# EDGAR Filing Document

**Accession Number:** 0001958217
**File Stem:** 0000000000-23-000982
**Filing Date:** 2023-1
**Character Count:** 50911
**Document Hash:** 28d557891cdbd9c1e65ad12b41bfa0d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-000982.hdr.sgml**: 20230711

**ACCESSION NUMBER**: 0000000000-23-000982

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230131

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lifezone Metals Ltd
- **CENTRAL INDEX KEY:** 0001958217
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** Y8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** COMMERCE HOUSE
- **STREET 2:** 1 BOWRING ROAD
- **CITY:** RAMSEY
- **STATE:** Y8
- **ZIP:** IM8 2LQ
- **BUSINESS PHONE:** 44 (0)1624 811 603

**MAIL ADDRESS:**
- **STREET 1:** COMMERCE HOUSE
- **STREET 2:** 1 BOWRING ROAD
- **CITY:** RAMSEY
- **STATE:** Y8
- **ZIP:** IM8 2LQ
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-23-000521

## Text-Extract

```

United States securities and exchange commission logo

                            January 31, 2023

       Chris Showalter
       Chief Executive Officer
       Lifezone Metals Limited
       Commerce House, 1 Bowring Road
       Ramsey, Isle of Man, IM8 2TF

                                                        Re: Lifezone Metals
Limited
                                                            Draft Registration
Statement on Form F-4
                                                            Submitted January
3, 2023
                                                            CIK No. 0001958217

       Dear Chris Showalter:

              We have reviewed your draft registration statement and have the
following comments. In
       some of our comments, we may ask you to provide us with information so
we may better
       understand your disclosure.

              Please respond to this letter by providing the requested
information and either submitting
       an amended draft registration statement or publicly filing your
registration statement on
       EDGAR. If you do not believe our comments apply to your facts and
circumstances or do not
       believe an amendment is appropriate, please tell us why in your
response.

             After reviewing the information you provide in response to these
comments and your
       amended draft registration statement or filed registration statement, we
may have additional
       comments.

       Draft Registration Statement on Form F-4 submitted January 3, 2023

       Cover Page

   1.                                                   Please revise to
disclose the anticipated relative ownership of your common stock
                                                        between the GoGreen
Initial Holders (including Sponsor), PIPE Investors, existing
                                                        GoGreen shareholders,
and LHL Shareholders upon completion of the Proposed
                                                        Transactions.
 Chris Showalter
FirstName  LastNameChris
Lifezone Metals Limited Showalter
Comapany
January 31,NameLifezone
            2023         Metals Limited
January
Page 2 31, 2023 Page 2
FirstName LastName
Industry and Market Data, page 3

2.       We note your use of industry and market data provided to you by Wood
Mackenzie
         throughout the proxy statement/prospectus. Please revise to include
the name and date of
         this report. To the extent you commissioned this information, please
also provide Wood
         Mackenzie's consent in accordance with Rule 436.
Questions and Answers About the Proposed Transactions
Q: What will happen in the Proposed Transactions?, page 15

3.       Revise your disclosure to include the cash value of the total
consideration for the proposed
         transactions.
What equity stake will current GoGreen shareholders, the PIPE Investors and LHL
Shareholders
have in Lifezone Metals..., page 16

4.       We note your disclosure includes equity ownership under three
different redemption
         scenarios. Revise your disclosure to include a presentation reflecting
the dilutive impact of
         shares issuable to the LHL Shareholders and the Sponsor pursuant to
each triggering event
         under the earnout arrangement.
What interests do GoGreen's current officers and directors have in the Proposed
Transactions?,
page 20

5.       Please highlight the risk that the sponsor will benefit from the
completion of a business
         combination and may be incentivized to complete an acquisition of a
less favorable target
         company or on terms less favorable to shareholders rather than
liquidate.
6.       We note your amended and restated memorandum and articles of
association waived the
         corporate opportunities doctrine. Please address this potential
conflict of interest and
         whether it impacted your search for an acquisition target.
Material Contracts, page 22

7.       Please file a copy of your Kelltech joint venture arrangement with
Orkid S.a.r.l (a wholly
         owned subsidiary of SRL) as an exhibit to your registration statement,
or tell us why you
         do not believe that it is a material agreement required to be filed
pursuant to Item 8 of
         Form F-1 and Item 601(b)(10) of Regulation S-K.
Q: What happens if the Business Combination Proposal or the Merger Proposal is
not approved?,
page 22

8.       Please update your disclosure to describe the extension to the time to
complete an
         initial business combination to April 25, 2023 and describe the
payment from the sponsor
         relating to the additional extension period.
 Chris Showalter
FirstName  LastNameChris
Lifezone Metals Limited Showalter
Comapany
January 31,NameLifezone
            2023         Metals Limited
January
Page 3 31, 2023 Page 3
FirstName LastName
Q: If I hold GoGreen warrants, can I exercise redemption rights with respect to
my GoGreen
warrants?, page 24

9.       Please clarify whether public shareholders that redeem their shares
will be able to retain
         their warrants. To the extent they will be able to retain their
warrants, please quantify the
         value of the warrants, based on recent trading prices, that may be
retained by redeeming
         shareholders assuming maximum redemptions and identify any material
resulting risks.
As we do not own the entire interest in our technology licensing, refinery and
metals extraction
businesses, other shareholders, page 57

10.      We note your disclosure that in the event the Tranche 3 Investment is
consummated, BHP
         would own a majority equity interest in KNL (representing a 51%
indirect interest in
         TNL) and you would indirectly hold the remaining equity interest, and
KNL would cease
         to be a majority-owned subsidiary of Lifezone Metals from that time
onwards. We also
         note your disclosure on page 52 that your current business strategy
relies on the Tranche 3
