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Equity | 12 Months Ended
--- | ---
Dec. 31, 2023
Equity [Abstract] |
Equity | 25. Equity Lifezone Holdings was incorporated on March 28, 2022, as a holding company for Lifezone Limited and acquired 100% of the equity interest in Lifezone Limited on June 24, 2022. Refer to Note 1. Lifezone was incorporated on December 8, 2022, as a holding company for Lifezone Holdings and acquired 100% of the equity interest in Lifezone Holdings on July 6, 2023, as part of the SPAC Transaction. Refer to Note 1.
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | Number of Shares |  |  | $ |  |  | Number of Shares |  |  | $ |
Share capital: |  |  |  |  |  |  |  |  |  |  |  |
Lifezone Holding Limited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of ordinary shares in issue |  |  |  |  |  |  |  |  |  |  | 58,300,082 |  |  |  |  |
Nominal average value per ordinary per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.0001 |
Nominal value of ordinary total shares: Lifezone Holdings Limited |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,101 |
Lifezone Metals Limited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of ordinary shares in issue |  |  | 78,269,952 |  |  |  |  |  |  |  |  |  |  |  |  |
Nominal average value per ordinary per share |  |  |  |  |  |  | 0.0001 |  |  |  |  |  |  |  |  |
Nominal value of ordinary total shares: Lifezone Metals Limited |  |  |  |  |  |  | 7,828 |  |  |  |  |  |  |  |  |
The number of shares and nominal average value have been adjusted to retrospectively reflect the impact of the Flip-Up in accordance with the predecessor value method of accounting for the business combination under common control. As disclosed on Note 1, immediately prior to the Closing date of the SPAC Transaction, holders of all outstanding LHL shares (620,290 total) were subsequently exchanged for LML shares at the Closing. On July 6, 2023, LML purchased the shares of LHL with a ratio of c. 94:1. Reconciliation of Shareholders’ equity movement
|  | December 31, 2023 |  |  | Movements |  |  | December 31, 2022 |
|  | Number of Shares |  |  | $ |  |  | $ |  |  | Number of Shares |  |  | $ |
Share capital, beginning |  |  | 58,300,082 |  |  |  | 3,101 |  |  |  | - |  |  |  | 58,300,082 |  |  |  | 1,843 |
Transactions with shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lifezone Holdings restricted stock units exercised |  |  | 2,819,653 |  |  |  | 150 |  |  |  | 150 |  |  |  | - |  |  |  | - |
Lifezone Holdings share options, net settled exercised |  |  | 1,560,396 |  |  |  | 83 |  |  |  | 83 |  |  |  | - |  |  |  | - |
|  |  | 4,380,049 |  |  |  | 233 |  |  |  | 233 |  |  |  | - |  |  |  | - |
Total Lifezone Holdings Limited shares prior to share exchange |  |  | 62,680,131 |  |  |  | 3,334 |  |  |  |  |  |  |  | 58,300,082 |  |  |  | 1,843 |
Share exchange transaction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Lifezone Holdings shares exchanged for Lifezone Metals shares |  |  | (62,680,131 | ) |  |  | (3,334 | ) |  |  | (3,334 | ) |  |  |  |  |  |  |  |
Exchange ratio of 94:1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchanged for Issue of Lifezone Metal Limited shares |  |  | 62,680,131 |  |  |  | 6,268 |  |  |  | 6,268 |  |  |  | - |  |  |  | - |
Previous GoGreen Sponsor shareholders |  |  | 6,468,600 |  |  |  | 647 |  |  |  | 647 |  |  |  | - |  |  |  | - |
Previous GoGreen public shareholders |  |  | 1,527,554 |  |  |  | 153 |  |  |  | 153 |  |  |  | - |  |  |  | - |
PIPE Investors |  |  | 7,017,317 |  |  |  | 702 |  |  |  | 702 |  |  |  | - |  |  |  | - |
Simulus Vendors |  |  | 500,000 |  |  |  | 50 |  |  |  | 50 |  |  |  | - |  |  |  | - |
