LifeZone Metals (LZM) is rated HOLD at $4.50, reflecting ongoing funding uncertainty despite Kabanga's robust feasibility metrics and low-cost position. Kabanga's feasibility study shows a $1.58B NPV (8% discount), 23% IRR, and bottom-quartile nickel cost curve, but project finance hinges on binding strategic investment and Tanzanian agreement execution. LZM faces liquidity constraints, persistent dilution risk, and covenant fragility, with Taurus bridge loan waivers signaling limited financial flexibility.