         Investment by BHP and you expect to largely rely on BHP to develop the
Kabanga Project
         and operate the mine. Please revise your disclosure here or add a
separate risk factor
         which clearly addresses the related economic impact to your
shareholders, including
         GoGreen shareholders. Please also add a Q&A in your Questions and
Answers section
         discussing the risks to shareholders relating to the Tranche 3
Investment.
Risk Factors
Risks Related to GoGreen and the Proposed Business Combination, page 104

11.      Disclose the material risks to unaffiliated investors presented by
taking the company
         public through a merger rather than an underwritten offering. These
risks could include
         the absence of due diligence conducted by an underwriter that would be
subject to liability
         for any material misstatements or omissions in a registration
statement.
We may not be able to complete the proposed Business Combination or any other
business
combination within the prescribed time frame, page 104

12.      Please revise to describe the Extension Period and applicable
Extension Payment and
         update to reflect the extension to the time to complete an initial
business combination
         period to April 25, 2023.
Sponsor Support Agreement, page 144

13.      We note that certain shareholders entered into a Sponsor Support
Agreement and agreed
         to, among other things, waive their redemption rights. Please describe
         any consideration provided in exchange for this agreement.
 Chris Showalter
FirstName  LastNameChris
Lifezone Metals Limited Showalter
Comapany
January 31,NameLifezone
            2023         Metals Limited
January
Page 4 31, 2023 Page 4
FirstName LastName
Ancillary Documents
New Registration Rights Agreement, page 145

14.      We note that you will enter into a new registration rights agreement
which will require
         Lifezone Metals to register the resale under the Securities Act
certain shares of Lifezone
         Metals Ordinary Shares and other equity securities of Lifezone Metals
that are held by the
         parties to the agreement. Please revise to disclose the amount of
shares of common stock
         which will be subject to this registration rights agreement.
Description of negotiation process with candidates other than Lifezone, page
149

15.      You disclose that GoGreen submitted non-binding indications of
interest, term sheets or
         proposals to three other companies in addition to Lifezone. You
identify these private
         companies as Company A, Company B and Company C and note that each
focused on the
         green transition that were consistent with GoGreen   s search criteria
and that you engaged
         in discussions with each of these companies but that GoGreen   s board
ultimately
         determined not to proceed with any of these potential business
combination targets.
         However your disclosure in this section appears to focus almost
exclusively on the
         Lifezone transaction. Please expand your discussion in this section to
describe the process
         utilized to evaluate the other potential targets. Please discuss the
information gathered,
         how and by whom it was evaluated, the negotiations which occurred, and
any alternative
         offers that were made or received. Your disclosure should clearly
describe the reasons
         you did not further consider any alternative proposal.
The Business Combination
Background of the Proposed Transactions
Description of negotiation process with Lifezone, page 152

16.      You disclose that on March 3, 2022 GoGreen submitted an initial letter
of intent and the
         parties continued their negotiations over a variety of terms including
matters related to
         Lifezone providing exclusivity, valuation, earn-outs, the scope of
lock-ups, board
         governance of the combined company, closing conditions and other terms
customary for a
         transaction of the type being proposed. Please expand your disclosure
to include a more
         detailed description of the negotiations surrounding the material
terms of the proposed
         transactions, including quantitative information where applicable.
Your revised disclosure
         should ensure that investors are able to understand how the terms of
the letter of intent
         evolved during negotiations.
17.      You disclose that on March 24, 2022, GoGreen submitted a final draft
of the initial letter
         of intent to Lifezone, which was accepted and signed by Lifezone that
same day. The
         agreed initial letter of intent contained non-binding terms implying a
pre-money equity
         value ascribed to LHL of $611 million. You further disclose that in
arriving at the pre-
         money equity value, the parties considered the results of GoGreen   s
preliminary analysis
         of Lifezone, as well as the valuation ascribed to Lifezone "in prior
financing
 Chris Showalter
FirstName  LastNameChris
Lifezone Metals Limited Showalter
Comapany
January 31,NameLifezone
            2023         Metals Limited
January
Page 5 31, 2023 Page 5
FirstName LastName
         transactions." Please revise your disclosure to summarize these
analyses, and explain how
         these analyses were applied to determine Lifezone's enterprise value.
Also, clarify
         whether GoGreen's preliminary analysis was the preliminary financial
model of Lifezone
         presented to GoGreen by Sprott on February 23, 2022, which was
composed of data
         related to comparable companies and different scenarios related to
mine development,
         including base and upside cases, with and without using Hydromet
Technology.
18.      You disclose that terms of the Amended LOI included an updated
valuation of a pre-
         money value ascribed to LHL of $626.8 million as well as other revised
terms. Please
         revise to discuss the factors considered and the reasons for the
increased valuation and
         additional details regarding any negotiations surrounding the minimum
cash condition and
         earnout portion of the consideration.
Material Tax Considerations, page 167

19.      We note your disclosure that the Merger is expected to constitute a
transaction treated as a
            reorganization    under Section 368(a)(1)(F) of the Code. Your
disclosure further indicates
         that if the Merger qualifies as reorganization, a U.S. Holder who owns
GoGreen securities
         and who exchanges such GoGreen securities for Lifezone Metals
securities in the Merger
         generally is not expected to recognize gain or loss and the remainder
of this section
         assumes that the Merger will be respected as a    reorganization.
As a result, it appears
         that the tax consequences may be material to shareholders. Please
revise your disclosures
