Lifezone Metals Limited announced a registered direct offering of 5,700,000 ordinary shares at $4.40 each, generating gross proceeds of approximately $25 million. The offering, completed through a share purchase agreement with institutional investors, is expected to close on April 23, 2026.
The proceeds will fund exploration activities in Burundi and Tanzania, support the company’s platinum‑group‑metal recycling project, and advance research and development of its proprietary Hydromet technology. These investments are intended to de‑risk the Kabanga Nickel Project and accelerate progress toward a mid‑2026 Final Investment Decision for the project, which is one of the world’s largest and highest‑grade nickel sulfide deposits.
Lifezone’s cash balance stood at $20.1 million as of December 31 2025, down from $29.3 million at the end of 2024. The company has previously raised $75 million in the second half of 2025, including a $15 million registered direct offering in November 2025 and a $60 million bridge loan facility from Taurus Mining Finance, of which a second drawdown of $21.7 million was completed in March 2026. The new equity raise adds to this funding base and provides liquidity for the company’s pre‑revenue development pipeline.
Management emphasized the importance of advancing the Kabanga Nickel Project toward a Final Investment Decision and highlighted the role of the Hydromet technology in creating a cleaner, more efficient route to nickel, copper, and cobalt for battery‑metal markets. The company’s strategy also includes securing an exclusivity agreement over the Musongati nickel laterite project in Burundi, announced in March 2026, to broaden its resource base in the East African Nickel Belt.
The direct equity offering represents a significant capital infusion for Lifezone Metals, a pre‑revenue developer that relies on external financing to move its projects forward. By raising $25 million, the company strengthens its balance sheet, reduces reliance on debt, and positions itself to meet key milestones in the Kabanga project and its technology development, thereby supporting its long‑term growth prospects.
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