Lifezone Metals (LZM) CLO discloses RSUs and stock options on Form 3

Rhea-AI Filing Summary

Lifezone Metals Ltd executive Davis Spencer, the Chief Legal Officer, has reported his initial equity interests in the company. The Form 3 shows he holds Lifezone Metals restricted stock units that are scheduled to vest in three equal installments on April 7, 2026, September 7, 2026, and April 7, 2027. Each restricted stock unit represents a contingent right to receive one Lifezone Metals ordinary share, totaling 100,000 underlying shares after vesting.

Spencer also holds Lifezone Metals stock options covering 133,581 underlying ordinary shares at an exercise price of $4.40 per share. These options were granted on August 14, 2025 and vest in three equal installments on November 1, 2025, August 14, 2026 and August 14, 2027, with an expiration date in 2030. The filing records these positions as direct ownership and does not show any recent purchases or sales, only the current derivative holdings and their vesting terms.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Davis Spencer

(Last) (First) (Middle)

64 TALBOT ROAD, HIGHGATE

(Street)

LONDON X0 N6 4RA

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/16/2026

3. Issuer Name and Ticker or Trading Symbol
Lifezone Metals Ltd [ LZM ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Legal Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Lifezone Metals Restricted Stock Units	(1)	(1)	Lifezone Metals Ordinary Share	100,000	(2)	D
Lifezone Metals Stock Options	(3)	08/14/2030	Lifezone Metals Ordinary Share	133,581	$4.4	D

Explanation of Responses:

1. RSUs vest equally in three installments on April 7, 2026, September 7, 2026 and April 7, 2027.

2. Each Restricted Stock Unit represents a contingent right to receive one ordinary share of Lifezone Metals Limited.

3. The Stock Options were granted on August 14, 2025, and vest in three equal installments on November 1, 2025, August 14, 2026 and August 14, 2027

Remarks:

	Spencer Davis	03/08/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What does the Lifezone Metals (LZM) Form 3 for Davis Spencer show?

The Form 3 shows Chief Legal Officer Davis Spencer’s initial equity holdings in Lifezone Metals, including restricted stock units and stock options. It details the number of underlying shares, vesting schedules, exercise price for options, and confirms these interests are held as direct ownership.

How many Lifezone Metals (LZM) RSUs does Davis Spencer report on Form 3?

Davis Spencer reports Lifezone Metals restricted stock units tied to 100,000 underlying ordinary shares. These RSUs vest in three equal installments on April 7, 2026, September 7, 2026, and April 7, 2027, with each unit representing a contingent right to one ordinary share upon vesting.

What stock options in Lifezone Metals (LZM) does Davis Spencer hold?

He holds Lifezone Metals stock options over 133,581 underlying ordinary shares with a $4.40 exercise price. The options were granted on August 14, 2025 and vest in three equal installments on November 1, 2025, August 14, 2026, and August 14, 2027, expiring in 2030.

Are there any buy or sell transactions in the Lifezone Metals (LZM) Form 3?

The Form 3 does not report any buy or sell transactions. It is an initial statement of beneficial ownership showing holdings in restricted stock units and stock options, along with their vesting schedules, exercise price, and expiration, rather than recording new market trades.

How are Davis Spencer’s Lifezone Metals (LZM) RSUs structured?

Each restricted stock unit represents a contingent right to receive one Lifezone Metals ordinary share. The RSUs linked to 100,000 underlying shares vest equally in three tranches on April 7, 2026, September 7, 2026, and April 7, 2027, subject to standard vesting conditions.