         to identify tax counsel and file a related opinion or provide us an
analysis explaining why
         it is not necessary to do so. For guidance, refer to Section III of
Staff Legal Bulletin 19
         (Oct. 14, 2011).
Information Related to GoGreen
Permitted Purchases of our Securities, page 181

20.      We note your disclosure here and on pages 19 and 105 that the Sponsor,
directors,
         officers, advisors or any of their respective affiliates may purchase
shares in privately
         negotiated transactions or in the open market prior to the proposed
transactions. You
         further state that the purpose of the share purchases could be to vote
in favor of the
         business combination. Please provide your analysis on how such
purchases comply with
         Rule 14e-5.
Information About Lifezone Holdings Limited, page 196

21.      Please revise to fully describe the Kell-Sedibelo-Lifezone Refinery
pursuant to Item 102
         of Regulation S-K. In the description include the location, with
appropriate maps, and an
         update on the project construction including the percentage of
construction completed.
Intellectual Property, page 208

22.      We note your disclosure that you have been granted or issued 112
patents and have 11
         applications pending in 59 jurisdictions relating to your Hydromet
Technology and
 Chris Showalter
Lifezone Metals Limited
January 31, 2023
Page 6
         associated processes. We also note your disclosure that you
exclusively own the patents
         for the Kell Process Technology. Please disclose the type of patent
protection, expiration
         dates, and applicable jurisdictions relating to your material patents.
The Description of the Kabanga Project, page 241

23.      Please revise to include the following property disclosure with
respect to the Kabanga
         project pursuant to Item 1304(b) of Regulation S-K:
             describe existing infrastructure including roads, railroads,
airports, ports, sources of
             water, and electricity,
             describe the name, number, and title of mineral rights including
size or acreage,
             required payments, royalties, and expiration dates,
             describe any updates with respect to the hydrometallurgical
process testing,
             include the total cost or book value of the property and its
associated plant and
             equipment, and
             describe any significant encumbrances to the property.
24.      We note that you disclose historical estimates of mineral resources in
your filing. Please
         explain the basis for the inclusion of these historical estimates in
your filing considering
         only current mineral resources, as defined under Item 1300 of S-K,
should be disclosed in
         Commission filings. To the extent you are relying on the provisions of
Item 1304(h) of
         Regulation S-K, please clearly explain why this guidance applies to
your situation based
         on the structure of your transaction.
25.      Please revise to include the information required under Item 1305 of
Regulation S-K with
         respect to your internal controls.
Unaudited Pro Forma Condensed Combined Financial Information
Earnout, page 270

26.      Please tell us how you plan to account for the earnout shares,
providing the authoritative
         literature that supports your view. Please also tell us how you
considered any pro forma
         adjustments for these earnout shares.
Basis of Pro Forma Presentation, page 272

27.    We note you describe the second pro forma scenario, or Scenario 2, as
"Assuming
       Redemptions up to Minimum Cash Condition." However, your narrative
discussion
       appears to describe a scenario in which the GoGreen shareholders redeem
50% of their
FirstName LastNameChris Showalter
       shares, resulting in a cash balance that exceeds the $50 million Minimum
Cash Condition
Comapany    NameLifezone
       defined  at page 113.Metals
                              PleaseLimited
                                     explain how your description of this
scenario is appropriate or
Januaryrevise yourPage
        31, 2023    disclosure
                         6     accordingly.
FirstName LastName
 Chris Showalter
FirstName  LastNameChris
Lifezone Metals Limited Showalter
Comapany
January 31,NameLifezone
            2023         Metals Limited
January
Page 7 31, 2023 Page 7
FirstName LastName
1. Basis of Presentation, page 278

28.      Please tell us how presenting an unaudited pro forma condensed
combined statement of
         operations for the year ended December 31, 2020 complies with Rule
11-02(c)(2) of
         Regulation S-X which requires pro forma condensed statement of
operation be filed for
         only the most recent fiscal year and interim period.
3. Pro-Forma Adjustments, page 279

29.      We note pro forma adjustment (C) indicates that in calculating the
expense for the
         difference between the fair value Lifezone Metals shares issued to
GoGreen net assets
         contributed in accordance with IFRS 2, you have estimated the fair
value of share
         consideration based on Lifezone Metals' enterprise valuation of
approximately $1.4
         billion. Please expand your disclosure to provide details sufficient
to understand how you
         determined Lifezone Metals' enterprise valuation and for each scenario
presented, the total
         consideration transferred including its underlying components and how
the fair value of
         share consideration was measured and calculated. In addition, revise
to show how the
         amounts of GoGreen   s net assets were derived. Refer to Rule
11-02(a)(11)(ii)(A) of
         Regulation S-X.
30.      Please expand your discussion of pro forma adjustment (D) to show the
gross amounts of
         share capital and share premium that resulted in the increase of $6
thousand and $35
         million, respectively.
Management   s discussion and Analysis of financial Condition and Results of
Operations of
LHL, Lifezone Limited and KNL
Lifezone Limited
I. Critical Accounting Policies and Estimates
i. Revenue recognition, page 302

31.      We note your revenue is attributable to Lifezone Limited   s
consulting and management
         services with regard to its licenses of patents for use in mineral
beneficiation operations
         primarily in Africa. Please expand your disclosureto further describe
your accounting
         policy under the five-step process outlined in IFRS15 as specifically
applied to your
         consulting and management services agreements.
Key Business and Non-IFRS Financial Measures, page 309

32.      You disclose that you use projected Adjusted EBITDA as a key business
and non-IFRS
         financial measure to to evaluate your business, identify trends
affecting your business,
         formulate business plans and make strategic decisions and you present
multiple
