Lifezone Metals Limited (NYSE: LZM) announced the closing of a share purchase agreement with institutional investors, selling 5,700,000 ordinary shares at $4.40 per share for gross proceeds of approximately $25 million. Roth Capital Partners served as the sole placement agent for the transaction.
The company stated that net proceeds will be allocated to exploration activities in Burundi and Tanzania, its platinum group metals (PGM) recycling project, hydromet research and development, and general corporate purposes. This capital infusion comes as Lifezone advances its Kabanga Nickel Project in Tanzania, which it describes as one of the world’s largest and highest-grade development-ready nickel sulfide deposits. By pairing the project with its proprietary Hydromet Technology, Lifezone aims to unlock a new source of nickel, copper, and cobalt for the global battery metals markets while enabling Tanzania to achieve in-country beneficiation.
Lifezone’s Hydromet Technology is designed to offer lower energy consumption, lower emissions, and lower cost metals production compared to traditional smelting. The company is also working on a U.S.-based recycling partnership to apply its technology to recover platinum, palladium, and rhodium from spent automotive catalytic converters, supporting a circular economy for precious metals.
The closing of this offering provides Lifezone with the financial resources to continue its development pipeline. For more details, the full press release is available at https://ibn.fm/HIA3e.
