Lifezone Metals Ltd (NYSE:LZM) stock fell 2.75% (As on September 20, 11:21:20 AM UTC-4, Source: Google Finance) after the company misses the topline estimates for the second quarter of FY 23. Lifezone Metals’ public listing on the New York Stock Exchange (NYSE) as LZM, created the first pure-play NYSE publicly traded nickel resource and cleaner technology company. In the fiscal year 2023, the company completed the second investment by BHP of $50 million, enabling continued progress at the Kabanga Nickel (“Kabanga”) project site in North-west Tanzania and on key study areas. Progress is going on Kabanga DFS and resource definition activities, building on years of studies and 621 kilometres of historical resource drilling, and further defining the Kabanga resource as the Company works towards an updated S-K 1300. Updated Kabanga metallurgical test work results, which indicate Kabanga nickel concentrate is amenable to processing using Lifezone Metals’ Hydromet Technology, and is integral to the Kabanga-Kahama nickel refinery flow sheet. Headway on Kabanga site operations, early works and site access, with simultaneous critical path activities including expanded camp and internal roads upgrades enabling drilling and land surveys. Key achievements in the areas of Kabanga external affairs, sustainability and permitting, with a comprehensive program in place comprised of an operating team of 100+ actively focused on community engagement, environment, Corporate Social Responsibility (CSR) and social performance
Moreover, the company acquired Simulus Laboratories, which expanded the capabilities for Lifezone Metals’ growth strategy beyond Kabanga. Formal commencement of off-take marketing of Kabanga nickel cathode, creating an off-take monetization opportunity for the nickel, copper and cobalt production from Kabanga given the interest in these products from original equipment manufacturers. Evolved Hydromet opportunities beyond Kabanga, entering into a Memorandum of Understanding (MoU) with a global platinum group metals (PGM) customer for a commercial scale PGM recycling facility.
LZM in the second quarter of FY 23 has reported the adjusted earnings per share of $-0.10, beating the analysts’ estimates for the adjusted earnings per share of $-0.10. The company had reported the adjusted revenue of $577K in the second quarter of FY 23, missing the analysts’ estimates for revenue of $0.60M.
As the company look ahead, much of their focus over the next 12 months will be on delivering the DFS and creating shareholder value by further de-risking of the Kabanga asset. The company is also excited to lead Lifezone Metals to progress on a number of fronts, including commercializing the Hydromet Technology and imbedding ESG standards, practices and culture across people and processes.