Issue of Lifezone Metal Limited shares |  |  | 78,193,602 |  |  |  | 7,820 |  |  |  | 7,820 |  |  |  | - |  |  |  | - |
Issue of shares from warrants exercised |  |  | 76,350 |  |  |  | 8 |  |  |  | 8 |  |  |  | - |  |  |  | - |
Share flip up transaction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swap of Lifezone and KNL shares |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (58,300,082 | ) |  |  | (1,843 | )
Issue of Lifezone Holdings Limited shares |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 58,300,082 |  |  |  | 3,101 |
|  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,258 |
Total transactions with shareholders |  |  | 78,269,952 |  |  |  | 7,828 |  |  |  | 7,828 |  |  |  | - |  |  |  | 1,258 |
Share capital, ending |  |  | 78,269,952 |  |  |  | 7,828 |  |  |  | 4,727 |  |  |  | 58,300,082 |  |  |  | 3,101 |
Share premium |  |  |  |  |  |  | 184,610,307 |  |  |  | 158,933,651 |  |  |  |  |  |  |  | 25,676,656 |
Equity issuance fees |  |  |  |  |  |  | (5,923,979 | ) |  |  | (5,683,979 | ) |  |  |  |  |  |  | (240,000 | )
Total share premium |  |  |  |  |  |  | 178,686,328 |  |  |  | 153,249,672 |  |  |  |  |  |  |  | 25,436,656 |
Lifezone Holdings restricted stock units |  |  |  |  |  |  | - |  |  |  | (14,379,698 | ) |  |  |  |  |  |  | 14,379,698 |
Lifezone Holdings share options |  |  |  |  |  |  | - |  |  |  | (11,103,650 | ) |  |  |  |  |  |  | 11,103,650 |
Previous Lifezone Holdings shareholders earnouts |  |  |  |  |  |  | 248,464,035 |  |  |  | 248,464,035 |  |  |  |  |  |  |  | - |
Previous Sponsor earnouts |  |  |  |  |  |  | 17,094,750 |  |  |  | 17,094,750 |  |  |  |  |  |  |  | - |
Total shared base payment reserve |  |  |  |  |  |  | 265,558,785 |  |  |  | 240,075,437 |  |  |  |  |  |  |  | 25,483,348 |
Warrant reserves |  |  |  |  |  |  | 15,017,257 |  |  |  | 15,017,257 |  |  |  |  |  |  |  | - |
Other reserves |  |  |  |  |  |  | (6,814,302 | ) |  |  | 8,680,952 |  |  |  |  |  |  |  | (15,495,254 | )
Translations reserve |  |  |  |  |  |  | 77,933 |  |  |  | (37,931 | ) |  |  |  |  |  |  | 115,864 |
Redemption reserve |  |  |  |  |  |  | 280,808 |  |  |  | - |  |  |  |  |  |  |  | 280,808 |
Accumulated deficit |  |  |  |  |  |  | (408,165,162 | ) |  |  | (363,874,560 | ) |  |  |  |  |  |  | (44,290,602 | )
Total Shareholders’ equity (deficit) |  |  |  |  |  |  | 44,649,475 |  |  |  | 53,115,554 |  |  |  |  |  |  |  | (8,466,079 | )
The comparative LHL shares have been retroactively restated as shares reflecting the exchange ratio of circa 94:1 established in the business combination. All fractional shares were rounded. Share capital Share capital reflects the par value of shares issued as shown on the consolidated statements of financial position in the presentational currency USD. Share premium Share premium reflects the excess of consideration received, net of issue costs, over par value of shares. Other reserve Other reserves reflect revaluation of Share-based payments and Restricted stock units. Foreign currency translation reserve The assets and liabilities of Lifezone’s foreign subsidiaries are translated into USD using the exchange rates in effect on the balance sheet dates. Equity accounts are translated at historical rates, except for the change in retained earnings during the year, which is the result of the period as shown in the Unaudited Condensed Consolidated Interim Statement of Comprehensive Income. Revenue and expense accounts are translated using the weighted average exchange rate during the period. The cumulative translation adjustments associated with the net assets of foreign subsidiaries are recorded in Lifezone’s consolidated foreign currency translation reserve. Lifezone has subsidiaries functioning in GBP and AUD. Accumulated deficit This includes all