Cybersecurity Enhancements Lifezone remains committed to continuous improvements in cybersecurity resilience through: •Group wide business continuity planning scenario assessments, including data recovery exercises. •Regular cybersecurity framework updates based on lessons learned and emerging threat intelligence. •Relevant information technology and cybersecurity policies help ensure compliance with SEC and international cybersecurity standards. •Strategic investments in cybersecurity technologies to improve protection, detection and response capabilities. By integrating third-party expertise into our cybersecurity governance, we reinforce our commitment to safeguarding data, mitigating cyber threats, and ensuring investor confidence in our risk management capabilities. This disclosure reflects Lifezone's proactive approach to cybersecurity and commitment to regulatory compliance, protecting our stakeholders, clients, and development partners worldwide. Cybersecurity attacks are more frequent and vulnerabilities pose significant corporate risks, including the risk of business interruption, data losses, breach of privacy and ultimately financial losses. Still, the above approach may not be adequate and able to mitigate against all or sophisticated future cybersecurity attacks, or material information technology incidents.
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| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Board Oversight The Board of Directors of Lifezone Metals has active oversight over cybersecurity risks as part of its broader enterprise risk management strategy. In collaboration with information technology and cybersecurity consultancy firms and third-party managed service providers, the Board of Directors and management ensure that cybersecurity considerations are effectively integrated into business decisions and compliance frameworks. •The Board of Directors receives updates on business continuity planning, cyber risk assessments, security incidents, mitigation strategies, and emerging threats. •External cybersecurity expertise is leveraged to provide the Board of Directors with insightful risk analysis and strategic recommendations to enhance security resilience.
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Board of Directors of Lifezone Metals has active oversight over cybersecurity risks as part of its broader enterprise risk management strategy. In collaboration with information technology and cybersecurity consultancy firms and third-party managed service providers, the Board of Directors and management ensure that cybersecurity considerations are effectively integrated into business decisions and compliance frameworks.
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| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Board of Directors receives updates on business continuity planning, cyber risk assessments, security incidents, mitigation strategies, and emerging threats. •External cybersecurity expertise is leveraged to provide the Board of Directors with insightful risk analysis and strategic recommendations to enhance security resilience.
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| Cybersecurity Risk Role of Management [Text Block] | Management’s Role in Cybersecurity Risk Management Lifezone's management team, supported by information technology and cybersecurity consultancy firms, is responsible for the assessment, mitigation, and response to cybersecurity threats. •The executive committee, in collaboration with external information technology and cybersecurity consultancy firms, evaluates cyber risks, determines mitigation strategies, and ensures resource allocation for information technology investments. •Our internal team with relevant industry experience and in close cooperation with the Chief Financial Officer oversees Lifezone's information technology, data protection, cyber security strategy, compliance, and operational execution and continuous improvements. •Lifezone provides regular information technology and security awareness training to ensure alignment with SEC cybersecurity requirements and industry best practices. •Cybersecurity processes are embedded within broader corporate risk management to ensure a comprehensive, organization-wide approach.
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| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Management’s Role in Cybersecurity Risk Management Lifezone's management team, supported by information technology and cybersecurity consultancy firms, is responsible for the assessment, mitigation, and response to cybersecurity threats. •The executive committee, in collaboration with external information technology and cybersecurity consultancy firms, evaluates cyber risks, determines mitigation strategies, and ensures resource allocation for information technology investments. •Our internal team with relevant industry experience and in close cooperation with the Chief Financial Officer oversees Lifezone's information technology, data protection, cyber security strategy, compliance, and operational execution and continuous improvements. •Lifezone provides regular information technology and security awareness training to ensure alignment with SEC cybersecurity requirements and industry best practices. •Cybersecurity processes are embedded within broader corporate risk management to ensure a comprehensive, organization-wide approach.
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| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our internal team with relevant industry experience and in close cooperation with the Chief Financial Officer oversees Lifezone's information technology, data protection, cyber security strategy, compliance, and operational execution and continuous improvements. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | The executive committee, in collaboration with external information technology and cybersecurity consultancy firms, evaluates cyber risks, determines mitigation strategies, and ensures resource allocation for information technology investments. •Our internal team with relevant industry experience and in close cooperation with the Chief Financial Officer oversees Lifezone's information technology, data protection, cyber security strategy, compliance, and operational execution and continuous improvements. •Lifezone provides regular information technology and security awareness training to ensure alignment with SEC cybersecurity requirements and industry best practices. •Cybersecurity processes are embedded within broader corporate risk management to ensure a comprehensive, organization-wide approach.
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| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Significant accounting policies (Policies) |
12 Months Ended | ||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||
| Disclosure of voluntary change in accounting policy [abstract] | |||||||||||||||||||||||||||||||
| Basis of preparation | Lifezone’s consolidated financial statements for the year ended December 31, 2025, have been prepared in accordance with International Financial Reporting Standards and International Accounting Standards as issued by the International Accounting Standards Board (IASB) and Interpretations (collectively IFRS Accounting Standards) and are reported in U.S. dollars ("USD" or "$"). The consolidated financial statements were prepared on a historical cost basis unless otherwise stated. The principal accounting policies applied in the preparation of the consolidated financial statements were consistently applied in all years presented. Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. 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 consolidated financial statements include the accounts of Lifezone Metals and its subsidiaries. Intercompany balances, transactions, income and expenses are eliminated on consolidation.
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| Basis of consolidation | The consolidated financial statements comprise the financial statements of Lifezone and its subsidiaries as of December 31, 2025. Control is achieved when Lifezone is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, Lifezone controls an investee if, and only if, Lifezone has: •power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); •exposure, or rights, to variable returns from its involvement with the investee; or •the ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when Lifezone has less than a majority of the voting or similar rights of an investee, Lifezone considers all relevant facts and circumstances in assessing whether it has power over an investee, including: •the contractual arrangement(s) with the other vote holders of the investee; •rights arising from other contractual arrangements; and •Lifezone’s voting rights and potential voting rights. Lifezone re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when Lifezone obtains control over the subsidiary and ceases when Lifezone loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date Lifezone gains control until the date Lifezone ceases to control the subsidiary. Profit or loss and each component of other comprehensive income or loss are attributed to the equity holders of the parent (Lifezone) and to the NCI, even if this results in the NCI 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. Lifezone attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the NCIs based on their respective ownership interests.
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| Going concern | The management of Lifezone has assessed the going concern assumptions of Lifezone during the preparation of these consolidated financial statements. Lifezone had a net loss of $14.11 million for the year ended December 31, 2025, (2024: loss of $47.14 million) and accumulated losses of $468.10 million as at December 31, 2025 (2024: $454.47 million). As at December 31, 2025, Lifezone had consolidated cash and cash equivalents of $20.14 million (2024: $29.28 million). The net cash used in operating activities for the year ended December 31, 2025, was $15.59 million (2024: $15.89 million). The consolidated 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 December 31, 2025, Lifezone has net current liabilities of $31.63 million and based on Lifezone’s current and anticipated liquidity and funding requirements, Lifezone will need additional capital in the near future to fund its corporate expenditure, operations and project developments. 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 funding and bridge and project-level debt. Active discussions are ongoing with offtake partners, financial and strategic investors, development finance institutions and commercial lenders. 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 24 for further details on the number of warrants outstanding, exercise prices and expiry dates of the warrants. We believe the likelihood that warrant holders will exercise their warrants, and therefore the amount of cash proceeds that we would receive is dependent upon the market price of our Lifezone ordinary shares. On December 31, 2025, the market price of one ordinary share of Lifezone Metals was $4.27. 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. To the extent that Lifezone foresees increasing financing risks, jeopardizing the existence of Lifezone, Lifezone can accelerate a reduction of costs and aim for smaller, more targeted capital raises. Our cash and cash equivalents of $20.14 million as of December 31, 2025 and the $40.0 million of undrawn senior secured bridge loan facility as of December 31, 2025 , will be insufficient to fund our operating and other expenses and expenditure over the next 12 months. In this assessment, we consider the Board of Directors making the Financial Investment Decision for the Kabanga Nickel Project, which will materially increase our investment cash flows and require raising equity and debt through a multi-sourced project financing solution. That means that our future viability is dependent on our ability to raise additional capital to fund corporate working capital expenditure, Kabanga Nickel Project developments, potential new projects and acquisitions and to fund operations. As the senior secured bridge loan facility is ringfenced for the Kabanga Nickel Project, corporate overheads, the investment in the PGM Recycling Partnership with Glencore, other expenses linked to our IP segment and costs linked to business development activities, will require near-term and alternative funding solutions from the Kabanga Nickel Project. Such solutions, which are required within the next 6 months, might include further equity offerings at the Lifezone Metals level. To maintain liquidity, management could also consider reducing operating costs, pausing capital expenditures, restructuring interest-paying debt, or maximising external revenues from the Simulus hydromet laboratory based in Perth, Australia. These conditions give rise to a substantial doubt about our ability to continue as a going concern, as there can be no assurance Lifezone will be able to raise the required financing through a combination of equity offerings, debt financings, strategic alliances, 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. The financial statements do not include the adjustments to the amounts and classification of assets and liabilities that may be necessary if Lifezone was unable to continue as a going concern.