         calculations of this measure on pages 309 and 310. Your disclosure at
page 159 appears
         to indicate that you view these amounts as prospective financial
information that
         was provided to GoGreen in their evaluation of the Proposed
Transactions. Please tell us
         whether you consider this measure as a non-GAAP financial measure
subject to the
 Chris Showalter
FirstName  LastNameChris
Lifezone Metals Limited Showalter
Comapany
January 31,NameLifezone
            2023         Metals Limited
January
Page 8 31, 2023 Page 8
FirstName LastName
         provisions of Item 10(e) of Regulation S-K or if you are only
providing these
         projections as prospective information for the reasons described at
page 159. If the latter,
         please revise your disclosure to clarify the reasons the information
was prepared and the
         purpose for their inclusion in the registration statement.
33.      You present the table starting with the base case Adjusted EBITDA
along with metal price
         sensitivity on 10% intervals and various cost estimates. Please revise
to address the
         following:

                Clarify the period(s) of timeframe that these projections
relate to;
                Further describe the costs included in your estimates of costs
per ton, how you
              determined these cost amounts, and describe in detail the
underlying assumptions
              used in determining these estimates;
                Explain how you determined the base prices for nickel, copper
and cobalt and why
              you believe these prices are reasonable;
                Include in footnote (1), as an example, how base revenue of
$1,258 million is
              calculated; and
                Clearly describe the basis for the operating expense and
royalty amounts, the
              underlying assumptions used to determine these expenses and why
you believe the
              underlying assumptions are reasonable.
Capital Expenditures
Lifezone Limited, page 310

34.      You disclose that you estimate your IP Licensing business will require
significant capital
         expenditure over the next 24 months. Please revise to separately
quantify your estimates
         of capital expenditures for laboratory and test work facilities and
research and
         development and patent applications.
Kabanga Nickel Limited, page 310

35.      Please revise to further describe your plans to fund $1.3 billion of
estimated capital
         expenditure required for the development of the Kabanga mining and
refining operations.
Kabanga Nickel Limited
Consolidated Financial Statements For the Year Ended December 31, 2021 and 2020
Consolidated Statement of Cash Flows, page F-63

36.      Please tell us your basis for presenting the release of the $8 million
restricted deposit from
         escrow as a cash flow from operating activities.
Notes to the Consolidated Financial Statements
12 Interests in Other Entities, page F-77

37.      We note that you assigned and recorded $12.7 million of the $13.5
million purchase price
         to intangible mining data in accounting for the purchase of Kabanga
Holdings Limited and
 Chris Showalter
Lifezone Metals Limited
January 31, 2023
Page 9
         Romanex International Limited in April 2021. You also state that these
two entities were
         the previous license holders and owners of assets related to the
Kabanga nickel project.
         Please address the following points:
             Tell us your basis for assigning the majority of the purchase
price to the mining data
              asset and how this asset is a valid recognizable intangible asset
under IFRS, citing the
              authoritative guidance that supports your view.
             Tell us why no value was assigned to any licenses or exploration
rights held by KHL
              and RIL related to the Kabanga nickel project
             Explain your basis for classifying the mining data asset as
indefinite lived given that
              it is related to a mineral project.
General, page 1

38.      With a view toward disclosure, please tell us whether your sponsor is,
is controlled by, or
         has substantial ties with a non-U.S. person. Please also tell us
whether anyone or any
         entity associated with or otherwise involved in the transaction, is,
is controlled by, or has
         substantial ties with a non-U.S. person. If so, also include risk
factor disclosure that
         addresses how this fact could impact your ability to complete your
initial business
         combination. For instance, discuss the risk to investors that you may
not be able to
         complete an initial business combination should the transaction be
subject to review by a
         U.S. government entity, such as the Committee on Foreign Investment in
the United
         States (CFIUS), or ultimately prohibited. Further, disclose that the
time necessary for
         government review of the transaction or a decision to prohibit the
transaction could
         prevent you from completing an initial business combination and
require you to liquidate.
         Disclose the consequences of liquidation to investors, such as the
losses of the investment
         opportunity in a target company, any price appreciation in the
combined company, and the
         warrants, which would expire worthless.
39.    We note certain language used throughout your filing that does not
appear to be supported
       by a current mineral resource or reserve, as defined by Item 1300 of
Regulation S-K, or
       by process testing using your proprietary technology, such as the
disclosure on page 32
FirstName LastNameChris Showalter
       describing one of the world's largest and highest grade undeveloped
sulphide deposits and
Comapany    NameLifezone
       proprietary         Metals Limited
                   green processing technologies. Please revise your filing to
modify these
Januarydisclosures.
        31, 2023 Page 9
FirstName LastName
 Chris Showalter
FirstName  LastNameChris
Lifezone Metals Limited Showalter
Comapany
January 31,NameLifezone
            2023         Metals Limited
January
Page 10 31, 2023 Page 10
FirstName LastName
        You may contact Steve Lo, Staff Accountant, at (202) 551-3394 or Craig
Arakawa,
Accounting Branch Chief, at (202) 551-3650 if you have questions regarding
comments on the
financial statements and related matters. Please contact John Coleman at (202)
551-3610 for
engineering related questions. Please contact Anuja A. Majmudar,
Attorney-Adviser, at (202)
551-3844 or Irene Barberena-Meissner, Attorney-Adviser, at (202) 551-6548 with
any other
questions.

                                                         Sincerely,

                                                         Division of
Corporation Finance
                                                         Office of Energy &
Transportation
cc:      Nick S. Dhesi

