Share-based payments (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Disclosure of terms and conditions of share-based payment arrangement [abstract] |
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| Schedule of Share Based Payment Expense |
The total share-based payment expense is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Share-based payment expenses | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | $ | | $ | | $ | | $ | Stock options | | 1,290,859 | | | 852,869 | | | 2,682,110 | | | 852,869 | | Restricted stock units | | 425,543 | | | - | | | 2,178,061 | | | - | | | Share-based payment expenses | | 1,716,402 | | | 852,869 | | | 4,860,171 | | | 852,869 | |
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| Schedule of Fair Value of the Options on the Grant Date Using the Black-scholes Option Pricing Model |
The fair value of the options was determined on the grant date using the Black-Scholes option pricing model and using the following key assumptions: | | | | | | | | | | 2026 stock options grant | 2025 stock options grant | Risk free rate | 3.74% to 3.75% | 3.60% to 3.62% | Expected volatility | 75 | % | 65 | % | Expected life: | | | Tranche 1 | 2.7 years | 2.61 years | Tranche 2 | 3 years | 3 years | Tranche 3 | 3.5 years | 3.49 years | Expected dividend yield | - | - | Forfeiture rate | - | - | Share Price | $5.57 | $4.56 |
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| Schedule of Share Options |
| | | | | | | | | | | | | Stock Options | | Weighted average exercise price | | Balance as at January 1, 2025 | - | | - | | | Granted | 1,583,085 | | $ | 4.40 | | | | | | | | | | | Balance as at December 31, 2025 | 1,583,085 | | $ | 4.40 | | | Granted | 1,164,597 | | $ | 4.81 | | | Forfeited | (59,631) | | $ | 4.40 | | | Exercised | (10,918) | | $ | 4.40 | | | Balance as at September 30, 2026 | 2,677,133 | | $ | 4.58 | | | Exercisable as at September 30, 2026 | 1,012,446 | | $ | 4.40 | |
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| Schedule of Fair Value of Restricted Stock Units |
| | | | | | | | | | | | | Restricted stock units | | Weighted Average Grant Date Fair Value ($) | | Balance as at January 1, 2025 | 1,666,667 | | 6.21 | | | Granted | 1,500,000 | | 3.68 | | Canceled | (1,500,000) | | 6.21 | | | Outstanding as at December 31, 2025 | 1,666,667 | | 3.93 | | | Granted | - | | - | | Vested and exercised1 | (915,668) | | 3.68 | | Outstanding as at September 30, 2026 | 750,999 | | 4.24 | |
1A further 84,332 RSUs have vested but have not yet been exercised.
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| Schedule of Fair Value of Earnouts Granted |
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: | | | | | | | | | | Assumption | September 30, 2026 | December 31, 2025 | | Risk-free Rate | Zero coupon curve based on United States Dollar Swap rates | Zero coupon curve based on United States Dollar Swap rates | | Share Price | $3.76 | $4.27 | | Equity Volatility | 75 | % | 70 | % | | Dividend Yield | - | % | - | % | | Credit Spread | 20.7 | % | 17.8 | % |
| | | | | | | | | Key inputs | | Valuation Date | | August 8, 2025 (date of signing) | | Maturity Date | | August 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 Rate | | 3.73% | | 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 Warrants |
| | | | | | | | | Key inputs | | Valuation Date | | June 29, 2026 (date of signing) | | Maturity Date | | June 29, 2031 | | Share Price | | $3.96 (closing share price on June 26, 2026) | | Strike Price | | $6.25/share | | Risk-free Rate | | 3.82% | | Equity Volatility | | 75%, 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 Tranches | | Tranche 1 | | Tranche 2 | | Total units | | Grant date | | July 6, 2023 | | July 6, 2023 | | | | Expiration date | | July 6, 2028 | | July 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 shareholders | | 862,500 | | 862,500 | | 1,725,000 | | Number of units - other shareholders | | 12,536,026 | | 12,536,026 | | 25,072,052 | | Total number of units | | | | | | 26,797,052 |
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