Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2024 | |
Document Information Line Items | |
Entity Registrant Name | Lifezone Metals Limited |
Document Type | 6-K |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Central Index Key | 0001958217 |
Document Period End Date | Jun. 30, 2024 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q2 |
Entity File Number | 001-41737 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Interim Statements of Comprehensive Loss - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Profit or loss [abstract] | ||||
Revenue | $ 8,261 | $ 11,061 | $ 49,650 | $ 506,748 |
Cost of sales | (1,308) | (12,252) | ||
Gross profit | 6,953 | 11,061 | 37,398 | 506,748 |
Loss (gain) on foreign exchange | 107,265 | 5,660 | (60,475) | 86,547 |
General and administrative expenses | (5,490,832) | (5,780,632) | (9,559,603) | (13,412,649) |
Operating loss | (5,376,614) | (5,763,911) | (9,582,680) | (12,819,354) |
Interest income | 904,429 | 139,606 | 1,361,638 | 269,800 |
Fair value loss on embedded derivatives | (356,000) | (356,000) | ||
Interest expense | (2,268,204) | (43,670) | (2,364,345) | (91,668) |
Loss before tax | (7,096,389) | (5,667,975) | (10,941,387) | (12,641,222) |
Income tax | ||||
Loss for the financial period | (7,096,389) | (5,667,975) | (10,941,387) | (12,641,222) |
Other comprehensive loss that may be reclassified to profit or loss in subsequent periods (net of tax): | ||||
Exchange loss on translation of foreign operations | (87,495) | (1,976) | (21,873) | (84,291) |
Total other comprehensive loss for the period | (87,495) | (1,976) | (21,873) | (84,291) |
Total other comprehensive loss for the period | (7,183,884) | (5,669,951) | (10,963,260) | (12,725,513) |
Net loss for the period: | ||||
Attributable to ordinary shareholders of the company | (6,750,125) | (4,367,422) | (10,699,490) | (10,403,600) |
Attributable to non-controlling interests | (346,264) | (1,300,553) | (241,897) | (2,237,622) |
Loss for the financial period | (7,096,389) | (5,667,975) | (10,941,387) | (12,641,222) |
Total comprehensive loss: | ||||
Attributable to ordinary shareholders of the company | (6,837,620) | (4,369,398) | (10,721,363) | (10,487,891) |
Attributable to non-controlling interests | (346,264) | (1,300,553) | (241,897) | (2,237,622) |
Total other comprehensive loss for the period | $ (7,183,884) | $ (5,669,951) | $ (10,963,260) | $ (12,725,513) |
Net loss per share: | ||||
Basic net loss per ordinary share (in Dollars per share) | $ (0.09) | $ (0.07) | $ (0.14) | $ (0.18) |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Interim Statements of Comprehensive Loss (Parentheticals) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Profit or loss [abstract] | ||||
Related party revenues | $ 495,048 | |||
Diluted net loss per ordinary share | $ (0.09) | $ (0.07) | $ (0.14) | $ (0.18) |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Interim Statements of Financial Position - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Non-current assets | ||
Goodwill | $ 9,020,813 | $ 9,020,813 |
Exploration and evaluation assets and mining data | 97,678,667 | 69,810,603 |
Patents | 643,694 | 615,103 |
Other intangible assets | 252,302 | 299,101 |
Property and equipment | 5,352,576 | 6,000,357 |
Right-of-use assets | 1,456,928 | 1,693,512 |
Total non-current assets | 114,404,980 | 87,439,489 |
Current assets | ||
Inventories | 281,434 | 100,780 |
Trade and other receivables | 2,637,811 | 3,822,214 |
Related party receivables | 562,330 | 1,508,243 |
Cash and cash equivalents | 63,492,965 | 49,391,627 |
Total Current assets | 66,974,540 | 54,822,864 |
Total assets | 181,379,520 | 142,262,353 |
Equity | ||
Share capital | 7,829 | 7,828 |
Share premium | 178,718,812 | 178,686,328 |
Shared based payment reserve | 265,558,785 | 265,558,785 |
Warrant reserves | 15,017,257 | 15,017,257 |
Other reserves | (5,314,302) | (6,814,302) |
Foreign currency translation reserve | 56,060 | 77,933 |
Redemption reserve | 280,808 | 280,808 |
Accumulated deficit | (418,864,652) | (408,165,162) |
Total Shareholders’ equity | 35,460,597 | 44,649,475 |
Non-controlling interests | 83,422,155 | 83,664,052 |
Total equity | 118,882,752 | 128,313,527 |
Non-current liabilities | ||
Lease liabilities | 926,588 | 1,185,145 |
Total non-current liabilities | 926,588 | 1,185,145 |
Current liabilities | ||
Lease liabilities | 656,935 | 602,557 |
Trade and other payables | 6,608,378 | 8,335,464 |
Convertible debentures and embedded derivatives | 50,409,506 | |
Deferred consideration liability | 3,851,611 | 3,693,612 |
Related party payables | 43,750 | 132,048 |
Total current liabilities | 61,570,180 | 12,763,681 |
Total liabilities | 62,496,768 | 13,948,826 |
Total equity and liabilities | $ 181,379,520 | $ 142,262,353 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Interim Statements of Changes In Equity - USD ($) | Share Capital | Share Premium | Shared Based Payment Reserve | Warrant Reserves | Other Reserves | Foreign currency translation reserve | Redemption Reserve | Accumulated Deficit | Total Shareholders' equity | Non- controlling Interest | Total |
Balance at Dec. 31, 2022 | $ 3,101 | $ 25,436,656 | $ 25,483,348 | $ (15,495,254) | $ 115,864 | $ 280,808 | $ (44,290,602) | $ (8,466,079) | $ 84,452,884 | $ 75,986,805 | |
Total loss for the interim financial period | (10,403,600) | (10,403,600) | (2,237,622) | (12,641,222) | |||||||
Total other comprehensive income for the interim financial period | (84,291) | (84,291) | (84,291) | ||||||||
Balance at Jun. 30, 2023 | 3,101 | 25,436,656 | 25,483,348 | (15,495,254) | 31,573 | 280,808 | (54,694,202) | (18,953,970) | 82,215,262 | 63,261,292 | |
Balance at Dec. 31, 2023 | 7,828 | 178,686,328 | 265,558,785 | 15,017,257 | (6,814,302) | 77,933 | 280,808 | (408,165,162) | (44,649,475) | 83,664,052 | 128,313,527 |
Issuance of ordinary shares | 1 | 32,484 | 32,485 | 32,485 | |||||||
Glencore contribution in US Recycling LLC | 1,500,000 | 1,500,000 | 1,500,000 | ||||||||
Transactions with shareholders | 1 | 32,484 | 1,500,000 | 1,532,485 | 1,532,485 | ||||||
Total loss for the interim financial period | (10,699,490) | (10,699,490) | (241,897) | (10,941,387) | |||||||
Total other comprehensive income for the interim financial period | (21,873) | (21,873) | (21,873) | ||||||||
Balance at Jun. 30, 2024 | $ 7,829 | $ 178,718,812 | $ 265,558,785 | $ 15,017,257 | $ (5,314,302) | $ 56,060 | $ 280,808 | $ (418,864,652) | $ 35,460,597 | $ 83,422,155 | $ 118,882,752 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Interim Cash Flow Statements - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities | ||
Consolidated loss for period | $ (10,963,260) | $ (12,725,513) |
Adjustments for: | ||
Share-based compensation expense | 32,454 | |
Interest income | (1,361,638) | (269,800) |
Amortization of intangibles | 90,248 | 38,301 |
Foreign exchange (gain) loss | 42,011 | (86,547) |
Loss of disposal on property and equipment | 3,377 | |
Impairment for VAT receivable | 839,758 | |
Fair value loss on embedded derivatives | 356,000 | |
Interest expense | 2,364,345 | 91,668 |
Depreciation of property and equipment and right-of-use assets | 835,514 | 169,721 |
Operating loss before working capital changes | (7,761,191) | (12,782,170) |
Changes in trade and other receivables | (810,622) | (1,072,573) |
Changes in related party receivables | 945,913 | (1,374,175) |
Changes in inventories | (180,654) | (17,206) |
Changes in other current assets | 655,739 | (2,202,145) |
Changes in prepaid mining license | 499,555 | 499,903 |
Changes in related party payables | (88,298) | |
Changes in trade and other payables | (1,597,354) | 10,892,071 |
Net cash used in operating activities | (8,336,912) | (6,056,295) |
Cash flows from investing activities | ||
Interest received from bank | 1,361,638 | 262,959 |
Patent costs incurred | (72,039) | (49,047) |
Expenditure on property and equipment | (82,674) | (253,505) |
Expenditure on other intangible assets | ||
Investment in exploration and evaluation assets | (27,957,059) | (17,465,815) |
Net cash used in investing activities | (26,750,135) | (17,505,408) |
Cash flows from financing activities | ||
Issue of share capital | 1 | |
Proceeds from loans and borrowings, net of transaction cost | 49,250,000 | |
Payment of debenture interest | (1,203,515) | |
Payment of lease liabilities | (316,090) | (62,775) |
Proceeds from receipt of subscription receivable, net of costs | 1,500,000 | 47,500,000 |
Net cash provided by (used in) financing activities | 49,230,395 | (47,437,225) |
Net increase in cash and cash equivalents | 14,143,349 | 23,875,522 |
Cash and cash equivalents | ||
Effect of exchange rate changes in cash | (42,011) | |
Beginning of period | 49,391,627 | 20,535,210 |
End of period | $ 63,492,965 | $ 44,410,732 |
Corporate and Group Information
Corporate and Group Information | 6 Months Ended |
Jun. 30, 2024 | |
Corporate and Group Information [Abstract] | |
Corporate and Group information | 1. Corporate and Group information 1.1. General information Lifezone Metals Limited (the Company, individually and together with its controlled subsidiaries “ Lifezone NYSE The Company’s registered office is located at Commerce House, 1 Bowring Road, Ramsey, IM8 2LQ, Isle of Man. The Unaudited Condensed Consolidated Interim Financial Statements of Lifezone for the six months ended June 30, 2024, were authorized for release in accordance with a resolution of the Directors of Lifezone on August 17, 2024. 1.2. Business overview Lifezone aims to provide cleaner metals solutions for the global supply chain through the development, patenting, and licensing of its hydrometallurgical processing technology (“ Hydromet Technology Lifezone’s primary metals asset is the Kabanga Nickel Project in Tanzania, believed to be one of the world’s largest and highest-grade undeveloped nickel sulfide deposits. Lifezone’s management has technical expertise in hydrometallurgical refining, a track record of building and operating mines and commercial capabilities to finance projects of this scale. 1.3. Hydromet Technology overview Lifezone’s Hydromet Technology is amenable to processing and refining metals from sulfide minerals containing nickel, copper, cobalt, platinum, palladium, rhodium and gold. As of June 30, 2024, Lifezone has 6 active patent families comprising 162 granted patents in a total of 67 countries. Within the same patent families, Lifezone has an additional 102 patent applications pending across multiple countries. Compared to traditional pyrometallurgical smelting and refining technologies, Lifezone’s Hydromet Technology is expected to produce less carbon dioxide emissions per ton of metal produced with zero sulfur dioxide emissions, be more capital and operating cost efficient, have faster processing times and enable fully traceable refined LME-grade metals to enable enhanced supply chain transparency. On July 18, 2023, Lifezone acquired The Simulus Group (“ Simulus PGMs Lifezone is focused on commercializing its Hydromet Technology across the metals and mining industry. Research and development are continuous alongside the broadening of Lifezone’s intellectual property portfolio through applications for additional patents to be applied to new opportunities in other metal groups and deposit types. Lifezone seeks to ensure that its Hydromet Technology remains protected through patent applications. In addition, Simulus is expected to have capacity in the future to provide revenue-generating bespoke test work and engineering services for external clients. 1.4. Kabanga Nickel Project Lifezone’s primary metals asset is the Kabanga deposit in north-west Tanzania. Approximately 340 kilometers from Kabanga, a refinery is anticipated to be constructed that will utilize Lifezone’s Hydromet Technology to unlock a new source of fully traceable LME-grade nickel, copper and cobalt for the global battery metals markets, to empower Tanzania to achieve full in-country value creation and become the next premier source of Class 1 nickel. The refinery is expected to be located at a brownfield site in Kahama with existing infrastructure, a trained workforce and nearby rail, roads and airstrip. The results of the ongoing study work for the Kabanga Nickel Project are expected to be completed in Q3 2024. In October 2021, the government of Tanzania issued the Special Mining License (“ SML TNCL KNL BHP In December 2021, BHP invested $40.0 million into KNL in return for an 8.9% shareholding and $10.0 million into Lifezone Limited. In October 2022, BHP invested an additional $50.0 million into KNL increasing its stake to 17.0% and concurrently signed an investment option agreement to take its stake in KNL to 60.7% pending delivery of the Kabanga Nickel Project definitive feasibility study (“ DFS Lifezone is engaged in commercial discussions with global customers to monetize its portion of marketing rights with an offtake transaction. The end users of finished products from Kabanga are expected to be involved in the supply chain of battery electric vehicles that will support the global energy transition towards decarbonization. 1.5. Platinum, palladium and rhodium recycling project in the United States Lifezone’s Hydromet Technology intellectual property was initially conceived from test work on PGM mineral concentrates, and it’s the first test work and scoping study was undertaken in 2014 to demonstrate the successful recovery of PGMs from spent automotive catalytic converters (“ autocats Recycling is expected to play an important role as an alternative supply of critical metals. However, current recycling practices, involving conventional smelting and refining, compound the carbon dioxide emissions intensity of metal units. Through the application of its Hydromet Technology, Lifezone intends to break this energy-intensive and pollutive recycling chain by providing a cleaner, lower-emissions and responsibly sourced recycling solution. Through Lifezone’s partnership with Glencore, a major and diversified participant in global commodities, the Company is evaluating the design and construction of a commercial-scale Hydromet PGM recycling facility in the United States to recycle PGMs from autocat material. In January 2024, Lifezone and Glencore each funded $1.5 million into a newly established US Lifezone group entity with proceeds designated towards the pilot program and the completion of a feasibility study currently underway at Simulus. The results are expected to demonstrate the effectiveness of Lifezone’s Hydromet Technology to recover and refine PGMs from autocats and will form the basis of Glencore and Lifezone’s final investment decision to construct the first Hydromet PGM recycling facility in the US. The feasibility study is expected to be completed in Q4 2024. Following its initial $1.5 million investment, Glencore holds a 6% interest in the Project. |
Significant Transactions
Significant Transactions | 6 Months Ended |
Jun. 30, 2024 | |
Significant Transactions [Abstract] | |
Significant transactions | 2. Significant transactions This section provides additional information which will outline how changes in the Lifezone group structure have impacted the financial position and performance of Lifezone as a whole, and the events that have occurred in the last two years impacting the financial position and performance of the periods presented in this report. 2.1. BHP investments On December 24, 2021, KNL entered into a $40.0 million convertible loan agreement with BHP and Lifezone Limited under the Lifezone Subscription Agreement in relation to the Kabanga Nickel Project. Following the conversion of convertible loans on July 1, 2022, BHP held an 8.9% interest in KNL, reflected within non-controlling interest. On October 14, 2022, BHP ns, BHP’s interest in KNL increased from 8.9% to 17.0%, effective February 15, 2023. 2.2. SPAC Transaction On December 13, 2022, Lifezone and GoGreen Investments Corporation (“ GoGreen SPAC BCA Sponsor Merger Sub Lifezone Holdings Limited (“ Lifezone Holdings Lifezone Holdings Transaction Flip-Up The Company, Lifezone Holdings and GoGreen consummated the SPAC Transaction pursuant to the BCA on July 6, 2023 (the “ Closing Closing Date The SPAC Transaction was accounted for as a capital reorganization (“ Reorganization PIPE The BCA was signed concurrent to the closing of the PIPE transaction, which raised $70.2 million of gross proceeds. Cash inflows from the SPAC transaction amounted to $16.5 million GoGreen cash (post redemptions, but before paying all existing GoGreen liabilities), along with $70.2 million gross proceeds from the PIPE transaction consummated substantially simultaneously resulting in $86.6 million gross proceeds for Lifezone before listing and equity issuance costs. Prior to the Closing, the SPAC incurred 94.47% of redemptions from public shareholders following a redemption vote deadline of June 27, 2023, leaving 1,527,554 residual shares in trust. At the Closing, Lifezone acquired GoGreen and former GoGreen shareholders received the number of Lifezone shares and warrants equal to their former holdings of GoGreen shares and warrants. The outstanding warrants formerly associated with GoGreen will therefore be recognized in Lifezone future reported financial position. Following the Closing, Lifezone shareholders comprised all prior shareholders of Lifezone Holdings, prior shareholders of GoGreen (including its public shareholders post-redemptions and Sponsor shareholders) plus all PIPE investors resulting in Lifezone having a total of 77,693,602 shares issued and outstanding. Pursuant to earnout arrangements under the BCA, former Lifezone Holdings and Sponsor shareholder will receive additional Lifezone shares if the daily volume-weighted average price of Lifezone shares equals or exceeds (i) $14.00 per share for any 20 trading days within a 30-trading day period (“ Trigger Event 1 Trigger Event 2 Lifezone’s Form F-1 registration statement became effective on September 29, 2023, registering the resale of certain Lifezone Metals shares and (private) warrants owned by certain previous Lifezone Holdings shareholders, the Sponsor shareholders (including its limited partners), PIPE investors and the sellers of the Simulus business. Pursuant to the BCA, a 180-day lock-up period following the Closing Date applied to (i) 5,133,600 Lifezone shares, and 667,500 warrants received by the Sponsor shareholders and (ii) the Lifezone shares received by the previous Lifezone Holdings shareholders who owned 1.5% or more of the outstanding Lifezone Holdings shares prior to the Closing Date, in each case, subject to certain exceptions. 1,335,000 Lifezone Metals shares received by the Sponsor shareholders were subject to a 60-day lock-up from the Closing Date. 2.3. Simulus acquisition On March 3, 2023, Lifezone Asia-Pacific Pty Ltd, a wholly owned subsidiary of Lifezone, signed a share sale agreement with the owners of The Simulus Group, a leading hydrometallurgical laboratory and engineering company located in Perth, Australia. The transaction formally closed on July 18, 2023, for a total consideration of $14.5 million comprising a $1.0 million deposit paid on March 27, 2023, a cash consideration of $7.5 million paid on closing and 500,000 shares in Lifezone. 2.4. Platinum, palladium and rhodium recycling project in the United States On January 10, 2024, Lifezone signed a subscription agreement and completion of funding for Phase 1 of partnership with a wholly owned subsidiary of Glencore plc (LSE: GLEN) for a PGM recycling project which will utilize Lifezone’s Hydromet Technology. Phase 1 of the project implementation is already underway and involves a confirmatory pilot program and feasibility study at Simulus in Perth, Australia. Following successful completion of Phase 1, Phase 2 will involve the Company and Glencore jointly funding the capital expenditures required to construct a commercial-scale PGM recycling facility in the United States. The signing of the Subscription Agreement, along with the completion of Phase 1 funding, means the estimated $3.0 million required for the confirmatory pilot project cost has now been finalized. The Company and Glencore have contributed $1.5 million each to the project. Phase 1 is expected to be completed in Q4 2024. 2.5. Issuance of unsecured convertible debentures On March 27, 2024, Lifezone completed a $50.0 million non-brokered private placement of unsecured convertible debentures. These debentures have been issued to a consortium of marquee mining investors, led by Harry Lundin (Bromma Asset Management Inc.) and Rick Rule. Further information on the accounting of the convertible debenture transaction is provided in Note 19. |
Basis of Preparation, Significa
Basis of Preparation, Significant Accounting Policies and Estimates | 6 Months Ended |
Jun. 30, 2024 | |
Basis of Preparation, Significant Accounting Policies and Estimates [Abstract] | |
Basis of preparation, significant accounting policies and estimates | 3. Basis of preparation, significant accounting policies and estimates 3.1. Basis of preparation Lifezone’s Unaudited Condensed Consolidated Interim Financial Statements for the six months ended June 30, 2024, have been prepared in accordance with International Accounting Standard (“ IAS “Interim Financial Reporting” IFRS IASB USD $ These Unaudited Condensed Consolidated Interim Financial Statements should be read in conjunction with the Company’s Audited Consolidated Financial Statements contained on its Form 20-F for the year ended December 31, 2023, as some disclosures from the annual consolidated financial statements have been condensed or omitted. These Unaudited Condensed Consolidated Interim Financial Statements incorporate the financial statements of the Company and its controlled subsidiaries as of June 30, 2024. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances, transactions, income and expenses are eliminated on consolidation. The information furnished herein reflects all normal recurring entries, that are in the opinion of management, necessary for a fair statement of the results for the interim periods reported. Operating results for the six-month period ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Unaudited Condensed Consolidated Interim Financial Statements have been prepared on a historical cost basis unless otherwise stated. 3.2. Going concern The management of Lifezone has assessed the going concern assumptions of Lifezone during the preparation of these Unaudited Condensed Consolidated Interim Financial Statements. As of June 30, 2024, Lifezone had consolidated cash and cash equivalents of $63.5 million, an increase of $14.1 million from $49.4 million as of December 31, 2023. The increase reflects gross proceeds received from the $50.0 million non-brokered unsecured convertible debentures, $1.5 million proceeds received from Glencore relating to the partnership to recycle platinum, palladium and rhodium in the United States, offset by cash usage of $35.1 million during the period. The Unaudited Condensed Consolidated Interim Financial Statements have been prepared on a going concern basis which contemplates the continuity of normal business activities, the realization of assets and discharge of liabilities in the ordinary course of business. Lifezone has not generated significant revenues from operations and, as common with many exploration-stage mining companies, Lifezone raises financing for its exploration, study and research and development activities in discrete tranches. Based on Lifezone’s current and anticipated liquidity and funding requirements, Lifezone will need additional capital in the future to fund its operations and project developments. In the event Lifezone issues additional equity in the future, shareholders could face significant dilution in their holdings. Lifezone’s future operating losses and capital requirements may vary materially from those currently planned and will depend on many factors including Lifezone’s growth rate, the execution of various growth projects, and the demand for the Hydromet Technology, exploration and evaluation cost and capital costs in relation to the Kabanga Nickel Project, and the demand and prices for the minerals we envision extracting in our metals extraction business and as well as for Lifezone’s working capital requirements. To enhance our liquidity position and increase our cash reserve for existing operations and future investments, we continue to explore arrangements with potential customers for the offtake of the metals that we expect to produce in the future from the Kabanga Nickel Project, and we may in the future seek equity, mezzanine, alternative or debt financing. Additionally, we may receive the proceeds from any exercise of any warrants in cash. Each Lifezone warrant represents the right to purchase one ordinary Lifezone share at a price of $11.50 per share in cash. We believe the likelihood that warrant holders will exercise their warrants, and therefore the amount of cash proceeds that we would receive is dependent upon the market price of our Lifezone ordinary shares. On August 16, 2024, the market price for our Lifezone ordinary shares was $6.65. When the market price for our Lifezone ordinary shares is less than $11.50 per share (i.e., the warrants are “out of the money”), we believe warrant holders will be unlikely to exercise their warrants. If all the warrants are exercised, an additional 14,391,141 Lifezone ordinary shares would be outstanding. In the event that Lifezone is unable to secure sufficient funding, it may not be able to fully develop its projects, and this may have a consequential impact on the carrying value of the related exploration and evaluation assets and the investment in its subsidiaries as well as the going concern status of Lifezone. Given the nature of Lifezone’s current activities, it will remain dependent on equity, mezzanine, alternative or debt funding or monetizing the offtake from the Kabanga Nickel Project until such time as the Lifezone becomes self-financing from the commercial production of metals and minerals and royalties received from intellectual property rights linked to its Hydromet Technology. To the extent that Lifezone foresees increasing financing risks, jeopardizing the existence of Lifezone, Lifezone can accelerate the reduction of costs and aim for smaller, more targeted capital raises. 3.3. Accounting pronouncements The accounting policies adopted in the preparation of the Unaudited Condensed Consolidated Interim Financial Statements are consistent with those followed in the preparation of the annual consolidated financial statements of the Company for the year ended December 31, 2023, except for the adoption of new standards effective as of January 1, 2024. Lifezone has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Several amendments apply for the first time in 2024, but do not have an impact on Unaudited Condensed Consolidated Interim Financial Statements of the Company, as follows: ● Lease Liability in a Sale and Leaseback – Amendments to IFRS 16 Leases ● Classification of liabilities as Current or Non-Current and Non-current Liabilities with Covenants – Amendments to IAS 1 Presentation of Financial Statements ● Amendments to IAS 7 Statement of Cash Flows Financial Instruments: Disclosures – Supplier Finance Arrangements Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. New IFRS, amendments and Interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the Lifezone’s financial statements. 3.4. Basis of consolidation Consolidation of a subsidiary begins when Lifezone obtains control over the subsidiary and ceases when Lifezone loses control of the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the equity holders of the Company as the parent entity of Lifezone and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with Lifezone’s accounting policies. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of Lifezone are eliminated on full consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If Lifezone loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest, and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment remains recognized at fair value. Lifezone attributes total comprehensive income or loss of subsidiaries between the owners of the Company as the parent entity and the non-controlling interests based on their respective ownership interests. The Unaudited Condenses Consolidated Interim Financial Statements comprise the financial statements as of June 30, 2024, of the following 19 subsidiaries. Principal Percentage (%) Principal Country of place of Ownership NCI Ownership NCI Name of subsidiary activities incorporation Business 2024 2024 2023 2023 Aqua Merger Sub (dissolved April 8, 2024) Holding company Cayman Islands Cayman Islands 100.0 % 0.0 % 100.0 % 0.0 % Lifezone Holdings Limited Holding company Isle of Man United Kingdom 100.0 % 0.0 % 100.0 % 0.0 % Lifezone Limited Holding company Isle of Man United Kingdom 100.0 % 0.0 % 100.0 % 0.0 % Lifezone US Holdings Limited Holding company United Kingdom United Kingdom 100.0 % 0.0 % 100.0 % 0.0 % Lifezone Holdings US, LLC Holding company United State of America United State of America 100.0 % 0.0 % 100.0 % 0.0 % Lifezone Services US, LLC Service company United State of America United State of America 100.0 % 0.0 % 100.0 % 0.0 % Lifezone Recycling US, LLC Recycling United State of America United State of America 94.0 % 6.0 % 100.0 % 0.0 % LZ Services Limited Service company United Kingdom United Kingdom 100.0 % 0.0 % 100.0 % 0.0 % Kabanga Holdings Limited Holding company Cayman Islands Cayman Islands 83.0 % 17.0 % 83.0 % 17.0 % Kabanga Nickel Company Limited Holding company Tanzania Tanzania 83.0 % 17.0 % 83.0 % 17.0 % Kabanga Nickel Limited Holding company United Kingdom United Kingdom 83.0 % 17.0 % 83.0 % 17.0 % Kagera Mining Company Limited Mining Tanzania Tanzania 83.0 % 17.0 % 83.0 % 17.0 % Lifezone Asia-Pacific Pty Ltd Service company Australia Australia 100.0 % 0.0 % 100.0 % 0.0 % The Simulus Group Pty Limited Holding company Australia Australia 100.0 % 0.0 % 100.0 % 0.0 % Simulus Pty Limited Laboratory and Engineering Australia Australia 100.0 % 0.0 % 100.0 % 0.0 % Romanex International Limited Holding company Canada Canada 83.0 % 17.0 % 83.0 % 17.0 % Tembo Nickel Corporation Limited Mining Tanzania Tanzania 69.7 % 30.3 % 69.7 % 30.3 % Tembo Nickel Mining Company Limited Mining Tanzania Tanzania 69.7 % 30.3 % 69.7 % 30.3 % Tembo Nickel Refining Company Limited Refining Tanzania Tanzania 69.7 % 30.3 % 69.7 % 30.3 % Lifezone Holdings US, LLC, Lifezone US Holdings LLC and Lifezone Recycling US, LLC were incorporated on September 15, 2023, in the state of Delaware, USA. Lifezone US Holdings Limited was incorporated on September 12, 2023, in England and Wales. Excluding Lifezone Recycling US, LLC and Lifezone Services US, LLC, investments in these other entities as of June 30, 2023, reflect the nominal share value. 