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| Business combinations and goodwill | Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at the acquisition date fair value, and the amount of any NCI in the acquiree. Acquisition-related costs are expensed as incurred and included in administrative expenses. Lifezone determines that it has acquired a business when the acquired set of activities and assets includes an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organized workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. When Lifezone acquires a business, it assesses the assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Mineral reserves, resources and exploration potential that can be reliably measured are recognized separately in the assessment of fair values on acquisition. Other potential reserves, resources and rights, for which fair values cannot be reliably measured, are not recognized separately, but instead are subsumed in goodwill. Changes in Lifezone’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. Goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred and the amount recognized for NCI over the fair value of the identifiable net assets acquired and liabilities assumed. Any deferred consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Deferred consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Deferred consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 - Financial Instruments - is measured at fair value, with changes in fair value recognized in the consolidated statement of comprehensive loss in accordance with IFRS 9.
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| Functional and presentation currency | These consolidated financial statements are presented in "USD" which is the functional currency of Lifezone Metals, and all values are rounded to the nearest USD, except where otherwise indicated. The functional currency is the currency of the primary economic environment in which the entity operates. Accordingly, Lifezone presents its financial results and financial position in USD, expressed as $ in this document. Certain subsidiaries of Lifezone Metals have functional currencies different from USD. LZ Services Limited ("LZSL"), a company incorporated in England and Wales has GBP as its functional currency whereas Lifezone Asia-Pacific Pty Ltd ("LZAP") and Simulus are incorporated in Australia and have functional currencies as AUD.
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| Foreign currency transactions and balances | Transactions in foreign currencies are initially recorded using the rate of exchange ruling at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions, as well as from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognized in the consolidated statement of comprehensive loss. Assets and liabilities are translated into Lifezone’s reporting currency using the exchange rates in effect at balance sheet dates. Equity accounts are translated at historical rates, except for the change in retained earnings during the year, which is the result of the income statement translation process. Revenue and expense accounts are translated using the average exchange rate during the period. The cumulative translation adjustments associated with the net assets of foreign subsidiaries are recorded in accumulated foreign currency translation reserves in the consolidated statements of changes in equity. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.
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| Revenue recognition | Revenue is derived from research and laboratory services provided by our Simulus business in Australia. Prior to the acquisition of Simulus revenue included consulting and management services related to Lifezone’s licenses of patents for use in mineral beneficiation operations of joint ventures primarily in Africa and consulting and management services to other companies. Lifezone has not generated any revenues from its Metals Extraction and refining business as Kabanga Nickel Project continues to be classified as an exploration and evaluation asset. Transaction prices are stated within the agreement or are verbally agreed to with no variable elements and are allocated to one performance obligation. Accordingly, revenues from the sale of consulting and management services are recognized at the transaction price during the period the services were provided. When Lifezone fulfills its performance obligation prior to receiving payment, the company records either a contract asset or a receivable in its consolidated statement of financial position. The classification depends on whether any conditions other than the passage of time must be met before payment becomes due.
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| Cost of sales | Cost of sales includes costs directly related to the provision of services. | ||||||||||||||||||||||||||||||
| Impairment of non-financial assets | Lifezone assesses at each reporting date whether there is an indication that an asset or Cash Generating Unit ("CGU") may be impaired. If any indication exists, or when annual impairment testing for an asset is required, Lifezone estimates the assets or the CGU’s recoverable amount. An asset’s recoverable amount is the higher of an asset's or CGU’s fair value less costs of disposals and its value in use. When the carrying amount of an asset (or a CGU) exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. For assets where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years. A reversal of an impairment loss is recognized immediately in the consolidated statement of comprehensive loss. An intangible asset with an indefinite useful life is not amortized but is tested annually for impairment.
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| Impairment of goodwill | Goodwill is tested for impairment at least annually and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. Where the recoverable amount of the CGU is less than its carrying amount including goodwill, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods.
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| Interest expense and income | Interest income and expense is recognized using the effective interest rate method. Interest income is derived primarily from interest on deposits and cash at bank while interest expense is incurred primarily on debt instruments, deferred considerations and finance leases.
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| Taxation | Tax expense is recognized in the consolidated statement of comprehensive loss and comprises the sum of current and deferred tax not recognized in other comprehensive income or directly in equity. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for: •temporary differences on the initial recognition of assets and liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit; and •temporary differences to the extent that it is probable that they will not reverse in the foreseeable future. Deferred tax is measured at the tax rates at which the temporary differences are expected to reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset where the entity has a legally enforceable right to set off current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to the same taxation authority. Deferred tax assets are recognized to the extent that it is probable that there will be taxable profits in the foreseeable future against which they can be utilized.
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| Exploration and evaluation expenditure | Lifezone’s activities involve the search for mineral resources, the determination of the technical feasibility and the assessment of the commercial viability of an identified mineral resource, and report exploration and evaluation expenditure by applying an accounting policy consistently developed using the IFRS framework, including definitions and concepts outlined in IFRS 6 - Exploration for and Evaluation of Mineral Resources. Lifezone applies the area of interest method when accounting for exploration and evaluation costs. All direct costs related to the acquisition of exploration rights are capitalized as an intangible asset on a property-by-property basis and mineral licenses adjacent to each other will be combined into a project if managed together. Once the legal right to explore has been acquired, costs are charged to the consolidated statement of comprehensive loss as incurred, unless Lifezone concludes that future economic benefits are more likely than not to be realized. Capitalized exploration and evaluation expenditure includes a wide range of exploration, evaluation and study related costs, including related overhead costs in Tanzania and financing costs. All other costs which do not meet Lifezone's capitalization policy are expensed during this phase and are included in “General and administrative expenses’ in the consolidated statement of comprehensive loss. Exploration and evaluation assets consist of certain mining data acquired in conjunction with the acquisition of the legacy Kabanga Nickel Project from Barrick Gold Corporation ("Barrick") and Glencore in 2021. Following the completion of the Feasibility Study of the Kabanga Nickel Project Lifezone is working towards a FID on the project. Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount, which is the higher of value in use and fair value less costs to sell, the asset is written down. An impairment loss is recognized in the consolidated statement of comprehensive loss. 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. Exploration and evaluation assets shall be assessed for impairment indicators, and any impairment loss recognized, before reclassification. As of December 31, 2025, Lifezone had defined the Kabanga Nickel Project as its only exploration and evaluation asset, comprising a SML and several prospecting licenses in close proximity, all being explored for the same minerals, managed by the same personnel and owned by TNCL. Study work undertaken for the potential downstream processing at Kahama, was considered an integral part of the project, as it forms part of the Feasibility Study. An impairment review is undertaken when indicators of impairment arise, but typically when one of the following circumstances applies: •Rights to explore in an area have expired or will expire in the near future without renewal; •No further exploration or evaluation is planned or budgeted; •A decision is made to discontinue exploration and evaluation in an area because of the absence of commercial reserves, and; •Sufficient data exists to indicate that the book value will not be fully recovered from future development and production (or a sale of the project). At each reporting date, Lifezone reviews the carrying amounts of its mining interests to determine if any indicators of impairment exist. If any such indicators exist, the recoverable amount of the asset is estimated in order to determine the extent of any impairment loss, if any. On the basis of the above assessment, management is not aware of any facts or circumstances that would suggest the carrying amount of the exploration and evaluation asset may exceed its recoverable amount.
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| Other intangible assets with finite lives | Lifezone’s other intangible assets consist of computer software and patents. Other intangible assets are initially recognized at acquisition cost or acquired as part of a business combination and carried at historical cost less accumulated amortization and impairment losses, if any. Subsequent acquisitions are included in the asset’s carrying amount or recognized as a separate asset as appropriate only when it is probable that future economic benefits associated with the item will flow to Lifezone and the cost of the item can be measured reliably. Other intangible assets are amortized on a straight-line basis over their estimated useful lives, which are as follows:
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| Property and equipment | Property and equipment are initially recognized at acquisition cost and carried at historical cost less accumulated depreciation and impairment losses, if any. Subsequent acquisitions are included in the asset’s carrying amount or recognized as a separate asset as appropriate only when it is certain the item can be measured reliably. Depreciation is calculated using the straight-line method to allocate the property and equipment’s value over the lower of their legal or estimated useful lives. Property and equipment with indefinite lives are not depreciated and are assessed for impairment on an annual basis. All repair and maintenance costs are recognized in consolidated statement of comprehensive loss as incurred. Depreciation is calculated on a straight-line basis over the estimated economic lives of the following assets:
An item of property and equipment and any significant part initially recognized is de-recognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising from de-recognition of the asset is recognized in the consolidated statement of comprehensive loss. The assets’ residual values, useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively, if appropriate.
