v3.26.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Disclosure of detailed information about financial instruments [abstract]  
Schedule of Conversion Right using Finite Difference Method
The fair value of the Conversion Right was estimated using the Finite Difference Method and the Share Interest feature was estimated using a Monte Carlo Simulation, using the following key assumptions:
AssumptionSeptember 30, 2026December 31, 2025
Risk-free RateZero coupon curve based on United States Dollar Swap ratesZero coupon curve based on United States Dollar Swap rates
Share Price$3.76$4.27
Equity Volatility75 %70 %
Dividend Yield- %- %
Credit Spread20.7 %17.8 %
Key inputs
Valuation Date
August 8, 2025 (date of signing)
Maturity DateAugust 8, 2030
Share Price$4.32 based on Lifezone's 30 day VWAP closing share price on the NYSE
Strike Price$5.42/share
Risk-free Rate3.73%
Equity Volatility65%, 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 Warrants
Key inputs
Valuation DateJune 29, 2026 (date of signing)
Maturity DateJune 29, 2031
Share Price$3.96 (closing share price on June 26, 2026)
Strike Price$6.25/share
Risk-free Rate3.82%
Equity Volatility75%, based on review of the historical volatility (rounded) of Lifezone and a group of industry peer companies
Dividend Yield
Assumed at 0% as management does not expect dividends to be distributed during the term of the Warrants
Share Price Earnout TranchesTranche 1Tranche 2Total units
Grant dateJuly 6, 2023July 6, 2023
Expiration dateJuly 6, 2028July 6, 2028
Share price hurdle$14.00 $16.00 
Fair value per unit at date of grant$9.98 $9.84 
Number of units - Sponsor shareholders862,500862,5001,725,000
Number of units - other shareholders12,536,02612,536,02625,072,052
Total number of units26,797,052
Schedule of Debenture Host Debt Instrument
Debenture host debt instrument$
As at January 1, 202526,235,808 
Interest accrued7,573,076 
Interest paid in shares(1,077,969)
Interest paid in cash- 
As at September 30, 202532,730,915 
Interest accrued2,728,068 
Interest paid in shares- 
Interest paid in cash(937,048)
As at December 31, 202534,521,935 
Interest accrued8,063,982 
Interest paid in cash(6,317,292)
As at September 30, 202636,268,625 
Embedded derivatives$
As at January 1, 202520,768,000 
Fair value reassessment(11,250,000)
As at September 30, 20259,518,000 
Fair value reassessment(4,365,000)
As at December 31, 20255,153,000 
Fair value reassessment(1,871,000)
As at September 30, 20263,282,000 
Total convertible debentures with embedded derivatives
As at December 31, 202539,674,935 
As at September 30, 202639,550,625 
Schedule Of Transaction Costs
$
As at January 1, 2025- 
Additions20,000,000 
Transaction cost and arrangement fees
(3,439,649)
Interest accrued304,091 
Interest and commitment fee paid in cash(348,750)
As at September 30, 202516,515,692 
Transaction cost and arrangement fees 1,162 
Interest accrued889,351 
Interest and commitment fee paid in cash
(728,333)
As at December 31, 202516,677,872 
Additions21,700,000 
Transaction cost(4,730,099)
Interest accrued5,269,195 
Interest and commitment fee paid in cash(2,833,156)
As at September 30, 202636,083,812 
Schedule Of Warrants
$
As at January 1, 2025 and September 30, 2025- 
Additions9,910,000 
Fair value movement
1,040,000 
As at December 31, 202510,950,000 
Fair value movement(1,560,000)
As at September 30, 20269,390,000