3.5. Foreign Private Issuer status Given the Company is incorporated in the Isle of Man, it is considered a Foreign Private Issuer (“ FPI In our capacity as an FPI, we are exempt from certain rules under the Exchange Act that impose certain disclosure obligations and procedural requirements for proxy solicitations under Section 14 of the Exchange Act. Moreover, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as United States companies whose securities are registered under the Exchange Act. In addition, we are not required to comply with Regulation FD, which restricts the selective disclosure of material information. NYSE listing rules include certain accommodations in the corporate governance requirements that allow FPI, such as us, to follow “home country” corporate governance practices in lieu of the otherwise applicable corporate governance standards of NYSE. FPIs may prepare their financial statements using US GAAP; or IFRS pursuant to Regulation S-X Rule 4-01(a)(2). In the case of FPIs that use the English-language version of IFRS as issued by the International Accounting Standards Board, or IASB IFRS, no reconciliation to US GAAP is needed. We may take advantage of these exemptions until such time as we are no longer an FPI. We are required to determine our status as an FPI on an annual basis at the end of each second fiscal quarter. We would cease to be an FPI at such time as more than 50% of our outstanding voting securities are held by United States residents and any of the following three circumstances applies: 1. the majority of our executive officers or directors are United States citizens or residents. 2. more than 50% of our assets are located in the United States; or 3. our business is administered principally in the United States. If we lose our FPI status we would be required to comply with Exchange Act reporting and other requirements applicable to U.S. domestic issuers, which are more detailed and extensive than the requirements for FPIs. FPI status requires implementing procedures and processes to address public company regulatory requirements and customary practices. Management expects to incur additional annual expenses as a public company. 3.6. Emerging Growth Company status We are an Emerging Growth Company (“ EGC JOBS Act Sarbanes-Oxley Act SOX We will continue to qualify as an EGC until the earliest to occur of: 1. the last day of the fiscal year during which we had total annual gross revenues of US$1,235,000,000 (as such amount is indexed for inflation every 5 years by the SEC or more; 2. the last day of our fiscal year following the fifth anniversary of the date of the first sale of equity securities pursuant to an effective registration statement under the Securities Act; 3. the date on which we have, during the previous 3-year period, issued more than US$1,000,000,000 in non-convertible debt; or 4. the date on which we are deemed to be a “Large Accelerated Filer”, as defined in Exchange Act Rule 12b-2. Lifezone would become a Large Accelerated Filer if Lifezone has a public float of greater than $700.0 million, has been filing periodic reports for at least 12 months, has previously filed at least one annual report, and is not a smaller reporting company. 5. Section 103 of the JOBS Act provides that an EGC is not required to comply with the requirement to provide an auditor’s report on ICFR under Section 404(b) of the Sarbanes-Oxley Act. An EGC still has to perform management’s assessment of internal control over financial reporting (SOX 404(a)) and the disclosure requirement of Item 308(a) of Regulation S-K). As Lifezone is a newly public company, a SOX phase-in exception applies whereby the management report is not required until the second annual report. On September 21, 2023, Lifezone engaged Mazars LLP, a specialist SOX compliance knowledge and internal controls expert to support the implementation of SOX compliance requirements to assist Lifezone to be SOX compliant by December 31, 2024. We expect to continue to be an EGC for the foreseeable future. 3.7. Functional and reporting currency These Unaudited Condensed Consolidated Interim Financial Statements are presented in USD, which is Lifezone’s functional currency, and all values are rounded to the nearest USD, except where otherwise indicated. The functional currency is the currency of the primary economic environment in which the entity operates. Accordingly, Lifezone measures its financial results and financial position in USD, expressed as $ in this document. Lifezone incurs transactions mainly in USD, British Pounds (“ GBP AUD TZS The subsidiaries LZ Services Limited (“ LZSL 3.8. Significant accounting judgements, estimates and assumptions The preparation of Lifezone’s Unaudited Condensed Consolidated Interim Financial Statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, including contingent assets and liabilities, and the accompanying disclosures. Actual results may differ from these estimates and uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in the future period. Except as described below, the judgements, estimates and assumptions applied in these Unaudited Condensed Consolidated Interim Financial Statements, including the key sources of estimation uncertainty, were the same as those applied in Lifezone’s last annual financial statements for the year ended December 31, 2023. Hybrid Financial Instruments: Convertible debentures with embedded derivatives Lifezone has issued convertible debentures with embedded derivatives, classified as hybrid financial instruments, which are initially measured at fair value and adjusted for transaction costs. The host debt instrument is classified and measured at amortized cost, while the embedded derivatives are accounted for separately at FVTPL. On initial recognition, Lifezone uses the residual value method to allocate the principal amount of the convertible debentures between the two components: host debt instrument and embedded derivatives. The fair value with gains or losses recognized in profit or loss of the embedded derivative liability is valued first, followed by the residual amount assigned to the host debt instrument. The effective interest method is a method for calculating the amortized cost of a financial liability, and for allocating the interest expenses throughout the relevant credit period. The effective interest rate is the rate which accurately discounts the forecasted future cash flows over the financial liability’s expected lifetime to its’ carrying value, or, when appropriate, over a shorter period. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2024 | |
Segment Information [Abstract] | |
Segment information | 4. Segment information For management purposes, Lifezone is organized into business units based on the main types of activities and has two reportable operating segments, as follows: ● Metals extraction and refining business; and ● Intellectual property (“ IP The Metals extraction and refining segment of the business consists of Lifezone’s interest in KNL, comprising the Kabanga Nickel Project in Tanzania. The IP segment comprises patents residing within Lifezone’s subsidiary, Lifezone Limited, and managed by a team of highly trained engineers and scientists based in Lifezone’s Simulus laboratory based in Perth, a strategic partnership with Sedibelo and Industrial Development Corporation (“ IDC The Chief Executive Officer ensures that the corporate strategy is being implemented and he manages Lifezone on a day-to-day basis, monitors the operating results of its two business units separately for the purpose of making decisions about resource allocation and performance assessment. He is Lifezone’s Chief Operating Decision Maker. Segment performance is evaluated based on cash flows, operating profit or loss before taxes and is measured with operating profit or loss in the Unaudited Condensed Consolidated Interim Financial Statements. However, Lifezone’s financing and treasury operations are managed by a corporate center based in London. Inter-segment eliminations and transactions are identified separately, and the combined segments’ information is reconciled to the Statement of Financial Position and Statement of Comprehensive Income. Inter-segment revenues are eliminated upon consolidation and reflected in the ‘Inter-segment eliminations’ column. The results for the six months ending June 30, 2024, and June 30, 2023, respectively are shown below. Intellectual Metals Inter-Segment Property Extraction Corporate (1) eliminations Total $ $ $ $ $ For the six months ended June 30, 2024 Revenue 1,360,160 1,842,429 1,082,151 (4,235,090 ) 49,650 Cost of Sales (473,337 ) - - 461,085 (12,252 ) Gain (loss) on foreign exchange (149,743 ) 100,316 (11,048 ) - (60,475 ) General and administrative expenses (2,987,232 ) (4,725,235 ) (5,621,141 ) 3,744,005 (9,559,603 ) Interest income 832,426 504 1,065,351 (536,644 ) 1,361,638 Fair value loss on embedded derivatives - - (356,000 ) - (356,000 ) Interest expense (14,211 ) (716,310 ) (2,170,468 ) 536,644 (2,364,345 ) Loss before tax (1,431,936 ) (3,498,296 ) (6,011,155 ) - (10,941,387 ) For the period ended June 30, 2024 Segment assets 89,530,847 201,479,407 186,736,426 (296,367,161 ) 181,379,519 Segment liabilities, excluding Group debt (5,503,999 ) (422,765,420 ) (4,688,928 ) 420,871,087 (12,087,260 ) Convertible debentures and embedded derivative - - (50,409,506 ) - (50,409,506 ) Segment liabilities (5,503,999 ) (422,765,420 ) (55,098,434 ) 420,871,087 (62,496,766 ) Intellectual Metals Inter-Segment Property Extraction Corporate (1) eliminations Total $ $ $ $ $ For the six months ended June 30, 2023 Revenue 4,061,148 508,190 814,173 (4,876,763 ) 506,748 Gain (loss) on foreign exchange (55,988 ) 136,254 6,281 - 86,547 General and administrative expenses (6,843,952 ) (4,153,889 ) (7,291,571 ) 4,876,763 (13,412,649 ) Interest income 67,010 202,610 180 - 269,800 Interest expense - (91,668 ) - - (91,668 ) Loss before tax (2,771,782 ) (3,398,503 ) (6,470,937 ) - (12,641,222 ) For the period ended June 30, 2023 Segment assets 16,680,372 94,240,787 12,495,550 (30,593,658 ) 92,823,051 Segment liabilities (19,919,301 ) (26,715,324 ) (1,615,054 ) 18,687,919 (29,561,759 ) Included within general and administrative expenses in 2023 are non-recurring listing and capital raising costs of $8.0 million, which relate to professional services costs in relation to the business combination with GoGreen and the listing on the NYSE and have been allocated non-operating segment “Corporate”. 1 Lifezone Metals Limited, Lifezone Holdings Limited, Lifezone Services US, LLC and LZ Services Limited are grouped as a non-operating segment named “Corporate” and provide corporate functions, services to other entities in the group, financing and treasury operations, as well as stewardship activities. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2024 | |
Revenue [Abstract] | |
Revenue | 5. Revenue Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 $ $ $ $ Kellplant Proprietary Ltd - - - 129,680 Kelltechnology SA Proprietary Ltd - - - 365,368 Consulting and management fee with affiliated companies - - - 495,048 Non-affiliated company revenue 8,261 11,061 49,650 11,700 8,261 11,061 49,650 506,748 Revenue is attributable to Hydromet consulting related to mineral beneficiation operations of affiliated companies and technical and laboratory services provided by Simulus. The affiliated entities invoiced in 2023 are joint venture entities of Lifezone. Lifezone Limited has a 50% interest in Kelltech Limited, a joint venture with Sedibelo Resources Limited. Lifezone Limited has an indirect 33.33% interest in Kelltechnology SA Proprietary Ltd (“ KTSA Kellplant Non-affiliated company revenue of $8,261 and $49,650 for the three months and six months ending June 30, 2024, respectively, relates to third party customers of Simulus. |
Interest Income
Interest Income | 6 Months Ended |
Jun. 30, 2024 | |
Interest Income [Abstract] | |
Interest income | 6. Interest income Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 $ $ $ $ Interest on shareholder loans - 2,903 - 6,841 Interest on treasury deposits 904,429 136,703 1,361,638 262,959 904,429 139,606 1,361,638 269,800 Lifezone manages interest generating opportunities through corporate treasury operations by investing group cash in overnight SOFR or term deposit facilities provided by its two main international banks. Lifezone earned interest averaged 4.84-5.02% during the period on these two types of deposits. Interest income from cash and cash equivalents amounted to $1,361,638 for the six months ended June 30, 2024 (six months ended June 30, 2023: $262,959). |
Interest Expense
Interest Expense | 6 Months Ended |
Jun. 30, 2024 | |
Interest Expense [Abstract] | |
Interest expense | 7. Interest expense Three months ended June 30, Six months ended June 30, Note 2024 2023 2024 2023 $ $ $ $ Interest accretion on deferred consideration 20 79,921 39,763 157,999 79,104 Interest accretion on lease liability 18 16,942 6,126 35,005 12,564 Debenture interest 19 2,170,468 - 2,170,468 - Other interest expenses 873 2,219 873 - 2,268,204 43,670 2,364,345 91,668 Interest accretion on deferred consideration liability relates to the KNL acquisition. For the six months ended June 30, 2024, this amounted to $157,999 (six months ended June 30, 2023: $79,104). Interest on leases relate to Tanzania and Australia subsidiaries leased office and warehouse premises as disclosed in detail in Note 18. For the six months ended June 30, 2024, this amounted to $35,005 (six months ended June 30, 2023: $12,564). This is higher due to additional leases taken on as part of the Simulus acquisition on July 18, 2023, along with an additional lease in Tanzania since June 2023. Debenture interest relates to the convertible debenture instruction as Debenture interest as disclosed in detail in Note 19: for the six months ended June 30, 2024, this amounted to $2,170,468 (six months ended June 30, 2023: $ Nil |
Fair Value Loss on Embedded Der
Fair Value Loss on Embedded Derivatives | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Loss on Embedded Derivatives [Abstract] | |
Fair value loss on embedded derivatives | 8. Fair value loss on embedded derivatives Three months ended Six months ended 2024 2023 2024 2023 $ $ $ $ Fair value loss on embedded derivatives 356,000 - 356,000 - 356,000 - 356,000 - On June 30, 2024, the embedded derivative liability component of the convertible debentures as disclosed in detail in Note 19, was reassessed to be $25.5 million using the same valuation methods and approach as on initial recognition. The increase of $356,000 is largely due to market credit spreads increasing, resulting in a more likely occurrence for a conversion to occur reflected in the higher conversion value. The resulting $356,000 fair value increase has been recognized as a charge to the profit or loss. |
General and Administrative Expe
General and Administrative Expenses | 6 Months Ended |
Jun. 30, 2024 | |
General and Administrative Expenses [Abstract] | |
General and administrative expenses | 9. General and administrative expenses Six months ended June 30, Six months ended change 2024 2023 $ $ $ % Wages & employee benefits 1,917,963 1,816,542 101,421 6 % Professional & Legal fees 1,650,061 882,855 767,206 87 % Consultancy fees 1,336,019 1,772,010 (435,992 ) (25 )% Non-recurring listing and equity raising costs - 8,003,016 (8,003,016 ) (100 )% Directors' fees 360,984 86,500 274,484 317 % Depreciation of property and equipment 577,062 107,692 469,370 436 % Depreciation of right of use asset 169,457 62,029 107,428 173 % Amortization of intangible assets 90,247 38,301 51,946 136 % Audit & accountancy fees 130,976 81,751 49,225 60 % Rent 226,332 172,584 53,748 31 % Insurance 911,013 6,953 904,060 13,002 % Laboratory costs 638,822 - 638,822 0 % Impairment of VAT receivables 839,758 - 839,758 0 % Travel 251,306 364,781 (113,475 ) (31 )% Share based payments expense 32,457 - 32,457 0 % Other administrative expenses 427,147 17,635 409,512 2,322 % Total general administrative expenses 9,559,603 13,412,649 (3,853,046 ) (29 )% Net wages and employee benefits amounted to $1.9 million for the six months ending June 30, 2024 (six months ended June 30, 2023, $1.8 million). The wages and employee benefits for the six months ended June 30, 2024, include Simulus related expenses of $474,414, with no expenses incurred in the six months ending June 30, 2023, as Simulus was not yet part of Lifezone. In the six months ending June 30, 2024, the Company paid bonuses of $538,113 to employees (six months ended June 30, 2023, $91,478), reflecting a one-month bonus paid to all employees (and consultants) in May 2024 for achievements in 2023. The balance relates to pension payments, accrued holidays (largely in Australia), national insurance contributions and payments to temporary staff. Above amounts are the net amounts expensed, after capitalization. During the six months ending June 30, 2024, $8.8 million of the gross total general and administrative expenses (six months ended June 30, 2023, $5.7 million) was capitalized to exploration and evaluation assets as part of the Kabanga Nickel Project. Professional and legal fees amounted to $1.7 million for the six months ending June 30, 2024 (six months ended June 30, 2023, $882,855), with the largest positions being $239,532 (six months ended June 30, 2023: $ Nil Nil Consultancy fees costs of $1.3 million for the six months ending June 30, 2024 (six months ended June 30, 2023, $1.8 million), were lower by $435,992 due to lower consultant bonuses of $189,665 paid in the six months ending June 30, 2024 (six months ended June 30, 2023, $512,542), as well as two people who were previously consultants as of June 30, 2023, are employees of Lifezone as at June 30, 2024. Non-recurring listing and equity raising costs (including transaction listing cost) of $8.0 million for the six months ending June 30, 2023, related to the business combination with GoGreen associated with the SPAC and PIPE transactions, which were completed on July 6, 2023. Directors’ fees for the Company covering the seven paid directors out the total eight directors of Lifezone Metals, totaled $360,984 for the six months ending June 30, 2024 (six months ended June 30, 2023, $86,500), have increased as a result of quarterly meetings since listing on July 6, 2023. Depreciation of property and equipment and depreciation of right of use assets are higher by $469,370 and $107,428 respectively, compared to the six months ending June 30, 2023, due to additional leases and acquired assets from the Simulus acquisition on July 18, 2023. Insurance cost increase largely reflects the impact of higher D&O insurance premiums taken out following our listing on the NYSE. The annual D&O premium was pre-paid in July 2023 and was expensed over 12-months, with a pre-payment asset of $835,117 remaining as of December 31, 2023, and released in the six months ending June 30, 2024. A new D&O insurance policy was taken out effective July 2024 with improved commercial terms, including a reduction in premiums of around 40% and a 50% decrease in retention. Laboratory costs relate to consumables incurred by Simulus amounting to $638,822 (six months ended June 30, 2023: $ Nil The “Impairment of VAT receivable” reflects the full impairment of the Tanzanian VAT receivable amounting to $839,758 as at June 30, 2024, following TNCL’s receipt of a letter from the Tanzanian Revenue Authority (“ TRA Other administrative expenses are higher by $409,511 compared to the six months ending June 30, 2023, partly due to the inclusion of a $350,000 provision relating to litigation and associated costs, which was subsequently resolved, and payments have been made at the time of this report. Lifezone incurred Regulatory and Compliance Fees of $73,454 during the six months ending June 30, 2024 (June 30, 2023: $ Nil Nil Total general administrative expenses for the six months ending June 30, 2024, include the impact of the Simulus operations, amounting to $1.5 million (six months ended June 30, 2023: $ Nil Nil Nil Nil Nil Nil |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents | 10. Cash and cash equivalents June 30, December 31, 2024 2023 $ $ USD – United States dollar 62,068,360 46,129,886 GBP – Sterling 106,915 792,017 EUR – EURO 6,483 148,519 AUD – Australian dollar 727,675 1,769,872 ZAR – South African Rand 2,322 50,587 TZS – Tanzania Shilling 581,210 500,746 Cash and cash equivalents 63,492,965 49,391,627 Made up of: Cash at banks and on hand 43,372,498 44,369,748 Short-term deposits 20,120,467 5,021,879 Cash and cash equivalents 63,492,965 49,391,627 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2024 | |
Inventories [Abstract] | |
Inventories | 11. Inventories June 30, December 31 2024 2023 $ $ Raw materials and consumables 200,967 - Fuel 80,467 100,780 281,434 100,780 Raw materials and consumables are consumed in the ordinary course of business during the rendering of services by Simulus. Fuel is used by vehicles, machinery and for power generation in relation to the Kabanga Nickel Project and stored at the Kabanga camp site. These are attributable to exploration and evaluation activity and capitalized to exploration and evaluation assets as consumed. |
Trade and Other Receivables
Trade and Other Receivables | 6 Months Ended |
Jun. 30, 2024 | |
Trade and Other Receivables [Abstract] | |
Trade and other receivables | 12. Trade and other receivables Other receivables consist of the following: June 30, December 31, 2024 2023 $ $ VAT/GST receivables 385,110 513,334 Other receivables 796,082 696,968 Prepayments 1,113,184 1,768,923 Prepaid mining license 343,434 842,989 2,637,811 3,822,214 VAT / GST receivables are short term and receivable within twelve months following applicable VAT refund application in the local tax jurisdiction. Lifezone has net VAT receivables (after the Tanzanian VAT impairment as described in Note 9) with the United Kingdom, and Australian tax authorities amounting to $385,110 (2023: $513,334). As of June 30, 2024, UK entities accounts for $262,734 and Australian entities $122,377 of this balance. Prepayments include a $400,000 non-refundable deposit paid on September 12, 2022, in relation to a non-binding term sheet between Lifezone Limited, Harmony Minerals Limited and Dutwa Minerals Limited for the acquisition of all the tangible assets and all registered and unregistered IP relating to the Dutwa Nickel Project (excluding the Ngasamo deposit in the Dutwa Nickel Project area). The Dutwa Nickel Project hosts a laterite nickel deposit located in northern Tanzania. It is envisioned that excess sulfuric acid generated by future processing of Kabanga mineralization could be used in processing the laterite mineralization at Dutwa, providing potential synergies between both operations. On April 27, 2023, the term sheet was amended, and exclusivity expired on July 27, 2023. As disclosed in our December 31, 2023, annual audited accounts, discussions are ongoing, including between the Government of Tanzania and the sellers of the Dutwa Project, with closing being subject to the parties entering into definitive documentation and the fulfilment of various conditions. Prepayments have decreased in the six months ended June 30, 2024, mainly due to the release of the $835,117 D&O insurance. The annual D&O covers June to July each year, with the D&O premium for the first-year post listing totaling $1.67 million. The prepaid mining license relates to TNCL’s requirement to pay an annual fee to maintain its mining license with the Tanzanian Mining Commission. The prepaid portion of the fee was $343,434 as of June 30, 2024 (2023: $842,989). All other receivables are short term in nature. |
Property and Equipment and Righ
Property and Equipment and Right-of-Use Assets | 6 Months Ended |
Jun. 30, 2024 | |
Property and Equipment and Right-of-Use Assets [Abstract] | |
Property and equipment and right-of-use assets | 13. Property and equipment and right-of-use assets Lifezone’s property and equipment and right-of-use assets include building, transportation equipment, and office and computer equipment. The carrying amounts for the reporting periods can be analyzed as follows: Buildings Transportation equipment Office and computer equipment Laboratory and testing equipment Total Property and equipment Right-of-use assets Total $ $ $ $ $ $ $ Cost As at January 1, 2023 677,277 123,952 238,216 - 1,039,445 469,743 1,509,188 Additions from acquisitions - - 220,698 4,704,783 4,925,481 464,264 5,389,745 Foreign exchange impact - - 1,419 16,664 18,082 - 18,082 Additions - 75,551 621,732 148 697,431 1,230,792 1,928,222 As at December 31, 2023 677,277 199,503 1,082,064 4,721,595 6,680,439 2,164,799 8,845,238 Accumulated depreciation As at January 1, 2023 (36,781 ) (44,412 ) (73,930 ) - (155,123 ) (117,436 ) (272,559 ) Exchange adjustments - - (300 ) - (300 ) - (300 ) Charge for the period (22,068 ) (66,839 ) (42,298 ) (393,454 ) (524,659 ) (353,851 ) (878,510 ) As at December 31, 2023 (58,849 ) (111,251 ) (116,528 ) (393,454 ) (680,082 ) (471,287 ) (1,151,369 ) Cost As at January 1, 2024 677,277 199,503 1,082,064 4,721,595 6,680,439 2,164,799 8,845,238 Additions - - 80,494 2,180 82,674 - 82,674 Disposals - - (4,858 ) (5,189 ) (10,047 ) - (10,047 ) Lease reassessments - - - - - 139,489 139,489 Foreign exchange impact - - (8,682 ) (119,874 ) (128,555 ) (31,444 ) (160,000 ) As at June 30, 2024 677,277 199,503 1,149,018 4,598,712 6,624,510 2,272,843 8,897,354 Accumulated depreciation As at January 1, 2024 (58,849 ) (111,251 ) (116,528 ) (393,454 ) (680,082 ) (471,287 ) (1,151,369 ) Charge for the period (14,693 ) (18,250 ) (89,164 ) (454,975 ) (577,082 ) (258,432 ) (835,514 ) Disposals 1,480 1,480 1,480 Lease reassessments - - - - - (88,997 ) (88,997 ) Foreign exchange impact - - (20,466 ) 4,216 (16,250 ) 2,800 (13,449 ) As at June 30, 2024 (73,542 ) (129,501 ) (1,140,325 ) (844,213 ) (1,271,934 ) (815,915 ) (2,087,849 ) Net book value: As at December 31, 2023 618,428 88,252 965,536 4,328,141 6,000,357 1,693,512 7,693,869 As at June 30, 2024 603,735 70,002 924,340 3,754,499 5,352,576 1,456,928 6,809,505 There was no new lease agreement entered into during the six months ended June 30, 2024. The reassessment was triggered by an increase in lease payments. |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill [Abstract] | |
Goodwill | 14. Goodwill Cost As at January 1, 2023 - Acquired through business combination 9,020,813 As at December 31, 2023 9,020,813 As at June 30, 2024 9,020,813 Accumulated impairment As at January 1, 2023 - As at December 31, 2023 - As at December 31, 2023 9,020,813 As at June 30, 2024 9,020,813 Goodwill relates to the acquisition of Simulus, a leading hydrometallurgical laboratory and engineering company located in Perth, Australia by Lifezone Asia-Pacific Pty Ltd on July 18, 2023, as disclosed in Note 1. For the purpose of annual impairment testing, goodwill is allocated to the operating segments expected to benefit from the synergies of the business combinations in which the goodwill arises as set out below, and is compared to its recoverable value: Goodwill allocated to cash generating unit Goodwill 9,020,813 As at December 31, 2023 9,020,813 As at June 30, 2024 9,020,813 |
Patents and Other Intangibles
Patents and Other Intangibles | 6 Months Ended |
Jun. 30, 2024 | |
Patents and Other Intangibles [Abstract] | |
Patents and Other Intangibles | 15. Patents and Other Intangibles Patents Software Total $ $ $ Cost As at January 1, 2023 899,413 92,096 991,509 Additions during the period 90,978 291,410 382,388 As at December 31, 2023 990,391 383,506 1,373,897 Accumulated amortization As at January 1, 2023 (296,546 ) - (296,546 ) Charge for the period (78,742 ) (84,405 ) (163,147 ) As at December 31, 2023 (375,288 ) (84,405 ) (459,693 ) Carrying amount at December 31, 2023 615,103 299,101 914,204 Cost As at January 1, 2024 990,391 383,506 1,373,897 Additions during the period 72,040 - 72,040 As at June 30, 2024 1,062,431 383,506 1,445,937 Accumulated amortization As at January 1, 2024 (375,288 ) (84,405 ) (459,693 ) Charge for the period (43,449 ) (46,799 ) (90,248 ) As at June 30, 2024 (418,737 ) (131,204 ) (549,941 ) Carrying amount at June 30, 2024 643,694 252,302 895,996 |
Exploration and Evaluation Asse
Exploration and Evaluation Assets and Mining Data | 6 Months Ended |
Jun. 30, 2024 | |
Exploration and Evaluation Assets and Mining Data [Abstract] | |