current and prior period accumulated losses of the Lifezone. Non-controlling Interest In January 2021, KNL and the GoT established Tembo Nickel, a Tanzanian company in order to develop, process and refine future products from the Kabanga Nickel Project. Through the Treasury Registrar, the GoT owns a non-dilutable free-carried interest representing 16% of the issued share capital of Tembo Nickel. The government’s 16% interest in the arrangement is presented as a non-controlling interest in the audited consolidated financial statements of Lifezone. In October 2022, BHP also agreed to invest a further $50 million into KNL in the form of equity under the Tranche 2 Subscription Agreement, as described in detail in Note 1. KNL satisfied substantially all the closing conditions and received the $50 million on February 15, 2023, and issued a stock certificate on the same day, bringing BHP’s interest in KNL from 8.9% as of December 31, 2022, to 17.0%, effective February 15, 2023. Associated with this transaction KNL paid $2.5 million equity issuance cost. Share-based payments - restricted stock units On November 10, 2021, restricted stock units were granted to Chris Showalter for 150 ordinary shares at $1.00 per share with a ten-year lapse date. The restricted stock units vest only upon certain events being one of the following:
| ● | Asset sale – arm’s-length sale of all or substantially all of the assets of LHL
| ● | Share sale – arm’s-length sale of shares in LHL to a buyer which results in a change of control of LHL
| ● | Listing – listing of the shares of the Company, or a holding company formed for the purposes of the listing, on any recognized investment exchange such as the London Stock Exchange or the NYSE
The fair value of restricted stock units recognized as expensed in year ended December 31, 2023, was $Nil (2022: $Nil, 2021 $9,525,000) with a weighted remaining contractual life of Nil years (2022: 9 years, 2021: 10 years). The increase in the fair value of share-based payment reserves, assumed by Lifezone as part of the Flip-Up, are accounted for directly in equity under other reserves in 2022 and 2023 respectively. The fair value of restricted stock units recognized on the statement of financial position ended December 31, 2023, was $Nil (2022: $14,379,698), included as part of share-based payment reserve.
|  | Restricted stock units |  |  | Fair value ($) |
As at January 1, 2022 |  |  | 150 |  |  |  | 9,525,000 |
Granted |  |  | - |  |  |  | - |
Released * |  |  | (150 | ) |  |  | - |
Exchanged * |  |  | 30,000 |  |  |  | - |
Fair value adjustment |  |  | - |  |  |  | 4,854,698 |
Outstanding at December 31, 2022 |  |  | 30,000 |  |  |  | 14,379,698 |
As at January 1, 2023 |  |  | 30,000 |  |  |  | 14,379,698 |
Exchanged ** |  |  | (30,000 | ) |  |  | (14,379,698 | )
Outstanding at December 31, 2023 |  |  | - |  |  |  | - |
| * | As part of the Flip-Up transaction, as mentioned in Note 1, the 150 restricted stock units granted by subsidiary Lifezone Limited in 2021 units were exchanged for 30,000 restricted stock units in Lifezone Holdings in May 2022.
Under the BCA with GoGreen shareholders approved the merger in a special meeting held on June 29, 2023, prior to the SPAC Transaction closing. The GoGreen shareholder approval was the final legal hurdle in pursuing the merger with Lifezone Holdings.
| ** | The final transaction steps of the SPAC Transaction involved the exercise of all outstanding restricted stock units for shares in Lifezone Holdings, before all outstanding shares of Lifezone Holdings were exchanged for shares in Lifezone. On the Closing Date, Lifezone purchased the shares of Lifezone Holdings at a ratio of c. 94:1, translating in 2,819,653 new Lifezone shares.