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| Right-of-use assets and Lease Liabilities | Lifezone has lease contracts used in its operations with an original lease term of 3 - 5 years. Lifezone’s obligations under its leases are secured by the lessor’s title to the leased assets. Lifezone recognizes right-of-use assets at the commencement date of the lease (i.e., the date when the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. Right-of-use assets are also tested for impairment when there are any indicators of impairment. Liabilities arising from a lease are initially measured at the present value of the future lease payments discounted using the interest rate implicit in the lease or the incremental borrowing rate in case the interest rate implicit in the lease is not readily determinable. The main components of the lease payments included in the measurement of the lease liability comprise the following: •fixed lease payments; •variable lease payments that are linked to an index (consumer price index); and •lease payments in an optional renewal period if Lifezone is reasonably certain to exercise an extension option. Lease payments contain two elements, principal and interest. Interest expense is presented as part of interest costs in the consolidated statements of comprehensive loss and measured using the effective interest method. Principal and interest portions of lease payments were presented within financing activities in the consolidated statement of cash flows. The carrying amount of lease liabilities is remeasured if there is a change in the future lease payments due to a change in index or rate. If ownership of the leased asset transfers to Lifezone at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset and the asset is depreciated on a straight-line basis.
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| Inventories | Inventories are stated at the lower of cost (calculated on a weighted average basis) and net realizable value. Net realizable value refers to the net amount that an entity expects to realize from the sale of inventory in the ordinary course of business. Cost comprises direct purchase costs.
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| Cash and cash equivalents | Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments that are readily convertible to known amounts of cash, and which are subject to an insignificant risk of changes in value. Lifezone has not experienced any losses on such amounts. Bank balances for which use by the group is subject to third party contractual restrictions are included as part of cash unless the restrictions result in a bank balance no longer meeting the definition of cash. Contractual restrictions affecting use of bank balances are disclosed in note 10.
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| Share-based payments | Lifezone operates share-based payment arrangements under which employees, consultants and directors receive equity instruments of Lifezone Metals, including Restricted Stock Units ("RSUs") and Stock Options. These awards are accounted for in accordance with IFRS 2 – Share-based Payment. Equity-settled share-based payments Equity-settled share-based payments are measured at the fair value of the equity instruments granted at the grant date. The fair value is determined using an appropriate valuation model, such as the Black-Scholes option pricing model for stock options or the market price of the Company’s shares on the grant date for RSUs, adjusted for any applicable market-based vesting conditions. The fair value is determined at the grant date and is expensed on a straight-line basis over the vesting period, based on Lifezone's estimate of the number of equity instruments that will ultimately vest. At each reporting date, Lifezone revises its estimates of the number of awards expected to vest and recognizes the impact of any revision in the consolidated statement of comprehensive loss, with a corresponding adjustment to equity. The fair value determined at the grant date is fully expensed on grant where the vesting is not subject to any service conditions. Share options with graded vesting schedules are accounted for as separate grants with different vesting periods and fair values. Vesting conditions Vesting of RSUs and stock options is generally subject to the satisfaction of service conditions and, in certain cases, performance conditions. Service conditions require continued employment over a specified period. Performance conditions are based on the achievement of specified performance targets on Lifezone's own operations (non-market conditions) or on the price of Lifezone's ordinary shares (market-based condition). Market-based conditions are reflected in the fair value at grant date and are not subsequently adjusted for differences between expected and actual outcomes. Non-market conditions are taken into account in estimating the number of awards expected to vest. Settlement and exercise Upon vesting: •RSUs are settled by the issue of ordinary shares of Lifezone. •Stock Options may be exercised by employees within the contractual exercise period at the pre-determined exercise price. No cash is received by Lifezone in respect of RSU settlements. Proceeds received from the exercise of stock options, net of any directly attributable transaction costs, are credited to share capital and share premium. Replacement of awards Where an award is designated as a replacement award, any incremental fair value must be recognized over the vesting period of the replacement award. The incremental fair value is the difference between the fair value of the original award and that of the modified award, both measured at the date of modification.
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| Warrants | Warrants are classified as either a liability or equity on inception, depending on the terms of the agreement. Warrants are only classified as equity when they are settled by the entity delivering a fixed number of its own equity instruments and receiving a fixed amount of cash or another financial asset. Lifezone assesses the appropriate classification of Warrants at the time of inception. The fair value of warrants is independently valued using a Black-Scholes option pricing model. Warrants that are classified as liabilities are subsequently measured at fair value with changes in fair value reported in the consolidated statement of comprehensive loss.
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| Earnouts | Earnouts represent payment arrangements whereby the additional purchase consideration on acquisition is contingent on the future financial performance of Lifezone. Earnouts are classified as either a liability or equity on inception, depending on the terms of the agreement. Lifezone determined that both Lifezone Holdings and Sponsor shareholder earnout should be classified as equity after assessment under IFRS 2 - Share-based Payment. Refer to Note 25 for details. The fair value of earnouts is independently valued based on a Monte Carlo simulation model.
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| Provisions | Provisions are recognized when Lifezone has a present obligation as a result of a past event, and it is probable that Lifezone will be required to settle the obligation. Provisions are measured at the best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material. Asset retirement obligation Asset retirement obligations will be incurred by Lifezone either while operating, or at the end of the operating life of, Lifezone’s facilities and mine properties. Lifezone assesses its asset retirement obligation at each reporting date. Lifezone recognizes an asset retirement obligation where it has a legal and constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount of obligation can be made. Over time, the discounted liability is increased for the change in present value based on the discount rates that reflect current market assessments and the risks specific to the liability. The periodic unwinding of the discount is recognized in the consolidated statement of comprehensive loss as part of interest expense. As at December 31, 2025, no provision for asset retirement obligation was required given all disturbances to natural environment are made good by Lifezone on an ongoing basis.
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| Financial instruments | Recognition Financial assets and financial liabilities are recognized when Lifezone becomes a party to the contractual provisions of the financial instrument. Classification and initial measurement of financial assets Except for those receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15 - Revenue from Contracts with Customers, all financial assets are initially measured at fair value adjusted for transaction costs, if any. After initial recognition, these are measured at amortized cost using the effective interest method and are subject to impairment. Discounting is omitted where the effect of discounting is immaterial. Lifezone’s cash and cash equivalents, related party receivables and trade and other receivables fall into this category of financial instruments measured at amortized cost. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from Lifezone’s consolidated statement of financial position) when: •The rights to receive cash flows from the asset have expired, or •Lifezone has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement; and either (a) Lifezone has transferred substantially all the risks and rewards of the asset, or (b) Lifezone has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Impairment of financial assets Lifezone measures the impairment of financial assets in an amount equal to the expected credit loss. In determining whether the credit risk of a financial asset has increased significantly since the initial recognition and in estimating the expected credit losses, Lifezone considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes quantitative and qualitative information and analysis, based on the historical experience, credit assessment and considering forward-looking information. Interest income For all financial instruments measured at amortized cost, interest income is recognized using the effective interest rate method. The effective interest rate is the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset. Interest income is recognized in the consolidated statement of comprehensive loss. Classification and initial measurement of financial liabilities All financial liabilities are recognized initially at fair value. Lifezone’s financial liabilities include convertible debenture debt, senior secured bridge loan facility, trade and other payables and deferred consideration. Financial liabilities are measured subsequently at amortized cost using the effective interest method unless such liabilities are classified as Financial Liabilities at Fair Value Through Profit and Loss ("FVTPL") with gains or losses recognized in consolidated statement of comprehensive loss. The embedded derivative in our convertible debentures are classified as FVTPL with gains or losses recognized in consolidated statement of comprehensive loss. All interest-related charges and, if applicable, changes in an instrument’s fair value (example embedded derivatives) are reported in consolidated statement of comprehensive loss unless such charges are eligible for capitalization. Payables This category pertains to financial liabilities that are not held for trading or not designated as at FVTPL upon the inception of the liability. These include liabilities arising from operations (e.g., accounts payable and accrued liabilities). Payables are recognized initially at fair value and are subsequently carried at amortized cost. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. This accounting policy applies to Lifezone’s trade and other payables. Derecognition Financial liabilities are derecognized when the associated obligation is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in consolidated statement of comprehensive loss Deferred transaction costs Fees paid to enter into the senior secured bridge loan facility are recognized as transaction costs. These costs include fees such as arrangement fees, advisory, legal, and technical due diligence fees. Additionally, the fair value of warrants issued to the lenders as consideration for entering into the facility are included in these costs. Management determined that the transaction costs are all attributable to the initial drawdown and subsequent drawdowns and as a result, decided to allocate the transaction costs to the facility in proportion to the drawdowns. Transaction costs solely related to the initial advance are included in full in the debt's initial measurement. Transaction costs related to both the initial drawdown and the subsequent drawdown are allocated on a pro-rata basis. As a result, a percentage of the costs are included in the debt's initial measurement (included in the effective interest rate calculation) and the remainder is deferred as an asset (included in the non-current asset line "Deferred transaction costs" in the consolidated statement of financial position) and will be deducted from the liability pro-rata when subsequent drawdowns occur. Deferred financing costs are amortized from the date of the drawdowns to the date of the expiry of the facility on a straight-line basis.