Exploration and evaluation assets and mining data | 16. Exploration and evaluation assets and mining data Mining Data Exploration and Total $ $ $ Cost As at January 1, 2023 12,746,135 5,709,171 18,455,306 Additions during the period - 51,355,297 51,355,297 Carrying amount as at December 31, 2023 12,746,135 57,064,468 69,810,603 Cost As at January 1, 2024 12,746,135 57,064,468 69,810,603 Additions during the period - 27,868,064 27,868,064 Carrying amount as at June 30, 2024 12,746,135 84,932,532 97,678,667 The capitalization of exploration and evaluation costs assumes that there is a reasonable prospect that the project can be developed into a profitable mining operation and that the exploration and evaluation expenditure and study work relating to a mineral resource within a valid license area could result in cash in-flows over time, either via sale or development. An assessment relating to the capitalization is performed yearly by management, based on confidence in the level of exploration and study work for each project. Grass-roots exploration work and indirect costs might be expensed, especially if the financial viability cannot be assessed via an integrated financial model that supports the economic development of the mineral property based on latest mining and processing plans or are otherwise difficult to prove to be recoverable. Given that Lifezone made material progress in 2023 in advancing the DFS for the Kabanga Nickel Project, including completing its planned drilling program, releasing a new Mineral Resource Update and incorporating in its integrated financial model the new development plan and all trade-off decisions, management decided to start the capitalization of all costs related to the Kabanga Nickel Project and the Kabanga DFS. Exploration and evaluation expenditures are recognized and measured at cost and the exploration and evaluation assets are classified as intangible assets. Where Lifezone is unsuccessful in acquiring or being granted a tenement area, any such costs are immediately expensed. All costs incurred prior to securing the legal right to undertake exploration activities on a project are written-off as incurred. Lifezone assesses on a project-by-project basis if the exploration and evaluation phase has concluded. At the earliest, an exploration asset gets reclassified as a development asset when a current and positive feasibility study describing the development path for the mineral resource was released and is available publicly. That is usually also the time when a mineral reserve gets declared. A reclassification will happen at the latest when an exploration asset gets approved for development. Additions during the period are essentially capitalized expenditure incurred in the exploration and evaluation of the Kabanga Nickel Project, with costs including compensation payments made to project affected communities, fees paid to DFS consultants and engineering firms, the owners team and attributable technical and administrative overheads. Lifezone assesses exploration assets yearly for impairment when facts and circumstances suggest that the carrying amount exceeds the recoverable amount. |
Trade and Other Payables
Trade and Other Payables | 6 Months Ended |
Jun. 30, 2024 | |
Trade and other payables [Abstract] | |
Trade and other payables | 17. Trade and other payables June 30, December 31, 2024 2023 $ $ Trade payables 3,533,585 2,529,751 VAT payable - 852,479 Accrued expenses 3,074,793 4,953,234 6,608,378 8,335,464 All amounts are short-term. The carrying value of trade payables and accrued expenses are considered to be a reasonable approximation of their fair value. |
Lease Liabilities
Lease Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Lease Liabilities [Abstract] | |
Lease liabilities | 18. Lease liabilities June 30, December 31, 2024 2023 $ $ At January 1 1,787,702 395,880 Additions 76,906 1,677,918 Interest accretion on lease liability 35,005 52,075 Payments (316,090 ) (338,171 ) At December 31 1,583,523 1,787,702 Current 656,935 602,557 Non-current 926,588 1,185,145 1,583,523 1,787,702 Shown below is the maturity analysis of the undiscounted minimum lease payments: June 30, December 31, 2024 2023 Undiscounted future lease payments $ $ Less than 1 year 619,420 678,051 More than 1 year but less than 5 years 981,833 1,236,050 1,601,253 1,914,101 Lifezone has lease contracts through its Tanzanian and Australian subsidiaries. The average remaining term of Group leases was 1 year and 10 months remaining as at six months ended June 30, 2024. Lifezone or group subsidiaries’ obligations under their leases are secured by lessor’s title to the leased assets. Entity Country Lease use Lease term Lease term Remaining Third TNCL Tanzania Office space December 31, September 30, 2 years 3 months Cordula Limited TNCL Tanzania Office space October 1, September 30, 2 years 3 months Cordula Limited TNCL Tanzania Camp accommodation March 1, 2023 February 28, 1 years 7 months 29 days AKO Group Limited Lifezone Asia-Pacific Pty Ltd Australia Office space August 1, 2022 July 31, 2025 1 years 1 months 1 day Trustees of the Christian Brothers, Australia Simulus Pty Limited Australia Office and warehouse space April 28, 2022 April 27, 2026 1 years 9 months 28 days Seattle Investments Pty Ltd Simulus Pty Limited Australia Office and warehouse space August 1, 2023 July 31, 2025 1 years 1 months 1 day Nowa Pty Ltd Australia Simulus Pty Limited Australia Office and warehouse space August 1, 2023 July 31, 2025 1 years 1 months 1 day Nowa Pty Ltd Australia |
Hybrid Financial Instruments_ C
Hybrid Financial Instruments: Convertible Debentures with Embedded Derivatives | 6 Months Ended |
Jun. 30, 2024 | |
Hybrid Financial Instruments: Convertible Debentures with Embedded Derivatives [Abstract] | |
Hybrid Financial Instruments: Convertible debentures with embedded derivatives | 19. Hybrid Financial Instruments: Convertible debentures with embedded derivatives On March 27, 2024, Lifezone completed a $50.0 million non-brokered private placement of unsecured convertible debentures. These unsecured convertible debentures have been issued to a consortium of marquee mining investors, led by Harry Lundin (Bromma Asset Management Inc.) and Rick Rule. Proceeds of the unsecured convertible debentures will be used to advance the Kabanga Nickel Project and for general corporate and administrative purposes. The unsecured convertible debentures bear interest over a 48-month term, payable quarterly, at a rate of the Secured Overnight Financing Rate (“ SOFR Interest is payable in cash until Lifezone has a Form F-3 registration statement declared effective by the US Securities and Exchange Commission. The Form F-3 was declared effective on August 16, 2024. Following the effectiveness of the Form F-3, one third of the applicable interest payment will be made by the issue of the equivalent value in shares (the “ Interest Shares The unsecured convertible debentures are convertible into common shares of Lifezone at the option of the holder at a price of $8.00 per share and are subject to customary adjustments (the “ Conversion Right The unsecured convertible debentures were determined to be a hybrid financial liability, comprising a host debt instrument and two embedded derivatives, the Conversion Right and the Interest Shares, with both having economic characteristics and risks different to the host debt instrument. In other words, they are not closely related to the non-derivative host debt instrument given their value changes with the value of Lifezone shares, while the host liability changes in relationship to a reference borrowing index (in this case SOFR). The host debt instrument is classified and measured at amortized cost, while the embedded derivatives are accounted for separately at fair value through profit or loss. On initial recognition, the Company used the residual value method to allocate the principal amount of the debentures between the two components: host debt instrument and embedded derivatives. The fair value of the embedded derivative liability was valued first, followed by the residual amount assigned to the host debt instrument. Transaction costs are required to be apportioned between the host debt instrument and the embedded derivatives in proportion to their value, with the share of transaction costs linked to the host debt instrument subtracted from the carrying amount at initial recognition. Transaction costs comprised an issuance discount of $750,000 equal to 1.5% of the aggregate principal amount of the unsecured convertible debentures and $352,348 of legal costs paid by Lifezone. As the unsecured convertible debentures were unbrokered, no success fees were payable. 49.6% of the total transaction costs related to the embedded derivatives were expensed on recognition to the statement of comprehensive loss. The remaining transaction costs relating to the host debt instrument are included in the carrying amount of the liability component and are amortized over the life of the convertible debentures using the effective interest method. The fair value of the Conversion Right was estimated using the Finite Difference Method and the Share Interest feature was estimated using the Monte Carlo Simulations. Key Inputs Valuation Date March 27, 2024 Maturity Date March 27, 2028, term of 4 years Risk-free Rate Zero coupon curve based on United States Dollar Swap rates as of March 27, 2024 Share Price $7.75, based on Lifezone’s March 27, 2024, closing share price on the NYSE Equity Volatility 65%, selected based on review of the volatility (rounded) of a group of peer companies Dividend Yield Assumed at 0% as Management does not expect dividends to be distributed during the term of the Debenture Interest Rate Forward SOFR + 4.0%, subject to a SOFR floor of 3.0%, 30/360 basis Conversion Price $8.00 Conversion Cap $12.00 Credit Spread 19.0% based on an estimated market-based unsecured rate for the Company and consideration of calibrating the FV of the Debentures to 98.5% of par At initial recognition, the $50.0 million was bifurcated into its host debt instrument and the two embedded derivative liability components. The embedded derivative liability component was assessed to be $25.2 million, with the large majority of the value linked to the Conversion Right. The remaining $24.8 million are thus ascribed to the host debt instrument, before adjustment for transaction costs. During the life of the convertible debenture, it can be expected that the volatility of the Lifezone stock leads to changes in the value of combined derivative liability, potentially resulting in a significantly higher and more volatile expense pattern in profit or loss. Both components are recorded as a liability with the debt host portion recorded on an amortized cost basis using an effective interest rate of 31.6%. The high value of the combined embedded derivative liability and the resulting high effective interest rate are driven by, among other factors, the share price trading close to the conversion price at inception, an assumed volatility of 65% and a long (4-year) term. The effective interest rate is the rate that exactly discounts the estimated future cash flows (interest and principal payments) over the 4-year term of the financial instrument to the net carrying amount of the financial liability. The amortization of the host debt instrument is included in finance costs in the statement of profit and loss and other comprehensive income. The conversion feature may be exercised by the holder at any time, meaning that the Company does not have the right to defer settlement of the liability, including any unpaid interest, for more than twelve months from the date of this report. Consequently, all liability elements of the unsecured convertible debentures are classified as current, irrespective of how many years are left until maturity of the instrument. On June 30, 2024, the embedded derivative liability component was reassessed to be $25.5 million, with the large majority of the value linked to the Conversion Right. The increase of $356,000 is largely due to market credit spreads increasing, resulting in a more likely occurrence for a conversion to occur reflected in the higher conversion value. The resulting $356,000 fair value increase has been recognized as a charge to the profit or loss. Debenture host debt instrument $ At January 1, 2024 - Additions (24,807,000 ) OID and Transaction issuance cost 546,919 Interest (564,862 ) Accretion of issuance cost (35,563 ) At June 30, 2024 (24,860,506 ) Embedded derivatives $ At January 1, 2024 - Additions (25,193,000 ) Fair value reassessment (356,000 ) At June 30, 2024 (25,549,000 ) Total Convertible debentures with embedded derivatives (50,409,506 ) |
Deferred Consideration Liabilit
Deferred Consideration Liability | 6 Months Ended |
Jun. 30, 2024 | |
Deferred Consideration Liability [Abstract] | |
Deferred consideration liability | 20. Deferred consideration liability In April 2021, KNL completed the acquisition of all shares of Kabanga Holdings Limited from Barrick International (Barbados) Corporation and Glencore Canada Corporation (“ GCC Of the $14.0 million, $8.0 million was paid by KNL to the previous owners before completion of the acquisition, with the remaining $6.0 million due to the sellers in stage payments as below: ● The first tranche amounting to $2.0 million: payable at the earlier of completion of feasibility study and 3 rd ● The second tranche amounting to $4.0 million: payable at the earlier of the completion of feasibility study or the 5 th On December 15, 2022, KNL made the first tranche payment amounting to $2.0 million. The remaining $4.0 million is expected to be paid at the completion of a DFS or on December 9, 2024, whatever is earlier. The present value of the outstanding balance of deferred consideration liability as of June 30, 2024, has been reported on the Statement of Financial Position at $3,851,611 (December 31, 2023: $3,693,612). The carrying amounts for the reporting periods can be analyzed as follows: Gross carrying amount $ At January 1, 2023 3,689,755 Remeasurement gain (156,047 ) Accretion of interest 159,904 At December 31, 2023 3,693,612 Accretion of interest 157,999 At June 30, 2024 3,851,611 The discounted % reflects a 2-year facility appropriately priced market comparable commercial loan offered by the company bank. |
Significant Related Party Trans
Significant Related Party Transactions | 6 Months Ended |
Jun. 30, 2024 | |
Significant Related Party Transactions [Abstract] | |
Significant related party transactions | 21. Significant related party transactions Related Party relationships with shareholders with significant influence Keith Liddell, Chris von Christierson, and Peter Smedvig are the founding shareholders of Lifezone and they and members of their immediate family are related parties, some with significant influence over the affairs of Lifezone. The three founding shareholders (including the members of their immediate families) are long-term financial supporters of the business and are not considered to be related to each other and are not considered to control or jointly control the financial and operating policy decisions of Lifezone. Lifezone has no commercial relationships to Peter Smedvig beyond his shareholding in Lifezone and no compensation or transfer of resources took place during the reporting period with Peter Smedvig and known family members. The Liddell family holdings are in aggregate approximately 30.3% of all outstanding Lifezone shares as of June 30, 2024, making Keith Liddell and members of his immediate family related parties with significant influence over the affairs of the Company. Keith Liddell is a director at various group companies and was the Chair of Lifezone Holdings until the listing on the NYSE, when he became the Chair of Lifezone. Mr. Liddell is also retained as a consultant to provide metallurgical engineering services to Lifezone in matters related to metals recovery and advice in respect of design, engineering, commissioning, and operation of Lifezone’s metal and mineral projects. This commercial agreement between Lifezone and Keith Liddell replaced an earlier agreement with Keshel Consult Limited (terminated on June 30, 2023) and is between Lifezone Limited and Keith Liddell directly, with effect from July 1, 2023. Related Party relationships with shareholders with significant influence Keith Liddell is the father of Natasha Liddell and Simon Liddell and the stepfather of Charles Liddell, who is the owner / partner in the Australian company Integrated Finance Limited. Simon Liddell is an employee of Lifezone Asia-Pacific Pty Ltd. He was also a director of Lifezone Asia-Pacific Pty Ltd. and resigned from his role with effect from July 1, 2024. Natasha Liddell was an employee of Lifezone Asia-Pacific Pty Ltd and a member of the Executive Committee and departed from her role as Chief Sustainability Officer of Lifezone, effective February 16, 2024. Keith Liddell holds his shares jointly with his wife Shelagh Jane Liddell, who has not received compensation during the reporting period and has no commercial agreement with Lifezone. Chris von Christierson was a director at various group companies but resigned as a non-executive director from the boards of Lifezone Holdings, Lifezone Limited and KNL with effect from August 31, 2023. He no longer holds any directorships with any group company and received no compensation in the six months ending June 30, 2024. The holdings in trusts where family members of Chris von Christierson are beneficiaries are classified as true trust holdings managed by professional trustees, making Chris von Christierson and close family members not related parties with significant influence. His son, Anthony von Christierson, is employed by Lifezone. Director Compensation Keith Liddell was appointed on July 6, 2023, as a director of the Company. The Company has a director service contract agreement with Keith Liddell as a director of the Company. For the six months ending June 30, 2024, Keith Liddell, was paid $55,000 (January to June 2023: $ Nil Directorships Name of entity Type Keith Liddell Simon Liddell Lifezone Asia-Pacific Pty Ltd Subsidiary ● ●* Simulus Pty Ltd Subsidiary ● The Simulus Group Pty Ltd Subsidiary ● Kabanga Holdings Limited Subsidiary ● Romanex International Limited Subsidiary ● Tembo Nickel Mining Company Limited Subsidiary ● Tembo Nickel Refining Company Limited Subsidiary ● Tembo Nickel Corp. Limited Subsidiary ● Resignations and appointments for the six months ended June 30, 2024 There were no resignations and appointments for the six months ended June 30, 2024. * Simon Liddell resigned from Lifezone Asia-Pacific Pty Ltd with effect from July 1, 2024. Transactions with significant shareholders and their extended families Lifezone had a commercial agreement with Keshel Consult Limited for the engagement of Keith Liddell as a technical consultant of Lifezone Limited. This commercial agreement between Lifezone Limited and Keshel Consult Limited was terminated on June 30, 2023, and replaced with a commercial agreement between Lifezone Limited and Keith Liddell directly with effect from July 1, 2023. For the six months ending June 30, 2024, $395,878 was paid or payable to Keith Liddell (June 30, 2023: $ Nil Nil Mr. Charles Liddell (stepson of Mr. Keith Liddell) is the owner / partner in the Australian company Integrated Finance Limited. For the six months ending June 30, 2024, Integrated Finance Limited was paid or payable $3,465 (June 30, 2023: $63,163) for the provision of information technology services to KNL. The total amount outstanding as of June 30, 2024, is $ Nil Nil Ms. Natasha Liddell (the daughter of Mr. Keith Liddell) was a paid employee of Lifezone Asia-Pacific until February 16, 2024. For the six months ending June 30, 2024, Ms. Natsha Liddell was paid $85,111 (June 30, 2023: $146,224). On April 30, 2024, KNL engaged Atlas Sustainability in relation to the creation of parts of the ESG sections of the Kabanga Nickel Project DFS. The work is undertaken by Natasha Liddell as principal consultant of Atlas Sustainability. For the period January 2024 and ending on June 30, 2024, Atlas Sustainability was paid $21,048 (June 30, 2023: $ Nil Mr. Simon Liddell (the son of Mr. Keith Liddell) is a paid employee of Lifezone Asia-Pacific Pty Ltd, a wholly owned subsidiary of Lifezone. For the six months ending June 30, 2024, Mr. Simon Liddell was paid $133,343 (June 30, 2023: $144,904), including short-term bonuses and pension payments. He is VP Mining and has extensive underground mining experience, having joined from Gold Fields in Australia in 2022. Related Party Loans Following the listing on the NYSE listing Lifezone has had a policy not to provide personal loans to directors or members of the Executive Committee. Lisa Smith, an employee and shareholder, but not considered holding significant influence over Lifezone, has a loan of $75,000 with KNL. As at June 30, 2024 this was outstanding and is expected to be repaid before March 31, 2025. Related party receivables Lifezone had receivables due from related parties as follows. June 30, December 31, 2024 2023 $ $ Balances with affiliated entities BHP Billiton (UK) DDS Limited 8,772 - Kelltechnology SA Proprietary Ltd 478,558 1,433,243 487,330 1,433,243 Balances with management personnel Related party receivables - Interest free 75,000 75,000 75,000 75,000 562,330 1,580,243 Receivables from affiliated entities relate to short-term services and payments on behalf of affiliated entities. In 2020, Lifezone provided loans to shareholders and employees who were working for Lifezone amounting to $375,000. As of June 30, 2024, only the loan to Lisa Smith of $75,000 was still outstanding. The loans with employees and consultants of Lifezone were interest free and repayable on demand and were not considered arm’s length. Balances with key management personnel There are no balances with key management as at June 30, 2024. Related party payable June 30, December 31, 2024 2023 $ $ Balances with management personnel Related party payables 43,750 132,048 43,750 132,048 Relate to short-term services payments and are considered provided at arm’s length. The amount above relates to services provided by Keith Liddell to Lifezone Limited for the month of June 2024 not paid as at June 24, 2024 and services provided by Keith Liddell to Lifezone Limited for the period September to December 2023 not paid as at December 31, 2023. Remuneration of key management personnel Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 $ $ $ $ Cash compensation for services 1,106,733 914,697 2,091,902 1,584,740 Short-term bonuses 305,497 512,524 305,497 512,524 Pension and medical benefits 25,586 24,010 50,419 32,135 Total key management compensation 1,497,815 1,451,231 2,447,818 2,129,399 Cash compensation for services covers payments to employees and consultants considered key management personnel. Short-term bonuses for the six months ending June 30, 2024, were $305,497, reflecting a one-month bonus paid to all employees and consultants in May 2024 for achievements in 2023, The increase in total compensation paid to key management personnel reflects a 5% cost of living increase applied in May 2024 across the organization as an inflationary adjustment for 2023 and the first half of 2024. The amounts disclosed in the previous page table are the amounts recognized as an expense during the reporting period related to key management personnel as listed below. Keith Liddell Chair Chris Showalter Chief Executive Officer Ingo Hofmaier Chief Financial Officer (joined June 29, 2023) Dr Michael Adams Chief Technology Officer Gerick Mouton Chief Operating Officer Benedict Busunzu Tembo Nickel Chief Executive Officer Spencer Davis Group General Counsel (joined March 1, 2023) Anthony von Christierson Senior Vice President: Commercial and Business Development Evan Young Senior Vice President: Investor Relations and Capital Markets (joined October 10, 2023) Related party revenue Lifezone had sales to related parties as follows for the period ending: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 $ $ $ $ Kellplant Proprietary Ltd - - - 129,680 Kelltechnology SA Proprietary Ltd - - - 365,368 Consulting and management fee with affiliated companies - - - 495,048 Related party revenue is attributable to Lifezone’s principal activity of hydromet consulting related to mineral beneficiation operations of affiliated companies primarily based in South Africa as discussed in Note 5. These affiliated entities are joint venture entities. Lifezone Limited has a 50% interest in Kelltech Limited, a joint venture with Sedibelo Resources Limited. Lifezone Limited has a 33.33% interest in KTSA, a joint venture of Kelltech Limited. Lifezone Limited has an indirect 33.33% interest in Kellplant, a wholly owned subsidiary of KTSA, as disclosed in detail in Note 25. There were no related party revenue transactions with Kellplant Proprietary Ltd and Kelltechnology SA Proprietary Ltd in the six months ending June 30, 2024, further details disclosed in detail in Note 25. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Equity | 22. Equity Lifezone was incorporated on December 8, 2022, as a holding company for Lifezone Holdings and acquired 100% of the equity interest in Lifezone Holdings on July 6, 2023. June 30, 2024 December 31, 2023 Number of $ Number of Shares $ Share capital Lifezone Metals Limited Number of ordinary shares in issue 78,275,357 78,269,952 Nominal average value per ordinary per share 0.0001 0.0001 Nominal value of ordinary total shares: 7,829 7,828 Share capital Share capital reflects the par value of shares issued as shown in the Unaudited Condensed Consolidated Interim Financial Position in the presentational currency USD. Share premium Share premium reflects the excess of consideration received, net of equity issuance fees, over par value of shares. Other reserve Other reserves reflect revaluation of share-based payments and restricted stock units. Foreign currency translation reserve The assets and liabilities of Lifezone’s foreign subsidiaries are translated into USD using the exchange rates in effect on the balance sheet dates. Equity accounts are translated at historical rates, except for the change in earnings during the year, which is the result of the period as shown in the Unaudited Condensed Consolidated Interim Statement of Comprehensive Income. Revenue and expense accounts are translated using the weighted average exchange rate during the period. The cumulative translation adjustments associated with the net assets of foreign subsidiaries are recorded in Lifezone’s consolidated foreign currency translation reserve. Lifezone has subsidiaries with functional currency in GBP and AUD. Accumulated deficit This includes all current and prior period accumulated losses of Lifezone. June 30, 2024 Movements December 31, 2023 Number of Shares $ Number of Shares $ Number of Shares $ Share capital, beginning Exchanged for Issue of Lifezone Metal Limited shares 62,680,131 6,268 - - 62,680,131 6,268 Previous GoGreen Sponsor shareholders 6,544,950 655 - - 6,544,950 655 Previous GoGreen public shareholders 1,527,554 153 - - 1,527,554 153 PIPE Investors 7,017,317 702 - - 7,017,317 702 Simulus Vendors 500,000 50 - - 500,000 50 Issue of Lifezone Metal Limited shares 78,269,952 7,828 - - 78,269,952 7,828 Transactions with shareholders Issue of shares from RSU awards 5,405 1 5,405 1 - - Total transactions with shareholders 5,405 1 5,405 1 - - Share capital, ending 78,275,357 7,829 5,405 1 78,269,952 7,828 Share premium 184,642,791 32,484 184,610,307 Equity issuance fees (5,923,979 ) - (5,923,979 ) Total share premium 178,718,812 32,484 178,686,328 Previous Lifezone Holdings shareholders earnouts 248,464,035 - 248,464,035 Previous Sponsor earnouts 17,094,750 - 17,094,750 Total shared-base payment reserve 265,558,785 - 265,558,785 Warrant reserves 15,017,257 - 15,017,257 Other reserves (5,314,302 ) 1,500,000 (6,814,302 ) Translations reserve 56,060 (21,873 ) 77,933 Redemption reserve 280,808 - 280,808 Accumulated deficit (418,864,652 ) (10,699,490 ) (408,165,162 ) Total Shareholders’ equity 35,460,597 (9,188,878 ) 44,649,475 Non-controlling Interest In January 2021, KNL and the Government of Tanzania established TNCL, a Tanzanian company in order to develop, process and refine future products from the Kabanga Nickel Project. Through the Treasury Registrar, the Government of Tanzania owns a non-dilutable free-carried interest representing 16% of the issued share capital of TNCL. The government’s 16% interest in the arrangement is presented as a non-controlling interest in the Audited Consolidated Financial Statements of Lifezone. In October 2022, BHP also agreed to invest a further $50.0 million into KNL in the form of equity under the Tranche 2 Subscription Agreement, as described in detail in Note 1. KNL satisfied substantially all the closing conditions and received the $50.0 million on February 15, 2023, and issued a stock certificate on the same day, bringing BHP’s interest in KNL from 8.9% as of December 31, 2022, to 17.0%, effective February 15, 2023. Associated with this transaction KNL paid $2.5 million equity issuance cost. Earnouts Following the SPAC Transaction, as described in detail in Note 2.2, pursuant to earnout arrangements under the BCA, former Lifezone Holdings and Sponsor shareholder will receive additional Lifezone shares if the daily volume-weighted average price of Lifezone shares equals or exceeds (i) $14.00 per share for any 20-trading days within a 30- trading day period (“ Trigger Event 1 Trigger Event 2 Classification Management has assessed how the BCA earnout should be valued and classified in accordance with and have listed below key conditions under the agreements in the application IAS 32: Financial Instruments: Presentation Share-based Payments ● Management have assessed IAS 32 paragraph 4 exceptions for Financial Instruments and concluded the stated exceptions do not ● Furthermore, in accordance with IFRS 2, paragraph 2, as a result of the obligations created