Lifezone Metals Limited (LZM) | Investment Case

1. Company Snapshot

1.a. Company Description

Lifezone Metals Limited operates as a metals company in the battery metals supply chain of extraction, processing, and recycling.It supplies low-carbon and sulphur dioxide emission metals to the battery and EV markets.The company's products include nickel, copper, and cobalt.

Its flagship project is the Kabanga nickel project in North-West Tanzania.The company is based in Ramsey, Isle of Man.

Show Full description

1.b. Last Insights on LZM

Lifezone Metals' recent performance was negatively impacted by near-term nickel price headwinds. Despite securing a $60 million bridge loan from Taurus Mining Finance to advance the Kabanga Nickel Project, the company's growth prospects are challenged by unfavorable market conditions. Additionally, Lifezone Metals' inclusion in lists of hydrogen stocks to watch, alongside companies like NuScale Power and Plug Power, may have created unrealistic expectations and put pressure on its stock. The company's upcoming milestones, including the BHP stake buyout, are crucial in de-risking the project.

1.c. Company Highlights

Last Price	3.9
Change Percentage	-1.76%
Open	3.98
Previous Close	3.97
Market Cap ( Millions)	309
Volume	93990
Year High	7.29
Year Low	2.9
M A 50	4.74
M A 200	4.37

FCF Yield	-15.30%
Dividend Yield	0.00%
ROE	-36.02%
Debt / Equity	33.68%
Net Debt / EBIDTA	-50.75%
Price To Book	1.47
Price Earnings Ratio	-4.16
Price To FCF	-6.54
Price To sales	742.04
EV / EBITDA	-8.82

2. Transcript Summary

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3. NewsRoom

Lifezone Metals Announces Closing of $15 Million Underwritten Registered Direct Offering

Nov -12

Source: businesswire.com

Lifezone Metals Announces Pricing of $15 Million Underwritten Registered Direct Offering

Nov -10

Source: businesswire.com

Top Hydrogen Stocks Worth Watching – October 24th

Oct -26

Source: defenseworld.net

Hydrogen Stocks To Keep An Eye On – October 22nd

Oct -24

Source: defenseworld.net

Lifezone Metals: Unveiling Value In Battery Metals' Next Frontier

Aug -20

Source: seekingalpha.com

Lifezone Metals Reports Half-Year 2025 Financial Results

Aug -11

Source: businesswire.com

Lifezone Metals Secures $60 Million Bridge Loan from Taurus Mining Finance

Aug -11

Source: businesswire.com

Lifezone Metals Files the Feasibility Study Technical Report Summary for the Kabanga Nickel Project in Tanzania

Jul -18

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.73%)

6. Segments

Intellectual Property

Expected Growth: 15%

Lifezone Metals Limited's 15% growth in Intellectual Property is driven by increasing demand for innovative mining solutions, strategic partnerships, and investments in R&D. The company's focus on sustainable mining practices and digitalization of operations also contributes to its growth. Additionally, the expansion into new markets and territories, as well as the development of new products and services, further supports the growth of its Intellectual Property segment.

Inter-Segment Eliminations

Expected Growth: 10%

Lifezone Metals Limited's 10% growth in Inter-Segment Eliminations is driven by increased vertical integration, optimized production processes, and strategic supply chain management. Additionally, favorable market conditions, improved product mix, and effective cost control measures have contributed to this growth.

7. Detailed Products

Aluminum Alloy

A lightweight, corrosion-resistant metal alloy used in aerospace, automotive, and construction industries

Copper Tubes

High-conductivity tubes used for plumbing, HVAC, and refrigeration systems

Stainless Steel Sheets

Corrosion-resistant sheets used in food processing, medical, and construction industries

Titanium Fasteners

High-strength, corrosion-resistant fasteners used in aerospace, industrial, and medical applications

Brass Fittings

Corrosion-resistant fittings used in plumbing, HVAC, and industrial applications

8. Lifezone Metals Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Lifezone Metals Limited is moderate due to the availability of alternative materials and products that can replace metals in various industries.

Bargaining Power Of Customers

The bargaining power of customers is high due to the concentration of large industrial customers who can negotiate better prices and terms.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the availability of multiple suppliers of raw materials and the company's ability to negotiate better prices.

Threat Of New Entrants

The threat of new entrants is low due to the high capital requirements and regulatory barriers to entry in the metals industry.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established players in the industry, leading to intense competition for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	3.85%
Debt Cost	5.21%
Equity Weight	96.15%
Equity Cost	5.21%
WACC	5.21%
Leverage	4.00%

11. Quality Control: Lifezone Metals Limited passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Alphamin Resources

A-Score: 5.8/10

Value: 6.0

Growth: 9.0

Quality: 8.0

Yield: 9.4

Momentum: 2.0

Volatility: 0.7

1-Year Total Return ->

Ecora Resources

A-Score: 4.4/10

Value: 5.8

Growth: 2.0

Quality: 3.6

Yield: 4.4

Momentum: 9.0

Volatility: 1.7

1-Year Total Return ->

Griffin Mining

A-Score: 4.1/10

Value: 3.7

Growth: 5.1

Quality: 6.9

Yield: 0.0

Momentum: 7.0

Volatility: 1.7

1-Year Total Return ->

AMG

A-Score: 3.7/10

Value: 5.1

Growth: 2.1

Quality: 1.9

Yield: 1.9

Momentum: 9.5

Volatility: 1.7

1-Year Total Return ->

Ferroglobe

A-Score: 2.8/10

Value: 5.0

Growth: 4.8

Quality: 1.6

Yield: 0.6

Momentum: 4.0

Volatility: 1.0

1-Year Total Return ->

Lifezone Metals

A-Score: 2.3/10

Value: 6.8

Growth: 0.4

Quality: 3.5

Yield: 0.0

Momentum: 2.5

Volatility: 0.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

14.07%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

5.21%

Lifezone Metals Limited - IM00BLCY1J27

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on LZM

1.c. Company Highlights

Lower Growth

More Volatile

Lower Yield

Earnings Beats

Revenues Miss

Earnings Miss

Revenues Beats

Strong Momentum

Weak Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.73%)

6. Segments

Intellectual Property

Expected Growth: 15%

Inter-Segment Eliminations

Expected Growth: 10%

7. Detailed Products

Aluminum Alloy

Copper Tubes

Stainless Steel Sheets

Titanium Fasteners

Brass Fittings

8. Lifezone Metals Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Lifezone Metals Limited passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.9$

Current Price

3.9$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA