Lifezone Metals Limited (LZM) Balance Sheet
LZM balance sheet, 2025
December 31, 2025 · U.S. dollars$175.8M assets = $102.9M liabilities + $72.8M equity
Both columns are drawn to the same scale: what LZM owns equals what it owes plus shareholders’ equity. Hover a block for its value.
LZM financial health
Descriptive bands, not a rating. Fiscal 2025.
LZM balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.8M2020 | $175.8M2025 | +151.0%/yr | |
| Total liabilities | $240,0992020 | $102.9M2025 | +236.1%/yr | |
| Shareholders’ equity | $1.5M2020 | $73.8M2025 | +117.3%/yr | |
| Cash & short-term investments | $600,0892020 | $20.1M2025 | +101.9%/yr | |
| Total debt | $02021 | $58.4M2025 | — | |
| Net cash (debt) | $45.6M2021 | −$38.3M2025 | −$83.9M | |
| Working capital | $990,5052020 | −$36.8M2025 | −$37.8M | |
| Book value per share | $0.042020 | $0.922025 | +85.1%/yr | |
| Current ratio | 5.132020 | 0.382025 | −4.75 | |
| Debt / equity | 0.002021 | 0.792025 | +0.79 | |
| Shares outstanding | 35.8M2020 | 79.9M2025 | +17.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LZM assets
LZM liabilities and equity
LZM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
LZM balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $20.1M | $29.3M | $49.4M | $20.5M | $45.6M | $600,089 |
| Cash & equivalents | $20.1M | $29.3M | $49.4M | $20.5M | $45.6M | $600,089 |
| Receivables | $1.1M | $932,590 | $2.7M | $6.0M | $1.1M | $367,076 |
| Inventory | $58,017 | $162,003 | $100,780 | $49,736 | −$522,571 | −$263,439 |
| Other current assets | $923,442 | $1.3M | $2.6M | $50.0M | $1.4M | $526,878 |
| Total current assets | $22.2M | $31.7M | $54.8M | $76.6M | $47.6M | $1.2M |
| Property, plant & equipment (net) | $6.4M | $6.5M | $77.5M | $19.7M | $13.7M | $0 |
| Goodwill & intangible assets | $875,186 | $889,820 | $9.9M | $694,963 | $581,417 | $533,823 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $146.2M | $117.6M | $0 | $0 | $0 | $0 |
| Total assets | $175.8M | $156.7M | $142.3M | $97.0M | $61.9M | $1.8M |
| Liabilities | ||||||
| Accounts payable | $1.9M | $3.0M | $2.5M | $645,677 | $722,200 | $240,099 |
| Short-term debt | $35.5M | $26.9M | $602,557 | $405,304 | $0 | — |
| Total current liabilities | $59.1M | $56.0M | $12.8M | $16.7M | $2.3M | $240,099 |
| Long-term debt | $17.8M | $801,050 | $1.2M | $290,580 | $0 | $0 |
| Lease obligations | $2.1M | $1.4M | $1.8M | $395,880 | $0 | — |
| Other long-term liabilities | $26.0M | $529,016 | $0 | $4.0M | $9.7M | $0 |
| Total liabilities | $102.9M | $57.3M | $13.9M | $21.0M | $8.0M | $240,099 |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $8,380 | $7,913 | $7,828 | $3,101 | $1,843 | $1,734 |
| Retained earnings (deficit) | −$468.1M | −$454.5M | −$408.2M | −$44.3M | −$20.7M | −$764,032 |
| Accumulated other comprehensive income | $351.7M | $67.7M | $274.1M | −$15.4M | $49.3M | $280,807 |
| Minority interest | −$998,960 | $9.8M | $10.4M | $11.2M | — | — |
| Total shareholders' equity | $73.8M | $89.5M | $44.6M | −$8.5M | $54.0M | $1.5M |
| Key figures | ||||||
| Total debt | $58.4M | $27.7M | $1.8M | $695,880 | $0 | — |
| Net cash (debt) | −$38.3M | $1.6M | $47.6M | $19.8M | $45.6M | — |
| Working capital | −$36.8M | −$24.3M | $42.1M | $59.9M | $45.2M | $990,505 |
| Tangible book value | $73.0M | $88.7M | $34.7M | −$9.2M | $53.5M | $990,505 |
| Book value per share | $0.92 | $1.14 | $0.68 | −$0.24 | $1.51 | $0.04 |
| Shares outstanding | 79.9M | 78.3M | 65.9M | 35.8M | 35.8M | 35.8M |
| Current ratio | 0.38 | 0.57 | 4.30 | 4.58 | 20.27 | 5.13 |
| Quick ratio | 0.36 | 0.54 | 4.08 | 1.59 | 19.90 | 4.03 |
| Debt / equity | 0.79 | 0.31 | 0.04 | — | 0.00 | — |
| Equity / assets | 42.0% | 57.2% | 31.4% | −8.7% | 87.3% | 86.4% |
| Jun '26 | Dec '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $37.3M | $20.1M | $12.5M | $29.3M | $29.3M | $29.3M | $63.5M | $49.4M | $49.4M | $73.3M | $44.4M | $58.7M |
| Cash & equivalents | $37.3M | $20.1M | $12.5M | $29.3M | $29.3M | $29.3M | $63.5M | −$49.4M | $49.4M | $73.3M | $44.4M | $58.7M |
| Short-term investments | — | — | $478,825 | — | — | — | — | $98.8M | — | — | — | — |
| Receivables | $1.1M | $1.1M | $769,719 | $932,590 | $932,590 | $0 | $1.7M | $696,968 | $2.7M | $6.4M | $1.1M | $1.1M |
| Inventory | $159,535 | $58,017 | $236,239 | $162,003 | $162,003 | $162,003 | $281,434 | $100,780 | $100,780 | $104,656 | $66,942 | $40,154 |
| Other current assets | $465,237 | $923,442 | $984,549 | $1.3M | $1.3M | $2.2M | $1.5M | $0 | $2.6M | $2.3M | $7.2M | $5.3M |
| Total current assets | $39.0M | $22.2M | $14.5M | $31.7M | $31.7M | $31.7M | $67.0M | $49.4M | $54.8M | $82.0M | $52.7M | $65.2M |
| Property, plant & equipment (net) | $5.9M | $6.4M | $133.2M | $124.1M | $124.1M | $124.1M | $103.6M | $7.7M | $7.7M | $55.5M | $37.4M | $22.5M |
| Goodwill & intangible assets | $146,124 | $875,186 | $864,965 | $889,820 | $889,820 | $889,820 | $9.9M | $9.9M | $9.9M | $9.9M | $9.7M | $968,265 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $163.5M | $146.2M | $0 | $0 | $0 | $0 | $915,647 | $75.2M | $69.8M | $18,000 | $0 | $0 |
| Total assets | $208.6M | $175.8M | $148.6M | $156.7M | $156.7M | $156.7M | $181.4M | $142.3M | $142.3M | $147.3M | $92.8M | $88.6M |
| Liabilities | ||||||||||||
| Accounts payable | $3.1M | $1.9M | $2.6M | $3.0M | $3.0M | $3.0M | $3.5M | $2.5M | $2.5M | $891,541 | $2.9M | $728,558 |
| Short-term debt | $48.8M | $35.5M | $30.9M | $26.9M | $26.9M | $26.9M | $51.1M | $602,557 | $1.2M | $455,749 | $145,142 | $148,337 |
| Deferred revenue | — | — | — | — | — | — | −$25.5M | — | — | $9.1M | $9.1M | — |
| Total current liabilities | $58.5M | $59.1M | $45.2M | $56.0M | $56.0M | $56.0M | $61.6M | $12.8M | $12.8M | $10.4M | $25.1M | $15.3M |
| Long-term debt | $0 | $17.8M | $431,730 | $0 | $801,050 | $0 | $926,590 | $0 | $1.2M | $0 | $0 | $0 |
| Lease obligations | — | $2.1M | $998,322 | — | — | — | $1.6M | — | $1.8M | $1.6M | $496,218 | $521,480 |
| Other long-term liabilities | $56.6M | $26.0M | $376,806 | $1.3M | $529,016 | $1.3M | $0 | $1.2M | $0 | $5.2M | $4.4M | $4.4M |
| Total liabilities | $115.2M | $102.9M | $46.0M | $57.3M | $57.3M | $57.3M | $62.5M | $13.9M | $13.9M | $15.6M | $29.6M | $19.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $8,993 | $8,380 | $7,931 | $7,913 | $7,913 | $7,913 | $7,828 | $7,828 | $7,828 | $7,819 | $3,101 | $3,101 |
| Retained earnings (deficit) | −$474.9M | −$468.1M | −$451.8M | −$454.5M | −$454.5M | −$454.5M | −$418.9M | −$408.2M | −$408.2M | −$403.4M | −$54.7M | −$50.3M |
| Accumulated other comprehensive income | $352.3M | $351.7M | $67.9M | $358.9M | $358.9M | $358.9M | −$5.3M | $44.6M | $274.1M | −$7.0M | −$15.5M | −$15.5M |
| Minority interest | — | −$998,960 | $9.4M | — | — | — | — | — | — | — | — | — |
| Total shareholders' equity | $94.5M | $73.8M | $93.2M | $89.5M | $89.5M | $89.5M | $35.5M | $128.3M | $44.6M | $48.2M | −$19.0M | −$14.6M |
| Key figures | ||||||||||||
| Total debt | $84.8M | $58.4M | $31.4M | $27.7M | $27.7M | $27.7M | $52.0M | $1.8M | $1.8M | $1.6M | $496,218 | $521,480 |
| Net cash (debt) | −$47.5M | −$38.3M | −$18.9M | $1.6M | $1.6M | $1.6M | $11.5M | $47.6M | $47.6M | $71.7M | $43.9M | $58.2M |
| Working capital | −$19.5M | −$36.8M | −$30.7M | −$24.3M | −$24.3M | −$24.3M | $5.4M | $36.6M | $42.1M | $71.6M | $27.6M | $49.9M |
| Tangible book value | $94.3M | $73.0M | $92.3M | $88.7M | $88.7M | $88.7M | $25.5M | $118.4M | $34.7M | $38.4M | −$28.7M | −$15.6M |
| Book value per share | $1.10 | $0.88 | $1.09 | $1.13 | $1.13 | $1.13 | $0.45 | $1.65 | $0.58 | $0.63 | −$0.53 | −$0.41 |
| Shares outstanding | 86.2M | 83.8M | 85.5M | 79.0M | 79.0M | 79.0M | 78.3M | 77.7M | 77.0M | 77.0M | 35.8M | 35.8M |
| Current ratio | 0.67 | 0.38 | 0.32 | 0.57 | 0.57 | 0.57 | 1.09 | 3.87 | 4.30 | 7.87 | 2.10 | 4.26 |
| Quick ratio | 0.66 | 0.36 | 0.29 | 0.54 | 0.54 | 0.52 | 1.06 | 3.92 | 4.08 | 7.64 | 1.81 | 3.91 |
| Debt / equity | 0.90 | 0.79 | 0.34 | 0.31 | 0.31 | 0.31 | 1.47 | 0.01 | 0.04 | 0.03 | — | — |
| Equity / assets | 45.3% | 42.0% | 62.7% | 57.2% | 57.2% | 57.2% | 19.6% | 90.2% | 31.4% | 32.7% | −20.4% | −16.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 19, 2026); data from EODHD.
LZM financial position
At the end of fiscal 2025 (December 31, 2025), Lifezone Metals had total assets of $175.8 million (up 12.2% from a year earlier), total liabilities of $102.9 million and shareholders' equity of $73.8 million. It held $20.1 million in cash and short-term investments against $58.4 million of debt, net debt of $38.3 million. Its current ratio was 0.38. In the latest quarter (ended June 30, 2026) total assets were $208.6 million and equity $94.5 million.
Related: LZM income statement, LZM cash flow statement, LZM key metrics. See the LZM stock overview for the latest quote and news.
LZM balance sheet FAQ
What are Lifezone Metals's total assets?
Lifezone Metals reported total assets of $175.8 million at the end of fiscal 2025 (December 31, 2025), compared with $156.7 million a year earlier.
How much debt does Lifezone Metals have?
Lifezone Metals had $58.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.79.
How much cash does Lifezone Metals have?
Lifezone Metals held $20.1 million in cash and short-term investments at the end of fiscal 2025; with $58.4 million of debt that is net debt of $38.3 million.
What is Lifezone Metals's book value?
Lifezone Metals's shareholders' equity (book value) was $73.8 million at the end of fiscal 2025, or $0.92 per share.
What is Lifezone Metals's current ratio?
Lifezone Metals had current assets of $22.2 million and current liabilities of $59.1 million, a current ratio of 0.38 (current liabilities exceed current assets).
How much goodwill does Lifezone Metals have?
Lifezone Metals carried $0.9 million of goodwill and intangible assets, 0.5% of total assets, at the end of fiscal 2025.