throughout the ancillary agreements attached to the BCA, management has concluded that IFRS 2 does ● The earnout triggering events are representative of market conditions as defined within paragraph 21 of IFRS 2. No other vesting conditions are present. ● In accordance with IFRS 2, market conditions constitute non-vesting conditions. As a result of the non-vesting conditions, the Company is required to recognize the share-based payment at inception, irrespective of whether the market condition has been met which in this case is considered to be representative of both the measurement and grant date. ● Although the term “non-vesting condition” is not explicitly defined in IFRS 2, it is inferred to be any condition that does not meet the definition of a vesting condition (IFRS 2 BC364). ● Non-vesting conditions are all requirements that do not represent service or performance conditions, but which have to be met in order for the counterparty to receive the share-based payment. ● The company has recognised the goods or services have been received in accordance with IFRS 2 paragraphs 10–22. Accordingly, the BCA earnouts were recognized as equity at the acquisition date of July 6, 2023. The fair value of earnouts has been independently valued based on a Monte Carlo simulation model. The assumptions used in the stock option pricing model were as below: Inputs Valuation Date July 6, 2023 Stock Price as of Measurement Date / BCA Date $ 10.32 Equity Volatility (Pre BCA) n/a Equity Volatility (Post BCA assumption) 94.0 % Risk-Free Rate (5.00 Years) 4.28 % Share Price Earnout Tranches Beginning Expiration Share Price Hurdle Sale Threshold Price for Tranche 1 - Triggering Event I 07/06/2023 07/06/2028 $ 14.00 Sale Threshold Price for Tranche 2 - Triggering Event II 07/06/2023 07/06/2028 $ 16.00 Days Above Threshold Price 20 Days Above Measurement Period 30 Change of Control Provisions Estimate Change of Control Date n/a Probability of Change of Control 0 % The following table illustrates the number and fair value of earnouts granted as at June 30, 2024. There were no earnouts granted in the six months ended June 30, 2024. Share Options Fair value per Option Fair value $ Granted - Lifezone Holdings ($14.00 per Share) 12,536,026 $ 9.98 125,109,539 Granted – Lifezone Holdings ($16.00 per Share) 12,536,026 $ 9.84 123,354,496 Outstanding as at June 30, 2024 25,072,052 248,464,035 Share Options Fair value per Option Fair value Granted – Sponsor shareholders ($14.00 per Share) 862,500 $ 9.98 8,607,750 Granted – Sponsor shareholder ($16.00 per Share) 862,500 $ 9.84 8,487,000 Outstanding as at June 30, 2024 1,725,000 17,094,750 Warrant reserve Lifezone’s Form F-1 registration statement became effective on September 29, 2023, resulting in registering the resale of certain Lifezone Metals shares and (private) warrants owned by certain previous Lifezone Holdings and the Sponsor shareholders (including its limited partners). Each Lifezone warrant represents the right to purchase one ordinary Lifezone share at an exercise price of $11.50 per share in cash. Pursuant to the BCA, a 180-day lock-up period following the Closing Date applied to 667,500 warrants received by the Sponsor shareholders. Classification The warrants are classified as either a liability or equity on inception, depending on the terms of the agreement. Warrants are only classified as equity when they are settled by the entity delivering a fixed number of its own equity instruments and receiving a fixed amount of cash or another financial asset. The Company assesses the appropriate classification of warrants at the time of inception. Management has assessed how both the Public Warrants and Private Placement Warrants should be valued and classified in accordance with IAS 32: Financial Instruments: Presentation. Management have assessed IAS 32 paragraph 4 exceptions for Financial Instruments and assessed the warrants do not meet the exceptions allowed, therefore IAS 32 has been applied. Management have reviewed the warrant agreement and the warrant assumption agreement’s, the mechanics of exercise to determine the accounting treatment, and have listed below key conditions under the agreements in the application of IAS 32, in particular to paragraphs 16A and 16B and 16C and 16D. ● The agreements are representative of a contractual obligation, arising from a derivative financial instrument, that will or may result in the future receipt or delivery of the issuer’s own equity instruments ● The agreements are not issuer choice not obligation ● The Private Warrants are identical to the Public Warrants ● The Warrant agreement requires the Group to issue a fixed number of shares for a fixed amount of cash ● Exercise of the Warrants will be on a gross basis or on a cashless basis per the terms ● The Company may require the Warrant holders to exercise on a “cashless” basis while the agreement explicitly stated that the Company will not be in a position to net settle in cash. Accordingly, the warrants were recognized as equity. The fair value of warrants was independently valued based on a Black-Scholes option pricing model. The assumptions used in the stock option pricing model were as below: Valuation Date – date of warrant assumption July 5, 2023 Unit Issuance Date October 21, 2021 Announcement Date December 13, 2022 Business Combination Date July 5, 2023 Exercise Date August 4, 2023 Expiration Date July 5, 2028 First Trading Date December 13, 2021 Stock Price as of Measurement Date $ 11.44 Strike Price $ 11.50 Risk-Free Rate (5.00 Years) 4.16 % Redemption Threshold Price $ 18.00 Days Above Threshold Price (Automatic Redemption) 20 Days Above Measurement Period 30 Probability of Acquisition 100 % Outputs The fair value of outstanding Public Warrants has been valued at $1.05 per warrant unit at the Valuation Date. The fair value of outstanding Private Warrants was valued at $0.57 per warrant unit at Valuation Date. The number of warrants and fair value of outstanding Public Warrants as at June 30, 2024, was as follows: Number of Warrants Fair value $ Balance as at January 1, 2023 - - Public Warrants ($11.50 per warrant) 13,800,000 14,490,000 Exercised (76,350 ) (80,168 ) Outstanding as at December 31, 2023 13,723,650 14,409,833 Outstanding as at June 30, 2024 13,723,650 14,409,833 On October 19, 2023, Lifezone received $878,025 from the exercise of 76,350 warrants. There were no warrants exercised in the six months ended June 30, 2024. The number of warrants and fair value of outstanding Private Warrants as at June 30, 2024, was as follows: Number of Fair value $ Balance as at January 1, 2023 - - Private Warrants ($11.50 per warrant) 667,500 607,425 Outstanding as at December 31, 2023 667,500 607,425 Outstanding as at June 30, 2024 667,500 607,425 |
Loss Per Share (LPS)
Loss Per Share (LPS) | 6 Months Ended |
Jun. 30, 2024 | |
Loss Per Share (LPS) [Abstract] | |
Loss per share (LPS) | 23. Loss per share (LPS) Basic LPS is calculated by dividing the loss for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted LPS is calculated by dividing the loss attributable to ordinary equity holders of the parent (after adjusting for interest on the convertible preference shares) by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. The following table sets forth the reconciliation of the numerator and denominator used in the computation of basic and diluted loss per common share for the three and six months ended June 30, 2024, and June 30, 2023. Three months ended Six months ended 2024 2023 2024 2023 $ $ $ $ Numerator: Net loss used for basic earnings per share (6,750,125 ) (4,367,422 ) (10,699,490 ) (10,403,600 ) Denominator: Basic weighted-average outstanding common shares 78,275,354 58,300,082 78,274,404 58,300,082 Effect of dilutive potential common shares resulting from options - 2,819,653 - 2,819,653 Effect of dilutive potential restricted stock units - 1,696,867 - 1,696,867 Effect of dilutive potential warrants units 14,391,150 - 14,391,150 - Effect of dilutive potential earnout stock units 26,797,052 - 26,797,052 - Weighted-average shares outstanding - diluted 119,463,556 62,816,602 119,462,606 62,816,602 Net loss per common share: Basic & diluted loss per share (0.09 ) (0.07 ) (0.14 ) (0.18 ) The number of shares and nominal average value have been adjusted to retrospectively reflect the impact of the Flip-Up in accordance with the predecessor value method of accounting for the business combination under common control as disclosed in detail in Note 1. Where a loss has occurred, basic and diluted loss per share is the same because the outstanding share options are anti-dilutive. Accordingly, diluted loss per share equals the basic loss per share. Earnouts and warrants outstanding as at June 30, 2024, totaling 41,188,202 (2023: Nil Nil |
Acquisitions of Subsidiaries
Acquisitions of Subsidiaries | 6 Months Ended |
Jun. 30, 2024 | |
Acquisitions of Subsidiaries [Abstract] | |
Acquisitions of subsidiaries | 24. Acquisitions of subsidiaries Acquisitions during the current period There were no acquisitions in the current reporting interim period. Acquisitions during the prior period There were no acquisitions in the prior comparative reporting interim period. |
Joint ventures
Joint ventures | 6 Months Ended |
Jun. 30, 2024 | |
Joint ventures [Abstract] | |
Joint ventures | 25. Joint ventures The nature of the activities of all the Lifezone’s joint ventures is trading in and operation of industrial scale the metals extraction and metals refining investments, which are seen as complementing the Lifezone’s operations and contributing to achieving the Lifezone’s overall strategy. Details of each of Lifezone’s joint ventures at the end of the reporting period are as follows: Country of Principal Percentage of JV Equity Entities: incorporation Business 2024 2023 Kelltech Limited Mauritius Mauritius 50 % 50 % Kelltechnology South Africa (RF) Proprietary Ltd South Africa South Africa 33 % 33 % Kellplant Proprietary Ltd South Africa South Africa 33 % 33 % Lifezone has a 50% interest in Kelltech Limited, a joint venture between Sedibelo Resources Limited and Lifezone Limited, pursuant to which Lifezone Limited granted an exclusive license to Kelltech Limited to use the Hydromet Technology in the Southern African Development Community (“ SADC SADC License Area Kell License Kelltech Limited owns 66.67% of KTSA and has further exclusively sub-licensed the Kell License to KTSA. The remaining 33.33% interest in KTSA is held by the Industrial Development Corporation of South Africa, a South African national development finance institution. Lifezone has an indirect 33.33% interest in KTSA. Kellplant is a wholly owned subsidiary of KTSA with Lifezone having an indirect 33.33% interest in Kellplant. Kellplant plans to develop, own and operate a refinery at Sedibelo Resources Pilanesberg Platinum Mines operations in South Africa that will utilize Lifezone Limited’s Hydromet Technology to process and refine PGMs, other precious metals and base metals. At the time of the release of this document, the development of the Hydromet refinery at Sedibelo Resources’ Pilanesberg Platinum Mines operations is on hold and will need to be rescoped following Sedibelo Resources’ decision to update its mine plan and re-scope the refinery to process its underground mining operations, which have not yet been developed. Although Lifezone holds the joint ownership in these companies, Lifezone does not have ultimate control as all major decisions have to be agreed unanimously by all parties before they can be actioned. Management therefore considered it appropriate to account for these entities as joint ventures. All joint ventures are accounted for using the equity method. Lifezone has recognized its 50% share in Kelltech Limited share capital of $1,000, which is fully impaired. |
Financial Risk Review
Financial Risk Review | 6 Months Ended |
Jun. 30, 2024 | |
Financial Risk Review [Abstract] | |
Financial risk review | 26. Financial risk review This note presents information about Lifezone’s exposure to financial risks and the group’s management of capital. Lifezone’s risk management is coordinated by its directors and Lifezone does not operate any hedging operations or does not buy or sell any financial derivatives. The most significant financial risks to which Lifezone is exposed are described below. a) Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises of interest rate risk, risks related to the price of equity instruments, commodity price risk and foreign exchange rates. Market risks affecting Lifezone are comprised of interest rate risk and foreign exchange rate risk. Financial instruments affected by market risk include deposits, trade receivables, related party receivables, trade payables, accrued liabilities, deferred consideration liability, and long-term rehabilitation provision. The sensitivity analysis in the following sections relates to the positions as of June 30, 2024, and December 31, 2023. The sensitivity analysis is intended to illustrate the sensitivity to changes in market variables on Lifezone’s financial instruments and show the impact on profit or loss and shareholders’ equity, where applicable. The analysis excludes the impact of movements in market variables on the carrying value of provisions. The following assumptions have been made in calculating the sensitivity analysis: ● The Statement of Financial Position sensitivity relates to foreign currency-denominated trade payables, ● The sensitivity of the relevant profit before tax item and/or equity is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at June 30, 2024 and December 31, 2023; and ● The impact on equity is the same as the impact on profit before tax. b) Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. Lifezone’s revenue is currently concentrated with two primary customers, KTSA and Kellplant, both affiliated entities, and accordingly Lifezone is exposed to the possibility of loss if such customers default. Lifezone addresses this risk by monitoring its commercial relationship with such customers and by seeking to develop additional patented technology and entering into new partnerships. Loan credit was extended to Lisa Smith for $75,000 as shown in Note 21. Credit risk is therefore regarded as low. The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was $75,000. Lifezone evaluated the collectability of its consolidated loan receivables of $75,000 and determined that no allowance loss is required. Set out in the following page is the information about the credit risk exposure of Lifezone’s financial assets as at June 30, 2024 and December 31, 2023. June 30, December 31, 2024 2023 $ $ Cash and cash equivalents 63,492,965 49,391,627 Other receivables 796,082 696,968 Receivables from affiliated entities 487,330 1,433,243 Related party receivables 75,000 75,000 64,851,377 51,596,838 Days past due Current 31-60 61-90 91-120 >120 Impairment Total At June 30, 2024 Cash and cash equivalent 63,492,965 - - - - - 63,492,965 Other receivables 195,439 600,643 - - - - 796,082 Receivable from affiliated entities 487,330 - - - - - 487,330 Related party receivables 75,000 - - - - - 75,000 64,250,734 600,643 - - - - 64,851,377 Days past due Current 31-60 61-90 91-120 >120 Impairment Total At December 31, 2023 Cash and cash equivalent 49,391,627 - - - - - 49,391,627 Other receivables 98,836 598,132 - - - - 696,968 Receivable from affiliated entities 1,433,243 - - - - - 1,433,243 Related party receivables 75,000 - - - - - 75,000 50,998,706 598,132 - - - - 51,596,838 c) Liquidity risk Liquidity risk arises from the possibility that Lifezone will not be able to meet its financial obligations as they fall due. Lifezone has historically been supported financially by its shareholders and the wider capital market. The risk of its shareholders discontinuing the provision of financing was historically regarded as low. Lifezone expects to fund its capital requirements and ongoing operations through current cash reserves, equity, mezzanine, debt funding or monetizing the offtake from the Kabanga Nickel project. The below table reflects Lifezone liquidity risk on Trade Payables, Lease Liabilities, Derivatives liabilities. Contingent payment liabilities, excluding provisions. June 30, December 31, 2024 2023 $ $ <=30 days 6,668,844 7,667,147 30-60 days 50,953 104,240 61-90 days 50,953 156,360 91-120 days 3,913,522 208,480 >=121 days 51,786,472 5,392,901 Total 62,470,746 13,529,128 d) Foreign currency risk Lifezone has financial instruments which are denominated in currencies other than USD, its reporting currency. Lifezone mostly incurs expenditures for which it owes money denominated in non-U.S. dollar currencies, including GBP, TZS, ZAR, and AUD. As a result, the movement of such currencies could adversely affect Lifezone’s results of operations and financial position. The following table includes financial instruments which are denominated in foreign currencies: June 30, December 31, 2024 2023 GBP £ GBP £ Cash in banks 84,494 620,208 Prepaid expenses 109,804 134,828 Trade and other payables 432,901 489,117 AUD AUD Cash in banks 1,091,458 2,587,533 Trade receivables 3,297,139 112,069 Prepaid expenses 153,598 238,181 Trade and other payables 1,349,683 743,959 EUR EUR Cash in banks 6,047 133,685 TZS TZS Cash in banks 1,525,484,567 1,259,494,294 ZAR ZAR Cash in banks 42,633 937,684 Sensitivity analysis The following table demonstrates the estimated sensitivity to a reasonably possible change in the GBP, TZS, ZAR, and AUD exchange rates, with all other variables held constant. The impact on Lifezone’s profit is due to changes in the fair value of monetary assets and liabilities. Lifezone’s exposure to foreign currency changes for all other currencies is not considered material. June 30, December 31, 2024 2023 Effect on Profit Change in GBP Rate 10% 10,691 79,202 -10% (10,691 ) (79,202 ) Change in AUD Rate 10% (72,768 ) (176,987 ) -10% 72,768 176,987 Change in EUR Rate 10% 648 14,858 -10% (648 ) (14,858 ) Change in TZS Rate 10% (58,121 ) (50,079 ) -10% 58,121 50,079 Change in ZAR Rate 10% (232 ) (5,058 ) -10% 232 5,058 e) Capital management. For the purpose of Lifezone’s capital management, capital includes issued capital, share premium and other equity reserves attributable to the equity holders of the Company, as the parent entity of Lifezone. The primary objective of Lifezone’s capital management is to maximize the shareholder value. Management assesses Lifezone’s capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage. Lifezone manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust its capital structure, Lifezone expects to fund its capital requirements and ongoing operations through current cash reserves, equity, mezzanine, alternative or debt funding or monetizing the offtake from the Kabanga Nickel Project. |
Contingent Liabilities
Contingent Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Contingent Liabilities [Abstract] | |
Contingent liabilities | 27. Contingent liabilities The two legacy tax cases of Kabanga Nickel Company Ltd, a Tanzanian subsidiary of Lifezone, filed with the Tax Revenue Appeals Tribunal to dispute a tax assessment by the TRA regarding withholding tax imposed on imported services, are ongoing as of June 30, 2024. The services received were provided by non-resident entities between 2010 to 2012 and again from 2015 to 2016, while Kabanga Nickel Company Ltd was owned by previous owners, Barrick Gold and Glencore. A court session was held at the Tanzanian Court of Appeal in early July, dealing with one of the cases, while our Tanzanian subsidiary continues to engage with the TRA in order to resolve. The combined principal of both cases is approximately $3.4 million (TSZ 8.9 billion) using the closing foreign exchange rate as of June 30, 2024. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent events [Abstract] | |
Subsequent events | 28. Subsequent events Grant of new Restricted stock units On July 1, 2024, Lifezone Metals Limited granted 2,800,000 restricted stock units (“ RSUs On July 1, 2024, 33.33% of the RSUs vested, with the remaining 66.67% vesting under market price performance conditions of $14.50 per share and $16.00 per share (respectively) based on daily VWAP of the shares for any 20 trading days. The vesting period is five years commencing on July 1, 2024. The transaction is assessed and accounted for under IFRS 2: Share-based Payments. There were no other significant events to note subsequent to June 30, 2024, which require adjustments to, or disclosures in these Unaudited Condensed Consolidated Interim Financial Statements. Tax dispute On July 30, 2024, the Tanzanian Court of Appeal handed down a judgment covering the larger of the two legacy withholding tax cases, which was in favor of the TRA. The judgment relates to a withholding tax amount claimed by the TRA in the sum of $3,210,434 (TZS 8,426,336,706) using the closing foreign exchange rate as of June 30, 2024. Our Tanzanian subsidiary continues to engage with the TRA to negotiate a settlement agreement, including the historic offset of bank funds received by the TRA. At the time of this report, no agreement was reached with the TRA. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of preparation | 3.1. Basis of preparation Lifezone’s Unaudited Condensed Consolidated Interim Financial Statements for the six months ended June 30, 2024, have been prepared in accordance with International Accounting Standard (“ IAS “Interim Financial Reporting” IFRS IASB USD $ These Unaudited Condensed Consolidated Interim Financial Statements should be read in conjunction with the Company’s Audited Consolidated Financial Statements contained on its Form 20-F for the year ended December 31, 2023, as some disclosures from the annual consolidated financial statements have been condensed or omitted. These Unaudited Condensed Consolidated Interim Financial Statements incorporate the financial statements of the Company and its controlled subsidiaries as of June 30, 2024. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances, transactions, income and expenses are eliminated on consolidation. The information furnished herein reflects all normal recurring entries, that are in the opinion of management, necessary for a fair statement of the results for the interim periods reported. Operating results for the six-month period ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Unaudited Condensed Consolidated Interim Financial Statements have been prepared on a historical cost basis unless otherwise stated. |
Going concern | 3.2. Going concern The management of Lifezone has assessed the going concern assumptions of Lifezone during the preparation of these Unaudited Condensed Consolidated Interim Financial Statements. As of June 30, 2024, Lifezone had consolidated cash and cash equivalents of $63.5 million, an increase of $14.1 million from $49.4 million as of December 31, 2023. The increase reflects gross proceeds received from the $50.0 million non-brokered unsecured convertible debentures, $1.5 million proceeds received from Glencore relating to the partnership to recycle platinum, palladium and rhodium in the United States, offset by cash usage of $35.1 million during the period. The Unaudited Condensed Consolidated Interim Financial Statements have been prepared on a going concern basis which contemplates the continuity of normal business activities, the realization of assets and discharge of liabilities in the ordinary course of business. Lifezone has not generated significant revenues from operations and, as common with many exploration-stage mining companies, Lifezone raises financing for its exploration, study and research and development activities in discrete tranches. Based on Lifezone’s current and anticipated liquidity and funding requirements, Lifezone will need additional capital in the future to fund its operations and project developments. In the event Lifezone issues additional equity in the future, shareholders could face significant dilution in their holdings. Lifezone’s future operating losses and capital requirements may vary materially from those currently planned and will depend on many factors including Lifezone’s growth rate, the execution of various growth projects, and the demand for the Hydromet Technology, exploration and evaluation cost and capital costs in relation to the Kabanga Nickel Project, and the demand and prices for the minerals we envision extracting in our metals extraction business and as well as for Lifezone’s working capital requirements. To enhance our liquidity position and increase our cash reserve for existing operations and future investments, we continue to explore arrangements with potential customers for the offtake of the metals that we expect to produce in the future from the Kabanga Nickel Project, and we may in the future seek equity, mezzanine, alternative or debt financing. Additionally, we may receive the proceeds from any exercise of any warrants in cash. Each Lifezone warrant represents the right to purchase one ordinary Lifezone share at a price of $11.50 per share in cash. We believe the likelihood that warrant holders will exercise their warrants, and therefore the amount of cash proceeds that we would receive is dependent upon the market price of our Lifezone ordinary shares. On August 16, 2024, the market price for our Lifezone ordinary shares was $6.65. When the market price for our Lifezone ordinary shares is less than $11.50 per share (i.e., the warrants are “out of the money”), we believe warrant holders will be unlikely to exercise their warrants. If all the warrants are exercised, an additional 14,391,141 Lifezone ordinary shares would be outstanding. In the event that Lifezone is unable to secure sufficient funding, it may not be able to fully develop its projects, and this may have a consequential impact on the carrying value of the related exploration and evaluation assets and the investment in its subsidiaries as well as the going concern status of Lifezone. Given the nature of Lifezone’s current activities, it will remain dependent on equity, mezzanine, alternative or debt funding or monetizing the offtake from the Kabanga Nickel Project until such time as the Lifezone becomes self-financing from the commercial production of metals and minerals and royalties received from intellectual property rights linked to its Hydromet Technology. To the extent that Lifezone foresees increasing financing risks, jeopardizing the existence of Lifezone, Lifezone can accelerate the reduction of costs and aim for smaller, more targeted capital raises. |
Accounting pronouncements | 3.3. Accounting pronouncements The accounting policies adopted in the preparation of the Unaudited Condensed Consolidated Interim Financial Statements are consistent with those followed in the preparation of the annual consolidated financial statements of the Company for the year ended December 31, 2023, except for the adoption of new standards effective as of January 1, 2024. Lifezone has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Several amendments apply for the first time in 2024, but do not have an impact on Unaudited Condensed Consolidated Interim Financial Statements of the Company, as follows: ● Lease Liability in a Sale and Leaseback – Amendments to IFRS 16 Leases ● Classification of liabilities as Current or Non-Current and Non-current Liabilities with Covenants – Amendments to IAS 1 Presentation of Financial Statements ● Amendments to IAS 7 Statement of Cash Flows Financial Instruments: Disclosures – Supplier Finance Arrangements Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. New IFRS, amendments and Interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the Lifezone’s financial statements. |
Basis of consolidation | 3.4. Basis of consolidation Consolidation of a subsidiary begins when Lifezone obtains control over the subsidiary and ceases when Lifezone loses control of the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the equity holders of the Company as the parent entity of Lifezone and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with Lifezone’s accounting policies. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of Lifezone are eliminated on full consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If Lifezone loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest, and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment remains recognized at fair value. Lifezone attributes total comprehensive income or loss of subsidiaries between the owners of the Company as the parent entity and the non-controlling interests based on their respective ownership interests. The Unaudited Condenses Consolidated Interim Financial Statements comprise the financial statements as of June 30, 2024, of the following 19 subsidiaries. Principal Percentage (%) Principal Country of place of Ownership NCI Ownership NCI Name of subsidiary activities incorporation Business 2024 2024 2023 2023 Aqua Merger Sub (dissolved April 8, 2024) Holding company Cayman Islands Cayman Islands 100.0 % 0.0 % 100.0 % 0.0 % Lifezone Holdings Limited Holding company Isle of Man United Kingdom 100.0 % 0.0 % 100.0 % 0.0 % Lifezone Limited Holding company Isle of Man United Kingdom 100.0 % 0.0 % 100.0 % 0.0 % Lifezone US Holdings Limited Holding company United Kingdom United Kingdom 100.0 % 0.0 % 100.0 % 0.0 % Lifezone Holdings US, LLC Holding company United State of America United State of America 100.0 % 0.0 % 100.0 % 0.0 % Lifezone Services US, LLC Service company United State of America United State of America 100.0 % 0.0 % 100.0 % 0.0 % Lifezone Recycling US, LLC Recycling United State of America United State of America 94.0 % 6.0 % 100.0 % 0.0 % LZ Services Limited Service company United Kingdom United Kingdom 100.0 % 0.0 % 100.0 % 0.0 % Kabanga Holdings Limited Holding company Cayman Islands Cayman Islands 83.0 % 17.0 % 83.0 % 17.0 % Kabanga Nickel Company Limited Holding company Tanzania Tanzania 83.0 % 17.0 % 83.0 % 17.0 % Kabanga Nickel Limited Holding company United Kingdom United Kingdom 83.0 % 17.0 % 83.0 % 17.0 % Kagera Mining Company Limited Mining Tanzania Tanzania 83.0 % 17.0 % 83.0 % 17.0 % Lifezone Asia-Pacific Pty Ltd Service company Australia Australia 100.0 % 0.0 % 100.0 % 0.0 % The Simulus Group Pty Limited Holding company Australia Australia 100.0 % 0.0 % 100.0 % 0.0 % Simulus Pty Limited Laboratory and Engineering Australia Australia 100.0 % 0.0 % 100.0 % 0.0 % Romanex International Limited Holding company Canada Canada 83.0 % 17.0 % 83.0 % 17.0 % Tembo Nickel Corporation Limited Mining Tanzania Tanzania 69.7 % 30.3 % 69.7 % 30.3 % Tembo Nickel Mining Company Limited Mining Tanzania Tanzania 69.7 % 30.3 % 69.7 % 30.3 % Tembo Nickel Refining Company Limited Refining Tanzania Tanzania 69.7 % 30.3 % 69.7 % 30.3 % Lifezone Holdings US, LLC, Lifezone US Holdings LLC and Lifezone Recycling US, LLC were incorporated on September 15, 2023, in the state of Delaware, USA. Lifezone US Holdings Limited was incorporated on September 12, 2023, in England and Wales. Excluding Lifezone Recycling US, LLC and Lifezone Services US, LLC, investments in these other entities as of June 30, 2023, reflect the nominal share value. |