```

### Attached PDF Documents

**Attachment 1:** `filename1`

![img-0.jpeg](img-0.jpeg)

CORPORATION FINANCE

# UNITED STATES  
SECURITIES AND EXCHANGE COMMISSION  
WASHINGTON, D.C. 20549

January 31, 2023

Chris Showalter  
Chief Executive Officer  
Lifezone Metals Limited  
Commerce House, 1 Bowring Road  
Ramsey, Isle of Man, IM8 2TF

# **Re: Lifezone Metals Limited  
Draft Registration Statement on Form F-4  
Submitted January 3, 2023  
CIK No. 0001958217**

Dear Chris Showalter:

We have reviewed your draft registration statement and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to this letter by providing the requested information and either submitting an amended draft registration statement or publicly filing your registration statement on EDGAR. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.

After reviewing the information you provide in response to these comments and your amended draft registration statement or filed registration statement, we may have additional comments.

Draft Registration Statement on Form F-4 submitted January 3, 2023

# Cover Page

1. Please revise to disclose the anticipated relative ownership of your common stock between the GoGreen Initial Holders (including Sponsor), PIPE Investors, existing GoGreen shareholders, and LHL Shareholders upon completion of the Proposed Transactions.

Chris Showalter
Lifezone Metals Limited
January 31, 2023
Page 2

Industry and Market Data, page 3

2. We note your use of industry and market data provided to you by Wood Mackenzie throughout the proxy statement/prospectus. Please revise to include the name and date of this report. To the extent you commissioned this information, please also provide Wood Mackenzie's consent in accordance with Rule 436.

Questions and Answers About the Proposed Transactions

Q: What will happen in the Proposed Transactions?, page 15

3. Revise your disclosure to include the cash value of the total consideration for the proposed transactions.

What equity stake will current GoGreen shareholders, the PIPE Investors and LHL Shareholders have in Lifezone Metals..., page 16

4. We note your disclosure includes equity ownership under three different redemption scenarios. Revise your disclosure to include a presentation reflecting the dilutive impact of shares issuable to the LHL Shareholders and the Sponsor pursuant to each triggering event under the earnout arrangement.

What interests do GoGreen's current officers and directors have in the Proposed Transactions?, page 20

5. Please highlight the risk that the sponsor will benefit from the completion of a business combination and may be incentivized to complete an acquisition of a less favorable target company or on terms less favorable to shareholders rather than liquidate.
6. We note your amended and restated memorandum and articles of association waived the corporate opportunities doctrine. Please address this potential conflict of interest and whether it impacted your search for an acquisition target.

Material Contracts, page 22

7. Please file a copy of your Kelltech joint venture arrangement with Orkid S.a.r.l (a wholly owned subsidiary of SRL) as an exhibit to your registration statement, or tell us why you do not believe that it is a material agreement required to be filed pursuant to Item 8 of Form F-1 and Item 601(b)(10) of Regulation S-K.

Q: What happens if the Business Combination Proposal or the Merger Proposal is not approved?, page 22

8. Please update your disclosure to describe the extension to the time to complete an initial business combination to April 25, 2023 and describe the payment from the sponsor relating to the additional extension period.