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| Fair value measurement | This section describes the valuation methodologies Lifezone uses to measure financial and non-financial instruments accounted for at fair value including certain liabilities like embedded derivatives and deferred consideration. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: •In the principal market for the asset or liability or •In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to Lifezone. The fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. Lifezone uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. Financial Instruments for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: •Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities •Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable •Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable External valuers are engaged by Lifezone for valuation of share options, earnout, warrants, restricted stock units and embedded derivatives. Involvement of external valuers is determined by management based on market knowledge, reputation, independence and whether professional standards are maintained. Fair values of share options, earnout, warrants, restricted stock units, deferred consideration and embedded derivatives are categorized as Level 3 fair values under IFRS.
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| Investments in joint ventures | Under the equity method, investment in joint ventures is carried in the consolidated statement of financial position at cost and adjusted thereafter for the post-acquisition change in Lifezone’s share of the profit and loss and other comprehensive income of the joint ventures. After the interest in the joint ventures is reduced to zero, additional losses are provided for, and a liability is recognized, only to the extent that Lifezone has incurred legal or constructive obligations or made payments on behalf of the joint ventures. The financial statements of the joint venture are prepared for the same reporting period as Lifezone. When necessary, adjustments are made to bring the accounting policies in line with those of Lifezone. Lifezone determines at each reporting date whether there is any objective evidence that the investment in joint ventures is impaired.
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| Deferred consideration | Recognition and Measurement Deferred consideration arises from business combinations or asset acquisitions where part of the purchase price is payable at a future date. Where the deferred consideration is classified as a financial liability, it is initially measured at its fair value in accordance with IFRS 3 and IFRS 9. The fair value is determined by discounting the expected future payments to present value using an appropriate discount rate that reflects the time value of money and the risks specific to the liability. If the deferred consideration is classified as equity (e.g., when settled by a fixed number of Lifezone’s own equity instruments for a fixed amount), it is measured at fair value at the acquisition date and is not subsequently remeasured. Deferred consideration classified as a financial liability is subsequently measured at amortized cost using the effective interest method, unless it contains a derivative component (e.g., contingent on future events or indexed to share price), in which case it is measured at fair value through profit or loss ("FVTPL") with changes in fair value recognized in the consolidated statement of comprehensive loss. 2.25. Borrowing costs Borrowing costs directly attributable to the development of the Kabanga Nickel Project are added to the cost of the project until such time as the project is substantially ready for its intended use or sale. Where funds are borrowed specifically, costs eligible for capitalization are the actual costs incurred less any income earned on the temporary investment of such borrowings. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are recognized in consolidated statement of comprehensive loss in the period in which they are incurred.
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| Adoption of new and revised standards | Lifezone has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. The following amendment applies for the first time in 2025, but does not have an impact on the consolidated financial statements of Lifezone: •Lack of Exchangeability (Amendments to IAS 21) - The amendment provides guidance for entities to apply a consistent approach to the assessment of whether a currency is exchangeable at the measurement date and for a specific purpose, and if not, the determination of the exchange rate to be used for measurement purposes and the disclosures to be provided in their financial statements. A currency is exchangeable when there is the possibility of exchanging it for another currency, with normal administrative delays, and the transaction occurs through markets or exchange mechanisms that create enforceable rights and obligations. The amendment is effective for annual reporting periods beginning on or after January 1, 2025. 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. •Amendments to the Classification and Measurement and Impairment of Financial Instruments (Amendments to IFRS 9 and IFRS 7) - applies from January 1, 2026 •IFRS 18 Presentation and Disclosure in Financial Statements - applies from January 1, 2027 •IFRS 19 Subsidiaries without Public Accountability: Disclosures - applies from January 1, 2027 Lifezone is currently assessing the effect of these new accounting standards and amendments.
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Significant accounting policies (Tables) |
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| Disclosure of voluntary change in accounting policy [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial Statements of Subsidiaries | Lifezone group entities and their country of incorporation are listed below:
1In May 2025, Lifezone funded $2 million into Lifezone Recycling US, LLC resulting in a change in its ownership from 94% to 94.44%. Please refer to Note 1 for more details. 2On July 18, 2025, Lifezone acquired BHP’s 17% equity interest in Kabanga Nickel Limited resulting in a change in its ownership from 83% to 100% in KNL. Please refer to Note 1 for more details. 3Lifezone holds 84% interest with the remaining 16% held by the Government of Tanzania.
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| Schedule of Other Intangible Assets | Other intangible assets are amortized on a straight-line basis over their estimated useful lives, which are as follows:
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| Schedule of Depreciation | Depreciation is calculated on a straight-line basis over the estimated economic lives of the following assets:
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Segment information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Information |
Geographical analysis
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Revenue (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Revenue |
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Interest income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense (income), defined benefit plans [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Interest Income |
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Interest expense (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest costs [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Interest Expense |
|
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Fair value gains on embedded derivatives (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Embedded derivatives [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Embedded Derivatives |
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General and administrative expenses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of General and Administrative Expenses | The following summary key expenses are included in general and administrative expenses for the year ended:
|
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Cash and cash equivalents (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Cash and Cash Equivalents |
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Trade and other receivables (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade and other receivables [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Receivables |
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Property and equipment and right-of-use assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, plant and equipment [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Detailed Information About Property, Plant and Equipment | Lifezone’s property and equipment and right-of-use assets include building, transportation equipment, and office and computer equipment.
1Depreciation charge includes $739,355 of deprecation that has been capitalized to Exploration and Evaluation asset during the year ended December 31, 2025 (2024:$758,781).
|
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Goodwill (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in goodwill [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill |
|
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Patents and other intangibles (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Intangible Assets |
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Exploration and evaluation assets and mining data (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exploration And Evaluation Assets And Mining Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Detailed Information About Property, Plant and Equipment | Lifezone’s property and equipment and right-of-use assets include building, transportation equipment, and office and computer equipment.
1Depreciation charge includes $739,355 of deprecation that has been capitalized to Exploration and Evaluation asset during the year ended December 31, 2025 (2024:$758,781).
|
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Taxation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Taxation |
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| Schedule of Unrecognized Deferred Tax Assets | Significant components of unrecognized deferred tax assets are as follows:
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Trade and other payables (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade and other payables [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Trade and Other Payables |
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Provisions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Provisions [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Provisions |
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Lease liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease liabilities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Lease liability | The analysis of lease liabilities is presented below:
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| Schedule of Undiscounted Lease Payments | Shown below is the maturity analysis of the undiscounted minimum lease payments:
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Financial liabilities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| Disclosure of detailed information about financial instruments [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value of Earnouts Granted | Key Inputs
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| Schedule of Debenture Host Debt Instrument |
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| Schedule of Transaction Costs |
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| Schedule of Warrants |
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Significant related party transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of transactions between related parties [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Directorships |
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| Schedule of Remuneration of key Management Personnel |
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.
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| Schedule of Share Based Earnouts to Key Management Personnel |
1 Amounts represent total fair value of stock option granted to key management personnel. Of this total fair value $1,139,522 (2024: $nil) was charged to the consolidated statement of comprehensive loss during the year ended December 31, 2025. 2 For the year ended December 31, 2025, the amount represents the excess of the fair value of replacement RSUs granted over the fair value of RSUs cancelled. Please refer to Note 25 for further information. For the year ended December 31, 2024 amount includes the fair value of vested RSUs. The fair value of unvested RSUs granted to key management personnel during the year ended December 31, 2024 was $7.04 million.
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| Schedule of Employment of and Existing Consulting Agreements |
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| Schedule of Consultancy Fees and Bonuses |
Family members of key management personnel who are employed by Lifezone:
1 Resigned on February 16, 2024. Related party revenue Lifezone had sales to related parties as follows:
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| Schedule of Related Parties |
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| Schedule of Sales to Related Parties | Lifezone had sales to related parties as follows:
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| Schedule of Receivables Due from Related Parties | Lifezone had receivables due from related parties as at:
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Deferred consideration (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Contingent Consideration [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
| Schedule of Present Value of Future Cash Flows | The deferred consideration is fair valued using the present value of future cash flows based on the expected amounts and timing of the future payments to BHP using the following inputs:
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| Schedule of Carrying Amount for the Reporting Periods |
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Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Reconciliation of Shareholders' Equity Movement |
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| Schedule of Non-controlling Interests |
|
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| Schedule of Outstanding Warrants | At December 31, 2025, outstanding warrants to acquire ordinary shares of Lifezone Metals were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value of Outstanding Warrants | The change in the number of outstanding warrants is as follows:
|
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Share-based payments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value of Options Using Black Scholes Option Pricing Model | The fair value of the options was determined on grant date using the Black-Scholes option pricing model and using the following key assumptions: Key Assumptions
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| Schedule of Share Options |
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| Schedule of Fair Value of Restricted Stock Units |
|
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| Schedule of Fair Value of Earnouts Granted | Key Inputs
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Loss per share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 numerator and denominator used in the computation of basic and diluted loss per share for the year ended December 31, 2025, December 31, 2024, and December 31, 2023:
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| 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 not included in the calculation of diluted loss per share, as their impact was anti-dilutive (due to net losses in all reporting periods):
1The number of shares that may be issued against convertible debentures is determined by dividing the total of the principal outstanding and accrued interest by the exercise price of $8.00 per share. 2Please refer to Note 24.3 for a breakdown of the warrant units including exercise prices and expiry dates.
