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General and Administrative Expenses | 12 Months Ended
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Dec. 31, 2023
General and Administrative Expenses [Abstract] |
General and administrative expenses | 9. General and administrative expenses The following summary key expenses are included in administrative expenses for the year ended:
|  |  |  |  | For the years ended, |
|  |  |  |  | December 31, |  |  | December 31, |  |  | December 31, |
|  | Note |  |  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  |  | $ |  |  | $ |  |  | $ |
Wages & employee benefits |  |  |  |  |  | 5,698,761 |  |  |  | 4,403,080 |  |  |  | 543,006 |
Professional fees |  |  |  |  |  | 3,099,798 |  |  |  | 6,525,039 |  |  |  | 6,722,078 |
Drilling and site costs |  |  |  |  |  | - |  |  |  | 150,173 |  |  |  | 225,838 |
Directors’ fees |  |  |  |  |  | 591,631 |  |  |  | 192,298 |  |  |  | 30,353 |
Legal expenses |  |  |  |  |  | 5,121,915 |  |  |  | 10,278,807 |  |  |  | 1,234,066 |
Exploration expenses |  |  |  |  |  | 59 |  |  |  | 1,314,483 |  |  |  | 216,990 |
Depreciation of property and equipment |  | 13 |  |  |  | 524,959 |  |  |  | 129,596 |  |  |  | 25,527 |
Depreciation of right of use asset |  | 13 |  |  |  | 353,851 |  |  |  | 117,436 |  |  |  | - |
Loss on disposal of property and equipment |  | 13 |  |  |  | - |  |  |  | 271,789 |  |  |  | - |
Amortization of intangible assets |  | 15 |  |  |  | 163,147 |  |  |  | 71,095 |  |  |  | 62,646 |
Provision for VAT receivable |  | 11 |  |  |  | 4,617,911 |  |  |  | - |  |  |  | - |
Share-based expense - Lifezone Holdings shareholder earnout |  | 25 |  |  |  | 248,464,035 |  |  |  | - |  |  |  | - |
Share-based expense - Sponsor earnout |  | 25 |  |  |  | 17,094,750 |  |  |  | - |  |  |  | - |
SPAC transaction expenses |  | 1 |  |  |  | 76,857,484 |  |  |  | - |  |  |  | - |
Share-based payment expense - share options |  | 25 |  |  |  | - |  |  |  | - |  |  |  | 463,094 |
Share-based payment expense - restricted stock units |  | 24 |  |  |  | - |  |  |  | - |  |  |  | 9,525,000 |
Gain (loss) on foreign exchange |  |  |  |  |  | (179,640 | ) |  |  | 55,701 |  |  |  | 66,295 |
Lifezone incurred costs of $23.2 million associated with the SPAC and PIPE transactions over 2023 and 2022, of which $9.6 million were accrued in 2022, while $13.5 million were incurred in 2023. Lifezone has apportioned $5.7 million as directly attributable to equity issuance fees recognized within shareholder’s equity resulting in a net balance of $7.9 million expensed which is included in Professional and Legal fees above for the year ended December 31, 2023 (2022: $9.6 million). Other increase in the general and administrative expenses was primarily due to an increase of $1,695,906 in wages and employee benefits on account of an increase in the number to 189 employees as of December 31, 2023 (93: December 31, 2022). Please see Note 11 for details on the “Provision for VAT receivable”. Share-based payment expenses of $265,558,785 under the SPAC Transaction have been recognized in accordance with IFRS 2 - Share-based Payment, related to the earnouts with market performance vesting conditions as described in Note 1. These earnouts relate to shares granted to previous Lifezone Holdings shareholders and Sponsor shareholders. In addition, related to the SPAC Transaction, Lifezone has recognized $76,857,484 as SPAC transaction expenses to account for the excess of fair value of equity in Lifezone issued to participating (non-redeeming) GoGreen shareholders over the fair value of GoGreen’s identifiable net assets acquired classified as a service of a stock exchange listing in accordance with IFRS 2, paragraph 10.7. Lifezone capitalized drilling, site costs, exploration, study costs and resettlement compensation expenses during year ended December 31, 2023, and 2022 to exploration and evaluation assets following advancement in its exploration and study program as disclosed in detail in Note 16.

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