Foreign Private Issuer status | 3.5. Foreign Private Issuer status Given the Company is incorporated in the Isle of Man, it is considered a Foreign Private Issuer (“ FPI In our capacity as an FPI, we are exempt from certain rules under the Exchange Act that impose certain disclosure obligations and procedural requirements for proxy solicitations under Section 14 of the Exchange Act. Moreover, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as United States companies whose securities are registered under the Exchange Act. In addition, we are not required to comply with Regulation FD, which restricts the selective disclosure of material information. NYSE listing rules include certain accommodations in the corporate governance requirements that allow FPI, such as us, to follow “home country” corporate governance practices in lieu of the otherwise applicable corporate governance standards of NYSE. FPIs may prepare their financial statements using US GAAP; or IFRS pursuant to Regulation S-X Rule 4-01(a)(2). In the case of FPIs that use the English-language version of IFRS as issued by the International Accounting Standards Board, or IASB IFRS, no reconciliation to US GAAP is needed. We may take advantage of these exemptions until such time as we are no longer an FPI. We are required to determine our status as an FPI on an annual basis at the end of each second fiscal quarter. We would cease to be an FPI at such time as more than 50% of our outstanding voting securities are held by United States residents and any of the following three circumstances applies: 1. the majority of our executive officers or directors are United States citizens or residents. 2. more than 50% of our assets are located in the United States; or 3. our business is administered principally in the United States. If we lose our FPI status we would be required to comply with Exchange Act reporting and other requirements applicable to U.S. domestic issuers, which are more detailed and extensive than the requirements for FPIs. FPI status requires implementing procedures and processes to address public company regulatory requirements and customary practices. Management expects to incur additional annual expenses as a public company. |
Emerging Growth Company status | 3.6. Emerging Growth Company status We are an Emerging Growth Company (“ EGC JOBS Act Sarbanes-Oxley Act SOX We will continue to qualify as an EGC until the earliest to occur of: 1. the last day of the fiscal year during which we had total annual gross revenues of US$1,235,000,000 (as such amount is indexed for inflation every 5 years by the SEC or more; 2. the last day of our fiscal year following the fifth anniversary of the date of the first sale of equity securities pursuant to an effective registration statement under the Securities Act; 3. the date on which we have, during the previous 3-year period, issued more than US$1,000,000,000 in non-convertible debt; or 4. the date on which we are deemed to be a “Large Accelerated Filer”, as defined in Exchange Act Rule 12b-2. Lifezone would become a Large Accelerated Filer if Lifezone has a public float of greater than $700.0 million, has been filing periodic reports for at least 12 months, has previously filed at least one annual report, and is not a smaller reporting company. 5. Section 103 of the JOBS Act provides that an EGC is not required to comply with the requirement to provide an auditor’s report on ICFR under Section 404(b) of the Sarbanes-Oxley Act. An EGC still has to perform management’s assessment of internal control over financial reporting (SOX 404(a)) and the disclosure requirement of Item 308(a) of Regulation S-K). As Lifezone is a newly public company, a SOX phase-in exception applies whereby the management report is not required until the second annual report. On September 21, 2023, Lifezone engaged Mazars LLP, a specialist SOX compliance knowledge and internal controls expert to support the implementation of SOX compliance requirements to assist Lifezone to be SOX compliant by December 31, 2024. We expect to continue to be an EGC for the foreseeable future. |
Functional and reporting currency | 3.7. Functional and reporting currency These Unaudited Condensed Consolidated Interim Financial Statements are presented in USD, which is Lifezone’s functional currency, and all values are rounded to the nearest USD, except where otherwise indicated. The functional currency is the currency of the primary economic environment in which the entity operates. Accordingly, Lifezone measures its financial results and financial position in USD, expressed as $ in this document. Lifezone incurs transactions mainly in USD, British Pounds (“ GBP AUD TZS The subsidiaries LZ Services Limited (“ LZSL |
Significant accounting judgements, estimates and assumptions | 3.8. Significant accounting judgements, estimates and assumptions The preparation of Lifezone’s Unaudited Condensed Consolidated Interim Financial Statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, including contingent assets and liabilities, and the accompanying disclosures. Actual results may differ from these estimates and uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in the future period. Except as described below, the judgements, estimates and assumptions applied in these Unaudited Condensed Consolidated Interim Financial Statements, including the key sources of estimation uncertainty, were the same as those applied in Lifezone’s last annual financial statements for the year ended December 31, 2023. Hybrid Financial Instruments: Convertible debentures with embedded derivatives Lifezone has issued convertible debentures with embedded derivatives, classified as hybrid financial instruments, which are initially measured at fair value and adjusted for transaction costs. The host debt instrument is classified and measured at amortized cost, while the embedded derivatives are accounted for separately at FVTPL. On initial recognition, Lifezone uses the residual value method to allocate the principal amount of the convertible debentures between the two components: host debt instrument and embedded derivatives. The fair value with gains or losses recognized in profit or loss of the embedded derivative liability is valued first, followed by the residual amount assigned to the host debt instrument. The effective interest method is a method for calculating the amortized cost of a financial liability, and for allocating the interest expenses throughout the relevant credit period. The effective interest rate is the rate which accurately discounts the forecasted future cash flows over the financial liability’s expected lifetime to its’ carrying value, or, when appropriate, over a shorter period. |
Basis of Preparation, Signifi_2
Basis of Preparation, Significant Accounting Policies and Estimates (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Basis of Preparation, Significant Accounting Policies and Estimates [Abstract] | |
Schedule of Financial Statements Comprise | The Unaudited Condenses Consolidated Interim Financial Statements comprise the financial statements as of June 30, 2024, of the following 19 subsidiaries. Principal Percentage (%) Principal Country of place of Ownership NCI Ownership NCI Name of subsidiary activities incorporation Business 2024 2024 2023 2023 Aqua Merger Sub (dissolved April 8, 2024) Holding company Cayman Islands Cayman Islands 100.0 % 0.0 % 100.0 % 0.0 % Lifezone Holdings Limited Holding company Isle of Man United Kingdom 100.0 % 0.0 % 100.0 % 0.0 % Lifezone Limited Holding company Isle of Man United Kingdom 100.0 % 0.0 % 100.0 % 0.0 % Lifezone US Holdings Limited Holding company United Kingdom United Kingdom 100.0 % 0.0 % 100.0 % 0.0 % Lifezone Holdings US, LLC Holding company United State of America United State of America 100.0 % 0.0 % 100.0 % 0.0 % Lifezone Services US, LLC Service company United State of America United State of America 100.0 % 0.0 % 100.0 % 0.0 % Lifezone Recycling US, LLC Recycling United State of America United State of America 94.0 % 6.0 % 100.0 % 0.0 % LZ Services Limited Service company United Kingdom United Kingdom 100.0 % 0.0 % 100.0 % 0.0 % Kabanga Holdings Limited Holding company Cayman Islands Cayman Islands 83.0 % 17.0 % 83.0 % 17.0 % Kabanga Nickel Company Limited Holding company Tanzania Tanzania 83.0 % 17.0 % 83.0 % 17.0 % Kabanga Nickel Limited Holding company United Kingdom United Kingdom 83.0 % 17.0 % 83.0 % 17.0 % Kagera Mining Company Limited Mining Tanzania Tanzania 83.0 % 17.0 % 83.0 % 17.0 % Lifezone Asia-Pacific Pty Ltd Service company Australia Australia 100.0 % 0.0 % 100.0 % 0.0 % The Simulus Group Pty Limited Holding company Australia Australia 100.0 % 0.0 % 100.0 % 0.0 % Simulus Pty Limited Laboratory and Engineering Australia Australia 100.0 % 0.0 % 100.0 % 0.0 % Romanex International Limited Holding company Canada Canada 83.0 % 17.0 % 83.0 % 17.0 % Tembo Nickel Corporation Limited Mining Tanzania Tanzania 69.7 % 30.3 % 69.7 % 30.3 % Tembo Nickel Mining Company Limited Mining Tanzania Tanzania 69.7 % 30.3 % 69.7 % 30.3 % Tembo Nickel Refining Company Limited Refining Tanzania Tanzania 69.7 % 30.3 % 69.7 % 30.3 % |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Information [Abstract] | |
Schedule of Inter-Segment Eliminations’ Column | The results for the six months ending June 30, 2024, and June 30, 2023, respectively are shown below. Intellectual Metals Inter-Segment Property Extraction Corporate (1) eliminations Total $ $ $ $ $ For the six months ended June 30, 2024 Revenue 1,360,160 1,842,429 1,082,151 (4,235,090 ) 49,650 Cost of Sales (473,337 ) - - 461,085 (12,252 ) Gain (loss) on foreign exchange (149,743 ) 100,316 (11,048 ) - (60,475 ) General and administrative expenses (2,987,232 ) (4,725,235 ) (5,621,141 ) 3,744,005 (9,559,603 ) Interest income 832,426 504 1,065,351 (536,644 ) 1,361,638 Fair value loss on embedded derivatives - - (356,000 ) - (356,000 ) Interest expense (14,211 ) (716,310 ) (2,170,468 ) 536,644 (2,364,345 ) Loss before tax (1,431,936 ) (3,498,296 ) (6,011,155 ) - (10,941,387 ) For the period ended June 30, 2024 Segment assets 89,530,847 201,479,407 186,736,426 (296,367,161 ) 181,379,519 Segment liabilities, excluding Group debt (5,503,999 ) (422,765,420 ) (4,688,928 ) 420,871,087 (12,087,260 ) Convertible debentures and embedded derivative - - (50,409,506 ) - (50,409,506 ) Segment liabilities (5,503,999 ) (422,765,420 ) (55,098,434 ) 420,871,087 (62,496,766 ) Intellectual Metals Inter-Segment Property Extraction Corporate (1) eliminations Total $ $ $ $ $ For the six months ended June 30, 2023 Revenue 4,061,148 508,190 814,173 (4,876,763 ) 506,748 Gain (loss) on foreign exchange (55,988 ) 136,254 6,281 - 86,547 General and administrative expenses (6,843,952 ) (4,153,889 ) (7,291,571 ) 4,876,763 (13,412,649 ) Interest income 67,010 202,610 180 - 269,800 Interest expense - (91,668 ) - - (91,668 ) Loss before tax (2,771,782 ) (3,398,503 ) (6,470,937 ) - (12,641,222 ) For the period ended June 30, 2023 Segment assets 16,680,372 94,240,787 12,495,550 (30,593,658 ) 92,823,051 Segment liabilities (19,919,301 ) (26,715,324 ) (1,615,054 ) 18,687,919 (29,561,759 ) 1 Lifezone Metals Limited, Lifezone Holdings Limited, Lifezone Services US, LLC and LZ Services Limited are grouped as a non-operating segment named “Corporate” and provide corporate functions, services to other entities in the group, financing and treasury operations, as well as stewardship activities. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue [Abstract] | |
Schedule of Revenue | Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 $ $ $ $ Kellplant Proprietary Ltd - - - 129,680 Kelltechnology SA Proprietary Ltd - - - 365,368 Consulting and management fee with affiliated companies - - - 495,048 Non-affiliated company revenue 8,261 11,061 49,650 11,700 8,261 11,061 49,650 506,748 |
Interest Income (Tables)
Interest Income (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Interest Income [Abstract] | |
Schedule of Interest Income | Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 $ $ $ $ Interest on shareholder loans - 2,903 - 6,841 Interest on treasury deposits 904,429 136,703 1,361,638 262,959 904,429 139,606 1,361,638 269,800 |
Interest Expense (Tables)
Interest Expense (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Interest Expense [Abstract] | |
Schedule of Interest Expense | Three months ended June 30, Six months ended June 30, Note 2024 2023 2024 2023 $ $ $ $ Interest accretion on deferred consideration 20 79,921 39,763 157,999 79,104 Interest accretion on lease liability 18 16,942 6,126 35,005 12,564 Debenture interest 19 2,170,468 - 2,170,468 - Other interest expenses 873 2,219 873 - 2,268,204 43,670 2,364,345 91,668 |
Fair Value Loss on Embedded D_2
Fair Value Loss on Embedded Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Loss on Embedded Derivatives [Abstract] | |
Schedule of Fair Value Loss on Embedded Derivatives | Three months ended Six months ended 2024 2023 2024 2023 $ $ $ $ Fair value loss on embedded derivatives 356,000 - 356,000 - 356,000 - 356,000 - |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
General and Administrative Expenses [Abstract] | |
Schedule of General and Administrative Expenses | Six months ended June 30, Six months ended change 2024 2023 $ $ $ % Wages & employee benefits 1,917,963 1,816,542 101,421 6 % Professional & Legal fees 1,650,061 882,855 767,206 87 % Consultancy fees 1,336,019 1,772,010 (435,992 ) (25 )% Non-recurring listing and equity raising costs - 8,003,016 (8,003,016 ) (100 )% Directors' fees 360,984 86,500 274,484 317 % Depreciation of property and equipment 577,062 107,692 469,370 436 % Depreciation of right of use asset 169,457 62,029 107,428 173 % Amortization of intangible assets 90,247 38,301 51,946 136 % Audit & accountancy fees 130,976 81,751 49,225 60 % Rent 226,332 172,584 53,748 31 % Insurance 911,013 6,953 904,060 13,002 % Laboratory costs 638,822 - 638,822 0 % Impairment of VAT receivables 839,758 - 839,758 0 % Travel 251,306 364,781 (113,475 ) (31 )% Share based payments expense 32,457 - 32,457 0 % Other administrative expenses 427,147 17,635 409,512 2,322 % Total general administrative expenses 9,559,603 13,412,649 (3,853,046 ) (29 )% |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | June 30, December 31, 2024 2023 $ $ USD – United States dollar 62,068,360 46,129,886 GBP – Sterling 106,915 792,017 EUR – EURO 6,483 148,519 AUD – Australian dollar 727,675 1,769,872 ZAR – South African Rand 2,322 50,587 TZS – Tanzania Shilling 581,210 500,746 Cash and cash equivalents 63,492,965 49,391,627 Made up of: Cash at banks and on hand 43,372,498 44,369,748 Short-term deposits 20,120,467 5,021,879 Cash and cash equivalents 63,492,965 49,391,627 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventories [Abstract] | |
Schedule of Inventories | June 30, December 31 2024 2023 $ $ Raw materials and consumables 200,967 - Fuel 80,467 100,780 281,434 100,780 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Trade and Other Receivables [Abstract] | |
Schedule of Other Receivables | Other receivables consist of the following: June 30, December 31, 2024 2023 $ $ VAT/GST receivables 385,110 513,334 Other receivables 796,082 696,968 Prepayments 1,113,184 1,768,923 Prepaid mining license 343,434 842,989 2,637,811 3,822,214 |
Property and Equipment and Ri_2
Property and Equipment and Right-of-Use Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property and Equipment and Right-of-Use Assets [Abstract] | |
Schedule of Property and Equipment and Right-of-Use Assets | The carrying amounts for the reporting periods can be analyzed as follows: Buildings Transportation equipment Office and computer equipment Laboratory and testing equipment Total Property and equipment Right-of-use assets Total $ $ $ $ $ $ $ Cost As at January 1, 2023 677,277 123,952 238,216 - 1,039,445 469,743 1,509,188 Additions from acquisitions - - 220,698 4,704,783 4,925,481 464,264 5,389,745 Foreign exchange impact - - 1,419 16,664 18,082 - 18,082 Additions - 75,551 621,732 148 697,431 1,230,792 1,928,222 As at December 31, 2023 677,277 199,503 1,082,064 4,721,595 6,680,439 2,164,799 8,845,238 Accumulated depreciation As at January 1, 2023 (36,781 ) (44,412 ) (73,930 ) - (155,123 ) (117,436 ) (272,559 ) Exchange adjustments - - (300 ) - (300 ) - (300 ) Charge for the period (22,068 ) (66,839 ) (42,298 ) (393,454 ) (524,659 ) (353,851 ) (878,510 ) As at December 31, 2023 (58,849 ) (111,251 ) (116,528 ) (393,454 ) (680,082 ) (471,287 ) (1,151,369 ) Cost As at January 1, 2024 677,277 199,503 1,082,064 4,721,595 6,680,439 2,164,799 8,845,238 Additions - - 80,494 2,180 82,674 - 82,674 Disposals - - (4,858 ) (5,189 ) (10,047 ) - (10,047 ) Lease reassessments - - - - - 139,489 139,489 Foreign exchange impact - - (8,682 ) (119,874 ) (128,555 ) (31,444 ) (160,000 ) As at June 30, 2024 677,277 199,503 1,149,018 4,598,712 6,624,510 2,272,843 8,897,354 Accumulated depreciation As at January 1, 2024 (58,849 ) (111,251 ) (116,528 ) (393,454 ) (680,082 ) (471,287 ) (1,151,369 ) Charge for the period (14,693 ) (18,250 ) (89,164 ) (454,975 ) (577,082 ) (258,432 ) (835,514 ) Disposals 1,480 1,480 1,480 Lease reassessments - - - - - (88,997 ) (88,997 ) Foreign exchange impact - - (20,466 ) 4,216 (16,250 ) 2,800 (13,449 ) As at June 30, 2024 (73,542 ) (129,501 ) (1,140,325 ) (844,213 ) (1,271,934 ) (815,915 ) (2,087,849 ) Net book value: As at December 31, 2023 618,428 88,252 965,536 4,328,141 6,000,357 1,693,512 7,693,869 As at June 30, 2024 603,735 70,002 924,340 3,754,499 5,352,576 1,456,928 6,809,505 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill [Abstract] | |
Schedule of Goodwill | Cost As at January 1, 2023 - Acquired through business combination 9,020,813 As at December 31, 2023 9,020,813 As at June 30, 2024 9,020,813 Accumulated impairment As at January 1, 2023 - As at December 31, 2023 - As at December 31, 2023 9,020,813 As at June 30, 2024 9,020,813 |
Schedule of Goodwill is Allocated to the Operating Segments Expect to Benefit | Goodwill allocated to cash generating unit Goodwill 9,020,813 As at December 31, 2023 9,020,813 As at June 30, 2024 9,020,813 |
Patents and Other Intangibles (
Patents and Other Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Patents and Other Intangibles [Abstract] | |
Schedule of Patents and Other Intangibles | Patents Software Total $ $ $ Cost As at January 1, 2023 899,413 92,096 991,509 Additions during the period 90,978 291,410 382,388 As at December 31, 2023 990,391 383,506 1,373,897 Accumulated amortization As at January 1, 2023 (296,546 ) - (296,546 ) Charge for the period (78,742 ) (84,405 ) (163,147 ) As at December 31, 2023 (375,288 ) (84,405 ) (459,693 ) Carrying amount at December 31, 2023 615,103 299,101 914,204 Cost As at January 1, 2024 990,391 383,506 1,373,897 Additions during the period 72,040 - 72,040 As at June 30, 2024 1,062,431 383,506 1,445,937 Accumulated amortization As at January 1, 2024 (375,288 ) (84,405 ) (459,693 ) Charge for the period (43,449 ) (46,799 ) (90,248 ) As at June 30, 2024 (418,737 ) (131,204 ) (549,941 ) Carrying amount at June 30, 2024 643,694 252,302 895,996 |
Exploration and Evaluation As_2
Exploration and Evaluation Assets and Mining Data (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Exploration and Evaluation Assets and Mining Data [Abstract] | |
Schedule of Exploration and Evaluation Assets and Mining Data | Mining Data Exploration and Total $ $ $ Cost As at January 1, 2023 12,746,135 5,709,171 18,455,306 Additions during the period - 51,355,297 51,355,297 Carrying amount as at December 31, 2023 12,746,135 57,064,468 69,810,603 Cost As at January 1, 2024 12,746,135 57,064,468 69,810,603 Additions during the period - 27,868,064 27,868,064 Carrying amount as at June 30, 2024 12,746,135 84,932,532 97,678,667 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Trade and other payables [Abstract] | |
Schedule of Trade and Other Payables | June 30, December 31, 2024 2023 $ $ Trade payables 3,533,585 2,529,751 VAT payable - 852,479 Accrued expenses 3,074,793 4,953,234 6,608,378 8,335,464 |
Lease Liabilities (Tables)
Lease Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Lease Liabilities [Abstract] | |
Schedule of Lease Liability | June 30, December 31, 2024 2023 $ $ At January 1 1,787,702 395,880 Additions 76,906 1,677,918 Interest accretion on lease liability 35,005 52,075 Payments (316,090 ) (338,171 ) At December 31 1,583,523 1,787,702 Current 656,935 602,557 Non-current 926,588 1,185,145 1,583,523 1,787,702 |
Schedule of Undiscounted Lease Payments | Shown below is the maturity analysis of the undiscounted minimum lease payments: June 30, December 31, 2024 2023 Undiscounted future lease payments $ $ Less than 1 year 619,420 678,051 More than 1 year but less than 5 years 981,833 1,236,050 1,601,253 1,914,101 |
Schedule of Subsidiaries | Lifezone has lease contracts through its Tanzanian and Australian subsidiaries. The average remaining term of Group leases was 1 year and 10 months remaining as at six months ended June 30, 2024. Lifezone or group subsidiaries’ obligations under their leases are secured by lessor’s title to the leased assets. Entity Country Lease use Lease term Lease term Remaining Third TNCL Tanzania Office space December 31, September 30, 2 years 3 months Cordula Limited TNCL Tanzania Office space October 1, September 30, 2 years 3 months Cordula Limited TNCL Tanzania Camp accommodation March 1, 2023 February 28, 1 years 7 months 29 days AKO Group Limited Lifezone Asia-Pacific Pty Ltd Australia Office space August 1, 2022 July 31, 2025 1 years 1 months 1 day Trustees of the Christian Brothers, Australia Simulus Pty Limited Australia Office and warehouse space April 28, 2022 April 27, 2026 1 years 9 months 28 days Seattle Investments Pty Ltd Simulus Pty Limited Australia Office and warehouse space August 1, 2023 July 31, 2025 1 years 1 months 1 day Nowa Pty Ltd Australia Simulus Pty Limited Australia Office and warehouse space August 1, 2023 July 31, 2025 1 years 1 months 1 day Nowa Pty Ltd Australia |
Hybrid Financial Instruments__2
Hybrid Financial Instruments: Convertible Debentures with Embedded Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Hybrid Financial Instruments: Convertible Debentures with Embedded Derivatives [Abstract] | |
Schedule of Fair Value of Conversion Right Using Finite Difference Method and Share Interest Feature Using the Monte Carlo Simulations | The fair value of the Conversion Right was estimated using the Finite Difference Method and the Share Interest feature was estimated using the Monte Carlo Simulations. Valuation Date March 27, 2024 Maturity Date March 27, 2028, term of 4 years Risk-free Rate Zero coupon curve based on United States Dollar Swap rates as of March 27, 2024 Share Price $7.75, based on Lifezone’s March 27, 2024, closing share price on the NYSE Equity Volatility 65%, selected based on review of the volatility (rounded) of a group of peer companies Dividend Yield Assumed at 0% as Management does not expect dividends to be distributed during the term of the Debenture Interest Rate Forward SOFR + 4.0%, subject to a SOFR floor of 3.0%, 30/360 basis Conversion Price $8.00 Conversion Cap $12.00 Credit Spread 19.0% based on an estimated market-based unsecured rate for the Company and consideration of calibrating the FV of the Debentures to 98.5% of par |
Schedule of Debenture Host Debt Instrument | Debenture host debt instrument $ At January 1, 2024 - Additions (24,807,000 ) OID and Transaction issuance cost 546,919 Interest (564,862 ) Accretion of issuance cost (35,563 ) At June 30, 2024 (24,860,506 ) |
Schedule of Embedded Derivatives | Embedded derivatives $ At January 1, 2024 - Additions (25,193,000 ) Fair value reassessment (356,000 ) At June 30, 2024 (25,549,000 ) Total Convertible debentures with embedded derivatives (50,409,506 ) |
Deferred Consideration Liabil_2
Deferred Consideration Liability (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Deferred Consideration Liability [Abstract] | |
Schedule of Carrying Amount for the Reporting Periods | The carrying amounts for the reporting periods can be analyzed as follows: Gross carrying amount $ At January 1, 2023 3,689,755 Remeasurement gain (156,047 ) Accretion of interest 159,904 At December 31, 2023 3,693,612 Accretion of interest 157,999 At June 30, 2024 3,851,611 |
Significant Related Party Tra_2
Significant Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Significant Related Party Transactions [Abstract] | |
Schedule of Directorships | Name of entity Type Keith Liddell Simon Liddell Lifezone Asia-Pacific Pty Ltd Subsidiary ● ●* Simulus Pty Ltd Subsidiary ● The Simulus Group Pty Ltd Subsidiary ● Kabanga Holdings Limited Subsidiary ● Romanex International Limited Subsidiary ● Tembo Nickel Mining Company Limited Subsidiary ● Tembo Nickel Refining Company Limited Subsidiary ● Tembo Nickel Corp. Limited Subsidiary ● * Simon Liddell resigned from Lifezone Asia-Pacific Pty Ltd with effect from July 1, 2024. |
Schedule of Receivables Due from Related Parties | Lifezone had receivables due from related parties as follows. June 30, December 31, 2024 2023 $ $ Balances with affiliated entities BHP Billiton (UK) DDS Limited 8,772 - Kelltechnology SA Proprietary Ltd 478,558 1,433,243 487,330 1,433,243 Balances with management personnel Related party receivables - Interest free 75,000 75,000 75,000 75,000 562,330 1,580,243 June 30, December 31, 2024 2023 $ $ Balances with management personnel Related party payables 43,750 132,048 43,750 132,048 |
Schedule of Remuneration of key Management Personnel | Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 $ $ $ $ Cash compensation for services 1,106,733 914,697 2,091,902 1,584,740 Short-term bonuses 305,497 512,524 305,497 512,524 Pension and medical benefits 25,586 24,010 50,419 32,135 Total key management compensation 1,497,815 1,451,231 2,447,818 2,129,399 |
Schedule of Employment of and Existing Consulting Agreements | The amounts disclosed in the previous page table are the amounts recognized as an expense during the reporting period related to key management personnel as listed below. Keith Liddell Chair Chris Showalter Chief Executive Officer Ingo Hofmaier Chief Financial Officer (joined June 29, 2023) Dr Michael Adams Chief Technology Officer Gerick Mouton Chief Operating Officer Benedict Busunzu Tembo Nickel Chief Executive Officer Spencer Davis Group General Counsel (joined March 1, 2023) Anthony von Christierson Senior Vice President: Commercial and Business Development Evan Young Senior Vice President: Investor Relations and Capital Markets (joined October 10, 2023) |
Schedule of Revenue from Related Parties | Lifezone had sales to related parties as follows for the period ending: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 $ $ $ $ Kellplant Proprietary Ltd - - - 129,680 Kelltechnology SA Proprietary Ltd - - - 365,368 Consulting and management fee with affiliated companies - - - 495,048 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of Equity Interest | Lifezone was incorporated on December 8, 2022, as a holding company for Lifezone Holdings and acquired 100% of the equity interest in Lifezone Holdings on July 6, 2023. June 30, 2024 December 31, 2023 Number of $ Number of Shares $ Share capital Lifezone Metals Limited Number of ordinary shares in issue 78,275,357 78,269,952 Nominal average value per ordinary per share 0.0001 0.0001 Nominal value of ordinary total shares: 7,829 7,828 |
Schedule of Reconciliation of Shareholders' Equity Movement | This includes all current and prior period accumulated losses of Lifezone. June 30, 2024 Movements December 31, 2023 Number of Shares $ Number of Shares $ Number of Shares $ Share capital, beginning Exchanged for Issue of Lifezone Metal Limited shares 62,680,131 6,268 - - 62,680,131 6,268 Previous GoGreen Sponsor shareholders 6,544,950 655 - - 6,544,950 655 Previous GoGreen public shareholders 1,527,554 153 - - 1,527,554 153 PIPE Investors 7,017,317 702 - - 7,017,317 702 Simulus Vendors 500,000 50 - - 500,000 50 Issue of Lifezone Metal Limited shares 78,269,952 7,828 - - 78,269,952 7,828 Transactions with shareholders Issue of shares from RSU awards 5,405 1 5,405 1 - - Total transactions with shareholders 5,405 1 5,405 1 - - Share capital, ending 78,275,357 7,829 5,405 1 78,269,952 7,828 Share premium 184,642,791 32,484 184,610,307 Equity issuance fees (5,923,979 ) - (5,923,979 ) Total share premium 178,718,812 32,484 178,686,328 Previous Lifezone Holdings shareholders earnouts 248,464,035 - 248,464,035 Previous Sponsor earnouts 17,094,750 - 17,094,750 Total shared-base payment reserve 265,558,785 - 265,558,785 Warrant reserves 15,017,257 - 15,017,257 Other reserves (5,314,302 ) 1,500,000 (6,814,302 ) Translations reserve 56,060 (21,873 ) 77,933 Redemption reserve 280,808 - 280,808 Accumulated deficit (418,864,652 ) (10,699,490 ) (408,165,162 ) Total Shareholders’ equity 35,460,597 (9,188,878 ) 44,649,475 |