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Financial risk review (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Risk Review [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Carrying Amount of Financial Assets Represents the Maximum Credit Exposure | The carrying amount of financial assets represents the maximum credit exposure and at the reporting date was:
|
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| 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 on the deferred consideration to BHP is based on Lifezone's base case assumptions in the table below.
|
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| Schedule of Financial Instruments | The following table includes assets and liabilities which are denominated in GBP, TZS and AUD:
|
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| 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.
|
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Significant accounting policies - Schedule of Other Intangible Assets are Amortized (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Computer software | |
| Schedule of Other Intangible Assets are Amortized [Line Items] | |
| Estimated useful lives of other intangible assets | 3 years |
| Patents | |
| Schedule of Other Intangible Assets are Amortized [Line Items] | |
| Estimated useful lives of other intangible assets | 12 years |
Significant accounting policies - Schedule of Depreciation Straight-Line Basis Over (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Office and computer equipment | |
| Schedule of Depreciation Straight-Line Basis Over [Line Items] | |
| Estimated economic lives assets | 5 years |
| Laboratory and testing equipment | Bottom of Range | |
| Schedule of Depreciation Straight-Line Basis Over [Line Items] | |
| Estimated economic lives assets | 2 years |
| Laboratory and testing equipment | Top of Range | |
| Schedule of Depreciation Straight-Line Basis Over [Line Items] | |
| Estimated economic lives assets | 5 years |
| Buildings | |
| Schedule of Depreciation Straight-Line Basis Over [Line Items] | |
| Estimated economic lives assets | 40 years |
| Transportation equipment | |
| Schedule of Depreciation Straight-Line Basis Over [Line Items] | |
| Estimated economic lives assets | 5 years |
Significant accounting judgements and estimates (Details) |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2025
USD ($)
|
Jul. 18, 2025 |
|
| Disclosure of subsidiaries [line items] | ||
| Value of warrants issued | $ 9,910,000 | |
| Percentage increase or decrease in share price volatility assumption | 0.10 | |
| Percentage increase or decrease in value of liability | 0.10 | |
| BHP | Kabanga Nickel Limited | ||
| Disclosure of subsidiaries [line items] | ||
| Percentage of interest | 17.00% | |
| Discount rate | 21.50% |
Segment information (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Segment information [Abstract] | |
| Reportable segment | three |
Revenue - Schedule of Revenue (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Revenue [Line Items] | |||
| Total revenue | $ 1,057,043 | $ 140,522 | $ 1,477,826 |
| Consulting and management fee from joint ventures | |||
| Revenue [Line Items] | |||
| Total revenue | 0 | 0 | 814,087 |
| Kellplant Proprietary Ltd | |||
| Revenue [Line Items] | |||
| Total revenue | 0 | 0 | 129,680 |
| Kelltechnology SA Proprietary Ltd | |||
| Revenue [Line Items] | |||
| Total revenue | 0 | 0 | 684,407 |
| Technical and laboratory services revenue | |||
| Revenue [Line Items] | |||
| Total revenue | $ 1,057,043 | $ 140,522 | $ 663,739 |
Revenue - Narrative (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Revenue [Line Items] | |||
| Revenue | $ 1,057,043 | $ 140,522 | $ 1,477,826 |
| Technical and laboratory services revenue | |||
| Revenue [Line Items] | |||
| Revenue | $ 1,057,043 | $ 140,522 | $ 663,739 |
Interest income - Schedule of Interest Income (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Interest expense (income), defined benefit plans [abstract] | |||
| Interest on related party loan | $ 0 | $ 0 | $ 6,841 |
| Interest on bank deposits | 536,157 | 2,342,071 | 560,349 |
| Total | $ 536,157 | $ 2,342,071 | $ 567,190 |
Interest expense - Schedule of Interest Expense (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Interest costs [abstract] | |||
| Interest accretion on deferred consideration | $ 0 | $ 306,388 | $ 159,904 |
| Interest accretion on lease liability | 95,219 | 86,407 | 52,075 |
| Debenture interest | 10,301,143 | 6,039,527 | |
| Other interest expenses | 1,523 | 2,335 | 0 |
| Total | $ 10,397,885 | $ 6,434,657 | $ 211,979 |
Fair value gains on embedded derivatives - Schedule of Embedded Derivatives (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Embedded derivatives [Abstract] | |||
| Fair value gains on embedded derivatives | $ 15,615,000 | $ 5,771,000 | $ 0 |
| Total | $ 15,615,000 | $ 5,771,000 | $ 0 |
Fair value gains on embedded derivatives - Narrative (Details) - USD ($) |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 30, 2024 |
|
| Embedded derivatives [Abstract] | ||||
| Embedded derivative liability | $ 5,153,000 | $ 20,768,000 | $ 26,539,000 | |
| Gains on change in fair value of derivatives | $ 15,615,000 | $ 5,771,000 | $ 0 | |
| Dividends paid (in dollars per share) | $ 4.27 | $ 6.95 | ||
| Conversion price (in dollars per share) | $ 8.00 | |||
General and administrative expenses - Schedule of General and Administrative Expenses (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Selling, general and administrative expense [abstract] | |||
| Wages & employee benefits | $ 4,105,566 | $ 2,670,496 | $ 2,620,350 |
| Consultancy fees | 2,189,483 | 2,309,474 | 2,980,497 |
| Professional fees | 1,178,863 | 2,214,068 | 3,197,712 |
| Legal expenses | 1,207,985 | 1,209,758 | 5,121,915 |
| Directors’ fees | 721,540 | 721,697 | 591,631 |
| Depreciation of property and equipment | 1,027,102 | 1,042,606 | 524,959 |
| Depreciation of right-of-use assets | 321,414 | 347,816 | 353,851 |
| Gain on disposal of property and equipment | 0 | (134) | 0 |
| Amortization of intangible assets | 141,769 | 181,991 | 163,147 |
| Impairment of VAT receivables | 574,270 | 1,749,527 | 4,617,911 |
| Provision for withholding tax payable | 4,173 | 3,434,062 | 0 |
| Provision for bad debt | 0 | 478,558 | 0 |
| Impairment of deposit | 400,000 | 0 | 0 |
| Share-based expense - Lifezone Holdings shareholder earnout | 0 | 0 | 248,464,035 |
| Share-based expense - Sponsor earnout | 0 | 0 | 17,094,750 |
| SPAC Transaction expenses | 0 | 0 | 76,857,484 |
| Share-based expense - RSU & share options | 2,121,036 | 17,818,907 | 0 |
| Travel | 310,817 | 552,276 | 574,776 |
| Audit & accountancy fees | 1,420,535 | 915,101 | 1,451,510 |
| Taxes & licenses | 13,396 | 30,297 | 0 |
| Insurance | 908,226 | 1,555,306 | 970,517 |
| Other administrative expenses | 2,474,920 | 1,850,346 | 493,157 |
| Total | $ 19,121,095 | $ 39,082,152 | $ 366,078,202 |
General and administrative expenses (Details) Tsh in Thousands |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
|
Dec. 31, 2025
USD ($)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2025
TZS (Tsh)
|
Dec. 31, 2024
TZS (Tsh)
|
Jan. 31, 2021
USD ($)
|
Jan. 31, 2021
TZS (Tsh)
|
|
| General and Administrative Expenses [Line Items] | |||||||
| Cash at banks and on hand | $ 20,144,250 | $ 24,283,942 | |||||
| Other current provisions | 3,438,235 | 3,434,062 | |||||
| Interest payable | 1,080,000.00 | ||||||
| Share-based expense - RSU & share options | 2,121,036 | 17,818,907 | $ 0 | ||||
| Impairment of VAT receivables | 574,270 | 1,749,527 | $ 4,617,911 | ||||
| Provisions | 6,940,000 | 6,370,000 | |||||
| Kabanga Nickel Company Ltd | |||||||
| General and Administrative Expenses [Line Items] | |||||||
| Cash at banks and on hand | $ 335,398 | Tsh 823,400 | |||||
| Other current provisions | $ 3,430,000 | Tsh 8,430,000 | |||||
| Kabanga Nickel Company Ltd | Revision of Interest | |||||||
| General and Administrative Expenses [Line Items] | |||||||
| Interest payable | $ 5,030,000.00 | Tsh 12,360,000 | |||||
Cash and cash equivalents (Details) - USD ($) |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|
| Disclosure of information for cash-generating units [line items] | ||||
| Cash and cash equivalents | $ 20,144,250 | $ 29,283,942 | $ 49,391,627 | $ 20,535,210 |
| Kabanga Nickel Company Ltd | ||||
| Disclosure of information for cash-generating units [line items] | ||||
| Cash and cash equivalents | 6,570,000 | $ 0 | ||
| Restricted cash and cash equivalents | $ 149,694 |