Following the SPAC Transaction, as described in detail in Note 1, there are no restricted stock units outstanding as of December 31, 2023. Share-based payments - share options In 2021, the Board of Directors of Kabanga Nickel Limited approved the grant of a total of 18,054 share options to certain management personnel. Based on certain milestones, 11,916 (66.7%) units vested in 2021, but none of the units were exercised. The remaining share options vest upon the following exit events:
| ● | Asset sale – arm’s-length sale of all or substantially all of the assets of LHL
| ● | Share sale – arm’s-length sale of shares in LHL to a buyer which results in a change of control of LHL
| ● | Listing – listing of the shares of the Company, or a holding company formed for the purposes of the listing, on any recognized investment exchange such as the London Stock Exchange or the NYSE
Share options recognized as expense in the year ended December 31, 2023, was $Nil (2022: $Nil, 2021 $463,094). The increase in the fair value of share-based payment reserves, assumed by Lifezone Holdings as part of the Flip-Up, are accounted for directly in equity under other reserves in 2022 and 2023 respectively. The fair value of share options recognized on statement of financial position ended December 31, 2023, was $Nil (2022: $11,103,650 and 2021 $463,094), included as part of Share-based payment reserve, along with restricted stock units. There were no share options granted in 2023 (2022: $Nil). Following the SPAC Transaction as described in detail in Note 1, there were no share options outstanding as of December 31, 2023. The share options outstanding as of December 31, 2022, had a weighted remaining contractual life of 7.69 years. Prior to the exercise of all outstanding Lifezone Holdings share options the options had exercise prices ranging between $58.16 and $101.78 with a weighted exercise price of $74.58. The number and weighted average exercise price of share options per ordinary share is as follows:
|  | Share Options |
|  |  |  |  | Weighted |
|  | Units |  |  | price ($) |
Balance at January 1, 2022 |  |  | - |  |  |  | - |
Granted |  |  | 18,054 |  |  |  | 74.58 |
Lapsed |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |
Outstanding at 31 December, 2022 |  |  | 18,054 |  |  |  | 74.58 |
Exchanged * |  |  | (18,054 | ) |  |  | (74.58 | )
Outstanding at 31 December, 2023 |  |  | - |  |  |  | - |
As disclosed on Note 1, immediately prior to the Closing date of the SPAC Transaction, holders of all outstanding Lifezone Holdings options (18,054 in total) elected to exercise or settle, respectively, their options for Lifezone shares, and all outstanding LHL shares were subsequently exchanged for Lifezone shares at the Closing. On July 6, 2023, Lifezone purchased the shares of Lifezone Holdings with a ratio of c. 94:1, translating in 1,560,396 of new Lifezone shares. The comparative Lifezone Holdings options have been retroactively restated reflecting the exchange ratio established in the business combination under common control. All fractional shares were rounded. Share-based payments - Earnouts Following the SPAC Transaction on July 6, 2023 (“Acquisition date”) , as described in detail in Note 1, pursuant to earnout arrangements under the BCA, former Lifezone Holdings and Sponsor shareholder will receive additional Lifezone shares if the daily volume-weighted average price of Lifezone shares equals or exceeds (i) $14.00 per share for any 20-trading days within a 30- trading day period (“Trigger Event 1”) and (ii) $16.00 for any 20 trading days within a 30-trading day period (“Trigger Event 2”). Of the total shares issued and outstanding, 1,725,000 shares are issued but in escrow and relate to the Sponsor earnouts, which are subject to the occurrence of the two trigger events. Classification Management has assessed how the BCA earnout should be valued and classified in accordance with and have listed below key conditions under the agreements in the application IAS 32 - Financial Instruments: Presentation and IFRS 2 - Share-based Payment,
| ● | Management have assessed IAS 32 paragraph 4 exceptions for Financial Instruments and concluded the stated exceptions do not apply to the BCA earnout share agreements, therefore IFRS 2 rules need to be applied.
| ● | Furthermore, in accordance with IFRS 2, paragraph 2, as a result of the obligations created throughout the ancillary agreements attached to the Business Combination Agreement, management has concluded that IFRS 2 does apply to the BCA earnout share provisions.
| ● | The earnout triggering events are representative of market conditions as defined within paragraph 21 of IFRS 2; therefore, since no other vesting conditions are present, Lifezone is required to recognize the share-based payment at inception, irrespective of whether the market conditions identified above have been met.
| ● | In accordance with IFRS 2, market conditions constitute non-vesting conditions. As a result of the non-vesting conditions, Lifezone is required to recognize the share-based payment at inception, irrespective of whether the market condition has been met which in this case is considered to be representative of BOTH the measurement and grant date. Although the term “non-vesting condition” is not explicitly defined in IFRS 2, it is inferred to be any condition that does not meet the definition of a vesting condition (IFRS 2 BC364).
| ● | Non-vesting conditions are all requirements that do not represent service or performance conditions, but which have to be met in order for the counterparty to receive the share-based payment.
| ● | Lifezone has recognized the goods or services have been received in accordance with IFRS 2 paragraphs 10–22.
