Lifezone Metals (LZM) CLO exercises 34,000 RSUs and disposes shares for tax

Rhea-AI Filing Summary

Lifezone Metals Chief Legal Officer Davis Spencer exercised equity awards and covered related taxes. On April 7, 2026, he exercised 34,000 Lifezone Metals Restricted Stock Units at $0.0001 per unit, receiving 34,000 ordinary shares. Following these transactions, he directly held 18,385 ordinary shares and 66,000 Restricted Stock Units. A portion of the award vests in three tranches: one-third vested on April 7, 2026, with additional one-third tranches scheduled for September 7, 2026 and April 7, 2027. Between April 7 and April 13, 2026, 15,615 ordinary shares were disposed of to satisfy tax obligations at a weighted average price of $3.938 per share, in multiple trades between $3.66 and $4.16.

Insights

Equity compensation and insider-transactions analyst

Routine RSU vesting and tax withholding with modest net equity position.

Chief Legal Officer Davis Spencer exercised 34,000 Restricted Stock Units at a nominal $0.0001 per unit, converting them into ordinary shares. This is a standard compensation event, not an open-market purchase, and reflects equity awards vesting rather than a change in investment stance.

To cover tax obligations, 15,615 ordinary shares were disposed of between April 7–13, 2026 at a weighted average price of $3.938, with trade prices ranging from $3.66 to $4.16. Such F‑code dispositions are typically mechanistic and carry limited informational value about management’s view of the stock.

After these transactions, Spencer held 18,385 ordinary shares and 66,000 Restricted Stock Units directly. The RSU award vests in three equal portions on April 7, 2026, September 7, 2026, and April 7, 2027, indicating additional future share deliveries tied to continued service rather than discretionary market trades.

Insider Trade Summary

34,000 shares exercised/converted

Mixed 3 txns

Insider Davis Spencer

Role Chief Legal Officer

Type	Security	Shares	Price	Value
Tax Withholding	Lifezone Metals Ordinary Share	15,615	$3.938	$61K
Exercise	Lifezone Metals Restricted Stock Units	34,000	$0.0001	$3.40
Exercise	Lifezone Metals Ordinary Share	34,000	$0.0001	$3.40

Holdings After Transaction: Lifezone Metals Ordinary Share — 18,385 shares (Direct); Lifezone Metals Restricted Stock Units — 66,000 shares (Direct)

Footnotes (1)

1. Transaction date includes trading dates starting from April 7, 2026 and ending on April 13, 2026 The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $3.66 to $4.16, inclusive. The reporting person undertakes to provide the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares sold at each price within the range set forth in this footnote. Each Restricted Stock Unit represents a contingent right to receive one ordinary share of Lifezone Metals Limited. Represents an award of restricted stock units with respect to Lifezone Metals ordinary share that vested one third on April 7, 2026, will vest one-third on September 7, 2026 and will vest one-third on April 7, 2027.

Key Figures

RSUs exercised: 34,000 units Tax-related share disposition: 15,615 shares Weighted average price: $3.938 per share +4 more

7 metrics

RSUs exercised 34,000 units Converted into Lifezone Metals ordinary shares on April 7, 2026

Tax-related share disposition 15,615 shares Disposed of between April 7–13, 2026 to cover tax obligations

Weighted average price $3.938 per share Price for the 15,615 shares disposed of for taxes

Disposition price range $3.66–$4.16 per share Range of trade prices for tax-related share dispositions

Shares held after transactions 18,385 shares Direct Lifezone Metals ordinary share holdings post-transaction

RSUs outstanding after transactions 66,000 units Restricted Stock Units held directly after the Form 4 events

RSU exercise price $0.0001 per unit Nominal price for RSU conversion into ordinary shares

Key Terms

Restricted Stock Unit, weighted average price, derivative security, tax liability, +1 more

5 terms

Restricted Stock Unit financial

"Each Restricted Stock Unit represents a contingent right to receive one ordinary share"

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

weighted average price financial

"The reported price is a weighted average price. These shares were sold in multiple transactions"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

derivative security financial

"Exercise or conversion of derivative security"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

tax liability financial

"Payment of exercise price or tax liability by delivering securities"

ordinary share financial

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

An ordinary share is a unit of ownership in a company that gives the holder a stake in its profits and usually the right to vote on key decisions. Think of it like a slice of a pizza where each slice entitles you to a portion of what’s left after bills are paid; value can rise or fall with the business and may pay dividends, so it matters to investors for income, growth and control.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Davis Spencer

(Last) (First) (Middle)

64 TALBOT ROAD, HIGHGATE

(Street)

LONDON N6 4RA

(City) (State) (Zip)

UNITED KINGDOM

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/07/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Lifezone Metals Ordinary Share	04/07/2026		M		34,000	A	$0.0001	34,000	D
Lifezone Metals Ordinary Share	04/13/2026(1)		F		15,615	D	$3.938(2)	18,385	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Lifezone Metals Restricted Stock Units	(3)	04/07/2026	04/07/2026	M			34,000	(4)	(4)	Lifezone Metals Ordinary Share	34,000	$0.0001	66,000	D

Explanation of Responses:

1. Transaction date includes trading dates starting from April 7, 2026 and ending on April 13, 2026

2. The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $3.66 to $4.16, inclusive. The reporting person undertakes to provide the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares sold at each price within the range set forth in this footnote.

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

4. Represents an award of restricted stock units with respect to Lifezone Metals ordinary share that vested one third on April 7, 2026, will vest one-third on September 7, 2026 and will vest one-third on April 7, 2027.

Remarks:

	Spencer Davis	04/14/2026
	** 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 4 (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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Lifezone Metals (LZM) report for Davis Spencer?

Lifezone Metals reported that Chief Legal Officer Davis Spencer exercised 34,000 Restricted Stock Units into ordinary shares and disposed of 15,615 shares to cover tax obligations, leaving him with 18,385 ordinary shares and 66,000 Restricted Stock Units held directly.

How many Lifezone Metals shares did the CLO acquire and dispose of in this Form 4?

Davis Spencer acquired 34,000 Lifezone Metals ordinary shares through RSU exercise at a nominal price. To satisfy tax obligations, 15,615 ordinary shares were disposed of in multiple trades, with a weighted average price of $3.938 per share over several trading days.

What price range applied to the Lifezone Metals (LZM) tax-related share dispositions?

The 15,615 ordinary shares disposed of for tax obligations were traded at prices ranging from $3.66 to $4.16 per share. The weighted average price for these transactions was $3.938, according to the disclosure, reflecting multiple trades across that price range.

What is the vesting schedule for Davis Spencer’s Lifezone Metals Restricted Stock Units?

The RSU award referenced vests in three equal tranches. One-third vested on April 7, 2026, one-third is scheduled to vest on September 7, 2026, and the final one-third will vest on April 7, 2027, contingent on continued service conditions.

How many Lifezone Metals shares and RSUs does the CLO hold after these transactions?

After the reported transactions, Chief Legal Officer Davis Spencer directly holds 18,385 Lifezone Metals ordinary shares. He also holds 66,000 Restricted Stock Units, which represent contingent rights to receive an equal number of ordinary shares as they vest over time.

Are the Lifezone Metals insider transactions open-market buys or compensation-related events?

The transactions are compensation-related. Spencer exercised 34,000 Restricted Stock Units, converting them into ordinary shares, and 15,615 shares were disposed of to satisfy tax liabilities. No open-market purchases or discretionary sales were reported in this Form 4.