Trade and other receivables - Schedule of Other Receivables (Details) - USD ($) |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Trade and other receivables [abstract] | ||
| VAT / GST receivables | $ 540,708 | $ 405,281 |
| Prepayments | 427,288 | 1,280,657 |
| Deposits | 496,154 | 355,149 |
| Other receivables | 564,117 | 74,027 |
| Total | $ 2,028,267 | $ 2,115,114 |
Trade and other receivables (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Trade and other receivables [abstract] | |||
| VAT / GST receivables | $ 540,708 | $ 405,281 | |
| Impairment of VAT receivables | 574,270 | 1,749,527 | $ 4,617,911 |
| Provisions | 6,940,000 | 6,370,000 | |
| Impairment of deposit | $ 400,000 | $ 0 | $ 0 |
Goodwill - Schedule of Goodwill (Details) - Goodwill - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2025 |
|
| Reconciliation of changes in goodwill [abstract] | ||
| Intangible assets other than goodwill, revalued assets, at cost | $ 0 | $ 0 |
| Cost | ||
| Reconciliation of changes in goodwill [abstract] | ||
| Beginning balance | 9,020,813 | |
| Additions | 0 | |
| Ending balance | 9,020,813 | |
| Accumulated impairment | ||
| Reconciliation of changes in goodwill [abstract] | ||
| Beginning balance | 0 | |
| Charge for the year | 9,020,813 | |
| Ending balance | $ (9,020,813) |
Exploration and evaluation assets and mining data - Schedule of Exploration and Evaluation Assets and Mining Data (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Reconciliation of changes in property, plant and equipment [abstract] | ||
| Beginning balance | $ 117,577,523 | $ 69,810,603 |
| Additions | 23,409,073 | 47,766,920 |
| Ending balance | 140,986,596 | 117,577,523 |
| Mining Data | ||
| Reconciliation of changes in property, plant and equipment [abstract] | ||
| Beginning balance | 12,746,135 | 12,746,135 |
| Additions | 0 | 0 |
| Ending balance | 12,746,135 | 12,746,135 |
| Exploration and evaluation assets | ||
| Reconciliation of changes in property, plant and equipment [abstract] | ||
| Beginning balance | 104,831,388 | 57,064,468 |
| Additions | 23,409,073 | 47,766,920 |
| Ending balance | $ 128,240,461 | $ 104,831,388 |
Exploration and evaluation assets and mining data (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Disclosure of detailed information about property, plant and equipment [line items] | |||
| General and administrative expenses | $ 19,121,095 | $ 39,082,152 | $ 366,078,202 |
| Expense arising from exploration for and evaluation of mineral resources | 1,020,000.00 | 0 | |
| Kabanga Nickel Company Ltd | |||
| Disclosure of detailed information about property, plant and equipment [line items] | |||
| General and administrative expenses | $ 18,270,000 | $ 22,030,000.00 | |
Taxation - Reconciliation of Tax Expense (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Taxes [Abstract] | |||
| Loss for the year before tax | $ (14,370,330) | $ (46,596,207) | $ (364,663,392) |
| Tax using the Isle of Man corporation tax rate of 0% | 0 | 0 | 0 |
| Differences in overseas taxation rates | 3,898,485 | 2,051,863 | 2,360,211 |
| Other permanent differences | (249,612) | 0 | 0 |
| Movement in unrecognized deferred tax assets | (3,385,380) | (2,591,989) | (2,360,211) |
| Tax expense (income) | $ 263,493 | $ (540,126) | $ 0 |
| Applicable tax rate (as a percent) | 0.00% | 0.00% | 0.00% |
Taxation - Narrative (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Disclosure Income Tax [Line Items] | |||
| Applicable tax rate (as a percent) | 0.00% | 0.00% | 0.00% |
| Effective tax rate (as a percent) | 0.00% | ||
| Unrecognized deferred tax assets | $ 98,963,644 | $ 94,182,876 | |
| Tax expense (income) | 263,493 | (540,126) | $ 0 |
| Deferred tax | $ 303,749 | $ 529,018 | |
| United Kingdom | |||
| Disclosure Income Tax [Line Items] | |||
| Tax rate (as a percent) | 25.00% | ||
| Tanzania | |||
| Disclosure Income Tax [Line Items] | |||
| Tax rate (as a percent) | 30.00% | ||
| Australia | |||
| Disclosure Income Tax [Line Items] | |||
| Tax rate (as a percent) | 30.00% | ||
Taxation - Unrecognized Deferred Tax Assets (Details) - USD ($) |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Income Taxes [Abstract] | ||
| Accelerated capital deductions | $ (50,491,252) | $ 337,722 |
| Pre-trading capital expenses | 50,969,421 | 50,969,421 |
| Pre-trading tax losses | 98,485,475 | 42,875,733 |
| Unrecognized deferred tax assets | $ 98,963,644 | $ 94,182,876 |
Supplementary cashflow information (Details) - USD ($) |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Jul. 18, 2023 |
Jul. 05, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Mar. 27, 2023 |
|
| Disclosure Of Cash Flow Statement [Line Items] | ||||||
| Debenture holders paid | $ 1,077,969 | $ 553,286 | ||||
| Issue of shares to debenture holders (in shares) | 255,369 | 89,181 | ||||
| Total consideration | $ 14,530,000 | |||||
| Non-cash additions | $ 1,700,000 | |||||
| Warrant reserves | $ 15,100,000 | 20,667,152 | $ 15,017,257 | |||
| Share for share exchange | $ 2,934 | $ 0 | ||||
| Simulus Group | ||||||
| Disclosure Of Cash Flow Statement [Line Items] | ||||||
| Total consideration | $ 14,530,000 | |||||
| Cash consideration paid | 8,500,000 | |||||
| Equity interests of acquirer | $ 6,030,000.00 | |||||
| Cost | ||||||
| Disclosure Of Cash Flow Statement [Line Items] | ||||||
| Lease reassessments | 225,761 | |||||
| Cost | Right-of-use assets | ||||||
| Disclosure Of Cash Flow Statement [Line Items] | ||||||
| Lease reassessments | $ 1,800,000 | $ 225,761 | ||||
Trade and other payables (Details) - USD ($) |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Trade and other payables [abstract] | ||
| Trade payables | $ 1,901,220 | $ 2,999,512 |
| VAT payable | 12,684 | 61,464 |
| Accrued expenses | 1,848,577 | 1,754,583 |
| Total | $ 3,762,481 | $ 4,815,559 |
Provisions - Schedule of Provisions (Details) - USD ($) |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Provisions [abstract] | ||
| Provision for withholding tax | $ 3,438,235 | $ 3,434,062 |
| Provision for other taxes | 234,641 | 0 |
| Total | $ 3,672,876 | $ 3,434,062 |
Lease liabilities (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Oct. 01, 2025 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Lease liabilities [abstract] | |||
| Recognized expense relating to short-term leases | $ 407,898 | $ 435,491 | |
| Operating lease term | 3 years | ||
Lease liabilities - Schedule of Lease Liability (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Lease Liability [Roll Forward] | |||
| Beginning balance | $ 1,418,696 | $ 1,787,702 | |
| Additions | 1,795,693 | 225,761 | |
| Interest accretion on lease liability | 95,219 | 86,407 | $ 52,075 |
| Payments | (874,244) | (534,055) | (338,171) |
| Lease disposals/reassessments | (118,907) | 0 | |
| Foreign exchange impact | (262,257) | (147,119) | |
| Ending balance | 2,054,200 | 1,418,696 | 1,787,702 |
| Current | 931,364 | 617,648 | |
| Non-current | 1,122,836 | 801,048 | |
| Total lease liabilities | $ 2,054,200 | $ 1,418,696 | $ 1,787,702 |
Lease liabilities - Schedule of Undiscounted Lease Payments (Details) - USD ($) |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Disclosure of maturity analysis of operating lease payments [line items] | ||
| Undiscounted future lease payments | $ 2,387,567 | $ 1,491,754 |
| Less than 1 year | ||
| Disclosure of maturity analysis of operating lease payments [line items] | ||
| Undiscounted future lease payments | 1,122,834 | 664,254 |
| More than 1 year but less than 5 years | ||
| Disclosure of maturity analysis of operating lease payments [line items] | ||
| Undiscounted future lease payments | $ 1,264,733 | $ 827,500 |
Financial liabilities - Schedule of Debenture Host Debt Instrument (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Financial assets at fair value through profit or loss [abstract] | ||
| Balance as at January 1 | $ 26,235,808 | $ 0 |
| Additions | 0 | 23,461,000 |
| OID and Transaction issuance cost | 0 | (915,328) |
| Interest accrued | 10,301,143 | 6,039,527 |
| Issue of shares in interest | (1,077,969) | (553,286) |
| Interest paid in cash | (937,049) | (1,796,105) |
| Balance as at December 31 | 34,521,933 | 26,235,808 |
| Other current provisions | $ 3,438,235 | $ 3,434,062 |
Financial liabilities - Schedule of Embedded Derivatives (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Financial assets at fair value through profit or loss [abstract] | ||
| Balance as at January 1 | $ 20,768,000 | $ 0 |
| Additions | 0 | 26,539,000 |
| Fair value reassessment | (15,615,000) | (5,771,000) |
| Balance as at December 31 | 5,153,000 | 20,768,000 |
