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Lifezone Metals Ltd

For the period ended Dec 31, 2023. Filed Apr 1, 2024.

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About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2023 · Filed Apr 1, 2024

LZM$4.20+5.3%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM 20-F **

(Mark One)

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31,2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report:

Commission File Number:001-41737

**Lifezone Metals Limited **

(Exact name of Registrant as specified in its charter)

Isle of Man

(Jurisdiction of incorporation or organization)

Commerce House,1 Bowring Road

Ramsey, Isle of Man, IM8 2TF

(Address of principal executive offices)

Chris Showalter

Lifezone Metals Limited

Commerce House,1 Bowring Road

Ramsey, Isle of Man, IM8 2TF

Telephone number:+44 (0)1624 811 611

(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Ordinary shares, par value $0.0001 per shareLZMNew York Stock Exchange
Warrants, each whole warrant exercisable for one Ordinary Share at an exercise price of $11.50LZMWNew York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

(Title of Class)

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

Ordinary Shares78,269,952
Warrants14,391,150

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☐Non accelerated filer☒
Emerging growth company☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.☐

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐International Financial Reporting Standards as issuedOther ☐
by the International Accounting Standards Board ☒

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.☐ Item 17☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒

TABLE OF CONTENTS

INTRODUCTIONiv
CERTAIN DEFINED TERMSv
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTSxiii
PART I1
ITEM 1: A, B, C: IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS1
ITEM 2: A, B: OFFER STATISTICS AND EXPECTED TIMETABLE1
ITEM 3: A, B, C: KEY INFORMATION1
ITEM 3: D: RISK FACTORS1
ITEM 4. INFORMATION ON THE COMPANY62
ITEM 4: B: BUSINESS OVERVIEW65
ITEM 4: C: ORGANIZATIONAL STRUCTURE68
ITEM 4: D: PROPERTY, PLANTS AND EQUIPMENT69
ITEM 4A: UNRESOLVED STAFF COMMENTS87
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS87
ITEM 5 A. OPERATING RESULTS89
ITEM 5 B. LIQUIDITY AND CAPITAL RESOURCES94
ITEM 5 C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.97
ITEM 5 D. TREND INFORMATION98
ITEM 5 E. CRITICAL ACCOUNTING ESTIMATES99
ITEM 6: A: DIRECTORS AND SENIOR MANAGEMENT104
ITEM 6: B: COMPENSATION109
ITEM 6: C: BOARD PRACTICES110
ITEM 6: D: EMPLOYEES114
ITEM 6: E. SHARE OWNERSHIP114

i

ITEM 6: F. DISCLOSURE OF A REGISTRANT’S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION.114
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS115
ITEM 7: A. MAJOR SHAREHOLDERS115
ITEM 7: B. RELATED PARTY TRANSACTIONS116
ITEM 7: C: INTERESTS OF EXPERTS AND COUNSEL118
ITEM 8. FINANCIAL INFORMATION118
ITEM 8: A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION118
ITEM 8: A.5118
ITEM 8: B: SIGNIFICANT CHANGES118
ITEM 9. THE OFFER AND LISTING119
ITEM 9: A: OFFER AND LISTING DETAILS119
ITEM 9: A.4: MARKETS119
ITEM 9: B: PLAN OF DISTRIBUTION119
ITEM 9: C: MARKETS119
ITEM 9: D, E, F119
ITEM 10: ADDITIONAL INFORMATION119
ITEM 10: A: SHARE CAPITAL119
ITEM 10: B: MEMORANDUM AND ARTICLES OF ASSOCIATION119
ITEM 10: C: MATERIAL CONTRACTS122
ITEM 10: D: EXCHANGE CONTROLS136
ITEM 10: E: TAXATION136
ITEM 10: F, G140
ITEM 10: H: DOCUMENTS ON DISPLAY141
ITEM 10: I: SUBSIDIARY INFORMATION141

ii

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK141
ITEM 12: A, B, C, D141
PART II142
ITEM 13: DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES142
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS142
ITEM 15. CONTROLS AND PROCEDURES142
ITEM 16: [RESERVED]144
ITEM 16 A: AUDIT COMMITTEE FINANCIAL EXPERT144
ITEM 16 B: CODE OF ETHICS144
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES144
ITEM 16: D144
ITEM 16: E144
ITEM 16: F144
ITEM 16G: CORPORATE GOVERNANCE145
ITEM 16: H: MINE SAFETY DISCLOSURE146
ITEM 16: I: DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS146
ITEM 16: J: INSIDER TRADING POLICIES146
ITEM 16: K: CYBERSECURITY147
PART III148
ITEM 17. FINANCIAL STATEMENTS148
ITEM 18. FINANCIAL STATEMENTS148
ITEM 19: EXHIBITS149

iii

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.