Lifezone Metals CLO converts 33K RSUs, uses shares

Lifezone Metals’ Chief Legal Officer converted 33,000 RSUs and used 16,435 shares to cover exercise price or tax obligations at a weighted average price of $4.04.

Rhea-AI Filing Summary

Lifezone Metals Ltd (LZM) reported that Chief Legal Officer Davis Spencer converted 33,000 Lifezone Metals Restricted Stock Units into an equal number of ordinary shares on September 7, 2026. In related transactions from September 7–10, 2026, 16,435 ordinary shares were delivered or withheld to pay the exercise price or tax liability at a weighted average price of $4.04 per share, from trades between $3.81 and $4.35. Each RSU represents a right to receive one ordinary share, and the RSUs vest in three equal installments on April 7, 2026, September 7, 2026, and April 7, 2027. No Rule 10b5-1 trading plan is reported.

Insider Trade Summary

33,000 shares exercised/converted

Exercise 3 txns

Insider Davis Spencer

Role Chief Legal Officer

Type	Security	Shares	Price	Value
Conversion	Lifezone Metals Restricted Stock Units F3, F4	33,000	$0.0001	$3.30
Conversion	Lifezone Metals Ordinary Share	33,000	$0.0001	$3.30
Exercise Price or Tax Liability	Lifezone Metals Ordinary Share F1, F2	16,435	$4.04	$66K

Holdings After Transaction: Lifezone Metals Restricted Stock Units — 33,000 contracts (Direct); Lifezone Metals Ordinary Share — 34,950 shares (Direct)

Footnotes (4)

1. F1. Transaction date includes trading dates starting from September 7, 2026 and ending on September 10, 2026
2. F2. The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $3.81 to $4.35 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. F3. Each Restricted Stock Unit represents a contingent right to receive one ordinary share of Lifezone Metals Limited.
4. F4. RSUs vest equally in three installments on April 7, 2026, September 7, 2026 and April 7, 2027.

Key Figures

RSUs converted: 33,000 units Shares delivered/withheld: 16,435 shares Weighted average price: $4.04 per share +2 more

5 metrics

RSUs converted 33,000 units Restricted Stock Units converted into ordinary shares on September 7, 2026

Shares delivered/withheld 16,435 shares Used to pay exercise price or tax liability between September 7–10, 2026

Weighted average price $4.04 per share For 16,435-share disposition to cover exercise price or tax liability

Price range of trades $3.81–$4.35 per share Range of prices for multiple transactions included in the 16,435-share disposition

RSU vesting dates April 7, 2026; September 7, 2026; April 7, 2027 Three equal RSU vesting installments for Davis Spencer

Key Terms

Restricted Stock Unit, weighted average price, tax liability

3 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"

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.

tax liability financial

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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

Lifezone Metals reported that Chief Legal Officer Davis Spencer converted 33,000 Restricted Stock Units into 33,000 ordinary shares on September 7, 2026, then used 16,435 shares to pay the exercise price or tax liability related to that equity award.

How many Lifezone Metals (LZM) RSUs were converted into shares?

A total of 33,000 Lifezone Metals Restricted Stock Units were converted into 33,000 ordinary shares. Each Restricted Stock Unit represents a contingent right to receive one ordinary share of Lifezone Metals Limited.

At what price were the Lifezone Metals (LZM) shares used to cover obligations?

The 16,435 ordinary shares delivered or withheld to pay exercise price or tax liability were transacted at a weighted average price of $4.04 per share, with individual trades executed between $3.81 and $4.35 inclusive.

Over what dates did the Lifezone Metals (LZM) share transactions occur?

Although the Form 4 lists a transaction date of September 7, 2026, a footnote states the trading dates for the 16,435-share disposition ranged from September 7, 2026 through September 10, 2026.

How do the Lifezone Metals (LZM) RSUs for Davis Spencer vest?

The RSUs reported for Davis Spencer vest in three equal installments on April 7, 2026, September 7, 2026, and April 7, 2027, with each vested Restricted Stock Unit converting into one ordinary share of Lifezone Metals.

Were Davis Spencer’s Lifezone Metals (LZM) transactions under a Rule 10b5-1 plan?

No. The filing’s Rule 10b5-1 checkbox is not marked as being pursuant to a plan, so no Rule 10b5-1 trading plan is reported for these transactions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/11/2026 - 12:05 PM Accepted by SEC EDGAR 09/11/2026 - 12:04 PM Learn about SEC filing dates

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)

2ND FLOOR, ST GEORGE'S COURT,

UPPER CHURCH STREET,

(Street)

DOUGLAS IM1 1EE

(City) (State) (Zip)

ISLE OF MAN

(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)
09/07/2026

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	09/07/2026	09/07/2026	C		33,000	A	$0.0001	51,385	D
Lifezone Metals Ordinary Share	09/07/2026(1)	09/10/2026	F		16,435	D	$4.04(2)	34,950	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)	09/07/2026	09/07/2026	C			33,000	(4)	(4)	Lifezone Metals Ordinary Share	33,000	$0.0001	33,000	D

Explanation of Responses:

1. Transaction date includes trading dates starting from September 7, 2026 and ending on September 10, 2026

2. The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $3.81 to $4.35 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. RSUs vest equally in three installments on April 7, 2026, September 7, 2026 and April 7, 2027.

Remarks:

	Spencer Davis	09/11/2026
	** 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)