Schedule of Stock Option Pricing Model of Monte Carlo Simulation Model | The fair value of earnouts has been independently valued based on a Monte Carlo simulation model. The assumptions used in the stock option pricing model were as below: Inputs Valuation Date July 6, 2023 Stock Price as of Measurement Date / BCA Date $ 10.32 Equity Volatility (Pre BCA) n/a Equity Volatility (Post BCA assumption) 94.0 % Risk-Free Rate (5.00 Years) 4.28 % |
Schedule of Share Price Earnout Tranches | Share Price Earnout Tranches Beginning Expiration Share Price Hurdle Sale Threshold Price for Tranche 1 - Triggering Event I 07/06/2023 07/06/2028 $ 14.00 Sale Threshold Price for Tranche 2 - Triggering Event II 07/06/2023 07/06/2028 $ 16.00 Days Above Threshold Price 20 Days Above Measurement Period 30 Change of Control Provisions Estimate Change of Control Date n/a Probability of Change of Control 0 % |
Schedule of Fair Value of Earnouts Granted | There were no earnouts granted in the six months ended June 30, 2024. Share Options Fair value per Option Fair value $ Granted - Lifezone Holdings ($14.00 per Share) 12,536,026 $ 9.98 125,109,539 Granted – Lifezone Holdings ($16.00 per Share) 12,536,026 $ 9.84 123,354,496 Outstanding as at June 30, 2024 25,072,052 248,464,035 Share Options Fair value per Option Fair value Granted – Sponsor shareholders ($14.00 per Share) 862,500 $ 9.98 8,607,750 Granted – Sponsor shareholder ($16.00 per Share) 862,500 $ 9.84 8,487,000 Outstanding as at June 30, 2024 1,725,000 17,094,750 |
Schedule of Share Price Earnout Tranches | The assumptions used in the stock option pricing model were as below: Valuation Date – date of warrant assumption July 5, 2023 Unit Issuance Date October 21, 2021 Announcement Date December 13, 2022 Business Combination Date July 5, 2023 Exercise Date August 4, 2023 Expiration Date July 5, 2028 First Trading Date December 13, 2021 Stock Price as of Measurement Date $ 11.44 Strike Price $ 11.50 Risk-Free Rate (5.00 Years) 4.16 % Redemption Threshold Price $ 18.00 Days Above Threshold Price (Automatic Redemption) 20 Days Above Measurement Period 30 Probability of Acquisition 100 % |
Schedule of Fair Value of Outstanding Warrants | The number of warrants and fair value of outstanding Public Warrants as at June 30, 2024, was as follows: Number of Warrants Fair value $ Balance as at January 1, 2023 - - Public Warrants ($11.50 per warrant) 13,800,000 14,490,000 Exercised (76,350 ) (80,168 ) Outstanding as at December 31, 2023 13,723,650 14,409,833 Outstanding as at June 30, 2024 13,723,650 14,409,833 Number of Fair value $ Balance as at January 1, 2023 - - Private Warrants ($11.50 per warrant) 667,500 607,425 Outstanding as at December 31, 2023 667,500 607,425 Outstanding as at June 30, 2024 667,500 607,425 |
Loss Per Share (LPS) (Tables)
Loss Per Share (LPS) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Loss Per Share (LPS) [Abstract] | |
Schedule of Basic and Diluted Loss Per Common Share | The following table sets forth the reconciliation of the numerator and denominator used in the computation of basic and diluted loss per common share for the three and six months ended June 30, 2024, and June 30, 2023. Three months ended Six months ended 2024 2023 2024 2023 $ $ $ $ Numerator: Net loss used for basic earnings per share (6,750,125 ) (4,367,422 ) (10,699,490 ) (10,403,600 ) Denominator: Basic weighted-average outstanding common shares 78,275,354 58,300,082 78,274,404 58,300,082 Effect of dilutive potential common shares resulting from options - 2,819,653 - 2,819,653 Effect of dilutive potential restricted stock units - 1,696,867 - 1,696,867 Effect of dilutive potential warrants units 14,391,150 - 14,391,150 - Effect of dilutive potential earnout stock units 26,797,052 - 26,797,052 - Weighted-average shares outstanding - diluted 119,463,556 62,816,602 119,462,606 62,816,602 Net loss per common share: Basic & diluted loss per share (0.09 ) (0.07 ) (0.14 ) (0.18 ) |
Joint ventures (Tables)
Joint ventures (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Joint ventures [Abstract] | |
Schedule of Lifezone’s Joint Ventures | Details of each of Lifezone’s joint ventures at the end of the reporting period are as follows: Country of Principal Percentage of JV Equity Entities: incorporation Business 2024 2023 Kelltech Limited Mauritius Mauritius 50 % 50 % Kelltechnology South Africa (RF) Proprietary Ltd South Africa South Africa 33 % 33 % Kellplant Proprietary Ltd South Africa South Africa 33 % 33 % |
Financial Risk Review (Tables)
Financial Risk Review (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Financial Risk Review [Abstract] | |
Schedule of Information about the Credit Risk Exposure of Lifezone’s Financial Assets | Set out in the following page is the information about the credit risk exposure of Lifezone’s financial assets as at June 30, 2024 and December 31, 2023. June 30, December 31, 2024 2023 $ $ Cash and cash equivalents 63,492,965 49,391,627 Other receivables 796,082 696,968 Receivables from affiliated entities 487,330 1,433,243 Related party receivables 75,000 75,000 64,851,377 51,596,838 |
Schedule of Credit Risk Exposure | Days past due Current 31-60 61-90 91-120 >120 Impairment Total At June 30, 2024 Cash and cash equivalent 63,492,965 - - - - - 63,492,965 Other receivables 195,439 600,643 - - - - 796,082 Receivable from affiliated entities 487,330 - - - - - 487,330 Related party receivables 75,000 - - - - - 75,000 64,250,734 600,643 - - - - 64,851,377 Days past due Current 31-60 61-90 91-120 >120 Impairment Total At December 31, 2023 Cash and cash equivalent 49,391,627 - - - - - 49,391,627 Other receivables 98,836 598,132 - - - - 696,968 Receivable from affiliated entities 1,433,243 - - - - - 1,433,243 Related party receivables 75,000 - - - - - 75,000 50,998,706 598,132 - - - - 51,596,838 |
Schedule of Liquidity Risk | The below table reflects Lifezone liquidity risk on Trade Payables, Lease Liabilities, Derivatives liabilities. Contingent payment liabilities, excluding provisions. June 30, December 31, 2024 2023 $ $ <=30 days 6,668,844 7,667,147 30-60 days 50,953 104,240 61-90 days 50,953 156,360 91-120 days 3,913,522 208,480 >=121 days 51,786,472 5,392,901 Total 62,470,746 13,529,128 |
Schedule of Financial Instruments | The following table includes financial instruments which are denominated in foreign currencies: June 30, December 31, 2024 2023 GBP £ GBP £ Cash in banks 84,494 620,208 Prepaid expenses 109,804 134,828 Trade and other payables 432,901 489,117 AUD AUD Cash in banks 1,091,458 2,587,533 Trade receivables 3,297,139 112,069 Prepaid expenses 153,598 238,181 Trade and other payables 1,349,683 743,959 EUR EUR Cash in banks 6,047 133,685 TZS TZS Cash in banks 1,525,484,567 1,259,494,294 ZAR ZAR Cash in banks 42,633 937,684 |
Schedule of Demonstrates the Estimated Sensitivity | The following table demonstrates the estimated sensitivity to a reasonably possible change in the GBP, TZS, ZAR, and AUD exchange rates, with all other variables held constant. The impact on Lifezone’s profit is due to changes in the fair value of monetary assets and liabilities. Lifezone’s exposure to foreign currency changes for all other currencies is not considered material. June 30, December 31, 2024 2023 Effect on Profit Change in GBP Rate 10% 10,691 79,202 -10% (10,691 ) (79,202 ) Change in AUD Rate 10% (72,768 ) (176,987 ) -10% 72,768 176,987 Change in EUR Rate 10% 648 14,858 -10% (648 ) (14,858 ) Change in TZS Rate 10% (58,121 ) (50,079 ) -10% 58,121 50,079 Change in ZAR Rate 10% (232 ) (5,058 ) -10% 232 5,058 |
Corporate and Group Informati_2
Corporate and Group Information (Details) - USD ($) shares in Millions, $ in Millions | Jan. 31, 2024 | Oct. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2024 |
Corporate and Group Information [Line Items] | ||||
Stock certificate interest rate | 1.50% | 17% | ||
Investment amount (in Dollars) | $ 40 | |||
Interest rate | 6% | |||
Investment in equity (in Dollars) | $ 50 | $ 10 | ||
Initial investment (in Dollars) | $ 50 | $ 1.5 | ||
Average effective tax rate | 60.70% | |||
Shares received (in Shares) | 1.2 | |||
Purchase Consideration (in Dollars) | $ 1.5 | |||
Special Mining License [Member] | ||||
Corporate and Group Information [Line Items] | ||||
Stock certificate interest rate | 16% | |||
Tembo Nickel Corporation Limited [Member] | ||||
Corporate and Group Information [Line Items] | ||||
Stock certificate interest rate | 84% | |||
Kabanga Nickel Limited [Member] | ||||
Corporate and Group Information [Line Items] | ||||
Stock certificate interest rate | 83% | |||
Interest rate | 17% | 8.90% | ||
Global PGM Supply [Member] | ||||
Corporate and Group Information [Line Items] | ||||
Interest rate | 20% |
Significant Transactions (Detai
Significant Transactions (Details) - USD ($) | 6 Months Ended | ||||||||||
Dec. 24, 2024 | Mar. 27, 2024 | Jun. 27, 2023 | Jun. 30, 2024 | Aug. 16, 2024 | Dec. 31, 2023 | Jul. 18, 2023 | Jun. 30, 2023 | Mar. 27, 2023 | Oct. 14, 2022 | Jul. 01, 2022 | |
Significant Transactions [Line Items] | |||||||||||
Convertible loan amount | $ 40,000,000 | ||||||||||
Gross proceeds | $ 50,000,000 | ||||||||||
Transaction amount | $ 16,500,000 | ||||||||||
Percentage of redemption shares | 94.47% | ||||||||||
Residual shares in trust (in Shares) | 1,527,554 | ||||||||||
Shares issued (in Shares) | 78,275,357 | 78,269,952 | |||||||||
Shares outstanding (in Shares) | 41,188,202 | 14,391,141 | |||||||||
Shares received (in Shares) | 5,133,600 | ||||||||||
Percentage of owned shares more than holding | 1.50% | ||||||||||
Total consideration amount | $ 14.5 | $ 7.5 | |||||||||
Deposit paid | $ 1 | ||||||||||
Shares held in Lifezone (in Shares) | 500,000 | ||||||||||
Estimated amount | $ 3 | ||||||||||
Contributed amount | $ 1.5 | ||||||||||
Non-brokered private placement | $ 50,000,000 | ||||||||||
Bottom of range [member] | |||||||||||
Significant Transactions [Line Items] | |||||||||||
Interest held | 4.84% | 8.90% | |||||||||
Price per share (in Dollars per share) | $ 14 | ||||||||||
Top of range [member] | |||||||||||
Significant Transactions [Line Items] | |||||||||||
Interest held | 5.02% | 17% | |||||||||
Price per share (in Dollars per share) | $ 16 | ||||||||||
BHP [Member] | |||||||||||
Significant Transactions [Line Items] | |||||||||||
Interest held | 8.90% | ||||||||||
Lifezone Limited [Member] | |||||||||||
Significant Transactions [Line Items] | |||||||||||
Interest held | 100% | ||||||||||
Non-cash expense | $ 76,900,000 | ||||||||||
Price per share (in Dollars per share) | $ 10 | ||||||||||
PIPE Transaction [Member] | |||||||||||
Significant Transactions [Line Items] | |||||||||||
Gross proceeds | $ 70,200,000 | ||||||||||
Gross proceeds of equity issuance costs | 86,600,000 | ||||||||||
GoGreen [Member] | |||||||||||
Significant Transactions [Line Items] | |||||||||||
Gross proceeds | $ 70,200,000 | ||||||||||
Lifezone Holdings Limited [Member] | |||||||||||
Significant Transactions [Line Items] | |||||||||||
Shares issued (in Shares) | 77,693,602 | ||||||||||
Shares outstanding (in Shares) | 77,693,602 | ||||||||||
Sponsor [Member] | |||||||||||
Significant Transactions [Line Items] | |||||||||||
Shares issued (in Shares) | 1,725,000 | ||||||||||
Shares received (in Shares) | 1,335,000 | ||||||||||
Warrants [Member] | |||||||||||
Significant Transactions [Line Items] | |||||||||||
Shares received (in Shares) | 667,500 |
Basis of Preparation, Signifi_3
Basis of Preparation, Significant Accounting Policies and Estimates (Details) - USD ($) | 6 Months Ended | ||||
Aug. 16, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Basis of Preparation, Significant Accounting Policies and Estimates [Line Items] | |||||
Cash and cash equivalents | $ 63,492,965 | $ 49,391,627 | $ 44,410,732 | $ 20,535,210 | |
Gross proceeds | 50,000,000 | ||||
Unsecured convertible debentures | 1,500,000 | ||||
Cash | $ 35,100,000 | ||||
Ordinary shares (in Dollars per share) | $ 6.65 | $ 11.5 | |||
Share outstanding (in Shares) | 14,391,141 | 41,188,202 | |||
Percentage assets located | 50% | ||||
Gross revenues | $ 1,235,000,000 | ||||
Non-convertible debt | $ 1,000,000,000 | ||||
Periodic reports | 12 months | ||||
Top of range [member] | |||||
Basis of Preparation, Significant Accounting Policies and Estimates [Line Items] | |||||
Cash and cash equivalents | $ 63,500,000 | ||||
Bottom of range [member] | |||||
Basis of Preparation, Significant Accounting Policies and Estimates [Line Items] | |||||
Cash and cash equivalents | $ 14,100,000 | ||||
LML [Member] | |||||
Basis of Preparation, Significant Accounting Policies and Estimates [Line Items] | |||||
Cash and cash equivalents | $ 49,400,000 | ||||
Warrants [Member] | LML [Member] | |||||
Basis of Preparation, Significant Accounting Policies and Estimates [Line Items] | |||||
Market price per share (in Dollars per share) | $ 11.5 |
Basis of Preparation, Signifi_4
Basis of Preparation, Significant Accounting Policies and Estimates (Details) - Schedule of Financial Statements Comprise | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Aqua Merger Sub [Member] | ||
Basis of Preparation, Significant Accounting Policies and Estimates (Details) - Schedule of Financial Statements Comprise [Line Items] | ||
Principal activities | Holding company | |
Country of incorporation | Cayman Islands | |
Principal place of Business | Cayman Islands | |
Percentage of Ownership (%) | 100% | 100% |
Percentage of NCI (%) | 0% | 0% |
Lifezone Holdings Limited [Member] | ||
Basis of Preparation, Significant Accounting Policies and Estimates (Details) - Schedule of Financial Statements Comprise [Line Items] | ||
Principal activities | Holding company | |
Country of incorporation | Isle of Man | |
Principal place of Business | United Kingdom | |
Percentage of Ownership (%) | 100% | 100% |
Percentage of NCI (%) | 0% | 0% |
Lifezone Limited [Member] | ||
Basis of Preparation, Significant Accounting Policies and Estimates (Details) - Schedule of Financial Statements Comprise [Line Items] | ||
Principal activities | Holding company | |
Country of incorporation | Isle of Man | |
Principal place of Business | United Kingdom | |
Percentage of Ownership (%) | 100% | 100% |
Percentage of NCI (%) | 0% | 0% |
Lifezone US Holdings Limited [Member] | ||
Basis of Preparation, Significant Accounting Policies and Estimates (Details) - Schedule of Financial Statements Comprise [Line Items] | ||
Principal activities | Holding company | |
Country of incorporation | United Kingdom | |
Principal place of Business | United Kingdom | |
Percentage of Ownership (%) | 100% | 100% |
Percentage of NCI (%) | 0% | 0% |
Lifezone Holdings US, LLC [Member] | ||
Basis of Preparation, Significant Accounting Policies and Estimates (Details) - Schedule of Financial Statements Comprise [Line Items] | ||
Principal activities | Holding company | |
Country of incorporation | United State of America | |
Principal place of Business | United State of America | |
Percentage of Ownership (%) | 100% | 100% |
Percentage of NCI (%) | 0% | 0% |
Lifezone Services US, LLC [Member] | ||
Basis of Preparation, Significant Accounting Policies and Estimates (Details) - Schedule of Financial Statements Comprise [Line Items] | ||
Principal activities | Service company | |
Country of incorporation | United State of America | |
Principal place of Business | United State of America | |
Percentage of Ownership (%) | 100% | 100% |
Percentage of NCI (%) | 0% | 0% |
Lifezone Recycling US, LLC [Member] | ||
Basis of Preparation, Significant Accounting Policies and Estimates (Details) - Schedule of Financial Statements Comprise [Line Items] | ||
Principal activities | Recycling | |
Country of incorporation | United State of America | |
Principal place of Business | United State of America | |
Percentage of Ownership (%) | 94% | 100% |
Percentage of NCI (%) | 6% | 0% |
LZ Services Limited [Member] | ||
Basis of Preparation, Significant Accounting Policies and Estimates (Details) - Schedule of Financial Statements Comprise [Line Items] | ||
Principal activities | Service company | |
Country of incorporation | United Kingdom | |
Principal place of Business | United Kingdom | |
Percentage of Ownership (%) | 100% | 100% |
Percentage of NCI (%) | 0% | 0% |
Kabanga Holdings Limited [Member] | ||
Basis of Preparation, Significant Accounting Policies and Estimates (Details) - Schedule of Financial Statements Comprise [Line Items] | ||
Principal activities | Holding company | |
Country of incorporation | Cayman Islands | |
Principal place of Business | Cayman Islands | |
Percentage of Ownership (%) | 83% | 83% |
Percentage of NCI (%) | 17% | 17% |
Kabanga Nickel Company Limited [Member] | ||
Basis of Preparation, Significant Accounting Policies and Estimates (Details) - Schedule of Financial Statements Comprise [Line Items] | ||
Principal activities | Holding company | |
Country of incorporation | Tanzania | |
Principal place of Business | Tanzania | |
Percentage of Ownership (%) | 83% | 83% |
Percentage of NCI (%) | 17% | 17% |
Kabanga Nickel Limited [Member] | ||
Basis of Preparation, Significant Accounting Policies and Estimates (Details) - Schedule of Financial Statements Comprise [Line Items] | ||
Principal activities | Holding company | |
Country of incorporation | United Kingdom | |
Principal place of Business | United Kingdom | |
Percentage of Ownership (%) | 83% | 83% |
Percentage of NCI (%) | 17% | 17% |
Kagera Mining Company Limited [Member] | ||
Basis of Preparation, Significant Accounting Policies and Estimates (Details) - Schedule of Financial Statements Comprise [Line Items] | ||
Principal activities | Mining | |
Country of incorporation | Tanzania | |
Principal place of Business | Tanzania | |
Percentage of Ownership (%) | 83% | 83% |
Percentage of NCI (%) | 17% | 17% |
Lifezone Asia-Pacific Pty Ltd [Member] | ||
Basis of Preparation, Significant Accounting Policies and Estimates (Details) - Schedule of Financial Statements Comprise [Line Items] | ||
Principal activities | Service company | |
Country of incorporation | Australia | |
Principal place of Business | Australia | |
Percentage of Ownership (%) | 100% | 100% |
Percentage of NCI (%) | 0% | 0% |
Simulus Group Pty Limited [Member] | ||
Basis of Preparation, Significant Accounting Policies and Estimates (Details) - Schedule of Financial Statements Comprise [Line Items] | ||
Principal activities | Holding company | |
Country of incorporation | Australia | |
Principal place of Business | Australia | |
Percentage of Ownership (%) | 100% | 100% |
Percentage of NCI (%) | 0% | 0% |
Simulus Pty Limited [Member] | ||
Basis of Preparation, Significant Accounting Policies and Estimates (Details) - Schedule of Financial Statements Comprise [Line Items] | ||
Principal activities | Laboratory and Engineering | |
Country of incorporation | Australia | |
Principal place of Business | Australia | |
Percentage of Ownership (%) | 100% | 100% |
Percentage of NCI (%) | 0% | 0% |
Romanex International Limited [Member] | ||
Basis of Preparation, Significant Accounting Policies and Estimates (Details) - Schedule of Financial Statements Comprise [Line Items] | ||
Principal activities | Holding company | |
Country of incorporation | Canada | |
Principal place of Business | Canada | |
Percentage of Ownership (%) | 83% | 83% |
Percentage of NCI (%) | 17% | 17% |
Tembo Nickel Corporation Limited [Member] | ||
Basis of Preparation, Significant Accounting Policies and Estimates (Details) - Schedule of Financial Statements Comprise [Line Items] | ||
Principal activities | Mining | |
Country of incorporation | Tanzania | |
Principal place of Business | Tanzania | |
Percentage of Ownership (%) | 69.70% | 69.70% |
Percentage of NCI (%) | 30.30% | 30.30% |
Tembo Nickel Mining Company Limited [Member] | ||
Basis of Preparation, Significant Accounting Policies and Estimates (Details) - Schedule of Financial Statements Comprise [Line Items] | ||
Principal activities | Mining | |
Country of incorporation | Tanzania | |
Principal place of Business | Tanzania | |
Percentage of Ownership (%) | 69.70% | 69.70% |
Percentage of NCI (%) | 30.30% | 30.30% |
Tembo Nickel Refining Company Limited [Member] | ||
Basis of Preparation, Significant Accounting Policies and Estimates (Details) - Schedule of Financial Statements Comprise [Line Items] | ||
Principal activities | Refining | |
Country of incorporation | Tanzania | |
Principal place of Business | Tanzania | |
Percentage of Ownership (%) | 69.70% | 69.70% |
Percentage of NCI (%) | 30.30% | 30.30% |
Segment Information (Details)
Segment Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Segment Information [Line Items] | ||
Reportable segment | two | |
Raising capital costs | $ 7,829 | $ 7,828 |
GoGreen [Member] | ||
Segment Information [Line Items] | ||
Raising capital costs | $ 8,000,000 |
Segment Information (Details) -
Segment Information (Details) - Schedule of Inter-Segment Eliminations’ Column - USD ($) | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Intellectuall Property [Member] | |||
Schedule of Inter-Segment Eliminations’ Column [Line Items] | |||
Revenue | $ 1,360,160 | $ 4,061,148 | |
Cost of Sales | (473,337) | ||
Gain (loss) on foreign exchange | (149,743) | (55,988) | |
General and administrative expenses | (2,987,232) | (6,843,952) | |
Interest income | 832,426 | 67,010 | |
Fair value loss on embedded derivatives | |||
Interest expense | (14,211) | ||
Loss before tax | (1,431,936) | (2,771,782) | |
Segment assets | 89,530,847 | 16,680,372 | |
Segment liabilities, excluding Group debt | (5,503,999) | ||
Convertible debentures and embedded derivative | |||
Segment liabilities | (5,503,999) | (19,919,301) | |
Metals Extraction [Member] | |||
Schedule of Inter-Segment Eliminations’ Column [Line Items] | |||
Revenue | 1,842,429 | 508,190 | |
Cost of Sales | |||
Gain (loss) on foreign exchange | 100,316 | 136,254 | |
General and administrative expenses | (4,725,235) | (4,153,889) | |
Interest income | 504 | 202,610 | |
Fair value loss on embedded derivatives | |||
Interest expense | (716,310) | (91,668) | |
Loss before tax | (3,498,296) | (3,398,503) | |
Segment assets | 201,479,407 | 94,240,787 | |
Segment liabilities, excluding Group debt | (422,765,420) | ||
Convertible debentures and embedded derivative | |||
Segment liabilities | (422,765,420) | (26,715,324) | |
Corporatee [Member] | |||
Schedule of Inter-Segment Eliminations’ Column [Line Items] | |||
Revenue | [1] | 1,082,151 | 814,173 |
Cost of Sales | [1] | ||
Gain (loss) on foreign exchange | [1] | (11,048) | 6,281 |
General and administrative expenses | [1] | (5,621,141) | (7,291,571) |
Interest income | [1] | 1,065,351 | 180 |
Fair value loss on embedded derivatives | [1] | (356,000) | |
Interest expense | [1] | (2,170,468) | |
Loss before tax | [1] | (6,011,155) | (6,470,937) |
Segment assets | [1] | 186,736,426 | 12,495,550 |
Segment liabilities, excluding Group debt | [1] | (4,688,928) | |
Convertible debentures and embedded derivative | [1] | (50,409,506) | |
Segment liabilities | [1] | (55,098,434) | (1,615,054) |
Inter-Segment eliminations [Member] | |||
Schedule of Inter-Segment Eliminations’ Column [Line Items] | |||
Revenue | (4,235,090) | (4,876,763) | |
Cost of Sales | 461,085 | ||
Gain (loss) on foreign exchange | |||
General and administrative expenses | 3,744,005 | 4,876,763 | |
Interest income | (536,644) | ||
Fair value loss on embedded derivatives | |||
Interest expense | 536,644 | ||
Loss before tax | |||
Segment assets | (296,367,161) | (30,593,658) | |
Segment liabilities, excluding Group debt | 420,871,087 | ||
Convertible debentures and embedded derivative | |||
Segment liabilities | 420,871,087 | 18,687,919 | |
Operating Segments [Member] | |||
Schedule of Inter-Segment Eliminations’ Column [Line Items] | |||
Revenue | 49,650 | 506,748 | |
Cost of Sales | (12,252) | ||
Gain (loss) on foreign exchange | (60,475) | 86,547 | |
General and administrative expenses | (9,559,603) | (13,412,649) | |
Interest income | 1,361,638 | 269,800 | |
Fair value loss on embedded derivatives | (356,000) | ||
Interest expense | (2,364,345) | (91,668) | |
Loss before tax | (10,941,387) | (12,641,222) | |
Segment assets | 181,379,519 | 92,823,051 | |
Segment liabilities, excluding Group debt | (12,087,260) | ||
Convertible debentures and embedded derivative | (50,409,506) | ||
Segment liabilities | $ (62,496,766) | $ (29,561,759) | |
[1] Lifezone Metals Limited, Lifezone Holdings Limited, Lifezone Services US, LLC and LZ Services Limited are grouped as a non-operating segment named “Corporate” and provide corporate functions, services to other entities in the group, financing and treasury operations, as well as stewardship activities. |
Revenue (Details)
Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Kelltech Limited [Member] | ||
Revenue [Line Items] | ||
Interest rate | 50% | |
KTSA [Member] | ||
Revenue [Line Items] | ||
Interest rate | 33.33% | |
Non-Affiliated Company [Member] | ||
Revenue [Line Items] | ||
Revenue | $ 8,261 | $ 49,650 |
Revenue (Details) - Schedule of
Revenue (Details) - Schedule of Revenue - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Revenue [Line Items] | ||||
Total | $ 8,261 | $ 11,061 | $ 49,650 | $ 506,748 |
Kellplant Proprietary Ltd [Member] | ||||
Schedule of Revenue [Line Items] | ||||
Total | 129,680 | |||
Kelltechnology SA Proprietary Ltd [Member] | ||||
Schedule of Revenue [Line Items] | ||||
Total | 365,368 | |||
Consulting and management fee with affiliated companies [Member] | ||||
Schedule of Revenue [Line Items] | ||||
Total | 495,048 | |||
Non-affiliated company revenue [Member] | ||||
Schedule of Revenue [Line Items] | ||||
Total | $ 8,261 | $ 11,061 | $ 49,650 | $ 11,700 |
Interest Income (Details)
Interest Income (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Oct. 14, 2022 | |
Interest Income (Details) [Line Items] | |||
Interest income from cash and cash equivalents | $ 1,361,638 | $ 262,959 | |
Bottom of range [member] | |||
Interest Income (Details) [Line Items] | |||
Interest averaged | 4.84% | 8.90% | |
Top of range [member] | |||
Interest Income (Details) [Line Items] | |||
Interest averaged | 5.02% | 17% |
Interest Income (Details) - Sch
Interest Income (Details) - Schedule of Interest Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Interest Income [Abstract] | ||||
Interest on shareholder loans | $ 2,903 | $ 6,841 | ||
Interest on treasury deposits | 904,429 | 136,703 | 1,361,638 | 262,959 |
Consulting and management fee with affiliated companies | $ 904,429 | $ 139,606 | $ 1,361,638 | $ 269,800 |
Interest Expense (Details)
Interest Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest Expense [Line Items] | ||||
Interest accretion deferred consideration liability | $ 79,921 | $ 39,763 | $ 157,999 | $ 79,104 |
Interest on leases | 16,942 | 6,126 | 35,005 | 12,564 |
Interest expense | $ 2,268,204 | $ 43,670 | 2,364,345 | 91,668 |
Convertible Debenture [Member] | ||||
Interest Expense [Line Items] | ||||
Interest expense | $ 2,170,468 |
Interest Expense (Details) - Sc
Interest Expense (Details) - Schedule of Interest Expense - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Interest Expense [Abstract] | ||||
Interest accretion on deferred consideration | $ 79,921 | $ 39,763 | $ 157,999 | $ 79,104 |
Interest accretion on lease liability | 16,942 | 6,126 | 35,005 | 12,564 |
Debenture interest | 2,170,468 | 2,170,468 | ||
Other interest expenses | 873 | 2,219 | 873 | |
Total | $ 2,268,204 | $ 43,670 | $ 2,364,345 | $ 91,668 |
Fair Value Loss on Embedded D_3
Fair Value Loss on Embedded Derivatives (Details) | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Fair value loss on embedded derivatives [Line Items] | |
Valuation methods and approach initial recognition | $ 25,500,000 |
Increase of largely due to market credit | 356,000 |
Fair Value Increase Recognized Charge Profit or Loss | $ 356,000 |
Fair Value Loss on Embedded D_4
Fair Value Loss on Embedded Derivatives (Details) - Schedule of Fair Value Loss on Embedded Derivatives - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Fair Value Loss on Embedded Derivatives [Abstract] | ||||
Fair value loss on embedded derivatives | $ 356,000 | $ 356,000 | ||
Total | $ 356,000 | $ 356,000 |
General and Administrative Ex_3
General and Administrative Expenses (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
General and Administrative Expenses [Line Items] | |||||
Employee benefits | $ 1,900,000 | $ 1,800,000 | |||
Paid bonuses | 189,665 | 512,542 | |||
General and administrative expenses | $ 5,490,832 | $ 5,780,632 | 9,559,603 | 13,412,649 | |
Professional and legal fees | 1,650,061 | 882,855 | |||
Advisory services | 239,532 | ||||
Advisory costs | 137,973 | ||||
Legal fee | 657,074 | 657,074 | |||
Consultancy fees | 1,300,000 | 1,800,000 | |||
Due to lower | $ 435,992 | ||||
Number of Directors | 8 | ||||
Totaled amount | $ 360,984 | 86,500 | |||
Depreciation of property and equipment | 577,062 | 107,692 | |||
Depreciation of right of use assets | $ 169,457 | 62,029 | |||
Pre payment Asset | $ 835,117 | ||||
Percentage of increase in retention | 40% | ||||
Percentage of decrease in retention | 50% | ||||
Laboratory costs | $ 638,822 | ||||
Impairment of VAT | 839,758 | ||||
Associated costs | 350,000 | ||||
Compliance fees | 73,454 | ||||
Expenses | 873 | 2,219 | 873 | ||
Bonuses | 106,161 | ||||
Rent | $ 56,711 | 56,711 | |||
