Lifezone Metals, a new player in the market, made its grand entrance on the New York Stock Exchange (NYSE) on Thursday. The company’s stock got off to a strong start, trading at a higher price shortly after noon.
By 12:29 p.m. ET, Lifezone Metals saw a remarkable increase of 48%, with shares valued at $18.49 each. The stock opened at $11.90 per share and experienced a fluctuation throughout the session, reaching a high of $19.92 per share and a low of $11.61 per share.
Lifezone Metals was formed through a merger between GoGreen Investments, a special purpose acquisition company, and Lifezone Holdings. This collaboration enables Lifezone Metals to leverage its proprietary Hydromet processing technology – a more cost-effective and energy-efficient alternative to smelting. Additionally, this method creates less carbon emissions, aligning with the company’s commitment to sustainability.
Highlighting their flagship project in Tanzania, the Kabanga Project, Lifezone Metals proudly claims it to be one of the largest and highest-quality undeveloped nickel sulphide deposits worldwide.
However, due to the stock’s volatility, trading of Lifezone Metals had to be paused multiple times on Thursday.