Accordingly, the earnouts are recognized as equity at the acquisition date under IFRS 2, with a related expense incurred. Earnouts grant date is July 6, 2023, which is the date the earnouts are granted. The fair value of earnouts have been independently valued based on a Monte Carlo simulation model. The assumptions used in the Monte Carlo model were as following:
|  | Inputs |
Valuation Date |  | July 6, 2023 |
Stock Price as of Measurement Date / BCA Date |  | $ | 10.32 |
Equity Volatility (Pre BCA) |  |  | n/a |
Equity Volatility (Post BCA) |  |  | 94.0 | %
Risk-Free Rate (5.00 Years) |  |  | 4.28 | %
Share Price Earnout Tranches |  | Beginning |  | Expiration |  | Share Price Hurdle |
Sale Threshold Price for Tranche 1 - Triggering Event I |  | July 6, 2023 |  | July 6, 2028 |  | $ | 14.00 |
Sale Threshold Price for Tranche 2 - Triggering Event II |  | July 6, 2023 |  | July 6, 2028 |  | $ | 16.00 |
Days Above Threshold Price |  |  |  |  |  |  | 20 |
Days Above Measurement Period |  |  |  |  |  |  | 30 |
Change of Control Provisions |  |  |  |  |  |  | n/a |
Change of Control Date |  |  |  |  |  |  | n/a |
Probability of Change of Control |  |  |  |  |  |  | 0 | %
Granted earnouts totaled 26,797,052 units. All earnouts are outstanding as of December 31, 2023. Average price of earnout shares as of December 31, 2023 is $9.91 per unit. The following table illustrates the number and fair value of earnouts granted, and movements at valuation date as at December 31, 2023
|  | Share Earnout |  |  | Fair value per Earnout |  |  | Fair value ($) |
Balance as at January 1, 2023 |  |  | - |  |  |  |  |  |  |  | - |
Granted - Lifezone Holdings ($14.00 per Share) |  |  | 12,536,026 |  |  | $ | 9.98 |  |  |  | 125,109,539 |
Granted - Lifezone Holdings ($16.00 per Share) |  |  | 12,536,026 |  |  | $ | 9.84 |  |  |  | 123,354,496 |
Outstanding as at December 31, 2023 |  |  | 25,072,052 |  |  |  |  |  |  |  | 248,464,035 |
|  | Share Earnout |  |  | Fair value per Earnout |  |  | Fair value ($) |
Balance as at January 1, 2023 |  |  | - |  |  |  |  |  |  |  | - |
Granted - Sponsor shareholder ($14.00 per Share) |  |  | 862,500 |  |  | $ | 9.98 |  |  |  | 8,607,750 |
Granted - Sponsor shareholder ($16.00 per Share) |  |  | 862,500 |  |  | $ | 9.84 |  |  |  | 8,487,000 |
Outstanding as at December 31, 2023 |  |  | 1,725,000 |  |  |  |  |  |  |  | 17,094,750 |
Change in Control Lifezone valued the Earnouts Shares as per assumptions listed above, and included no assumption of a Change of Control over the earnout period. Under different scenarios if change in control, the Earnout Shares either terminate the earnout shares or makes the earnout shares immediately payable. Warrant reserve As described in detail in Note 1, following Lifezone’s Form F-1 registration statement becoming effective on September 29, 2023, resulting in registering the resale of certain Lifezone Metals shares and (private) warrants owned by certain previous Lifezone Holdings and the Sponsor shareholders (including its limited partners). Each Lifezone warrant represents the right to purchase one ordinary Lifezone share at an exercise price of $11.50 per share in cash. Pursuant to the BCA, a 180-day lock-up period following the Closing Date applies to 667,500 warrants received by the Sponsor shareholders. Classification Warrants are classified as either a liability or equity on inception, depending on the terms of the agreement. Warrants are only classified as equity when they are settled by the entity delivering a fixed number of its own equity instruments and receiving a fixed amount of cash or another financial asset. Lifezone assesses the appropriate classification of warrants at the time of inception. Management has assessed how