Property, plant and equipment [member] | |||||
General and Administrative Expenses [Line Items] | |||||
General and administrative expenses | 8,800,000 | 5,700,000 | |||
Professional and legal fees | 1,700,000 | ||||
Selling, general and administrative expense [member] | |||||
General and Administrative Expenses [Line Items] | |||||
Employee benefits | 474,414 | ||||
Paid bonuses | 538,113 | 91,478 | |||
General and administrative expenses | 1,500,000 | ||||
Costs incurred | 8,000,000 | ||||
Totaled amount | 360,984 | ||||
Depreciation of property and equipment | 619,292 | 469,370 | |||
Depreciation of right of use assets | 107,428 | ||||
Laboratory costs | 638,822 | ||||
Administrative expenses | 409,511 | ||||
Expenses | $ 102,639 | ||||
Selling, general and administrative expense [member] | Property, plant and equipment [member] | |||||
General and Administrative Expenses [Line Items] | |||||
Depreciation of right of use assets |
General and Administrative Ex_4
General and Administrative Expenses (Details) - Schedule of General and Administrative Expenses - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
General and Administrative Expenses (Details) - Schedule of General and Administrative Expenses [Line Items] | ||||
Wages & employee benefits, Balance | $ 1,917,963 | $ 1,816,542 | ||
Professional & Legal fees, Balance | 1,650,061 | 882,855 | ||
Consultancy fees, Balance | 1,336,019 | 1,772,010 | ||
Non-recurring listing and equity raising costs, Balance | 8,003,016 | |||
Directors' fees, Balance | 360,984 | 86,500 | ||
Depreciation of property and equipment, Balance | 577,062 | 107,692 | ||
Depreciation of right of use asset, Balance | 169,457 | 62,029 | ||
Amortization of intangible assets, Balance | 90,247 | 38,301 | ||
Audit & accountancy fees, Balance | 130,976 | 81,751 | ||
Rent, Balance | 226,332 | 172,584 | ||
Insurance, Balance | 911,013 | 6,953 | ||
Laboratory costs, Balance | 638,822 | |||
Impairment of VAT receivables, Balance | 839,758 | |||
Travel, Balance | 251,306 | 364,781 | ||
Share based payments expense, Balance | 32,457 | |||
Other administrative expenses, Balance | 427,147 | 17,635 | ||
Total general administrative expenses, Balance | $ 5,490,832 | $ 5,780,632 | 9,559,603 | $ 13,412,649 |
General and Administrative Expenses [Member] | ||||
General and Administrative Expenses (Details) - Schedule of General and Administrative Expenses [Line Items] | ||||
Wages & employee benefits, Balance | $ 101,421 | |||
Wages & employee benefits, percentage | 6% | |||
Professional & Legal fees, Balance | $ 767,206 | |||
Professional & Legal fees, percentage | 87% | |||
Consultancy fees, Balance | $ (435,992) | |||
Consultancy fees, percentage | (25.00%) | |||
Non-recurring listing and equity raising costs, Balance | $ (8,003,016) | |||
Non-recurring listing and equity raising costs, percentage | (100.00%) | |||
Directors' fees, Balance | $ 274,484 | |||
Directors' fees, percentage | 317% | |||
Depreciation of property and equipment, Balance | $ 469,370 | |||
Depreciation of property and equipment, percentage | 436% | |||
Depreciation of right of use asset, Balance | $ 107,428 | |||
Depreciation of right of use asset, percentage | 173% | |||
Amortization of intangible assets, Balance | $ 51,946 | |||
Amortization of intangible assets, percentage | 136% | |||
Audit & accountancy fees, Balance | $ 49,225 | |||
Audit & accountancy fees, percentage | 60% | |||
Rent, Balance | $ 53,748 | |||
Rent, percentage | 31% | |||
Insurance, Balance | $ 904,060 | |||
Insurance, percentage | 13,002% | |||
Laboratory costs, Balance | $ 638,822 | |||
Laboratory costs, percentage | 0% | |||
Impairment of VAT receivables, Balance | $ 839,758 | |||
Impairment of VAT receivables, percentage | 0% | |||
Travel, Balance | $ (113,475) | |||
Travel, percentage | (31.00%) | |||
Share based payments expense, Balance | $ 32,457 | |||
Share based payments expense, percentage | 0% | |||
Other administrative expenses, Balance | $ 409,512 | |||
Other administrative expenses, percentage | 2,322% | |||
Total general administrative expenses, Balance | $ (3,853,046) | |||
Total general administrative expenses, percentage | (29.00%) |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - Schedule of Cash and Cash Equivalents - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 63,492,965 | $ 49,391,627 |
Cash at banks and on hand | 43,372,498 | 44,369,748 |
Short-term deposits | 20,120,467 | 5,021,879 |
Cash and cash equivalents | 63,492,965 | 49,391,627 |
USD - United States dollar [Member] | ||
Schedule of Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 62,068,360 | 46,129,886 |
GBP - Sterling [Member] | ||
Schedule of Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 106,915 | 792,017 |
EUR - EURO [Member] | ||
Schedule of Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 6,483 | 148,519 |
AUD - Australian dollar [Member] | ||
Schedule of Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 727,675 | 1,769,872 |
ZAR - South African Rand [Member] | ||
Schedule of Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 2,322 | 50,587 |
TZS - Tanzania Shilling [Member] | ||
Schedule of Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 581,210 | $ 500,746 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of Inventories - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Inventories [Abstract] | ||
Raw materials and consumables | $ 200,967 | |
Fuel | 80,467 | 100,780 |
Total | $ 281,434 | $ 100,780 |
Trade and Other Receivables (De
Trade and Other Receivables (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Sep. 12, 2022 | |
Trade and Other Receivables [Line Items] | ||||
VAT receivables | $ 385,110 | $ 513,334 | ||
Current value added tax receivables | $ 513,334 | |||
UK entities accounts | 262,734 | |||
Australian entities | 122,377 | |||
Prepayments | 1,113,184 | 1,768,923 | ||
Current prepaid expenses | 343,434 | $ 842,989 | ||
Lifezone Limited [Member] | ||||
Trade and Other Receivables [Line Items] | ||||
VAT receivables | 385,110 | |||
Non-refundable deposit paid | $ 400,000 | |||
Prepayments | 835,117 | |||
Current prepaid expenses | $ 343,434 |
Trade and Other Receivables (_2
Trade and Other Receivables (Details) - Schedule of Other Receivables - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Other Receivables [Abstract] | ||
VAT/GST receivables | $ 385,110 | $ 513,334 |
Other receivables | 796,082 | 696,968 |
Prepayments | 1,113,184 | 1,768,923 |
Prepaid mining license | 343,434 | 842,989 |
Total | $ 2,637,811 | $ 3,822,214 |
Property and Equipment and Ri_3
Property and Equipment and Right-of-Use Assets (Details) - Schedule of Property and Equipment and Right-of-Use Assets - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Buildings [Member] | ||
Accumulated depreciation | ||
Accumulated depreciation ending balance | $ (73,542) | |
Net book value | 603,735 | $ 618,428 |
Transportation equipment [Member] | ||
Accumulated depreciation | ||
Accumulated depreciation ending balance | (129,501) | |
Net book value | 70,002 | 88,252 |
Office and computer equipment [Member] | ||
Accumulated depreciation | ||
Accumulated depreciation ending balance | (1,140,325) | |
Net book value | 924,340 | 965,536 |
Laboratory and testing equipment [Member] | ||
Accumulated depreciation | ||
Accumulated depreciation ending balance | (844,213) | |
Net book value | 3,754,499 | 4,328,141 |
Total Property and Equipment [Member] | ||
Accumulated depreciation | ||
Accumulated depreciation ending balance | (1,271,934) | |
Net book value | 5,352,576 | 6,000,357 |
Right-of-use assets [Member] | ||
Accumulated depreciation | ||
Accumulated depreciation ending balance | (815,915) | |
Net book value | 1,456,928 | 1,693,512 |
Property, plant and equipment [member] | ||
Accumulated depreciation | ||
Accumulated depreciation ending balance | (2,087,849) | |
Net book value | 6,809,505 | 7,693,869 |
Cost [Member] | Buildings [Member] | ||
Cost | ||
Cost beginning balance | 677,277 | 677,277 |
Cost, Additions from acquisitions | ||
Cost, Disposals | ||
Cost, Lease reassessments | ||
Cost, Foreign exchange impact | ||
Cost, Additions from acquisitions | ||
Cost ending balance | 677,277 | 677,277 |
Cost [Member] | Transportation equipment [Member] | ||
Cost | ||
Cost beginning balance | 199,503 | 123,952 |
Cost, Additions from acquisitions | ||
Cost, Disposals | ||
Cost, Lease reassessments | ||
Cost, Foreign exchange impact | ||
Cost, Additions from acquisitions | 75,551 | |
Cost ending balance | 199,503 | 199,503 |
Cost [Member] | Office and computer equipment [Member] | ||
Cost | ||
Cost beginning balance | 1,082,064 | 238,216 |
Cost, Additions from acquisitions | 80,494 | 220,698 |
Cost, Disposals | (4,858) | |
Cost, Lease reassessments | ||
Cost, Foreign exchange impact | (8,682) | 1,419 |
Cost, Additions from acquisitions | 621,732 | |
Cost ending balance | 1,149,018 | 1,082,064 |
Cost [Member] | Laboratory and testing equipment [Member] | ||
Cost | ||
Cost beginning balance | 4,721,595 | |
Cost, Additions from acquisitions | 2,180 | 4,704,783 |
Cost, Disposals | (5,189) | |
Cost, Lease reassessments | ||
Cost, Foreign exchange impact | (119,874) | 16,664 |
Cost, Additions from acquisitions | 148 | |
Cost ending balance | 4,598,712 | 4,721,595 |
Cost [Member] | Total Property and Equipment [Member] | ||
Cost | ||
Cost beginning balance | 6,680,439 | 1,039,445 |
Cost, Additions from acquisitions | 82,674 | 4,925,481 |
Cost, Disposals | (10,047) | |
Cost, Lease reassessments | ||
Cost, Foreign exchange impact | (128,555) | 18,082 |
Cost, Additions from acquisitions | 697,431 | |
Cost ending balance | 6,624,510 | 6,680,439 |
Cost [Member] | Right-of-use assets [Member] | ||
Cost | ||
Cost beginning balance | 2,164,799 | 469,743 |
Cost, Additions from acquisitions | 464,264 | |
Cost, Disposals | ||
Cost, Lease reassessments | 139,489 | |
Cost, Foreign exchange impact | (31,444) | |
Cost, Additions from acquisitions | 1,230,792 | |
Cost ending balance | 2,272,843 | 2,164,799 |
Cost [Member] | Property, plant and equipment [member] | ||
Cost | ||
Cost beginning balance | 8,845,238 | 1,509,188 |
Cost, Additions from acquisitions | 82,674 | 5,389,745 |
Cost, Disposals | (10,047) | |
Cost, Lease reassessments | 139,489 | |
Cost, Foreign exchange impact | (160,000) | 18,082 |
Cost, Additions from acquisitions | 1,928,222 | |
Cost ending balance | 8,897,354 | 8,845,238 |
Accumulated depreciation [Member] | Buildings [Member] | ||
Accumulated depreciation | ||
Accumulated depreciation beginning balance | (58,849) | (36,781) |
Accumulated depreciation, Exchange adjustments | ||
Accumulated depreciation, Charge for the period | (14,693) | (22,068) |
Accumulated depreciation, Lease reassessments | ||
Accumulated depreciation, Foreign exchange impact | ||
Accumulated depreciation ending balance | (58,849) | |
Accumulated depreciation [Member] | Transportation equipment [Member] | ||
Accumulated depreciation | ||
Accumulated depreciation beginning balance | (111,251) | (44,412) |
Accumulated depreciation, Exchange adjustments | ||
Accumulated depreciation, Charge for the period | (18,250) | (66,839) |
Accumulated depreciation, Lease reassessments | ||
Accumulated depreciation, Foreign exchange impact | ||
Accumulated depreciation ending balance | (111,251) | |
Accumulated depreciation [Member] | Office and computer equipment [Member] | ||
Accumulated depreciation | ||
Accumulated depreciation beginning balance | (116,528) | (73,930) |
Accumulated depreciation, Exchange adjustments | (300) | |
Accumulated depreciation, Charge for the period | (89,164) | (42,298) |
Accumulated depreciation, Disposals | 1,480 | |
Accumulated depreciation, Lease reassessments | ||
Accumulated depreciation, Foreign exchange impact | (20,466) | |
Accumulated depreciation ending balance | (116,528) | |
Accumulated depreciation [Member] | Laboratory and testing equipment [Member] | ||
Accumulated depreciation | ||
Accumulated depreciation beginning balance | (393,454) | |
Accumulated depreciation, Exchange adjustments | ||
Accumulated depreciation, Charge for the period | (454,975) | (393,454) |
Accumulated depreciation, Lease reassessments | ||
Accumulated depreciation, Foreign exchange impact | 4,216 | |
Accumulated depreciation ending balance | (393,454) | |
Accumulated depreciation [Member] | Total Property and Equipment [Member] | ||
Accumulated depreciation | ||
Accumulated depreciation beginning balance | (680,082) | (155,123) |
Accumulated depreciation, Exchange adjustments | (300) | |
Accumulated depreciation, Charge for the period | (577,082) | (524,659) |
Accumulated depreciation, Disposals | 1,480 | |
Accumulated depreciation, Lease reassessments | ||
Accumulated depreciation, Foreign exchange impact | (16,250) | |
Accumulated depreciation ending balance | (680,082) | |
Accumulated depreciation [Member] | Right-of-use assets [Member] | ||
Accumulated depreciation | ||
Accumulated depreciation beginning balance | (471,287) | (117,436) |
Accumulated depreciation, Exchange adjustments | ||
Accumulated depreciation, Charge for the period | (258,432) | (353,851) |
Accumulated depreciation, Lease reassessments | (88,997) | |
Accumulated depreciation, Foreign exchange impact | 2,800 | |
Accumulated depreciation ending balance | (471,287) | |
Accumulated depreciation [Member] | Property, plant and equipment [member] | ||
Accumulated depreciation | ||
Accumulated depreciation beginning balance | (1,151,369) | (272,559) |
Accumulated depreciation, Exchange adjustments | (300) | |
Accumulated depreciation, Charge for the period | (835,514) | (878,510) |
Accumulated depreciation, Disposals | 1,480 | |
Accumulated depreciation, Lease reassessments | (88,997) | |
Accumulated depreciation, Foreign exchange impact | $ (13,449) | |
Accumulated depreciation ending balance | $ (1,151,369) |
Goodwill (Details) - Schedule o
Goodwill (Details) - Schedule of Goodwill | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Accumulated impairment | |
As at December 31, 2023 | |
Cost [Member] | |
Cost | |
As at January 1, 2023 | |
Acquired through business combination | 9,020,813 |
As at December 31, 2023 | 9,020,813 |
As at June 30, 2024 | 9,020,813 |
Accumulated impairment [member] | |
Accumulated impairment | |
As at January 1, 2023 | |
As at June 30, 2024 | $ 9,020,813 |
Goodwill (Details) - Schedule_2
Goodwill (Details) - Schedule of Goodwill is Allocated to the Operating Segments Expect to Benefit | Jun. 30, 2024 USD ($) |
Goodwill allocated to cash generating unit | |
Goodwill | $ 9,020,813 |
Balance Ending | 9,020,813 |
Goodwill allocated to cash generating unit [Member] | |
Goodwill allocated to cash generating unit | |
Balance Ending | $ 9,020,813 |
Patents and Other Intangibles_2
Patents and Other Intangibles (Details) - Schedule of Patents and Other Intangibles - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Accumulated amortization | ||
Carrying amount | $ 895,996 | $ 914,204 |
Patents [Member] | ||
Accumulated amortization | ||
Carrying amount | 643,694 | 615,103 |
Software [Member] | ||
Accumulated amortization | ||
Carrying amount | 252,302 | 299,101 |
Cost [Member] | ||
Cost | ||
Balance of Beginning | 1,373,897 | 991,509 |
Additions during the period | 72,040 | 382,388 |
Balance of Ending | 1,445,937 | 1,373,897 |
Cost [Member] | Patents [Member] | ||
Cost | ||
Balance of Beginning | 990,391 | 899,413 |
Additions during the period | 72,040 | 90,978 |
Balance of Ending | 1,062,431 | 990,391 |
Cost [Member] | Software [Member] | ||
Cost | ||
Balance of Beginning | 383,506 | 92,096 |
Additions during the period | 291,410 | |
Balance of Ending | 383,506 | 383,506 |
Accumulated amortization [Member] | ||
Accumulated amortization | ||
Balance of Beginning | (459,693) | (296,546) |
Charge | (90,248) | (163,147) |
Balance of Ending | (549,941) | (459,693) |
Accumulated amortization [Member] | Patents [Member] | ||
Accumulated amortization | ||
Balance of Beginning | (375,288) | (296,546) |
Charge | (43,449) | (78,742) |
Balance of Ending | (418,737) | (375,288) |
Accumulated amortization [Member] | Software [Member] | ||
Accumulated amortization | ||
Balance of Beginning | (84,405) | |
Charge | (46,799) | (84,405) |
Balance of Ending | $ (131,204) | $ (84,405) |
Exploration and Evaluation As_3
Exploration and Evaluation Assets and Mining Data (Details) - Schedule of Exploration and Evaluation Assets and Mining Data - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Cost | ||
Balance Beginning | $ 69,810,603 | $ 18,455,306 |
Additions during the period | 27,868,064 | 51,355,297 |
Balance Ending | 97,678,667 | 69,810,603 |
Mining Data [Member] | ||
Cost | ||
Balance Beginning | 12,746,135 | 12,746,135 |
Additions during the period | ||
Balance Ending | 12,746,135 | 12,746,135 |
Exploration and evaluation assets [Member] | ||
Cost | ||
Balance Beginning | 57,064,468 | 5,709,171 |
Additions during the period | 27,868,064 | 51,355,297 |
Balance Ending | $ 84,932,532 | $ 57,064,468 |
Trade and Other Payables (Detai
Trade and Other Payables (Details) - Schedule of Trade and Other Payables - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Trade and Other Payables [Abstract] | ||
Trade payables | $ 3,533,585 | $ 2,529,751 |
VAT payable | 852,479 | |
Accrued expenses | 3,074,793 | 4,953,234 |
Total | $ 6,608,378 | $ 8,335,464 |
Lease Liabilities (Details) - S
Lease Liabilities (Details) - Schedule of Lease Liability - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Schedule of Lease Liability [Abstract] | ||
Balance begining | $ 1,787,702 | $ 395,880 |
Additions | 76,906 | 1,677,918 |
Interest accretion on lease liability | 35,005 | 52,075 |
Payments | (316,090) | (338,171) |
Balance ending | 1,583,523 | 1,787,702 |
Current | 656,935 | 602,557 |
Non-current | 926,588 | 1,185,145 |
Total | $ 1,583,523 | $ 1,787,702 |
Lease Liabilities (Details) -_2
Lease Liabilities (Details) - Schedule of Undiscounted Lease Payments - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Undiscounted Lease Payments [Line Items] | ||
Lease payments | $ 1,601,253 | $ 1,914,101 |
Less than 1 year [Member] | ||
Schedule of Undiscounted Lease Payments [Line Items] | ||
Lease payments | 619,420 | 678,051 |
More than 1 year but less than 5 years [Member] | ||
Schedule of Undiscounted Lease Payments [Line Items] | ||
Lease payments | $ 981,833 | $ 1,236,050 |
Lease Liabilities (Details) -_3
Lease Liabilities (Details) - Schedule of Subsidiaries | 6 Months Ended |
Jun. 30, 2024 | |
TNCL [Member] | |
Schedule of Subsidiaries [Line Items] | |
Country | Tanzania |
Lease use | Office space |
Lease term start | December 31, 2022 |
Lease term end | September 30, 2026 |
Remaining term | 2 years 3 months |
Third Party | Cordula Limited |
TNCL [Member] | |
Schedule of Subsidiaries [Line Items] | |
Country | Tanzania |
Lease use | Office space |
Lease term start | October 1, 2021 |
Lease term end | September 30, 2026 |
Remaining term | 2 years 3 months |
Third Party | Cordula Limited |
TNCL [Member] | |
Schedule of Subsidiaries [Line Items] | |
Country | Tanzania |
Lease use | Camp accommodation |
Lease term start | March 1, 2023 |
Lease term end | February 28, 2026 |
Remaining term | 1 years 7 months 29 days |
Third Party | AKO Group Limited |
Lifezone Asia-Pacific Pty Ltd [Member] | |
Schedule of Subsidiaries [Line Items] | |
Country | Australia |
Lease use | Office space |
Lease term start | August 1, 2022 |
Lease term end | July 31, 2025 |
Remaining term | 1 years 1 months 1 day |
Third Party | Trustees of the Christian Brothers, Australia |
Simulus Pty Limited [Member] | |
Schedule of Subsidiaries [Line Items] | |
Country | Australia |
Lease use | Office and warehouse space |
Lease term start | April 28, 2022 |
Lease term end | April 27, 2026 |
Remaining term | 1 years 9 months 28 days |
Third Party | Seattle Investments Pty Ltd |
Simulus Pty Limited [Member] | |
Schedule of Subsidiaries [Line Items] | |
Country | Australia |
Lease use | Office and warehouse space |
Lease term start | August 1, 2023 |
Lease term end | July 31, 2025 |
Remaining term | 1 years 1 months 1 day |
Third Party | Nowa Pty Ltd Australia |
Simulus Pty Limited [Member] | |
Schedule of Subsidiaries [Line Items] | |
Country | Australia |
Lease use | Office and warehouse space |
Lease term start | August 1, 2023 |
Lease term end | July 31, 2025 |
Remaining term | 1 years 1 months 1 day |
Third Party | Nowa Pty Ltd Australia |
Hybrid Financial Instruments__3
Hybrid Financial Instruments: Convertible Debentures with Embedded Derivatives (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Mar. 27, 2024 | |
Hybrid Financial Instruments: Convertible Debentures with Embedded Derivatives [Line Items] | ||
Unsecured convertible debentures | $ 50,000,000 | |
Unsecured convertible debentures bear interest tem | 48 years | |
Debt interest rate | 6% | |
Maturity date | Mar. 27, 2028 | |
Unsecured convertible debentures price (in Dollars per share) | $ 8 | |
Interest paid | $ 1,203,515 | $ 1,203,515 |
Weighted Average rate | 30% | |
Weighted average price ( (in Dollars per share) | $ 8 | |
Conversion price rate | 50% | |
Transaction costs | $ 750,000 | |
Issuance discount rate | 1.50% | |
Aggregate principal amount | $ 352,348 | |
Percentage of total transaction costs | 49.60% | |
Debt instrument | $ 50,000,000 | |
Derivative liability | 25,200,000 | |
Debt instrument | $ 24,800,000 | |
Amortized cost effective interest rate | 31.60% | |
Assumed volatility rate | ||
Conversion price long term | 4 years | |
Effective interest rate term | 4 years | |
Embedded derivative liability | $ 25,500,000 | |
Market credit value | 356,000 | |
Fair value increase value | $ 356,000 | |
Secured Overnight Financing Rate [Member] | ||
Hybrid Financial Instruments: Convertible Debentures with Embedded Derivatives [Line Items] | ||
Debt interest rate | 4% | |
Secured overnight financing floor rate | 3% | |
Secured Overnight Financing Rate [Member] | Lifezone [Member] | ||
Hybrid Financial Instruments: Convertible Debentures with Embedded Derivatives [Line Items] | ||
Debt interest rate | 105% | |
Interest Shares [Member] | ||
Hybrid Financial Instruments: Convertible Debentures with Embedded Derivatives [Line Items] | ||
Debt interest rate | 7.50% | |
Unsecured Convertible Debentures [Member] | ||
Hybrid Financial Instruments: Convertible Debentures with Embedded Derivatives [Line Items] | ||
Unsecured convertible debentures price (in Dollars per share) | $ 4 | |
EmbeddedDerivativeLiability[Member] | ||
Hybrid Financial Instruments: Convertible Debentures with Embedded Derivatives [Line Items] | ||
Assumed volatility rate | 65% |
Hybrid Financial Instruments__4
Hybrid Financial Instruments: Convertible Debentures with Embedded Derivatives (Details) - Schedule of Fair Value of Conversion Right Using Finite Difference Method and Share Interest Feature Using the Monte Carlo Simulations | 6 Months Ended |
Jun. 30, 2024 | |
Valuation Date [Member] | |
Schedule of Key Inputs [Line Items] | |
Key Inputs | March 27, 2024 |
Maturity Date [Member] | |
Schedule of Key Inputs [Line Items] | |
Key Inputs | March 27, 2028, term of 4 years |
Risk-free Rate [Member] | |
Schedule of Key Inputs [Line Items] | |
Key Inputs | Zero coupon curve based on United States Dollar Swap rates as of March 27, 2024 |
Equity Volatility [Member] | |
Schedule of Key Inputs [Line Items] | |
Key Inputs | $7.75, based on Lifezone’s March 27, 2024, closing share price on the NYSE |
Equity Volatility [Member] | |
Schedule of Key Inputs [Line Items] | |
Key Inputs | 65%, selected based on review of the volatility (rounded) of a group of peer companies |
Dividend Yield [Member] | |
Schedule of Key Inputs [Line Items] | |
Key Inputs | Assumed at 0% as Management does not expect dividends to be distributed during the term of the Debenture |
Interest Rate [Member] | |
Schedule of Key Inputs [Line Items] | |
Key Inputs | Forward SOFR + 4.0%, subject to a SOFR floor of 3.0%, 30/360 basis |
Conversion Price [Member] | |
Schedule of Key Inputs [Line Items] | |
Key Inputs | $8.00 |
Conversion Cap [Member] | |
Schedule of Key Inputs [Line Items] | |
Key Inputs | $12.00 |
Credit Spread [Member] | |
Schedule of Key Inputs [Line Items] | |
Key Inputs | 19.0% based on an estimated market-based unsecured rate for the Company and consideration of calibrating the FV of the Debentures to 98.5% of par |
Hybrid Financial Instruments__5
Hybrid Financial Instruments: Convertible Debentures with Embedded Derivatives (Details) - Schedule of Debenture Host Debt Instrument | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Schedule of Debenture Host Debt Instrument [Line Items] | |
At January 1, 2024 | |
Additions | (24,807,000) |
OID and Transaction issuance cost | 546,919 |
Interest | (564,862) |
Accretion of issuance cost | (35,563) |
At June 30, 2024 | $ (24,860,506) |
Hybrid Financial Instruments__6
Hybrid Financial Instruments: Convertible Debentures with Embedded Derivatives (Details) - Schedule of Embedded Derivatives | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Schedule of Embedded Derivatives [Abstract] | |
Balance at beginning of year | |
Additions | (25,193,000) |
Fair value reassessment | (356,000) |
Balance at end of year | (25,549,000) |
Total Convertible debentures with embedded derivatives | $ (50,409,506) |
Deferred Consideration Liabil_3
Deferred Consideration Liability (Details) - USD ($) | 6 Months Ended | |||||
Dec. 09, 2024 | Dec. 15, 2022 | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Apr. 30, 2021 | |
Deferred Consideration Liability [Line Items] | ||||||
Total consideration | $ 6,000,000 | |||||
Deferred consideration liability | 3,851,611 | $ 3,693,612 | $ 3,689,755 | |||
Kabanga Holdings Limited [Member] | ||||||
Deferred Consideration Liability [Line Items] | ||||||
Total consideration | 14,000,000 | $ 14,000,000 | ||||
KNL [Member] | ||||||
Deferred Consideration Liability [Line Items] | ||||||
Total consideration | 8,000,000 | |||||
Payments for sellers | $ 2,000,000 | |||||
First Tranche [Member] | ||||||
Deferred Consideration Liability [Line Items] | ||||||
Payments for sellers | 2,000,000 | |||||
Second Tranche [Member] | ||||||
Deferred Consideration Liability [Line Items] | ||||||
Payments for sellers | $ 4,000,000 | |||||
Forecast [Member] | DFS [Member] | ||||||
Deferred Consideration Liability [Line Items] | ||||||
Payments for sellers | $ 4,000,000 |
Deferred Consideration Liabil_4
Deferred Consideration Liability (Details) - Schedule of Carrying Amount for the Reporting Periods - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Schedule of Carrying Amount for the Reporting Periods [Abstract] | ||
Beginning balance | $ 3,693,612 | $ 3,689,755 |
Remeasurement gain | (156,047) | |
Accretion of interest | 157,999 | 159,904 |
Ending balance | $ 3,851,611 | $ 3,693,612 |
Significant Related Party Tra_3
Significant Related Party Transactions (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2020 | |
Significant Related Party Transactions [Line Items] | |||
Percentage of shares outstanding | 30.30% | ||
Amount paid | $ 3,465 | ||
Unpaid amount | 43,750 | ||
Total outstanding amount | |||
Bonus paid | 512,524 | ||
Percentage of total compensation | 5% | ||
Lifezone Metals Limited [Member] | |||
Significant Related Party Transactions [Line Items] | |||
Paid amount | $ 55,000 | ||
Keith Liddell [Member] | |||
Significant Related Party Transactions [Line Items] | |||
Amount paid | 395,878 | ||
Mr.Charles Liddell [Member] | |||
Significant Related Party Transactions [Line Items] | |||
Amount paid | 3,465 | 63,163 | |
Ms.Natsha Liddell [Member] | |||
Significant Related Party Transactions [Line Items] | |||
Amount paid | 85,111 | 146,224 | |
Atlas [Member] | |||
Significant Related Party Transactions [Line Items] | |||
Amount paid | 21,048 | ||
Mr.Simon Liddell [Member] | |||
Significant Related Party Transactions [Line Items] | |||
Amount paid | 133,343 | $ 144,904 | |
Lifezone Limited [Member] | |||
Significant Related Party Transactions [Line Items] | |||
Loan amount | $ 75,000 | $ 375,000 | |
Percentage of interest acquired | 100% | ||
Lifezone Limited [Member] | Convertible instruments [member] | |||
Significant Related Party Transactions [Line Items] | |||
Percentage of interest acquired | 33.33% | ||
Lisa Smith [Member] | |||
Significant Related Party Transactions [Line Items] | |||
Total outstanding amount | $ 75,000 | ||
Employees [Member] | |||
Significant Related Party Transactions [Line Items] | |||
Bonus paid | $ 305,497 | ||
Kelltech Limited [Member] | Convertible instruments [member] | |||
Significant Related Party Transactions [Line Items] | |||
Percentage of interest acquired | 50% | ||
KTSA [Member] | Convertible instruments [member] | |||
Significant Related Party Transactions [Line Items] | |||
Percentage of interest acquired | 33.33% |
Significant Related Party Tra_4
Significant Related Party Transactions (Details) - Schedule of Receivables Due from Related Parties - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Balances with affiliated entities | ||
Other receivables | $ 487,330 | $ 1,433,243 |
Balances with management personnel | ||
Related party receivables - Interest bearing | 562,330 | 1,580,243 |
Balances with management personnel | ||
Related party payables | 43,750 | 132,048 |
BHP Billiton (UK) DDS Limited [Member] | ||
Balances with affiliated entities | ||
Other receivables | 8,772 | |
Kelltechnology SA Proprietary Ltd [Member] | ||
Balances with affiliated entities | ||
Other receivables | 478,558 | 1,433,243 |
Related party receivables - Interest free [Member] | ||
Balances with management personnel | ||
Related party receivables - Interest bearing | 75,000 | 75,000 |
Related party receivables [Member[ | ||
Balances with management personnel | ||
Related party receivables - Interest bearing | 75,000 | 75,000 |
Related party payables [Member] | ||
Balances with management personnel | ||
