Lifezone Metals posts US$6.9M H1 loss as Kabanga Nickel Project advances procurement, PGM Recycling achieves >99% recovery

USA – Lifezone Metals has reported a net loss of US$6.9 million for the first half of 2026, while advancing its Kabanga Nickel Project in Tanzania with US$854 million in contracts released to market and achieving >99% platinum and palladium recovery in its PGM Recycling pilot tests.

The company’s cash balance rose 85 percent to US$37.3 million from US$20.1 million at year-end 2025, supported by a US$25 million registered direct offering and drawdowns under the senior secured bridge loan facility. 

Revenue for the first half reached US$1.7 million, up from US$0.3 million in the prior-year period. 

General and administrative expenses increased to US$10.8 million, primarily due to non-cash share-based payment charges of US$3.1 million.

Kabanga Nickel Project: Procurement Advances as Final Investment Decision Moves to Q1 2027

Negotiations to amend the Framework Agreement with the Government of Tanzania have progressed more slowly than expected, pushing the expected Final Investment Decision for the Kabanga Nickel Project to the First Quarter of 2027. 

Despite the delay, procurement activities advanced materially, with contracts worth approximately US$854 million, including EPCM, mining and bulk earthworks tenders, released to market. 

CEO Chris Showalter stated that the company moved Kabanga into procurement at scale while continuing direct engagement with H.E. President Samia Suluhu Hassan. 

Negotiations also advanced for a potential strategic equity investment into the project, led by Standard Chartered Bank, with multiple offers received. 

The company has filed an application with the European Commission for the Kabanga Nickel Project to be registered as a Strategic Project under the Critical Raw Materials Act. 

All material permits needed for current activities are in place, including the Environmental Impact Assessment for the construction of the 220 kV transmission line.

PGM Recycling Project Achieves >99% Recovery in Pilot-Scale Tests

The Platinum Group Metal Recycling Project completed a pilot-scale test campaign, demonstrating more than 99 percent recovery of platinum and palladium, with a target of more than 95 percent rhodium recovery. 

The project involved processing 1 tonne of US-sourced spent autocatalyst material through Lifezone’s Hydromet Technology, producing high-purity platinum, palladium and rhodium intermediates. 

An internal project review resulted in several substantive techno-economic improvements, now being incorporated into the plant design and feasibility study update, targeting completion by year-end. 

The company’s Hydromet Technology is expected to produce less carbon dioxide emissions per ton of metal compared to traditional pyrometallurgical smelting and refining, with zero sulfur dioxide emissions. 

Project FID is now anticipated in early 2027, with US site selection work continuing and several potential brownfield locations identified for the commercial facility. 

Lifezone Metals’ two non-duplicate US Department of Energy funding requests, totalling US$41.5 million, remain under review.

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