both the Public Warrants and Private Placement Warrants should be valued and classified in accordance with IAS 32: Financial Instruments: Presentation. Management have assessed IAS 32 paragraph 4 exceptions for Financial Instruments and assessed the warrants do not meet the exceptions allowed, therefore IAS 32 has been applied. Management have reviewed the warrant agreement and the warrant assumption agreement’s, the mechanics of exercise to determine the accounting treatment, and have listed below key conditions under the agreements in the application of IAS 32, in particular to paragraphs 16A, 16B, 16C and 16D. The agreements are representative of a contractual obligation, arising from a derivative financial instrument, that will or may result in the future receipt or delivery of the issuer’s own equity instruments. The agreements are not representative of a puttable instrument as the issuer has the choice but not the obligation to repurchase or redeem the warrant instruments for cash or another financial asset.
| ● | The Private Warrants are identical to the Public Warrants,
| ● | The Warrant agreement requires Lifezone to issue a fixed number of shares for a fixed amount of cash,
| ● | Exercise of the warrants will be on a gross basis or on a cashless basis per the terms,
| ● | Lifezone may require the warrant holders to exercise on a “cashless” basis while the agreement explicitly states that Lifezone will not be in a position to net settle in cash.
Lifezone Metals Limited Accordingly, the warrants are recognized as equity. Measurement date of warrants is July 5, 2023, the date the warrants are assumed as part of the business combination agreement which effected the SPAC merger. The fair value of both the public warrants and private warrants outstanding have been independently valued using a Black-Scholes option pricing model. The assumptions used in the Black-Scholes option pricing model are as below:
|  | Inputs |
Valuation Date – date of warrant assumption |  |  | July 5, 2023 |
Unit Issuance Date |  |  | October 21, 2021 |
Announcement Date |  |  | December 13, 2022 |
Business Combination Date |  |  | July 5, 2023 |
Exercise Date |  |  | August 4, 2023 |
Expiration Date |  |  | July 5, 2028 |
First Trading Date |  |  | December 13, 2021 |
Stock Price as of Measurement Date |  | $ | 11.44 |
Strike Price |  | $ | 11.50 |
Risk-Free Rate (5.00 Years) |  |  | 4.16 | %
Redemption Threshold Price |  | $ | 18.00 |
Days Above Threshold Price (Automatic Redemption) |  |  | 20 |
Days Above Measurement Period |  |  | 30 |
Probability of Acquisition |  |  | 100 | %
Outputs The fair value of outstanding Public Warrants have been valued at $1.05 per warrant unit at valuation date. The fair value of outstanding Private Warrants have been valued at $0.57 per warrant unit at valuation date. The number of warrants and fair value of outstanding Public Warrants as at December 31, 2023, is as follows:
|  | Number of Warrants |  |  | Fair value ($) |
Balance as at January 1, 2023 |  |  | - |  |  |  | - |
Public Warrants ($11.50 per warrant) |  |  | 13,800,000 |  |  |  | 14,490,000 |
Exercised |  |  | (76,350 | ) |  |  | (80,168 | )
Outstanding as at December 31, 2023 |  |  | 13,723,650 |  |  |  | 14,409,833 |
On October 19, 2023, Lifezone received $878,025 from the exercise of 76,350 warrants. The number of warrants and fair value of outstanding Private Warrants as at December 31, 2023, is as follows:
|  | Number of Warrants |  |  | Fair value ($) |
Balance as at January 1, 2023 |  |  | - |  |  |  | - |
Private Warrants ($11.50 per warrant) |  |  | 667,500 |  |  |  | 607,425 |
Outstanding as at December 31, 2023 |  |  | 667,500 |  |  |  | 607,425 |

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