| Total convertible debentures with embedded derivatives | $ 39,674,933 | $ 47,003,808 |
Financial liabilities - Schedule of Transaction Costs (Details) - Senior Secured Bridge Loan Facility |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Changes to borrowing [Roll Forward] | |
| Balance as at January 1 | $ 0 |
| Additions | 20,000,000 |
| Transaction cost and arrangement fees | (3,438,487) |
| Interest accrued | 1,193,442 |
| Interest paid in cash | (1,077,083) |
| Balance as at December 31 | $ 16,677,872 |
Financial liabilities - Schedule of Warrants (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Financial assets at fair value through profit or loss [abstract] | |
| Balance as at January 1 | $ 0 |
| Value of warrants issued | 9,910,000 |
| Fair value movement | 1,040,000 |
| Balance as at December 31 | $ 10,950,000 |
Significant related party transactions - Narrative (Details) - USD ($) |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Disclosure of transactions between related parties [line items] | ||
| Percentage of shares outstanding | 28.00% | |
| Receivables due | $ 0 | $ 98,133 |
| Lifezone Limited | ||
| Disclosure of transactions between related parties [line items] | ||
| Loan amount | 75,000 | |
| Shareholder loan | ||
| Disclosure of transactions between related parties [line items] | ||
| Receivables due | $ 0 | $ 75,000 |
Significant related party transactions - Schedule of Remuneration of Key Management Personnel (Details) - Related Party - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Disclosure of transactions between related parties [line items] | |||
| Salary, wages and consultancy fees | $ 4,048,372 | $ 4,187,722 | $ 3,651,073 |
| Bonuses | 343,831 | 305,473 | 512,524 |
| Post-employment benefits (pension) | 118,659 | 116,150 | 125,591 |
| Total remuneration | $ 4,510,862 | $ 4,609,345 | $ 4,289,188 |
Significant related party transactions - Schedule of Share Based Earnouts to Key Management Personnel (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Disclosure of transactions between related parties [line items] | |||
| Share-based payment expense | $ 4,503,975 | $ 5,152,163 | $ 110,611,407 |
| Fair value of stock options granted | 1,139,522 | 0 | |
| Share-based expense - Lifezone Holdings shareholder earnout | |||
| Disclosure of transactions between related parties [line items] | |||
| Share-based payment expense | 0 | 0 | 110,611,407 |
| Share-based payment - share options | |||
| Disclosure of transactions between related parties [line items] | |||
| Share-based payment expense | 2,259,975 | 0 | 0 |
| Share-based payment - restricted stock units | |||
| Disclosure of transactions between related parties [line items] | |||
| Share-based payment expense | $ 2,244,000 | 5,152,163 | $ 0 |
| Weighted average fair value at measurement date, other equity instruments granted | $ 7,040,000.00 | ||
Significant related party transactions - Schedule of Related Parties Revenue (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Disclosure of transactions between related parties [line items] | |||
| Total | $ 0 | $ 0 | $ 814,087 |
| Kellplant Proprietary Ltd | |||
| Disclosure of transactions between related parties [line items] | |||
| Total | 0 | 0 | 129,680 |
| Kelltechnology SA Proprietary Ltd | |||
| Disclosure of transactions between related parties [line items] | |||
| Total | $ 0 | $ 0 | $ 684,407 |
Significant related party transactions - Schedule of Receivables Due from Related Parties (Details) - USD ($) |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Balances With Affiliated Entities [Abstract] | ||
| Total | $ 0 | $ 98,133 |
| Balances With Management Personnel 0 [Abstract] | ||
| Related party payables | 88,742 | 125,329 |
| BHP Biliton (UK) DDS Limited | ||
| Balances With Affiliated Entities [Abstract] | ||
| Total | 0 | 23,133 |
| Shareholder loan | ||
| Balances With Affiliated Entities [Abstract] | ||
| Total | 0 | 75,000 |
| Other related parties | ||
| Balances With Management Personnel 0 [Abstract] | ||
| Related party payables | $ 88,742 | $ 125,329 |
Deferred consideration - Schedule of Present Value of Future Cash Flows (Details) - $ / shares |
Dec. 31, 2025 |
Jul. 18, 2025 |
|---|---|---|
| Contingent Consideration [Abstract] | ||
| Discount rate | 17.50% | 17.20% |
| Volume-weighted average price (in dollars per share) | $ 4.27 | $ 4.47 |
Deferred consideration - Schedule of Carrying Amount for the Reporting Periods (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Contingent Consideration [Roll Forward] | |
| Balance as at January 1 | $ 0 |
| Additions | 25,065,957 |
| Fair value reassessment | 668,116 |
| Balance as at December 31 | $ 25,734,073 |
Equity - Schedule of Reconciliation of Shareholders' Equity Movement (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Number of Shares | ||
| Share capital, beginning (in shares) | 79,119,572 | 78,269,952 |
| Issue of shares on vesting of RSUs (in shares) | 0 | 760,439 |
| Issue of shares on exercise of warrants (in shares) | 100 | 0 |
| Cancellation of shares (in shares) | (2,500) | 0 |
| Issuance of ordinary shares in connection with registered direct offering (in shares) | 4,411,764 | 0 |
| Issue of shares to debenture holders (in shares) | 255,369 | 89,181 |
| Total transactions with shareholders (in shares) | 4,664,733 | 849,620 |
| Share capital, ending (in shares) | 83,784,305 | 79,119,572 |
| $ | ||
| As at Janaury 1 | $ 7,913 | $ 7,828 |
| Issue of shares on vesting of RSUs | 0 | 76 |
| Issue of shares on exercise of warrants | 0 | 0 |
| Cancellation of shares | 0 | 0 |
| Issuance of ordinary shares in connection with the 2025 Offering | 441 | 0 |
| Issue of shares to debenture holders | 26 | 9 |
| Total transactions with shareholders | 467 | 85 |
| As at December 31 | $ 8,380 | $ 7,913 |
Equity - Schedule of Non-controlling Interests (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Equity [abstract] | |
| Fair value of deferred consideration | $ 25,065,957 |
| Add stamp duty costs | 416,370 |
| Less net assets attributable to NCI | (10,414,508) |
| Decrease in equity attributable to shareholders | $ 15,067,819 |
Equity - Schedule of Warrants Reserve (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Nov. 12, 2025 |
Aug. 08, 2025 |
|
| Disclosure of reserves within equity [line items] | |||
| Warrants issued (in shares) | 21,302,814 | ||
| Exercise price (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 price (in dollars per share) | $ 11.50 | ||
| Private Placement Warrants | |||
| Disclosure of reserves within equity [line items] | |||
| Warrants issued (in shares) | 667,500 | ||
| Exercise price (in dollars per share) | $ 11.50 | ||
| Warrants issued in connection with the 2025 Offering | |||
| Disclosure of reserves within equity [line items] | |||
| Warrants issued (in shares) | 4,411,764 | ||
| 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 price (in dollars per share) | $ 5.42 |
Equity - Schedule of Fair Value of Outstanding Warrants (Details) - Warrants - shares |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Public Warrants | ||
| Warrant, Shares [Roll Forward] | ||
| Beginning balance (in shares) | 13,723,650 | 13,800,000 |
| Exercised (in shares) | (100) | (76,350) |
| Ending balance (in shares) | 13,723,550 | 13,723,650 |
| Private Placement Warrants | ||
| Warrant, Shares [Roll Forward] | ||
| Beginning balance (in shares) | 667,500 | 667,500 |
| Ending balance (in shares) | 667,500 | |
| Direct Offering Warrants | ||
| Warrant, Shares [Roll Forward] | ||
| Ending balance (in shares) | 4,411,764 | |
| Senior Secured Bridge Loan Facility Warrants | ||
| Warrant, Shares [Roll Forward] | ||
| Issued (in shares) | 2,500,000 | |
| Ending balance (in shares) | 2,500,000 | |
Share-based payments - Schedule of Fair Value of Options Determined on Grant Date Using Black Scholes Option Pricing Model (Details) |
Aug. 14, 2025
yr
$ / shares
|
|---|---|
| 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 |
| Tranche 1 | |
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |
| Expected life: | 2.61 |
| Tranche 2 | |
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |
| Expected life: | 3 |
| Tranche 3 | |
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |
| Expected life: | 3.49 |
| Bottom of Range | |
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |
| Risk free rate | 3.60% |
| Top of Range | |
| 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) |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
shares
$ / shares
| |
| Share Options, Shares [Roll Forward] | |
| Number of stock options outstanding, beginning of year (in shares) | shares | 0 |
