Lifezone Metals (LZM) AI Stock Analysis

• Market Cap: $443.22M
• Dividend Yield: N/A
• Average Volume (3M): 187.21K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.92
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 142
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): 0.03
• Shares Outstanding: 83,784,300
• 10 Day Avg. Volume: 195,686
• 30 Day Avg. Volume: 187,212
• PEG Ratio: 0.13
• Price to Book (P/B): 6.08
• Price to Sales (P/S): 3871.38
• P/FCF Ratio: -8.13
• Enterprise Value/Market Cap: 1.00
• Enterprise Value/Revenue: 1.07K
• Enterprise Value/Gross Profit: -1.91K
• Enterprise Value/Ebitda: -11.94
• 1Y Price Target: $7.00
• Price Target Upside: 31.58% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: $5.50 ▲(3.38% Upside)

The score is primarily weighed down by weak financial performance, driven by persistent losses and negative operating/free cash flow. Technicals provide some support from positive momentum, but overbought indicators add near-term risk, and valuation cannot be meaningfully assessed due to missing P/E and dividend yield.

Positive Factors

Asset + Technology Focus

Lifezone’s combination of a large upstream asset (Kabanga) and proprietary hydrometallurgical technology creates multiple durable value paths: project development revenues from metal production and downstream refining, plus potential long-term licensing or JV income if technology is commercialized and adopted by peers.

Environmental Processing Advantage

The firm’s cleaner hydrometallurgical approach aligns with tightening environmental standards and buyer preferences in battery metals supply chains. That structural trend can support long-term demand for its process, easing permitting, attracting ESG-focused partners, and potentially commanding commercial adoption premiums.

Manageable Leverage

A modest debt profile and a strong equity ratio reduce near-term refinancing pressure and give Lifezone structural financial flexibility to advance Kabanga or scale technology trials, preserving optionality versus peers that are more highly leveraged during multi-year development cycles.

Negative Factors

Negative Operating Cash Flow

Sustained negative operating and free cash flow means the company depends on external financing to fund operations and project buildouts. Over the medium term this increases dilution risk, constrains ability to self-fund capital-intensive development, and raises execution risk if markets tighten.

Revenue Decline & Margin Pressure

Material revenue volatility and persistent negative EBIT demonstrate the company has not yet achieved scalable, margin-accretive operations. Without stable, growing sales or improved margins, long-term viability of project economics and technology commercialization is uncertain and financing needs remain elevated.

Consecutive Net Losses / Negative ROE

Repeated net losses and negative ROE erode shareholder value and limit capital-raising options over time. For a development-stage miner/technology company, sustained negative returns make it harder to attract non-dilutive partners and demonstrate a credible path to profitability to long-term investors.

Lifezone Metals Business Overview & Revenue Model

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.

How the Company Makes Money

Lifezone Metals generates revenue primarily through the extraction and processing of nickel and other minerals. The company's revenue model is built on selling these materials to manufacturers in the electric vehicle and renewable energy sectors, which are experiencing significant growth due to the global shift towards sustainable energy solutions. Key revenue streams include the sale of processed nickel products, potential royalties from mining operations, and partnerships with companies in the battery supply chain. Strategic collaborations with leading industry players enhance LZM's market presence and provide additional avenues for income, allowing the company to capitalize on the increasing demand for sustainable mineral resources.

Lifezone Metals Financial Statement Overview

Summary

Income statement and cash flow signals are weak: sharp revenue decline, negative net income/EBIT margins, and negative operating/free cash flow. Balance sheet leverage appears manageable, but negative ROE from continued losses limits confidence.

Income Statement

The company has experienced significant revenue volatility, with a sharp decline in revenue from 2023 to 2024. Gross profit margin remains positive, but the company is struggling with negative net income and EBIT margins, indicating persistent profitability challenges.

Balance Sheet

The company has a modest debt-to-equity ratio, suggesting manageable leverage. However, the return on equity is negative due to consecutive net losses, raising concerns about shareholder returns. The equity ratio indicates a strong equity base relative to total assets.

Cash Flow

Cash flow from operations remains negative, and free cash flow is significantly negative, highlighting ongoing liquidity issues. The company relies heavily on financing activities to support operations, which may not be sustainable in the long term.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	416.32K	140.52K	1.48M	2.93M	2.09M	1.06M
Gross Profit	-231.78K	53.65K	723.85K	1.46M	1.65M	1.06M
EBITDA	-37.16M	-37.89M	-287.89M	-25.16M	-17.87M	57.82K
Net Income	-32.90M	-46.31M	-363.87M	-23.58M	-18.00M	8.91K
Balance Sheet
Total Assets	148.56M	156.65M	142.26M	96.98M	61.89M	1.76M
Cash, Cash Equivalents and Short-Term Investments	12.51M	29.28M	49.39M	20.54M	45.62M	600.09K
Total Debt	31.37M	27.65M	1.79M	695.88K	0.00	0.00
Total Liabilities	45.97M	57.33M	13.95M	20.99M	8.03M	240.10K
Stockholders Equity	93.16M	89.54M	44.65M	-8.47M	54.04M	1.52M
Cash Flow
Free Cash Flow	-47.27M	-66.89M	-78.85M	-23.21M	-1.22M	-409.23K
Operating Cash Flow	-14.27M	-15.89M	-26.98M	-17.04M	-1.22M	-260.64K
Investing Cash Flow	-36.15M	-52.66M	-59.95M	-7.96M	-281.52M	230.32K
Financing Cash Flow	-1.10M	48.42M	115.74M	-80.93K	283.22M	0.00

Lifezone Metals Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.32
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LZM, the sentiment is Positive. The current price of 5.32 is below the 20-day moving average (MA) of 5.54, above the 50-day MA of 4.63, and above the 200-day MA of 4.48, indicating a neutral trend. The MACD of 0.19 indicates Positive momentum. The RSI at 45.47 is Neutral, neither overbought nor oversold. The STOCH value of 10.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LZM.

Lifezone Metals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
ABAT	53 Neutral	$506.88M	-8.44	-58.41%	―	821.40%	44.70%
WWR	52 Neutral	$112.09M	-3.95	-14.20%	―	―	-80.01%
NB	48 Neutral	$757.50M	-8.84	-71.07%	―	―	―
LZM	44 Neutral	$443.22M	―	―	―	―	―
IONR	44 Neutral	$291.27M	―	-4.25%	―	―	-10.45%

Lifezone Metals Corporate Events

Lifezone Metals Announces $15 Million Public Offering to Boost Kabanga Nickel Project

On November 10, 2025, Lifezone Metals announced the pricing of its underwritten public offering, involving 4,411,764 ordinary shares and warrants, expected to raise approximately $15 million. The proceeds will support the Kabanga Nickel Project and other corporate purposes. The offering, managed by BTIG and Red Cloud Securities, is set to close around November 12, 2025, and includes participation from existing investors. This move is expected to bolster Lifezone’s exploration and staffing efforts, enhancing its market position in the global battery metals sector.

The most recent analyst rating on (LZM) stock is a Buy with a $7.00 price target. To see the full list of analyst forecasts on Lifezone Metals stock, see the LZM Stock Forecast page.