Chris Showalter  
Lifezone Metals Limited  
January 31, 2023  
Page 3

Q: If I hold GoGreen warrants, can I exercise redemption rights with respect to my GoGreen warrants?, page 24

9. Please clarify whether public shareholders that redeem their shares will be able to retain their warrants. To the extent they will be able to retain their warrants, please quantify the value of the warrants, based on recent trading prices, that may be retained by redeeming shareholders assuming maximum redemptions and identify any material resulting risks.

As we do not own the entire interest in our technology licensing, refinery and metals extraction businesses, other shareholders, page 57

10. We note your disclosure that in the event the Tranche 3 Investment is consummated, BHP would own a majority equity interest in KNL (representing a 51% indirect interest in TNL) and you would indirectly hold the remaining equity interest, and KNL would cease to be a majority-owned subsidiary of Lifezone Metals from that time onwards. We also note your disclosure on page 52 that your current business strategy relies on the Tranche 3 Investment by BHP and you expect to largely rely on BHP to develop the Kabanga Project and operate the mine. Please revise your disclosure here or add a separate risk factor which clearly addresses the related economic impact to your shareholders, including GoGreen shareholders. Please also add a Q&A in your Questions and Answers section discussing the risks to shareholders relating to the Tranche 3 Investment.

#### Risk Factors

Risks Related to GoGreen and the Proposed Business Combination, page 104

11. Disclose the material risks to unaffiliated investors presented by taking the company public through a merger rather than an underwritten offering. These risks could include the absence of due diligence conducted by an underwriter that would be subject to liability for any material misstatements or omissions in a registration statement.

We may not be able to complete the proposed Business Combination or any other business combination within the prescribed time frame, page 104

12. Please revise to describe the Extension Period and applicable Extension Payment and update to reflect the extension to the time to complete an initial business combination period to April 25, 2023.

Sponsor Support Agreement, page 144

13. We note that certain shareholders entered into a Sponsor Support Agreement and agreed to, among other things, waive their redemption rights. Please describe any consideration provided in exchange for this agreement.

Chris Showalter
Lifezone Metals Limited
January 31, 2023
Page 4

# Ancillary Documents

# New Registration Rights Agreement, page 145

14. We note that you will enter into a new registration rights agreement which will require Lifezone Metals to register the resale under the Securities Act certain shares of Lifezone Metals Ordinary Shares and other equity securities of Lifezone Metals that are held by the parties to the agreement. Please revise to disclose the amount of shares of common stock which will be subject to this registration rights agreement.

# Description of negotiation process with candidates other than Lifezone, page 149

15. You disclose that GoGreen submitted non-binding indications of interest, term sheets or proposals to three other companies in addition to Lifezone. You identify these private companies as Company A, Company B and Company C and note that each focused on the green transition that were consistent with GoGreen's search criteria and that you engaged in discussions with each of these companies but that GoGreen's board ultimately determined not to proceed with any of these potential business combination targets. However your disclosure in this section appears to focus almost exclusively on the Lifezone transaction. Please expand your discussion in this section to describe the process utilized to evaluate the other potential targets. Please discuss the information gathered, how and by whom it was evaluated, the negotiations which occurred, and any alternative offers that were made or received. Your disclosure should clearly describe the reasons you did not further consider any alternative proposal.

# The Business Combination

# Background of the Proposed Transactions

# Description of negotiation process with Lifezone, page 152

16. You disclose that on March 3, 2022 GoGreen submitted an initial letter of intent and the parties continued their negotiations over a variety of terms including matters related to Lifezone providing exclusivity, valuation, earn-outs, the scope of lock-ups, board governance of the combined company, closing conditions and other terms customary for a transaction of the type being proposed. Please expand your disclosure to include a more detailed description of the negotiations surrounding the material terms of the proposed transactions, including quantitative information where applicable. Your revised disclosure should ensure that investors are able to understand how the terms of the letter of intent evolved during negotiations.

17. You disclose that on March 24, 2022, GoGreen submitted a final draft of the initial letter of intent to Lifezone, which was accepted and signed by Lifezone that same day. The agreed initial letter of intent contained non-binding terms implying a pre-money equity value ascribed to LHL of $611 million. You further disclose that in arriving at the pre-money equity value, the parties considered the results of GoGreen's preliminary analysis of Lifezone, as well as the valuation ascribed to Lifezone "in prior financing

Chris Showalter  
Lifezone Metals Limited  
January 31, 2023  
Page 5

transactions.' Please revise your disclosure to summarize these analyses, and explain how these analyses were applied to determine Lifezone's enterprise value. Also, clarify whether GoGreen's preliminary analysis was the preliminary financial model of Lifezone presented to GoGreen by Sprott on February 23, 2022, which was composed of data related to comparable companies and different scenarios related to mine development, including base and upside cases, with and without using Hydromet Technology.

18. You disclose that terms of the Amended LOI included an updated valuation of a pre-money value ascribed to LHL of $626.8 million as well as other revised terms. Please revise to discuss the factors considered and the reasons for the increased valuation and additional details regarding any negotiations surrounding the minimum cash condition and earnout portion of the consideration.