Related party payables | $ 43,750 | $ 132,048 |
Significant Related Party Tra_5
Significant Related Party Transactions (Details) - Schedule of Remuneration of key Management Personnel - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Employment of and Existing Consulting Agreements [Line Items] | ||||
Cash compensation for services | $ 2,091,902 | $ 1,584,740 | ||
Short-term bonuses | 305,497 | 512,524 | ||
Pension and medical benefits | 50,419 | 32,135 | ||
Total key management compensation | $ 2,447,818 | $ 2,129,399 | ||
Related Party [Member] | ||||
Schedule of Employment of and Existing Consulting Agreements [Line Items] | ||||
Cash compensation for services | $ 1,106,733 | $ 914,697 | ||
Short-term bonuses | 305,497 | 512,524 | ||
Pension and medical benefits | 25,586 | 24,010 | ||
Total key management compensation | $ 1,497,815 | $ 1,451,231 |
Significant Related Party Tra_6
Significant Related Party Transactions (Details) - Schedule of Employment of and Existing Consulting Agreements | 6 Months Ended |
Jun. 30, 2024 | |
Natasha Liddell [Member] | |
Significant Related Party Transactions (Details) - Schedule of Employment of and Existing Consulting Agreements [Line Items] | |
Key management personnel, Officer position | Chair |
Chris Showalter [Member] | |
Significant Related Party Transactions (Details) - Schedule of Employment of and Existing Consulting Agreements [Line Items] | |
Key management personnel, Officer position | Chief Executive Officer |
Ingo Hofmaier [Member] | |
Significant Related Party Transactions (Details) - Schedule of Employment of and Existing Consulting Agreements [Line Items] | |
Key management personnel, Officer position | Chief Financial Officer (joined June 29, 2023) |
Dr Michael Adams [Member] | |
Significant Related Party Transactions (Details) - Schedule of Employment of and Existing Consulting Agreements [Line Items] | |
Key management personnel, Officer position | Chief Technology Officer |
Gerick Mouton [Member] | |
Significant Related Party Transactions (Details) - Schedule of Employment of and Existing Consulting Agreements [Line Items] | |
Key management personnel, Officer position | Chief Operating Officer |
Benedict Busunzu [Member] | |
Significant Related Party Transactions (Details) - Schedule of Employment of and Existing Consulting Agreements [Line Items] | |
Key management personnel, Officer position | Tembo Nickel Chief Executive Officer |
Spencer Davis [Member] | |
Significant Related Party Transactions (Details) - Schedule of Employment of and Existing Consulting Agreements [Line Items] | |
Key management personnel, Officer position | Group General Counsel (joined March 1, 2023) |
Anthony von Christierson [Member] | |
Significant Related Party Transactions (Details) - Schedule of Employment of and Existing Consulting Agreements [Line Items] | |
Key management personnel, Officer position | Senior Vice President: Commercial and Business Development |
Evan Young [Member] | |
Significant Related Party Transactions (Details) - Schedule of Employment of and Existing Consulting Agreements [Line Items] | |
Key management personnel, Officer position | Senior Vice President: Investor Relations and Capital Markets (joined October 10, 2023) |
Significant Related Party Tra_7
Significant Related Party Transactions (Details) - Schedule of Revenue from Related Parties - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Related Parties [Abstract] | ||||
Consulting and management fee revenue | $ 495,048 | |||
Kellplant Proprietary Ltd [Member] | ||||
Schedule of Related Parties [Abstract] | ||||
Consulting and management fee revenue | 129,680 | |||
Kelltechnology SA Proprietary Ltd [Member] | ||||
Schedule of Related Parties [Abstract] | ||||
Consulting and management fee revenue | $ 365,368 |
Equity (Details)
Equity (Details) - USD ($) | 1 Months Ended | 6 Months Ended | |||||||
Oct. 19, 2023 | Feb. 15, 2023 | Dec. 31, 2022 | Oct. 31, 2022 | Dec. 31, 2021 | Jan. 31, 2021 | Jun. 30, 2024 | Jul. 06, 2023 | Oct. 14, 2022 | |
Equity [Line Items] | |||||||||
Non-dilutable free-carried interest | 16% | ||||||||
Investment in equity (in Dollars) | $ 50,000,000 | $ 10,000,000 | |||||||
Stock issued (in Dollars) | $ 50,000,000 | $ 1,000 | |||||||
Equity issuance cost (in Dollars) | $ 2,500,000 | $ 32,485 | |||||||
Volume-weighted average price, description | (i) $14.00 per share for any 20-trading days within a 30- trading day period (“Trigger Event 1”) and (ii) $16.00 for any 20 trading days within a 30-trading day period (“Trigger Event 2”). | ||||||||
Shares issued and outstanding (in Shares) | 1,725,000 | ||||||||
Warrants received (in Shares) | 667,500 | ||||||||
Price per warrant unit. (in Dollars per share) | $ 0.57 | ||||||||
Warrants received (in Dollars) | $ 878,025 | ||||||||
Exercise of warrants (in Shares) | 76,350 | ||||||||
Bottom of Range [Member] | |||||||||
Equity [Line Items] | |||||||||
Percentage of equity interest | 4.84% | 8.90% | |||||||
Non-dilutable free-carried interest | 8.90% | ||||||||
Top of Range [Member] | |||||||||
Equity [Line Items] | |||||||||
Percentage of equity interest | 5.02% | 17% | |||||||
Non-dilutable free-carried interest | 17% | ||||||||
Public Warrants [Member] | |||||||||
Equity [Line Items] | |||||||||
Price per warrant unit. (in Dollars per share) | $ 1.05 | ||||||||
TNCL [Member] | |||||||||
Equity [Line Items] | |||||||||
Non-dilutable free-carried interest | 16% | ||||||||
Lifezone Limited [Member] | |||||||||
Equity [Line Items] | |||||||||
Percentage of equity interest | 100% | ||||||||
Warrant reserve [member] | |||||||||
Equity [Line Items] | |||||||||
Equity issuance cost (in Dollars) | |||||||||
Exercise prices (in Dollars per share) | $ 11.5 |
Equity (Details) - Schedule of
Equity (Details) - Schedule of Equity Interest - Lifezone Metals Limited [Member] - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Lifezone Metals Limited | ||
Number of ordinary shares in issue | 78,275,357 | 78,269,952 |
Nominal average value per ordinary per share | $ 0.0001 | $ 0.0001 |
Nominal value of ordinary total shares: | $ 7,829 | $ 7,828 |
Equity (Details) - Schedule o_2
Equity (Details) - Schedule of Reconciliation of Shareholders' Equity Movement - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Share capital, beginning | ||
Number of Shares, Exchanged for Issue of Lifezone Metal Limited shares (in Shares) | 62,680,131 | 62,680,131 |
Number of Shares amount, Exchanged for Issue of Lifezone Metal Limited shares | $ 6,268 | $ 6,268 |
Number of Shares, Previous GoGreen Sponsor shareholders (in Shares) | 6,544,950 | 6,544,950 |
Number of Shares amount, Previous GoGreen Sponsor shareholders | $ 655 | $ 655 |
Number of Shares, Previous GoGreen public shareholders (in Shares) | 1,527,554 | 1,527,554 |
Number of Shares amount, Previous GoGreen public shareholders | $ 153 | $ 153 |
Number of Shares, PIPE Investors (in Shares) | 7,017,317 | 7,017,317 |
Number of Shares amount, PIPE Investors | $ 702 | $ 702 |
Number of Shares, Simulus Vendors (in Shares) | 500,000 | 500,000 |
Number of Shares amount, Simulus Vendors | $ 50 | $ 50 |
Number of Shares, Issue of Lifezone Metal Limited shares (in Shares) | 78,269,952 | 78,269,952 |
Number of Shares amount, Issue of Lifezone Metal Limited shares | $ 7,828 | $ 7,828 |
Number of Shares, Issue of shares from RSU awards (in Shares) | 5,405 | |
Number of Shares amount, Issue of shares from RSU awards | $ 1 | |
Number of Shares, Total transactions with shareholders (in Shares) | 5,405 | |
Number of Shares amount, Total transactions with shareholders | $ 1 | |
Number of Shares, Share capital, ending (in Shares) | 78,275,357 | 78,269,952 |
Number of Shares amount, Share capital, ending | $ 7,829 | $ 7,828 |
Number of Shares amount, Share premium | 184,642,791 | 184,610,307 |
Number of Shares amount, Equity issuance fees | (5,923,979) | (5,923,979) |
Number of Shares amount, Total share premium | 178,718,812 | 178,686,328 |
Number of Shares amount, Previous Lifezone Holdings shareholders earnouts | 248,464,035 | 248,464,035 |
Number of Shares amount, Previous Sponsor earnouts | 17,094,750 | 17,094,750 |
Number of Shares amount, Total shared base payment reserve | 265,558,785 | 265,558,785 |
Number of Shares amount, Warrant reserves | 15,017,257 | 15,017,257 |
Number of Shares amount, Other reserves | (5,314,302) | (6,814,302) |
Number of Shares amount, Translations reserve | 56,060 | 77,933 |
Number of Shares amount, Redemption reserve | 280,808 | 280,808 |
Number of Shares amount, Accumulated deficit | (418,864,652) | (408,165,162) |
Number of Shares amount, Total Shareholders' equity | 35,460,597 | $ 44,649,475 |
Movements [Member] | ||
Share capital, beginning | ||
Number of Shares amount, Exchanged for Issue of Lifezone Metal Limited shares | ||
Number of Shares amount, Previous GoGreen Sponsor shareholders | ||
Number of Shares amount, Previous GoGreen public shareholders | ||
Number of Shares amount, PIPE Investors | ||
Number of Shares amount, Simulus Vendors | ||
Number of Shares amount, Issue of Lifezone Metal Limited shares | ||
Number of Shares, Issue of shares from RSU awards (in Shares) | 5,405 | |
Number of Shares amount, Issue of shares from RSU awards | $ 1 | |
Number of Shares, Total transactions with shareholders (in Shares) | 5,405 | |
Number of Shares amount, Total transactions with shareholders | $ 1 | |
Number of Shares, Share capital, ending (in Shares) | 5,405 | |
Number of Shares amount, Share capital, ending | $ 1 | |
Number of Shares amount, Share premium | 32,484 | |
Number of Shares amount, Equity issuance fees | ||
Number of Shares amount, Total share premium | 32,484 | |
Number of Shares amount, Previous Lifezone Holdings shareholders earnouts | ||
Number of Shares amount, Previous Sponsor earnouts | ||
Number of Shares amount, Total shared base payment reserve | ||
Number of Shares amount, Warrant reserves | ||
Number of Shares amount, Other reserves | 1,500,000 | |
Number of Shares amount, Translations reserve | (21,873) | |
Number of Shares amount, Accumulated deficit | (10,699,490) | |
Number of Shares amount, Total Shareholders' equity | $ (9,188,878) |
Equity (Details) - Schedule o_3
Equity (Details) - Schedule of Stock Option Pricing Model of Monte Carlo Simulation Model | 6 Months Ended |
Jun. 30, 2024 $ / shares | |
Schedule of Monte Carlo Simulation Model [Abstract] | |
Stock Price as of Measurement Date / BCA Date (in Dollars per share) | $ 10.32 |
Equity Volatility (Pre BCA) | |
Equity Volatility (Post BCA assumption) | 94% |
Risk-Free Rate (5.00 Years) | 4.28% |
Equity (Details) - Schedule o_4
Equity (Details) - Schedule of Stock Option Pricing Model of Monte Carlo Simulation Model (Parentheticals) | 6 Months Ended |
Jun. 30, 2024 | |
Schedule of Monte Carlo Simulation Model [Abstract] | |
Risk-Free Rate | 5 years |
Equity (Details) - Schedule o_5
Equity (Details) - Schedule of Share Price Earnout Tranches | 6 Months Ended |
Jun. 30, 2024 $ / shares | |
Equity (Details) - Schedule of Share Price Earnout Tranches [Line Items] | |
Change of Control Provisions, Share Price Hurdle | Estimate |
Change of Control Date, Share Price Hurdle | n/a |
Probability of Change of Control, Share Price Hurdle | 0% |
Tranche 1 [Member] | |
Equity (Details) - Schedule of Share Price Earnout Tranches [Line Items] | |
Sale Threshold Price for Tranche 2 - Triggering Event II, Beginning | 07/06/2023 |
Sale Threshold Price for Tranche 2 - Triggering Event II, Expiration | 07/06/2028 |
Sale Threshold Price for Tranche 2 - Triggering Event II, Share Price Hurdle | $ 14 |
Tranche 2 [Member] | |
Equity (Details) - Schedule of Share Price Earnout Tranches [Line Items] | |
Sale Threshold Price for Tranche 2 - Triggering Event II, Beginning | 07/06/2023 |
Sale Threshold Price for Tranche 2 - Triggering Event II, Expiration | 07/06/2028 |
Sale Threshold Price for Tranche 2 - Triggering Event II, Share Price Hurdle | $ 16 |
Threshold Price [Member] | |
Equity (Details) - Schedule of Share Price Earnout Tranches [Line Items] | |
Days Above, Share Price Hurdle | 20 days |
Measurement Period [Member] | |
Equity (Details) - Schedule of Share Price Earnout Tranches [Line Items] | |
Days Above, Share Price Hurdle | 30 days |
Equity (Details) - Schedule o_6
Equity (Details) - Schedule of Fair Value of Earnouts Granted | 6 Months Ended |
Jun. 30, 2024 USD ($) $ / shares shares | |
Schedule of Fair Value of Earnouts Granted [Line Items] | |
Outstanding as at December 31, 2023, Share Earnout | shares | 1,725,000 |
Outstanding as at December 31, 2023, Fair value | $ | $ 17,094,750 |
Lifezone Holdings [Member] | |
Schedule of Fair Value of Earnouts Granted [Line Items] | |
Granted - Lifezone Holdings, Share Earnout | shares | 12,536,026 |
Granted - Lifezone Holdings, Fair value per Earnout | $ / shares | $ 9.98 |
Granted - Lifezone Holdings, Fair value | $ | $ 125,109,539 |
Lifezone Holdings One [Member] | |
Schedule of Fair Value of Earnouts Granted [Line Items] | |
Granted - Lifezone Holdings, Share Earnout | shares | 12,536,026 |
Granted - Lifezone Holdings, Fair value per Earnout | $ / shares | $ 9.84 |
Granted - Lifezone Holdings, Fair value | $ | $ 123,354,496 |
Other related parties [member] | |
Schedule of Fair Value of Earnouts Granted [Line Items] | |
Outstanding as at December 31, 2023, Share Earnout | shares | 25,072,052 |
Outstanding as at December 31, 2023, Fair value | $ | $ 248,464,035 |
Sponsor Shareholders [Member] | |
Schedule of Fair Value of Earnouts Granted [Line Items] | |
Granted - Sponsor shareholder, Share Earnout | shares | 862,500 |
Granted - Sponsor shareholder, Fair value per Earnout | $ / shares | $ 9.98 |
Granted - Sponsor shareholder, Fair value | $ | $ 8,607,750 |
Sponsor Shareholders One [Member] | |
Schedule of Fair Value of Earnouts Granted [Line Items] | |
Granted - Sponsor shareholder, Share Earnout | shares | 862,500 |
Granted - Sponsor shareholder, Fair value per Earnout | $ / shares | $ 9.84 |
Granted - Sponsor shareholder, Fair value | $ | $ 8,487,000 |
Equity (Details) - Schedule o_7
Equity (Details) - Schedule of Fair Value of Earnouts Granted (Parentheticals) | 6 Months Ended |
Jun. 30, 2024 $ / shares | |
Lifezone Holdings [Member] | |
Schedule of Fair Value of Earnouts Granted [Line Items] | |
Granted - Lifezone Holdings ( per Share), Fair value per Earnout | $ 14 |
Lifezone Holdings One [Member] | |
Schedule of Fair Value of Earnouts Granted [Line Items] | |
Granted - Lifezone Holdings ( per Share), Fair value per Earnout | 16 |
Sponsor Shareholders [Member] | |
Schedule of Fair Value of Earnouts Granted [Line Items] | |
Granted - Sponsor shareholder ( per Share), Fair value per Earnout | 14 |
Sponsor Shareholders One [Member] | |
Schedule of Fair Value of Earnouts Granted [Line Items] | |
Granted - Sponsor shareholder ( per Share), Fair value per Earnout | $ 16 |
Equity (Details) - Schedule o_8
Equity (Details) - Schedule of Classification of Warrants at the Time of Inception | 6 Months Ended |
Jun. 30, 2024 $ / shares | |
Schedule of Classification of Warrants at the Time of Inception [Line Items] | |
Stock Price as of Measurement Date | $ 11.44 |
Strike Price | $ 11.5 |
Risk-Free Rate (5.00 Years) | 4.16% |
Redemption Threshold Price | $ 18 |
Days Above Threshold Price (Automatic Redemption) | 20 days |
Days Above Measurement Period | 30 days |
Probability of Acquisition | 100% |
July 5, 2023 [Member] | |
Schedule of Classification of Warrants at the Time of Inception [Line Items] | |
Stock Option Pricing Model Date | July 5, 2023 |
October 21, 2021 [Member] | |
Schedule of Classification of Warrants at the Time of Inception [Line Items] | |
Stock Option Pricing Model Date | October 21, 2021 |
December 13, 2022 [Member] | |
Schedule of Classification of Warrants at the Time of Inception [Line Items] | |
Stock Option Pricing Model Date | December 13, 2022 |
July 5, 2023 One [Member] | |
Schedule of Classification of Warrants at the Time of Inception [Line Items] | |
Stock Option Pricing Model Date | July 5, 2023 |
August 4, 2023 [Member] | |
Schedule of Classification of Warrants at the Time of Inception [Line Items] | |
Stock Option Pricing Model Date | August 4, 2023 |
July 5, 2028 [Member] | |
Schedule of Classification of Warrants at the Time of Inception [Line Items] | |
Stock Option Pricing Model Date | July 5, 2028 |
December 13, 2021 [Member] | |
Schedule of Classification of Warrants at the Time of Inception [Line Items] | |
Stock Option Pricing Model Date | December 13, 2021 |
Equity (Details) - Schedule o_9
Equity (Details) - Schedule of Classification of Warrants at the Time of Inception (Parentheticals) | 6 Months Ended |
Jun. 30, 2024 | |
Schedule of Classification of Warrants at the Time of Inception [Line Items] | |
Risk-Free Rate | 5 years |
Equity (Details) - Schedule _10
Equity (Details) - Schedule of Fair Value of Outstanding Warrants | 6 Months Ended |
Jun. 30, 2024 USD ($) shares | |
Public Warrants [Member] | Warrants [Member] | |
Schedule of Fair Value of Outstanding Warrants [Line Items] | |
Beginning balance, Warrants | shares | |
Public Warrants, Warrants | shares | 13,800,000 |
Exercised, Warrants | shares | (76,350) |
Ending balance, Warrants | shares | 13,723,650 |
Public Warrants [Member] | Fair Value [Member] | |
Schedule of Fair Value of Outstanding Warrants [Line Items] | |
Beginning balance, Fair value | $ | |
Public Warrants, Fair value | $ | 14,490,000 |
Exercised, Fair value | $ | (80,168) |
Ending balance, Fair value | $ | $ 14,409,833 |
Private Warrants [Member] | Warrants [Member] | |
Schedule of Fair Value of Outstanding Warrants [Line Items] | |
Beginning balance, Warrants | shares | |
Public Warrants, Warrants | shares | 667,500 |
Ending balance, Warrants | shares | 667,500 |
Private Warrants [Member] | Fair Value [Member] | |
Schedule of Fair Value of Outstanding Warrants [Line Items] | |
Beginning balance, Fair value | $ | |
Public Warrants, Fair value | $ | 607,425 |
Ending balance, Fair value | $ | $ 607,425 |
Equity (Details) - Schedule _11
Equity (Details) - Schedule of Fair Value of Outstanding Warrants (Parentheticals) - Warrants [Member] | 6 Months Ended |
Jun. 30, 2024 $ / shares | |
Public Warrants [Member] | |
Schedule of Fair Value of Outstanding Warrants [Line Items] | |
Warrants per share | $ 11.5 |
Private Warrants [Member] | |
Schedule of Fair Value of Outstanding Warrants [Line Items] | |
Warrants per share | $ 11.5 |
Loss Per Share (LPS) (Details)
Loss Per Share (LPS) (Details) - shares | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Aug. 16, 2024 | |
Loss Per Share (LPS) [Abstract] | |||
Warrants outstanding | 41,188,202 | 14,391,141 | |
Options and RSU outstanding | 4,516,520 |
Loss Per Share (LPS) (Details)
Loss Per Share (LPS) (Details) - Schedule of Basic and Diluted Loss Per Common Share - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator: | ||||
Net loss used for basic earnings per share (in Dollars) | $ (6,750,125) | $ (4,367,422) | $ (10,699,490) | $ (10,403,600) |
Denominator: | ||||
Basic weighted-average outstanding common shares | 78,275,354 | 58,300,082 | 78,274,404 | 58,300,082 |
Effect of dilutive potential common shares resulting from options | 2,819,653 | 2,819,653 | ||
Effect of dilutive potential restricted stock units | 1,696,867 | 1,696,867 | ||
Effect of dilutive potential warrants units | 14,391,150 | 14,391,150 | ||
Effect of dilutive potential earnout stock units | 26,797,052 | 26,797,052 | ||
Weighted-average shares outstanding - diluted | 119,463,556 | 62,816,602 | 119,462,606 | 62,816,602 |
Net loss per common share: | ||||
Basic loss per share (in Dollars per share) | $ (0.09) | $ (0.07) | $ (0.14) | $ (0.18) |
Loss Per Share (LPS) (Details_2
Loss Per Share (LPS) (Details) - Schedule of Basic and Diluted Loss Per Common Share (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Basic and Diluted Loss Per Common Share [Abstract] | ||||
Diluted loss per share | $ (0.09) | $ (0.07) | $ (0.14) | $ (0.18) |
Joint ventures (Details)
Joint ventures (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Feb. 15, 2023 | |
Joint ventures [Line Items] | ||
Ownership Interest percentage | 33.33% | |
Recognized share percentage | 50% | |
Limited share capital (in Dollars) | $ 1,000 | $ 50,000,000 |
Kelltech Limited [Member] | ||
Joint ventures [Line Items] | ||
Ownership Interest percentage | 50% | |
KTSA [Member] | ||
Joint ventures [Line Items] | ||
Ownership Interest percentage | 66.67% | |
Lifezone Limited [Member] | ||
Joint ventures [Line Items] | ||
Ownership Interest percentage | 33.33% | |
Kellplant [Member] | ||
Joint ventures [Line Items] | ||
Ownership Interest percentage | 33.33% |
Joint ventures (Details) - Sche
Joint ventures (Details) - Schedule of Lifezone’s Joint Ventures | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Kelltech Limited [Member] | ||
Schedule of Lifezone’s Joint Ventures [Line Items] | ||
Country of incorporation | Mauritius | |
Principal place of business | Mauritius | |
Percentage of Ownership (%) | 50% | 50% |
Kelltechnology South Africa (RF) Proprietary Ltd [Member] | ||
Schedule of Lifezone’s Joint Ventures [Line Items] | ||
Country of incorporation | South Africa | |
Principal place of business | South Africa | |
Percentage of Ownership (%) | 33% | 33% |
Kellplant Proprietary Ltd [Member] | ||
Schedule of Lifezone’s Joint Ventures [Line Items] | ||
Country of incorporation | South Africa | |
Principal place of business | South Africa | |
Percentage of Ownership (%) | 33% | 33% |
Financial Risk Review (Details)
Financial Risk Review (Details) | Jun. 30, 2024 USD ($) |
Financial Risk Review [Line Items] | |
Loan credit | $ 75,000 |
Lisa Smith [Member] | |
Financial Risk Review [Line Items] | |
Loan credit | 75,000 |
Lifezone Limited [Member] | |
Financial Risk Review [Line Items] | |
Loan credit | $ 75,000 |
Financial Risk Review (Detail_2
Financial Risk Review (Details) - Schedule of Information about the Credit Risk Exposure of Lifezone’s Financial Assets - Financial assets [Member] - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Information about the Credit Risk Exposure of Lifezone’s Financial Assets [Line Items] | ||
Cash and cash equivalents | $ 63,492,965 | $ 49,391,627 |
Other receivables | 796,082 | 696,968 |
Receivables from affiliated entities | 487,330 | 1,433,243 |
Related party receivables | 75,000 | 75,000 |
Total | $ 64,851,377 | $ 51,596,838 |
Financial Risk Review (Detail_3
Financial Risk Review (Details) - Schedule of Credit Risk Exposure - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Credit Risk Exposure [Line Items] | ||||
Cash and cash equivalent | $ 63,492,965 | $ 49,391,627 | $ 44,410,732 | $ 20,535,210 |
Other receivables | 796,082 | 696,968 | ||
Receivable from affiliated entities | 487,330 | 1,433,243 | ||
Related party receivables | 75,000 | 75,000 | ||
Total | 64,851,377 | 51,596,838 | ||
Current [member] | ||||
Schedule of Credit Risk Exposure [Line Items] | ||||
Cash and cash equivalent | 63,492,965 | 49,391,627 | ||
Other receivables | 195,439 | 98,836 | ||
Receivable from affiliated entities | 487,330 | 1,433,243 | ||
Related party receivables | 75,000 | 75,000 | ||
Total | 64,250,734 | 50,998,706 | ||
Days past due 31 – 60 [Member] | ||||
Schedule of Credit Risk Exposure [Line Items] | ||||
Cash and cash equivalent | ||||
Other receivables | 600,643 | 598,132 | ||
Receivable from affiliated entities | ||||
Related party receivables | ||||
Total | 600,643 | 598,132 | ||
Days past due 61 – 90 [Member] | ||||
Schedule of Credit Risk Exposure [Line Items] | ||||
Cash and cash equivalent | ||||
Other receivables | ||||
Receivable from affiliated entities | ||||
Related party receivables | ||||
Total | ||||
Days past due 91 – 120 [Member] | ||||
Schedule of Credit Risk Exposure [Line Items] | ||||
Cash and cash equivalent | ||||
Other receivables | ||||
Receivable from affiliated entities | ||||
Related party receivables | ||||
Total | ||||
Days past due >120 [Member] | ||||
Schedule of Credit Risk Exposure [Line Items] | ||||
Cash and cash equivalent | ||||
Other receivables | ||||
Receivable from affiliated entities | ||||
Related party receivables | ||||
Total | ||||
Impairment [Member] | ||||
Schedule of Credit Risk Exposure [Line Items] | ||||
Cash and cash equivalent | ||||
Other receivables | ||||
Receivable from affiliated entities | ||||
Related party receivables | ||||
Total |
Financial Risk Review (Detail_4
Financial Risk Review (Details) - Schedule of Liquidity Risk - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Liquidity Risk [Line Items] | ||
Total | $ 62,470,746 | $ 13,529,128 |
Schedule of Liquidity Risk [Line Items] | ||
Total | 6,668,844 | 7,667,147 |
30-60 days [Member] | ||
Schedule of Liquidity Risk [Line Items] | ||
Total | 50,953 | 104,240 |
61 – 90 days [Member] | ||
Schedule of Liquidity Risk [Line Items] | ||
Total | 50,953 | 156,360 |
91-120 days [Member] | ||
Schedule of Liquidity Risk [Line Items] | ||
Total | 3,913,522 | 208,480 |
>=121 days [Member] | ||
Schedule of Liquidity Risk [Line Items] | ||
Total | $ 51,786,472 | $ 5,392,901 |
Financial Risk Review (Detail_5
Financial Risk Review (Details) - Schedule of Financial Instruments - Foreign Currency Risk [Member] | Jun. 30, 2024 GBP (£) | Jun. 30, 2024 AUD ($) | Jun. 30, 2024 EUR (€) | Jun. 30, 2024 TZS (Tsh) | Jun. 30, 2024 ZAR (R) | Dec. 31, 2023 GBP (£) | Dec. 31, 2023 AUD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 TZS (Tsh) | Dec. 31, 2023 ZAR (R) |
Financial Risk Review (Details) - Schedule of Financial Instruments [Line Items] | ||||||||||
Cash in banks (in Pounds) | £ 84,494 | $ 1,091,458 | € 6,047 | Tsh 1,525,484,567 | R 42,633 | £ 620,208 | $ 2,587,533 | € 133,685 | Tsh 1,259,494,294 | R 937,684 |
Prepaid expenses (in Pounds) | 109,804 | 153,598 | 134,828 | 238,181 | ||||||
Trade and other payables (in Pounds) | 432,901 | 1,349,683 | 489,117 | 743,959 | ||||||
Cash in banks | 84,494 | 1,091,458 | 6,047 | 1,525,484,567 | 42,633 | 620,208 | 2,587,533 | 133,685 | 1,259,494,294 | 937,684 |
Trade receivables | 3,297,139 | 112,069 | ||||||||
Prepaid expenses | 109,804 | 153,598 | 134,828 | 238,181 | ||||||
Trade and other payables | 432,901 | 1,349,683 | 489,117 | 743,959 | ||||||
Cash in banks (in Euro) | 84,494 | 1,091,458 | 6,047 | 1,525,484,567 | 42,633 | 620,208 | 2,587,533 | 133,685 | 1,259,494,294 | 937,684 |
Cash in banks (in Shillings) | 84,494 | 1,091,458 | 6,047 | 1,525,484,567 | 42,633 | 620,208 | 2,587,533 | 133,685 | 1,259,494,294 | 937,684 |
Cash in banks (in Rand) | £ 84,494 | $ 1,091,458 | € 6,047 | Tsh 1,525,484,567 | R 42,633 | £ 620,208 | $ 2,587,533 | € 133,685 | Tsh 1,259,494,294 | R 937,684 |
Financial Risk Review (Detail_6
Financial Risk Review (Details) - Schedule of Demonstrates the Estimated Sensitivity - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
10% [Member] | Change in GBP Rate [Member] | ||
Schedule of Demonstrates the Estimated Sensitivity [Line Items] | ||
Effect on Profit | $ 10,691 | $ 79,202 |
10% [Member] | Change in AUD Rate [Member] | ||
Schedule of Demonstrates the Estimated Sensitivity [Line Items] | ||
Effect on Profit | (72,768) | (176,987) |
10% [Member] | Change in EUR Rate [Member] | ||
Schedule of Demonstrates the Estimated Sensitivity [Line Items] | ||
Effect on Profit | 648 | 14,858 |
10% [Member] | Change in TZS Rate [Member] | ||
Schedule of Demonstrates the Estimated Sensitivity [Line Items] | ||
Effect on Profit | (58,121) | (50,079) |
10% [Member] | Change in ZAR Rate [Member] | ||
Schedule of Demonstrates the Estimated Sensitivity [Line Items] | ||
Effect on Profit | (232) | (5,058) |
-10% [Member] | Change in GBP Rate [Member] | ||
Schedule of Demonstrates the Estimated Sensitivity [Line Items] | ||
Effect on Profit | (10,691) | (79,202) |
-10% [Member] | Change in AUD Rate [Member] | ||
Schedule of Demonstrates the Estimated Sensitivity [Line Items] | ||
Effect on Profit | 72,768 | 176,987 |
-10% [Member] | Change in EUR Rate [Member] | ||
Schedule of Demonstrates the Estimated Sensitivity [Line Items] | ||
Effect on Profit | (648) | (14,858) |
-10% [Member] | Change in TZS Rate [Member] | ||
Schedule of Demonstrates the Estimated Sensitivity [Line Items] | ||
Effect on Profit | 58,121 | 50,079 |
-10% [Member] | Change in ZAR Rate [Member] | ||
Schedule of Demonstrates the Estimated Sensitivity [Line Items] | ||
Effect on Profit | $ 232 | $ 5,058 |
Contingent Liabilities (Details
Contingent Liabilities (Details) $ in Millions, Tsh in Billions | 6 Months Ended | |
Jun. 30, 2024 USD ($) | Jun. 30, 2023 TZS (Tsh) | |
Kabanga Nickel Company Ltd [Member] | ||
Contingent Liabilities [Line Items] | ||
Principal amount | $ 3.4 | Tsh 8.9 |
Subsequent Events (Details)
Subsequent Events (Details) | 3 Months Ended | 6 Months Ended | ||||
Jul. 01, 2024 USD ($) shares | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2024 TZS (Tsh) | Jun. 30, 2023 USD ($) | |
Subsequent Events [Line Items] | ||||||
Foreign exchange rate | $ 107,265 | $ 5,660 | $ (60,475) | $ 86,547 | ||
Tax Dispute [Member] | ||||||
Subsequent Events [Line Items] | ||||||
Foreign exchange rate | $ 3,210,434 | Tsh 8,426,336,706 | ||||
Non-adjusting event after reporting period [Member] | ||||||
Subsequent Events [Line Items] | ||||||
Right share received (in Shares) | shares | 1 | |||||
Vested restricted stock unit rate | 33.33% | |||||
Remaining restricted stock units | 66.67% | |||||
Vesting period | 5 years | |||||
Non-adjusting event after reporting period [Member] | Bottom of range [member] | ||||||
Subsequent Events [Line Items] | ||||||
RSUs vested per share | 14.5 | |||||
Non-adjusting event after reporting period [Member] | Top of range [member] | ||||||
Subsequent Events [Line Items] | ||||||
RSUs vested per share | 16 | |||||
Non-adjusting event after reporting period [Member] | Lifezone Metals Limited [Member] | ||||||
Subsequent Events [Line Items] | ||||||
Grand shares (in Dollars) | $ 2,800,000 |