| Share options granted (in shares) | shares | 1,583,085 |
| Number of stock options outstanding, end of year (in shares) | shares | 1,583,085 |
| Exercisable (in shares) | shares | 527,692 |
| Share Options, Weighted Average Exercise Price [Roll Forward] | |
| Beginning balance (in dollars per share) | $ / shares | $ 0 |
| Granted (in dollars per share) | $ / shares | 4.40 |
| Ending balance (in dollars per share) | $ / shares | 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 |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 01, 2025
shares
|
Jul. 01, 2024
shares
|
Dec. 31, 2025
shares
$ / shares
|
Dec. 31, 2024
shares
$ / shares
|
|
| Schedule Of Restricted Stock Units, Shares [Roll Forward] | ||||
| Beginning balance (in shares) | shares | 1,666,667 | 0 | ||
| Granted (in shares) | shares | 1,500,000 | 2,600,000 | 1,500,000 | 2,605,405 |
| Cancelled (in shares) | shares | (1,500,000) | (1,500,000) | ||
| Vested (in shares) | shares | (933,333) | 0 | (938,738) | |
| Ending balance (in shares) | shares | 1,666,667 | 1,666,667 | ||
| Schedule Of Restricted Stock Units, Value [Roll Forward] | ||||
| Beginning balance (in dollars per share) | $ / shares | $ 6.21 | $ 0 | ||
| Granted (in dollars per share) | $ / shares | 3.68 | 6.74 | ||
| Cancelled (in dollars per share) | $ / shares | 6.21 | |||
| Vested (in dollars per share) | $ / shares | 0 | 7.67 | ||
| Ending balance (in dollars per share) | $ / shares | $ 3.93 | $ 6.21 | ||
Loss per share - Reconciliation (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Earnings per share [abstract] | |||
| Net loss used for basic and diluted loss per share | $ (13,627,876) | $ (46,305,239) | $ (363,874,560) |
| Weighted-average outstanding common shares (in shares) | 79,862,834 | 78,662,187 | 68,055,332 |
| Basic loss per share (in dollars per share) | $ (0.17) | $ (0.59) | $ (5.34) |
| Diluted loss per share (in dollars per share) | $ (0.17) | $ (0.59) | $ (5.34) |
| Convertible debentures (in shares) | 6,657,813 | 6,388,321 | 0 |
| Stock options (in shares) | 1,583,085 | 0 | 0 |
| Restricted stock units (in shares) | 1,666,667 | 1,666,667 | 0 |
| Earnout units (in shares) | 26,797,052 | 26,797,052 | 26,797,052 |
| Warrant units (in shares) | 21,302,814 | 14,391,150 | 14,391,150 |
| Total (in shares) | 58,007,431 | 49,243,190 | 41,188,202 |
| Exercise price of issued shares (in dollars per share) | $ 8 | ||
Joint ventures - Narrative (Details) |
Aug. 14, 2025 |
|---|---|
| Disclosure of joint ventures [line items] | |
| Expected dividend yield | 0.00% |
Financial risk review - Schedule of Carrying Amount of Financial Assets Represents the Maximum Credit Exposure (Details) - USD ($) |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|
| Financial Risk Review (Details) - Schedule of Carrying Amount of Financial Assets Represents the Maximum Credit Exposure [Line Items] | ||||
| Cash and cash equivalents | $ 20,144,250 | $ 29,283,942 | $ 49,391,627 | $ 20,535,210 |
| Deposits | 496,154 | 355,149 | ||
| Other receivables | 564,117 | 74,027 | ||
| Carrying Amount of Financial Assets | ||||
| Financial Risk Review (Details) - Schedule of Carrying Amount of Financial Assets Represents the Maximum Credit Exposure [Line Items] | ||||
| Cash and cash equivalents | 20,144,250 | 29,283,942 | ||
| Deposits | 496,154 | 355,149 | ||
| Other receivables | 564,117 | 74,027 | ||
| Related party receivables | 0 | 98,133 | ||
| Total | $ 21,204,521 | $ 29,811,251 |
Financial risk review - Schedule of Liquidity Risk (Details) - USD ($) |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Schedule of Liquidity Risk [Line Items] | ||
| Total | $ 130,750,210 | $ 68,675,944 |
| Greater than or equal to thirty days | ||
| Schedule of Liquidity Risk [Line Items] | ||
| Total | 3,944,793 | 5,018,039 |
| Thirty days through one year | ||
| Schedule of Liquidity Risk [Line Items] | ||
| Total | 10,732,467 | 587,106 |
| One year through two years | ||
| Schedule of Liquidity Risk [Line Items] | ||
| Total | 36,241,669 | 8,343,281 |
| More than two years | ||
| Schedule of Liquidity Risk [Line Items] | ||
| Total | $ 79,831,281 | $ 54,727,518 |
Financial risk review - Schedule of Financial Instruments (Details) |
Dec. 31, 2025
USD ($)
|
Dec. 31, 2025
GBP (£)
|
Dec. 31, 2025
AUD ($)
|
Dec. 31, 2025
TZS (Tsh)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2024
GBP (£)
|
Dec. 31, 2024
AUD ($)
|
Dec. 31, 2024
TZS (Tsh)
|
|---|---|---|---|---|---|---|---|---|
| Financial Risk Review (Details) - Schedule of Financial Instruments [Line Items] | ||||||||
| Trade and other payables | $ 3,762,481 | $ 4,815,559 | ||||||
| Foreign Currency Risk | ||||||||
| Financial Risk Review (Details) - Schedule of Financial Instruments [Line Items] | ||||||||
| Cash in banks | £ 168,532 | $ 558,091 | Tsh 853,939,035 | £ 155,089 | $ 1,236,945 | Tsh 105,125,420 | ||
| Trade receivables | 824,669 | 1,308,303 | ||||||
| Prepaid expenses | 84,966 | 200,448 | 155,533 | 249,209 | ||||
| Trade and other payables | £ 467,774 | $ 1,486,944 | £ 890,213 | $ 916,527 |
Financial risk review - Narrative (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Financial Risk Review [Abstract] | ||
| Percentage of sensitivity analysis | 1000000000.00% | |
| Increase (decrease) in Interest expense | $ 532,625 | $ 379,150 |
Financial risk review - Schedule of Demonstrates the Estimated Sensitivity (Details) - USD ($) |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| 10% | Change in GBP Rate | ||
| Schedule of Demonstrates the Estimated Sensitivity [Line Items] | ||
| Effect on profit or loss | $ 28,843 | $ 72,742 |
| 10% | Change in AUD Rate | ||
| Schedule of Demonstrates the Estimated Sensitivity [Line Items] | ||
| Effect on profit or loss | (6,440) | (116,704) |
| 10% | Change in TZS Rate | ||
| Schedule of Demonstrates the Estimated Sensitivity [Line Items] | ||
| Effect on profit or loss | (34,784) | (4,282) |
| -10% | ||
| Schedule of Demonstrates the Estimated Sensitivity [Line Items] | ||
| Effect on profit or loss | 34,784 | 4,282 |
| -10% | Change in GBP Rate | ||
| Schedule of Demonstrates the Estimated Sensitivity [Line Items] | ||
| Effect on profit or loss | (28,843) | (72,742) |
| -10% | Change in AUD Rate | ||
| Schedule of Demonstrates the Estimated Sensitivity [Line Items] | ||
| Effect on profit or loss | $ 6,440 | $ 116,704 |
Contingent liabilities (Details) Tsh in Thousands |
1 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
|
May 31, 2025
USD ($)
|
May 31, 2025
TZS (Tsh)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2021
TZS (Tsh)
|
Dec. 31, 2025
USD ($)
|
Dec. 31, 2025
TZS (Tsh)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2024
TZS (Tsh)
|
|
| Disclosure of contingent liabilities [line items] | ||||||||
| Other current provisions | $ 3,438,235 | $ 3,434,062 | ||||||
| Interest payable | 1,080,000.00 | |||||||
| Tax contingent liability | ||||||||
| Disclosure of contingent liabilities [line items] | ||||||||
| Alleged unpaid taxes | $ 758,966 | Tsh 1,890,000 | ||||||
| Interest | 47,169 | 115,800 | ||||||
| Penalty | $ 5,860,000 | Tsh 14,390,000 | ||||||
| Kabanga Nickel Company Ltd | ||||||||
| Disclosure of contingent liabilities [line items] | ||||||||
| Other current provisions | $ 3,430,000 | Tsh 8,430,000 | ||||||
| Amount of tax in dispute | $ 171,894 | Tsh 421,810 | ||||||
| Kabanga Nickel Company Ltd | Revision of Interest | ||||||||
| Disclosure of contingent liabilities [line items] | ||||||||
| Interest payable | $ 5,030,000.00 | Tsh 12,360,000 | ||||||
Subsequent Events (Details) t in Millions, $ in Millions |
Mar. 16, 2026
USD ($)
|
Mar. 10, 2026
t
|
Dec. 31, 2025
USD ($)
|
|---|---|---|---|
| Taurus Mining Finance | Senior Secured Bridge Loan Facility | |||
| Subsequent Events [Line Items] | |||
| Borrowings | $ 20.0 | ||
| Loans and advances | $ 21.7 | ||
| Expropriation of major assets by government | |||
| Subsequent Events [Line Items] | |||
| Exclusitivity period to evaluate technical and economic potential | 14 months | ||
| Scoping phase | 30 days | ||
| Number of tonnes | t | 140 | ||
| Entering into significant commitments or contingent liabilities | Taurus Mining Finance | Senior Secured Bridge Loan Facility | |||
| Subsequent Events [Line Items] | |||
| Borrowings | $ 5.0 |
| Label | Element | Value |
|---|---|---|
| Gross carrying amount [member] | Goodwill [member] | ||
| Intangible assets and goodwill | ifrs-full_IntangibleAssetsAndGoodwill | $ 9,020,813 |
| Accumulated impairment [member] | Goodwill [member] | ||
| Intangible assets and goodwill | ifrs-full_IntangibleAssetsAndGoodwill | $ (9,020,813) |