#### Material Tax Considerations, page 167

19. We note your disclosure that the Merger is expected to constitute a transaction treated as a 'reorganization' under Section 368(a)(1)(F) of the Code. Your disclosure further indicates that if the Merger qualifies as reorganization, a U.S. Holder who owns GoGreen securities and who exchanges such GoGreen securities for Lifezone Metals securities in the Merger generally is not expected to recognize gain or loss and the remainder of this section assumes that the Merger will be respected as a 'reorganization.' As a result, it appears that the tax consequences may be material to shareholders. Please revise your disclosures to identify tax counsel and file a related opinion or provide us an analysis explaining why it is not necessary to do so. For guidance, refer to Section III of Staff Legal Bulletin 19 (Oct. 14, 2011).

#### Information Related to GoGreen

#### Permitted Purchases of our Securities, page 181

20. We note your disclosure here and on pages 19 and 105 that the Sponsor, directors, officers, advisors or any of their respective affiliates may purchase shares in privately negotiated transactions or in the open market prior to the proposed transactions. You further state that the purpose of the share purchases could be to vote in favor of the business combination. Please provide your analysis on how such purchases comply with Rule 14e-5.

#### Information About Lifezone Holdings Limited, page 196

21. Please revise to fully describe the Kell-Sedibelo-Lifezone Refinery pursuant to Item 102 of Regulation S-K. In the description include the location, with appropriate maps, and an update on the project construction including the percentage of construction completed.

#### Intellectual Property, page 208

22. We note your disclosure that you have been granted or issued 112 patents and have 11 applications pending in 59 jurisdictions relating to your Hydromet Technology and

Chris Showalter
Lifezone Metals Limited
January 31, 2023
Page 6

associated processes. We also note your disclosure that you exclusively own the patents for the Kell Process Technology. Please disclose the type of patent protection, expiration dates, and applicable jurisdictions relating to your material patents.

The Description of the Kabanga Project, page 241

23. Please revise to include the following property disclosure with respect to the Kabanga project pursuant to Item 1304(b) of Regulation S-K:
- describe existing infrastructure including roads, railroads, airports, ports, sources of water, and electricity,
- describe the name, number, and title of mineral rights including size or acreage, required payments, royalties, and expiration dates,
- describe any updates with respect to the hydrometallurgical process testing,
- include the total cost or book value of the property and its associated plant and equipment, and
- describe any significant encumbrances to the property.

24. We note that you disclose historical estimates of mineral resources in your filing. Please explain the basis for the inclusion of these historical estimates in your filing considering only current mineral resources, as defined under Item 1300 of S-K, should be disclosed in Commission filings. To the extent you are relying on the provisions of Item 1304(h) of Regulation S-K, please clearly explain why this guidance applies to your situation based on the structure of your transaction.

25. Please revise to include the information required under Item 1305 of Regulation S-K with respect to your internal controls.

Unaudited Pro Forma Condensed Combined Financial Information

Earnout, page 270

26. Please tell us how you plan to account for the earnout shares, providing the authoritative literature that supports your view. Please also tell us how you considered any pro forma adjustments for these earnout shares.

Basis of Pro Forma Presentation, page 272

27. We note you describe the second pro forma scenario, or Scenario 2, as "Assuming Redemptions up to Minimum Cash Condition." However, your narrative discussion appears to describe a scenario in which the GoGreen shareholders redeem 50% of their shares, resulting in a cash balance that exceeds the $50 million Minimum Cash Condition defined at page 113. Please explain how your description of this scenario is appropriate or revise your disclosure accordingly.

Chris Showalter
Lifezone Metals Limited
January 31, 2023
Page 7

1. Basis of Presentation, page 278

28. Please tell us how presenting an unaudited pro forma condensed combined statement of operations for the year ended December 31, 2020 complies with Rule 11-02(c)(2) of Regulation S-X which requires pro forma condensed statement of operation be filed for only the most recent fiscal year and interim period.

3. Pro-Forma Adjustments, page 279

29. We note pro forma adjustment (C) indicates that in calculating the expense for the difference between the fair value Lifezone Metals shares issued to GoGreen net assets contributed in accordance with IFRS 2, you have estimated the fair value of share consideration based on Lifezone Metals' enterprise valuation of approximately $1.4 billion. Please expand your disclosure to provide details sufficient to understand how you determined Lifezone Metals' enterprise valuation and for each scenario presented, the total consideration transferred including its underlying components and how the fair value of share consideration was measured and calculated. In addition, revise to show how the amounts of GoGreen's net assets were derived. Refer to Rule 11-02(a)(11)(ii)(A) of Regulation S-X.

30. Please expand your discussion of pro forma adjustment (D) to show the gross amounts of share capital and share premium that resulted in the increase of $6 thousand and $35 million, respectively.

Management's discussion and Analysis of financial Condition and Results of Operations of LHL, Lifezone Limited and KNL

Lifezone Limited

I. Critical Accounting Policies and Estimates

i. Revenue recognition, page 302

31. We note your revenue is attributable to Lifezone Limited's consulting and management services with regard to its licenses of patents for use in mineral beneficiation operations primarily in Africa. Please expand your disclosure to further describe your accounting policy under the five-step process outlined in IFRS15 as specifically applied to your consulting and management services agreements.

Key Business and Non-IFRS Financial Measures, page 309

32. You disclose that you use projected Adjusted EBITDA as a key business and non-IFRS financial measure to evaluate your business, identify trends affecting your business, formulate business plans and make strategic decisions and you present multiple calculations of this measure on pages 309 and 310. Your disclosure at page 159 appears to indicate that you view these amounts as prospective financial information that was provided to GoGreen in their evaluation of the Proposed Transactions. Please tell us whether you consider this measure as a non-GAAP financial measure subject to the

Chris Showalter
Lifezone Metals Limited
January 31, 2023
Page 8

provisions of Item 10(e) of Regulation S-K or if you are only providing these projections as prospective information for the reasons described at page 159. If the latter, please revise your disclosure to clarify the reasons the information was prepared and the purpose for their inclusion in the registration statement.

33. You present the table starting with the base case Adjusted EBITDA along with metal price sensitivity on 10% intervals and various cost estimates. Please revise to address the following:

- Clarify the period(s) of timeframe that these projections relate to;
- Further describe the costs included in your estimates of costs per ton, how you determined these cost amounts, and describe in detail the underlying assumptions used in determining these estimates;
- Explain how you determined the base prices for nickel, copper and cobalt and why you believe these prices are reasonable;
- Include in footnote (1), as an example, how base revenue of $1,258 million is calculated; and
- Clearly describe the basis for the operating expense and royalty amounts, the underlying assumptions used to determine these expenses and why you believe the underlying assumptions are reasonable.

# Capital Expenditures

# Lifezone Limited, page 310

34. You disclose that you estimate your IP Licensing business will require significant capital expenditure over the next 24 months. Please revise to separately quantify your estimates of capital expenditures for laboratory and test work facilities and research and development and patent applications.

# Kabanga Nickel Limited, page 310

35. Please revise to further describe your plans to fund $1.3 billion of estimated capital expenditure required for the development of the Kabanga mining and refining operations.

# Kabanga Nickel Limited

# Consolidated Financial Statements For the Year Ended December 31, 2021 and 2020

# Consolidated Statement of Cash Flows, page F-63

36. Please tell us your basis for presenting the release of the $8 million restricted deposit from escrow as a cash flow from operating activities.

# Notes to the Consolidated Financial Statements

# 12 Interests in Other Entities, page F-77

37. We note that you assigned and recorded $12.7 million of the $13.5 million purchase price to intangible mining data in accounting for the purchase of Kabanga Holdings Limited and

Chris Showalter
Lifezone Metals Limited
January 31, 2023
Page 9

Romanex International Limited in April 2021. You also state that these two entities were the previous license holders and owners of assets related to the Kabanga nickel project.

Please address the following points:

- Tell us your basis for assigning the majority of the purchase price to the mining data asset and how this asset is a valid recognizable intangible asset under IFRS, citing the authoritative guidance that supports your view.
- Tell us why no value was assigned to any licenses or exploration rights held by KHL and RIL related to the Kabanga nickel project
- Explain your basis for classifying the mining data asset as indefinite lived given that it is related to a mineral project.

General, page 1

38. With a view toward disclosure, please tell us whether your sponsor is, is controlled by, or has substantial ties with a non-U.S. person. Please also tell us whether anyone or any entity associated with or otherwise involved in the transaction, is, is controlled by, or has substantial ties with a non-U.S. person. If so, also include risk factor disclosure that addresses how this fact could impact your ability to complete your initial business combination. For instance, discuss the risk to investors that you may not be able to complete an initial business combination should the transaction be subject to review by a U.S. government entity, such as the Committee on Foreign Investment in the United States (CFIUS), or ultimately prohibited. Further, disclose that the time necessary for government review of the transaction or a decision to prohibit the transaction could prevent you from completing an initial business combination and require you to liquidate. Disclose the consequences of liquidation to investors, such as the losses of the investment opportunity in a target company, any price appreciation in the combined company, and the warrants, which would expire worthless.

39. We note certain language used throughout your filing that does not appear to be supported by a current mineral resource or reserve, as defined by Item 1300 of Regulation S-K, or by process testing using your proprietary technology, such as the disclosure on page 32 describing one of the world's largest and highest grade undeveloped sulphide deposits and proprietary green processing technologies. Please revise your filing to modify these disclosures.

Chris Showalter
Lifezone Metals Limited
January 31, 2023
Page 10

You may contact Steve Lo, Staff Accountant, at (202) 551-3394 or Craig Arakawa, Accounting Branch Chief, at (202) 551-3650 if you have questions regarding comments on the financial statements and related matters. Please contact John Coleman at (202) 551-3610 for engineering related questions. Please contact Anuja A. Majmudar, Attorney-Adviser, at (202) 551-3844 or Irene Barberena-Meissner, Attorney-Adviser, at (202) 551-6548 with any other questions.

Sincerely,

Division of Corporation Finance
Office of Energy & Transportation

cc: Nick S. Dhesi